Week 1 Notes
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This 1 page Class Notes was uploaded by Jordan on Thursday August 27, 2015. The Class Notes belongs to ECON-1010-03 at Tulane University taught by Weiss, Toni in Fall 2015. Since its upload, it has received 175 views. For similar materials see Intro to Microeconomics in Economcs at Tulane University.
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Date Created: 08/27/15
Jordan Phillips Elite Notetaker Week 1 Introduction to Economics 0 Economics the study of how individuals and societies elect to use the scare resources available to them from nature and previous generations study of choices I 3 Questions Every Society Must Answer 0 What will be produced 0 How will it be produced 0 Who will get the product I These questions need to be asked because of scarcity or limited resources available for unlimited wants 0 Resources are also called the factors of production 0 Land natural resources 0 Labor people working 0 Capital already produced goods that are used to produce other goods I Not money money is a means of exchange I Capital has reached its final destination it is only used to produce other goods I Intermediate goods are used up in the process of making the final product like ingredients in a recipe while capital continues to produce more and more like the oven 0 Because there are not enough resources to make an infinite number of everything we want to make we have to make choices giving up some choices for another 0 Opportunity cost is the value of the next best alternative to the choice selected I What we give up divided by what we get I A legitimate cost to consider
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