Transcript Premium Listing Listing Summary

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 600
Contact 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.
Renting in Chester
• Price: $250
• Beds: 2
• Baths: 0
Resource 2: Labor
Surgeon Salaries
• Cardiovascular Surgeon
• New York $507,829
• Miami $429,728
• General Surgeon
• $249,700
• $336,000
Not all jobs are the same!
How much would you have to be paid to do
this job?
Cashier
Resource 3: Capital
• Automotive Plant
Classroom
Resource 4: Entrepreneurial Spirit
.
$37 billion
$5.4 billion
$2.3 billion
net worth of $42 billion dollars
$32.31 per heartbeat
$110 million
annual salary
$40 million
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”