Econ Ch1 Scarcity And Choice

Chapter Objectives ,[object Object],[object Object],[object Object],[object Object],[object Object]

WHAT I$ ECONOMIC$? Economics=Choice ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Value and Scarcity ,[object Object],[object Object],[object Object],[object Object],[object Object]

Making Choices ,[object Object],[object Object]

Decision Making Grid ,[object Object],[object Object],[object Object],[object Object],[object Object],Benefits Forgone Extra sleep time Extra study time Opportunity Cost Wake up early to study for test Sleep late Decisions ,[object Object],[object Object],[object Object],[object Object],[object Object],Benefits Wake up early to study Sleep late Alternatives

Decision Making at the Margin 3 hours of sleep Grade of B+ on test 3 rd hour of extra study time 2 hours of sleep Grade of B on test 2 nd hour of extra study time 1 hour of sleep Grade of C on test 1 st hour of extra study time Opportunity Cost Benefits Options

Wants & Needs ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Question: Can you think of examples of other wants or needs?

Factors of Production ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],“ What is wealth?”

Informed Decisions ,[object Object],[object Object],[object Object]

Weighing Costs and Benefits ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Opportunity Cost: Production Possibilities Curve Mowing lawn=1 hour Trimming Bushes=2 hours

Econ Ch1 Scarcity And Choice

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