1.  It’s Friday night. Your only chunk of free time all weekend is tonight from 6:00 to 11:00pm. Before deciding how to spend this time, consider this:  You have $40 to spend!  You have an economics test on Monday.  This is the last football game of the season.  It is your mother’s birthday.  Someone you like has asked you to go out. Hmmmm…what to do???

2. { Chp 2 Economic Decision Making TCI

3.  Any action is the value of the next best alternative that you could have chosen instead OPPORTUNITY COST

4.  Scarcity is everywhere  Goods – physical objects produced for sale  Services – activities done for us by others: teachers, doctors, hair stylists, plumbers, bus drivers, and on and on  Shortage v Scarcity “You Can’t Always Get What You Want.” Mick Jagger

5.  Factors of Production Land + labor + capital = goods and services Inputs, Outputs, and the Production Equation

6.  INPUTS = scarce resources  OUTPUTS = goods & services produced  land+labor+capital = goods and services INPUTS & OUTPUTS

7. Entrepreneurship Oprah Winfrey Mark Zuckerberg David Karp, Tumblr Heidi Roizen co- founded T/Maker Silvia Valadares is coordinating Microsoft's global entrepreneurship and innovation programs in Brazil, BizSpark and Innovation Center

8.  Complete Cornell notes on the reading selection today in your EcoNotebook Read text pg 22-26

9.  Land: “gifts of nature” including air, soil, minerals, water, forests, plants, animals, birds, fish, solar energy, geothermal energy, electromagnetic spectrum  Perpetual Resources  Renewable resources  Nonrenewable resources Land Resources

10.  Labor  Human capital  There is a strong correlation (relationship) between a country’s level of human capital and its standard of living. Labor Resources

11.  Capital can be  Financial capital: money  Capital goods or physical capital: Concrete production resources  Catalyst = Entrepreneur Capital Resources: Tools, Machines and Buildings

12.  Ratio of output per unit of input Productivity

13.  Marginal utility  Negative utility  Law of diminishing marginal utility Decisions at the Margin

14. Production Possibilities Frontier – Khan Academy An economic model in the form of a line graph that shows how an economy might use its resources to produce two goods

15.  An economic model in the form of a line graph that shows how an economy might use its resources to produce two goods  Fun with PPF graphing!! Production Possibilities Frontier

16. Chp 2 Vocabulary Recap   Goods   Services   Factors of productions   Entrepreneurship   Capital   Productivity   Opportunity cost   Production possibilities frontier PPF   Land   Labor   Resources   Shortage   Renewable resources   Perpeptual resources   Nonrenewable resources   Outputs   Inputs   Human capital   Physical capital   Financial capital   Marginal utility   Negative utility   Law of diminishing utility   Economic efficiency

17.  A pictograph activity!! Thinking about terms and vocabulary

18.  Macroeconomics - the behavior of an entire economy  National unemployment  Economic growth  Improvement of the economy as a whole  Microeconomics – details of the economy (the parts)  Focus on individual, businesses and government agencies  How these economic details fit together Two Economics