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Chapter 1: What Is Economics? - Welcome to Mrs. Quarles ...

2 UNIT 1 FUNDAMENTAL economic CONCEPTSAs you read this unit, learn how the study ofeconomics helps answer the following questions:How do you make the decisionbetween buying gas for your car or taking your friend out for pizza?Why is your friend from Russiastunned by all the shoes available at your local shoe store?Why is an item at a departmentstore less expensive than that sameitem at a specialty shop? Chapter 1 What Is Economics? Chapter 2 economic Systems and DecisionMakingCHAPTER 3 Business OrganizationsThe factors of production land,labor, capital, and entrepreneur-ship make production factors of production land,labor, capital, and entrepreneur-ship make production learn more about basic economic conceptsthrough information, activities, and links to othersites, visit the Economics: Principles and PracticesWeb site at study of economicswill help you become abetter decision maker it helpsyou develop a way of thinkingabout how to make the bestchoices for you.

in Economics American adults have an exceptionally keen interest in eco-nomics. More than seven in ten say they share the same high level of interest in economics as they do politics, business and finance. A full 96% believe basic econom-ics should be taught in et, half of these same adults and two out of three high school

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Transcription of Chapter 1: What Is Economics? - Welcome to Mrs. Quarles ...

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Chapter 1: What Is Economics?

dquarleswebpage.weebly.com

As shown in Figure 1.1, scarcity affects almost every decision we make. This is where the study of economics comes in. Economics is the study of how people try to satisfy what appears to be seem-ingly unlimited and competing wants through the careful use of relatively scarce resources. Needs and Wants Economists often talk about people’s ...

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