Chapter 2: Scarcity and the World of Trade-Offs
This chapter introduces the central concept of economics, scarcity. It is the existence of scarcity
that requires people to make choices, both individually and collectively. Along with the concept
Chapter 3: Demand and Supply
This chapter introduces one of the major analytical areas of economics, demand and supply, that
forms the basis for much of theoretical analysis used throughout the text. The concepts of the
difference between money p
Under the second new deal, how did
FDR assist farmers, youth,
professionals, and other workers?
1935 National Youth Administration (NYA)
Ages 8-22 were helped
Provided job training for part-time jobs
Chapter 1: The Nature of Economics
This chapter introduces economics as a science. Economics is defined, and its subareas,
macroeconomics and microeconomics, are introduced. The chapter also discusses the three
fundamental questions faced by ever
CH 1 Review Game
The Nature of Economics
Macroeconomics is concerned with
changes in unemployment.
changes in the price of gasoline.
the effects of a tax on beer.
the effects of price controls on steel.
Economics is a social