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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.
Chapter 1: What is Economics? Section 2. Slide 2 Copyright © Pearson Education, Inc.Chapter 1, Section 2 Objectives 1.Explain why every decision involves.
