Good: concrete visible things that satisfy human wants
Scarcity: fundamental fact of economic life; there is a limited amount of resources that can be used to produce a limited amount of goods and services to meet relatively unlimited human wants Resources: those things used to produce goods and services; these include human resources, the skills, and efforts people use in organizing production; capital resources, natural resources Economics: study of human activity involved in using scarce resources to satisfy wants Psychological Wants: things not essential to sustain life (e.g. gold, jewelry); "desires" |
Excerpts from article:
"Take-Two Interactive Software Inc. said first-day sales of “Grand Theft Auto V” topped US$800-million worldwide, surpassing the record set by “Call of Duty: Black Ops II” last November. The debut was the biggest ever for the company or for “Grand Theft Auto,” New York-based Take-Two said yesterday in a statement. It also beat the US$500-million reported for the last “Call of Duty,” which publisher Activision Blizzard Inc. said then was an opening-day record. The fast start is outpacing projections for as much as US$1-billion at retail in the first month. Revenue from the first two weeks of “Grand Theft Auto” alone may exceed estimates for all of Take-Two during the quarter that ends in September, according to Michael Olson, an analyst with Piper Jaffray in Minneapolis, who has a buy rating on the stock. Customers purchased 10 million to 12 million copies in the first 24 hours, Olson said. His estimate of 14 million units sold in the first two weeks “now appears extremely conservative,” he said." |