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Basics of Economics: Learning the Language
Why are you already an economist?
Key Concepts
EconomicsScarcity
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