Chapter 1 notes

Chapter 1 notes - off-shoring • People must make choices...

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Chapter 1 Notes Economics: Foundations and Models What Happens When U.S. Firms Move to China? It is cheaper for U.S. firms to operate in China. This process of firms producing goods and services outside of their home country is called outsourcing (sometimes also called
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Unformatted text preview: off-shoring ). • People must make choices as they try to attain their goals. The choices reflect the trade-offs people face because we live in a world of scarcity . o Situation in which unlimited wants exceed limited resources....
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