Economics: Opportunity Cost and Scarcity

ObjectiveSWBAT to analyze opportunity cost and socio-economic goals of the United States in order to practice answering multiple choice questions.

Write a BCR

“No one man should have all that power” - Kanye West

• In your response, name the type of government that the quote is referring to;

• Explain how the quotation is referring to that type of government;

• Your response should include at least 5 sentences.

Warm-Up

Agenda

• Objective and Warm-Up

• Introduction to New Material

• Guided Practice

• Independent Practice

• Exit Slip

(5 minutes)

(15 minutes)

(15 minutes)

(30 minutes)

(5 minutes)

Sign this and turn it in now

Economics

• The study of how people deal with meeting unlimited wants and needs with limited resources.

• Key Terms:

1. Scarcity

2. Opportunity Cost

A Question to Answer

What is another way of explaining economics in your everyday life?

Take 2 minutes to reflect. I am going to ask you to share, so be prepared.

Scarcity

• The idea that there aren’t enough resources, time or energy to meet all the needs.

• What forces us to make choices--A or B?

• Example:

• We don’t have enough time to play video games and homework.


What is an example of scarcity in your life?


Opportunity Cost

• A trade-off.

• What we lose when we choose to do one thing instead of another.

• Examples:

• Cost of playing video games is a failing grade.


What is an example of opportunity cost in your life?


Goals of USA

• General welfare of people

• Equity - promoting fairness or helping those with less.

• Safety and health

• Protect the environment

• maintain undeveloped land

• Economic security

• full employment / job training

• minimum wage to keep up with inflation


Give me an example of one of the goals impacts on your life.

Take 1 minute to reflect. I am going to ask you to share, so be prepared.

Word Sort

General Welfare Protecting the Environment

Economic Security

Unemployment Oil Drilling

Public Transportation

Opportunity Cost

Schools Medicare

Word Sort


Economic Security


Public Transportation Opportunity Cost

Schools Medicare

Word Sort


Economic Security


Public Transportation Opportunity Cost

Schools

Medicare

Word Sort


Economic Security

Unemployment

Oil DrillingPublic Transportation Opportunity Cost

Schools

Medicare

1. We are going to review good multiple choice test taking skills.

2. After we review the skills, we will answer some questions together.

3. You will then answer the rest of the questions individually.

4. We will then review the skills we used to answer the questions.

Guided Practice

RITS for Multiple Choice

1. Read the QUESTION first

• LOOK for words such as MOST, LEAST, EXCEPT, ALL, SOME

2. Identify the key actors and terms when you read the prompt.

3. Try to answer question BEFORE you look at the choices

4. Slash and Trash

The action described in the article above is intended to

A. support local businesses

B. generate revenue for the city

C. promote economic equity in the area

D. limit support for local businesses 3029282726252423222120191817161514131211109876543210

LEGISLATURE TO PROVIDE ASSISTANCE TO FIRST TIME HOMEBUYERS

In response to rising housing costs, the state legislature has voted to provide financial assistance to low-income families to help purchase their first house.

The action described in the article above is intended to

Which of these is the opportunity cost of this decision?

Which of these is the opportunity cost of this decision?

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A local government has a limited amount of money to spend. It decides to spend the

money to support local businesses instead of to remove trash from unused buildings and

vacant lots.

A. tax revenue

B. jobs for local residents

C.a clean environment

D.profits for business owners

Which economic principle is best demonstrated by this decision?

Which economic principle is best demonstrated by this decision?

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The governor of Maryland chose to cut spending on road construction in order to increase spending for

school construction.

A. economic freedom

B. opportunity cost

C.price controls

D.supply and demand

Based on the headline, which of these is a purpose of this action

Based on the headline, which of these is a purpose of this action

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Government Fines Company for Failing to Correct

Hazardous Machine Parts

A. to protect workers from injury

B. to teach workers how to use machines

C. to make new machine parts

D.to find jobs for unemployed workers

Which of these best describes why the federal government would raise the minimum wage?

A. to help workers find employment

B. to help workers’ wages keep up with inflation

C. to increase the taxes on workers’ wages

D.to make sure all workers receive the same pay 3029282726252423222120191817161514131211109876543210

The federal minimum wage in 2001 was $5.15 an hour.

Which of these best describes why the federal government would raise the minimum wage?

1. Answer the remaining questions using the strategies we discussed in class.

2. You will see the question in the first 5 seconds, then extra text, and then the answers for the final 15 seconds.

3. Use your response pad to signal in.

4. Our goal is 80% for the class.

Independent Practice

Which of these government responsibilities is most closely related to the activity described in the excerpt?

Which of these government responsibilities is most closely related to the activity described in the excerpt?

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City Planning Commission to MeetThe population of the city has greatly increased since 1990. Current proposal for development include expansion of the airport and the construction of a large industrial center. The city planning commission will meet this month to discuss these expansion issues.

A. protecting public safety

B. promoting economic growth

C. protecting individual liberties

D. promoting regional cooperation

The quotation refers to the principle of...

The quotation refers to the principle of...

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“Our citizens have wisely formed themselves into one nation as to others and several States as among themselves...”

—Thomas Jefferson, 1801

A. federalism

B. local government

C.national government

D.confederacy

Which of these examples best reflects the principle of representative democracy?

Which of these examples best reflects the principle of representative democracy?

3029282726252423222120191817161514131211109876543210A. Citizens of a town vote on all

government issues.

B. The leader of a country makes all government decisions.

C.A judge finds a defendant guilty of a crime.

D.An elected official proposes a bill in the state legislature.

Which of these acts is least likely to take place in a totalitarian system?

A. The government makes rules about what jobs people may have

B. Leaders dictate what will be taught in schools

C.People try to obtain power in the government through elections

D.Local officials take orders from national officials

Which of these acts is least likely to take place in a totalitarian system?

3029282726252423222120191817161514131211109876543210

A. The government makes rules about what jobs people may have

B. Leaders dictate what will be taught in schools

C.People try to obtain power in the government through elections

D.Local officials take orders from national officials

Homework

1. Pick up and complete the reflection assignment.

Extra Credit!Make a poster for any one of the

lessons that we have covered this Unit.

Details are on the slip.

Poster paper will be provided.

1. You will have 5 minutes to complete today’s exit slip.

2. Please only write the letter of your answer in the appropriate blank.

3. Complete it in silence.

4. When you are done, carefully check over your answers.

5. After checking your answers, please begin your

Exit Slip

3, 2, 1, See Ya!

What are 3 things that you learned today?

What are 2 things that confused you?

What is 1 thing you want to know more about?

Economics: Opportunity Cost and Scarcity

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Transcript of Economics: Opportunity Cost and Scarcity