Economics

Economics

• See also [Social Studies Skills|Social Studies Skills]

[Category:Social Studies]

Useful Economic vocabulary, models & theories

Cost

• sunk cost

goods

• Complement good
• Coordination good
• Free goods
• Inferior goods
• Normal goods
• Public good
  • services available to all that have no competition, such as utilities
    • use of a public good by one person does not reduce its availability to another
• Substitute good

Externalities

• = impacts or consequences upon others (external)
• externalities have an inherent duality
  • the external actors must be present for the external impact
    • i.e., if nobody lives near the factory, its noise won't bother anyone
      • the noise is an externality only because people can hear it
    • however, those people living near it may have a benefit that is greater than the externality
      • such as jobs, whatever the factory is making, etc.
  • from economist Cose

Prisoner's Dilemma

• each prisoner does not know what the other will choose, so they choose the most beneficial to themselves
  • even if choosing collectively would be more rational & mutually beneficial
• see https://plato.stanford.edu/entries/prisoner-dilemma/

scarcity

• aggregate supply

Lesson Plans

• Economics & ethics lesson plan