1. TEN PRINCIPLES OF ECONOMICS Chapter 1 ECON202, Maclachlan 2. ECONOMY From the Greek for one who manages a household. Key concept: scarcity. ECON202, Maclachlan 3. Definition…

1. TEN PRINCIPLES OF ECONOMICS Chapter 1 ECON202, Maclachlan 2. ECONOMY From the Greek for one who manages a household. Key concept: scarcity. ECON202, Maclachlan 3. Definition…

Slide 1 Slide 2 Thinking Like an Economist Slide 3 Economics is the study of how society manages its scarce resources. Scarcity: If resources were not scarce there would…

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Slide 1 “Textbook definition” of economics: The study of how society manages its scarce resources. “Resources” means anything that can be used in a productive way:…

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Thinking Like an Economist Economics is the study of how society manages its scarce resources. Scarcity: If resources were not scarce there would be no need for economics!…

THINKING LIKE AN ECONOMIST Chapter 2 Copyright © 2014 by Nelson Education Ltd. 2-* Copyright © 2014 by Nelson Education Ltd. THINKING LIKE AN ECONOMIST Before delving…