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April 24, 2018 

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LEGAL CLAIMS: Ownership of the physical goods, services, and resources that make up the real side of the economy. Legal claims are a key feature of the paper, or financial side of the economy. Transferring legal claims is the primary method of diverting income from household saving to investment and government borrowing. Legal-claim buyers loan income and legal-claim sellers borrower income.

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Lesson Contents
Unit 1: The Concept
  • A Definition
  • So What?
  • Unit 1 Summary
  • Unit 2: Resources
  • Factors
  • Working Together
  • Free or Scarce?
  • Comparisons
  • Unit 2 Summary
  • Unit 3: Opportunity Cost
  • The Concept
  • Economic Cost
  • Unit 3 Summary
  • Unit 4: College Cost
  • Out of Pocket
  • What Else?
  • Unit 4 Summary
  • Unit 5: THE Problem
  • No Free Lunch
  • Solutions?
  • Unit 5 Summary
  • Course Home
    Scarcity

    In this lesson you'll see why scarcity tends to make economists grumpy. You'll see that scarcity is a perpetual condition that exists because people have unlimited wants and needs, but limited resources used to satisfy these wants and needs. You'll also see how this scarcity problem underlies the common notion of cost, which is integral to the study of economics. The five units contained in this lesson provide a tour through the economic problem of scarcity.

    • The first unit examines the fundamental concept of scarcity -- the combination of limited resources and unlimited wants and needs -- that is virtually synonymous with the study of economics.
    • The second unit discusses the four basic categories of limited resources --labor, capital, land, and entrepreneurship -- that produce the goods that are used to satisfy unlimited wants and needs.
    • In the third unit, we take a look at the notion of opportunity cost and see how it is related to the scarcity problem.
    • We then turn out attention in the fourth unit to a simple example of the explicit and implicit costs of attending college.
    • The fifth and final unit in this lesson then ponders why scarcity is considered THE economic problem and providing a little insight into why economists are grump.

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    CONSUMER CONFIDENCE, AGGREGATE EXPENDITURES DETERMINANT

    One of several specific aggregate expenditures determinants assumed constant when the aggregate expenditures line is constructed, and that shifts the aggregate expenditures line when it changes. An increase in consumer confidence causes an increase (upward shift) of the aggregate expenditures line. A decrease in consumer confidence causes a decrease (downward shift) of the aggregate expenditures line. Other notable aggregate expenditures determinants include interest rates, federal deficit, inflationary expectations, and exchange rates.

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    APLS

    PINK FADFLY
    [What's This?]

    Today, you are likely to spend a great deal of time at an auction wanting to buy either a combination CD player, clock radio, and telephone (with answering machine) or a revolving spice rack. Be on the lookout for the last item on a shelf.
    Your Complete Scope

    This isn't me! What am I?

    The portrait on the quarter is a more accurate likeness of George Washington than that on the dollar bill.
    "You have to find something that you love enough to be able to take risks, jump over the hurdles and break through the brick walls that are always going to be placed in front of you. If you don't have that kind of feeling for what it is you're doing, you'll stop at the first giant hurdle. "

    -- George Lucas

    BIS
    Bank for International Settlements
    A PEDestrian's Guide
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