Economics is the study of mankind in the ordinary business of life --Alfred Marshall.

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Presentation transcript:

Economics is the study of mankind in the ordinary business of life --Alfred Marshall

Your group is building a new zoo. You have to decide what animals to have. Space is limited. You get 25 acres. Take 8-10 minutes to make your selections, based on the next slide.

Lion - 2 acres Turkey - 1/10 acre Giraffe -1 acre Seal - 1/2 acre Camel - 1/2 acre Cheetah - 1 acre Cow - 1/3 acre Monkey - 1/2 acre Asian Elephant - 1 acre African Elephant acres Reptile House - 5 acres Hammerhead Shark - 1/2 acre Kangaroo - 1/2 acre Tiger - 1 acre Whales - 3 acres House of Birds - 5 acres hint:they don’t like being alone *Numbers are acres required for ONE animal (hint: they don’t like being alone!) [If you had 2 of each, it would take over 34 acres–so you will have to make choices.]

Lion - 2 acres; Turkey - 1/10 acre; Giraffe -1 acre; Seal - 1/2 acre; Camel - 1/2 acre; Cheetah - 1 acre; Cow - 1/3 acre; Monkey - 1/2 acre; Asian Elephant - 1 acre; African Elephant acres; Reptile House - 5 acres; Hammerhead Shark - ½ acre; Kangaroo - 1/2 acre; Tiger - 1 acre; Whales - 3 acres; House of Birds - 5 acres. *Numbers are acres required for ONE animal (hint: they don’t like being alone!) [If you had 2 of each, it would take over 34 acres – so you will have to make choices.]

Two tigers camel & seal Two Asian elephants Two monkeys To get you started here are some examples of what you might do! This would have taken care of 6 of the 25 acres. 19 more to go!

1. Why didn't you put one of every animal in the zoo?" 2. "Why didn't you put a turkey in your zoo?" 3. "Why didn't you have a zoo with only monkeys?" 4. "Why did you choose an Asian elephant and not an African elephant?"

5. "What is the last animal to make the cut for your zoo?“ 6. "What is the animal that just missed the cut for your zoo?" 7. What animal did everyone in your group agree to include ___? 8. Would everyone in your group have made the same choices if they did it alone?" 9. If you were actually constructing the zoo, what are some things you would need? Items you would want?

* Write at least 2 sentences for each question. 1.What is a marginal cost of staying in school? 2.What is an opportunity cost of staying in school? 3.What are some marginal benefits of staying in school? (Why do most students choose to stay in high school and graduate?) 4.What are some future consequences of a decision to drop out of school vs. stay in school?