Economics – 9/12/14

I. Bellwork

List all of the choices (Trade-offs) you could do upon graduating from high school. Narrow it down to two choices. Identify your final choice. Identify and explain the details associated with the opportunity cost. Provide a diagram outlining each of the parts.

II. SWD:

• how scarcity and opportunity costs are present in economic decisions by constructing a production possibilities frontier graph.
• the ability to make decisions involving trade-offs and opportunity costs explaining  the factors which influence their decision in relation to those economic concepts

III.  Discussion Section 1-3 pages 19-20

A.  Identifying Trade-offs and Opportunity Costs Pgs 19-23

1.  Short Video On Opportunity Costs/Trade Offs

B.  Production Possibilities Frontier Pgs 21-23

1.       Production Possibilities Curve
2.       Production Possibilities Curve II

3. Production-possibilities Curve, I

IV.  Notebook Work

A. Copy the Schedule Below

• Label and plot the Production Possibility Frontier Curve
• Write & Answer the two questions below

1. Describe 3 situations which would cause production to be inside of the curve.
2. Describe 3 situations which would cause production to be outside the curve.

Military Goods (Guns)	5000	4800	4500	4000	3300	2000	0
Consumer Goods (Butter)	0	1000	2000	3000	4000	5000	6000

V.   Review for Test on Tuesday– Chapter-1-Review-Sheet

 

 

Economics F2014