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Why We Learn about Economics

Why We Learn about Economics. The story of Robinson Crusoe and Wilson, the native. Robinson Crusoe. Stranded on a deserted island Has very limited resources Needs to survive Learns how to build shelter using palms from palm trees Learns how to fish In one hour, Robinson can

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Why We Learn about Economics

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  1. Why We Learn about Economics The story of Robinson Crusoe and Wilson, the native

  2. Robinson Crusoe • Stranded on a deserted island • Has very limited resources • Needs to survive • Learns how to build shelter using palms from palm trees • Learns how to fish • In one hour, Robinson can • Catch 2 fish, or • Get 4 palms

  3. Robinson Crusoe • Robinson can only work for 8 hours a day or else the sun will be too much and he will get dehydrated • In one day, Robinson can • Catch 16 fish, or • Get 32 palms • Robinson decides to split his time and spend 4 hours fishing and 4 hours palming • 8 fish • 16 palms • Robinson is very happy

  4. Robinson Crusoe • Little did Robinson know, but there was another person on the island who had been there for a very long time named Wilson • Wilson can also fish, but is real good at palming • In one hour, Wilson can • Catch 2 fish • Get 8 palms • One day • 16 fish • 64 palms • Splitting his time • 8 fish • 32 palms

  5. Robinson and Wilson Robinson and Wilson meet and start talking about their skills The two decide that they should help each other out Robinson offer Wilson 1 fish for 3 palms Should they trade?????

  6. Trade What do they gain?

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