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Day 1

00 - Password

00 - Saints vs Roughnecks

00 - Parent-Student Acknowledgment Form

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Attendance (Virtual students please log in daily)

Discussions (Please check here weekly; due on Sunday's @ 11:59pm)

Chapter 1 Module

Chapter 1 Section 1

Prentice Hall Economics 1-1.pdf (Book)

Chapter 1 Notes.pdf (downloadable)
What Is Economics?
•Economics
is the study of how people make choices to satisfy their wants
•
For example:
You must choose how to spend your time
Businesses must choose how many people to hire

(Assignment #1) 01 - Crash Course Economics #1 - Intro to Economics

(Assignment #2) 01 - A Look at Needs and Wants

Scarcity and Shortages
Scarcity occurs when there are limited quantities of resources to meet unlimited needs or desires
Shortages occur when producers will not or cannot offer goods or services at current prices

The Factors of Production

• Land - All natural resources that are used to produce goods and services.
• Labor - Any effort a person devotes to a task for which that person is paid.
• Capital - Any human-made resource that is used to create other goods and services.
• Entrepreneurship - The activity of setting up a business or businesses, taking on financial risks in the hope of profit.

(Assignment #3) 01 - Review 1-1

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Chapter 1 Section 2

Prentice Hall Economics 1-2.pdf (Book)

(Assignment #4) 01 - Crash Course Economics #2 - Specialization and Trade
Trade-offs and Opportunity Cost
•Trade-offs are all the alternatives that we give up whenever we choose one course of action over others.
The most desirable alternative given up as a result of a decision is known as opportunity cost.
All individuals and groups of people make decisions that involve trade-offs.

(Assignment #5) 01 - Opportunity Costs

	Decision Making Grid
	Alternatives
	Sleep Late	Wake Up Early to Study
Benefits	Enjoy more sleep Have more energy during the day	Better grade on test Teacher and parental approval Personal satisfaction
Decision	Sleep late	Extra study time
Opportunity cost	Extra study time	Sleep late
Benefits forgone	Better grade on test Teacher and parental approval Personal satisfaction	Enjoy more sleep Have more energy during the day

(Assignment #6) 01 - Decision Making Grid

Thinking at the Margin - When you decide how much more or less to do, you are thinking at the margin.

Options	Benefit	Opportunity Cost
1st hour of extra study time	Grade of C on test	1 hour of sleep
2nd hour of extra study time	Grade of B on test	2 hours of sleep
3rd hour of extra study time	Grade of B+ on test	3 hours of sleep

(Assignment #7) 01 - Review 1-2

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Chapter 1 Section 3

Prentice Hall Economics 1-3.pdf (Book)

A production possibilities graph shows alternative ways that an economy can use its resources.
•The production possibilities frontier is the line that shows the maximum possible output for that economy.

Efficiency means using resources in such a way as to maximize the production of goods and services. An economy producing output levels on the production possibilities frontier is operating efficiently.

Growth - If more resources become available, or if technology improves, an economy can increase its level of output and grow. When this happens, the entire production possibilities curve “shifts to the right.”

Cost - A production possibilities graph shows the cost of producing more of one item. To move from point c to point d on this graph has a cost of 3 million pairs of shoes.

(Assignment #8) 01 - PPG Worksheet

(Assignment #9) 01 - Review 1-3

01 - Chapter 1 Test- Requires Respondus LockDown Browser

01 - Chapter 1 Re-Test- Requires Respondus LockDown Browser