Basic Fallacies, Laws and Theories of Economics

Review Normative and Positive Economics – activity

Learning Focus:

What you should be able to describe when we are done:

The Fallacy of Composition, The Post Hoc Fallacy, The Fallacy of Single Causation

Economic Laws and The Production Possibilities Curve

The Law of Increasing Relative Cost, The Law of Diminishing Returns, The Law of Increasing Returns to Scale

In Class Activity: Page 24  Communication Exercise 6 Рin groups of three identify the fallacy in each scenario

Additional Practice and Review:

Read Pages  14-15

Complete Note Taking Worksheet