Scarcity and choice 1st term 2011
•Download as PPT, PDF•
1 like•1,304 views
The document discusses key economic concepts related to scarcity and decision-making. It explains that resources are scarce because human wants are unlimited but resources are finite, so people must make choices. It defines opportunity cost as the next best alternative forgone in making a decision. It also discusses thinking at the margin, where people weigh the extra costs and benefits of options, and externalities, where the impact of choices affects others. The overall document provides an introduction to basic economic concepts through the lens of scarcity.
Report
Share
Report
Share
Recommended
Economics-the Study of Choice
This document provides an introduction to the concepts of scarcity, choice, and opportunity cost in economics. It begins by explaining that economics studies how individuals, institutions, and societies make choices given scarce resources. It then defines microeconomics and macroeconomics, positive and normative economics, and assumptions in economics about rational self-interested behavior and marginal analysis. The document illustrates scarcity and choice through an individual's budget constraint between concerts and meals. It emphasizes that opportunity cost is the next best alternative forgone in making a choice, and provides examples of evaluating the opportunity cost of college education.
Scarcity, wants, & needs
The document discusses several economic concepts related to scarcity including unlimited wants and needs, choice, opportunity cost, and production possibility frontier. It explains that while scarcity is permanent, shortages can be temporary when supply does not meet demand. Due to limited resources, societies cannot satisfy all goods and wants so choices must be made about allocating resources.
Economics, Scarcity and Choices
Here are some potential questions I could ask and information I could gather by interviewing my parents about our family's budget:
1. How many people are in our family?
2. How many income earners contribute to our household budget?
3. Approximately how much does our family earn each month from jobs, businesses, investments, etc.?
4. How do you allocate our monthly income across major spending categories like housing, food, utilities, transportation, education, savings, etc.?
5. What do you do if expenses end up being higher than planned one month and we run short on our budget? Do you cut back on some purchases, use savings, or find other ways to make up the difference?
Economics, scarcity, choice
The document discusses the basic economic problem of scarcity and choice in resource allocation. It explains that resources are limited but human wants and needs are unlimited, so choices must constantly be made about what to produce, how to produce it, and who receives goods and services. These choices involve trade-offs, with selecting more of one thing necessarily meaning less of something else. The concept of opportunity cost, which measures the forgone benefits of the next best alternative choice, is also introduced.
Central economic problem
The document discusses three central economic problems faced by all economies: (1) what to produce, (2) how to produce, and (3) for whom to produce. It provides details on each problem, including that economies must allocate scarce resources efficiently among competing uses to maximize societal wants. The problems involve deciding which goods and quantities to produce, which production techniques to use, and how to distribute goods among consumers. Pareto optimality is discussed as an allocation from which no individual can be made better off without making another individual worse off.
What is economics unit1week1
This document provides an overview of key economic concepts related to scarcity and decision-making. It discusses that economics is the study of how people satisfy unlimited wants with limited resources. Scarcity means resources are limited and this creates opportunity costs when making choices. The circular flow model shows how households and businesses interact in markets for goods, services, and factors of production. Economics helps individuals and societies make rational decisions by understanding costs, benefits, and trade-offs.
Economics: Chapter 1
This document provides an overview of key economic concepts through three sections. Section 1 defines economics as dealing with scarcity, where limited resources require people and societies to make choices. The factors of production - land, labor, and capital - are introduced. Section 2 discusses opportunity costs and how individuals and groups must consider trade-offs. A production possibilities curve is introduced to show the alternatives available to a nation based on its resources and is the topic of Section 3, which also addresses efficiency, growth, and opportunity costs. Technology is noted as something that can increase a nation's production capabilities.
Economics 1st chapter
This chapter introduces economics and distinguishes between microeconomics and macroeconomics. Microeconomics seeks to understand what goods are produced, how they are produced, and who gets them. Macroeconomics focuses on determining the standard of living, cost of living, and reasons for economic fluctuations. The economic way of thinking emphasizes scarcity, choice, tradeoffs and opportunity costs. Economists make positive statements using observation, models, and theories to understand economic behavior.
Recommended
Economics-the Study of Choice
This document provides an introduction to the concepts of scarcity, choice, and opportunity cost in economics. It begins by explaining that economics studies how individuals, institutions, and societies make choices given scarce resources. It then defines microeconomics and macroeconomics, positive and normative economics, and assumptions in economics about rational self-interested behavior and marginal analysis. The document illustrates scarcity and choice through an individual's budget constraint between concerts and meals. It emphasizes that opportunity cost is the next best alternative forgone in making a choice, and provides examples of evaluating the opportunity cost of college education.
Scarcity, wants, & needs
The document discusses several economic concepts related to scarcity including unlimited wants and needs, choice, opportunity cost, and production possibility frontier. It explains that while scarcity is permanent, shortages can be temporary when supply does not meet demand. Due to limited resources, societies cannot satisfy all goods and wants so choices must be made about allocating resources.
Economics, Scarcity and Choices
Here are some potential questions I could ask and information I could gather by interviewing my parents about our family's budget:
1. How many people are in our family?
2. How many income earners contribute to our household budget?
3. Approximately how much does our family earn each month from jobs, businesses, investments, etc.?
4. How do you allocate our monthly income across major spending categories like housing, food, utilities, transportation, education, savings, etc.?
5. What do you do if expenses end up being higher than planned one month and we run short on our budget? Do you cut back on some purchases, use savings, or find other ways to make up the difference?
Economics, scarcity, choice
The document discusses the basic economic problem of scarcity and choice in resource allocation. It explains that resources are limited but human wants and needs are unlimited, so choices must constantly be made about what to produce, how to produce it, and who receives goods and services. These choices involve trade-offs, with selecting more of one thing necessarily meaning less of something else. The concept of opportunity cost, which measures the forgone benefits of the next best alternative choice, is also introduced.
Central economic problem
The document discusses three central economic problems faced by all economies: (1) what to produce, (2) how to produce, and (3) for whom to produce. It provides details on each problem, including that economies must allocate scarce resources efficiently among competing uses to maximize societal wants. The problems involve deciding which goods and quantities to produce, which production techniques to use, and how to distribute goods among consumers. Pareto optimality is discussed as an allocation from which no individual can be made better off without making another individual worse off.
