Economics: Difference between revisions
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== Lesson Plans == | == Lesson Plans == | ||
* [Economics & ethics lesson plan|Economics & ethics lesson plan] | * [[Economics & ethics lesson plan|Economics & ethics lesson plan]] | ||
Revision as of 01:22, 15 April 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
- services available to all that have no competition, such as utilities
- Substitute good
Externalities[edit | edit source]
Opportunity cost[edit | edit source]
Prisoner's Dilemma[edit | edit source]
- 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
rationing[edit | edit source]
scarcity[edit | edit source]
- aggregate supply