February 2016
Intermediate to advanced
504 pages
20h 37m
English
Content preview from Economics, 11th Edition
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CHAPTER 2 Economic Decision Making and Economic Systems
Chapter 1 introduced the basic concept of scarcity that underlies the study of economics. No economy, no matter how large or sophisticated, can provide all the goods and services to satisfy every member's wants and needs. Thus, people in every economy must make decisions about what goods and services to produce, how to produce them, and who will receive the goods and services that are produced. In this chapter, we focus on these decisions and how they are made in different economies.
SCARCITY, THE BASIC ECONOMIC DECISIONS, AND ECONOMIC SYSTEMS
All economies continually produce goods and services, whether they are simple agricultural products or complex surgical equipment. The U.S. economy, for example, currently produces in excess of $18 trillion of cars, new construction, health care, and other goods and services over the course of a year. ...
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