1. Week 1 Ideas Weekend Homework and Review

2. Week 1 – Review Foundation Ideas Done and Got the T-Shirt Scarcity Resources and resource allocation Basic questions of economics Opportunity cost PPF/PPC Model Econ as social science Rational decision making Not Done (Do on your own if not done in class) Ceteris Paribus Positive v Normative Concepts Micro v Macro Economics Themes – Government intervention? – Sustainability – Efficiency v Equity

3. Homework Assignment Review the WK 1 ideas Answer this question using a diagram… – Use the concept of opportunity cost to explain why the following two statements have the same meaning: A) productive efficiency means producing by the use of the fewest possible resources, and B) productive efficiency means producing at the lowest possible cost See the rubric

4. Diagrammatic Analysis - /15 marks Definition: at least 1 key economic term needs to be defined, precisely (2 marks) Diagram: neat and fully labelled (3 marks) Application: use the economic idea with an example (2 marks) Analysis: means “explain” using words like rise and fall, increase or decrease; show theory, relationships (4 marks) Evaluate: weigh your idea/comment/answer remembering always that economists have two hands: on the one hand…yes, on the other hand…no (4 marks)