Economics – 2/09/11

I.  Bellwork

• Pg 21 Figure 1.6 Economic Analysis Q&A
  
• Pg 22 Figure 1.8 Economic Analysis Q&A
  

II. Objective

• Examine economic decisions and how economic models, such as the production possibilities frontier, are used in the decision making process.

III.  Classwork

A. Page 19- Vocabulary (9)

B.  Economics USA:  Resources and Scarcity

Wilderness preservation and WWII productivity show how society allocates and transforms resources.

Questions & Answers

1. Explain the 2 main choices that had to be made during the Alaskan land issue.
2. What act was passed regarding the land and what did it do?
3. What were some of the opportunity costs associated with this act?
4. What brought the U.S. out of the Great Depression?
5. What was done to control and meet consumer demand during this time?
6. What 2 choices had to be made during WWII?
7. What did the production possibilities frontier curve look like before WWII? Why?
8. What did the production possibilities frontier look like after WWII?  Why?
9. What problems did the U.S. textile industry face?
10. What did the textile industry want to do to increase worker safety?
11. What did the U.S. Supreme Court decide?
12. What was the result of this regulation on the textile industry?

IV.  Chapter 1 Test Friday

Economics W2011