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Sponge:. 1)As a factor of production, physical capital includes which of the following? A. tools, equipment, and factories B. forests and mineral deposits C. factory workers and factories D. managers, tools, and equipment 2) The three basic economic questions are ____.

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sponge
Sponge:
  • 1)As a factor of production, physical capital includes which of the following?
  • A. tools, equipment, and factories
  • B. forests and mineral deposits
  • C. factory workers and factories
  • D. managers, tools, and equipment
  • 2) The three basic economic questions are ____.
  • A. WHAT to produce, WHY to produce, and WHERE to produce
  • B. WHAT to produce, HOW to produce, and WHERE to produce
  • C. FOR WHOM to produce, WHAT to produce, and HOW to produce
  • D. WHAT to produce, WHEN to produce, and WHERE to produce
  • 3) An individual decides to pay $8 to see amovie instead of buying an $8 meal. What is the opportunity cost of the movie?
  • A. the time spent watching the movie
  • B. the $8 paid to see the movie
  • C. the satisfaction missed by not eating the meal
  • D. the satisfaction received by going to the movie
schedule this week
Schedule this week

Monday: Study Guide/Zap a Zero

Tuesday: Study Guide/Zap a Zero

Wednesday: Jeopardy

Thursday: 1st and 4th Final

Friday: 2nd Final

next week
Next Week

Zap – a –Zero Assignments issued

Final exam and Review

assessment
Assessment

1st: 56

2nd: 61

4th: 65

missing books
Missing Books

23 = Anna Smith

13 = Thylas ?

9 = Danielle

6 = Clemons

1 = Williams

26 = Renea

5 = Collier

16, 21, 24, 30

I will not allow students to check out books until these are returned.

steps for tires and tigers
Steps for TIRES and TIGERS
  • Does the scenario represent a letter in TIRES or TIGERS?
  • If no, then the curve does not shift.
  • If yes, Does the scenario represent an increase or decrease?
  • Draw the shift.
  • Draw the new market equilibrium.
  • Did prices go up or down?
three functions of money
Three Functions of Money
  • Medium of Exchange = it is accepted as payment for goods and services
  • Store of Value = retains value for at least over periods of days and months
  • Unit of Account = values of measured in units of money
payments for factors of production
Payments for Factors of Production

Land = Rent

Labor = Wages

Capital = Interest

Entrepreneurship = Profit

independent practice
Independent Practice

You may use the resources around the room to work on the following:

  • Study Guide (to be turned in for a grade)
  • Zap a Zero Assignments
  • Complete Test Corrections from last week
exit ticket
Exit Ticket

1) The opportunity cost of going to college might best be described as

A) the money that must be paid in order to attend college.

B) the lowest-valued alternative use of the student’s time.

C) the highest-valued alternative use of the student’s time.

D) the value that the student attaches to not working.

2) Fred and Ann both decide to see the same movie when they are given free movie tickets. We know that

A) both bear an opportunity cost since they could have done other things instead of see the movie.

B) both bear the same opportunity cost since they are doing the same thing.

C) the cost of going to the movie is greater for the one who had more choices to do other things.

D) neither bear an opportunity cost because the tickets were free.