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5 views13 pagesEconomic Scarcity and Resources Explained
The document outlines the agenda for a class which includes:
1) Discussing a "Do Now" activity for 5 minutes
2) Answering homework questions for 10 minutes
3) Taking a 30 minute assessment called "Assessment P"
4) Doing an activity called "The Economic Way of Thinking" for 15 minutes
5) Learning about the objective "T2 - Identify the conditions that give rise to the economic problem of scarcity" for 20 minutes
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0% found this document useful (0 votes)
5 views13 pagesEconomic Scarcity and Resources Explained
The document outlines the agenda for a class which includes:
1) Discussing a "Do Now" activity for 5 minutes
2) Answering homework questions for 10 minutes
3) Taking a 30 minute assessment called "Assessment P"
4) Doing an activity called "The Economic Way of Thinking" for 15 minutes
5) Learning about the objective "T2 - Identify the conditions that give rise to the economic problem of scarcity" for 20 minutes
Uploaded by
wsiepielaCopyright
© Attribution Non-Commercial (BY-NC)
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd
Do Now
Describe the slopes and relationships of the following data:
Objective T2
The Economic Way of Thinking
- Business Calculus
Agenda
1. Discuss Do Now (5 minutes)
2. Homework Questions (10 minutes)
3. Assessment P (30 minutes)
4. Economic Way of Thinking Activity (15 min)
5. OBJ T2 (20 minutes)
Homework Questions
Are there any minor questions before we begin
the assessment?
Assessment Time
Assessment P
• P1-P5
• First grades for the Progress Report
• If you don’t do well, you need to come to office
hours to reassess and bring your grade up!
You have 30 minutes!
Economic Way of Thinking
In life, we make decisions, large and small,
everyday. Sometime these decision are economic
in nature, but not always.
• What exactly is an economic decision?
• Does an economic decision involve money?
• Does everything have a cost?
In the following activity, take 10 minutes to
answer the questions. Be prepared to discuss
your answers.
T2 - Identify the conditions that give
rise to the economic problem of
scarcity.
Scarcity is the inability to satisfy our wants due
to limited resources. What resources are we
talking about per se?
Factors of Production:
1. Land
2. Labor
3. Capital
T2 - Identify the conditions that give
rise to the economic problem of
scarcity.
First Factor: LAND!
This includes more than just land. This includes
what is below the land, above the land, in the
land, etc.
LAND in economics refers to natural resources.
Ex. Oil, minerals, fresh water, and even land
itself.
T2 - Identify the conditions that give
rise to the economic problem of
scarcity.
What has the US been using land for?
T2 - Identify the conditions that give
rise to the economic problem of
scarcity.
Second Factor: LABOR!
This includes the working force and the time
spent working. Even with all the modern
machinery and robotics of today, we still need
humans to do the work.
The quality (skill) of this labor is measured as
“human capital”.
T2 - Identify the conditions that give
rise to the economic problem of
scarcity.
What does the US human capital look like?
T2 - Identify the conditions that give
rise to the economic problem of
scarcity.
Third factor: CAPITAL!
3 Types:
1. Human capital (already talked about)
2. Financial capital (money, stocks, bonds)
3. CAPITAL
When we talk about CAPITAL, we mean tools,
factories, machinery, computers, etc.
Business Calculus