Overview of Economic Content

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Presentation transcript:

Overview of Economic Content Supplemental Packet

The Major Economic Problem… We have needs necessary for survival. We have wants that keep us happy. ***Our wants exceed the resources available to produce them(concept of Scarcity)

How to Deal With Scarcity… Make choices Trade-offs: whatever is not chosen Opportunity Cost: the most valuable trade-off

Making Economic Decisions 1. Define the Problem 2. List the Alternatives 3. Establish a Set of Criteria 4. Evaluate the Alternatives 5. Make the Choice