Notes For week 1 part a
Notes For week 1 part a ECON - 22060 - 002
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This 2 page Class Notes was uploaded by Chris Long on Monday August 29, 2016. The Class Notes belongs to ECON - 22060 - 002 at Kent State University taught by V Renee Giermann (P) in Fall 2016. Since its upload, it has received 3 views. For similar materials see PRINCIPLES OF MICROECONOMICS in Economics at Kent State University.
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Date Created: 08/29/16
Principles Of Microeconomics Notes For Week 1 All economic problems and questions come from people’s wanting more than what is available The number one economic problem is Scarcity Scarcity- available resources are too limited to satisfy everybody’s wants Most everybody or all must go through scarcity at some time or another when that arises we must make Choices When it comes to the choices or decisions we tend to choose the one with the best outcome or Incentives Economics- a social science that studies the decisions that one makes when confronted scarcity and the benefits that influences those decisions One of the first economists was Adam Smith he wrote book in 1776 called “The Wealth of Nations” Smith believed that each individual in their own best interest will ultimately promote society’s interest as a whole 3 economic questions: For Whom, How, and what Goods and services The objects and actions that are produced in order to satisfy our wants What goods and services are produced and in what amounts? How are the services and goods made? For Whom will use goods and services being made?
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