Economics – 2/10/14

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 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? It is not the superstar.

II. 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.  Discussion Section 1-3 pages 19-20

A.  Identifying Trade-offs and Opportunity Costs Pgs 19-23

1.  Short Video On Opportunity Costs/Trade Offs

B.  Production Possibilities Frontier Pgs 21-23

1.      Production Possibilities Curve

2.      Production Possibilities Curve II

3. Production-possibilities Curve, I

IV.  Notebook Work

A.  Copy the Schedule Below

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

1. Describe 3 situations which would cause production to be inside of the curve.
2. Describe 3 situations which would cause production to be outside the curve.

V.  Classwork

A. Page 19 Terms (9)
B.  Page 25 2-6 Q&A

 

VI.  Review for Test on Wednesday– Chapter-1-Review-Sheet

Economics W2014