entrep 3-2
Chapter 1: What Is Economics?. Chapter 1: What Is Economics? Scarcity Factors of Production Decision Making Opportunity Cost –Production Possibilities.
FROM EMPLOYEE TO ENTREPRENEURIAL MINDSET* BY UDUAK O. UDOM [email protected] 0805-494 -0589 * A Paper Presented at the Planning For Retirement workshop.
Chapter One Vocabulary Terms and Concepts. What is Economics? the study of how people seek to satisfy their needs and wants by making choices.
What does the following statement mean. If you don’t know, work it out on your paper. What do you think it means: “There is no such thing as a free lunch.”.
What is Economics? Chapter 1. Section 1 Scarcity and Factors of Production.
Chapter 1 Notes Economics- the study of how people seek to satisfy their needs and wants by making choices. I NEED it, or I WANT it! Need is food, shelter,
Economics Bell Ringer Write down three decisions you made within the last 24 hours. Tell if they were needs or wants. For each decision, list two choices.
Why are all goods and services scarce? Because all resources are scarce. Unlimited wants and limited resources.
What is Economics?
Chapter One
