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ECO155 handout 1


what is economics? a science that examines the behavior of people who are motivated by self interest, in situations where resources are scarce.
four resources land, labor, capital, entrepreneurship
what is opportunity cost? something that is given up with a choise is made. the higher the opportunity cost, the less likely it will be done.
what is land? natural resources. ex: minerals, forests,unimproved land, water.
what is labor? physical and mental talents that people contribute to production
what is capital? goods that can be used to further production. ex: machinery, technology, tools, etc.
what is entrepreneurship? a talent that someone has to organize land, labor, and capital to produce more goods and business.
what is scarcity? when the want of a good is greater than resources to satisfy the want.
what does scarcity cause? opportunity cost; when there is scarcity it causes people to choose one good over the other.
what is TANSTAAFL? there ain't no such thing as a free lunch
how is scarcity illustrated on a PPF curve? by moving from one point to another.
what is a rationing device? deciding who gets what goods are available. this is basically who is willing to pay the highest price for something in a market economy
What are logical fallacies? Fallacy of Composition, Post Hoc Fallacy
what does ceteris paribus mean? all other things remaining unchanged
who is the father of modern economics? what book did he write, and what were the key concepts? Adam Smith. The Wealth of Nations (1776). the key concepts were specialization, the invisible hand
what does trade result in? what kind of game is it? it results in a "consumer surplus" and is a positive-sum game.
what are transaction costs? costs by consumers over and above the price that the sellers received to cover production costs. basically its the costs of shipping costs, taxes,paper work, insurance, etc.
what shape is the Production Possibilities Frontier? concave to the origin.
what is economic growth? increase in a nations ability to produce goods/services.
what is the Rule of 72? rule of thumb to compute the time required to double production quantities.
how does economic growth occur? by getting more resources, increasing resource productivity, and improving technology.
what are marginal costs/benefits? additional costs/benefits. it is connected to consuming/using another unit of a good.
Created by: eah4159



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