Economics – 2/08/17

I.  Bellwork:

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

1. What type of manufacturer  does Adam Smith believe would benefit from the division of labor?
2. Explain the evidence/example he use to make his point?
3. 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.  The Invisible Hand

V.  Trade offs & Opportunity Costs Explained

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

VI.  Notebook Work –  Copy Diagram

VII.  Quiz Tomorrow: Section 1-1, Section 1-2 & Procedures

• Section 1-2 Flash Card Review

VIII.  Exit Ticket

Economics W2017