Using Economic Reasoning to Solve Mysteries. Economics in Action Lesson 3 ConceptsTEKS Choices ( 4) Economics. The student understands the basic principles.

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Presentation transcript:

Using Economic Reasoning to Solve Mysteries

Economics in Action Lesson 3 ConceptsTEKS Choices ( 4) Economics. The student understands the basic principles of the U.S. free enterprise system. Economic Reasoning (19) History. The student understands economic ideas and decisions from the past that have influenced the present and those of today that will affect the future. Incentives (21) Culture. The student understands how societal values affect a nation's economy. Opportunity cost (5) Economics. The student understands the concepts of scarcity and opportunity costs.

Economic Reasoning Choice Scarcity Utility-maximizing Think like an economist

The Guide to Economic Thinking 1) People choose 2) People’s choices involve costs 3) People respond to incentives in predictable ways 4) People create economic systems that influence individual choices and incentives 5) People gain when they trade voluntarily, and 6) People’s choices have consequences that lie in the future.