WACHusett Regional H.S. ECONomics
"Inflating students' economic utility for the long-run!"
Microeconomics - Unit 1: Basic Principles of Economics
MICRO UNIT 1 KEY STUDY GUIDE TERMS & CONCEPTS
Adam Smith
Invisible Hand Theory
Behavioral Economics
Incentives
Scarcity
Rational Decisions
trade-offs
Opportunity Cost
Law of Increasing Opportunity Cost
Marginal Analysis
Macroeconomics vs. Microeconomics
Positive vs Normative Statement
Efficiency vs. Equity
Allocative Efficiency
Pareto Efficiency
Productive Efficiency
Circular Flow Diagram
Households and Firms
Product Market vs Factor Markets
Comparative Advantage
Absolute Advantage
Specialization and Gains from Trade
imports and exports
Production Possibilities Frontier Graph
POWERPOINTS & NOTES
ASSIGNED WORK
ACDC ECON VIDEOS
1.1 Production Possibilities Curve
1.2 Shifting the PPC
Article #1 “Slaves, Snakes and Switching: The Role of Incentives”
Article #2 “When Communists Redistribute Private Property”
Article #3 “The Fable of the OC”
Article #4 “Treasure Island: The Power of Trade”
Comparative Advantage Problem Set
EXTRA HELP RESOURCES
UNIT CONCEPTS IN MEDIA
Welker's Economic Classroom Videos - Unit 1
Reffonomics Videos: PPF #1, PPF#2, PPF #3
Peggy Pride Online Micro Textbook pgs 1-10
Movies #2: PPC and Monster's Inc.
Rational Choice Making - Big Bang Theory
Command Economy - LEGO MOVIE