Chapter 1 notes

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

Info iconThis preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
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
Background image of page 1
This is the end of the preview. Sign up to access the rest of the document.

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....
View Full Document

Ask a homework question - tutors are online