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• Economics - efficient use of limited (scarcity) resources for the purpose of attaining maximum satisfaction of our (unlimited) material wants.
• Scarce resources:
o Property resources: land, materials, capital
o Human resources: labour and enterprise
• Capital – goods manufactured as aids to production
• Enterprise – special human resource (entrepreneurial ability), is an innovator and risk bearer.
• Income payments: rent for land; interest for capital; wages for labor; profit for entrepreneurial endeavor.
• Induction: gathering of facts > arranged systematically and analyzed > produce a generalization.
• Deduction: verification or rejection of this generalization by an appeal to the facts. Hypothetical method.
• Induction and deduction are thus complementary.
• Ceteris paribus – all other things being equal.
• Macroeconomics – behavior of aggregates (collection of specific economic units treated as one unit) within economy. E,g economy as a......

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Approximate Word Count: 602
Approximate Pages: 3 (250 words per double-spaced page)

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