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Understanding Economics: The Science of Decision-Making and Scarcity

Economics is the study of decision-making in the face of scarcity, where resources are limited while needs are unlimited. This course covers essential concepts such as trade-offs, opportunity costs, and the economic questions of what, how, how much, and to whom to produce. We will explore the differences between positive and normative economics and delve into macroeconomic and microeconomic principles. By taking AP Macroeconomics, students earn college credit and gain critical skills that are vital for understanding the global community and contributing meaningfully to society.

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Understanding Economics: The Science of Decision-Making and Scarcity

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  1. AP Macroeconomics$?$?$?$?$? Mr. Gill 256-4175 ext. 69522 jgill@newpaltz.k12.ny.us

  2. What is Economics? • Science of Decisions • Why must decisions be made?

  3. Scarcity! • Unlimited Needs + Limited Resources

  4. Learning the Language • Scarcity • 4 Basic Questions • Trade Offs and Opportunity Costs • Costs and Incentives • Positive and Normative Economics • Economic Needs and Wants • The PPF

  5. The Four Basic Questions • What to Produce? • How to Produce? • How much to Produce? • How to Distribute?

  6. Trade Offs • What is given up in a decision. • Which way should he kick?

  7. Opportunity Costs • The value of the next best alternative given up in a trade off. • I could be…

  8. Types of Economics • Normative • Positive • Macroeconomics • Microeconomics • Define each term and create a symbol for each type.

  9. The Production Possibility Frontier • http://members.shaw.ca/elementaleconomics/mac_5_1.htm

  10. So… why take AP Macroeconomics? • College Credit • Academic Challenge • Importance to Global Community • Distinguishing Yourself • Let’s face it… our government needs us!

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