Economics – 9/11/14

I.  Bellwork:

A professional baseball team has only enough money to sign either one superstar or three young players. The superstar could help the team win the championship this year, but would not be with the team long. The young players are talented, but not yet ready to be key contributors in the major leagues.

Questions & Answers

1.  What is the trade off associated with signing the young players?
2.  Explain the opportunity cost associated with signing the young players?

II.  Objective:

• Demonstrate how scarcity and opportunity costs are present in economic decisions by constructing a production possibilities frontier graph.
• Make decisions involving trade offs and opportunity costs explaining  the factors which influence their decision in relation to those economic concepts

III.  Trade Offs and Opportunity Cost of Going to School today

Create a diagram similar to the one you copied yesterday.

Identify at least 4 trade-offs, then your top two choices. Your selection then your opportunity cost. Underneath explain everything associated with your opportunity cost.

IV. The Economics of Zoo Keeping Class Project

• Zoo animals acre
• Construct a zoo and answer the 8 questions contained in the links above.
• Report on what each team members contribution to the activity

V.  Exit Ticket:

A.  Questions

1. Explain who this activity related to trade-offs and opportunity costs. 1- paragraph

Economics F2014