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Chapter 2

Chapter 2 (got 94% in the course)

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ECON 2000
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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
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