Today is our block day and as promised we will be using our textbooks to learn about some key introductory economic concepts. Last week we discussed a few key ideas. Feel free to do a web search or refer to the textbook if you're not sure what the answer to the following questions are:
- What is the difference between Microeconomics and Macroeconomics?
- What exactly does scarcity refer to? Can you give an example.
- Your friend says "I need some new clothes." Under what conditions would this be considered a want? Under what conditions would this be considered a need?
- Take a moment to list the four factors of production and an example of each. Feel free to use our T-shirt example, the pencil example from pages 12-13, or another idea/example you come up with.
This should only take a moment. We will get started shortly!
Thanks!
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