Scarcity.TO. OC. FOP.Allocation 2013.2014.notebook 1 August 06, 2015 Aug 298:30 AM Warm Up: Categorize the following. Microeconomics Macroeconomics inflation rate trade deficit Walmart's profit margin consumer trends exchange rates demand for gold Aug 184:16 PM Economics is all about... Trees palm Time to make some choices... Jul 113:06 PM Items that are below deck: 30 cans of SPAM in a case Two cases of bottled water Mirror Machete Medical kit A wedding dress A three year old Irish setter named Stacey (injured/can't swim) A flare gun with two flares 40 pairs of blue jeans (various sizes) 12 ft. of rope A Swiss Army knife One case of Oreo cookies Season four of "The Office" on DVD $500.00 cash 6' by 6' tarp A chainsaw with one tank of fuel Survival guide Book on South Pacific plant life Bible 20 gallon plastic container Chad Ochocinco jersey Jul 113:18 PM Economic Problems Faced in this Activity: Pull Pull Scarcity Tradeoffs Opportunity Cost Feb 123:50 PM Definition: Characteristics: Examples: Non-Examples: Scarcity
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Scarcity.TO. OC. FOP.Allocation 2013.2014.notebook...Scarcity.TO. OC. FOP.Allocation 2013.2014.notebook 3 August 06, 2015 Aug 15 10:28 AM Classify the Factors of Production You decide
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Walmart's profit marginconsumer trendsexchange ratesdemand for gold
Aug 184:16 PM
Economics is all about...
Trees palm
Time to make some choices...
Jul 113:06 PM
Items that are below deck:30 cans of SPAM in a caseTwo cases of bottled waterMirrorMacheteMedical kit
A wedding dressA three year old Irish setter named Stacey (injured/can't swim)A flare gun with two flares40 pairs of blue jeans (various sizes)12 ft. of rope
A Swiss Army knifeOne case of Oreo cookiesSeason four of "The Office" on DVD$500.00 cash6' by 6' tarp
A chainsaw with one tank of fuelSurvival guideBook on South Pacific plant lifeBible20 gallon plastic containerChad Ochocinco jersey
1. There is a limited amount of crude oil in the world.
2. El Nopal ran out of Cinco de Mayo tshirts by 7:00 and many customers were disappointed.
3. The land used to grow soybeans could have been used to grow peanuts or cabbage.
4. Engineers have many job opportunities because they are valuable in many sectors of the economy.
5. The state of Georgia is expected to need about 2,000 more civil engineers over the next decade, but only about 1,200 will graduate from state engineering programs.
SCARCITY SHORTAGESCARCITY
Feb 123:59 PM
Definition: Characteristics:
Examples: Non-Examples:Opportunity
Cost
Aug 2510:04 AM
CLOSINGSorative Exit Ticket:
What is the difference between scarcity and a shortage?
Choosing is refusing. Explain.
Aug 259:50 AM
Warm Up:
Mr. Young has $15 to spend. He goes to Target and decides he needs new music. He is caught between a ACDC CD and a Journey Greatest Hits CD. He decides that Journey will calm her nerves more, and purchases his CD.
1) How does Mr. Young face scarcity?
2) Describe the tradeoff faced by Mr. Young.
3) What is Mr. Young's opportunity cost?
4) What incentive influenced Mrs. Foy's choice?
Aug 2910:50 AM
Watch this clip from Batman. What economic issues do you see here?
You decide to order a pizza to satisfy your wants. First, you picked up the telephone and gave your order to the owner that entered it into her computer. This information came up on the chief baker‛s monitor in the kitchen and he assigned it to one of his cooks. The cook was busy mixing dough out of salt, flour, eggs, and milk.
The cook finished mixing dough, washed his hands in the sink, and prepared your pizza using tomato sauce, cheese, and sausage. He then placed the pizza in the oven. Within 10 minutes the pizza was cooked and placed in a cardboard box. The delivery person then grabbed your pizza, jumped in the company car, and delivered it to your door.
Aug 1510:29 AM
Aug 283:55 PM
Factors of Production....why do they matter?
Feb 154:45 AM
Closing:Socrative Exit Ticket
Five questions classifying FOP
Feb 154:46 AM
Warm Up: Give three different examples of factors of production.