Unit 1: Basic Economic Concepts 1. REVIEW 1.Explain relationship between scarcity and choices 2.Differentiate between positive & normative 3.Differentiate.
BEC REVIEW 1.Explain relationship between scarcity and choices 2.Differentiate between positive & normative 3.Differentiate between price and cost 4.Explain.
Unit 1: Basic Economic Concepts 1. REVIEW 1.Explain relationship between scarcity and choices 2.Differentiate between price and cost 3.Differentiate between.
Unit I: Basic Economic Concepts Economics Defined Economics-Social science concerned with the efficient use of limited resources to achieve maximum satisfaction.
The Production Possibilities Curve. The Production Possibilities Curve (PPC) Using Economic Models… Step 1: Explain concept in words Step 2: Use numbers.
Unit 1-3: Basic Economic Concepts 1. Society has unlimited wants but limited resources The Economizing Problem… Scarcity WE HAVE A PROBLEM!! 2.
Unit 1: Basic Economic Concepts 1. 2 ABCDEFG Cars 0101825303335 Trucks 4542393325150 Draw Production Possibilities Graph for the Ford Motor Co. using.
Unit 1: Basic Economic Concepts
BEC REVIEW
UNIT 1: Basic Economic Concepts
UNIT 1: Basic Economic Concepts SOCIETY HAS VIRTUALLY UNLIMITED WANTS... The Economizing Problem… Scarcity BUT LIMITED OR SCARCE PRODUCTIVE RESOURCES!
Unit 1: Basic Economic Concepts 1. Quick Review Basic Economic Concepts 1.What is Scarcity? What is Shortage? 2.What is Specialization? 3.What is Marginal.
