Economics Unit 1 Intro to Economics.

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Economics Unit 1 Intro to Economics

Vocabulary for Unit 1 Section 1 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

I can identify: The factors of production The importance of economics

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

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

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

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

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