Chapter 1 Lesson 2 Our Economic Choices Economics
![Chapter 1 : Lesson 2 Our Economic Choices Economics for Leaders Chapter 1 : Lesson 2 Our Economic Choices Economics for Leaders](https://slidetodoc.com/presentation_image_h2/8047d584936cb9899edec5ec52265550/image-1.jpg)
![Essential Question Why is it important to evaluate trade offs and opportunity costs when Essential Question Why is it important to evaluate trade offs and opportunity costs when](https://slidetodoc.com/presentation_image_h2/8047d584936cb9899edec5ec52265550/image-2.jpg)
![How Do You Know When Something Is Scarce? Scarcity Forces You to CHOOSE SCARCITY How Do You Know When Something Is Scarce? Scarcity Forces You to CHOOSE SCARCITY](https://slidetodoc.com/presentation_image_h2/8047d584936cb9899edec5ec52265550/image-3.jpg)
![Why Choices? We make choices about how we spend our money, time, and energy Why Choices? We make choices about how we spend our money, time, and energy](https://slidetodoc.com/presentation_image_h2/8047d584936cb9899edec5ec52265550/image-4.jpg)
![Wants and Needs, Needs and Wants NEEDS – “stuff” we must have to survive, Wants and Needs, Needs and Wants NEEDS – “stuff” we must have to survive,](https://slidetodoc.com/presentation_image_h2/8047d584936cb9899edec5ec52265550/image-5.jpg)
![VS. Economics for Leaders VS. Economics for Leaders](https://slidetodoc.com/presentation_image_h2/8047d584936cb9899edec5ec52265550/image-6.jpg)
![TRADE-OFFS You can’t have it all (SCARCITY – remember? ) so you have to TRADE-OFFS You can’t have it all (SCARCITY – remember? ) so you have to](https://slidetodoc.com/presentation_image_h2/8047d584936cb9899edec5ec52265550/image-7.jpg)
![Trade-Offs, cont. What COULD you have done instead of come to school today? These Trade-Offs, cont. What COULD you have done instead of come to school today? These](https://slidetodoc.com/presentation_image_h2/8047d584936cb9899edec5ec52265550/image-8.jpg)
![A special kind of Trade-Off is an OPPORTUNITY COST = The Value of the A special kind of Trade-Off is an OPPORTUNITY COST = The Value of the](https://slidetodoc.com/presentation_image_h2/8047d584936cb9899edec5ec52265550/image-9.jpg)
![Opportunity Costs This is really IMPORTANT – when you choose to do ONE thing, Opportunity Costs This is really IMPORTANT – when you choose to do ONE thing,](https://slidetodoc.com/presentation_image_h2/8047d584936cb9899edec5ec52265550/image-10.jpg)
![Opportunity Cost =the value of the Next-Best Alternative – What are the considered alternatives? Opportunity Cost =the value of the Next-Best Alternative – What are the considered alternatives?](https://slidetodoc.com/presentation_image_h2/8047d584936cb9899edec5ec52265550/image-11.jpg)
![Opportunity Cost Analysis What was the 1 st decision you made this morning? Economics Opportunity Cost Analysis What was the 1 st decision you made this morning? Economics](https://slidetodoc.com/presentation_image_h2/8047d584936cb9899edec5ec52265550/image-12.jpg)
![Opportunity Cost Analysis Decision Maker: Mr. Parks Alternatives: Perceived Benefits Choice Opp. Cost Economics Opportunity Cost Analysis Decision Maker: Mr. Parks Alternatives: Perceived Benefits Choice Opp. Cost Economics](https://slidetodoc.com/presentation_image_h2/8047d584936cb9899edec5ec52265550/image-13.jpg)
![Opportunity Cost Analysis Decision Maker: Mr. Parks Alternatives: Perceived Benefits Choice Opp. Cost Economics Opportunity Cost Analysis Decision Maker: Mr. Parks Alternatives: Perceived Benefits Choice Opp. Cost Economics](https://slidetodoc.com/presentation_image_h2/8047d584936cb9899edec5ec52265550/image-14.jpg)
![Opportunity Cost Analysis Decision Maker: Mr. Parks Alternatives: Perceived Benefits Choice Opp. Cost Economics Opportunity Cost Analysis Decision Maker: Mr. Parks Alternatives: Perceived Benefits Choice Opp. Cost Economics](https://slidetodoc.com/presentation_image_h2/8047d584936cb9899edec5ec52265550/image-15.jpg)
![Opportunity Cost Analysis Decision Maker: Mr. Parks Alternatives: Perceived Benefits Choice Opp. Cost Economics Opportunity Cost Analysis Decision Maker: Mr. Parks Alternatives: Perceived Benefits Choice Opp. Cost Economics](https://slidetodoc.com/presentation_image_h2/8047d584936cb9899edec5ec52265550/image-16.jpg)
![Choosing is Refusing Every time we choose we pay a cost. Economics for Leaders Choosing is Refusing Every time we choose we pay a cost. Economics for Leaders](https://slidetodoc.com/presentation_image_h2/8047d584936cb9899edec5ec52265550/image-17.jpg)