What is economics unit1week1
This document provides an overview of key economic concepts related to scarcity and decision-making. It discusses that economics is the study of how people satisfy unlimited wants with limited resources. Scarcity means resources are limited and this creates opportunity costs when making choices. The circular flow model shows how households and businesses interact in markets for goods, services, and factors of production. Economics helps individuals and societies make rational decisions by understanding costs, benefits, and trade-offs.
Economics: Chapter 1
This document provides an overview of key economic concepts through three sections. Section 1 defines economics as dealing with scarcity, where limited resources require people and societies to make choices. The factors of production - land, labor, and capital - are introduced. Section 2 discusses opportunity costs and how individuals and groups must consider trade-offs. A production possibilities curve is introduced to show the alternatives available to a nation based on its resources and is the topic of Section 3, which also addresses efficiency, growth, and opportunity costs. Technology is noted as something that can increase a nation's production capabilities.
Economics 1st chapter
This chapter introduces economics and distinguishes between microeconomics and macroeconomics. Microeconomics seeks to understand what goods are produced, how they are produced, and who gets them. Macroeconomics focuses on determining the standard of living, cost of living, and reasons for economic fluctuations. The economic way of thinking emphasizes scarcity, choice, tradeoffs and opportunity costs. Economists make positive statements using observation, models, and theories to understand economic behavior.
Lecture1 Basic Economic Concepts (1)
This document provides an overview of microeconomics concepts including:
1. Economics is defined as the study of how scarce resources are allocated among alternative uses.
2. Key concepts in microeconomics include rational choice, incentives, marginal analysis, and opportunity cost.
3. Economic systems must answer questions about what to produce, how to produce it, and who receives it given the constraints of scarce resources.
Case Econ08 Ppt 02
This document provides an overview of key economic concepts related to scarcity and choice. It discusses how scarcity leads to opportunity costs and tradeoffs in both individual and societal decision making. Key models introduced include the production possibility frontier to illustrate scarcity and efficiency and comparative advantage to show how trade allows gains from specialization. Economic systems are explored, including command, market, and mixed systems, with markets emerging as the mechanism for coordinating production and distribution in free market economies.
Basic economic concepts
This file have the basic concepts of the economics. I hope, it will increase your understanding about the economics .
Economics concepts
The document defines key economic concepts including scarcity, opportunity cost, specialization, markets, supply and demand, monetary policy, fiscal policy, and economic growth. Resources are limited so people must make choices, and choosing one alternative means forgoing the next best option or opportunity cost. Specialization and trade allow people and countries to focus on specific production and gain from interdependence. Markets facilitate exchange through the interaction of supply and demand which determine prices. Governments influence the economy through monetary policy, fiscal policy, and other economic policies and institutions with goals of stability, employment, and growth.
Applied Economics
The document discusses a course in applied economics that deals with basic economic principles and their application to contemporary issues facing Filipino entrepreneurs, such as prices, wages, rent, and taxes. It covers industry analysis to identify business opportunities and requires students to prepare a socioeconomic impact study of a business venture. The course aims to help students understand and address current economic issues using critical thinking.
SOCIO-ECONOMIC AND ENVIRONMENTAL ASPECT OF AN ORGANIZATION
This document discusses the socio-economic and environmental aspects that affect organizations. It defines socio-economic as the monetary flow within a community, including savings, loans, expenditures, production, consumption, taxes, infrastructure and employment. It also outlines four major environmental aspects that affect organizations: the economy, customer attitudes, government requirements, and costs of energy, materials and labor. The document further discusses the internal and external environmental factors, providing examples such as consumers, competitors, suppliers, labor, financial institutions and government agencies. It explores how managers can influence and forecast trends in the indirect environmental factors through advertising, lobbying and monitoring changes.
Fundamental economic concepts
The document discusses fundamental economic concepts. It defines economics as the study of meeting unlimited wants with scarce resources. It explains that economies allocate scarce resources to meet unlimited demands and that different economies do this in various ways, such as the US and Cuba. The purpose of economics is to describe, analyze, explain, and predict economic activity. Scarcity is identified as the biggest economic problem, as resources are scarce but wants are unlimited. Factors of production and the three basic economic questions are also outlined.
Principles of economics (Chapter 1)
This chapter introduces some of the key principles of economics. It discusses that economics addresses questions about how societies manage scarce resources. It explores four main principles: how people make decisions, how people interact, how markets usually provide a good way to organize economic activity, and how governments can sometimes improve market outcomes. The chapter provides examples and discussion of opportunity costs, incentives, trade, and the role of prices in allocating resources. It also addresses how a country's standard of living depends on its ability to produce goods and services.
Economics
Economics is the social science that studies how individuals, governments, firms, and nations make choices on allocating scarce resources to satisfy their unlimited wants. The document provides an overview of key concepts in economics including:
- Microeconomics examines individual agents and markets and how they interact, while macroeconomics analyzes issues affecting the entire economy such as growth, unemployment, and policies.
- Other distinctions include positive economics which describes what is, normative economics which advocates what ought to be, and differences between theories.
- Economic analysis can be applied throughout society in areas like business, education, crime, and the environment. The ultimate goal is improving living conditions.
The document outlines principles of economics
Scarcity, trade off, opportunity cost
Scarcity means resources are limited so choices must be made about how to use natural resources, workers, and capital. A trade-off is giving up one thing to get another, like spending on education vs defense. Making choices always has an opportunity cost of forgoing other options.
Economics: Chapter 2
The document discusses different types of economic systems and how they answer the three basic economic questions of what to produce, how to produce it, and who gets what is produced. It explains that modern economies are mostly mixed, combining market forces with some government intervention. A free market uses supply and demand to determine production and distribution, while a centrally planned economy has the government control and direct all economic decisions. Most countries today utilize a mixed system with market allocation and private enterprise alongside policies to promote public goods and correct market failures.
ten principles of economics, basics of economics,economics
short notes on chapter 1 of economics book by mankiw
topics covered
What is economics?
HOW PEOPLE MAKE DECISIONS
HOW PEOPLE INTERACT
HOW THE ECONOMY AS A WHOLE WORKS
Chapter 1 What Is Economics
1. Economics is the study of how people make choices to satisfy their wants given scarce resources and unlimited needs. Scarcity means limited resources to meet unlimited wants.
2. There are three factors of production - land, labor, and capital. Land includes natural resources, labor includes human effort, and capital includes human-made resources used to produce goods and services.
