unit 7a: economics
DESCRIPTION
Unit 7a: Economics. Vocabulary. How do YOU define economics?. The study of the production, distribution and the consumption of goods and services. The study of making decisions. GOODS. Anything that can be grown or manufactured. SUPPLY. The degree of availability of an item. Producer. - PowerPoint PPT PresentationTRANSCRIPT
Exercise
Caitlin wants to purchase an ice cream cone that costs $3 and a smoothie that costs $4. However, she only has $5.
Scarcity: Opportunity Cost of Buying the ice cream:
Pierre wants to be involved in both the band and the choir but both of the rehearsals meet at 4 pm.
Scarcity:Opportunity Cost of being in band:
Robert has three cupcakes and wants to eat one and he wants to share with his friends. There are three friends sitting with him at his lunch table.
Scarcity:Opportunity cost of sharing his cupcakes: