101_02 - Basic Economics Concepts * I- Definitions -...

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1 Basic Economics Concepts ******************************** I- Definitions - Economics (Scarcity & Choice) - Economic Activity II- Ten Principles of Economics III- Three Fundamental Questions IV- Economic Answers to Interesting Questions
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2 Economics: Scarcity and Choice are Central Concepts here. Definition: Economics is the study of how society (households and businesses) manages its scarce resources Dilemma: Unlimited wants and limited resources Few examples --Your Most Valuable Resource? --Allocation of this resource and economic decision making (Scope is wide) -- Other examples (from students)?
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3 Economic Activity: Any activity involving use of resources -- Building a shopping mall -- Taking shower Charting Economic Activity: Resources Production (Goods, services, and BADS) Consumption Satisfaction (utility) and BADS In Sum: Nature Example: Lifetime Consumption (animals, trees, vegetations, metal)
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4 Ten Economic Principles: a) How People Make Decisions
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101_02 - Basic Economics Concepts * I- Definitions -...

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