Unit 1: Fundamental economic concepts
Important vocabulary:
needs, wants, goods, services, scarcity, shortage, opportunity cost, land, labor, capital, production possibilities frontier, microeconomics, macroeconomics
needs, wants, goods, services, scarcity, shortage, opportunity cost, land, labor, capital, production possibilities frontier, microeconomics, macroeconomics
Click here for Quizlet vocabulary flashcards.
Topics:
Economic Decision Making
Costs & Benefits
Opportunity Cost
Diminishing Marginal Utility
Economic Decision Making
Costs & Benefits
Opportunity Cost
Diminishing Marginal Utility
Opportunity Cost
Here is a video by Dirk Mateer, a professor at the University of Arizona: The Opportunity Cost of Seeing President Obama
Here are two interesting articles about the opportunity cost of going to college:
Benefits of College Still Outweigh Costs, Fed Study Says (USA Today 6/24/14)
Do the Math: How Opportunity Costs Multiply Tuition (Forbes 5/21/14)
Career Research
Use www.bls.gov/ooh or www.aci.net to research three possible careers. Fill out the worksheet distributed in class or through Google Classroom.
Here is a video by Dirk Mateer, a professor at the University of Arizona: The Opportunity Cost of Seeing President Obama
Here are two interesting articles about the opportunity cost of going to college:
Benefits of College Still Outweigh Costs, Fed Study Says (USA Today 6/24/14)
Do the Math: How Opportunity Costs Multiply Tuition (Forbes 5/21/14)
Career Research
Use www.bls.gov/ooh or www.aci.net to research three possible careers. Fill out the worksheet distributed in class or through Google Classroom.