Economics

• The allocation of scarce resources among competing uses.

• What are the scarce resources?

Resource 1: Land

Apartment in Upper East Side

•  Manhattan Apartment Rental Upper East Side (E 75th St / 3rd/E 75th St / 2nd) - Rental ID 1082827

•   View Images  1 Contact Sublessor Free   Premium Listing  

• Rent     2499 mth, 1150 wk, 175 dayRebate     NoneSecurity deposit    1 monthCategory    Private RentalListed by    SublessorAvailable    9/12/09 (flexible) to OpenRenew lease    NoRental type    ApartmentBedrooms    OneBathrooms    1

•

• ParkingDoormanHigh speed internetSmoker OKPets OKElevatorCableLaundry in bldgAir conditioningUtilities includedCredit app. reqdBroker fee

•

• Furnished   Yes Can be summer rental   Yes Total sq. feet   600Contact Sublessor Free Premium Listing Listing Summary: 2499 per month 1 bedroom 1 bath furnished Apartment for rent in Upper East Side, Manhattan, E 75th St / 3rd Av, E 75th St / 2nd Av posted by Subleasing.

Chester, SC

Renting in Chester

• Price: $850

• Beds: 3

• Baths: 2

Resource 2: Labor Surgeon Salaries

• Cardiovascular Surgeon

• New York $507,829

• Miami $429,728

• General Surgeon

• $249,700

• $336,000

Cashier

Resource 3: Capital

• Automotive Plant Classroom

Resource 4: Entrepreneurial Spirit

.

$110 million annual salary $40 million

net worth of $42 billion dollars

$32.31 per heartbeat

$37 billion $5.4 billion $2.3 billion

Economic Terms

• Scarcity is a situation in which the amount of something available is insufficient to satisfy the cumulative desire for it.

• goods, services, and markets

• Microeconomics is the study of the branches (sectors) of the economy .Some of the sectors are: retail and wholesale trade, construction, agriculture, mining, manufacturing, and government.

• Within each sector there are a plethora of sub categories (industries).

• Macroeconomics takes a broader approach to addressing economic questions. Instead of analyzing a specific sector, macroeconomics deals with the overall picture. For example what is the role of the government in an economy? How have prices changed overtime? What is the unemployment rate of the U.S.? What is the growth rate of the US economy ?

• Marginal Analysis is the analysis of the effect of incremental, additional changes that ultimately impact a market.

• Positive Economics just the facts, if then statements. If income rises then consumption will rise.

• Normative Economics the area of economics that is concerned with whether economic policies are good or bad.

• Objective of Microeconomics From a Business Perspective: To determine an amount to charge, and an amount to produce.

• Fields of Economics Public, Finance, Monetary, International, Labor, Environmental, Industrial Relations, Developmental

• Other Terms of Interest• Opportunity cost - the cost of a good or service measured in terms of the highest valued alternative

• Invisible Hand: Let the demand of the consumers determine what should be supplied.

• Ceteris Paribus “holding everything else constant”