Unit 1: Economic Themes.

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Presentation transcript:

Unit 1: Economic 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 Ultimately, it’s what I want you to understand when you leave this class THEY ARE NOT DEFINITIONS!!!

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

7.50 Once A Week https://www.youtube.com/results?search_query=7.50+once+a+week+schoolhouse+rock

parties generally respond predictably to incentives

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

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

Exchange Video https://www.youtube.com/watch?v=J7hNOt2Y0J8