1. 9/6/13
“Opportunity Cost”
It is Monday morning at 7:30am, and you have the option of writing your Economics reflection OR sleeping another hour before coming to school.
Which option are you going to choose?
What is the opportunity cost of your decision?
ON DESK: Opportunity Cost wksht.

2. 9/6/13
Econ. Agenda:
Scarcity & value (class notes)
Survivor Simulation (class game!)
Game Debrief (class discussion)
HW:
Survivor Game reflection due Monday

3. 9/6/13
Class Notes
Scarcity:
limited amount of goods.
You have scarcity when people want more than what there is available.
Examples:
***Almost everything has some level of scarcity (nothing is in infinite supply)
Value:
the worth of a person, place or thing
A diamond has a high value because everyone wants one (everyone wants one bc they’re scarce)

4. Class Notes: Scarcity & Value
9/6/13
Class Notes: Scarcity & Value
Diamonds are scarce.
Because they are scarce & very valuable, everyone wants one.
Their scarcity makes them very valuable.

5. The Crash of United Airlines flight 334

6. Survivor: the crash of flight 334
Scenario: On a field trip, United Airlines flight 334 carrying Blackstone students crash lands in a cold, winter mountain range. Everyone on board the plane survives but there are people who are injured. You have only a certain amount of food, water, and shelter that you carried along. You are not sure how long it is going to be before anyone rescues you, if at all.

7. Survivor: the crash of flight 334
You and your group must find these 3 supplies in order to survive.
Food 2. Water 3. Shelter/warmth
Rules
-Everyone must try to live + have supplies
**(4 people=4 pieces of food, cups etc..)
-Injured people (yellow tape) must have band-aids
-only one person can make trades for your group
-You can only trade between rounds
-Survive 5 rounds, group w/most members alive wins!

8. Survivor: the crash of flight 544
Additional rules:
Each person must have warmth
1 match, removable long-sleeve shirt, OR blanket (blanket=2)
Each person must have food
1 sugar packet
Each person must have water
1 cup per person
1 Band-aid = recovery from injuries/bear attacks
1 Knife = 1 bear attack defense OR 1 day’s food for 2.
You must display all your goods on 1 desk for each group to see.
7. “Acts of God” will help or harm your group

9. What did we learn? Which items were wants? What items were needs?
What was a scarce item?
What determines the value of an item?
How does this game demonstrate opportunity cost?
What was the value of the money you had?

10. Survivor Game Reflection: Due Monday
Length: Paragraph for #1+2, Paragraph for #3
1. In this game, what were the most important items your group needed to survive? Did anything become more or less valuable as the game went on?
2. How did you decide which items to give away and to keep? Give 2 examples from game.
How does this game teach you about the concept of
Scarcity 2. Value 3. Supply and Demand 4. Opportunity Cost 5. The value of money