Day 3

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  • 1. Bellringer 1. How much information will you miss if you miss 1 day of a regular school day? 2. What if you miss 2 days? 3. What if you miss 8 days?
  • 2. “the margin” • Additional • Ex: production, consumption, effort
  • 3. Two volunteers • Two Volunteers • Marginal utility
  • 4. Two volunteers • Two Volunteers • Law of diminishing marginal returns • Eventually marginal benefits will decrease
  • 5. Eventually…
  • 6. Application to students?
  • 7. Application to business?
  • 8. Application to government?
  • 9. Application to partiers
  • 10. On your BR • 4. Write a specific example of DMR from your life, using economic vocabulary
  • 11. Review Biz Organizations
  • 12. Which of the 3 business orgs would you use to start a…..
  • 13. Which of the 3 business orgs would you use to start a…..
  • 14. Which of the 3 business orgs would you use to start a…..
  • 15. Which of the 3 business orgs would you use to start a….. Tile setting
  • 16. Which of the 3 business orgs would you use to start a…..
  • 17. Which of the 3 business orgs would you use to start a…..
  • 18. Which of the 3 business orgs would you use to start a…..
  • 19. Quantitative Easing on back of quiz Why would an economist say it makes sense to pay $500 to fly to Los Angeles, when a person could drive for only $90?
  • 20. Mental Bellringer Think of a day when you got a lot done. What were you doing? Why were you able to do it?
  • 21. Experiment • 1 group draws • 1 group draws • 1 group draws
  • 22. Graph Experiment How could I model this? Increase productivity?
  • 23. Productivity • Quantity of output for each unit of input • For example: • Mechanic can do 4 oil changes per hour • Each oil change requires $8 worth of filter & oil • “At the margin” increases in Productivity Another example? Hours studying? Working?
  • 24. Draw and label 2 good PPF label impossible, efficient and inefficient
  • 25. Increases in productivity • Causes --------- • #1 technology • Others: • Human capital • Cheaper inputs • Health • Globalization
  • 26. Bellringer on a full sheet 1. List 3 things the “60+” plus might refer to. Such as weight. 2. Which is the best answer to #1? 3. How many of those folks are there in the US now? 4. How many will there be in 2040?
  • 27. A strategy to read graphs (or pictures) O verview P arts T itle I nterrelationships C onclusion
  • 28. A strategy to read graphs (or pictures) O verview P arts T itle I terrelationship C onclusion Source: Associated Press
  • 29. A strategy to read graphs (or pictures) O verview P arts T itle I nterrelationship C onclusion
  • 30. A strategy to read graphs (or pictures) O verview P arts T itle I terrelationship C onclusion
  • 31. A strategy to read graphs (or pictures) O verview P arts T itle I terrelationship C onclusion
  • 32. A strategy to read graphs (or pictures) O verview P arts T itle I terrelationship C onclusion
  • 33. A strategy to read graphs (or pictures) O verview P arts T itle I terrelationship C onclusion
  • 34. A strategy to read graphs (or pictures) O verview P arts T itle I terrelationship C onclusion
  • 35. A strategy to read graphs (or pictures) O verview P arts T itle I terrelationship C onclusion
  • 36. A strategy to read graphs (or pictures) O verview P arts T itle I terrelationship C onclusion
  • 37. A strategy to read graphs (or pictures) O verview P arts T itle I terrelationship C onclusion
  • 38. A strategy to read graphs (or pictures) O verview P arts T itle I terrelationship C onclusion
  • 39. A strategy to read graphs (or pictures) O verview P arts T itle I nference C onclusion
  • 40. A strategy to read graphs (or pictures) O verview P arts T itle I terrelationship C onclusion
  • 41. A strategy to read graphs (or pictures) O verview P arts T itle I terrelationship C onclusion
  • 42. A strategy to read graphs (or pictures) O verview P arts T itle I terrelationship C onclusion
  • 43. A strategy to read graphs (or pictures) O verview P arts T itle I terrelationship C onclusion
  • 44. A strategy to read graphs (or pictures) O verview P arts T itle I terrelationship C onclusion
  • 45. A strategy to read graphs (or pictures) O verview P arts T itle I terrelationship C onclusion
  • 46. Production Possibility Practice What is the opportunity cost of moving from A to B? A B
  • 47. Why? 3 reasons negative
  • 48. In your groups • You are members of the financial ministry of the country of Travistan • Create a budget for FY 2014 • Smog level 100 million particles per square inch Reducing pollution would increase tourism and create thousands of new jobs Travistan