Advanced Placement Microeconomics Dailies : A Daily is the question you will be asked to answer in...
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![Page 1: Advanced Placement Microeconomics Dailies : A Daily is the question you will be asked to answer in your spiral notebook at the beginning of each class.](https://reader036.fdocuments.in/reader036/viewer/2022082612/56649ebc5503460f94bc4af8/html5/thumbnails/1.jpg)
Advanced Placement Microeconomics
Dailies:
A Daily is the question you will be asked to answer in your spiral notebook at the beginning of each class. You don’t have to start a new sheet…just put date on left hand side of a new
line, write the question, and answer it!!Today’s Daily:
What do you think/predict is the difference between micro and macroeconomics?
![Page 2: Advanced Placement Microeconomics Dailies : A Daily is the question you will be asked to answer in your spiral notebook at the beginning of each class.](https://reader036.fdocuments.in/reader036/viewer/2022082612/56649ebc5503460f94bc4af8/html5/thumbnails/2.jpg)
Content Rich Routines
• Word Wall
• Chapter Questions
![Page 3: Advanced Placement Microeconomics Dailies : A Daily is the question you will be asked to answer in your spiral notebook at the beginning of each class.](https://reader036.fdocuments.in/reader036/viewer/2022082612/56649ebc5503460f94bc4af8/html5/thumbnails/3.jpg)
Making Sound Decisions
• Sunk Costs vs. Marginal Costs:– Sunk Costs: costs that cannot be
avoided, regardless of what is done in the future, because they have already been incurred.
– Marginal Costs: additional (extra) costs of a decision
![Page 4: Advanced Placement Microeconomics Dailies : A Daily is the question you will be asked to answer in your spiral notebook at the beginning of each class.](https://reader036.fdocuments.in/reader036/viewer/2022082612/56649ebc5503460f94bc4af8/html5/thumbnails/4.jpg)
Choosing to Satisfy Wants & Needs
• Need:– Basic Requirement for Survival– Ex) food, water, shelter, clothing, air
• Want:– An Expression of a Need– Ex) I need water, I want coffee
• Scarcity:– Limited Resources force us to choose what needs &
wants we can satisfy
![Page 5: Advanced Placement Microeconomics Dailies : A Daily is the question you will be asked to answer in your spiral notebook at the beginning of each class.](https://reader036.fdocuments.in/reader036/viewer/2022082612/56649ebc5503460f94bc4af8/html5/thumbnails/5.jpg)
The Scope of Economics
• Microeconomics:– The branch of economics that examines
the functioning of individual industries and the behavior of individual decision-making units, business firms and households.
The Tree vs. The Forest
![Page 6: Advanced Placement Microeconomics Dailies : A Daily is the question you will be asked to answer in your spiral notebook at the beginning of each class.](https://reader036.fdocuments.in/reader036/viewer/2022082612/56649ebc5503460f94bc4af8/html5/thumbnails/6.jpg)
Summary
• Whenever making economic decisions, there are trade-offs, losing one quality or aspect of something in return for gaining another quality or aspect. It implies a decision to be made with full comprehension of both the upside and downside of a particular choice.
• When you can determine the cost of the next best alternative to an economic decision, you have determined the opportunity cost of that particular decision.
• Lastly, you have used marginal analysis to help you determine the costs and benefits of your decision. When you are at Steve’s party and deciding whether to stay for another 5 minutes you stay while the benefits of another 5 minutes exceed the cost. You will leave when the cost of another 5 minutes is greater than the benefit.
![Page 7: Advanced Placement Microeconomics Dailies : A Daily is the question you will be asked to answer in your spiral notebook at the beginning of each class.](https://reader036.fdocuments.in/reader036/viewer/2022082612/56649ebc5503460f94bc4af8/html5/thumbnails/7.jpg)
• Finish the opening scenario; create two different examples of when the cost of staying at the party outweighs the benefit of staying at the party.
![Page 8: Advanced Placement Microeconomics Dailies : A Daily is the question you will be asked to answer in your spiral notebook at the beginning of each class.](https://reader036.fdocuments.in/reader036/viewer/2022082612/56649ebc5503460f94bc4af8/html5/thumbnails/8.jpg)
Top Ten Fun
Get your index card numbered 1 – 10and be ready!!!!
Your Category is…..
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The Top Ten Largest Cities in the U.S.
10.Miami9. Boston8. Detroit
7. Philadelphia6. Dallas
5. San Francisco4. Washington D.C.
3. Chicago2. Los Angeles
1. New York