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Questions and Answers
How do you classify economics as a science?
How do you classify economics as a science?
What are the two central problems of economics?
What are the two central problems of economics?
Why is making a choice necessary?
Why is making a choice necessary?
What does microeconomics examine?
What does microeconomics examine?
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What does macroeconomics concern itself with?
What does macroeconomics concern itself with?
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Study Notes
Lesson Overview
- Focus on basic concepts in economics related to health.
- Introduction to the application of economic principles.
Objectives
- Recognize essential economic concepts.
- Identify productive resources.
Economics Defined
- Economics studies choices made by individuals and society in using scarce resources.
- Resources can have alternative uses to produce various commodities.
- Focus on resource allocation and its costs and benefits as defined by Samuelson.
Activity 1: What I Know Chart
- Encourages personal reflection on knowledge regarding economic classification and core problems.
- Engages students in pre-lesson thinking without concern for accuracy.
Basic Economic Concepts
- Divided into two main branches:
- Microeconomics:
- Analyzes decision-making by individual entities (consumers, producers, resource owners).
- Focuses on behavior in the context of scarcity.
- Macroeconomics:
- Concerned with overall economic performance.
- Examines interactions among aggregates like national income, employment, and inflation.
- Microeconomics:
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