1. AP Economics Sept. 10, 2004 1. Warm up--Examine 3 economic actions you committed yesterday. 2. Economics and your ambitions 3. Readings, notes, and questions 4. Capitalism: 3 necessary conditions 5. From Feudalism to Capitalism

2. AP Economics September 13, 2004 1. Warm up—Explain the 3 conditions necessary for Capitalism 2. Quick review 3. Factors of Production –notes and exercise.

3. Factors of Production  Population  Resources  Technology  Social Institutions

4. Factors of Production (continued)  Each contains its own set of variables  Change in any one factor can alter output  Change in output can alter factors

5. Outline the factors of production for each of following items: 1. Corn 2. TV 3. Bag of Chips 4. Pizza 5. Notebook paper

6. Factors of Production exercise Match each with the appropriate factor. Explain specifically what is it about each that makes it that particular factor. For example: Gold—Resource. Why? Gold is a material used to make a ring.

7. Factors of Production exercise 1) paint brush, 2) method of painting, 3) Paint, 4) painter, 5) Serfs, 6) Religion, 7) Saw, 8) birthright, 9) Money, 10) Style of painting,

8. Factors of Production exercise 11) Farmland, 12) private property, 13) government, 14) labor, 15) labor union, 16) land, 17) rock used to make something with, 18) rocks used to hammer a nail, 19) screwdriver, 20) orange juice.

9. AP Economics September 14, 2004 1. Warm up—Give an example of how a change in technology can change other factors of production. 2. Factors of production reviewed 3. What a difference technology can make!

10. AP Economics September 15, 2004 1. Warm up—Explain the 3 field system. 2. Quick review 3. Scarcity and Opportunity costs 4. Using graphs handout

11. AP Economics September 17, 2004 1. Warm up—What is scarcity? 2. Opportunity costs reviewed 3. Handouts/Chapter 1 4. Observing economics around you

12. AP Economics September 20, 2004 1. Warm up—What is economics? I mean, really. 2. Chapter 1 discussed

13. AP Economics September 21, 2004 1. Warm up—what are sunk costs? 2. Are you Metro or Retro? A real test. 3. Chapter 1 discussed

14. AP Economics September 23, 2004 1. Warm up—what are marginal costs? 2. The Wal-mart debate 3. Exam review 4. Scarcity and opportunity costs 5. A few problems

15. AP Economics September 24, 2004 1. Warm up—Why is freedom of movement an essential condition to Capitalism? 2. EXAM 3. The problem of scarcity.