Ch. 1.3 Notes: Economic Choices. I.Tradeoffs- process of deciding what to buy based on our limited income. A. Example: I have $10. I am thinking about.

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Presentation transcript:

Ch. 1.3 Notes: Economic Choices

I.Tradeoffs- process of deciding what to buy based on our limited income. A. Example: I have $10. I am thinking about which to to buy…..

II.Opportunity Cost- The item we didn’t buy after deciding. A. I buy the shirt. What is the Opp. Cost? TOP SELLING 2013…… Album = Justin Timberlake = 2.43 mill Eminem Luke Bryan Imagine Dragon Bruno Mars

III. Production Possibilities Curve- Shows how much a company can make of two products. A. Ex. Today I produce at level “D”. Tomorrow I produce at level “C”. How many less Tractors will I make? How many more Bread will I make?

IV. Cost vs. Benefit Analysis …… Each of us have internal preferences on spending decisions we make. Sat, 09/27/14 7:00 PM $39.00

CH. 1 Review Handout 3. C,B,A 4. See board, left side 5. Paradox of Value 6. M = S SL = G I = G H = S MT = S S = G 9a. Tim b. Dentist c. Candy 10a. 8 burgers b. 10 – 7 = 3