TOPICS:
Introduction to
Economics
The 5Es of Economics
OUTCOMES:
What is "SCARCITY" as it
is defined in economics?
(What two things cause the scarcity of goods and
services?
What is "erskinite"? Is erskinite
scarce?
What is the goal of
economics?
What are society's three options
for dealing with scarcity?
What do the 5Es do?
For each of the 5Es:
- Define
- Explain how it affects
society's satisfaction
- Give an example
-
ECONOMIC GROWTH
- ALLOCATIVE EFFICIENCY
- PRODUCTIVE EFFICIENCY
- EQUITY
- FULL EMPLOYMENT
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How does economic growth differ from the other
Es?
What are the three ways to achieve
economic growth?
What are the three ways to achieve
productive efficiency?
What is the President Trump
example? Explain how it can be used to show that equity
can increase society's satisfaction. Why did we use such
a strange example?
What is the law of diminishing
marginal utility? What does "marginal" mean?
How does our definition of full
employment differ from what you will hear on the
news?
Why
is it GOOD for the people of Florida if, after a
hurricane strikes, the price of plywood (or other
products) increases from $10 a sheet to $30 a
sheet?
Why
was it GOOD for society when the Coca-Cola company (or
other companies) laid off 6000 workers as they did in the
year 2000?
Why the price of gasoline in the
United States is TOO LOW? (We will have to wait until
after we finish lesson 5a to truly understand
this.)
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