![People’s Choices are always RATIONAL Rational choice = choosing the alternative that has the People’s Choices are always RATIONAL Rational choice = choosing the alternative that has the](https://slidetodoc.com/presentation_image_h2/8047d584936cb9899edec5ec52265550/image-18.jpg)
![Do Gov’t actions have opportunity costs? Government Debt Economic Stimulus Package War in Iraq Do Gov’t actions have opportunity costs? Government Debt Economic Stimulus Package War in Iraq](https://slidetodoc.com/presentation_image_h2/8047d584936cb9899edec5ec52265550/image-19.jpg)
![Methods of Rationing Scarce Goods and Services prices command (someone decides) majority rule contests Methods of Rationing Scarce Goods and Services prices command (someone decides) majority rule contests](https://slidetodoc.com/presentation_image_h2/8047d584936cb9899edec5ec52265550/image-20.jpg)
![Prices: POWERFUL Incentives When prices change, opportunity costs change – that’s an incentive! Both Prices: POWERFUL Incentives When prices change, opportunity costs change – that’s an incentive! Both](https://slidetodoc.com/presentation_image_h2/8047d584936cb9899edec5ec52265550/image-21.jpg)
![Production So how do we get all this “stuff” that we have to decide Production So how do we get all this “stuff” that we have to decide](https://slidetodoc.com/presentation_image_h2/8047d584936cb9899edec5ec52265550/image-22.jpg)
![PRODUCTION Production is how much stuff an individual, business, country, even the WORLD makes. PRODUCTION Production is how much stuff an individual, business, country, even the WORLD makes.](https://slidetodoc.com/presentation_image_h2/8047d584936cb9899edec5ec52265550/image-23.jpg)
![Factors of Production So, what do we need to make all of this Stuff? Factors of Production So, what do we need to make all of this Stuff?](https://slidetodoc.com/presentation_image_h2/8047d584936cb9899edec5ec52265550/image-24.jpg)
![4 Factors of Production LAND – Natural Resources – Water, natural gas, oil, trees 4 Factors of Production LAND – Natural Resources – Water, natural gas, oil, trees](https://slidetodoc.com/presentation_image_h2/8047d584936cb9899edec5ec52265550/image-25.jpg)
![4 Factors of Production LABOR – Physical and Intellectual – Labor is manpower Economics 4 Factors of Production LABOR – Physical and Intellectual – Labor is manpower Economics](https://slidetodoc.com/presentation_image_h2/8047d584936cb9899edec5ec52265550/image-26.jpg)
![4 Factors of Production CAPITAL - Tools, Machinery, Factories – The things we use 4 Factors of Production CAPITAL - Tools, Machinery, Factories – The things we use](https://slidetodoc.com/presentation_image_h2/8047d584936cb9899edec5ec52265550/image-27.jpg)
![4 Factors of Production ENTREPRENEURSHIP – Investment $$$ – Investing time, natural resources, labor 4 Factors of Production ENTREPRENEURSHIP – Investment $$$ – Investing time, natural resources, labor](https://slidetodoc.com/presentation_image_h2/8047d584936cb9899edec5ec52265550/image-28.jpg)
![Land Goods Labor Production/Manufacturing “Factory” Consumers Capital Services Entrepreneurship Economics for Leaders Land Goods Labor Production/Manufacturing “Factory” Consumers Capital Services Entrepreneurship Economics for Leaders](https://slidetodoc.com/presentation_image_h2/8047d584936cb9899edec5ec52265550/image-29.jpg)
![CHANGES IN PRODUCTION If we INCREASE land, labor, capital we INCREASE production – Many CHANGES IN PRODUCTION If we INCREASE land, labor, capital we INCREASE production – Many](https://slidetodoc.com/presentation_image_h2/8047d584936cb9899edec5ec52265550/image-30.jpg)
![Review Question: Chapter 1 : Lesson 2 Read pages 14 -20 and answer Review Review Question: Chapter 1 : Lesson 2 Read pages 14 -20 and answer Review](https://slidetodoc.com/presentation_image_h2/8047d584936cb9899edec5ec52265550/image-31.jpg)
- Slides: 31
![Chapter 1 Lesson 2 Our Economic Choices Economics for Leaders Chapter 1 : Lesson 2 Our Economic Choices Economics for Leaders](https://slidetodoc.com/presentation_image_h2/8047d584936cb9899edec5ec52265550/image-1.jpg)
Chapter 1 : Lesson 2 Our Economic Choices Economics for Leaders
![Essential Question Why is it important to evaluate trade offs and opportunity costs when Essential Question Why is it important to evaluate trade offs and opportunity costs when](https://slidetodoc.com/presentation_image_h2/8047d584936cb9899edec5ec52265550/image-2.jpg)
Essential Question Why is it important to evaluate trade offs and opportunity costs when making choices?
