Register as a teacher
Untitled Storyboard
Storyboard Text
- Slide: 1
- lets talk about the 7 Principles of Economics, sha´ll we?
- 1.) Scarcity:Scarcity means that resources are limited everything from people, businesses and governments make choices about how to use what they have. Because of Scarcity, every decision involves a trade-off and an opportunity cost.2.) Cost-BenefitCost-benefit is the process of comparing the costs of decision to its benefits whether it is worth making. This helps individuals, businesses and government choose the most efficient option when resources are scarce.
- Slide: 2
- 3.) The Principle of unequal costsIt means that not everyone faces the same costs when making decsions because people have different resources, abilities, time and different situations. 4.) Principle of comparative advantage Meaning that all individuals or countries should specialize in producing goods they can make at a lower oppertunity cost than others. By specializing and trading, everyine can benefit through increased efficiency and higher overall production.5.) The principles of increasing oppertunity costs that as more of one good is produced the oppertunity cost of producing it increases because resources are not equally suited for all uses.
- Slide: 3
- 6.) equilibriumIs the point where the quanity supplied equals the quantity demanded, so the market is balanced. There is no pressure for prices to rise or fall. unless something changes in the market. 7.) Incentive:Any reward or consequence that motivates people to make certain decisions or change their behavior.
Over 40 Million Storyboards Created
No Downloads, No Credit Card, and No Login Needed to Try!
