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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.

Economics is the study of _____. • Economics is the science of scarcity. • Scarcity is 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.

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UNIT 1: Basic Economic Concepts

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Marginal Revenue = Marginal Cost Definitions: Marginal Revenue is the change in total revenue from an additional unit sold. Marginal Cost is the change in total costs from the production of another unit. Theory: Competitive Firms determine their profit-maximizing (or loss-minimizing) output by equating the marginal revenue and the marginal cost.

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HIGH SCHOOL COURSE DIRECTORY 2018 - 2019 The Conejo Valley Unified School District provides a quality education in an environment where every child matters.

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VIII. Writing Algebraic Expressions • A. You can translate word phrases into variable expressions. – Examples: 1. Three more than a number = x + 3 2. The quotient of a number and 8 = y/8 3. Six times a number = 6 • n or 6n 4. 15 less than a number = z –15 5. The quotient of 30 and a number plus 10 = 30/x + 10.

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Unit 6: Market Failures and the Role of the Government

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3. The opportunity to make PROFIT gives people INCENTIVE to produce quality items efficiently. 4. Wide variety of goods available to consumers. 5. Competition and Self-Interest work together to regulate the economy. 3 The government’s job is to enforce contracts, secure property rights, and defend the country.

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