+ DO NOW What is scarcity? Why is scarcity an important economic concept? Who faces scarcity in the world? (Use your notes from yesterday)
+ AGENDA 1. DO NOW 2. Review notes/ Sandy article 3. Economic System Notes 4. Scarcity and Opportunity Cost 5. Factors of Production Chart
+ Competencies/Objectives 1 Students will be able to discuss the main components of the factors of production. 2 Students will be able to explain the role that scarcity plays in leading to trade-offs and opportunity costs. 3 Students will be able to explain opportunity cost using examples from their own lives.
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