Transcription of SESSION 1: SCARCITY & DECISION MAKING
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SESSION 1: SCARCITY & DECISION MAKING
SESSION DescriptionScarcity of resources requires individuals, organizations, and governments to make decisions. Students will explore limited resources, opportunity cost, trade-offs, andthe production possibilities curve. In addition, they will experience DECISION MAKING inseveral ways by planning a dance, choosing a college, and buying a Points1. SCARCITY necessitates that a DECISION be made. 2. Productive resources are scarce because there are not enough of them to produce the unlimited amounts of goods and services that society wants. This is the fundamental economic problem (Step 1 of the PACED model) faced by society. 3. The PACED model provides a five-step process for MAKING decisions: P: Identify the problem.
Scarcity of resources requires individuals, organizations, and governments to make decisions. Students will explore limited resources, opportunity cost, trade-offs, and the production possibilities curve. In addition, they will experience decision making in several ways by planning a dance, choosing a college, and buying a computer.
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Production possibilities, Scarcity, And Production Possibilities, Comparative advantage, Production, Microeconomics: Scarcity, Opportunity Cost & PPF, Principles of Microeconomics, Fall 2007, SCARCITY, CHOICE AND THE PRODUCTION POSSIBILITIES, 2013 Pearson, PRODUCTION POSSIBILITIES Production Possibilities, Spring 2014 Sec 002 Klaus Becker EXAM