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 Unit 1: Basic Economic Concepts 1 Slide 2 REVIEW 1.Explain relationship between scarcity and choices 2.Differentiate between price and cost 3.Differentiate between…
Slide 1 Slide 2 UNIT 1: Basic Economic Concepts Slide 3 Slide 4 SOCIETY HAS VIRTUALLY UNLIMITED WANTS... The Economizing Problem… Scarcity BUT LIMITED OR SCARCE PRODUCTIVE…
Slide 1 Economics “Econ, Econ” Econ Slide 2 What is Economics? Economics is the study of _________. Economics is the science of scarcity. Scarcity means that we have…
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…