Economics – 2/16/16
I. Bellwork–
Q & A
- Describe how the diagrams differ?
- Explain the message of this cartoon?
- What is your opinion of the cartoon?
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. Production Possibilities Frontier Pgs 21-23
A. Production Possibilities Curve- Econ 1.1
B. Shifting the Production Possibilities Curve (PPC)
IV. Classwork
A. PPF Analysis Q&A
- Pg 21 Figure 1.6 Economic Analysis
- Pg 22 Figure 1.7 Economic Analysis (Start at Point B)
- Pg 22 Figure 1.8 Economic Analysis
B. Copy the Schedule Below
- Label and plot the Production Possibility Frontier Curve
- Write & Answer the two questions below
C. Describe 3 situations which would cause production to be inside of the curve.
D. 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 Wednesday
Chapter-1-Review-Sheet due Wednesday (summative extra credit points)
- Review iLearn Quiz
- Section 1-2 Flash Card Review
- Section 1-1 Review
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