POLITICO - ECONOMIC SELF
Economist: Explains the self based on the resources we have and how we think it
should flow.
Political Scientist: Explains the self through our view of what power is and how much
of it we hold.
The power we hold is related to the resources we enjoy.
Economics: Study of consumption behavior under conditions of scarcity.
Scarcity: Situation in which something is insufficient to satisfy the desire for it.
We have Economics because we have unlimited needs but only limited resources.
Types of Needs:
- Physiological/Biological Needs: Universal needs of the body [food, clean water,
medicine]
- Practical Needs: Needs needed for easier living [gadgets, appliances]
- Social Needs: Needs for maintaining relationships
- Recreational Needs: Needs to reduce stress and unwind.
Categories of Resources:
- Labor [working people]
- Capital
- Human Capital
- Capital Stock
- Land/ natural resources
- Entrepreneurship
Economic Principles:
Economist: Explains the self based on the resources we have and how we think it
should flow.
Political Scientist: Explains the self through our view of what power is and how much
of it we hold.
The power we hold is related to the resources we enjoy.
Economics: Study of consumption behavior under conditions of scarcity.
Scarcity: Situation in which something is insufficient to satisfy the desire for it.
We have Economics because we have unlimited needs but only limited resources.
Types of Needs:
- Physiological/Biological Needs: Universal needs of the body [food, clean water,
medicine]
- Practical Needs: Needs needed for easier living [gadgets, appliances]
- Social Needs: Needs for maintaining relationships
- Recreational Needs: Needs to reduce stress and unwind.
Categories of Resources:
- Labor [working people]
- Capital
- Human Capital
- Capital Stock
- Land/ natural resources
- Entrepreneurship
Economic Principles:
