Slide 1 Slide 2 Unit I: Basic Economic Concepts Slide 3 What is Economics in General? Economics is the study of _________. Economics is the science of scarcity. Scarcity…

Slide 1Characteristics of the Ideal Classroom 1.Fun and Meaningful Activities 2.No Busy Work 3.Manageable Assignments 4.Energy and Enthusiasm 5.Humor 6. Varied Instruction…

Unit I: Basic Economic Concepts What is Economics in General? Economics is the study of _________. Economics is the science of scarcity. Scarcity is the condition in which…

Unit I: Basic Economic Concepts Why are we âSpeed Reviewingâ? Having you review on your own wouldnât be effective Lecturing about every concept would be too boring. âSpeed…

Slide 1 Slide 2 Unit I: Basic Economic Concepts Slide 3 What is Economics in General? Economics is the study of _________. Economics is the science of scarcity. Scarcity…

Slide 1 Slide 2 Functions In everyday language the word “function” has at least two separate meanings I can think of: A. The purpose of something, as in “The function…

Slide 1 1 Slide 2 Unit 1: Basic Economic Concepts 2 “Econ, Econ” Econ Slide 3 Economic Terminology 3 Utility = Marginal = Satisfaction! Additional! Allocate =Distribute!…

Slide 1 Economics “Econ, Econ” Econ Slide 2 Introduction to Economics I WON THE LOTTERY! I’ll give you anything you want other than money. What do you want? Would your…

Slide 1 Slide 2 Unit I: Basic Economic Concepts Slide 3 Economics Defined Economics-Social science concerned with the efficient use of limited resources to achieve maximum…

AP Economics âEcon, Econâ Econ Terms to know: Scarcity Economics Microeconomics vs. Macroeconomics Trade-off Marginal Costs Marginal Benefits Positive Statements vs. Normative…