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Economics Unit 1

Learn the basics of economics, including the concepts of scarcity, factors of production, and the importance of studying economics. Discover how resources are allocated to satisfy unlimited wants and how the paradox of value affects our choices in a free enterprise economy.

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Economics Unit 1

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  1. Economics Unit 1 Intro to Economics

  2. Define in your own words and use the word in a sentence. • Capital good • Productivity • Consumption • Durable Good • Labor 6. Paradox of value 7. Free Enterprise Economy 8. Scarcity 9. Factors of production 10. Need 11. Want 12. Production Possibilities frontier Vocabulary for Unit 1 Section 1

  3. The factors of production • The importance of economics I can identify:

  4. Study of efforts to satisfy unlimited wants with scarce resources. What is economics?

  5. What to produce? How to produce? For whom to produce? Basic questions of economics?

  6. Needs Wants Something we would like to have but is not necessary for survival. Basic requirement for survival, such as food, clothing and shelter.

  7. Contradiction when a high value nonessential item and that of a low value essential item. Paradox of value

  8. What are the factors of production? Why is the study of economics important? Identify:

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