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UNIT 1: Basic Economic Concepts - Conejo Valley Unified ...

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.

has a cost (a trade-off). 3. Everyone’s goal is to make choices that maximize their satisfaction. Everyone acts in their own “self-interest.” 4. Everyone acts rationally by comparing the marginal costs and marginal benefits of every choice 5. Real-life situations can be explained and analyzed through simplified models and graphs.

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