Chapter 1

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Business Technologie

What is Economics? ,[object Object],[object Object],[object Object],[object Object],[object Object]

Key Terms ,[object Object],[object Object],[object Object]

What is scarcity? ,[object Object],[object Object]

Opportunity Cost ,[object Object],The opp. Cost of buying a computer is taking a vacation Went on Vacation Bought a computer The opp. cost of watching TV is reading a book Read a Book Watched TV Opportunity cost What you would have done What you did

Production Possibilities Frontier (PPF) ,[object Object]

Rationing Device ,[object Object],[object Object]

Incentive ,[object Object],[object Object]

Two main branches of economics ,[object Object],[object Object],[object Object],[object Object]

Services ,[object Object],[object Object]

Three Factors of Production ,[object Object],[object Object],[object Object]

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Chapter 1

1. ECONOMICS – CHAPTER 1 THE BASICS

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Chapter 1

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Chapter 1