Briefly summarize Jean-Baptiste Say's views on economics.
supported the laissez faire approach and believed that ‘supply creates its own demand’
Oops!
Check
Okay!
Check
lifesaver
Give 15 points!
Oops!
gold
Win 50 points!
Okay!
shark
Other team loses 10 points!
Okay!
thief
Give points!
5
10
15
20
25
seesaw
Swap points!
Oops!
gift
Win 20 points!
Okay!
fairy
Take points!
5
10
15
20
25
lifesaver
Give 25 points!
Oops!
baam
Lose 20 points!
Oops!
shark
Other team loses 20 points!
Okay!
fairy
Take points!
5
10
15
20
25
thief
Give points!
5
10
15
20
25
10
Using an example, explain the opportunity cost that a private company might face when it comes to its daily operations.
The opportunity cost of funding a new product may be to expand into a new geographical location, assuming it's the best choice forgone.
Oops!
Check
Okay!
Check
15
Provide TWO real-life examples of issues faced by STC teachers that illustrates the concept of scarcity.
Carparking, whiteboard markers...
Oops!
Check
Okay!
Check
15
Explain why economics is considered a "social science".
Scientific methodology to build knowledge (scientific) + deals with human behavior (social)
Oops!
Check
Okay!
Check
15
Explain why the concept of scarcity is linked to the concept of sustainability.
Threats to sustainability arises due to scarce resources; if we used up scarce resources in the present day, future generations are unable to meet their needs.
Oops!
Check
Okay!
Check
20
What is Pareto efficiency? How is it illustrated on the PPC?
A firm / economy that is operating on the curve is Pareto efficient - one cannot be better off without making another worse off.
Oops!
Check
Okay!
Check
15
Explain the argument that the private sector is more efficient than the public sector in providing goods and services in an economy.
profit oriented = maximize profits & minimize costs + competition adds to more efficient allocation of resources
Oops!
Check
Okay!
Check
20
Using a PPC, illustrate a scenario in which there is a constant opportunity cost between two goods (use actual goods)
E.g. farming goods, same colored pens
Oops!
Check
Okay!
Check
15
Why are there opportunity costs?
They arise due to the need to make choices as there are scarce resources.
Oops!
Check
Okay!
Check
15
Identify all nine of the WISE ChOICES key concepts.
