Economics: Difference between revisions

From A+ Club Lesson Planner & Study Guide
(→‎Externalities: adding definition and duality .. to look up Cose)
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* each prisoner does not know what the other will choose, so they choose the most beneficial to themselves
* 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
** even if choosing collectively would be more rational
* see https://plato.stanford.edu/entries/prisoner-dilemma/
=== rationing ===
=== rationing ===
=== scarcity ===
=== scarcity ===

Revision as of 20:57, 26 July 2021

Economics

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

[Category:Social Studies]


Useful Economic vocabulary, models & theories[edit | edit source]

Cost[edit | edit source]

  • sunk cost

goods[edit | edit source]

  • 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[edit | edit source]

  • = 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

Opportunity cost[edit | edit source]

Prisoner's Dilemma[edit | edit source]

rationing[edit | edit source]

scarcity[edit | edit source]

  • aggregate supply

Supply & demand[edit | edit source]

Tragedy of the Commons[edit | edit source]

Lesson Plans[edit | edit source]