CHAPTER 1 3, 4, 7, 9, 11
CHAPTER 2Homework 1, 3, 6, 9, 11
CHAPTER 3 1,4,5,7,10,12,15
February 2, 2006
v Ch. 1
v Economics: how to manage the scarcity of resources
Ø Scarcity: anything that has a price must be scarce (otherwise there won't be a price; everything scarce; human nature is that we want more of everything because we don't have enough, with the exception of contentment in Christ, not enough resources to produce goods and services)
§ Must make choices in order to maximize your resources
Ø Shortage: willing to pay the price but there are not enough produced
v Two parts of economics (based on individual behavior "Rational Self Interest;" maximize level of satisfaction; opportunity costs not always measured in monetary form, such as going to college instead of full time college)
Ø Microeconomics: Individual units examined
Ø Macroeconomics: Economy as a whole
v Make decisions as a whole on the margin with small increments; cost and benefit analysis;......
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Approximate Word Count: 654
Approximate Pages: 3 (260 words per double-spaced page) |