TAILIEUCHUNG - Lecture Economics (6/e): Chapter 2 - Stephen L. Slavin
Chapter 2 - Resource utilization. In this chapter, the following content will be discussed: Đefinition of economics, central fact of economics, the four economic resources, opportunity cost, full employment, full production, productive and allocative efficiency, enabling the economy to grow, the law of increasing cost. | Chapter 2 Resource Utilization 2-1 Copyright 2002 by The McGraw-Hill Companies, Inc. All rights reserved. Chapter Objectives Definition of economics Central fact of economics The four economic resources Opportunity cost Full employment Full production Productive and allocative efficiency Enabling the economy to grow The law of increasing cost 2-2 Copyright 2002 by The McGraw-Hill Companies, Inc. All rights reserved. Economics Defined Economics is the efficient allocation of the scarce means of production toward the satisfaction of human wants The means of production are limited Human wants are unlimited 2-3 Copyright 2002 by The McGraw-Hill Companies, Inc. All rights reserved. The Central Fact of Economics Is SCARCITY Scarcity Resources are the things society uses to produce goods and services These resources are scarce (limited) The economic problem There are never enough resources to produce all of the goods and services that people want 2-4 Copyright 2002 by The McGraw-Hill Companies, Inc. All rights reserved. Four Economic Resources Land Labor Capital Entrepreneurial ability 2-5 Copyright 2002 by The McGraw-Hill Companies, Inc. All rights reserved. Land Includes natural resources such as timber, oil, coal, iron ore, soil, water, as well as the ground in which these resources are found Is used for the extraction of minerals and farming Provides the site for factories, office buildings, shopping centers, homes, etc. Produces “rent” 2-6 Copyright 2002 by The McGraw-Hill Companies, Inc. All rights reserved. Labor The work and time for which one is paid is what economists call “labor” Money received for one’s labor is called wages and/or salaries About two-thirds of the total resource cost is the cost of labor 2-7 Copyright 2002 by The McGraw-Hill Companies, Inc. All rights reserved. Capital Man-made goods used to produce other goods or services is what economists call “capital” Examples are office buildings, stores, and factories The money owners of .
đang nạp các trang xem trước
