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What is Economics? - PowerPoint PPT Presentation


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What is Economics?. Objectives. Understand the basic definition of economics Understand how limited resources affect decision making Compare multiple decisions and provide a rationale for each Define scarcity and relate it to the study of economics. Opening question. What is economics?

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Presentation Transcript
objectives
Objectives
  • Understand the basic definition of economics
  • Understand how limited resources affect decision making
  • Compare multiple decisions and provide a rationale for each
  • Define scarcity and relate it to the study of economics
opening question
Opening question
  • What is economics?
  • Economics is the study of choice under scarcity
red velvet revolution
Red Velvet Revolution
  • What are the scarce resources involved in running a cupcake store?
  • How does scarcity affect the store owner?
  • How does it affect customers?
exploring the issue of scarcity
Exploring the issue of scarcity
  • Working in small groups, you will be responsible for starting your own cupcake store.
  • You have a limited budget and must decide how to spend it.
  • Take 10-15 minutes to discuss the possibilities with your group- make decisions that you think will lead to a successful cupcake business.
  • Be ready to give a short presentation explaining your business- explain why you made certain choices and why you did not make others
follow up
Follow-Up
  • How realistic was this scenario?
  • Was it easy to make the decisions?
  • How did you know what the “right” decision was?
  • What is economics?
  • What is scarcity?
  • What does scarcity force us to do?