Quarter 3 Week 1
What is economics ?
!. What is the definition of economics ?
2. Explain the concept of scarcity
3. How are wants and resources related ?
4. What are the 4 resources that economics deals with and give 2 examples of each
What is scarcity Dude video
2. explain opportunity cost
3. Give 2 example of opportunity cost for you, right now, as you're doing this assignment
Chpt 1 textbook questions
Define the following terms.
4. factors of production
6. Identify the basic economic problem and explain why it occurs in our society?
7. How is scarcity different from shortages?
8. What advantages does physical capital offer?
9. The main difference between physical and and human capital is?
10.Give an example of physical capital