Announcements. Unit #1 Outline: Extra credit for the test. Due day of the test.

Transcription

1 Day #7 2/13-14

2 Announcements Unit #1 Outline: Extra credit for the test. Due day of the test. Unit #1 Test Odd: Thurs., 2/15 Even: Fri., 2/16 40 multiple choice questions and 2 short answers. Corrections: After school Weds., 2/28-Tues., 3/6

3 Review Day #5 Writing Assignment Task: Describe how the article, Fiat Chrysler supplier plans temporary layoffs as Jeep production shifts in Toledo, is an example of the production possibilities curve (PPC). Explain how it is related to a course theme (analysis). Format: The following TEA model should help you in writing your answer: Topic: This is essentially a one or two sentence description of what your paragraph(s) will be about. It should include some details on what your short-answer will be about, but not too many details. Weak topic / thesis: Choices always result in costs. Good topic / thesis: Choices always result in costs because when making a decision Evidence: This should include relevant facts, examples, and details supporting your topic / thesis statement. These will come from the source. Analysis: This is an explanation of how the evidence proves the answer to the task. It will explain how your example supports your topic sentence / thesis. It will be your own ideas and facts about the significance or importance of the task.

4 Example 5/5 The article is an example of the production possibilities curve because they re taking resources away from the old cars and shifting them to produce the new cars. Production on the old Wrangler is winding down, but it gives the company the opportunity to produce over 400,000 new Wranglers. They re using the resources from the old car on the new jeep which shows that they are moving along the production possibilities curve. Furthermore, this addresses the theme of incentives are important in decision making because they saw the opportunity to produce more, newer cars and they think the newer ones will sell better, giving them a bigger profit. This shows that incentives were better on the newer cars.

5 Other Examples 4/5: Similar topic sentence and supporting details in the example. Mentions a theme but lacks details about how the article addresses the theme 3/5: Similar topic sentence and supporting details in the example. Lacks analysis. 2/5: Vague topic sentence. This article addresses the production possibilities curve. Recopied evidence / example/ details from the article. 1/5: Just a summary of the article.

6 Corny Jokes 1. Why did Beethoven get rid of his chickens? THEY KEPT SAYING BACH BACH - BACH! 2. What did the reluctant math student say when they didn t do their homework? GRAPHING IS WHERE I DRAW THE LINE! 3. KNOCK, KNOCK DISHES DISHES A BAD JOKE

7 Review Ch. #7, The Circular Flow Model 1. What is the circular flow model? 2. What role do households fulfill or have (producer or consumer) in the product market? Resource market? 3. What role do business firms fulfill or have (producer or consumer) in the product market? Resource market? 4. Complete the following: In the product market households (choose one) spend / earn income. 5. Complete the following: In the resource market households (choose one) spend / earn income. 6. Complete the following: In the product market business firms (choose one) spend / earn income. 7. Complete the following: In the resource market households (choose one) spend / earn income.

8 Name: Day #7 Classwork Questions around the room Please place in the bin / basket when you are done.

9 One game to engage them all

10 Question #1 If resources are scarce, it means that they: A. cannot provide enough goods or services to satisfy all human material wants and needs. B. have no opportunity cost. C. are probably not valued by consumers. D. have an unlimited supply. A!

11 Question #2 Margo spends $10,000 on one year's college tuition. The opportunity cost of spending one year in college for Margo is: A. $10,000. B. whatever she would have purchased with the $10,000 instead. C. whatever she would have earned had she not been in college. D. whatever she would have purchased with the $10,000 and whatever she would have earned had she not been in college. D!

12 Question #3 Find the law of diminishing returns. A. As a fixed factor is added to variable factors, eventually the marginal product increases. B. As variable factors are added to fixed factors, eventually the marginal product increases. C. As fixed factors are added to variable factors, eventually the marginal product decreases. D. As variable factors are added to fixed factors, eventually the marginal product decreases. D!

13 Question #4 The opportunity cost of increasing the production of TVs from A to B would be 1 Computer!

14 Question #5 The opportunity cost of increasing the production of computers from D to C would be 3 TVs!

15 Question #6 Which of the following is would be classified as a resource used in the production of a lawnmower? I. Workers used to produce it. II. The factory where it was produced. III. The lawnmower itself. A. I only. B. II only. C. I, II only. D. I, II, III. C!

16 Question #7 Which of the following is considered a physical capital resource? A. A computer programmer. B. An a toaster used in the production of a bagel. C. The chief executive officer (CEO) of Facebook. D. A computer used by a college student to write a paper. B!

17 Question #8 Workers Total Production (in units) Marginal Production (in units) After how many workers does diminishing returns set in? 3!

18 Question #9 After eating three slices of pizza, you decide to eat one more piece. Your decision is an example of the economic principle called: A. opportunity-cost decision. B. people responding to incentives. C. equity decision. D. marginal decision making. D!

19 Question #10 The production possibility frontier illustrates that: A. the economy will automatically end up at full employment. B. an economy's productive capacity increases proportionally with its population. C. if all resources of an economy are being used efficiently, more of one good can be produced only if less of another good is produced. D. economic production possibilities have no limit. C!

20 Question #11 What do points C and D have in common? A. They have no opportunity costs. B. They are allocative efficient. C. They are productively efficient. D. They do not use any physical capital resources. C!

21 Question #12 Redraw the graph on the left and label it correctly. Draw / indicate the impact of an increase in technological advancements on the production capacity of a society.

22 Question #13 Redraw the graph on the left and label it correctly. Show a point that indicates the unemployment of resources.

23 Question #14 The circular flow model shows that goods and services flow from A. businesses to households. B. households to business. C. the factor market to businesses. D. the goods market to businesses. A!

24 Question #15 According to the circular flow model, when business firms buy more resources A. Business firm income will decline as they will produce more products. B. Unemployment will rise. C. Household income will decline. D. Business firms will increase their production of goods and services. D!

25 Question #16 If Wegmans decides to use self-checkout machines instead of human cashiers which of the basic economic questions below are they answering? A. How to produce? B. What to produce? C. Why are resources used? D. For whom to produce it for? A!