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Similar to Basic Economics
Similar to Basic Economics (20)
Basic Economics
- 2. The Law of Supply and Demand
When supply is up, and
demand is down, prices go
down.
When supply is down and
demand is up, prices go up.
- 3. The 4 Factors of
Production
Natural Resources
Human Resources/Labor
Capital Resources
Entrepreneurship
- 5. More on Scarcity
Unlimited wants and limited
resources force choices.
Individuals, businesses, and
governments all make
choices due to scarcity.
- 6. Scarcity in Developed
Nations
Insufficient domestic
petroleum
Lack of raw materials
Unfavorable balance of trade
(more imports than exports)