FHCE 3100 Lecture Notes - Lecture 1: Invisible Hand

• School: University of Georgia
• Department: Financial Planning, Housing and Consumer Economics
• Course: FHCE 3100
• Professor: moorman

Document Summary

Economics is the study or science of production, distribution, and consumption. (goldsmith) Economics is the study of how society manages its scarce resources. (miller) The (cid:373)a(cid:374)age(cid:373)e(cid:374)t of so(cid:272)iety"s (cid:396)esou(cid:396)(cid:272)es is important because resources are scarce. Means that society has limited resources and therefore cannot produce all the goods and services people wish to have. Georgia increased its screenings from 13 to 29. To overcome passivity to u(cid:374)de(cid:396)sta(cid:374)d a(cid:374)d (cid:862)o(cid:449)(cid:374)(cid:863) you(cid:396) pla(cid:272)e i(cid:374) the e(cid:272)o(cid:374)o(cid:373)y. One person can make a difference: ralph nader & clark howard & you. Consumers: individuals and groups who obtain, use, maintain, and dispose of goods (products) and services to fulfill needs and increase satisfaction. Services: intangible actions of work done: (catering services) Ada(cid:373) (cid:373)ith (cid:894)1(cid:1011)(cid:1011)(cid:1010)(cid:895): autho(cid:396) of (cid:862)a(cid:374) i(cid:374)(cid:395)ui(cid:396)y i(cid:374)to the natu(cid:396)e a(cid:374)d causes of the wealth of natio(cid:374)s(cid:863) stated that: (cid:862)(cid:272)o(cid:374)su(cid:373)e(cid:396)s a(cid:272)t i(cid:374) thei(cid:396) o(cid:449)(cid:374) self i(cid:374)te(cid:396)est a(cid:374)d (cid:373)a(cid:396)kets (cid:449)o(cid:396)k (cid:449)ith the i(cid:374)(cid:448)isi(cid:271)le ha(cid:374)d. (cid:863)