Warm up questions – 1/28/2014 What are some economic decisions you made in the last 24 hours? (ie. time, money) What were some alternatives that you were.

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Warm up questions – 1/28/2014 What are some economic decisions you made in the last 24 hours? (ie. time, money) What were some alternatives that you were not able to do as a result of those decisions?

Scarcity Economics is the study of how individuals and economies deal with the fundamental problem of scarcity. Scarcity means that there is not an unlimited supply of “things”. As a result of scarcity, individuals and societies must make choices (trade offs) among competing alternatives. not The opportunity cost of any alternative is defined as the cost of not selecting the "next-best" alternative.

GroupBand/DJPlaceFood/DecorationsProject $

Dance Planning Questions: Answer the following questions individually: Which expenditures did your group choose? Why did your group choose each expenditure? Give the opportunity cost for each of the expenditures you chose. Turn into the wire basket when finished and pick up the Circular Flow Quiz