Economics – 9/14/2015

I. Bellwork:

If you were stranded on an island by yourself list 3 things that would be essential for you to have in order to survive. Explain why you would choose each thing.

II. Objective

Determine the meaning of words and phrases as they are used in a text.
Using examples, explain how scarcity, choice, opportunity costs affect decisions that households, businesses, and governments make in the market place and explain how comparative advantage creates gains from trade.

III. Discuss: The Fundamental Economic Problem pages 1-8