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Introduction to Economics

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by

Helena Knapton

on 21 June 2016

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Transcript of Introduction to Economics

Defining the problem
You are stranded on an island with a fellow passenger
The island has a hill, a wood, a stream, and pigs on it
You have to choose 5 items from the following list to help you survive:
a small tin
1 box of matches
needle
thread
tin of tuna
scissors
binoculars
bandages
knife
flare
What do you do in the first 24 hours?
Identify what your problem was (knowledge and application)

Explain the choices available to you (analysis)

...and justify the final decisions that you made (conclusion/ evaluation)
Resources are land, labour, capital and enterprise
The basic problem is 'scarce resources'

You see that there is another island, with inhabitants.

What are the potential benefits of trading with the other island?

What do you think you could trade?
Full transcript