Fundamental Econmics Concepts


SSEF1 The students will explain why limited productive resources and unlimited wants result in scarcity, opportunity cost, and tradeoffs for individuals, businesses, and governments.
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SSEF3 The student will explain how specialization and voluntary exchange between buyers and sellers increase the satisfaction of both parties.
A. Give examples of how individuals and businesses specialize.

  • In "John Q", the lady who put John name on the recipient list specialize in adminning info to the hospital for surgery.

B. Explain that both parties gain as a result of voluntary, non- fraudulent exchange.

  • There was a voluntary exchange in "Shopoholic", when the girl was at the store and she bought an expensive dress that cost her entire check. The voluntary exchange was the store recieving her money and in return she got the dress she wanted.

Asija Kendrick