Describe why every decision involves trade-offs. Explain the concept of opportunity cost. Explain how people make decisions by thinking at the margin.
What is Economics? Chapter 1. Section 1 Scarcity and Factors of Production.
Economics El Dorado High School Spring, 2015 Mr. Ruiz.
People cannot have everything they need and want –Need: air, food, shelter that is necessary for survival –Want: item we desire by NOT essential for survival.
11/21 Warm-up Questions
11/21 W ARM - UP Q UESTIONS Put name, date, and period on 18.1/19.1 and pass forward. 1. A business owner is an example of which factor of production?
Chapter 1: What is Economics? Section 2. Slide 2 Copyright © Pearson Education, Inc.Chapter 1, Section 2 Objectives 1.Explain why every decision involves.
Chapter 1: What is Economics?
What is Economics?
