What is economics
the condition in which consumer wants are always greater than the supply of goods and services
Scarcity
when there is scarcity, what are the three economic questions that need to be asked?
What goods and services will produced?
How will they be produced ?
Who receives the goods and services?
Describe what the production possibilities frontier graph demonstrates and draw it on the board.
a graph that demonstrates the various combinations of output that the economy can produce given the available factors of technology and factors of production.
Explain the factors of production involved in the making of a coffee at a cafe.
Land - cafe
capital - expresso machine
labour - the barista making the coffee
entrepreneurship - owner of the cafe