Economics – 2/09/11
I. Bellwork
- Pg 21 Figure 1.6 Economic Analysis Q&A
- Pg 22 Figure 1.8 Economic Analysis Q&A
II. Objective
- Examine economic decisions and how economic models, such as the production possibilities frontier, are used in the decision making process.
III. Classwork
A. Page 19- Vocabulary (9)
B. Economics USA: Resources and Scarcity
Wilderness preservation and WWII productivity show how society allocates and transforms resources.
Questions & Answers
- Explain the 2 main choices that had to be made during the Alaskan land issue.
- What act was passed regarding the land and what did it do?
- What were some of the opportunity costs associated with this act?
- What brought the U.S. out of the Great Depression?
- What was done to control and meet consumer demand during this time?
- What 2 choices had to be made during WWII?
- What did the production possibilities frontier curve look like before WWII? Why?
- What did the production possibilities frontier look like after WWII? Why?
- What problems did the U.S. textile industry face?
- What did the textile industry want to do to increase worker safety?
- What did the U.S. Supreme Court decide?
- What was the result of this regulation on the textile industry?
IV. Chapter 1 Test Friday
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