AP Economics Decisions, Decisions, Decisions

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Presentation transcript:

AP Economics Decisions, Decisions, Decisions Mr. Gill 256-4175 ext. 69522 jgill@newpaltz.k12.ny.us

What is Economics? Science of Decisions Why must decisions be made?

Scarcity! Unlimited Needs + Limited Resources

Learning the Language Scarcity 4 Basic Questions Trade Offs and Opportunity Costs Costs and Incentives Positive and Normative Economics Factors of Production The PPF- Production Possibilities Frontier Economic Needs and Wants

The Four Basic Questions What to Produce? How to Produce? How much to Produce? How to Distribute?

Trade Offs Whatever is given up in a decision Which way should he kick?

Opportunity Costs The value of the next best alternative given up in a trade off. I could be…

The Production Possibility Frontier http://members.shaw.ca/elementaleconomics/mac_5_1.htm

So… why take AP Economics? Intellectual Curiosity Academic Challenge Importance to Global Community Distinguishing Yourself College Credit Let’s face it… our government needs us!

Types of Economics Normative Positive Macroeconomics Microeconomics Market (Free Enterprise) Command Mixed