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Economics Introduction

Economics Introduction. Frederick University 20 14. Introduction. The Doctor has no free appointments open till December … but he has a €50 appointment open this afternoon. Introduction Scarcity of Resources. People always want more than they can afford

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Economics Introduction

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  1. EconomicsIntroduction Frederick University 2014

  2. Introduction The Doctor has no free appointments open till December … but he has a €50 appointment open this afternoon

  3. IntroductionScarcity of Resources • People always want more than they can afford • Scarcity is a relationship between needs and resources • Resources = Factors of Production: Labor Land Capital (Entrepreneurship) - Technology – a way of putting resources together

  4. IntroductionSources of Economic Problems • Scarcity of resources • Technological changes • Changes in tastes and preferences

  5. Sources Scarcity of resources Technological changes Changes in tastes and preferences Questions What (and how much) How For whom IntroductionMain Economic Questions

  6. IntroductionEconomic Agents Government Final goods and services L, N, K Households Firms

  7. IntroductionWhat Economics is About Economics is the study of how economic agents make decisions what to produce, how to produce, and for whom to produce

  8. Introduction • Microeconomics • Macroeconomics • International Economics • Mesoeconomics • Comparative Economics

  9. Modeling Economic Relationships • Schematic Models • Graphic Models • Mathematical Models

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