econ 3332 -how are the goods produced? -who gets these goods?
econ 3332
lecture 1 introduction: economics: -study of the allocation of scarce resources among alternative uses. -scarcity leads to trade-offs: -which goods are produced? -how are the goods produced? -who gets these goods? -who makes these tradeoffs: -consumers – individuals or households -producers – firms -governments -consumers and firms operate in a structure where the game can be affected by government policy. -how do decision makers allocate the resources? -scarcity is what leads to tradeoffs. -rich do not necessarily face the same tradeoffs as poor. -time is a common scarcity that every one of every social statu