Chapter 1
Section 1
Scarcity
This concept goes hand-in-hand with supply and demand. Scarcity is defined as "the basic economic problem that arises because people have unlimited wants but resources are limited." Examples of scarce resources include time, money and natural resources; essentially anything that is finite falls under this category. The reason that this is an important concept to understand is that it helps us place a value on a good or service. The scarcer a resource and the higher the demand for it, the more expensive it is going to be. When allocating your resources for any project, you must learn how to prioritize your resources. The scarcest resource is your most valuable, so plan accordingly.

Chapters 4 and 5
Supply and Demand
Supply and demand are more than just two intersecting lines; it affects us in every aspect of our lives. From the groceries that we buy to cook our daily meals to the gas that we put in our car, there are countless forces at work that mold the supply and demand of a particular good or service. The basic theory behind supply and demand states that there is a price point where consumers and producers both match up; in essence, every good or service has a unique point at which buyers and sellers agree to make an exchange. Supply and demand can be affected by factors like speculation of future developments, advances in technology and shortages and surpluses in the domestic and international markets. When the supply of a product goes up, the price of a product goes down, and demand for the product can rise because it costs loss.

Chapter 8
Section 3
Skilled Labor
A skilled worker is any worker who has special skill, training, knowledge, and ability in their work. A skilled worker may have attended a college, university or technical school. Or, a skilled worker may have learned their skills on the job. Examples of skilled labor include software development, paramedics, police officers, soldiers, phy...