ECONOMICS: August 26 Warm-up Name the four resources necessary to make products in an economy Learning Target In order to understand the interaction.

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ECONOMICS: August 26 Warm-up Name the four resources necessary to make products in an economy Learning Target In order to understand the interaction of markets, I will be able to explain the roles that people play in the market place. I will know I have it when I can label and explain the circular flow model of economic activity. --The Circular Flow of Economic Activity (HO) Learning Target In order to understand why producers and consumers must make choices, I will analyze the concepts of tradeoffs and opportunity costs. I will know I have it when I can illustrate the concept on a production possibilities diagram. --Ch. 1, Lesson 3—Using Economic Models (HO) Opportunity Cost -Production Possibilities Model—movements along the curve and shifting of the curve (all but last two scenarios) Assignment Read Ch. 2, Lesson 1