3. Opportunity cost refers to the best alternative given up when making a choice. It is measured in terms of the highest valued alternative forgone or not chosen. A production possibilities graph shows the maximum possible output combinations of two items an economy can produce with limited resources.
Unit 1 student notes
The document provides an overview of basic economic principles including scarcity, factors of production, and different economic systems. It discusses how individuals and societies make choices to deal with limited resources. Market economies answer the three basic economic questions through supply and demand interactions in product and factor markets, as depicted in the circular flow model. The US has a mixed economy that incorporates aspects of both market and command systems.
Ten Principles Of Economics
The document outlines 10 principles of economics: 1) People face tradeoffs when making decisions; 2) The cost of something is what you give up to get it; 3) Rational people think at the margin by comparing marginal costs and benefits; 4) People respond to incentives. Trade can make everyone better off and markets are generally a good way to organize economic activity, though governments can improve outcomes during market failures. A country's productivity determines its standard of living. Inflation results from too much money printing by the government, and there is a short-run tradeoff between inflation and unemployment.
Scarcity and Choices
The document discusses key economic concepts including opportunity cost, production possibility frontiers, gains from specialization and comparative advantage, and problems of resource allocation. It explains how opportunity cost represents the value of the next best alternative forgone when making a choice. Technological progress and capital accumulation can shift and expand the production possibilities frontier, allowing for increased output without reducing other goods. Economic growth depends on allocating resources efficiently through specialization and trade according to comparative advantage.
Case Econ08 Ppt 01
This document provides an overview and introduction to the scope and method of economics. It discusses the following key points in 3 sentences:
Economics is the study of how individuals and societies make choices with scarce resources. The document outlines why economics is studied, including to learn a way of thinking, understand society and global affairs, and be an informed voter. It also describes the scope of economics in terms of microeconomics, macroeconomics, and diverse fields, as well as the method which involves theories, models, and empirical testing of economic concepts.
Basic Economic Principles
The document discusses several key economic principles:
1) Economics seeks to analyze production, distribution, and consumption of goods and services given the scarcity of resources. Microeconomics examines individual units while macroeconomics examines aggregates.
2) The production possibilities curve illustrates scarcity and opportunity costs graphically, showing the tradeoffs between two goods an economy can produce.
3) Absolute advantage refers to being able to produce more of a good using the same inputs. Comparative advantage means having a lower opportunity cost of production. Countries can gain from trade based on comparative advantage.
Economic concepts presentation
- Adam Smith is considered the father of modern economics and authored The Wealth of Nations in 1776, which argued that individuals pursuing self-interest can benefit society through free market competition.
- Economics is the social science concerned with how individuals and societies satisfy unlimited wants with limited resources and make decisions about production, distribution, and consumption.
- Microeconomics examines individual markets and behavior of firms and consumers, while macroeconomics examines a nation's total output, employment, prices, and income distribution.
Overview of Applied Economics
Applied economics uses economic theories and methods to analyze real-world issues and inform decision-making. It involves answering questions about economic problems, their causes, and potential solutions. Microeconomics analyzes the decisions of individuals and firms, while macroeconomics analyzes whole markets and the overall economy. Economists use both qualitative and quantitative analysis as well as models, theories, and assumptions to study economic phenomena.
The Economic Way of Thinking (C&E)
An Introduction to Economics for High School analyzing basic concepts like Needs, Wants, Trade-Offs, and Opportunity Costs.
Econ a course for the game of life
This document provides an overview of an economics course being taught by Professor Bernadette Raymundo. It discusses the objectives of studying economics, which are to learn a new way of thinking, understand what is going on in the world, and understand the reasons behind government policies. Economics can help students make wise decisions, understand issues in the news, and participate knowledgeably in a democracy. The document encourages students to ask questions to gain a deeper understanding and choose to study economics for its practical benefits in understanding the world.
More Related Content
What's hot
Lecture1 Basic Economic Concepts (1)
This document provides an overview of microeconomics concepts including:
1. Economics is defined as the study of how scarce resources are allocated among alternative uses.
2. Key concepts in microeconomics include rational choice, incentives, marginal analysis, and opportunity cost.
3. Economic systems must answer questions about what to produce, how to produce it, and who receives it given the constraints of scarce resources.
Case Econ08 Ppt 02
This document provides an overview of key economic concepts related to scarcity and choice. It discusses how scarcity leads to opportunity costs and tradeoffs in both individual and societal decision making. Key models introduced include the production possibility frontier to illustrate scarcity and efficiency and comparative advantage to show how trade allows gains from specialization. Economic systems are explored, including command, market, and mixed systems, with markets emerging as the mechanism for coordinating production and distribution in free market economies.
Basic economic concepts
This file have the basic concepts of the economics. I hope, it will increase your understanding about the economics .
Economics concepts
The document defines key economic concepts including scarcity, opportunity cost, specialization, markets, supply and demand, monetary policy, fiscal policy, and economic growth. Resources are limited so people must make choices, and choosing one alternative means forgoing the next best option or opportunity cost. Specialization and trade allow people and countries to focus on specific production and gain from interdependence. Markets facilitate exchange through the interaction of supply and demand which determine prices. Governments influence the economy through monetary policy, fiscal policy, and other economic policies and institutions with goals of stability, employment, and growth.
Applied Economics
The document discusses a course in applied economics that deals with basic economic principles and their application to contemporary issues facing Filipino entrepreneurs, such as prices, wages, rent, and taxes. It covers industry analysis to identify business opportunities and requires students to prepare a socioeconomic impact study of a business venture. The course aims to help students understand and address current economic issues using critical thinking.
SOCIO-ECONOMIC AND ENVIRONMENTAL ASPECT OF AN ORGANIZATION
This document discusses the socio-economic and environmental aspects that affect organizations. It defines socio-economic as the monetary flow within a community, including savings, loans, expenditures, production, consumption, taxes, infrastructure and employment. It also outlines four major environmental aspects that affect organizations: the economy, customer attitudes, government requirements, and costs of energy, materials and labor. The document further discusses the internal and external environmental factors, providing examples such as consumers, competitors, suppliers, labor, financial institutions and government agencies. It explores how managers can influence and forecast trends in the indirect environmental factors through advertising, lobbying and monitoring changes.
