AP Economics – 8/28/19
I. Bellwork Q&A
A. Read (What is Economics?)
- What is the author’s claim?
- Provide two examples of evidence the author employs
II. Objectives
- Determine the meaning of words and phrases as they are used in a text through discussion and examples
- Construct thinking maps using examples, explain how scarcity, choice, opportunity costs affect decisions that households, businesses, and governments make and explain how comparative advantage creates gains from trade.
III. Discuss: The Fundamental Economic Problem
- Scarcity
- Factors of Production
- Micro & Macro Economics
- Positive & Normative Statements
IV. 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
V. Notebook Work – Create Thinking Maps
- Scarcity Figure 1.1 – Flow Map
- Factors of Production Figure 1.2 – Tree Map
- Trade Off and Opportunity Cost Diagram
VI. Review Questions on AP Classroom
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