using economic reasoning to solve mysteries. economics in action lesson 3 conceptsteks choices ( 4)...
TRANSCRIPT
Using Economic Reasoning to Solve Mysteries
Economics in Action
Lesson 3
Concepts TEKS
Choices (4) Economics. The student understands the basic principles of the U.S. free enterprise system.
Economic Reasoning (19) History. The student understands economic ideas and decisions from the past that have influenced the present and those of today that will affect the future.
Incentives (21) Culture. The student understands how societal values affect a nation's economy.
Opportunity cost (5) Economics. The student understands the concepts of scarcity and opportunity costs.
Economic Reasoning
Choice
Scarcity
Utility-maximizing
Think like an economist
The Guide to Economic Thinking
1) People choose2) People’s choices involve costs3) People respond to incentives in predictable
ways4) People create economic systems that
influence individual choices and incentives5) People gain when they trade voluntarily, and6) People’s choices have consequences that lie
in the future.