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Microeconomics beginning

by: Morgan Palmer

Microeconomics beginning ECON 2010

Marketplace > West Virginia University > BUSA > ECON 2010 > Microeconomics beginning
Morgan Palmer
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About this Document

These notes are a few of the basic concepts we were introduced to in class and by Knewton in the first week.
Gregory J Deangelo
Class Notes
Microeconomic, Macroeconomics, Opportunity Cost, scarcity, Labor, specialization




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This 1 page Class Notes was uploaded by Morgan Palmer on Wednesday August 31, 2016. The Class Notes belongs to ECON 2010 at West Virginia University taught by Gregory J Deangelo in Fall 2016. Since its upload, it has received 3 views. For similar materials see Microeconomics in BUSA at West Virginia University.


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Date Created: 08/31/16
Business Economics-Microeconomics Week 1 What economics is all about… Opportunity Cost- When you choose one thing you lose out on another. If you only have enough money for fries or pizza and you choose fries that you loose the pizza which is your opportunity cost. Scarcity- the limited nature. This is the human want for things such as goods, services, and resources. People want these resources but there’s not enough resources to fill everyone’s specific needs. Labor- Labor is something that is done by humans. You can be employed and doing labor or unemployed and doing labor. Labor is basically just there to help make capital. Capital- Capital is anything that is made from human labor. If you’re are making a sandwich the capital is the sandwich after you put in the labor to make it. Division of Labor- Different tasks are given to different people so everything moves faster and smoother. The opposite of this would be one group of people doing everything themselves. Specialization- This is a specific task given to a specific worker. Micro vs. Macro Microeconomics- Focuses on specific industries, businesses, employees. Basically specifically narrowed down into a specific sector. Macroeconomics- This focuses on looking at the whole economy and analyzing it instead of sectoring it off like microeconomics.


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