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

2. So… why take AP Economics? College Credit ($92) Academic Challenge Importance to Global Community Gain a Different Perspective on Decisions Distinguishing Yourself Incentives > Trade Offs Its Fun!... In a social studies cool kind of way.

3. Learning the Language Scarcity 4 Basic Questions Trade Offs and Opportunity Costs Costs and Incentives (Marginal Analysis) Positive and Normative Economics Economic Needs and Wants The Production Possibilities Frontier (PPF)

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

5. So what’s the big deal about scarcity?

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

7. Why is the Production Possibility Curve curved?

8. Ricardo’s theory is alive and well!

9. Who Should Produce What? Comparative Advantage

10. So what does Comparative Advantage have to do with scarcity?