Bad example- Economics part 1
Economics is the study of production, distribution, and consumption of goods and services. A main problem in economics is scarcity, which means there are not enough resources to satisfy unlimited wants. Economics focuses on how people and governments decide how to satisfy unlimited wants with limited resources. Resources include natural resources from the land, capital resources used for production, and human resources in the form of physical and mental labor. When decisions are made, there is always an opportunity cost, which is the value of the best alternative given up. Supply and demand interact to determine price, with demand representing what consumers are willing and able to buy and supply representing what producers are willing to provide.
Bad example- Economics part 1
- 1. Bad Example: Economics Part 1 KATY C. WOODY EDET 620
- 2. What is economics? Economics is the study of production, distribution, and consumption of goods and services. Main problem in economics Scarcity =not having enough resources for all of the wants.* Economics focuses on how people and governments decide how to satisfy their unlimited wants, with limited resources.
- 3. Resources Natural resources – comes from the land Land, minerals, oil, forests, air, and timber Capital Resources – manufactured help for production Tools, machines, equipment, factories Things used for production of goods and services Human Resources – physical and mental labor 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
- 5. 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.
- 6. Supply and demand Supply and Demand Interact to determine price. Demand is the amount of a good or service that consumers are willing and able to buy at a certain price. Supply is the amount of a good or service that producers are willing