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    Notes+2 1+-+Basic+Economics

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    Economics is defined as the study of how societies, governments, businesses, households, and individuals allocate scarce resources. Scarcity refers to limited resources relative to human wants and needs. This scarcity requires choices to be made about how resources should be distributed, which is referred to as allocation. Every choice made involves trade-offs, where something must be given up to obtain something else. An opportunity cost refers specifically to the next best alternative forgone when a choice is made.

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    Notes+2 1+-+Basic+Economics

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    kwang17
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    Economics is defined as the study of how societies, governments, businesses, households, and individuals allocate scarce resources. Scarcity refers to limited resources relative to human wants and needs. This scarcity requires choices to be made about how resources should be distributed, which is referred to as allocation. Every choice made involves trade-offs, where something must be given up to obtain something else. An opportunity cost refers specifically to the next best alternative forgone when a choice is made.

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    Econ

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    Notes+2.1+-+Basic+Economics

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    Economics is defined as the study of how societies, governments, businesses, households, and individuals allocate scarce resources. Scarcity refers to limited resources relative to human wants and needs. This scarcity requires choices to be made about how resources should be distributed, which is referred to as allocation. Every choice made involves trade-offs, where something must be given up to obtain something else. An opportunity cost refers specifically to the next best alternative forgone when a choice is made.

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    28 views1 page

    Notes+2 1+-+Basic+Economics

    Uploaded by

    kwang17
    Economics is defined as the study of how societies, governments, businesses, households, and individuals allocate scarce resources. Scarcity refers to limited resources relative to human wants and needs. This scarcity requires choices to be made about how resources should be distributed, which is referred to as allocation. Every choice made involves trade-offs, where something must be given up to obtain something else. An opportunity cost refers specifically to the next best alternative forgone when a choice is made.

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    Economics, Fall 2016

    2.1 Basic Economics


    1. In your own words define economics:
    ______________________________________________________________
    ______________________________________________________________
    ______________________________________________________________
    2. Economics Defined:
    ______________________________________________________________
    ______________________________________________________________
    ______________________________________________________________
    3. ________________ is the problem that exists because we dont have enough
    ____________ to satisfy everybodys needs.
    4. Scarcity forces ___________, which is a means of allocation.
    5. Allocate: to _______________ scarce ____________ to get the most bang for your
    buck.
    6. Every choice you make includes _____________________. A
    _____________________ is anything you give up for something else.
    7. A trade-off can be ____________________________________________.
    8. Trade-off scenarios:
    If you go the beach, what are some trade-offs?
    _______________________________
    _______________________________
    _______________________________
    If you have $10 and spend it on lunch at Chipotle, what are some trade-offs?
    _______________________________
    _______________________________
    _______________________________
    9 An _______________ _______________ is a type of trade-off. It is the ________ of
    passing up the next best choice when making a decision.
    10. If you go to the beach, instead of going to work, what is the opportunity cost?
    ______________________________________________________________
    ______________________________________________________________

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