Economics – 2/03/17

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

Construct thinking maps which demonstrate and explain the concepts of scarcity and the factors of production.

Using examples, explain how scarcity, choice, opportunity costs affect decisions that households, businesses, and governments make in the market place

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