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Understanding Economics
Understanding Economics: A Contemporary Perspective, 2/e
Mark Lovewell, Ryerson Polytechnic University
The Economic Problem

Chapter Focus

In this chapter, you will:

Consider the economic problem — the problem of having unlimited wants, but limited resources — that underlies the definition of economics

Learn about the way economists specify economic choice

Examine the production choices an entire economy faces, as demonstrated by the production possibilities model

Analyze the three basic economic questions and how various economic systems answer them




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