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AP Econonmics Ch2 outline

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Christian Boujaoude September 20, 2014 AP Economics Pd. 3 Wolff Ch. 2 The Economizing Problem I. The Foundation of Economics A. Economizing Problem 1. Society?s economic wants are unlimited and economic resources are scarce B. Unlimited Wants 1. Extend over a wide range of products, from necessities to luxuries 2. Services satisfy our wants 3. The objective of all economic activity is to fulfill wants C. Scarce Resources 1. Economic resources a. all natural, human, and manufactured resources that go into the production of goods and services b. Property resources= land, raw materials, and capital c. Human resources= labor and entrepreneurial ability D. Resource Categories 1. Land

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