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 – in groups of three identify the fallacy in each scenario
Additional Practice and Review:
Read Pages 14-15
Complete Note Taking Worksheet