All posts by Scorcia

Thought, Systems & Decision Making

Concepts:

Tangible vs. Intangible Resources

The Environment for firms and individuals- economic systems

The 3 basic questions for any economy

The decision making framework:

  1. by tradition
  2. by command
  3. by market forces

 

Additional Practice and Review (30 min)
1.Read Pages 27-28
2.Read skill builder : Page 29 look at Questions 1-4
3. Come up with another example of adding value through additional processing or refinement of a product

The Production Possibilities Curve

The Production Possibilities Curve

You should be able to answer the following questions:

What point(s) are productively inefficient, efficient, and not possible?
Why is it called the production possibilities frontier?
What part of the graph illustrates diminishing returns?
What is opportunity cost and how does the graph illustrate this concept?

Assignment (For Submission on Wednesday): Prepare a chart demonstrating 6 production possibilities and the opportunity cost of one item. Label a point (L) that demonstrates unemployed resources (inefficient production) and a point unattainable with current resources and technology (M).

Video Resources:

Basic Fallacies, Laws and Theories of Economics

Review Normative and Positive Economics – activity

Learning Focus:

What you should be able to describe when we are done:

The Fallacy of Composition, The Post Hoc Fallacy, The Fallacy of Single Causation

Economic Laws and The Production Possibilities Curve

The Law of Increasing Relative Cost, The Law of Diminishing Returns, The Law of Increasing Returns to Scale

In Class Activity: Page 24  Communication Exercise 6 – in groups of three identify the fallacy in each scenario

Additional Practice and Review:

Read Pages  14-15

Complete Note Taking Worksheet

Celebration of Your Knowledge (Unit Test) – Mon.Sept.18th

Quiz Friday Sept. 15th

Unit Test Chapters 1-3 -Monday Sept. 18th

For the Multiple Choice  (Knowledge):

Review all of the material in the chapters including the check your understanding questions

For the Problems/Written Responses (Application and Thinking)

Areas to focus on:

  1. Production Possibilities Curves, how the PPC can be used illustrate the different laws of economics, calculating opportunity cost
  2. Political and Economic Systems

What is Economics?

Introduction to CIA4U- Things to Do:

  1. Review your TIMETABLE
  2. Read the Course profile
  3. Rules, Procedures and Expectations
  4. Get a textbook
  5. Watch the Intro Prezi

Additional Practice and Review: Read Pages 4-14