Economics – 9/12/18

I.   Bellwork: Follow the directions below:

• 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.
• Now narrow the list to the top two choices
• Now list the item or service you would purchase.
• 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.  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

IV.   Notebook Work –  Copy Diagram

V.   Discussion Production Possibilities Frontier Pgs 21-23

• Production Possibilities Curve- Econ 1.1
• Shifting the Production Possibilities Curve (PPC)

VI.   Classwork/Homework

1. Copy the Schedule Below
   • Label and plot the Production Possibility Frontier Curve
   • Write & Answer the two questions below
2. Describe 3 situations which would cause production to shift inside of the curve.
3. Describe 3 situations which would cause production to shift outside the curve.

Military Goods (Guns)	5000	4800	4500	4000	3300	2000	0
Consumer Goods (Butter)	0	1000	2000	3000	4000	5000	6000

 

Economics F2018