IN THIS CHAPTER YOU WILL. 5.Discuss how incentives affect people's behavior 6.Consider why trade among people or nations can be good for everyone 7.Discuss why markets are a good,but not perfect way to allocate resources 8.Learn what determines some trends in the overall economy
IN THIS CHAPTER YOU WILL . . . 5.Discuss how incentives affect people’s behavior 6. Consider why trade among people or nations can be good for everyone 7. Discuss why markets are a good, but not perfect way to allocate resources 8. Learn what determines some trends in the overall economy
Economy. The word economy comes from a Greek word for one who manages a household
Economy. . . . . . The word economy comes from a Greek word for “one who manages a household
A household and an economy face many decisions: Who will work? What goods and how many of them should be produced? What resources should be used in production? At what price should the goods be sold?
A household and an economy face many decisions: Who will work? What goods and how many of them should be produced? What resources should be used in production? At what price should the goods be sold?
Society and Scarce Resources: The management of society's resources is important.because. resources are scarce
Society and Scarce Resources: The management of society’s resources is important because resources are scarce
Scarcity. .means that society has limited resources and therefore cannot produce all the goods and services people wish to have
Scarcity . . . . . . means that society has limited resources and therefore cannot produce all the goods and services people wish to have