Slide 1CHAPTER 1 The Economic Way of Thinking Slide 2 KEY CONCEPTS Economics study of how people use resources to satisfy wants how individuals/societies choose to use resources…
SKR ENGINEERING Introduction to benefit-cost analysis of safety investments Eric Marsden Would this project provide a net benefit to society? Learning objectives 1 Understand…
Slide 1 Slide 2 Theories or Models An Economic model is a simplified way to explain how the economy (or parts of it) work and to make predictions about what could happen…
Slide 1 Introduction to Economics Slide 2 What is Economics? Scarcity: Economics is about the allocation of scarce resources among society’s various needs and wants. Tradeoffs:…