Economics – 9/12/13

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 for 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. The Economics of Zoo Keeping Class Project

• Zoo animals acre
• Construct a zoo and answer the 8 questions contained in the links above.

IV.  Exit Ticket:

A.  Questions

1. Write a brief summary of what you learned today.
2. Explain how you may apply what you learned to your life?
3. Is there anything you had difficulty with or still do not understand?  Explain

Economics F2013