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ECONOMIC EFFICIENCY: Obtaining the most consumer satisfaction from available resources. This is what most economists mean when the term efficiency arises. Economic efficiency means our economy is doing the best job possible of satisfying unlimited wants and needs with limited resources--that is, of addressing the problem of scarcity.
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Lesson 3: Scarcity | Unit 1: The Concept
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Page: 1 of 17
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- Scarcity is the pervasive condition that exists because society has unlimited wants and needs, but limited resources used for their satisfaction.
Meaning:- We can't have everything because resources are limited.
Unlimited wants and needs are half of the scarcity problem.- Unlimited wants and needs are what motivate us to take action, to produce goods, and to advance our well-being.
- We are motivated to do things that satisfy these wants and needs. Satisfaction is achieved when wants and needs are fulfilled.
- Scarcity results because wants and needs are unlimited. No one has ever been completely satisfied. We always want more.
Limited resources are the other half of our scarcity problem. - Resources are the stuff that we use to produce the goods that fulfill our wants and needs.
- Resources are the things that make satisfaction possible.
- Resources are limited. We have only so much 'stuff' than can be used to produce the goods that satisfy our wants and needs.
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LABOR FORCE The total number of people in an economy, society, or country willing and able to exert mental and/or physical efforts in productive activities. The labor force is a more technical term for the labor resource or labor supply. It includes both employed workers and unemployed workers. An official variation of this term is civilian labor force. While labor force may or may not include military personnel, the civilian labor force explicitly excludes the military. Labor and labor resources are the theoretical terms that economists like to banter about. Labor force and civilian labor force are the terms of choice for government policy makers, data-crunchers, and others who need precise labor resource numbers.
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GREEN LOGIGUIN
[What's This?]
Today, you are likely to spend a great deal of time at the confiscated property police auction hoping to buy either a travel case for you toothbrush or a looseleaf notebook binder. Be on the lookout for jovial bank tellers.
Your Complete Scope
This isn't me! What am I?
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Cyrus McCormick not only invented the reaper for harvesting grain, he also invented the installment payment for selling his reaper.
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"Old age isn't so bad when you consider the alternative. " -- Cato, Roman orator
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LAN
Locally Asymptotically Normal
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