1 / 18

Jan 10/11th

Jan 10/11th. Include Lecture #1 into notebook (finished) Lecture #2 Scarcity -Make a page for this in your notebook. -Review Basic #1 -Scarcity Exercise Homework: -Opportunity Cost Worksheet :due 1.14/1.15.

tino
Download Presentation

Jan 10/11th

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript


  1. Jan 10/11th • Include Lecture #1 into notebook (finished) • Lecture #2 Scarcity -Make a page for this in your notebook. -Review Basic #1 -Scarcity Exercise Homework: -Opportunity Cost Worksheet :due 1.14/1.15 • This past Holiday season, what items were you not able to find in stores? The hot gift items?

  2. Basic #1 • want— something we desire to have • resource— anything that is used to produce goods or service. For example, a person’s labor may be used to produce computers, TV sets, and much more, and therefore a person’s labor is a resource. • scarcity—the condition in which our wants are greater than the resources available to satisfy those wants. • opportunity cost—the most highly valued opportunity or alternative forfeited when a choice is made. • trade-off—A situation in which more of one thing necessarily means less of something else. • production possibilities frontier—a graphic representation of all possible combinations of two goods that an economy can produce. • rationing device—a means for deciding who gets what portion of the available resources and goods. • economics—the science that studies the choices of people trying to satisfy their wants in a world of scarcity.

  3. How is choice related to scarcity? • Scarcity results in the need to make choices. Regardless of our level of income, each of use must make a choice when purchasing goods or services. Wants are unlimited but resources are limited—we have to choose which wants will satisfy us. • How is opportunity cost related to choice? • When we choose to purchase something a highly valued opportunity or alternative is forfeited. When we choose we make a trade-off.

  4. Lecture #1: Scarcity, Choices, Trade-offs, & Opportunity Costs

  5. What is Economics?

  6. REVIEW Remember you don’t have to write down stuff in red! • Okay class—time to review: • What is a want? • A want is something that we desire to have!

  7. Answer the following questions in your notes! • You do not need to write down the questions—just the answers in complete sentences: • Describe one thing you did yesterday (how much time did it take)—went to the store, talked on the phone, read your economics book, etc. • NOW—write down something you could have done during that same period of time, had they not done what they did. • Have a couple of students share!

  8. Scarcity Exists

  9. Scarcity Exists cont.

  10. Answer the following questions in your notes! • Some people have suggested that one way of eliminating scarcity is to have fewer wants. • Do you think this is possible? • Which wants would you be willing to give up? • REMEMBER WANTS—ARE NOT JUST THINGS YOU BUY! Wants can be a college education, a high paying job, etc. • Have a couple of students share their responses!

  11. Making Choices leads to Opportunity Costs

  12. Opportunity Costs Chart #1 • Copy the following chart in your notes: The most valued opportunity or alternative you give up to do something—the next best choice—is that something’s opportunity cost. Come up with 2 more examples on your own!

  13. Opportunity Costs Cont. • Now I want you to think about some major activities in which you were involved in over the last year, such as traveling or buying a large-ticket item. • Create a table listing the Opportunity Cost of each activity and how much it was for each activity. (see next slide for example)

  14. Opportunity Costs Chart #2 • Copy the following chart in your notes: Come up with at least 3 examples for your chart!

  15. Answer the following questions in your notes! • Are monetary issues the only concerns when determining what action are taken? • What other concerns need to be considered when weighing opportunity costs? • Discuss your answers with the class!

  16. Summary • When completing your notes you need to write a 3-5 sentence summary of the lecture. This is a part of your notes grade

  17. Why Didn’t Chris Rock go to College? Page 9 Textbook • Read the article on page 9. • Answer the following question in your notebook: • What will be your opportunity costs for going to college? • How will costs differ to those of Chris Rock? • Share answers with the class!

  18. Homework • Go to a few of your favorite stores or online stores and pick 5 products you would like to purchase. • Create an Opportunity Cost Chart with each item listed on the chart. • What are the most valued opportunities or alternatives you would give up to buy these items? • Are you willing to give up these opportunities for the enjoyment of the products?

More Related