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What is economics? Economics is the social science that studies the choices that individuals, businesses, governments, and entire societies make as they cope with scarcity and the incentives that influence and reconcile those choices.
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Make wise choices for political candidate. understand the free enterprise system. When analyzing economic behavior, it helps to. use simple models. Study with Quizlet and memorize flashcards containing terms like Scarcity, Need, Want and more.
Define economics. Explain the concepts of scarcity and opportunity cost and how they relate to the definition of economics. Understand the three fundamental economic questions: What should be produced? How should goods and services be produced? For whom should goods and services be produced?
The study of economics does not dictate the answers, but it can illuminate the different choices. Key Concepts and Summary. Economics seeks to solve the problem of scarcity, which is when human wants for goods and services exceed the available supply.
1. Introduction. Highlight key concepts and identify the essential questions. Show the big picture. Connect and/or review prerequisite knowledge. Clearly communicate learning competencies and objectives. Motivate through applications and connections to real-life. 2. Motivation. Give local examples and applications.
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Define economics. Explain the concepts of scarcity and opportunity cost and how they relate to the definition of economics. Understand the three fundamental economic questions: What should be produced? How should goods and services be produced? For whom should goods and services be produced?
