One year ago on the bayou
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One year ago, on the bayou…. there was an accident on a BP oil rig in the Gulf of Mexico. AGENDA April 21, 2011. Today’s topic: Taking Care of Each Other / Review Economic Principles & Standards & Glossary Economy Web: An accident on the bayou Work Time Portfolio construction

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One year ago on the bayou

One year ago,on the bayou…

there was an accidenton a BP oil rig in theGulf of Mexico


Agenda april 21 2011

AGENDAApril 21, 2011

Today’s topic:

Taking Care of Each Other / Review

Economic Principles & Standards & Glossary

Economy Web: An accident on the bayou

Work Time

Portfolio construction

Principles & Standards (#1-5 due today)

Administrative:

SUN tardiness policy

Exit slips

Homework due Monday, April 25:

Turn in any late work


Take care of each other

Take Care of Each Other

Our last CR-Economics class:

  • Why People Trade

  • Economic Principles & Standards


1 scarcity forces trade offs

#1: Scarcity Forces Trade-Offs

Description: Limited resources require people to trade one goal for another


2 the cost of something is what you give up to get it

#2: The Cost of Something is What You Give Up to Get It

vs.

Description: People choose something when the benefits are greater than the costs


3 rational people think at the margin

#3: Rational People Think at the Margin

Description: Most of the decisions we make involve choices about a little more or a little less of something


4 people respond to incentives

#4: People Respond to Incentives

Description: People are influenced by

costs and benefits


5 trade can make everyone better off

#5: Trade Can Make Everyone Better Off

Description: By focusing on what we do well and then trading with others, we will end up with more and better choices than by trying to do everything ourselves.


6 markets coordinate trade

#6: Markets Coordinate Trade

Description: Markets are an efficient way to coordinate exchanges between buyers and sellers.


Glossary

Glossary

Scarcity:

The limited nature of society’s resources

Trade-off:

An exchange of one thing in return for another, especially relinquishment of one benefit or advantage for another regarded as more desirable

Incentive:

Something that induces a person to act


Glossary1

Glossary

Cost-Benefit analysis:

A process in which the benefits of a given situation or business-related action are summed and then the costs associated with taking that action are subtracted.

Opportunity cost:

Whatever must be given up in order to obtain something


Economy web

Economy Web

Food Webs


Economy web1

Economy Web


Economy web2

Economy Web

The BP Oil Spill: How did the accident impact the economy?

How can we explain it using Economic Principles & Glossary terms?


Silent graffiti

Silent Graffiti

  • NO TALKING.

  • Write a thought, a connection, an impact or a Principle/Glossary term on the board.

  • When you have written something, silently pass the chalk to a classmate.

    • You may pass the chalk to anyone you wish, or people may raise their hand to indicate they would like to write, but you must hand the chalk to someone.

  • Everyone needs to write at least 2 times.


Explain the bp oil spill using your economic principles glossary terms

Explain the BP oil spill using yourEconomic Principles & Glossary terms


Work time

Work Time

  • Portfolio construction

  • Principles & Standards (#1-5 due today)

    • Stamps


Homework

Homework

Before you leave

  • Put chairs on desk

  • Turn in:

    • Exit slips

    • Late work

      Homework due Monday, April 25:

      • Turn in any late work


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