Chapter 1

1.1. Scarcity, Choice, Opportunity Cost

• The economic problem arises because the resources that we have available for the production of goods and services are

limited, while our wants for goods and services are unlimited.

• Definition of Economics: Economics is the study of how society decides what, how and for whom to produce

• Wants are human desires for goods and services. Our wants are unlimited.

• Needs are necessities, those things that are essential for survival,...
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Computer Application Technology (CAT) Grade 12 Summary Notes
Computer Application Technology (CAT) Grade 12 Summary Notes
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Computer Application Technology (CAT) Grade 12 Summary Notes