TAILIEUCHUNG - Lecture Economics - Chapter 1: Introducing the economic way of thinking

In this chapter, you will learn to solve these economic puzzles: How can we explain the relationship between the Super Bowl winner and changes in the stock market? Why would you purchase more Coca-Cola when the price increases? Can you prove there is no person worth a trillion dollars? | Chapter 1 Introducing the Economic Way of Thinking Key Concepts Summary Practice Quiz Internet Exercises ©2000 South-Western College Publishing * In this chapter, you will learn to solve these economic puzzles: Can you prove there is no person worth a trillion dollars? Why would you purchase more Coca-Cola when the price increases? How can we explain the relationship between the Super Bowl winner and changes in the stock market? * What is the Economic Problem? Providing for people’s wants and needs in a world of scarcity * Return to previous slide while in slide show * What is meant by Scarcity? The condition in which wants are forever greater than the available supply of time, goods, and resources * What does Scarcity force us to do? It forces us to make choices * What are Resources? The basic categories of inputs used to produce goods and services * What are the three categories of Resources? Land Labor Capital * What is a Land Resource? A shorthand expression for any natural resource provided by nature * What is Labor? The mental and physical capacity of workers to produce goods and services * What is Capital? The physical plants, machinery, and equipment used to produce other goods * What is Financial Capital? The money used to purchase capital * What is Entrepreneurship? The creative ability of individuals to seek profits by combining resources to produce innovative products * Land Labor Capital Entrepreneurship organizes resources to produce goods and services * What is Economics? The study of how society chooses to allocate its scarce resources to the production of goods and services in order to satisfy unlimited wants * What is Macroeconomics? The branch of economics that studies decision-making for the economy as a whole * What is Microeconomics? The branch of economics that studies decision-making by a single individual, household, firm, industry, or level of government * What is .

• Kinh tế học
• Lecture Economics
• Economic problem
• Scarcity force
• Land Resource
• Economic model
• Positive economics
• Business economics
• Lecture Business economics
• Business applications of economics
• Open economy
• Competitive markets
• Economic Models
• Economics of agriculture
• Development economics
• Lecture Development economics
• Kinh tế phát triển
• Economic growth
• Developing nations
• Economics of agricultural development
• Principles of economics
• Managerial economics
• Lecture Managerial economics
• Market interactions
• Fundamentals of managerial economics
• Marginal analysis
• Marginal benefit
• Lecture Principles of economics
• Ten principles of economics
• People face tradeoffs
• Opportunity cost
• Marginal changes
• Element of economics
• Lecture Element of economics
• Economic systems
• Economics problems
• Macroeconomic issues
• Economics of information
• Consumer choice
• Free rider problem
• Market transactions
• Economic principles
• Economic policies
• Economics of farm policy
• Farm policy
• Social issues
• Economics of social issues
• Lecture Economics of social issues
• Economics of crime
• Classification of criminal acts
• The costs of crime
• Economics of education
• Increased demand for education
• Educational expenditures
• Monopoly power
• Economics of monopoly power
• Professional sports
• Economics of professional sports
• Professional sports business
• Issues in economics today
• Lecture Issues in economics today
• International issues
• Price control issues
• Economics of children
• Public economics
• Kinh tế học
• Foreign markets
• Monopolistic competition
• Macroeconomic policy
• Supply curve
• Elasticity of demand