Chapter 1Ten Principles of Economics
1. With what concept does economics deal primarily with?
2. Which of the following is NOT included in the decisions that every society must
a. what goods will be produced
What You Need to Know for Midterm #1
Materials (Ch. 1,
Ch. 2) You should
be able to
Explain the following basic concepts scarcity,
trade-off, opportunity cost, and marginal
Scarcity: the limited nature of resources. Economi
ECON 105 Final Short
i) Labour force is the sum of employed and unemployed adult
ii) Unemployment rate is the percentage of the labour force that is
iii) Labour-force participation rate is the percentage of
Econ 105 Lecture 1
is the study of how we manage our resources (scarcity)
The study of how society divides resources
between national security, the market, and how
the government protects the market.
Scarcity: The limited nature of re
"Don't worry about a thing
'Cause every little thing gonna be alright
Singing' "Don't worry about a thing
'Cause every little thing gonna be alright!"
Rise up this mornin'
Smiled with the risin' sun
Three little birds
Pitch by my doorstep