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Day 3

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Day 3

  1. 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. 2. “the margin” • Additional • Ex: production, consumption, effort
  3. 3. Two volunteers • Two Volunteers • Marginal utility
  4. 4. Two volunteers • Two Volunteers • Law of diminishing marginal returns • Eventually marginal benefits will decrease
  5. 5. Eventually…
  6. 6. Application to students?
  7. 7. Application to business?
  8. 8. Application to government?
  9. 9. Application to partiers
  10. 10. On your BR • 4. Write a specific example of DMR from your life, using economic vocabulary
  11. 11. Review Biz Organizations
  12. 12. Which of the 3 business orgs would you use to start a…..
  13. 13. Which of the 3 business orgs would you use to start a…..
  14. 14. Which of the 3 business orgs would you use to start a…..
  15. 15. Which of the 3 business orgs would you use to start a….. Tile setting
  16. 16. Which of the 3 business orgs would you use to start a…..
  17. 17. Which of the 3 business orgs would you use to start a…..
  18. 18. Which of the 3 business orgs would you use to start a…..
  19. 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. 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. 21. Experiment • 1 group draws • 1 group draws • 1 group draws
  22. 22. Graph Experiment How could I model this? Increase productivity?
  23. 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. 24. Draw and label 2 good PPF label impossible, efficient and inefficient
  25. 25. Increases in productivity • Causes --------- • #1 technology • Others: • Human capital • Cheaper inputs • Health • Globalization
  26. 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. 27. A strategy to read graphs (or pictures) O verview P arts T itle I nterrelationships C onclusion
  28. 28. A strategy to read graphs (or pictures) O verview P arts T itle I terrelationship C onclusion Source: Associated Press
  29. 29. A strategy to read graphs (or pictures) O verview P arts T itle I nterrelationship C onclusion
  30. 30. A strategy to read graphs (or pictures) O verview P arts T itle I terrelationship C onclusion
  31. 31. A strategy to read graphs (or pictures) O verview P arts T itle I terrelationship C onclusion
  32. 32. A strategy to read graphs (or pictures) O verview P arts T itle I terrelationship C onclusion
  33. 33. A strategy to read graphs (or pictures) O verview P arts T itle I terrelationship C onclusion
  34. 34. A strategy to read graphs (or pictures) O verview P arts T itle I terrelationship C onclusion
  35. 35. A strategy to read graphs (or pictures) O verview P arts T itle I terrelationship C onclusion
  36. 36. A strategy to read graphs (or pictures) O verview P arts T itle I terrelationship C onclusion
  37. 37. A strategy to read graphs (or pictures) O verview P arts T itle I terrelationship C onclusion
  38. 38. A strategy to read graphs (or pictures) O verview P arts T itle I terrelationship C onclusion
  39. 39. A strategy to read graphs (or pictures) O verview P arts T itle I nference C onclusion
  40. 40. A strategy to read graphs (or pictures) O verview P arts T itle I terrelationship C onclusion
  41. 41. A strategy to read graphs (or pictures) O verview P arts T itle I terrelationship C onclusion
  42. 42. A strategy to read graphs (or pictures) O verview P arts T itle I terrelationship C onclusion
  43. 43. A strategy to read graphs (or pictures) O verview P arts T itle I terrelationship C onclusion
  44. 44. A strategy to read graphs (or pictures) O verview P arts T itle I terrelationship C onclusion
  45. 45. A strategy to read graphs (or pictures) O verview P arts T itle I terrelationship C onclusion
  46. 46. Production Possibility Practice What is the opportunity cost of moving from A to B? A B
  47. 47. Why? 3 reasons negative
  48. 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

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