Bad example
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Economics is the study of production, distribution, and consumption of goods and services. It focuses on how societies satisfy unlimited wants with limited resources. Resources include natural resources like land and minerals, capital resources like machines and factories, and human resources like people's skills and labor. When decisions are made to use resources, there is always an opportunity cost of what is given up by that choice.
Bad example
- 1. BAD EXAMPLE: ECONOMICS PART 1 Katy C. Woody
- 2. WHAT IS ECONOMICS? Economics is the study of production, distribution, and consumption of goods and services. It is the social science that is concerned with the problem of scarcity Scarcity =not having enough resources for all of the wants.* Economics focuses on how people and societies decide how to satisfy their unlimited wants, with our limited resources.
- 3. RESOURCES Natural resources (Land)– “free gifts of nature” Land, minerals, oil, forests, air, and timber Capital Resources – “manufactured aids to production” Tools, machines, equipment, factories Things used in producing goods and services and getting them to consumers. Human Resources (Labor)– “mankind’s physical and mental talent” These are the skills people have that are used to produce goods and services. Entrepreneur – the individual who combines the factors of production in order to produce a good or service. Risk taker, policy maker, and innovator
- 4. OPPORTUNITY COST When decisions are made there is always a cost involved. Opportunity Cost= the value of what you must give up when you make a particular choice.