Slide 1Lecture by: Jacinto F. Fabiosa Fall 2005 Scarcity, Choice, and Economic Systems Slide 2 2 Individual Opportunity Cost Opportunity cost of any choice –What we forego…

Slide 1 Slide 2 CHAPTER 2 The Economizing Problem Why are you taking this economics class? What would you rather be doing? Slide 3 Factors of Production Every economy works…

Slide 1 Slide 2 DR. PETROS KOSMAS LECTURER VARNA FREE UNIVERSITY ACADEMIC YEAR 2010 - 2011 LECTURE 4 MICROECONOMICS AND MACROECONOMICS ECO-1067 Slide 3 Scarcity A condition…

Slide 1 Opportunity Cost and Production Possibilities Overheads Slide 2 Opportunity Cost The opportunity cost of any choice is what we give up when we make that choice Slide…

Slide 1 Concept of Opportunity Cost Opportunity cost of any choice –What we forego when we make that choice Most accurate and complete concept of cost Direct money cost…

Slide 1 Slide 2 AAn alternative that we sacrifice when we make a decision  A student skips school to go to ACL. Trade-off is giving up school for the concert GGuns…

Slide 1 + Production Possibilities Curve Students will understand how PPC graphically illustrates: Opportunity Cost, trade-offs, efficiency, and growth ES: C-5 Demonstrate…

Slide 1 Slides by: John & Pamela Hall ECONOMICS 3e / HALL & LIEBERMAN SCARCITY, CHOICE, AND ECONOMIC SYSTEMS © 2005 South-Western/Thomson Learning Scarcity, Choice,…

Chapter 2 Economic Tools and Economic Systems These slides supplement the textbook, but should not replace reading the textbook What is opportunity cost? The value of the…