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Day One Agenda Turn in signed syllabus and take out your homework. Define important economic terms. Opportunity cost discussion Scarcity activity Homework: Module 1C Bring in two news article headlines having to do with scarcity. Write a a few sentences explaining.

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day one agenda
Day One Agenda
  • Turn in signed syllabus and take out your homework.
  • Define important economic terms.
  • Opportunity cost discussion
  • Scarcity activity
  • Homework:
    • Module 1C
    • Bring in two news article headlines having to do with scarcity. Write a a few sentences explaining.
    • Quiz -- Day Four (Module One)
objectives day one
Objectives Day One
  • Define the following terms:
    • Economics
    • Opportunity Cost
    • Scarcity
  • Identify examples of scarcity and opportunity costs in your own life.
the three economic questions
The Three Economic Questions
  • What goods and services will be produced?
  • How will the goods and services be produced?
  • To whom will the goods and services be distributed?
opportunity cost
Opportunity Cost:

The value of the next best alternative.

opportunity cost7
Opportunity Cost

“Choosing is Refusing.”

use opportunity cost to explain
Use opportunity cost to explain….
  • Why farmers often wait until a rainy day to do errands in town, while a man in a new suit will decide to forgo his errands on the same day.
  • Why businessmen often buy full-fare airline tickets while people planning vacations fly when rates are lowest.
  • Why movie stars, fashion models and rock singers have higher divorce rates than the rest of the American population.
scarcity
Scarcity

“ A condition which forces us to choose.”