Economics Lecture Notes – Chapter 1

Ch 1 - What is Economics?

What is Economics? - Definition & Types

Chapter 1 quiz Flashcards

The first principle of economics discussed in Chapter 1 is that people face trade-offs. Use a production possibilities frontier to illustrate society's trade-off between two "goods" - a clean environment and the quantity of industrial output. What do you suppose determines the shape and position of the frontier? Show what happens to the frontier if engineers develop a new way of producing electricity that emits fewer pollutants. | Numerade

Chapter 1The U.S. Business Environment Week 1 8/25-9/06 Flashcards