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WELCOME

Instructions

Take out a new sheet of paper.

Title it: Why Economics?

Answer this:

What do you think this tool is used for? How does it work?

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Fold paper and draw line down 1/3^rd across the page.
Put the title up top
Heading in right corner
Copy the Essential Question

Setting up for Cornell Notes

Why Economics?

Name

Date

Period

EQ: Why is it important (and awesome) to learn about economics?

ALL NOTES GO HERE!

Questions

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EQ: Why is it important (and awesome) to learn about economics?

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What do you think of when you think of economics?

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Money and stocks…

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or nothing at all?

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But it’s really about choices…

especially your choices.

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Econ is not…

Getting rich
Understanding the stock market
Balancing a checkbook
How to use an ATM

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�(also how to take notes)

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68 Calories

6 Calories

Taste: 100

Taste: 80

1. Economics teaches you how to weigh advantages and disadvantages to help you make better choices.

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https://www.youtube.com/watch?v=dZfGTL2PY3E

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“It doesn’t matter, it’s in the past!”

2. Econ helps you forget about the past in order to empower you in the future.

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A sunk cost is a cost that has already been spent but is not recoverable in any case, and future decisions should not be affected by it.

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Sunk examples

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Sunk examples

Break Ups

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Sunk examples

Bad Purchases

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Sunk examples

Failed Tests

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*That’s a mirror. I’m not saying you’re a bathroom.

3. Unlike other subjects that pretend to be relevant, Econ literally is all about YOU!

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And no matter what you may say, you Love Yourself!

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Human Capital: the stock of knowledge, skills, know-how and other acquired personal attributes considered useful in the production process

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3 Basic Principles of Economics

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Resources are limited (scarcity) so every choice has trade-offs

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Brain

Snack

.

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TUTORIAL

5. When you finish, draw another line and continue your notes.

1. Skip a line then draw a line across your notes.

2. Immediately under that line write “Brain Snack:”

3. Next to that write the title of the Brain Snack.

4. Now enjoy your snack!

Brain Snack:

Tutorial

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Draw It!

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Scarcity

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What was the cost of Homer choosing Football in the Groin?

We call this the opportunity-cost, the value of the next best alternative.

Alternative 1

Alternative 2

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https://www.youtube.com/watch?v=2xcYLVdfFro

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2. There are very few things you need, but a nearly unlimited amount of things you want.

Air

Food

Water

Money

Friends

Mountain Dew

Xbox Series X

Taco Bell

More Money

Education

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3. Our choices in what we want are driven primarily by self-interest and incentives.

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ECONOMICS IS EVERY

Economics

WHERE

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ECONOMICS IS EVERY

Economics

ONE

Economics

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ECONOMICS IS EVERY

THING!

Economics

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Let’s Review…

What is scarcity?
What is opportunity cost?
How is economics empowering?

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Spot the Economics!

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What is the biggest problem in the world?

SCARCITY!

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What is the solution?

ECONOMICS!