1 / 4

Economics 102

Economics 102. Making Choices. Opportunity Cost = the highest valued benefit given up when a choice is made (ex: sitting in traffic vs. unemployment). Scarcity. Scarcity = the problem that resources are always limited compared with the number and variety of wants people have.

vincent-ford
Download Presentation

Economics 102

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Economics 102

  2. Making Choices • Opportunity Cost = the highest valued benefit given up when a choice is made (ex: sitting in traffic vs. unemployment)

  3. Scarcity • Scarcity = the problem that resources are always limited compared with the number and variety of wants people have

  4. Supply and Demand • Demand = the amount of a product or service that buyers are willing and able to buy at different prices. • Supply = the amount of a product that producers are willing and able to offer at different prices.

More Related