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Overview of Economic Content

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Presentation on theme: "Overview of Economic Content"— Presentation transcript:

1 Overview of Economic Content
Supplemental Packet

2 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)

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

4 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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