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Scarcity & Opportunity Cost

Scarcity & Opportunity Cost. Agenda. Look at power point Do centers Work on scarcity/opportunity cost posters Wrap up E.Q. How does scarcity and opportunity cost a ffect people?. Scarcity : What do you think it means?. Scarcity is…. Insufficiency of amount or supply

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Scarcity & Opportunity Cost

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  1. Scarcity & Opportunity Cost

  2. Agenda Look at power point Do centers Work on scarcity/opportunity cost posters Wrap up E.Q. How does scarcity and opportunity cost affect people?

  3. Scarcity : What do you think it means?

  4. Scarcity is… Insufficiency of amount or supply Example: If I bring fourteen cookies to class, not everyone will be able to get a cookie. The cookies are scarce.

  5. In economics, things that are scarce are called goods and services. A good is something that you can buy. What are some examples of goods? A service is the performance of any duties or work for another; helpful or professional activity. What are some examples of a service?

  6. Scarcity cont. When things are scarce, you are not able to get what you want. You have to make choices. You may also have to save money for what you want. This is because when items are scarce, the price of them often rise.

  7. When goods are scarce, people must incur opportunity costs. What do you think opportunity costs are?

  8. Opportunity cost is … SPAIN The highest-valued choice that is given up when a decision is made. Example: I have a choice between getting an iPad and going to Spain. When I make my decision, I choose the iPad over the trip. Spain is my opportunity cost.

  9. Centers Center 1: Complete the worksheet Center 2: Crossword Puzzle Center 3: Musical Chairs

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