Economics Unit 1

The study of the supreme court decisions

The study of the choices people make to satisfy their unlimited wants and needs.

The study of the environmental rights in society

The study of historical choices in American Politics

Scarcity

Opportunity Cost

Bartering

Economics

Who, what, and for when to buy?

Why, for what, and for whom to decide?

When, why, and how to galvanize?

What, how, and for whom to produce?

Buying popcorn or ice cream

Going to class and having fun

Wearing a sweater during the winter

None of the above

Opportunity Cause and Effect

Opportunity Cost

Scarcity

All the above

Playing video games

More time spent studying

Eating noodles

Voting in an election

focusing on one aspect of production

—When producers and consumers voluntarily agree to sell their personal rights

When businesses and government provide information on consumers

—When producers and consumers voluntarily agree to provide one good or service in return for another.

Production Possibilities Curve

Opportunity Cost

Specialization

Barter

Specialization

Barter

Scarcity

Absolute Advantage

It allows for the production possibilities curve to shift

It can be difficult to figure out what is scarce

It utilizes varying currencies

Consumers do not know the real value of a good