Fundamental economic concepts
The document discusses fundamental economic concepts. It defines economics as the study of meeting unlimited wants with scarce resources. It explains that economies allocate scarce resources to meet unlimited demands and that different economies do this in various ways, such as the US and Cuba. The purpose of economics is to describe, analyze, explain, and predict economic activity. Scarcity is identified as the biggest economic problem, as resources are scarce but wants are unlimited. Factors of production and the three basic economic questions are also outlined.
Principles of economics (Chapter 1)
This chapter introduces some of the key principles of economics. It discusses that economics addresses questions about how societies manage scarce resources. It explores four main principles: how people make decisions, how people interact, how markets usually provide a good way to organize economic activity, and how governments can sometimes improve market outcomes. The chapter provides examples and discussion of opportunity costs, incentives, trade, and the role of prices in allocating resources. It also addresses how a country's standard of living depends on its ability to produce goods and services.
Economics
Economics is the social science that studies how individuals, governments, firms, and nations make choices on allocating scarce resources to satisfy their unlimited wants. The document provides an overview of key concepts in economics including:
- Microeconomics examines individual agents and markets and how they interact, while macroeconomics analyzes issues affecting the entire economy such as growth, unemployment, and policies.
- Other distinctions include positive economics which describes what is, normative economics which advocates what ought to be, and differences between theories.
- Economic analysis can be applied throughout society in areas like business, education, crime, and the environment. The ultimate goal is improving living conditions.
The document outlines principles of economics
Scarcity, trade off, opportunity cost
Scarcity means resources are limited so choices must be made about how to use natural resources, workers, and capital. A trade-off is giving up one thing to get another, like spending on education vs defense. Making choices always has an opportunity cost of forgoing other options.
Economics: Chapter 2
The document discusses different types of economic systems and how they answer the three basic economic questions of what to produce, how to produce it, and who gets what is produced. It explains that modern economies are mostly mixed, combining market forces with some government intervention. A free market uses supply and demand to determine production and distribution, while a centrally planned economy has the government control and direct all economic decisions. Most countries today utilize a mixed system with market allocation and private enterprise alongside policies to promote public goods and correct market failures.
ten principles of economics, basics of economics,economics
short notes on chapter 1 of economics book by mankiw
topics covered
What is economics?
HOW PEOPLE MAKE DECISIONS
HOW PEOPLE INTERACT
HOW THE ECONOMY AS A WHOLE WORKS
Chapter 1 What Is Economics
1. Economics is the study of how people make choices to satisfy their wants given scarce resources and unlimited needs. Scarcity means limited resources to meet unlimited wants.
2. There are three factors of production - land, labor, and capital. Land includes natural resources, labor includes human effort, and capital includes human-made resources used to produce goods and services.
3. Opportunity cost refers to the best alternative given up when making a choice. It is measured in terms of the highest valued alternative forgone or not chosen. A production possibilities graph shows the maximum possible output combinations of two items an economy can produce with limited resources.
Unit 1 student notes
The document provides an overview of basic economic principles including scarcity, factors of production, and different economic systems. It discusses how individuals and societies make choices to deal with limited resources. Market economies answer the three basic economic questions through supply and demand interactions in product and factor markets, as depicted in the circular flow model. The US has a mixed economy that incorporates aspects of both market and command systems.
Ten Principles Of Economics
The document outlines 10 principles of economics: 1) People face tradeoffs when making decisions; 2) The cost of something is what you give up to get it; 3) Rational people think at the margin by comparing marginal costs and benefits; 4) People respond to incentives. Trade can make everyone better off and markets are generally a good way to organize economic activity, though governments can improve outcomes during market failures. A country's productivity determines its standard of living. Inflation results from too much money printing by the government, and there is a short-run tradeoff between inflation and unemployment.
Scarcity and Choices
The document discusses key economic concepts including opportunity cost, production possibility frontiers, gains from specialization and comparative advantage, and problems of resource allocation. It explains how opportunity cost represents the value of the next best alternative forgone when making a choice. Technological progress and capital accumulation can shift and expand the production possibilities frontier, allowing for increased output without reducing other goods. Economic growth depends on allocating resources efficiently through specialization and trade according to comparative advantage.
Case Econ08 Ppt 01
This document provides an overview and introduction to the scope and method of economics. It discusses the following key points in 3 sentences:
Economics is the study of how individuals and societies make choices with scarce resources. The document outlines why economics is studied, including to learn a way of thinking, understand society and global affairs, and be an informed voter. It also describes the scope of economics in terms of microeconomics, macroeconomics, and diverse fields, as well as the method which involves theories, models, and empirical testing of economic concepts.
Basic Economic Principles
The document discusses several key economic principles:
1) Economics seeks to analyze production, distribution, and consumption of goods and services given the scarcity of resources. Microeconomics examines individual units while macroeconomics examines aggregates.
2) The production possibilities curve illustrates scarcity and opportunity costs graphically, showing the tradeoffs between two goods an economy can produce.
3) Absolute advantage refers to being able to produce more of a good using the same inputs. Comparative advantage means having a lower opportunity cost of production. Countries can gain from trade based on comparative advantage.
Economic concepts presentation
- Adam Smith is considered the father of modern economics and authored The Wealth of Nations in 1776, which argued that individuals pursuing self-interest can benefit society through free market competition.
- Economics is the social science concerned with how individuals and societies satisfy unlimited wants with limited resources and make decisions about production, distribution, and consumption.
- Microeconomics examines individual markets and behavior of firms and consumers, while macroeconomics examines a nation's total output, employment, prices, and income distribution.
Overview of Applied Economics
Applied economics uses economic theories and methods to analyze real-world issues and inform decision-making. It involves answering questions about economic problems, their causes, and potential solutions. Microeconomics analyzes the decisions of individuals and firms, while macroeconomics analyzes whole markets and the overall economy. Economists use both qualitative and quantitative analysis as well as models, theories, and assumptions to study economic phenomena.
What's hot (20)
SOCIO-ECONOMIC AND ENVIRONMENTAL ASPECT OF AN ORGANIZATION
SOCIO-ECONOMIC AND ENVIRONMENTAL ASPECT OF AN ORGANIZATION
ten principles of economics, basics of economics,economics
ten principles of economics, basics of economics,economics
Similar to Scarcity and choice 1st term 2011
The Economic Way of Thinking (C&E)
An Introduction to Economics for High School analyzing basic concepts like Needs, Wants, Trade-Offs, and Opportunity Costs.