![How Do You Know When Something Is Scarce Scarcity Forces You to CHOOSE SCARCITY How Do You Know When Something Is Scarce? Scarcity Forces You to CHOOSE SCARCITY](https://slidetodoc.com/presentation_image_h2/8047d584936cb9899edec5ec52265550/image-3.jpg)
How Do You Know When Something Is Scarce? Scarcity Forces You to CHOOSE SCARCITY Economics for Leaders CHOICE
![Why Choices We make choices about how we spend our money time and energy Why Choices? We make choices about how we spend our money, time, and energy](https://slidetodoc.com/presentation_image_h2/8047d584936cb9899edec5ec52265550/image-4.jpg)
Why Choices? We make choices about how we spend our money, time, and energy so we can fulfill our NEEDS and WANTS. What are NEEDS and WANTS? Economics for Leaders
![Wants and Needs Needs and Wants NEEDS stuff we must have to survive Wants and Needs, Needs and Wants NEEDS – “stuff” we must have to survive,](https://slidetodoc.com/presentation_image_h2/8047d584936cb9899edec5ec52265550/image-5.jpg)
Wants and Needs, Needs and Wants NEEDS – “stuff” we must have to survive, generally: food, shelter, clothing WANTS – “stuff” we would really like to have (Fancy food, big screen TVs, jewelry, conveniences. . . Also known as LUXURIES Economics for Leaders
![VS Economics for Leaders VS. Economics for Leaders](https://slidetodoc.com/presentation_image_h2/8047d584936cb9899edec5ec52265550/image-6.jpg)
VS. Economics for Leaders
![TRADEOFFS You cant have it all SCARCITY remember so you have to TRADE-OFFS You can’t have it all (SCARCITY – remember? ) so you have to](https://slidetodoc.com/presentation_image_h2/8047d584936cb9899edec5ec52265550/image-7.jpg)
TRADE-OFFS You can’t have it all (SCARCITY – remember? ) so you have to choose how to spend your money, time, and energy. These decisions involve picking one thing over all the other possibilities – a TRADEOFF! Economics for Leaders
![TradeOffs cont What COULD you have done instead of come to school today These Trade-Offs, cont. What COULD you have done instead of come to school today? These](https://slidetodoc.com/presentation_image_h2/8047d584936cb9899edec5ec52265550/image-8.jpg)
Trade-Offs, cont. What COULD you have done instead of come to school today? These are all Trade-Offs! Economics for Leaders
![A special kind of TradeOff is an OPPORTUNITY COST The Value of the A special kind of Trade-Off is an OPPORTUNITY COST = The Value of the](https://slidetodoc.com/presentation_image_h2/8047d584936cb9899edec5ec52265550/image-9.jpg)
A special kind of Trade-Off is an OPPORTUNITY COST = The Value of the Next Best Choice (Ex: Sleeping is the opportunity cost of studying for a test) Economics for Leaders
![Opportunity Costs This is really IMPORTANT when you choose to do ONE thing Opportunity Costs This is really IMPORTANT – when you choose to do ONE thing,](https://slidetodoc.com/presentation_image_h2/8047d584936cb9899edec5ec52265550/image-10.jpg)
Opportunity Costs This is really IMPORTANT – when you choose to do ONE thing, its value (how much it is worth) is measured by the value of the NEXT BEST CHOICE. – This can be in time, energy, or even MONEY Then I can’t afford the movies… If I buy a pizza… Q: What is the opportunity cost of buying pizza? Economics for Leaders
![Opportunity Cost the value of the NextBest Alternative What are the considered alternatives Opportunity Cost =the value of the Next-Best Alternative – What are the considered alternatives?](https://slidetodoc.com/presentation_image_h2/8047d584936cb9899edec5ec52265550/image-11.jpg)
Opportunity Cost =the value of the Next-Best Alternative – What are the considered alternatives? • What does the decision-maker perceive to be the benefits of each alternative? Economics for Leaders
![Opportunity Cost Analysis What was the 1 st decision you made this morning Economics Opportunity Cost Analysis What was the 1 st decision you made this morning? Economics](https://slidetodoc.com/presentation_image_h2/8047d584936cb9899edec5ec52265550/image-12.jpg)
Opportunity Cost Analysis What was the 1 st decision you made this morning? Economics for Leaders
