Economics – 9/20/16

I.    Bellwork–

A.  Compare the cartoon to the Circular Flow diagram Figure 1-3 on page 15

Q & A

1. Describe how the diagrams differ?
2. Explain the message of this cartoon?
3. 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. Discussion

• Production Possibilities Frontier Activities
  • PPC__Scarcity__Trade-offs_Opp_Costs
  • 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

IV.   Classwork

A.  Page 19 Terms (9)
B.  Page 25 2-6 Q&A

V.  Review for Test on Wednesday

VI.  Chapter-1-Review-Sheet due Wednesday (summative extra credit points)

• Review iLearn Quiz
• Section 1-2 Flash Card Review
• Section 1-1 Review

Economics F2016