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ECONOMICS – CHAPTER 1 THE BASICS
What is Economics? ,[object Object],[object Object],[object Object],[object Object],[object Object]
Key Terms ,[object Object],[object Object],[object Object]
What is scarcity? ,[object Object],[object Object]
Opportunity Cost ,[object Object],The opp. Cost of buying a computer is taking a vacation Went on Vacation Bought a computer The opp. cost of watching TV is reading a book Read a Book Watched  TV Opportunity cost What you would have done What you did
Trade-Off ,[object Object]
Production Possibilities Frontier (PPF) ,[object Object]
Rationing Device ,[object Object],[object Object]
Marginal ,[object Object]
Incentive ,[object Object],[object Object]
Two main branches of economics ,[object Object],[object Object],[object Object],[object Object]
Goods ,[object Object],[object Object]
Services ,[object Object],[object Object]
Three Factors of Production ,[object Object],[object Object],[object Object]

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Chapter 1