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Economics Themes

Economics Themes. What are themes?. Broad terms that tie multiple parts of economics together 4 themes in this class Scarcity Incentives Interdependence Gain From Trade. Enduring Understandings. sentence explaining WHY a theme matters

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Economics Themes

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  1. Economics Themes

  2. What are themes? • Broad terms that tie multiple parts of economics together • 4 themes in this class • Scarcity • Incentives • Interdependence • Gain From Trade

  3. Enduring Understandings • sentence explaining WHY a theme matters • Ultimately, it’s what I want you to understand when you leave this class • THEY ARE NOT DEFINITIONS!!!

  4. SCARCITY • scarcity of all resources causes parties to make choices, which incur costs

  5. INCENTIVES • parties generally respond predictably to incentives

  6. INTERDEPENDENCE • a decision made by one party has intended and unintended consequences on others

  7. GAIN FROM TRADE • parties trade voluntarily when they expect to gain something

  8. Journals 1-4 1. Describe a time you had to make a choice because of scarcity. What were your opportunity costs? • What incentives are most valuable to you? How do they change your behavior? • Describe 3 ways you are interdependent with others. • What’s something you have that you would be willing to trade or sell? What would you accept for it? Why?

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