Chapter 1 economics 2018-19

1(1)

 Economics

Need vs. Want-

Goods vs. Services

Scarcity vs. Shortage

Factors of production-  land, labor, capital

Physical vs. Human Capital

Entrepreneur-

Questions at end of section- Group______

1(2)
trade off

guns or butter

opportunity cost (best opportunity lost)

thinking at the margin (marginal analysis)

Questions at end of section-  Group  _______


1(3)
production possibilities curve

production possibilities frontier

efficiency

underutilization

cost

law of increasing costs  

Questions at end of section-  Group ______

Profile of Gary Becker  (p.7)  Questions 1-3   Group______

Safety at Any Cost  (p 19) Questions 1-2  Group  ______