Αποτελέσματα Αναζήτησης
21 Ιαν 2020 · • Definition: The value of what must be forgone to undertake an activity. • Opportunity cost is often obvious. • For example, if often reflects trade-offs in the production process. • The opportunity cost of a good bought in the market is typically its price.
In this lesson, students build upon their knowledge of the economic concepts of scarcity, choice, wants, and needs. Students review the idea that economic wants are desires that can be satisfied with a good or service. The class brainstorms several economic wants they have and specific goods or services that will satisfy the wants.
Economics is the study of how we allocate scarce resources. The problem with the world is that there will always be UNLIMITED WANTS, but we have LIMITED or SCARCE resources to meet those wants. Therefore, we must make choices about what to produce and what to consume.
Scarcity of resources requires individuals, organizations, and governments to make decisions. Students will explore limited resources, opportunity cost, trade-ofs, and the production possibilities curve. Scarcity necessitates that a decision be made.
Define scarcity and opportunity cost. 2. Apply scarcity and opportunity cost to a num-ber of everyday situations. 3. Construct production possibilities curves using hypothetical data. 4. Apply the concept of opportunity cost to a pro-duction possibilities curve. 5.
By definition, economics is the study of choice under scarcity. Before moving on to more complex topics, students must firmly grasp the concept of scarcity and the relationship between scarcity and business decisions. Students will compare multiple decisions, providing rationale for each.
The Economic Problem • The economic problem: Given scarce resources, how, exactly, do large, complex societies go about answering the three basic economic questions? • Economic systems are the basic arrangements made by societies to solve the economic problem. They include: • Command economies • Laissez-faire economies • Mixed systems
