2. Bell Ringer: Number Bell Ringer section #1 thru #21. For each item, write one of the above (could be more than one answer) 1)Medicalcheckup 2)Taxi ride 3)Factory 5)Automobile 6)Highway 7)Candy bar 8)JayZ 9)Coal 10)Ice cream cone 11)Socks 12)Coke 13)Haircut 14)Iron ore 15)Waiter 16)Steve Jobs 17)Ted Turner 18)Forest 19)Crude oil 20)Lumber 21)gasoline August 20, 2015 Good/Service/Land/Labor/Capital/Entrepreneur??

3. Chapter 1 – part 2

4. Main Idea: Economic decisions always involve trade-offs that have costs Trade-off: sacrificing one good or service to purchase or produce another Example: if you choose to buy an iPod, you are exchanging your income for the right to own the iPod. The Cost of Trade-Offs Opportunity Cost: the value of the next best alternative given up for the alternative that was chosen View: What’s the Difference Between a Trade-Off and an Opportunity Cost?What’s the Difference Between a Trade-Off and an Opportunity Cost?

5. Figure 2

6. Opportunity Cost video clip Finish notes 4 Factors of Production handout