| 0. Introduction: Why Study Economics? I. Living in a Global Economy a. Economics and finance in our lives i. People have personal financial goals ii. National economic goals’ impact on individuals b. Individuals have multiple roles in the global economy: consumer, saver, investor, producer, earner, borrower, lender, taxpayer, and recipient of government services c. The conflict between unlimited wants but limited resources forces both individuals and societies to make economic decisions i. What to produce ii. How to produce iii. Who will receive what is produced d. Productive resources help to determine our wealth and our nation’s wealth i. Land ii. Labor iii. Capital iv. Management e. TERMS i. Scarcity ii. Trade-offs iii. Choices iv. Opportunity costs v. Limited resources vi. Unlimited wants vii. Growth viii. Stability ix. Economic fairness x. Productivity xi. Consumption... |
