Unit 1-3: Basic Economic Concepts * Society has unlimited wants but limited resources The Economizing Problem⦠Scarcity WE HAVE A PROBLEM!! * The Production Possibilities…
6.4 Arc Length Length of a Curve in the Plane If y=f(x) s a continuous first derivative on [a,b], the length of the curve from a to b is Example: 6.5 Area of a Surface Generated…
Always draw a graph when in doubt!!! Answer the questions you know first and then spend more time on the calculations or more time-consuming ones graph/charts) Identify-…
Unit 1: Basic Economic Concepts * * Draw Production Possibilities Graph for the Ford Motor Co. using the following information, Make cars the Y-axis and Trucks the X-axis:…
CHAPTER 1 SETS What is a Set? A set is a well-defined collection of distinct objects. The objects in a set are called the elements or members of the set. Capital letters…
Unit 1: Basic Economic Concepts * REVIEW Explain relationship between scarcity and choices Differentiate between positive & normative Differentiate between price and…
BEC REVIEW Explain relationship between scarcity and choices Differentiate between positive & normative Differentiate between price and cost Explain the âInvisible Handâ…
UNIT 1: Basic Economic Concepts SOCIETY HAS VIRTUALLY UNLIMITED WANTS... The Economizing Problem⦠Scarcity BUT LIMITED OR SCARCE PRODUCTIVE RESOURCES! Analyzing Choices…