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Social Studies skills: Difference between revisions
→Economics
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*** If Saudi Arabia relies on oil, what is the cost of that reliance? | *** If Saudi Arabia relies on oil, what is the cost of that reliance? | ||
=== Herbert Stein's Law | === Herbert Stein's Law === | ||
* "If something cannot go on forever, it will stop" | * "If something cannot go on forever, it will stop" | ||
* in economics and history, this concept is important for students to appreciate | * in economics and history, this concept is important for students to appreciate | ||
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=== Other useful Economics terms and concepts === | === Other useful Economics terms and concepts === | ||
* Tragedy of the Commons | * Tragedy of the Commons | ||
* Rent-seeking | |||
* Externalities | * Externalities | ||
* Scarcity v. Surplus | * Scarcity v. Surplus | ||
* [[Tragedy of the Commons]] | * [[Tragedy of the Commons|Tragedy of the Commons]] | ||
* Regression to the Mean (return to the mean) | * Regression to the Mean (return to the mean) | ||
* Diminishing Returns | * Diminishing Returns | ||