Day 8 Notes Production Possibility Curves

Day 7 Market Notes

Rubric for Spiral Notes, Applications, and Warm-ups

https://docs.google.com/spreadsheets/d/1nFPpv877JuUDRWW3UMB2Y4iiczjkk6lTOsOC8A_ZM6g/pubhtml?gid=0&single=true

Any questions just email me, or post below.

Day 6 Command Economy

Day 5 Lesson

Warm-up

What, according to Karl Marx, has all of human history been a struggle between?

Use your academic language to answer the following questions for the NPR article.

http://www.npr.org/2014/08/26/343352110/cereal-consumption-hurt-by-grab-and-go-foods

1.        Identify the article as Macroeconomic or Microeconomic.  Why?

2.        Identify the product in the article.  Is it a want or a need?

3.        What resource is scarce in this article?  How is that affecting people’s choices?

4.        What  trade-offs have people found for breakfast cereal?  What is the utility of these trade-off?

5.        What is the choice that Jim Hiller think most people are making?  How has that affected the product?

6.        Is this article mostly using positive or normative economic examples?  Give examples.

Vocab for Quiz #1

Vocab for Quiz #1
 Wants
 Needs
 Scarcity - three questions of scarcity
 economics
 factors of production
 - land
 - labor
 - capital
 - entrepreneurship
 incentives
utility
economize
 trade-off
opportunity cost
cost-benefit analysis
marginal cost
marginal benefit
 microeconomics
macroeconomics
 positive economics
normative economics
 economic systems
 - traditional
 - command
 - market