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    A genda

    1. Discuss Do Now (5 minutes)

    2. Homework Review (5 minutes)

    3. OBJ T3 (10 minutes)

    4. OBJ T4 (10 minutes)

    5. OBJ T5 (30 minutes)

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    T3 - A pply the concept of scarcity toeconomic and non-economic situations.

    A gain: Scarcity is the inability to satisfy our wants due to limited resources.

    We briefly discussed questions about the valueof certain things last class. A re the best thingsin life free? Is life priceless?

    These are examples of non-economic situations(if you consider the best things in life family,friends, etc.).

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    T3 - A pply the concept of scarcity toeconomic and non-economic situations.

    Economic situations have to do with things morecommonly thought of as goods and services.

    Scarcity applies in both economic and non-economic situations. It is one thing to definescarcity; it is another to be able to see it ineveryday situations.

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    T3 - A pply the concept of scarcity toeconomic and non-economic situations.

    Situation 2:

    There is a drought in Tanzania for several weeks.

    It is on the coast, so it has access to the ocean.Its crops are thirsty for water, so someonesuggests they use the ocean to water the crops.Why is this more challenging than it seems?

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    T3 - A pply the concept of scarcity toeconomic and non-economic situations.

    Situation 3:

    Malaria is a deadly disease that affects millions

    of people around the world. It is hardly known inindustrialized countries such as the US becausemedicines are available to cure it. Why are thesemedicines not used elsewhere in the world?

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    T3 - A pply the concept of scarcity toeconomic and non-economic situations.

    Situation 4:

    Highways are built in the US to facilitate

    movement from place to place quickly. If highways are supposed to be quick, why are theyso slow sometimes?

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    T3 - A pply the concept of scarcity toeconomic and non-economic situations.

    Summary:

    In all situations where there are limited,

    desirable resources, scarcity applies.It is important to look for the application of scarcity in these cases because it will affecteconomic decisions in the future.

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    T4 - State the 8 Ways of Economic Thinking.

    There are several techniques that will help usapproach problems in an economic way. A s wesaw with questions like Is life priceless?, there

    is a human way of looking at questions, and aneconomic way, and sometimes they yielddifferent answers.

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    T4 - State the 8 Ways of Economic Thinking.

    The following is a list of ways of thinking thatwill be used in economics:1. Scarcity means that everything has a cost.

    2. Choices are rational.3. A ll economic decisions create secondary effects.4. Remember: marginal, marginal, marginal!5. Choices affect values of goods and services.6. Incentives matter.

    7. To influence choices, people create economicsystems.

    8. You gain from voluntary trade.

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    T4 - State the 8 Ways of Economic Thinking.

    1. Scarcity means that everything has a cost.2. C hoices are rational.3. A ll economic decisions create secondary effects.4. Remember: marginal, marginal, marginal!

    5. Choices affect values of goods and services.6. Incentives matter.7. To influence choices, people create economic

    systems.8. You gain from voluntary trade.

    Notice the first letter of each point spellsSC A RCITY. This is your tool to memorize thesepoints.

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    T4 - State the 8 Ways of Economic Thinking.

    1. Scarcity means that everything has a cost.2. C hoices are rational.3. A ll economic decisions create secondary effects.4. Remember: marginal, marginal, marginal!

    5. Choices affect values of goods and services.6. Incentives matter.7. To influence choices, people create economic

    systems.8. You gain from voluntary trade.

    Notice the first letter of each point spellsSC A RCITY. This is your tool to memorize thesepoints.

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    T4 - State the 8 Ways of Economic Thinking.

    Practice these on flash cards. Memorize them. You will need to be able to state these 8 Wayson an assessment.

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    T4 - State the 8 Ways of Economic Thinking.

    Summary:B e able to State the 8.These 8 Ways of Economic Thinking aregoing to guide us through the complicatedparts of this course.

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    T5 - A nalyze the 8 Ways of Economic Thinking.

