True/False Questions True/False Questions 1. Scarcity is a problem only for the poor. 1. Scarcity is a problem only for the poor. Answer-1. F Scarcity.
© 2010 Pearson Addison-Wesley Managerial Economics - Lecture 1 Dr. Abdullah Alharbi Basic Concepts of Economics Introduction:
What Is Economics? CHAPTER 1. After studying this chapter you will be able to Define economics and distinguish between microeconomics and macroeconomics.
WHAT IS ECONOMICS? 1 CHAPTER. Objectives After studying this chapter, you will be able to: Define economics and distinguish between microeconomics and.
Pump Primer What do you think of when you hear the term “economics?” (Carper, 1)
© 2010 Pearson Addison-Wesley. Definition of Economics All economic questions arise because we want more than we can get. Our inability to satisfy all.
DEFINITION AND QUESTIONS All economic questions and problems arise because human wants exceed the resources available to satisfy them. Scarcity Scarcity.
3 CHAPTER Demand and Supply © Pearson Education 2012 After studying this chapter you will be able to: Describe a competitive market and think about.
PART 1 INTRODUCTION Getting Started CHAPTER 1 C H A P T E R C H E C K L I S T When you have completed your study of this chapter, you will be able to.
1 WHAT IS ECONOMICS? © 2012 Pearson Addison-Wesley Definition of Economics All economic questions arise because we want more than we can get. Our inability.
© 2010 Pearson Addison-Wesley. Part One: Introduction Chapter One: What is Economics? * Definition, 2 big economic questions, To Think as an Economist,
