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Fundamental Economic Concepts
Scarcity The most basic of all economic problems. The problem of unlimited human needs and limited productive resources.
Economics The study of how people use limited resources to produce and exchange for the goods and services they need. Or quite simply…
How we choose to deal with the problem of scarcity.
Goods and Services
Free Good (abundant)- the quantity supplied exceeds the quantity demanded. Free Goods
The Factors of Production Natural Resources Human Resources Capital Resources Entrepreneurship
Human Resources Human Resources
Capital Resources This differs from financial capital.
Entrepreneurship APG EXAM Scores
Because of Scarcity, Choices Must be Made
Economics Includes: AND
HOW PEOPLE USE LIMITED RESOURCES TO SATISFY UNLIMITED WANTS
1 Chapter 1 Introducing the Economic Way of Thinking Key Concepts Summary Practice Quiz Internet Exercises Internet Exercises ©2002 South-Western College.
What Is Economics? CHAPTER 1 SECTION 1: An Economic Way of Thinking
Chapter 1 Introducing the Economic Way of Thinking
Econ 101 Principles of Microeconomics Economics is the study of choice under conditions of scarcity. As individuals we have limited time and spending power.
The study of economics explains how productive resources are used to provide the goods and services that satisfy human wants and needs. Scarcity is.
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1. People can’t have everything they want, so they choose. 2. People make better decisions when they weigh the present and future benefits and costs of.
INTRODUCTION TO ECONOMICS
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1 Introduction to Economics. 2 Economics is a Way of Thinking, a Thought Process You already know and use some of the economic principles we will discuss.
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