Académique Documents
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Concepts
Chapter 1
Objectives:
Topics to be discussed
What is Economics
Basic Economics Question
Circular Flow
Inflation/Recession
Opportunity Cost
3 Basic Questions
4 Factors of Production
Micro and Macro Economics
Economics?
Scarcity means
Dont waste
These are the skills people have that are used to produce
goods and services.
Opportunity Cost
College or work
Recap
Types of Economics
Theories of Economics
Countries and their governments
Trade between countries
Business Cycle
What to produce?
Recap
Inflation
Recession
Inflation
Decline in the stock market
Increased foreclosures/ drop in
housing prices
In Short
Chapter Review