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Ch1Topic2SGScarcity (1).ppt

Ch1Topic2SGScarcity (1).ppt - 12.1 Students understand...

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12.1 Students understand common economic terms and concepts and economic reasoning. Opportunity Cost and Decision Making Chapter One Section Two and Three
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12.1 Students understand common economic terms and concepts and economic reasoning. Topics I. Define Trade Offs II. What is Opportunity Cost? III. Decisions at the Margin IV. Production Possibilities Curve
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12.1 Students understand common economic terms and concepts and economic reasoning. I. Trade offs A. The problem of scarcity B. Everyone must make choices
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12.1 Students understand common economic terms and concepts and economic reasoning. A. The problem of scarcity Remember the fundamental law of scarcity. Law of Scarcity : Unlimited wants and limited resources. It means we must make choices Trade-offs are all the alternatives that we give up whenever we choose one course of action over others.
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12.1 Students understand common economic terms and concepts and economic reasoning. B. Everyone must make choices Individuals Movie or dinner? Work or play? Who do I date? Businesses What to build? What resources to use Governments and societies Guns or butter Lower taxes or more services “What is the appropriate role of Government?”
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12.1 Students understand common economic terms and concepts and economic reasoning. II. Opportunity Cost A. Opportunity Cost B. Decision making grids C. Thinking at the margin
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12.1 Students understand common economic terms and concepts and economic reasoning. A. Opportunity Cost Trade-offs are all the alternatives that we give up whenever we choose one course of action over others. The most desirable alternative given up as a result of a decision is known as opportunity cost.
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12.1 Students understand common economic terms and concepts and economic reasoning. For example Possible Choices.
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