1.   2. Chapter Outline 2 The Economic Problem: Scarcity and Choice Scarcity, Choice, and Opportunity Cost Scarcity and Choice in aOne-Person Economy Scarcity and Choice…

1. MICROECONOMICS 2. ECONOMICS DEFINITION 3. WEALTH DEFINITION 4. WELFARE DEFINITION:Alfred Marshall 5. SCARCITY DEFINITION:LIONEL ROBBINS 6. GROWTH DEFINITION:P.SAMUELSON…

Slide 1The Economic Problem CHAPTER 2 Slide 2 After studying this chapter you will be able to Define the production possibilities frontier and calculate opportunity cost…

Slide 1Chapter 1: What Is Economics? Slide 2 Chapter 1: What Is Economics? Scarcity Factors of Production Decision Making Opportunity Cost –Production Possibilities Curves…

Slide 1 Expenditure Slide 2 Opportunity Cost Is making a decision/choice based on limited/scarce resources. The item not selected is the opportunity cost- opportunity foregone.…

Slide 1 Slide 2 2 of 36 © 2014 Pearson Education, Inc. Slide 3 3 of 36 © 2014 Pearson Education, Inc. 1 PART I INTRODUCTION TO ECONOMICS The Scope and Method of Economics…

Slide 1 THE ECONOMIC PROBLEM 2 CHAPTER Slide 2 Objectives After studying this chapter, you will be able to:  Define the production possibilities frontier and calculate…

Slide 1 The Economic Problem CHAPTER 2 Slide 2 After studying this chapter you will be able to Define the production possibilities frontier and calculate opportunity cost…

Slide 1 1 of 36 © 2014 Pearson Education, Inc. MBA 1007 MICROECONOMICS Asst. Prof. Dr. Serdar AYAN Slide 2 Slide 3 3 of 36 © 2014 Pearson Education, Inc. 1 PART I INTRODUCTION…

Slide 1 Chapter 2 - Scarcity and the World of Trade-Offs1 Learning Objectives  Evaluate whether even affluent people face the problem of scarcity  Understand why economists…