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Economics Lecture Two (view source)
Revision as of 13:41, September 6, 2009
, 13:41, September 6, 2009intro about scarcity
{{Economics_Lectures}}
{{Economics_Lectures}}
Only one miracle during Jesus's ministry is mentioned in all four Gospels, and it is mentioned even twice in Mark. It is the miracle of the multiplication of the loaves and fish to feed the thousands. It illustrates God easily '''''overcoming''''' scarcity. Think about it: does scarcity really exist, or is its significance greatly exaggerated away from God?
As a student astutely suggested last class, economics is the study of the '''''transfer''''' of goods and services. The first obvious question is this: what determines the '''''price''''' and '''''quantity''''' of goods transferred? In other words, how much must a buyer pay for the good (the price), and how many units of the good (the quantity) will the seller be able to sell at that price?
As a student astutely suggested last class, economics is the study of the '''''transfer''''' of goods and services. The first obvious question is this: what determines the '''''price''''' and '''''quantity''''' of goods transferred? In other words, how much must a buyer pay for the good (the price), and how many units of the good (the quantity) will the seller be able to sell at that price?