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ECONOMICS

ECONOMICS. NEW WAYS OF THINKING. UNIT I. INTRODUCTION to ECONOMICS. CHAPTER I. WHAT IS ECONOMICS. Objectives Section 1 THE FOUNDATION OF ECONOMICS. Explain how choice is related to sacrity ; Provide examples of opportunity costs: Understand a production possibilities frontier;

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ECONOMICS

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  1. ECONOMICS NEW WAYS OF THINKING

  2. UNIT I INTRODUCTION to ECONOMICS

  3. CHAPTER I WHAT IS ECONOMICS

  4. Objectives Section 1THE FOUNDATION OF ECONOMICS • Explain how choice is related to sacrity; • Provide examples of opportunity costs: • Understand a production possibilities frontier; • Describe how competition determines the way rationing devices are distributed.

  5. TENNESSEE CURRICULUM STANDARDSSECTION I • STANDARD 1: Scarcity

  6. KEY TERMSSECTION 1 • Want • Resource • Scarcity • Opportunity Cost • Trade-Off • Production Possibilities Frontier • Rationing Device • Economics

  7. LectureSection 1 • Scarcity Exits • Scarcity Means Making Choices Making Choices Means Incurring Opportunity Costs • One Diagram, Three Economic Concepts • A Consequence of Scarcity: The Need for a Rationing Device • Another Consequence of Scarcity: Competition

  8. Formative AssessmentSection 1 • Defining Terms • Critical Thinking • Reviewing Facts and Concepts • Applying Economic Concepts • Quick Quiz • www.empc.net/economics

  9. Objective Section 2THE ECONOMIC WAY OF THINKING • Explain how costs and benefits affect decisions; • Identify incentives; • Distinguish between microeconomics and macroeconomic; • Explain why economist develop theories.

  10. Tennessee Curriculum Standards Section 2 • Standard 2 :Marginal Cost/Benefit • Standard 4 :Role of Incentives • Standard 5 :Gain from Trade • Standard 7 :Price and Quantity Determination

  11. Key TermsSection 2 • Incentive • Microeconomics • Macroeconomics • Theory • Marginal

  12. LectureSection 2 • Economic Thinking • Thinking in Terms of Costs and Benefits • Thinking in Terms of Incentives • Thinking in Terms of Trade-Offs • Thinking in Terms of What Would Have Been • Thinking in Terms of Unintended Effects • Thinking in Terms of the Small and the Big • Thinking in Terms of Theories

  13. Formative AssessmentSection 2 • www.empc.net/economics • Reviewing Facts and Concepts • Critical Thinking • Applying Economic Concepts • Defining Terms • Quick Quiz

  14. Objectives Section 3Basic Economic Language • Describe the different ways economist talk about goods; • Identify services; • List the four types of resources; • Explain why labor and entrepreneurship are different categories of resources.

  15. Tennessee Curriculum StandardsSection 3 • Standard 1 :Scarcity

  16. Key TermsSection 3 • Tangible • Intangible • Goods • Utility • Disutility • Services • Land • Labor • Capital • Entrepreneurship

  17. LectureSection 3 • Goods and Services • Resources • Entrepreneurship

  18. Formative AssessmentsSection 3 • PHSchool.com(web code[nad]-[1010]) • Critical Thinking • Applying Economic Concepts • Defining Terms • Quick Quiz • www.empc.net/economics

  19. Summative AssessmentChapter 1 • Chapter Summary • Understanding the Main Ideas • Doing the math • Solving Economic problems • www.empc.net/economics and chose Economics: New ways of Thinking, Chapter 1

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