The allocation of scarce resources among competing uses.

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Economics

• The allocation of scarce resources among
  competing uses.
• What are the scarce resources?

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Resource 1 Land
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Apartment in Upper East Side

•  Manhattan Apartment Rental Upper East Side 154
  W. 70th St. New York, NY 10023
• The Ormonde Apartment Building
• Model 1A 1 bedroom 1 bathroom 537 square
  feet
• 2750 per month
• Street parking available
• Unfurnished

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Renting in Chester

• Price 250
• Beds 2
• Baths 0

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Resource 2 Labor Surgeon Salaries

• Cardiovascular Surgeon
• New York 507,829
• Miami 429,728
• General Surgeon
• 249,700
• 336,000

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Not all jobs are the same!
How much would you have to be paid to do these
jobs?
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Cashier

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Resource 3 Capital

• Automotive Plant Classroom

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Resource 4 Entrepreneurial Spirit

• .

Michael Dell Net Worth 18 billion
Warren Buffett Net Worth 50 billion
Bill Gates Net Worth 65 billion

Ted Turner Net Worth 2.1 billion
Oprah Winfrey Net Worth 2.7 billion
Mark Cuban Net Worth 2.5 billion
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Economic Terms

• Scarcity is a situation in which the amount of
  something available is insufficient to satisfy
  the cumulative desire for it.
• goods, services, and markets
• Microeconomics is the study of the branches
  (sectors) of the economy .Some of the sectors
  are retail and wholesale trade, construction,
  agriculture, mining, manufacturing, and
  government.
• Within each sector there are a plethora of sub
  categories (industries).
• Macroeconomics takes a broader approach to
  addressing economic questions. Instead of
  analyzing a specific sector, macroeconomics deals
  with the overall picture. For example what is the
  role of the government in an economy? How have
  prices changed overtime? What is the unemployment
  rate of the U.S.? What is the growth rate of the
  US economy ?
• Marginal Analysis is the analysis of the effect
  of incremental, additional changes that
  ultimately impact a market.
• Positive Economics just the facts, if then
  statements. If income rises then consumption will
  rise.
• Normative Economics the area of economics that is
  concerned with whether economic policies are good
  or bad.
• Objective of Microeconomics From a Business
  Perspective To determine an amount to charge,
  and an amount to produce.
• Fields of Economics Public, Finance, Monetary,
  International, Labor, Environmental, Industrial
  Relations, Developmental