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What is Economics?

What is Economics?. Objectives. Understand the basic definition of economics Understand how limited resources affect decision making Compare multiple decisions and provide a rationale for each Define scarcity and relate it to the study of economics. Opening question. What is economics?

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What is Economics?

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  1. What is Economics?

  2. Objectives • Understand the basic definition of economics • Understand how limited resources affect decision making • Compare multiple decisions and provide a rationale for each • Define scarcity and relate it to the study of economics

  3. Opening question • What is economics? • Economics is the study of choice under scarcity

  4. Red Velvet Revolution • What are the scarce resources involved in running a cupcake store? • How does scarcity affect the store owner? • How does it affect customers?

  5. Exploring the issue of scarcity • Working in small groups, you will be responsible for starting your own cupcake store. • You have a limited budget and must decide how to spend it. • Take 10-15 minutes to discuss the possibilities with your group- make decisions that you think will lead to a successful cupcake business. • Be ready to give a short presentation explaining your business- explain why you made certain choices and why you did not make others

  6. Follow-Up • How realistic was this scenario? • Was it easy to make the decisions? • How did you know what the “right” decision was? • What is economics? • What is scarcity? • What does scarcity force us to do?

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