Economics: Opportunity Cost and Scarcity

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  • 1. Objective SWBAT to analyze opportunity cost and socio- economic goals of the United States in order to practice answering multiple choice questions. Warm-Up 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.
  • 2. Agenda • Objective and Warm-Up (5 minutes) • Introduction to New Material (15 minutes) • Guided Practice (15 minutes) • Independent Practice (30 minutes) • Exit Slip (5 minutes)
  • 3. Sign this and turn it in now
  • 4. Economics • The study of how people deal with meeting unlimited wants and needs with limited resources. • Key Terms: 1. Scarcity 2. Opportunity Cost
  • 5. 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.
  • 6. 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.
  • 7. A Question to Answer What is an example of scarcity in your life? Take 2 minutes to reflect. I am going to ask you to share, so be prepared.
  • 8. 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.
  • 9. A Question to Answer What is an example of opportunity cost in your life? Take 2 minutes to reflect. I am going to ask you to share, so be prepared.
  • 10. 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
  • 11. A Question to Answer 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.
  • 12. Word Sort Unemployment Oil Drilling Opportunity Cost Schools Medicare Public Transportation General Welfare Protecting the Economic Security Environment
  • 13. Word Sort Unemployment Oil Drilling Schools Medicare Public Transportation General Welfare Protecting the Economic Security Environment Opportunity Cost
  • 14. Word Sort Unemployment Oil Drilling Schools Medicare General Welfare Protecting the Economic Security Environment Public Transportation Opportunity Cost
  • 15. Word Sort Unemployment Oil Drilling Schools General Welfare Protecting the Economic Security Environment Public Transportation Opportunity Cost Medicare
  • 16. Word Sort Unemployment Schools General Welfare Protecting the Economic Security Environment Public Transportation Oil Drilling Opportunity Cost Medicare
  • 17. Word Sort Schools General Welfare Protecting the Economic Security Environment Public Transportation Oil Drilling Opportunity Cost Medicare Unemployment
  • 18. Word Sort General Welfare Protecting the Economic Security Environment Public Transportation Oil Drilling Opportunity Cost Medicare Unemployment Schools
  • 19. Guided Practice 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.
  • 20. 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
  • 21. The action described in the article above is intended to
  • 22. 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 A. support local businesses B. generate revenue for the city 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 0 1 2 3 4 5 6 7 8 9 C. promote economic equity in the area D. limit support for local businesses
  • 23. 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 A. support local businesses B. generate revenue for the city 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 0 1 2 3 4 5 6 7 8 9 C. promote economic equity in the area D. limit support for local businesses
  • 24. Which of these is the opportunity cost of this decision?
  • 25. 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. Which of these is the opportunity cost of this decision? A. tax revenue B. jobs for local residents C. a clean environment D.profits for business owners 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 0 1 2 3 4 5 6 7 8 9
  • 26. 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. Which of these is the opportunity cost of this decision? A. tax revenue B. jobs for local residents C. a clean environment D.profits for business owners 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 0 1 2 3 4 5 6 7 8 9
  • 27. Which economic principle is best demonstrated by this decision?
  • 28. The governor of Maryland chose to cut spending on road construction in order to increase spending for school construction. Which economic principle is best demonstrated by this decision? A. economic freedom B. opportunity cost 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 0 1 2 3 4 5 6 7 8 9 C. price controls D.supply and demand
  • 29. The governor of Maryland chose to cut spending on road construction in order to increase spending for school construction. Which economic principle is best demonstrated by this decision? A. economic freedom B. opportunity cost 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 0 1 2 3 4 5 6 7 8 9 C. price controls D.supply and demand
  • 30. Based on the headline, which of these is a purpose of this action
  • 31. Government Fines Company for Failing to Correct Hazardous Machine Parts Based on the headline, which of these is a purpose of this action A. to protect workers from injury B. to teach workers how to use machines 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 0 1 2 3 4 5 6 7 8 9 C. to make new machine parts D.to find jobs for unemployed workers
  • 32. Government Fines Company for Failing to Correct Hazardous Machine Parts Based on the headline, which of these is a purpose of this action A. to protect workers from injury B. to teach workers how to use machines 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 0 1 2 3 4 5 6 7 8 9 C. to make new machine parts D.to find jobs for unemployed workers
  • 33. Which of these best describes why the federal government would raise the minimum wage?
  • 34. 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? 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 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 0 1 2 3 4 5 6 7 8 9
  • 35. 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? 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 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 0 1 2 3 4 5 6 7 8 9
  • 36. Independent Practice 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.
  • 37. Which of these government responsibilities is most closely related to the activity described in the excerpt?
  • 38. City Planning Commission to Meet The 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 Which ofthese expansion issues. discuss these government responsibilities is most closely related to the activity described in the excerpt? A. protecting public safety B. promoting economic growth 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 0 1 2 3 4 5 6 7 8 9 C. protecting individual liberties D. promoting regional cooperation
  • 39. City Planning Commission to Meet The 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 Which ofthese expansion issues. discuss these government responsibilities is most closely related to the activity described in the excerpt? A. protecting public safety B. promoting economic growth 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 0 1 2 3 4 5 6 7 8 9 C. protecting individual liberties D. promoting regional cooperation
  • 40. The quotation refers to the principle of...
  • 41. “Our citizens have wisely formed themselves into one nation as to others and several States as among themselves...” —Thomas Jefferson, 1801 The quotation refers to the principle of... A. federalism B. local government C. national government D.confederacy 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 0 1 2 3 4 5 6 7 8 9
  • 42. “Our citizens have wisely formed themselves into one nation as to others and several States as among themselves...” —Thomas Jefferson, 1801 The quotation refers to the principle of... A. federalism B. local government C. national government D.confederacy 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 0 1 2 3 4 5 6 7 8 9
  • 43. Which of these examples best reflects the principle of representative democracy?
  • 44. Which of these examples best reflects the principle of representative democracy? A. Citizens of a town vote on all 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 0 1 2 3 4 5 6 7 8 9 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.
  • 45. Which of these examples best reflects the principle of representative democracy? A. Citizens of a town vote on all 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 0 1 2 3 4 5 6 7 8 9 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.
  • 46. 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
  • 47. 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 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 0 1 2 3 4 5 6 7 8 9 D.Local officials take orders from national officials
  • 48. 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 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 0 1 2 3 4 5 6 7 8 9 D.Local officials take orders from national officials
  • 49. Homework 1. Pick up and complete the reflection assignment.
  • 50. 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.
  • 51. Exit Slip 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
  • 52. 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?