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Bellringer
1. How much information will you miss if you
miss 1 day of a regular school day?
2. What if you miss 2 days?
3. What if you miss 8 days?
“the margin”
• Additional
• Ex: production, consumption, effort
Two volunteers
• Two Volunteers
• Marginal utility
Two volunteers
• Two Volunteers
• Law of diminishing
marginal returns
• Eventually marginal
benefits will decrease
Day 3
Eventually…
Application to students?
Application to business?
Application to government?
Application to partiers
On your BR
• 4. Write a specific example of DMR from your
life, using economic vocabulary
Review Biz Organizations
Day 3
Day 3
Day 3
Day 3
Day 3
Which of the 3 business orgs would you
use to start a…..
Which of the 3 business orgs would you
use to start a…..
Which of the 3 business orgs would you
use to start a…..
Which of the 3 business orgs would you
use to start a…..
Tile setting
Which of the 3 business orgs would you
use to start a…..
Which of the 3 business orgs would you
use to start a…..
Which of the 3 business orgs would you
use to start a…..
Quantitative Easing on back of quiz
Why would an economist say it
makes sense to pay $500 to fly
to Los Angeles, when a person
could drive for only $90?
Mental Bellringer
Think of a day when you got a lot done. What were
you doing? Why were you able to do it?
Day 3
Day 3
Experiment
• 1 group draws
• 1 group draws
• 1 group draws
Graph Experiment
How could I model this?
Increase productivity?
Productivity
• Quantity of output for each unit of input
• For example:
• Mechanic can do 4 oil changes per hour
• Each oil change requires $8 worth of filter & oil
• “At the margin” increases in
Productivity
Another example?
Hours studying? Working?
Draw and label 2 good PPF
label impossible, efficient and inefficient
Day 3
Increases in productivity
• Causes ---------
• #1 technology
• Others:
• Human capital
• Cheaper inputs
• Health
• Globalization
Bellringer on a full sheet
1. List 3 things the
“60+” plus might
refer to. Such as
weight.
2. Which is the best
answer to #1?
3. How many of those
folks are there in the
US now?
4. How many will there
be in 2040?
A strategy to read graphs (or pictures)
O verview
P arts
T itle
I nterrelationships
C onclusion
A strategy to read graphs (or pictures)
O verview
P arts
T itle
I terrelationship
C onclusion
Source: Associated Press
A strategy to read graphs (or pictures)
O verview
P arts
T itle
I nterrelationship
C onclusion
A strategy to read graphs (or pictures)
O verview
P arts
T itle
I terrelationship
C onclusion
A strategy to read graphs (or pictures)
O verview
P arts
T itle
I terrelationship
C onclusion
A strategy to read graphs (or pictures)
O verview
P arts
T itle
I terrelationship
C onclusion
A strategy to read graphs (or pictures)
O verview
P arts
T itle
I terrelationship
C onclusion
A strategy to read graphs (or pictures)
O verview
P arts
T itle
I terrelationship
C onclusion
A strategy to read graphs (or pictures)
O verview
P arts
T itle
I terrelationship
C onclusion
A strategy to read graphs (or pictures)
O verview
P arts
T itle
I terrelationship
C onclusion
A strategy to read graphs (or pictures)
O verview
P arts
T itle
I terrelationship
C onclusion
A strategy to read graphs (or pictures)
O verview
P arts
T itle
I terrelationship
C onclusion
A strategy to read graphs (or pictures)
O verview
P arts
T itle
I nference
C onclusion
A strategy to read graphs (or pictures)
O verview
P arts
T itle
I terrelationship
C onclusion
A strategy to read graphs (or pictures)
O verview
P arts
T itle
I terrelationship
C onclusion
A strategy to read graphs (or pictures)
O verview
P arts
T itle
I terrelationship
C onclusion
A strategy to read graphs (or pictures)
O verview
P arts
T itle
I terrelationship
C onclusion
A strategy to read graphs (or pictures)
O verview
P arts
T itle
I terrelationship
C onclusion
A strategy to read graphs (or pictures)
O verview
P arts
T itle
I terrelationship
C onclusion
Production Possibility Practice
What is the
opportunity
cost of
moving from
A to B?
A
B
Why?
