Econ 1-1B Economic Intro Star WarsOnline version
E.1.4 Define scarcity, and explain how choices incur opportunity costs, utility, and trade-offs. (E)
E.1.5 Use a production possibilities curve to explain the concepts of choice, scarcity, opportunity
cost, trade offs, efficiency, productivity, and growth.
E.1.2 Identify incentives and explain how they influence economic behavior and decision-making.
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B
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A
Luke is suffering from a ____ of time. He cannot keep Obi-Wan & Uncle Owen happy. He must make a decision using what limited time he has, choosing to go to Alderaan or to work for Uncle Owen.
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B
When Lando Calrissian orders the rebel fleet to get closer to the star destroyers, he he making a decision based upon the ____ of avoiding the Death Star, & upon the ____ of being destroyed by the star destroyers.
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C
Economics is the study of scarcity. Since all resources are limited (scarce), we can't have everything. And since we cannot have everything, we must make ____ .
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D
Luke says, “Ever since the new speeder came out, my speeder just isn't in _____ ." This is an example of a buyer & seller, making decisions based on self-interest, as they engage in voluntary exchange.
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E
Understanding ____ concepts will help your decision-making, but it will also help the country and world. [same] was so important, that Obi-wan believed it bound the galaxy together.
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F
In a ____ ____ people buy & sell goods because they want the good, or the money. It is voluntary exchange. The opposite is when a buyer or seller is forced give up goods or money, e.g. someone threatens to blow them up with a detonator.
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G
Decision-making & choices are very important to the Star Wars series. In each movie, someone is wrestling with the decision to become ____ or ____ .
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H
Learning economics, we will draw demand & supply ____ , which look like X's, or the X-Wing space ships in Star Wars. The X is formed where supply meets demand, & understanding this will help you understand free markets, & how to destroy oppression.
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I
When deciding whether to save Princess Leia from the detention block, Luke is motivated by the ___ of doing what Obi-Wan wants. Han is motivates by the [same] of getting rich & powerful.
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K
Economists rarely analyze 1 person buying a speeder from 1 seller. They look at all the people buying speeders from the sellers. This place where groups come together to make a voluntary exchange is called a _____ .
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M
When Luke and Han argue about saving Princess Leia from the detention block, they are ____ a ____ based upon the costs of being killed or captured, & upon the benefits of saving a valuable leader in the rebel alliance.
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N
Death Star explodes, & is thinking, “The ____ should be in charge of everything.” This is a comparison to the Soviet Union, which was a huge oppressive [same] that used a centrally planned economic system, instead of using free markets & choice.
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O
When Han Solo finds out that Obi-Wan wants to avoid contact with the Empire, Han wants more money to serve as pilot. Han is making this decision based on his own self-interest. He is worried about the ___ of upsetting the Empire, like dying.
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P
When Obi-Wan is buying the services of pilot, & Han is selling his services as a pilot, this is a voluntary exchange where buyer & seller negotiate a ____ that is good for both of them.
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R
____ and ____ are the focus of economists, when studying the science of decision-making.
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S
When Luke makes the decision to save Han and Leia, it is based upon his own self-interest: He likes his friends & would be sad if they died. However, this does not make Luke ____ , because this decision actually helps Han and Leia.
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T
When Luke says, “Take care of yourself, Han. It's what you're best at,” he is referring to Han making decisions based on Han's own ____ . Economists assume all people make decisions like Han.
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U
When buyers & sellers get together & negotiate based on their own self-interest, this is ____ exchange. No one is forced to give up their goods or money.
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V
The ____ ____ explains how your self-interested decision-making actually helps other people & society in general. Good things happen in the economy, because you try to improve your own situation.
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Y
Voluntary exchange is the opposite of a seller threatening a buyer with a thermal detonator. In a voluntary exchange, the exchange must end with the seller & buyer both being ____ .
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