KXEX2162 Lecture#1
1 The Art and Science of Economics CHAPTER 1 © 2003 South-Western/Thomson Learning.
Chapter 1: What is Economics? Section 1. Slide 2 Copyright © Pearson Education, Inc.Chapter 1, Section 1 Objectives 1.Explain why scarcity and choice.
What is Economics? Scarcity and Factors of Production Chapter Essential Question How can we make the best economic choices? 9/12, 9/13 9/14, 9/15 9/19.
Agenda Mar 3 What am I learning today? How do traditional economic systems affect the success of a business? What am I going to do today? Reading handout.
Corporate Responsibility in a Collapsing World Cranfield School of Management Jonathon Porritt 29 October 2008.
CHAPTER 1 SECTION 1 ECONOMICS. NEEDS What is a Need? something essential for survival.
Farming Irrigation. What is a Good? Good – Physical objects such as clothes or shoes. Goods do not just come about though, there is something needed.
1 Economics: A Contemporary Introduction 7th Edition by William A. McEachern PowerPoint Slides prepared by Dale Bails Christian Brothers University © 2006.
Foundations of Economics Chapter 1 Chapter 2 Chapter 3 Chapter 5 Section 2.
Scarcity and the Factors of Production. Objectives Identify the economic roles in society. Identify land, labor, and capital as the three factors.
