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Created by Geidon, Jean, Mary, Jacob, Gaelle, Berenique

for PERSON

Economic concepts with the Lorax

Dr. Medwed 6th

Economics

Trade Offs

In the very beginning of the story a young boy makes a decision to exchange 15 cents, a nail, and shell of a snail for information that the once-ler obtains.

After the warning from the Lorax. the Once-ler had a decision to either keep making thneeds for the chance of wealth or give up his business for the preservation of the truffula trees. However he decided to keep cutting down trees to produce thneeds. And repeated this behavior with the bears and the fish and swans as well.

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Opportunity Cost

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Opportunity cost is the the loss of potential gain from other alternatives when one alternative is chosen. In the Lorax the Onceler made Thenneds by cutting down truffula trees.An opportunity cost of producing a thneed is the ability to harvest the truffula fruit from the tree.Throughout the story the Onceler business gets bigger and bigger so to increase productivity the Onceler invested in machinery and factories to help make the Thneeds. The opportunity cost of this decision is the survival of a humming fish, a barbaloot, or a swanny swan because of all the bi-products being released at the factory.

Scarcity

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The Truffulla Trees are scarce because there are not enough of them to meet the unlimited wants of society. Society in this case is the animals and the Onceler. It is also a natural resource, and it take years for it to be fully grown. It is the materials used to create Thneeds and when there are less of the material, there are less Thneeds to meet people's wants or their basic needs; which equals dissatisfaction.

Production goes down = People's demands goes up

TINSTAAFL

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TINSTAAFL is the knowing that you cannot get something/anything for free. TINSTAAFL was everywhere in the Lorax and made multiple apperances such as, cutting down the truffula trees. This is an opportunity cost but cutting down the trees does affect the bears, fish and the fruit. The onceler is cutting the trees and making his busniess knowing that it will affect the rest of the enviorments life.

Consumer Goods

The definition of consumer goods is "goods bought and used by consumers, rather than by manufacturers for producing other goods." The Lorax depicts consumer goods by showing how the Thneeds being manufactured and produced by the Onceler and then sold to consumers, in which they use the Thneeds for their needs

class

4 Factors of Production

(Land,resources) The silk from the truffula trees and the fruits they produce.

(Labor) The Oncler’s family who serve as workers for his new factory to produce thneeds.

(Capital) The Super axe hacker and the other machines used to cut down the trees and produce the thneeds.

(entrepreneurship) The oncler was the one who took the risk to start his business.

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Costs

The initial cost was when The onceler started to expand his money is needed to build a new factory as well as employing and paying his family members who work there as well including the cost of utilizing the machinery that cuts the trees down and converts the trees into thneeds and the trucks needed to transport the finished project.

building

Marginalism

Marginalism is a theory of economics that attempts to explain the discrepancy in the value of goods and service by reference to their secondary, or marginal utility. The Lorax is attempting to convince the Onceler that the value of the Truffula trees are to pure and that they need to be there. The Onceler disregards this.

THE LORAX

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