Professional Documents
Culture Documents
ECONOMICS
By: Sam D. Fuego
Social Sciences Department
Ateneo de Zamboanga University
Definitions of Economics
Def. of economics-cont.
Def. of economics-cont.
Def. - cont
Key Concepts
Scarcity
Means that our wants outstrip the limited
Choice
Scarcity implies choice. A second
Opportunity Cost
A third basic concept is that choice implies
opportunity cost.
Defined as the value of the best alternative
foregone when decision is made.
Things in common
for whom
END