Unit 1: Fundamentals of Economics. Unit 1 Standards:. SSEF1, SSEF2, SSEF4, SSEF5, SSEF6, SSMI1. Unit 1: EQs. What is scarcity? What are the factors of production? How are limited resources allocated? What trade-offs appear on a production possibilities frontier?
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I started a business making computers and other electronic devices. I am an __________.
EXAMPLE: an individual has $25 to either purchase groceries or new clothes. The individual weighs the choices against each other and decides that it’s more important to eat for the week and forgo the new pair of jeans. The opportunity cost of the groceries is……