Econ a course for the game of life
This document provides an overview of an economics course being taught by Professor Bernadette Raymundo. It discusses the objectives of studying economics, which are to learn a new way of thinking, understand what is going on in the world, and understand the reasons behind government policies. Economics can help students make wise decisions, understand issues in the news, and participate knowledgeably in a democracy. The document encourages students to ask questions to gain a deeper understanding and choose to study economics for its practical benefits in understanding the world.
The Economic Way of Thinking
Guiding principles for thinking like an economist for high school senior economics class (2021 edit).
The Economic Way of Thinking, part 2
The document discusses economic systems and how societies answer basic economic questions about what, how, and for whom to produce goods and services. It describes three main types of economic systems: command economies where the government determines production, traditional economies where production is determined the same way it always has been, and market economies where consumer and producer interactions determine production. It also discusses how people's choices have consequences and externalities, and how economic thinking involves marginal analysis of costs and benefits.
Economics-Unit-2-Scarcity.ppt
When making decisions, individuals, businesses, and governments must consider scarcity due to limited resources and unlimited wants. Rational decision-making requires weighing costs and benefits to determine the best use of resources. For individuals, this may involve career choices, education levels, and budgets that maximize benefits. For governments, rational decisions allocate scarce public funds to priorities like infrastructure, education, or defense based on anticipated economic growth and standards of living. Rational choices demonstrate an understanding of opportunity costs as the next best alternatives forgone.
Lu 1 introduction_to_micro
This document discusses key concepts in economics including:
1. It defines economics as the study of how scarce resources are used to satisfy unlimited human wants.
2. It illustrates the production possibility curve to show the tradeoffs between producing different goods with limited resources.
3. It provides an overview of different economic systems and how resources are allocated in each.
AdvEconI Week1 class2
This document provides an overview of basic economic concepts including:
1) It distinguishes between macroeconomics, which focuses on broad economic trends, and microeconomics, which examines individual economic decisions.
2) Game theory seeks to understand strategic decision making and how individuals and groups interact in different scenarios like zero-sum, negative-sum, and positive-sum games.
3) Some foundational principles are that individuals act purposefully according to their subjective preferences to achieve their highest valued goals, and the law of diminishing marginal utility explains how additional units of a good provide less additional utility.
Week1 class2
This document provides an overview of basic economic concepts including:
1) It distinguishes between macroeconomics, which focuses on broad economic trends, and microeconomics, which examines individual economic decisions.
2) Game theory seeks to understand strategic decision making and how individuals and groups interact in different scenarios like zero-sum, negative-sum, and positive-sum games.
3) Some foundational principles are that individuals act purposefully according to their subjective preferences to achieve their highest valued goals, and the law of diminishing marginal utility explains how additional units of a good provide less additional utility.
10 principles
This document discusses 7 principles of economics:
1. People face trade-offs when making decisions that require giving up one desirable option for another.
2. The cost of something is measured by what is given up to obtain it, known as opportunity cost.
3. Rational people make decisions at the margin by comparing small incremental changes in costs and benefits.
4. People respond to incentives of rewards and punishments that induce behavior.
5. Trade between countries can make all countries better off by allowing specialization and access to more goods.
6. Markets are usually a good way to organize economic activity through the "invisible hand" of supply and demand.
7. Governments can sometimes improve market
Chapter 1-Micro-TonyaElliott
This document provides an overview of key economic concepts including scarcity, resources, goods and services, markets, and the circular flow model. It explains that economics examines how people use scarce resources to satisfy unlimited wants. Resources include labor, capital, natural resources, and entrepreneurial ability. Goods and services are also scarce because resources are scarce. Markets bring together buyers and sellers to determine price and quantity of products and resources. The circular flow model illustrates the flow of resources, products, income, and revenue between households and firms.
Slideshare repurposing
This document discusses the concepts of scarcity, wants, and needs in economics. It begins by outlining three basic economic questions about what to produce, how to produce it, and for whom. It then defines key concepts like scarcity, choice, and opportunity cost. The document notes that resources are limited while wants and needs are unlimited, forcing societies to make choices. It explains that scarcity means not all goods and services can be produced, and that choices must be made between alternatives. The circular flow of the economy and production possibility frontier are also introduced. The document emphasizes that scarcity is a permanent reality and differs from shortages, which are temporary. It concludes by distinguishing between wants and needs from an economist's perspective.
Introduction to Economics
This document provides an overview of expectations for a business and managerial economics course. It outlines that students will participate in live discussions in weeks 1 and 2, discussion boards in weeks 3 and 4, and submit a final paper in week 5. It also summarizes key concepts in economics including that economics is both an art and a science, the branches of economics, the economic way of thinking including choices at the margin and opportunity costs, factors of production, and the three important economic questions.
principles.pptx
This document provides an overview of key economic concepts including:
- Economics is the study of how societies allocate scarce resources to satisfy unlimited wants. It can be divided into microeconomics and macroeconomics.
- The economic problem involves determining what, how, and for whom to produce goods and services.
- Opportunity cost, tradeoffs, and rational decision making are important concepts in economics for understanding how individuals and societies make choices.
Applying Behavioral Economics
The document discusses how behavioral economics can be applied to improve social service programs and client outcomes. It explains concepts from behavioral economics like bounded rationality, heuristics, framing, and loss aversion. It provides examples of how these concepts influence financial decision making and recommendations for using insights from behavioral economics to better design programs, messages, and services. The document advocates applying these insights to enhance client understanding, program enrollment and success, through approaches like reframing financial education, addressing time preferences, and employing nudges and defaults.
Prinecomi lectureppt ch01
This document provides an overview of the foundations of economics. It discusses 5 key foundations:
1) Incentives matter - People respond to incentives, both positive and negative. Unintended consequences can arise from incentive structures.
2) Life involves trade-offs - Scarcity requires choices that incur opportunity costs. Governments and individuals face policy and personal trade-offs.
3) Opportunity cost is the highest valued alternative forgone. Marginal thinking evaluates costs and benefits of additional units of goods or activities.
4) Trade can create value when parties voluntarily exchange based on comparative advantage. Specialization and trade allow gains from specialization.
5) Economics involves both micro topics like individual decisions and
Introduction to econ new 1
The document provides an introduction to economics. It defines economics as the study of how societies allocate scarce resources to satisfy unlimited wants. It identifies Adam Smith as the father of economics and discusses how he introduced economics as a social science that studies human behavior. The document also summarizes the key concepts of microeconomics, macroeconomics, positive and normative economic statements, and the basic economic problems of what to produce, how to produce, and for whom to produce.
