Intro to Economics Task #2

TASK #2 OPPORTUNITY COST

Congratulations, now that you know what SCARCITY is, let’s analyze economic decision making.

The next major economic concept you will be investigating is something you have been doing most of your life, deciding what to do with your time, money, or energy because you cannot be in two places at one time.

The most common example used in economics to analyze a country’s production options is a Production Possibilities Curve, as it illustrates Opportunity Cost.

Consider these two options, our country can use our all of limited resources to produce just GUNS or just BUTTER or a combination of both. A Production possibilities Curve illustrates the opportunity cost (or the cost of the next best alternative we cannot have) GUNS or BUTTER. Take a look at the example below

Opportunity Cost

Watch the following video clip that uses the movie Monster’s Inc. to learn about how Producers (Businesses) deal with these economic limitations.

Task #2 Notes *Take notes from the video link below to learn the main ideas behind this concept.

Here is a link to the video just in case the video doesn't load

Economovies Opportunity Cost in Monster's Inc


?Still don't get it, here is a link to deeper look into What Opportunity Cost is and how it is graphed.

Here is a link to the video just in case the video doesn't load
https://www.youtube.com/watch?v=kmjzgB_tUJ8

Intro to Econ Task #1

TASK #1

What is the fundamental problem of economics?

Consider the following scenario.

Imagine that you walk into a classroom and immediately notice there are far more students than there are desks and your teacher tells you that you must find as a solution as a class. You must decide who gets them, who will not and why.

This scenario represents the fundamental problem in economics, watch the following video clip to learn more about it.

*Use this note outline to learn guide your attention while watching the video.

TASK 1 video notes

Here is a link to the video just in case the video doesn't load
What is the fundamental problem of economics?
After watching the video clip answer the review questions on quizizz

Task #1 Quiz

Quizizz Code: 847683

*If you did not answer 2 of the 3 questions correctly review your notes attempt the questions again, and then visit this clip from Mr. Clifford as he explains the economic concept using Star Wars as an example.

Here is a link to the video just in case the video doesn't load

Economovies Scarcity