CH1 - Economics, What It's All About

CH1 - Economics, What It's All About - C HAPTER Economics:...

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C HAPTER dotlearn.com © 2002, .learn, Inc. Economics: What It’s All About the two branches of economics, and some basic economic concepts and analysis
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The Economy The economy is the mechanism through which resource use is organized to satisfy the desires of people living together in a society. dotlearn.com © 2002, .learn, Inc.
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dotlearn.com © 2002, .learn, Inc. Two Basic Concepts SCARCITY The imbalance between our desires and the means of satisfying those desires . OPPORTUNITY COST The sacrifice of the next best alternative use of resources when those resources are used for a specific purpose.
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Economic Decisions In any economy, decisions must be made to determine: 1. WHAT will be produced 2. HOW it will be produced 3. TO WHOM it will it be distributed dotlearn.com © 2002, .learn, Inc.
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dotlearn.com © 2002, .learn, Inc. Two Main Branches of Economics MICROECONOMICS Analyzes choices made by individual participants in an economy, with special emphasis on how prices are
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This note was uploaded on 04/17/2008 for the course CH Ch101 taught by Professor Bigham during the Spring '08 term at N.C. State.

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CH1 - Economics, What It's All About - C HAPTER Economics:...

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