THEORY OF SCARCITY

THEORY OF SCARCITY   Our resources are limited. At any one time, we have only so much land, so many factories, so much oil, so many people. But our wants, our desires for the things that we can produce with those resources, are unlimited. We would always like more and better housing, more and better education— more and better of practically everything. If our resources were also unlimited, we could say yes to each of our wants—and...

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INTRO TO MICRO ECONOMICS

1.1 Defining Economics   LEARNING OBJECTIVES  1. Define economics.   2. Explain the concepts of scarcity and opportunity cost and how they relate to the definition of      economics.  3. Understand the three fundamental economic questions: What should be produced? How should goods and services be produced? For whom should goods and services be produced?        Economics is a social...

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