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Introduction to Economics

Introduction to Economics. Defining Economics and Economic Questions. UEQ and LEQ. UEQ : What is the purpose behind learning about economics? How does the scarcity of resources and the choice people make cause problems in an economy ?

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Introduction to Economics

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  1. Introduction to Economics Defining Economics and Economic Questions

  2. UEQ and LEQ UEQ: What is the purpose behind learning about economics? How does the scarcity of resources and the choice people make cause problems in an economy? LEQ: What are the three basic questions all economies must answer?

  3. Vocabulary Economics Economic Questions Decision Making Costs

  4. What Economics Is and Is Not ECONOMICS IS NOT… just the study of money. something that people should know nothing about. ECONOMICS IS… the study of all peoples’ decision making something that helps you understand why life is the way it is.

  5. The Three Economic Questions • Question 1: • Who makes decisions? • Why must businesses and people make decisions?

  6. The Three Economic Questions • Question 2: • What questions must a business consider when making something?

  7. The Three Economic Questions • Question 3: • Why are goods and service produced? • How is “who gets what” determined?

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