2012 09-10 introduction to economics
This document discusses key concepts in economics including:
- Economics is the study of how to distribute limited resources. It examines how people choose to use scarce resources to satisfy wants.
- Time and money are examples of scarce resources. Economists assume individuals aim to maximize their own utility or satisfaction when making economic choices.
- Individuals weigh costs and benefits, considering opportunity costs of choices. Marginal analysis looks at extra benefits and costs of decisions.
- Microeconomics focuses on individual and business decisions, while macroeconomics examines interactions between large economic players and their aggregate impact on the national economy.
Economics slides
This document defines economics and distinguishes between microeconomics and macroeconomics. It explains that economics studies how individuals, businesses, governments and societies cope with scarcity. It also discusses the two main economic questions of what, how, and for whom goods and services are produced. Additionally, it covers key ideas in economics like incentives, tradeoffs, and opportunity cost.
Microeconomics Ch1
This document provides an overview of economics. It defines economics as the study of how individuals, businesses, governments, and societies make choices with scarce resources. It distinguishes between microeconomics, which studies individual and business decision-making, and macroeconomics, which studies overall economic activity and performance. Two key economic questions are examined: what goods and services are produced, how they are produced, and who receives them. The concept of incentives, tradeoffs, and opportunity costs are introduced as part of the "economic way of thinking."
Behavioural economics alumni
The document discusses behavioural economics and how it differs from traditional economics. Traditional economics assumes people act rationally to maximize wealth and income. Behavioural economics recognizes people do not always make rational decisions due to things like biases, limited willpower, and outside influences. It provides examples of how heuristics and irrational behaviors can influence decisions. The document advocates applying insights from behavioural economics, such as understanding decision-making processes and identifying bottlenecks, to help address irrational behaviors and encourage positive outcomes through "nudges" like simplifying choices and using social influences. It categorizes approaches as mindful or mindless, and externally imposed or self-imposed. The goal is to harness behavioral economics to help achieve strategic objectives.
Similar to Scarcity and choice 1st term 2011 (20)
Recently uploaded
Taking AI to the Next Level in Manufacturing.pdf
Read Taking AI to the Next Level in Manufacturing to gain insights on AI adoption in the manufacturing industry, such as:
1. How quickly AI is being implemented in manufacturing.
2. Which barriers stand in the way of AI adoption.
3. How data quality and governance form the backbone of AI.
4. Organizational processes and structures that may inhibit effective AI adoption.
6. Ideas and approaches to help build your organization's AI strategy.
Essentials of Automations: Exploring Attributes & Automation Parameters
Building automations in FME Flow can save time, money, and help businesses scale by eliminating data silos and providing data to stakeholders in real-time. One essential component to orchestrating complex automations is the use of attributes & automation parameters (both formerly known as “keys”). In fact, it’s unlikely you’ll ever build an Automation without using these components, but what exactly are they?
Attributes & automation parameters enable the automation author to pass data values from one automation component to the next. During this webinar, our FME Flow Specialists will cover leveraging the three types of these output attributes & parameters in FME Flow: Event, Custom, and Automation. As a bonus, they’ll also be making use of the Split-Merge Block functionality.
You’ll leave this webinar with a better understanding of how to maximize the potential of automations by making use of attributes & automation parameters, with the ultimate goal of setting your enterprise integration workflows up on autopilot.
Must Know Postgres Extension for DBA and Developer during Migration
Mydbops Opensource Database Meetup 16
Topic: Must-Know PostgreSQL Extensions for Developers and DBAs During Migration
Speaker: Deepak Mahto, Founder of DataCloudGaze Consulting
Date & Time: 8th June | 10 AM - 1 PM IST
Venue: Bangalore International Centre, Bangalore
Abstract: Discover how PostgreSQL extensions can be your secret weapon! This talk explores how key extensions enhance database capabilities and streamline the migration process for users moving from other relational databases like Oracle.
Key Takeaways:
* Learn about crucial extensions like oracle_fdw, pgtt, and pg_audit that ease migration complexities.
* Gain valuable strategies for implementing these extensions in PostgreSQL to achieve license freedom.
* Discover how these key extensions can empower both developers and DBAs during the migration process.
* Don't miss this chance to gain practical knowledge from an industry expert and stay updated on the latest open-source database trends.
Mydbops Managed Services specializes in taking the pain out of database management while optimizing performance. Since 2015, we have been providing top-notch support and assistance for the top three open-source databases: MySQL, MongoDB, and PostgreSQL.
Our team offers a wide range of services, including assistance, support, consulting, 24/7 operations, and expertise in all relevant technologies. We help organizations improve their database's performance, scalability, efficiency, and availability.
Contact us: info@mydbops.com
Visit: https://www.mydbops.com/
Follow us on LinkedIn: https://in.linkedin.com/company/mydbops
For more details and updates, please follow up the below links.
Meetup Page : https://www.meetup.com/mydbops-databa...
Twitter: https://twitter.com/mydbopsofficial
Blogs: https://www.mydbops.com/blog/
Facebook(Meta): https://www.facebook.com/mydbops/
GraphRAG for LifeSciences Hands-On with the Clinical Knowledge Graph
Tomaz Bratanic
Graph ML and GenAI Expert - Neo4j
Northern Engraving | Nameplate Manufacturing Process - 2024
Manufacturing custom quality metal nameplates and badges involves several standard operations. Processes include sheet prep, lithography, screening, coating, punch press and inspection. All decoration is completed in the flat sheet with adhesive and tooling operations following. The possibilities for creating unique durable nameplates are endless. How will you create your brand identity? We can help!
A Deep Dive into ScyllaDB's Architecture
This talk will cover ScyllaDB Architecture from the cluster-level view and zoom in on data distribution and internal node architecture. In the process, we will learn the secret sauce used to get ScyllaDB's high availability and superior performance. We will also touch on the upcoming changes to ScyllaDB architecture, moving to strongly consistent metadata and tablets.
