Economics – 2/09/17

I.  Bellwork: Follow the directions below:

A.  Use a diagram (See your notes) to illustrate the trade-offs and opportunity cost below:

1. If you had up to $100 to spend on only one product or service, make a list of at least 4 possible products or services you would consider purchasing with the $100.
2. Now narrow the list to the top two choices
3. Now list the item or service you would purchase.
4. Under the diagram describe some of the things you would sacrifice (opportunity cost) related to the next best product or service you gave up?

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 Section 1-3 pages 19-20

A.  Production Possibilities Frontier Pgs 21-23

1. Production Possibilities Curve- Econ 1.1
2. Shifting the Production Possibilities Curve (PPC)

IV.  Notebook Work

A.  Copy the Schedule Below

1.  Label and plot the Production Possibility Frontier Curve

2.  Write & Answer the two questions below

1. Describe 3 situations which would cause production to be inside of the curve.
2. 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.  Chapter 1.1 & 1.2 Quiz

Economics W2017