Economics – 9/18/2015
I. Bellwork:
A. Use a diagram to illustrate the trade-offs and opportunity cost below:
- If you had up to $100 to spend on only one product or service, make a list of at least 4 possible products or services you would consider purchasing with the $100.
- Now narrow the list to the top two choices
- Now list the item or service you would purchase.
- Under the diagram explain your choice and describe some of the things you would sacrifice relatedto the next best product or service you gave up?
II. Objectives – 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
- Identifying Trade-offs and Opportunity Costs Pgs 19-23
- Short Video On Opportunity Costs/Trade Offs
- Production Possibilities Frontier Pgs 21-23
IV. Notebook Work
- Copy the Schedule Below
- Label and plot the Production Possibility Frontier Curve
- Write & Answer the two questions below
- Describe 3 situations which would cause production to be inside of the curve.
- 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
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