Economics

Economics-10-16-13October 16, 2013 October 16, 2013 Download Scarcity and Opp Cost Appetizer: Which sentence best describes the economic problem of scarcity? a. It exists only in poor, underdeveloped nations. b.It exists only after a natural disaster. c. It existed only in the past when there was no technology. d.It is the basic economic problem facing all societies. EQ: What is a rational decision? Main Course: Turn in homework Clip from virtual economics Pages 34-35-Read and take notes in your notebook. More practice: Imagine that a wealthy person has donated 2 acres of land to your school. The school board must decide how to use this land resource to satisfy the needs and wants of the community. a. List 4 ways the school might put this land to productive use b.In your opinion, what are the two best alternative uses from the list above? c. Which alternative do you think would be the better choice? What would be the opportunity cost of this decision?