Economics – 2/16/16

I.   Bellwork–

• Compare the cartoon to the Circular Flow diagram Figure 1-3 on page 15

Q & A

1. Describe how the diagrams differ?
2. Explain the message of this cartoon?
3. What is your opinion of the cartoon?

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. Production Possibilities Frontier Pgs 21-23

A.  Production Possibilities Curve- Econ 1.1

B. Shifting the Production Possibilities Curve (PPC)

IV.  Classwork

A. PPF Analysis Q&A

1. Pg 21 Figure 1.6 Economic Analysis
2. Pg 22 Figure 1.7 Economic Analysis (Start at Point B)
3. Pg 22 Figure 1.8 Economic Analysis

B.  Copy the Schedule Below

• Label and plot the Production Possibility Frontier Curve
• Write & Answer the two questions below

C.  Describe 3 situations which would cause production to be inside of the curve.

D.  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.   Review for Test on Wednesday

Chapter-1-Review-Sheet due Wednesday (summative extra credit points)

• Review iLearn Quiz
• Section 1-2 Flash Card Review
• Section 1-1 Review

Economics W2016