Agenda: Monday, 12/1 Turn in: –Ch 1 in back Econoland Simulation Simulation Quiz ECONO =
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Transcript of Agenda: Monday, 12/1 Turn in: –Ch 1 in back Econoland Simulation Simulation Quiz ECONO =
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Agenda: Monday, 12/1
• Turn in: – Ch 1 in back
• Econoland Simulation
• Simulation Quiz
• ECONO =
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Factory Here! Businesses only!
Must have: one unit of land, one unit of labor, one unit of capital goods to obtain one ECONO!
DO NOT LOITER IN FRONT!
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Simulation Partner Questions
1. Name the factors of production. – How were they shown in this game? – Did their value change?
2. What is the role of an entrepreneur/ household? Be specific and general
– What is needed for each?
3. Explain the interdependence of the 2 groups 4. What made you successful? Un?5. Why did you work diligently?
– What or who caused you to do so?
6. What was the role of the government?
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Does this chart represent the game? Why or why not?
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Explain how the resources are transformed into wealth?
Adam Smith:
The Wealth of Nations 1700’s
Revolutionary book explaining these concepts for the first time…
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Agenda: Tuesday, 12/2
• Econoland Quiz/review– Incentives
• Opportunity Cost Notes
• The Real OC!
• Opportunity cost problems
• Guns v. butter?
• Unit 1 review sheets
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Opportunity Cost
• What is the difference?– Opportunity Cost
• #1 benefit refused to make a choice– Date: Ann v. Mary????? Or Doug v. Bill???
– Tradeoffs• 2 –infinity choices refused when a decision is made…
– Instead of buying car… Computer, flat screen, furniture… Vacation…
– Thinking @ the Margin • Combining opportunites… do part of this and part of that in
combination– 4-10 pm: See friend, study 2 hours, BB game, study & facebook….
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Explicit Cost v. Implicit Cost
• Seen Costs• Money • Time—IF easily
calculated in terms of money (billable hours)
• Underlying costs• Unpaid time, effort• Mental anguish• Long term health• “Pain & Suffering”
– Stress, ostracized
Most answers on today’s exercise will deal with Implicit Costs!
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Opportunity cost #1 example
• Detroit Harrisburg– What’s the cost of the trip?
• Bus $100 + 100= $200 +?• Plane $300+$20= $320 +?
• Bus $100+$500 = $600 +?• Plane $300+$100=$400 +?• Ticket + Time (OC) = Cost
1 hour & $300
5 hours & $100
$20 /hour
$100 /hour
TICKET Price
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