Mutation Testing for Task-Oriented Chatbots
Conversational agents, or chatbots, are increasingly used to access all sorts of services using natural language. While open-domain chatbots - like ChatGPT - can converse on any topic, task-oriented chatbots - the focus of this paper - are designed for specific tasks, like booking a flight, obtaining customer support, or setting an appointment. Like any other software, task-oriented chatbots need to be properly tested, usually by defining and executing test scenarios (i.e., sequences of user-chatbot interactions). However, there is currently a lack of methods to quantify the completeness and strength of such test scenarios, which can lead to low-quality tests, and hence to buggy chatbots.
To fill this gap, we propose adapting mutation testing (MuT) for task-oriented chatbots. To this end, we introduce a set of mutation operators that emulate faults in chatbot designs, an architecture that enables MuT on chatbots built using heterogeneous technologies, and a practical realisation as an Eclipse plugin. Moreover, we evaluate the applicability, effectiveness and efficiency of our approach on open-source chatbots, with promising results.
Choosing The Best AWS Service For Your Website + API.pptx
Have you ever been confused by the myriad of choices offered by AWS for hosting a website or an API?
Lambda, Elastic Beanstalk, Lightsail, Amplify, S3 (and more!) can each host websites + APIs. But which one should we choose?
Which one is cheapest? Which one is fastest? Which one will scale to meet our needs?
Join me in this session as we dive into each AWS hosting service to determine which one is best for your scenario and explain why!
Astute Business Solutions | Oracle Cloud Partner |
Your goto partner for Oracle Cloud, PeopleSoft, E-Business Suite, and Ellucian Banner. We are a firm specialized in managed services and consulting.
Demystifying Knowledge Management through Storytelling
The Department of Veteran Affairs (VA) invited Taylor Paschal, Knowledge & Information Management Consultant at Enterprise Knowledge, to speak at a Knowledge Management Lunch and Learn hosted on June 12, 2024. All Office of Administration staff were invited to attend and received professional development credit for participating in the voluntary event.
The objectives of the Lunch and Learn presentation were to:
- Review what KM ‘is’ and ‘isn’t’
- Understand the value of KM and the benefits of engaging
- Define and reflect on your “what’s in it for me?”
- Share actionable ways you can participate in Knowledge - - Capture & Transfer
Session 1 - Intro to Robotic Process Automation.pdf
👉 Check out our full 'Africa Series - Automation Student Developers (EN)' page to register for the full program:
https://bit.ly/Automation_Student_Kickstart
In this session, we shall introduce you to the world of automation, the UiPath Platform, and guide you on how to install and setup UiPath Studio on your Windows PC.
📕 Detailed agenda:
What is RPA? Benefits of RPA?
RPA Applications
The UiPath End-to-End Automation Platform
UiPath Studio CE Installation and Setup
💻 Extra training through UiPath Academy:
Introduction to Automation
UiPath Business Automation Platform
Explore automation development with UiPath Studio
👉 Register here for our upcoming Session 2 on June 20: Introduction to UiPath Studio Fundamentals: https://community.uipath.com/events/details/uipath-lagos-presents-session-2-introduction-to-uipath-studio-fundamentals/
5th LF Energy Power Grid Model Meet-up Slides
5th Power Grid Model Meet-up
It is with great pleasure that we extend to you an invitation to the 5th Power Grid Model Meet-up, scheduled for 6th June 2024. This event will adopt a hybrid format, allowing participants to join us either through an online Mircosoft Teams session or in person at TU/e located at Den Dolech 2, Eindhoven, Netherlands. The meet-up will be hosted by Eindhoven University of Technology (TU/e), a research university specializing in engineering science & technology.
Power Grid Model
The global energy transition is placing new and unprecedented demands on Distribution System Operators (DSOs). Alongside upgrades to grid capacity, processes such as digitization, capacity optimization, and congestion management are becoming vital for delivering reliable services.
Power Grid Model is an open source project from Linux Foundation Energy and provides a calculation engine that is increasingly essential for DSOs. It offers a standards-based foundation enabling real-time power systems analysis, simulations of electrical power grids, and sophisticated what-if analysis. In addition, it enables in-depth studies and analysis of the electrical power grid’s behavior and performance. This comprehensive model incorporates essential factors such as power generation capacity, electrical losses, voltage levels, power flows, and system stability.
Power Grid Model is currently being applied in a wide variety of use cases, including grid planning, expansion, reliability, and congestion studies. It can also help in analyzing the impact of renewable energy integration, assessing the effects of disturbances or faults, and developing strategies for grid control and optimization.
What to expect
For the upcoming meetup we are organizing, we have an exciting lineup of activities planned:
-Insightful presentations covering two practical applications of the Power Grid Model.
-An update on the latest advancements in Power Grid -Model technology during the first and second quarters of 2024.
-An interactive brainstorming session to discuss and propose new feature requests.
-An opportunity to connect with fellow Power Grid Model enthusiasts and users.
inQuba Webinar Mastering Customer Journey Management with Dr Graham Hill
HERE IS YOUR WEBINAR CONTENT! 'Mastering Customer Journey Management with Dr. Graham Hill'. We hope you find the webinar recording both insightful and enjoyable.
In this webinar, we explored essential aspects of Customer Journey Management and personalization. Here’s a summary of the key insights and topics discussed:
Key Takeaways:
Understanding the Customer Journey: Dr. Hill emphasized the importance of mapping and understanding the complete customer journey to identify touchpoints and opportunities for improvement.
Personalization Strategies: We discussed how to leverage data and insights to create personalized experiences that resonate with customers.
Technology Integration: Insights were shared on how inQuba’s advanced technology can streamline customer interactions and drive operational efficiency.
Main news related to the CCS TSI 2023 (2023/1695)
An English 🇬🇧 translation of a presentation to the speech I gave about the main changes brought by CCS TSI 2023 at the biggest Czech conference on Communications and signalling systems on Railways, which was held in Clarion Hotel Olomouc from 7th to 9th November 2023 (konferenceszt.cz). Attended by around 500 participants and 200 on-line followers.
The original Czech 🇨🇿 version of the presentation can be found here: https://www.slideshare.net/slideshow/hlavni-novinky-souvisejici-s-ccs-tsi-2023-2023-1695/269688092 .
The videorecording (in Czech) from the presentation is available here: https://youtu.be/WzjJWm4IyPk?si=SImb06tuXGb30BEH .
Northern Engraving | Modern Metal Trim, Nameplates and Appliance Panels
What began over 115 years ago as a supplier of precision gauges to the automotive industry has evolved into being an industry leader in the manufacture of product branding, automotive cockpit trim and decorative appliance trim. Value-added services include in-house Design, Engineering, Program Management, Test Lab and Tool Shops.
