ECON 101 Lecture Notes - Lecture 1: Marginal Cost, Marginal Utility, Planned Economy
Document Summary
Micro and macro: decision of individual, macro- broader picture. Pos vs normative: pos= scientific aspect of economic what is . Marginal prosperity: norm: protum that attempts what should be . Ex: should anyone have as much money as bill gates when there are so many people living in extreme poverty throughout the world? : academic economist: teaching/researcher. A situation in which resources are insufficient to satisfy all of: resources our needs and desires. The resources available to society fall into one of these categories: Entrepreneurship- ability and willingness to take risk: capital. Capital- something produced that is long-lasting and used to produce other goods. Physical- non human assets used in production to produce other products. Human- productive skills and technological knowledge embodied in labor. Capital stock- the total amount of capital available to a nation, in all forms, for productive use at any given time.
