We think you have liked this presentation. If you wish to download it, please recommend it to your friends in any social system. Share buttons are a little bit lower. Thank you!
Presentation is loading. Please wait.
Published byJoanna Amelia Powers
Modified over 6 years ago
Intro to Business, 7e © 2009 South-Western, Cengage Learning SLIDE1 Economic Choices Goals Understand the basic economic problem. Explain the steps in the decision-making process. 1-2
Intro to Business, 7e © 2009 South-Western, Cengage Learning SLIDE Chapter 1 2 Key Terms scarcity economic decision-making tradeoff opportunity cost
Intro to Business, 7e © 2009 South-Western, Cengage Learning SLIDE Chapter 1 3 THE BASIC ECONOMIC PROBLEM Comes from scarcity Not having enough resources to satisfy every need Choices Economic decision-making: process of choosing which wants are satisfied Tradeoffs and opportunity costs Tradeoff: when you give up something Opportunity cost: value of the choice you did not choose
Intro to Business, 7e © 2009 South-Western, Cengage Learning SLIDE Chapter 1 4 THE DECISION-MAKING PROCESS Define the problem Identify the choices Evaluate the advantages and disadvantages of each choice Choose one Act on your choice Review your decision
Objective: –Explain what economics is and how we make economic choices. Bell Question: –What is a need? What is a want? What is the big difference between.
Economic Choices. Incentive Economics focuses on the choices people make Economic reasoning is used everywhere People make choices based on their perceptions.
© 2007 Thomson South-Western, all rights reserved N. G R E G O R Y M A N K I W PowerPoint ® Slides by Ron Cronovich 1 P R I N C I P L E S O F F O U R T.
Understand the role of business in the global economy.
Chapter 1: What is Economics? Opener
© 2013 South-Western, a part of Cengage Learning. All rights reserved. Chapter 6 | Slide 1 Chapter 6: Understanding the Management Process.
Intro to Business, 7e © 2009 South-Western, Cengage Learning SLIDE1 International Business Basics Goals Describe importing and exporting activities. Compare.
Economic Decisions And Systems
Economic Decisions and Systems
Intro to Business, 7e © 2009 South-Western, Cengage Learning SLIDE1 CHAPTER Satisfying Needs and Wants Economic Choices Economic.
1 Economic Decisions and Systems 1-1 Satisfying Needs and Wants
Intro to Economics Unlimited Wants and Limited Resources.
Chapter 18 Objectives: 7.01, 7.02, How Economic Systems Work We choose between: –Needs: things required for survival –Wants: things we desire and.
Economic Reasoning Test Review. What is any reward or benefit that motivates people to do something.
SESSION 1: SCARCITY and CHOICE (DECISIONMAKING) TALKING POINTS SCARCITY and CHOICE (DECISIONMAKING) 1.Economics is fundamentally about scarcity—not having.
© 2012 Cengage Learning. All Rights Reserved. Principles of Business, 8e C H A P T E R 1 SLIDE Satisfying Needs and Wants Economic Choices.
Objective 1.01 Understand economic systems. Needs, Wants, and Decision-Making 1.
The Basic Economic Problem Chapter 1-2. The Basic Economic Problem Individuals and businesses have unlimited wants and needs, but the economic resources.
© 2021 SlidePlayer.com Inc. All rights reserved.