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IB 10 Individuals & Societies - Economics
IB MYP Grade 10 Individuals & Societies - Economics explores fundamental economic concepts, systems, and real-world issues, helping students analyze how societies allocate resources. It develops critical thinking through case studies, data interpretation, and discussions on global economic challenges. New chat
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Introduction to Economics
Economics centers on how individuals and societies allocate their limited resources to meet infinite needs. The core challenges are scarcity, leading to the notion of opportunity cost, which emphasizes that every decision has a trade-off. Economies must address three pivotal questions: what to produce, how to produce, and for whom to produce. These inquiries are approached through various economic systems—market, planned, and mixed—while factors of production are critical to creating goods and services. Additionally, governments actively participate in managing economies and addressing issues created by globalization.