    What does each of the 8 Ways mean?

    Knowing the meaning behind something will helpto solidify it in your memory.

    Some things we will just touch on here, and thengo more into depth later in the unit.

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    T5 - A nalyze the 8 Ways of Economic Thinking.

    Scarcity means that everything has a cost.

    This we have already discussed at length.Scarcity means that things are desirable and inlimited availability. Therefore, we must sacrificesomething in order to get those limited things if we really want them.

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    T5 - A nalyze the 8 Ways of Economic Thinking.

    Choices are rational.

    When people make a decision, we consider thatdecision to be well thought-out in economics. Isit always? No. B ut to analyze the decisionmathematically, we need to assume that it is arational decision.

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    T5 - A nalyze the 8 Ways of Economic Thinking.

    A ll economic decisions create secondary effects .

    When a decision is made, it affects not only whatit was intended to, but also things that were notforeseen. Sometimes these secondary effectsare positive; sometime negative.

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    T5 - A nalyze the 8 Ways of Economic Thinking.

    Remember: marginal, marginal, marginal!

    We will get to marginal thinking in a few classes.What you need to know now is that marginalmeans on the edge. What happens when youtake the very next step? Everything ineconomics is looked at by analyzing the effects

    of increasing or decreasing by one unit.

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    T5 - A nalyze the 8 Ways of Economic Thinking.

    Choices affect values of goods and services.

    When people make choices, they are making astatement about the value of the goods or services they are choosing. B y making adecision, you are essential changing the overallvalue of goods and services.

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    T5 - A nalyze the 8 Ways of Economic Thinking.

    Incentives matter.

    A n incentive is something put in place toencourage people to decide one way or another.Incentives have a noticeable affect on decisionsmade. They matter!

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    T5 - A nalyze the 8 Ways of Economic Thinking.

    To influence choices, people create economicsystems.

    People, usually in nations with governments,define their economic system to encourage their people to make certain types of choices.

    Ex. US (capitalism) and China (communism)

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    T5 - A nalyze the 8 Ways of Economic Thinking.

    You gain from voluntary trade.

    If two parties are exchanging goods or servicesvoluntarily, they must be gaining from the trade.If one of the parties was not gaining anything,they would not be trading. Economic trade is nota win-lose situation.

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    T5 - A nalyze the 8 Ways of Economic Thinking.

    Summary:

    These 8 Ways of Economic Thinking areglasses to look through to see the problemsthat face us in an economic light.Refer to the list, especially in the beginning, tosee what way(s) of thinking may apply.

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    A P Microeconomics


Rg Nome A Società T1 T2 T3 T4 T5 T - eoc2018.ch1d222975-2f5e-4786-b59d-9e0ced23f1cf/... · 1007.0 995.0 578.1 798.4 739.6 4118.1 ... Rg Nome A Società T1 T2 T3 T4 T5 T HE (105)

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ABB Tmax Molded Case Circuit Breakers - …...† T2, T4 & T5 circuit breakers with LS/I electronic trip units † Switch disconnectors in T1, T3, T4 and T5 frames † Circuit breakers

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Homme, 43 ans Paraplégie T4 AIS A post traumatique (fracture luxation T5 : laminectomie T5 + ostéosynthèse postérieure T3 T7) sur AVP juillet 2007 (alcoolisé,

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Corel Ventura - WL230E - UFPBplone.ufpb.br/labrads/contents/documentos/wl230e.pdf2 Unit Description 2.1 Unit Construction T1 T2 T3 T6 T5 T4 P T7 F1 F2 T7 F1 F2 P T3 T6 T2 T5 T1 T4

Corel Ventura - WL230E - UFPBplone.ufpb.br/labrads/contents/documentos/wl230e.pdf2 Unit Description 2.1 Unit Construction T1 T2 T3 T6 T5 T4 P T7 F1 F2 T7 F1 F2 P T3 T6 T2 T5 T1 T4

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