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Basic Economic Concepts Worksheet Activity 1 2 Form

Basic Economic Concepts Worksheet Activity 1 2 Form

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[Music] hey it's mr. Clifford it's time for an overview of microeconomics unit 1 now the good news from micro macro economics is that you know 1 basically is the same exact stuff right you're gonna start off with the teachers to explain the idea of scarcity right we have unlimited wants but limited resources even learn something called opportunity costs and trade-offs you're gonna jump into the factors of production you talk about different concepts basic concepts of economics you're going to go from there and learn the very first graph the production possibilities curve which is a simple graph explains the trade-offs between producing different products from there you'll actually shift the curve and talk about points on the curve and then after you go from there you usually jump into talking about trade right trade and how that actually shifts the curve and moves the power and how we can both benefit from trade and something called comparative advantage right two countries should work

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