3 reasons
negative
In your groups
• You are members of the financial
ministry of the country of
Travistan
• Create a budget for FY 2014
• Smog level 100 million
particles per square inch
Reducing pollution would increase
tourism and create thousands of
new jobs
Travistan
Day 3

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Day 3

  • 1. Bellringer 1. How much information will you miss if you miss 1 day of a regular school day? 2. What if you miss 2 days? 3. What if you miss 8 days?
  • 2. “the margin” • Additional • Ex: production, consumption, effort
  • 3. Two volunteers • Two Volunteers • Marginal utility
  • 4. Two volunteers • Two Volunteers • Law of diminishing marginal returns • Eventually marginal benefits will decrease
  • 11. On your BR • 4. Write a specific example of DMR from your life, using economic vocabulary
  • 18. Which of the 3 business orgs would you use to start a…..
  • 19. Which of the 3 business orgs would you use to start a…..
  • 20. Which of the 3 business orgs would you use to start a…..
  • 21. Which of the 3 business orgs would you use to start a….. Tile setting
  • 22. Which of the 3 business orgs would you use to start a…..
  • 23. Which of the 3 business orgs would you use to start a…..
  • 24. Which of the 3 business orgs would you use to start a…..
  • 25. Quantitative Easing on back of quiz Why would an economist say it makes sense to pay $500 to fly to Los Angeles, when a person could drive for only $90?
  • 26. Mental Bellringer Think of a day when you got a lot done. What were you doing? Why were you able to do it?
  • 29. Experiment • 1 group draws • 1 group draws • 1 group draws
  • 30. Graph Experiment How could I model this? Increase productivity?
  • 31. Productivity • Quantity of output for each unit of input • For example: • Mechanic can do 4 oil changes per hour • Each oil change requires $8 worth of filter & oil • “At the margin” increases in Productivity Another example? Hours studying? Working?
  • 32. Draw and label 2 good PPF label impossible, efficient and inefficient
  • 34. Increases in productivity • Causes --------- • #1 technology • Others: • Human capital • Cheaper inputs • Health • Globalization
  • 35. Bellringer on a full sheet 1. List 3 things the “60+” plus might refer to. Such as weight. 2. Which is the best answer to #1? 3. How many of those folks are there in the US now? 4. How many will there be in 2040?
  • 36. A strategy to read graphs (or pictures) O verview P arts T itle I nterrelationships C onclusion
  • 37. A strategy to read graphs (or pictures) O verview P arts T itle I terrelationship C onclusion Source: Associated Press
  • 38. A strategy to read graphs (or pictures) O verview P arts T itle I nterrelationship C onclusion
  • 39. A strategy to read graphs (or pictures) O verview P arts T itle I terrelationship C onclusion
  • 40. A strategy to read graphs (or pictures) O verview P arts T itle I terrelationship C onclusion
  • 41. A strategy to read graphs (or pictures) O verview P arts T itle I terrelationship C onclusion
  • 42. A strategy to read graphs (or pictures) O verview P arts T itle I terrelationship C onclusion
  • 43. A strategy to read graphs (or pictures) O verview P arts T itle I terrelationship C onclusion
  • 44. A strategy to read graphs (or pictures) O verview P arts T itle I terrelationship C onclusion
  • 45. A strategy to read graphs (or pictures) O verview P arts T itle I terrelationship C onclusion
  • 46. A strategy to read graphs (or pictures) O verview P arts T itle I terrelationship C onclusion
  • 47. A strategy to read graphs (or pictures) O verview P arts T itle I terrelationship C onclusion
  • 48. A strategy to read graphs (or pictures) O verview P arts T itle I nference C onclusion
  • 49. A strategy to read graphs (or pictures) O verview P arts T itle I terrelationship C onclusion
  • 50. A strategy to read graphs (or pictures) O verview P arts T itle I terrelationship C onclusion
  • 51. A strategy to read graphs (or pictures) O verview P arts T itle I terrelationship C onclusion
  • 52. A strategy to read graphs (or pictures) O verview P arts T itle I terrelationship C onclusion
  • 53. A strategy to read graphs (or pictures) O verview P arts T itle I terrelationship C onclusion
  • 54. A strategy to read graphs (or pictures) O verview P arts T itle I terrelationship C onclusion
  • 55. Production Possibility Practice What is the opportunity cost of moving from A to B? A B
  • 57. In your groups • You are members of the financial ministry of the country of Travistan • Create a budget for FY 2014 • Smog level 100 million particles per square inch Reducing pollution would increase tourism and create thousands of new jobs Travistan