Connector Corner: Seamlessly power UiPath Apps, GenAI with prebuilt connectors
Join us to learn how UiPath Apps can directly and easily interact with prebuilt connectors via Integration Service--including Salesforce, ServiceNow, Open GenAI, and more.
The best part is you can achieve this without building a custom workflow! Say goodbye to the hassle of using separate automations to call APIs. By seamlessly integrating within App Studio, you can now easily streamline your workflow, while gaining direct access to our Connector Catalog of popular applications.
We’ll discuss and demo the benefits of UiPath Apps and connectors including:
Creating a compelling user experience for any software, without the limitations of APIs.
Accelerating the app creation process, saving time and effort
Enjoying high-performance CRUD (create, read, update, delete) operations, for
seamless data management.
Speakers:
Russell Alfeche, Technology Leader, RPA at qBotic and UiPath MVP
Charlie Greenberg, host
Fueling AI with Great Data with Airbyte Webinar
This talk will focus on how to collect data from a variety of sources, leveraging this data for RAG and other GenAI use cases, and finally charting your course to productionalization.
Recently uploaded (20)
Essentials of Automations: Exploring Attributes & Automation Parameters
Essentials of Automations: Exploring Attributes & Automation Parameters
Must Know Postgres Extension for DBA and Developer during Migration
Must Know Postgres Extension for DBA and Developer during Migration
GraphRAG for LifeSciences Hands-On with the Clinical Knowledge Graph
GraphRAG for LifeSciences Hands-On with the Clinical Knowledge Graph
Overcoming the PLG Trap: Lessons from Canva's Head of Sales & Head of EMEA Da...
Overcoming the PLG Trap: Lessons from Canva's Head of Sales & Head of EMEA Da...
Northern Engraving | Nameplate Manufacturing Process - 2024
Northern Engraving | Nameplate Manufacturing Process - 2024
Choosing The Best AWS Service For Your Website + API.pptx
Choosing The Best AWS Service For Your Website + API.pptx
Astute Business Solutions | Oracle Cloud Partner |
Astute Business Solutions | Oracle Cloud Partner |
Demystifying Knowledge Management through Storytelling
Demystifying Knowledge Management through Storytelling
Session 1 - Intro to Robotic Process Automation.pdf
Session 1 - Intro to Robotic Process Automation.pdf
inQuba Webinar Mastering Customer Journey Management with Dr Graham Hill
inQuba Webinar Mastering Customer Journey Management with Dr Graham Hill
Nordic Marketo Engage User Group_June 13_ 2024.pptx
Nordic Marketo Engage User Group_June 13_ 2024.pptx
Northern Engraving | Modern Metal Trim, Nameplates and Appliance Panels
Northern Engraving | Modern Metal Trim, Nameplates and Appliance Panels
Connector Corner: Seamlessly power UiPath Apps, GenAI with prebuilt connectors
Connector Corner: Seamlessly power UiPath Apps, GenAI with prebuilt connectors
Scarcity and choice 1st term 2011
- 1. THE ECONOMIC PROBLEM AND SOME BASIC CONCEPTS
- 2. “ Be anxious for nothing, but in everything by prayer and supplication with thanksgiving, let your request be made known to God; and the peace of God which surpasses understanding will guard your hearts and minds through Christ Jesus …” Phil 4:6-7
- 5. MICRO ECONOMICS MACRO ECONOMICS 2 Branches/ Fields 2 Types of Analyses Positive “ What is, was, will be” Normative “ What ought to be?” SCIENCE SOCIAL SCIENCE ART “ Applied Economics” 3-1 Discipline Taxonomy of Economics
- 6. WHY DO WE HAVE TO MAKE A
- 7. ANG SAGOT SA TANONG… WHY DO WE HAVE TO MAKE A CHOICE? To reach a goal /move forward/ bring change in life / Give us purpose in life/give us a good future and a better life & success Gift of God/ We have the freedom/right to choose/ inevitable/ to make us responsible & independent persons/ choices reflect our values or morals/ you can not have it all/everything To know what is wrong or right and learn from them/live with The consequences of decision/Be on the right track/ path Deep philosophical answers! Let us bring them to the world of economics...
- 8. GOAL – Attend classes today You CAN NOT DO ALL These activities At the same time! WHY? Our TIME is LIMITED or SCARCE
- 11. SPEND MONEY MONEY IS NEVER ENOUGH… ALWAYS SCARCE! SAVE MONEY SCARCITY
- 13. ECONOMIC TOOLS IN MAKING CHOICES OPPORTUNITY COST EXTRA BENEFITS VS EXTRA COST OR THINKING AT THE MARGIN THINKING OF THE UNINTENDED CONSEQUENCES INCENTIVES
- 24. KOBE and LEBRON gave up college education to earn millions as a basketball player.
- 25. Because of high opportunity cost of college education, Britney Spears & Sharon Cuneta gave it up for show business!
- 26. ECONOMIC WAY OF THINKING means… Always thinking of the OPPORTUNITY COST OF THE DECISION! What am I giving up for this choice?
- 27. MARGIN means EXTRA OR ADDITIONAL THINKING AT THE MARGIN?
- 29. STUDENT THINKING OF SHIFTING TO OTHER COURSE EXTRA OR MARGINAL BENEFITS EXTRA OR MARGINAL COSTS EXTRA /MORE INTERESTS IN STUDY EXTRA TIME TO BE IN CSB EXTRA YEARS/ TIME TO FINISH THE NEW COURSE EXTRA MONEY FOR TUITION & BAON DELAY IN WORKING AND EARNING MORE PASSION IN FUTURE WORK OR BUSINESS HENCE MORE FUTURE INCOME I WILL SHIFT IF THE EXPECTED MARGINAL BENEFITS ARE GREATER THAN THE EXPECTED MARGINAL COSTS!
- 30. A SECOND GLASS…? YES EXTRA OR MARGINAL BENEFITS Quench my thirst a second time Good for cleansing my body of toxins Replenish lost water in body NO EXTRA OR MARGINAL COSTS Bloat my stomach Make me pee Add weight for a while (E)MB< (E)MC (E)MB > (E)MC
- 31. ECONOMIC WAY OF THINKING means… Choosing the action or things that will give more extra or marginal benefits Do I expect to benefit from this choice?