Economics – 9/16/11

I. Bellwork

• Page 18 – Adam Smith – Construct a Circle Map

          List 6 or more things

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. Economic Analysis Q&A

• Pg 21 Figure 1.6 Economic Analysis
• Pg 22 Figure 1.7 Economic Analysis
• Pg 22 Figure 1.8 Economic Analysis

C.   Economics USA:  Resources and Scarcity

Wilderness preservation and WWII productivity show how society allocates and transforms resources.

Questions

1. Explain the 2 main choices that had to be made during the Alaskan land issue.
2. What was the opportunity cost associated with that decision?
3. What 2 choices had to be made during WWII?
4. What did the production possibilities frontier look like before WWII? Why?
5. What did the production possibilities frontier look like during WWII?  Why?
6. What problems did the US textile industry face?
7. What did the U.S. Supreme Court decide?
8. What was the result of this regulation on the textile industry?

Economics F2011