1 v economic science: how to manage the scarcity of resources ØScarcity: eachthing that has a price moldiness be scarce (otherwise there wont be a price; everything scarce; human nature is that we motive more than of everything because we dont have enough, with the exception of contentment in Christ, non enough resources to produce goods and services) §Must cave in choices in ordain to maximize your resources ØShortage: pass oning to pay the price scarcely there are not enough produced v cardinal move of economics (based on individual behavior sagacious Self Interest; maximize level of satisfaction; chance costs not always measured in financial form, such as going to college instead of complete measure college) ØMicroeconomics: Individual units examined ØMacroeconomics: prudence as a whole vMake decisions as a whole on the allowance with small increments; cost and benefit analysis; exploit opportunities to make yourself better and act on your benefit vEconomy works with the interaction of individuals and the country gains by trade Ø nurse goods differently (can specialize in one thing that you are more efficient at and can trade) ØThis interaction will allow the markets moving to an equilibrium (a balance, meaning that you done want to do anything different because you are happy; it is automatic, and it doesnt happen when the giving medication gets involved) ØLeaving the market alone means that resources will be allocated efficiency (100% efficiency in the economy means that no one is upset over their jobs and such) ØEquitable Distribution goes against efficiency vWhy bad markets happen to good people Ø simply need government direction at times (load of bull) vCh. 2 vEconomic models: Ways of presenting complicated economic relationships (eliminates the parts of the picture you dont need) vProduction Possibilities Frontier: any point within the... If you want to get a full essay, order it on our website: Orderessay
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