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Future production possibilities frontier - PowerPoint PPT Presentation

The Principals of Economics

The Principals of Economics. Chapters 1-2. Economics. The effort to satisfy unlimited wants with limited means Choice Needs Wants. Value. Everything has value Goods Services Scarcity defines value All goods and services have scarcity High Scarcity = High Value

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363 views • 23 slides

Scarcity and the Factors of Production

Scarcity and the Factors of Production. What is economics? How do economists define scarcity? What are the three factors of production?. What Is Economics?. Economics is the study of how people make choices to satisfy their wants For example: You must choose how to spend your time

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1.7k views • 20 slides

Scarcity and the Factors of Production

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321 views • 20 slides

Opportunity Cost (Ch.1-2)

Opportunity Cost (Ch.1-2). Does every decision you make involve trade-offs? How can a decision-making grid help you identify the opportunity cost of a decision? How will thinking at the margin affect decisions you make?. Trade-offs and Opportunity Cost.

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571 views • 13 slides

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Future production possibilities frontier - PowerPoint PPT Presentation

The Principals of Economics

Scarcity and the Factors of Production

Scarcity and the Factors of Production

Opportunity Cost (Ch.1-2)