WARM UP-9/4 Explain the difference between micro and macro economics in your own words

COSTS AND BENEFITS Costs-What you give up by buying something or participating in a certain activity Benefit-What you gain from purchasing something or engaging in a certain activity

COST/BENEFIT ANALYSIS Cost/Benefit Analysis—comparison of what you will lose vs. what you will gain by making a decision Make trade-offs— give up one thing for another

COSTS VS. BENEFITS Babysitting your brother for $20 Doing your homework Hanging out with your friends Shopping Playing basketball Buying a new car

WITH YOUR ASIA PARTNER… Write your names on the paper!! Step 1 Agree upon a want you want to buy

THINK OF A WANT… Step 2: Complete a costs and benefits chart of purchasing a want Step 3: Write 4 sentences as to whether or not it is wise to purchase your want and why?

WRITE A STORY… Write a story about an economic situation You must include the new terms Cost Benefit Need Want Good Service Scarce or Scarcity Challenge: include micro/macro economics