Economics
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Bingo GamesEach download contains 25 unique Bingo cards with 15 Economics concepts.
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GlossaryScarcity
Definition: A lack of resources to meet all consumer wants. Related glossary term: Economic problem Resources
Definition: Inputs used in the production of goods and services. Related glossary term: Factors of production Opportunity cost
Definition: The decision to produce or consume a product involves giving up another product. The real cost of an action is the next best alternative forgone. Trade-off
Definition: What has to be sacrificed in order to obtain a good, it is equivalent to opportunity cost. Related glossary term: Opportunity cost Play a gamePeanuts & CrackerjackWelcome to Peanuts & Crackerjacks, the Federal Reserve Bank of Boston's interactive
baseball game that tests your knowledge of economics and pro sports trivia. Not a sports fan? No problem! Sports are the hook, but Peanuts & Crackerjacks is really about using economics to gain a better understanding of everyday life.Peanuts & Crackerjacks is divided into nine themed innings. |
Videos -click on the titles to link to the videos1 - ScarcityThis video from EconEdLink teaches the concept of Scarcity. The total resources of society, including natural resources, human resources, capital goods and entrepreneurship, are limited, causing scarcity to exist.
2 - Opportunity costThis video teaches the concept of Opportunity Cost. Opportunity cost is what you must give up to obtain something else, the second-best alternative. However, what you must give up to obtain your first choice is not really money--it is whatever other good or service you would have spent the money on as your next-favorite choice.
3 - Decision Making/Cost Benefit AnalysisThis video teaches the concepts of Decision Making and Cost-Benefit Analysis. Decision making refers to the process by which rational consumers seeking their own happiness or utility will make choices. Cost-benefit analysis is a technique for deciding whether an action should be taken by comparing its benefits and costs.
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