Economics – 9/16/16

I.  Bellwork:

Adam Smith Division of Labor– Q&A – Work with table partner

1. Explain any difficulties you have with the text. List words and phrases that are unfamiliar.
2. What is the importance of the division of labor according to Adam Smith?
3. What evidence/example does he use to make his point?
4. What claim is Adam Smith is attempting to make regarding the division of labor?

II.  SWD the ability to:

• Cite specific textual evidence to support analysis of primary and secondary sources, connecting insights gained from specific details to an understanding of the text as a whole.
• Create examples of economic decisions identifying trade-offs and opportunity costs while examining the impact they have on the decision making process.

III Turn in Vocabulary Section 1-2  (22)

IV.  Trade offs & Opportunity Costs Explained

• https://www.reffonomics.com/TRB/chapter1/opportunitycost.swf
• Short Video On Opportunity Costs/Trade Offs
• Opportunity Cost Video Examples
• https://www.economist.com/blogs/graphicdetail/2014/06/daily-chart-1

V.  Notebook Work –  Copy Diagram

VI. Procedure and 1.1 -1.2 Quiz

Economics F2016