Welcome to Economics! Mr. Brewer. LEARNING TARGETS  To understand the concept of scarcity, and give real-world examples of it.  To understand and give.

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Presentation transcript:

Welcome to Economics! Mr. Brewer

LEARNING TARGETS  To understand the concept of scarcity, and give real-world examples of it.  To understand and give real-world examples of the definition of Economics  To be able to identify real-world examples of Allocation of Resources.  To understand the concept of scarcity, and give real-world examples of it.  To understand and give real-world examples of the definition of Economics  To be able to identify real-world examples of Allocation of Resources.

What’s Econ all about?  It is NOT all about money  Our goal in Apple Valley Econ  Encourage you to see that economics is all around you  Allow you to better understand and explain econ  Graduate (24 school weeks and counting)!

Why should you care?  700 Billion dollar bank bailout - officially known as the Troubled Assets Relief Program  Giving 25 Billion to 2 of the Big 3 automakers  The upcoming Presidential Election  Its impact on you!  Student loans  Available jobs  Who pays back the loans?

Let’s try a game:  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.

Zoo Choices-25 acres total!  Lion- 2 acres  Turkey- 1/10 acre  Giraffe-1 acre  Seal- 1 acre  Camel- 1/2 acre  Cheetah- 5 acres  Cow- 1/3 acre  Monkey-1/2 acre  Asian Elephant-1 acre  African Elephant-1.5 acres  Reptile House-7 acres  Hammerhead Shark-2 1/2 acres  Kangaroo-1/2 acre  Tiger- 1 acre  Whales-3 acres  House of Birds- 10 acres

Questions: 1. Why didn't you put one of every animal in the zoo? Scarcity 2. Why didn't you put a turkey in your zoo? Benefits vs. costs (too common) 3. Why didn't you have a zoo with only monkeys? Diminishing marginal utility 4. Why did you choose an Asian elephant and not an African elephant? Benefits vs. costs- the Asian Elephant takes less land

Questions: 5. What is the last animal to make the cut for your zoo?” Marginal Analysis 6. What is the animal that just missed the cut for your zoo? Opportunity Cost