What is Economics? Chapter 1 Section 1 Scarcity and Factors of Production Book: Scarcity What is Economics? Economics is the study of how people seek to satisfy their needs…
People cannot have everything they need and want Need: air, food, shelter that is necessary for survival Want: item we desire by NOT essential for survival People must decide…
In this chapter, look for the answers to these questions: What kinds of questions does economics address? What are the principles of how people make decisions? What are the…
Economics El Dorado High School Spring, 2015 Mr. Ruiz Economics Chapter One What is Economics? Section One: Scarcity and the Factors of Production Section Two: Opportunity…