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Ch. 1 Jeopardy Review
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Chapter 1: What is Economics? Section 1. Slide 2 Copyright © Pearson Education, Inc.Chapter 1, Section 1 Objectives 1.Explain why scarcity and choice
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What IS Economics?. Economics is the study of how people seek to satisfy their needs and wants by making choices
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Unit One, Lesson One Notes How is Economics defined by scarcity?
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What is Economics? Scarcity and Factors of Production Chapter Essential Question How can we make the best economic choices? 9/12, 9/13 9/14, 9/15 9/19
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Chapters 1 - 3 Unit 1. Chapter 1 – What is Economics? Society is structured around the idea that everybody has needs and wants. Goods and services fulfill
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Factors of Production (Factor Resources) What is required to make goods and services in an economic system? Also known as the “means of production”
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Introduction to Economics. What is Economics? Scarcity: Economics is about the allocation of scarce resources among society’s various needs and wants
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What is Economics? “Scarcity and Factors of Production” Chapter 1.1
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Warm-up List 5 things you need List 5 things you want How are the two lists different? Which ones can you live without?
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Chapter 1: What is Economics? Section 1: Scarcity and factors of Production
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What does the following statement mean. If you don’t know, work it out on your paper. What do you think it means: “There is no such thing as a free lunch.”
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