16

1.4 How To Organize Economies: An Overview of Economic Systems

18

Key Terms

24

Key Concepts and Summary

24

Self-Check Questions

25

Review Questions

25

Critical Thinking Questions

26

CHAPTER 2
Choice in a World of Scarcity
Introduction to Choice in a World of Scarcity

27

27

2.1 How Individuals Make Choices Based on Their Budget Constraint

28

2.2 The Production Possibilities Frontier and Social Choices

33

2.3 Confronting Objections to the Economic Approach

38

Key Terms

43

Key Concepts and Summary

43

Self-Check Questions

44

Review Questions

44

Critical Thinking Questions

45

Problems

45

CHAPTER 3
Demand and Supply
Introduction to Demand and Supply

47

47

3.1 Demand, Supply, and Equilibrium in Markets for Goods and Services

48

3.2 Shifts in Demand and Supply for Goods and Services

54

3.3 Changes in Equilibrium Price and Quantity: The Four-Step Process

64

3.4 Price Ceilings and Price Floors

3.5 Demand, Supply, and Efficiency

70

74

Key Terms
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