Economics

Economics-10-14-13 Economics-Monday, 10/14/13 Download Scarcity and Opp Cost Download Econ fundamentals A-petty SSEF1 The student will explain why limited productive resources and unlimited wants result in scarcity, opportunity costs and trade offs for individuals, businesses and governments. Element: SSEF1.a Define scarcity as a basic condition which exists when limited productive resources exceed unlimited wants. Element: SSEF1.b Define and give examples of productive resources as land (natural), labor (human), capital (capital goods), entrepreneurship. Element: SSEF1.c List a variety of strategies for allocating scarce resources. Element: SSEF1.d Define opportunity cost as the next best alternative given up when individuals, businesses and governments confront scarcity by making choices. Appetizer (Activator) What is economics? Main Course: Syllabus and Standards What is economics? If I had $1 million I would……… Notes on econ Summarizing statements-TOD using standards sheet