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Introduction to Economics
Transcript of Introduction to Economics
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
tin of tuna
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?