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LAND: One of four basic categories of resources, or factors of production (the other three are labor, capital, and entrepreneurship). This category includes the natural resources used to produce goods and services, including the land itself; the minerals and nutrients in the ground; the water, wildlife, and vegetation on the surface; and the air above.
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Lesson Contents
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Unit 1: The Concept |
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Unit 2: Resources |
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Unit 3: Opportunity Cost |
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Unit 4: College Cost |
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Unit 5: THE Problem | |
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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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MARGINAL FACTOR COST The change in total factor cost resulting from a change in the quantity of factor input employed by a firm. Marginal factor cost, abbreviated MFC, indicates how total factor cost changes with the employment of one more input. It is found by dividing the change in total factor cost by the change in the quantity of input used. Marginal factor cost is compared with marginal revenue product to identify the profit-maximizing quantity of input to hire.
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ORANGE REBELOON
[What's This?]
Today, you are likely to spend a great deal of time surfing the Internet looking to buy either a how-to book on home decorating or a set of luggage with wheels. Be on the lookout for attractive cable television service repair people.
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This isn't me! What am I?
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The 22.6% decline in stock prices on October 19, 1987 was larger than the infamous 12.8% decline on October 29, 1929.
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"And while the law of competition may be sometimes hard for the individual, it is best for the race, because it ensures the survival of the fittest in every department. " -- Andrew Carnegie, entrepreneur
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ICSID
International Center for the Settlement of Investment Disputes
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