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Bellringer
1. Why did you choose to take this course?
2. What other advanced courses have you taken
during high school?
3....
Write your name in/on it
Stickers or décor ok!
Back: Reverse, non-alpha glossary
Show slideshare and wordpress
Opportunity Cost
• Next best option
• What you gave up to be here
• “I don’t get paid to be here”.
What is economics?
• Study of how people
make choices
• You made a choice by
coming to class today
• But that choice also
...
Economics
• People face trade-offs
• Hundreds of choices
each day
• Every choice means you
refuse something else
• Example...
Humans have limited
resources and
unlimited wants
Economist
Enlightened Philosophy
Alan Greenspan
Ben Stein
$1 prize:
only...
Choices
Can’t do
everything
Limits on life?
Examples?
Opportunity Cost
Next best option
Next best trade off
Other examples?
3. Rational People Think at the Margin
• Cost benefit analysis
• Video clip
• Benefits?
• Costs?
• Other
examples?
http://...
4. People Respond to incentives
Positive incentives
Carrots
Sunnyside laptops
College Scholarships
Other examples?
Negativ...
5. Trade can make everyone better off
• Gain by profit
• “Buy low, sell high”
• Utility
• Test it?
Value, in economic terms
2 ways economists measure value of
a good/service:
1. Price – (How much are you
willing to pay?)
...
Paradox of Value
• Some items have low prices and high
usefulness (water)
• Others are almost useless, but have high
price...
Assignment, due next Monday 8/12/2013
1. Acquire the Mankiw text, either paper or
electronic version
2. Read page “How to ...
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Mon economic assumptions

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Mon economic assumptions

  1. 1. Bellringer 1. Why did you choose to take this course? 2. What other advanced courses have you taken during high school? 3. If you weren’t here right now, what one thing would you be doing right now?
  2. 2. Write your name in/on it Stickers or décor ok! Back: Reverse, non-alpha glossary Show slideshare and wordpress
  3. 3. Opportunity Cost • Next best option • What you gave up to be here • “I don’t get paid to be here”.
  4. 4. What is economics? • Study of how people make choices • You made a choice by coming to class today • But that choice also has a cost
  5. 5. Economics • People face trade-offs • Hundreds of choices each day • Every choice means you refuse something else • Examples?
  6. 6. Humans have limited resources and unlimited wants Economist Enlightened Philosophy Alan Greenspan Ben Stein $1 prize: only President with economics Greg Mankiw
  7. 7. Choices Can’t do everything Limits on life? Examples?
  8. 8. Opportunity Cost Next best option Next best trade off Other examples?
  9. 9. 3. Rational People Think at the Margin • Cost benefit analysis • Video clip • Benefits? • Costs? • Other examples? http://www.yadayadayadaecon.com/clip/7/
  10. 10. 4. People Respond to incentives Positive incentives Carrots Sunnyside laptops College Scholarships Other examples? Negative incentives Sticks Laws
  11. 11. 5. Trade can make everyone better off • Gain by profit • “Buy low, sell high” • Utility • Test it?
  12. 12. Value, in economic terms 2 ways economists measure value of a good/service: 1. Price – (How much are you willing to pay?) 2. Utility (how happy does this make me?)
  13. 13. Paradox of Value • Some items have low prices and high usefulness (water) • Others are almost useless, but have high prices (diamonds)
  14. 14. Assignment, due next Monday 8/12/2013 1. Acquire the Mankiw text, either paper or electronic version 2. Read page “How to read this book” -2 easiest and why, 2 new ideas and why 3. Write a worksheet or lesson to teach regular students about opportunity cost & marginal analysis Can be the same paper or electronic: travis.klein@tusd1.org

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