Ten Principles of Economics. Essential Question : How do societies resolve the problem of scarcity?. Economics. Economy is Greek for “one who manages a household .” The fundamental problem is scarcity . Economics is how society manages scarce resources.
Essential Question: How do societies resolve the problem of scarcity?
With an elbow partner, analyze how the United States does in managing trade-offs between efficiency and equity. Come up with a couple of examples
Basketball star LeBron James understands opportunity costs and incentives. He chose to skip college and go straight from high school to the pros where he earns millions of dollars.