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UNIT 1: Basic Economic Concepts

Unit I: Basic Economic ConceptsWhat is Economics in General?Economics is the study of _____. Economics is the science of scarcity. Scarcityis the condition in which our wants are greater than our limited resources. Since we are unable to have everything we desire, we must make choices on how we will use our resources. In economics we will study the choices of individuals, firms, and DefinedEconomics-Social science concerned with the efficient use of limited resources to achieve maximum satisfaction of Economic wants.(Study of how individuals and societies deal with _____)Examples:Yo u m u s t choosebetween buying jeans or buying must choosehow many people to hireGovernments must choosehow much to spend on vs.

What is Papa John’s opportunity cost for one pizza in terms of burgers given up? 4. What is Papa John’s opportunity cost for one burger in terms of pizza given up? 40. Ronald has a COMPARATIVE ADVANTGE. in the production of burgers. Papa John has a COMPARATIVE ADVANTAGE. in the

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