Textbook Notes (368,434)
United States (206,040)
Economics (70)
ECON 2000 (14)
All (14)
Chapter 2

Chapter 2 (got 94% in the course)

6 Pages
46 Views
Unlock Document

Department
Economics
Course
ECON 2000
Professor
All Professors
Semester
Fall

Description
Chapter 2 The Economic Problem Scarcity and ChoiceThis chapter explores the questions of what how and for whom to produceOutline1 Scarcity Choice and Opportunity CostScarcity and Choice in a OnePerson Economy Scarcity and Choice in an Economy of Two or More The Production Possibility Frontier The Economic Problem2 Economic Systems and the Role of GovernmentCommand Economies LaissezFaire Economies The Free Market Mixed Systems Markets and Governments1Scarcity Choice and Opportunity Cost aDefinitionsCapital things that are produced and then used in the production of other goods and servicesegFactors of production factors the inputs into the process of production another term for resourcesProduction the process that transforms scarce resources into useful goods and servicesInputs or resources anything provided by nature or previous generations that can be used directly or indirectly to satisfy human wantsOutputs goods and services of value to households
More Less

Related notes for ECON 2000

Log In


OR

Join OneClass

Access over 10 million pages of study
documents for 1.3 million courses.

Sign up

Join to view


OR

By registering, I agree to the Terms and Privacy Policies
Already have an account?
Just a few more details

So we can recommend you notes for your school.

Reset Password

Please enter below the email address you registered with and we will send you a link to reset your password.

Add your courses

Get notes from the top students in your class.


Submit