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Overview of Economic Content
Supplemental Packet
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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)
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How to Deal With Scarcity…
Make choices Trade-offs: whatever is not chosen Opportunity Cost: the most valuable trade-off
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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
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