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Unit 1: An Economic Way of Thinking Vocabulary Frontload Ms. Ramos Alta Loma High School
Economics Study of how ppl choose to use their lmtd resources to satisfy unlimited wants Illustration
Economy System to manage lmtd resources for production, distribution, & consumption of G&S
Illustration Positive Economics Econ that uses obj analysis to find out how the world works. Goal: advise how things ought to be done Goal: describe how things are.
Illustration Normative Economics Econ that applies judgment to data to recommend actions or policies Goal: advise how things ought to be done Goal: describe how things are.
Illustration Scarcity Condition resulting from lmtd resources but unlmtd wants
Illustration Tradeoff Exchange of one benefit/adv for a perceived better option
Illustration Cost-Benefit Analysis Way to compare costs of an action w/benefits of action. If benefit exceeds costs- it is worth taking
Illustration Incentive Factor that encourages/ motivates one to do something taxes, prices, laws
Illustration Market Any arrangement bringing sellers & buyers to do business Flea mkt eBay Victoria Gardens
Illustration Resource Anything used to produce a good or service workers minerals machines
Illustration Want Something desired
Illustration Marginal Cost What you give up to add one unit to an activity
© 2010 Pearson Addison-Wesley CHAPTER 1. © 2010 Pearson Addison-Wesley.
What fundamental qualities make up Economics? Wants Versus Needs.
Principles of Microeconomics & Principles of Macroeconomics: Ch.1 Second Canadian Edition Chapter 1 Ten Principles of Economics © 2002 by Nelson, a division.
WHAT IS ECONOMICS? 1. Economics is….. 2 the social science that studies the production, distribution, and consumption of goods and services the social.
Chapter 1 Review 1.__________________ is the study of how people seek to satisfy their needs and wants by making choices. 2.A physical object such as a.
Economic choices We are faced with choices because we do not have enough productive resources to satisfy all of our wants and needs.
What Is Economics? CHAPTER 1. After studying this chapter you will be able to Define economics and distinguish between microeconomics and macroeconomics.
What is Economics? Unit 1 Homework: Page 6 Problems 1 to 6 Write out the questions and the answers.
Chapter 1 What is Economics?. Economics is about how people choose to use scarce resources to satisfy their needs and wants i.e. achieve goals.
The Harnessed Atom Lesson Nine Energy And You. What you need to know about Energy Decision-making: Standard of living Economics – Supply and demand Informed.
WHAT IS ECONOMICS? 1 CHAPTER. Objectives After studying this chapter, you will be able to: Define economics and distinguish between microeconomics and.
1-1 © The McGraw-Hill Companies, Inc., 2009 McGraw-Hill/Irwin LO 1 - All Chapter 1: Thinking Like an Economist 1.The Scarcity Principle: having more of.
APK: WHO IS MORE IMPORTANT? Who is more important producers or consumers? Answer the question with details to support your answer.
Theme 1 v1.0 The economic problem The 10 principles of economics.
CHAPTER 1 The Economic Way of Thinking. KEY CONCEPTS Economics study of how people use resources to satisfy wants how individuals/societies choose to.
Unit 4 4 th Grade Social Studies Vocabulary Click here to go to begin Click here to go to begin.
WHAT IS AN ECONOMY?. Economy or Economic System The way a nation makes choices. These choices involve how the nation will use its resources to produce.
Welcome! Happy New Year!!! This is a time of new beginnings with so many exciting things to do and learn. So Welcome to Economics class! I am looking.
Click here to begin! Click here to begin!. Definition: things in nature that people find useful economics Natural resources economy Click here to go to.
Chapter 1: What Is Economics?. Chapter 1: What Is Economics? Scarcity Factors of Production Decision Making Opportunity Cost –Production Possibilities.
© 2010 Pearson Addison-Wesley Managerial Economics - Lecture 1 Dr. Abdullah Alharbi Basic Concepts of Economics Introduction:
Billions of people could benefit from better economic policies. Millions are dying because of bad ones. Sometimes the logic of economics is so compelling.
Demand and Supply CHAPTER 3. After studying this chapter you will be able to Describe a competitive market and think about a price as an opportunity cost.
When you have completed your study of this chapter, you will be able to C H A P T E R C H E C K L I S T Define economics, distinguish between micro- economics.
CHAPTER TWO CHAPTER TWO. 3 Basic Questions 1. What goods and services should be produced? 2. How should these goods and services be produced? 3. Who consumes.
1 Foundations of Business In order to appreciate and make informed decisions in the world around them, students will need to establish a basic business/economic.
Economics Chapter 1 Section 1. The Fundamental Economic Problem Most people seem to want more stuff Most people seem to want more stuff Scarcity - the.
12/2Warm-Ups 1. If output does not increase despite hiring another laborer, is an example of … 2. What is the cost of producing one additional unit? The.
NEXT The Economic Way of Thinking. NEXT Chapter 1: The Economic Way of Thinking Scarcity is the situation that exists because wants are unlimited and.
The Economic Problem CHAPTER 2. After studying this chapter you will be able to Define the production possibilities frontier and calculate opportunity.
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