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One year ago, on the bayou…

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…

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  1. One year ago,on the bayou… there was an accidenton a BP oil rig in theGulf of Mexico

  2. 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

  3. Take Care of Each Other Our last CR-Economics class: • Why People Trade • Economic Principles & Standards

  4. #1: Scarcity Forces Trade-Offs Description: Limited resources require people to trade one goal for another

  5. #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

  6. #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

  7. #4: People Respond to Incentives Description: People are influenced by costs and benefits

  8. #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.

  9. #6: Markets Coordinate Trade Description: Markets are an efficient way to coordinate exchanges between buyers and sellers.

  10. 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

  11. 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

  12. Economy Web Food Webs

  13. Economy Web

  14. Economy Web The BP Oil Spill: How did the accident impact the economy? How can we explain it using Economic Principles & Glossary terms?

  15. 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.

  16. Explain the BP oil spill using yourEconomic Principles & Glossary terms

  17. Work Time • Portfolio construction • Principles & Standards (#1-5 due today) • Stamps

  18. 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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