2013economics.ppt.pptVIP

Western Economic Theories and Schools Group Members: Jenny Kelly Etta Eutene Content Introduction Jenny Basic Economic Concepts Jenny Development Kelly Etta Conclusion Eutene I. Basic Economic Concepts Definitions of economics 3 basic economic questions Goals of economic theories 2 Principles: 1. Scarcity - the limited nature of society’s resources. 2. Opportunity cost - whatever must be given up to get the item Definitions of Economics Definitions of Economics