2.1 Define economics, and explain why scarcity is central to economic decision making.

ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
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Business
anca
Ayon
Action
Chapter 2
Understanding Basic
Economics
Copyright © 2017, 2015, 2013 Pearson Education, Inc. All Rights Reserved
Learning Objectives (1 of 2)
2.1 Define economics, and explain why scarcity is central to
economic decision making.
2.2 Differentiate among the major types of economic
systems.
2.3 Explain the interaction between demand and supply.
Copyright © 2017, 2015, 2013 Pearson Education, Inc. All Rights Reserved
What Is This Thing Called The
Economy? (1 of 1)
Economy
- The sum total of all the economic activity within a given
region
Introd
. This chapter off
- A brief introduction
professional's perspec
- A high-level look at the stu
economic systems, and the
demand
• Understanding basic economi
successful business managen
Copyright © 2017, 201
Learning Objectives (2
2.4 Identify four macroeconom
understanding the behavior of
2.5 Outline the debate over de
key roles that governments pla
2.6 Identify the major ways of
Copyright © 2017, 2
What Is This Thing C
Economy? (2 of 2)
Microeconomics
-The study of how con
industries coll
and seni
Transcribed Image Text:Business anca Ayon Action Chapter 2 Understanding Basic Economics Copyright © 2017, 2015, 2013 Pearson Education, Inc. All Rights Reserved Learning Objectives (1 of 2) 2.1 Define economics, and explain why scarcity is central to economic decision making. 2.2 Differentiate among the major types of economic systems. 2.3 Explain the interaction between demand and supply. Copyright © 2017, 2015, 2013 Pearson Education, Inc. All Rights Reserved What Is This Thing Called The Economy? (1 of 1) Economy - The sum total of all the economic activity within a given region Introd . This chapter off - A brief introduction professional's perspec - A high-level look at the stu economic systems, and the demand • Understanding basic economi successful business managen Copyright © 2017, 201 Learning Objectives (2 2.4 Identify four macroeconom understanding the behavior of 2.5 Outline the debate over de key roles that governments pla 2.6 Identify the major ways of Copyright © 2017, 2 What Is This Thing C Economy? (2 of 2) Microeconomics -The study of how con industries coll and seni
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