Bellringer – use pencil

Slides:

Advertisements

Similar presentations

Checking Account & Debit Card Simulation

Advertisements

C H A P T E R 2: The Economic Problem: Scarcity and Choice © 2004 Prentice Hall Business PublishingPrinciples of Economics, 7/eKarl Case, Ray Fair 1 of.

 I can understand the definition of Economics.  I can understand why people have to make choices and that with choosing comes consequences.  I can.

 Study 5 hours – get B  Study 6 hours – get B +  What is the marginal benefit?  What is the marginal cost?

Chapter 1 The Economic Way of Thinking

Copyright © 2004 South-Western/Thomson Learning Social Sciences Social Sciences are the study of people….. What are the Social Sciences? Then define Econ.

After the Test, Get a Gold Book off the shelf- Please write all answers on your own paper. pg , pg , pg , pg Review all terms.

1 1.3 Opportunity Cost and Choice. 2 Opportunity Cost Overview: Because of ____________, whenever you make a choice you must pass up another opportunity.

Opportunity Cost Chapter 1.3. Warm-Up In this clip from the movie, Along Came Polly, what does Reuben (Ben Stiller) lose by putting on and taking off.

1 1.3 Opportunity Cost and Choice. 2 Opportunity Cost 1.Overview: Because of scarcity, whenever you make a choice you must pass up another opportunity.

Unit 2, Lesson 3 Scarcity and Choices

CHECKBOOK PREPARATION for Enterprise City. Your checkbook has three parts: Register pages Checks Deposit Slips.

Economics Social science concerned with how individuals, institutions, and society make optimal decisions under conditions of scarcity.

CHAPTER 1 SECTION 2 ECONOMIC CHOICE TODAY: OPPORTUNITY COST OBJECTIVES: 1) UNDERSTAND WHY CHOICE IS AT THE HEART OF ECONOMICS 2) EXPLAIN HOW INCENTIVES.

Learning Objective: Today I will be able to use common economic terms/concepts by trading off scarce items to define opportunity cost. Agenda: 1)Learning.

Humanity at its’ finest. Unit I: Economics Basics and Market Types Lesson III.

Computer Programming Career Opportunities.

Economics: The Economic Way of Thinking

The Economic Way of Thinking

Budgeting 101 Many Americans do not know how to manage their money to keep themselves out of debt, let alone to save money. Budgeting can help!

Topic 5 – Tracking Your Money

Chapter 1: Section 2 Vocabulary

Chapter 1: The Economic Way of Thinking Section 2: Economic Choice Today: Opportunity Cost (pg.12-17)

Introduction to Economics

Check Writing All About Checks.

Welcome to Financial Math!

Characteristics of the Ideal Classroom

Warm Up #1 Do you think like an economist?

WISE Economic Concepts

Bank Accounts Learning Objective: To explore how to open a bank account. I can define key terms relating to money and banking. I can decide which type.

1.3 Opportunity Cost and Choice

Personal Finance April 17, 2015.

Fundamental Economic Concepts

Types of Financial Institutions, Interest Spread, Risk/Return Relationship, and Savings options SSEPF2:a-d.

Scarcity Choices Tradeoffs and Opportunity Cost

Opportunity Cost Chapter 1.3.

#1 No - Same Day Loans Canada Available for Emergency Needs of

Opportunity Cost Chapter 1.

ECONOMIC CHOICES AND DECISION MAKING

Spring Semester MCS Economics.

Marginal Analysis and Opportunity Cost

Today’s Warm Up Pick up and complete the questionnaire at the front of the room – “Do You Think Like an Economist?”

Principles of Business, Marketing and Finance

**Round to the nearest dollar**

Costs versus Benefits.

Numbers In the U.S. Over 11,000 banks

Unit 10: MATH The Unit Organizer Betchan , Strauss, Gonzales

What is Economics.

Common Economic Concepts and Reasoning

AP Economics “Econ, Econ” Econ.

The Economic Way of Thinking

Econ “Economic Choice Today: Opportunity Cost”

Holmes Personal Financial Planning

Standard SSEF1 d. Define opportunity cost as the next best alternative.

Objective: You will learn what deductions come out of your paycheck

Chapter 1: What is Economics? Section 2

Why Do People Trade?.

Chapter 1: What is Economics? Section 2

Chapter 1: What is Economics? Section 2

Basic Economic Concepts

Chapter 1: What is Economics? Section 2

Check Writing All About Checks.

Mrs. Leonard Entrepreneurship 3.2

Economics -Economics -the system that society uses to produce and distribute goods and services -Why study economics??? -Why does the government pay so.

Warm Up – April 23 Answer the following questions on a post it:

Today we will: balance a checkbook So we can: keep track of our money

To Do: (10 minutes to complete)

Checking Accounts, Debit Cards & Check Writing

The Economic Way of Thinking

Presentation transcript:

Bellringer – use pencil Pick up a checkbook Register from the front table. Put your name on the front cover. It’s payday and you opened up a checking account with your paycheck. On line one, add today’s date, “Opening Deposit” under Transaction Description, and put $450.00 in Balance. Later that day, you write a check to the cell company for your service. Enter this transaction on line two. Check #001 to Cricket Cellular for $49.00.

Opportunity Costs 1.2

What did you do yesterday from 3:00 till you went to bed What did you do yesterday from 3:00 till you went to bed? What were some other choices that you did not do? Why not?

Opportunity Cost The value of the best alternative passed up for a chosen item/activity. Opportunity Costs will vary. Opportunity Costs will be a personal thing. Opportunity Costs are not just financial – what about time, relationships, etc.?

Making Choices No Free Lunch All choices have a cost choosing one thing means giving up another, or paying a cost cost can take form of money, time, other thing of value

Opportunity costs Concepts Trade-offs: alternative you give up for your choices. Cost-Benefit analysis: weighs the benefits against the costs. Marginal costs: additional cost for using one more unit of product. Marginal benefit: additional satisfaction from using one more unit of product.

If you were an extremely talented athlete and wanted to make it to the Olympics, what are your opportunity costs? Answer on your own paper

Sunk Cost A cost you have already incurred and cannot get back regardless of what you do. “no crying over spilled milk” Standing in a line at store for 5 minutes and a new one opens up? Do you change lines? What if you are in college for two years and struggling, but have a great job opportunity. Do you take the job?

Reviewing Key Concepts Explain the relationship between the terms in each of these pairs: incentive and utility trade-off and opportunity cost marginal cost and marginal benefit

Links http://www.youtube.com/watch?v=yoVc_S_gd_0 – Scarcity and Choice video (4:00)