Announcements • Absent? – Check online for assignments • Make sure you are checking the current folder on the Economics page, NOT the old Honors Econ page • DDD – Diapers or $5 • Tomorrow… – Bring something to write with and a half sheet of paper • Homework: – Wise decisions over the weekend
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Announcements Absent? –Check online for assignments Make sure you are checking the current folder on the Economics page, NOT the old Honors Econ page DDD.
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Transcript
Announcements
• Absent? – Check online for assignments
• Make sure you are checking the current folder on the Economics page, NOT the old Honors Econ page
• DDD– Diapers or $5
• Tomorrow… – Bring something to write with and a half sheet of
paper
• Homework: – Wise decisions over the weekend
Scarcity and Economic Reasoning
Unit 1
<Objectives>• Define each of the productive resources (natural,
human, capital) and explain why they are necessary for the production of goods and services.
• Explain how consumers and producers confront the condition of scarcity by making choices which involve opportunity costs and tradeoffs.
• Explain the important role of the entrepreneur in taking the risk to combine productive resources to produce goods and services.
• Describe how people respond predictably to positive and negative incentives.
Objectives (cont.)
• Explain that voluntary exchange occurs when all participating parties expect to gain.
• Compare and contrast how the various economic systems (traditional, market, command, mixed) answer the questions: – What to produce? – How to produce it? – For whom to produce?
</Objectives>
• Describe how clearly defined and enforced property rights are essential to a market economy.
• Use a production possibilities curve to explain the concepts of choice, scarcity, opportunity cost, tradeoffs, unemployment, productivity and growth.
• Diagram and explain a Circular Flow Model of a market economy
VOCAB
• Natural resources • Human resources • Capital resources• Scarcity • Tradeoffs • Opportunity costs• Incentives• Traditional economy