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Economics is the study of mankind in the ordinary business of life --Alfred Marshall Norman.

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Presentation on theme: "Economics is the study of mankind in the ordinary business of life --Alfred Marshall Norman."— Presentation transcript:

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2 Economics is the study of mankind in the ordinary business of life --Alfred Marshall Norman

3 Your group is building a new zoo. You have to decide what animals to have. Space is limited. You get 25 acres. Take 8-10 minutes to make your selections, based on the next slide.

4 Lion - 2 acres Turkey - 1/10 acre Giraffe -1 acre Seal - 1/2 acre Camel - 1/2 acre Cheetah - 1 acre Cow - 1/3 acre Monkey - 1/2 acre Asian Elephant - 1 acre African Elephant acres Reptile House - 5 acres Hammerhead Shark - 1/2 acre Kangaroo - 1/2 acre Tiger - 1 acre Whales - 3 acres House of Birds - 5 acres hint:they don’t like being alone *Numbers are acres required for ONE animal (hint: they don’t like being alone!) over 34 you will have to make choices [ If you had 2 of each, it would take over 34 acres –so you will have to make choices.]

5 Lion - 2 acres; Turkey - 1/10 acre; Giraffe -1 acre; Seal - 1/2 acre; Camel - 1/2 acre; Cheetah - 1 acre; Cow - 1/3 acre; Monkey - 1/2 acre; Asian Elephant - 1 acre; African Elephant acres; Reptile House - 5 acres; Hammerhead Shark - ½ acre; Kangaroo - 1/2 acre; Tiger - 1 acre; Whales - 3 acres; House of Birds - 5 acres. hint: they don’t like being alone! *Numbers are acres required for ONE animal (hint: they don’t like being alone!) over 34 acres you will have to make choices [If you had 2 of each, it would take over 34 acres – so you will have to make choices.]

6 Two tigers Two seals Two Asian elephants Two monkeys To get you started here are some examples of what you might do! This would have taken care of 7 of the 25 acres. 18 more to go! Two camels R emember that 2 of each helps future zoo stock.

7 1. Why didn't your group put one of every animal in the zoo? ScarcityScarcity space/scarcity 2. We had a space/scarcity problem. If we wanted more on one animal we had to give up more If we wanted more on one animal we had to give up more of another animal. of another animal. 3. Why didn't your group put a turkey in your zoo? Benefits vs. costs (turkeys, like cows, are too common)Benefits vs. costs (turkeys, like cows, are too common) 4. Why didn't your group have a zoo with only monkeys? Diminishing[less] marginal[extra] utility[satisfaction]Diminishing[less] marginal[extra] utility[satisfaction] 5. Why did your group choose an Asian elephant and not an African elephant? Benefits vs. costs (the Asian Elephant takes less land)Benefits vs. costs (the Asian Elephant takes less land)

8 6. What was the last animal to make the cut for your zoo? Marginal AnalysisMarginal Analysis 7. What was the animal that just missed the cut for your zoo? That animal is the “opportunity cost” [“opportunity lost”]That animal is the “opportunity cost” [“opportunity lost”] 8. What animal did everyone in your group agree to include ___? 9. Would everyone in your group have made the same choices if they did the zoo alone? Individual benefits vs. social benefitsIndividual benefits vs. social benefits

9 * Write at least 2 sentences for each question. 1.What is the cost of staying in school? 2.Why do some students choose to drop out of school? 3.Why do most students choose to stay in high school and graduate? 4.What are the future consequences of a decision to drop out of school vs. stay in school?


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