Economics 12808 http:students.resa.netmilewski

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Economics 1/28/08 http//students.resa.net/milews
ki

• OBJECTIVE First day of school administrative
  stuff.
• I. Welcome Back ?
• II. Attendance
• III. Distribution of
• -syllabus
• -textbooks
• IV. Homework

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Estrada, Erik 09-224

• New text

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Important Stuff

• Web-site
• http//students.resa.net/milewski
• Homework Due Friday 2/1/08
• 1.) Book covered
• 2.) Syllabus signed and returned
• 3.) Read Ch1 sec1 p.4-10
• -Answer questions (3-6) p.10
• 4.) Read Ch1 sec2 p.12-17
• -Answer questions (3-6) p.17

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Economics 1/29/08http//students.resa.net/milewsk
i

• OBJECTIVE Examine the fundamental economic
  problem the factors of production.
• I. Journal 1 pt. A
• -Read The Global Economy p.9
• -Answer questions (1-3) p.9
• II. Journal 1 pt. B
• -notes on the fundamental economic problem
• III. Homework due Friday 2/1/08
• 1.) Book covered
• 2.) Syllabus signed and returned
• 3.) - Read Ch1 sec1 p.4-10
• -Answer questions (3-6) p.10
• 4.) - Read Ch1 sec2 p.12-17
• -Answer questions (3-6) p.17

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The Fundamental Economic problem is

• Scarcity - the condition that results from
  society not having enough resources to produce
  all the things people would like to have.
• Economics - the study of how people try to
  satisfy what appears to be seemingly unlimited
  competing wants through the careful use of
  relatively scarce resources.

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Need v. Want

• Need - a basic requirement for survival
  includes food, clothing, and shelter.
• Want - a way of expressing need.

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Scarcity

• Since people have unlimited wants limited
  resources, scarcity leads to choices.
• 1.) What to produce?
• 2.) How to produce?
• 3.) For whom to produce?

http//www.autolife.umd.umich.edu/Race/R_Overview/
Rouge_Plant.htm
Ford Rouge Plant
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The Factors of Production

• LAND the gifts of nature
• LABOR people with all their efforts abilities
• CAPITAL the tools, equipment, machinery, and
  factories used in the production of goods
  services
• ENTREPRENEURS a risk taker in search of profits
  who does something new with existing resources

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Goods Services

• Goods - an item that is economically useful or
  satisfies an economic want
• Services - work that is performed for someone
• Consumer a person who uses goods services

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Economics 1/30/08http//students.resa.net/milewsk
i

• NO SCHOOL Power outage.

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Economics 1/31/08http//students.resa.net/milewsk
i

• NO SCHOOL Boiler outage.

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Economics 2/1/08http//students.resa.net/milewski

• NO SCHOOL Snow Day.