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    Basics of Economics: Learning the Language

    Why are you already an economist?

    Key Concepts

    Economics

    Scarcity

    Resources

    Needs

    Wants

    4 Basic Questions

    Opportunity Costs

    Trade Offs- Monsters Inc. to the rescue!

    Production Possibilities Curve- PPC in 60 seconds

    Circular Flow of Money Model

    Market System

    Command System

    Traditional System

    Mixed Systems

    Goods and Services(Capital and Consumer)

    Factors of Production

    Supply- Introduction to Supply and Demand

    Demand-Supply and Demand Econ Movie

    Equilibrium Point- More In Depth Supply and Demand

    Market Clearing Price

    Surplus

    Shortage

    Factors of Supply and Demand

    Elasticity

    Price Floors and Ceilings

    Quotas

     

    Essential Questions

    Why do we need to make choices?
    How do individuals, businesses and nations deal with the four basic questions?
    How do incentives and opportunity costs help make decisions?
    How are prices determined?
    Why does government intervene in the market place?
     
     
     
     
     
Last Modified on September 21, 2020