Welcome to

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Welcome toThinking Like an Economist!
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TRUE OR FALSE

• Please discuss with your partner
• Economics is the study of money.

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FALSE!

• Economics is so much more!!

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Economics is the study of

• How we, the people, use resources to get what we
  want and need.

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Use your Resources!

• Peoples wants are unlimited but resources are
  limited.

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What Are Our Resources?

• Human Resources - Workers and their Skills
• Natural Resources Gifts of Nature
• Capital Resources Buildings, factories,
  machinery

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SCARCE CITY!!

• When we cant get all the things that we want, we
  call it scarcity. What is the base word of
  scarcity?
• SCARCITY forces people to make CHOICES when they
  produce or use GOODS AND SERVICES.

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The Cost of Opportunity!

• What you give up to get something.

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Put on your Economists Hat!

• Using your Economists Important Concepts Map,
  try your hand at plugging the correct word into
  the correct box!
• You may discuss ideas with your teammates.

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Human
Natural
Unlimited Wants
Limited Resources
Capital
Scarcity
Goods and Services
Choices
Opportunity Cost