CHAPTER 1 Economics. the social science dealing with the study of how individuals and countries make choices about ways to use their scarce resources.
1. Write 3 things that you know about the word “Economy” 2. Write 2 things that you know about the word “System” 3. Write 1 thing that you know about.
Chapter 2 How Economic Issues Affect Business. Learning Objectives 1. Capitalism and free markets 2. Supply, demand and equilibrium 3. Socialism versus.
ECONOMIC REASONING PRINCIPLES (AKA “ERP’S). How Do We Define Economics? The study of how people seek to satisfy their wants and needs by making choices.
WHAT IS AN ECONOMY? Economy or Economic System The way a nation makes choices. These choices involve how the nation will use its resources to produce.
