August 8th 2023
What makes something scarce:
1. limited in supply
2. alternative uses
3. desirable
Sand copper
Needs and wants
Is there a difference between your needs and wants and those of the family in the picture? (a
poor house)
They have the need for filled but not the want
Key terms:
Needs
wants
scarcity
basic economic problem
Opportunity cost
August 23th 2023
Needs and wants, needs
August 25th 2023
The economic problem
The need to choose
What to produce
It is impossible to produce all the goods and servies that people want, a country must decide
what kind of goods and services to produce
How to produce
For whom to produce
To produce for the people that can pay for it
Production possibility curves
is the maxim output that shows
Assumptions of the ppc
The economy produces only two types of goods
The state of the technology is assumed constant
All the
August 28th 2023