Bell Ringer 1-4-18 What is the difference between these 2 pictures? vs.

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Presentation transcript:

Bell Ringer 1-4-18 What is the difference between these 2 pictures? vs

Scarcity and Opportunity Cost

Lesson Frame We will-Explain the definition of scarcity and contrast the differences between wants and needs I will- Apply Opportunity Cost to a real world opportunity

Maslow’s Hierarchy of needs

Does this satisfy a need?

Does this satisfy a need?

So why can't we have both? vs

How much of this would you like to have?

Think- Pair- Share Why can’t we have everything we want?

Wants and needs are unlimited!!!!! But there’s a problem- resources are limited

The economic problem of Scarcity Scarcity- limited quantity of resources Scarce- lacking, missing, not enough of

The Economic problem of Scarcity The fundamental problem in economics is: trying to fulfill unlimited wants and needs, with limited resources Economics studies how humans attempt to solve this problem= choices

Personal perspective- your own feeling of what is needed Causes of scarcity Personal perspective- your own feeling of what is needed “I’m starving” Poor distribution of resources Rapid increase in demand Fidget spinners Rapid decrease in supply "Limited Edition" Nintendo classic original price- $80 https://www.amazon.com/Nintendo-Entertainment-System-NES-Classic/dp/B01IFJBQ1E

What is given up when making a choice DECISIONS PRODUCE COSTS Opportunity Cost What is given up when making a choice DECISIONS PRODUCE COSTS Example: Little C’s pizza vs. Whataburger Opp. Cost is the delicious Whataburger you COULD have eaten if you only have $5 for pizza

Exit Ticket 1-4-18 What is the purpose of this website? How does it relate to Opportunity Cost? http://linestanding.com/

EXIT TICKET 1-4-18 On a blank sheet of paper, develop an original idea- invention, process, good, or service. Must include: Name Explanation of what it does and problem it solves Drawing of invention or user interface (what does it look like?) Price of your product if you were to sell it to the public Must be ORIGINAL! This rough draft is due Monday Jan. 8

Make a list of 10 things you own. Are they a want or a need? Exit Ticket 1-4-17 Make a list of 10 things you own. Are they a want or a need? Explain why?

Jordans- want – because Converse are just as good Exit Ticket 1-5-17 Example: Jordans- want – because Converse are just as good