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Economics Themes
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What are themes? Broad terms that tie multiple parts of economics together 4 themes in this class Scarcity Incentives Interdependence Gain From Trade
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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!!!
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SCARCITY scarcity of all resources causes parties to make choices, which incur costs
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parties generally respond predictably to incentives
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INTERDEPENDENCE a decision made by one party has intended and unintended consequences on others
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parties trade voluntarily when they expect to gain something
GAIN FROM TRADE parties trade voluntarily when they expect to gain something
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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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