1. Canadian Economy 2203 Unit 1

2. What do you need to know? Define economics. Define economics. Describe what economists do and career options Describe what economists do and career options Identify the research tools of economists. Identify the research tools of economists. Explain why one should study economics. Explain why one should study economics. Define the basic concept of scarcity and explain why it exists Define the basic concept of scarcity and explain why it exists

3. What you need to know (cont’d) Given an example, explain that when something is relatively scarce, it assumes an economic value Given an example, explain that when something is relatively scarce, it assumes an economic value Identify factors that can limit people’s access to goods and services Identify factors that can limit people’s access to goods and services Analyze a current economic event (local, national, international) in relation to scarcity. Analyze a current economic event (local, national, international) in relation to scarcity.

4. What is economics? The study of the way we make decisions about the use of scarce resources. The study of the way we make decisions about the use of scarce resources. http://www.youtube.com/watch?v=nWPrMmv1Ti s http://www.youtube.com/watch?v=nWPrMmv1Ti s http://www.youtube.com/watch?v=nWPrMmv1Ti s http://www.youtube.com/watch?v=nWPrMmv1Ti s

5. Making Choices What is opportunity cost? What is opportunity cost? When we make a choice, we are “missing” other opportunities (the alternatives that we didn’t choose) When we make a choice, we are “missing” other opportunities (the alternatives that we didn’t choose) If we choose to go to university right after high school, our opportunity cost is going to be giving up being able to earn money right now. If we choose to go to university right after high school, our opportunity cost is going to be giving up being able to earn money right now. Once you make one choice, you can no longer make the other one as the same Once you make one choice, you can no longer make the other one as the same

6. Decision-Making Model Using the Decision-Making Model in your book on page 9&10, consider the following: Using the Decision-Making Model in your book on page 9&10, consider the following: “After graduation, do you plan to continue your education, get a job, or travel? What are the opportunity costs for each alternative?” “After graduation, do you plan to continue your education, get a job, or travel? What are the opportunity costs for each alternative?” Set up a decision making matrix (example on page 10) for this situation. Set up a decision making matrix (example on page 10) for this situation.