![Opportunity Cost Analysis Decision Maker Mr Parks Alternatives Perceived Benefits Choice Opp Cost Economics Opportunity Cost Analysis Decision Maker: Mr. Parks Alternatives: Perceived Benefits Choice Opp. Cost Economics](https://slidetodoc.com/presentation_image_h2/8047d584936cb9899edec5ec52265550/image-13.jpg)
Opportunity Cost Analysis Decision Maker: Mr. Parks Alternatives: Perceived Benefits Choice Opp. Cost Economics for Leaders Get Up Now 5: 15 AM Don’t Get Up Now
![Opportunity Cost Analysis Decision Maker Mr Parks Alternatives Perceived Benefits Choice Opp Cost Economics Opportunity Cost Analysis Decision Maker: Mr. Parks Alternatives: Perceived Benefits Choice Opp. Cost Economics](https://slidetodoc.com/presentation_image_h2/8047d584936cb9899edec5ec52265550/image-14.jpg)
Opportunity Cost Analysis Decision Maker: Mr. Parks Alternatives: Perceived Benefits Choice Opp. Cost Economics for Leaders Get Up Now Don’t Get Up Now Shower More sleep bkfst don’t rush On time coffee
![Opportunity Cost Analysis Decision Maker Mr Parks Alternatives Perceived Benefits Choice Opp Cost Economics Opportunity Cost Analysis Decision Maker: Mr. Parks Alternatives: Perceived Benefits Choice Opp. Cost Economics](https://slidetodoc.com/presentation_image_h2/8047d584936cb9899edec5ec52265550/image-15.jpg)
Opportunity Cost Analysis Decision Maker: Mr. Parks Alternatives: Perceived Benefits Choice Opp. Cost Economics for Leaders Get Up Now Shower bkfst don’t rush On time coffee X Mr. Parks will be more cranky in Class because lack of sleep Don’t Get Up Now More sleep
![Opportunity Cost Analysis Decision Maker Mr Parks Alternatives Perceived Benefits Choice Opp Cost Economics Opportunity Cost Analysis Decision Maker: Mr. Parks Alternatives: Perceived Benefits Choice Opp. Cost Economics](https://slidetodoc.com/presentation_image_h2/8047d584936cb9899edec5ec52265550/image-16.jpg)
Opportunity Cost Analysis Decision Maker: Mr. Parks Alternatives: Perceived Benefits Choice Opp. Cost Economics for Leaders Get Up Now Shower bkfst don’t rush On time coffee Don’t Get Up Now More sleep X Ms. Denney Writes me up for being late and wont see Mr. Parks greeting you outside
![Choosing is Refusing Every time we choose we pay a cost Economics for Leaders Choosing is Refusing Every time we choose we pay a cost. Economics for Leaders](https://slidetodoc.com/presentation_image_h2/8047d584936cb9899edec5ec52265550/image-17.jpg)
Choosing is Refusing Every time we choose we pay a cost. Economics for Leaders
![Peoples Choices are always RATIONAL Rational choice choosing the alternative that has the People’s Choices are always RATIONAL Rational choice = choosing the alternative that has the](https://slidetodoc.com/presentation_image_h2/8047d584936cb9899edec5ec52265550/image-18.jpg)
People’s Choices are always RATIONAL Rational choice = choosing the alternative that has the greatest excess of benefits over costs. If ALL choices are rational, then the challenge is to understand the decisionmaker’s perception of costs and benefits. Economics for Leaders
![Do Govt actions have opportunity costs Government Debt Economic Stimulus Package War in Iraq Do Gov’t actions have opportunity costs? Government Debt Economic Stimulus Package War in Iraq](https://slidetodoc.com/presentation_image_h2/8047d584936cb9899edec5ec52265550/image-19.jpg)
Do Gov’t actions have opportunity costs? Government Debt Economic Stimulus Package War in Iraq Limiting Carbon Emissions Universal Healthcare All alternatives have cost and benefits Individuals perceive the value of costs and benefits differently Economics for Leaders
![Methods of Rationing Scarce Goods and Services prices command someone decides majority rule contests Methods of Rationing Scarce Goods and Services prices command (someone decides) majority rule contests](https://slidetodoc.com/presentation_image_h2/8047d584936cb9899edec5ec52265550/image-20.jpg)
Methods of Rationing Scarce Goods and Services prices command (someone decides) majority rule contests by force voting Economics for Leaders first-come-firstserved sharing equally lottery personal characteristics need or merit
![Prices POWERFUL Incentives When prices change opportunity costs change thats an incentive Both Prices: POWERFUL Incentives When prices change, opportunity costs change – that’s an incentive! Both](https://slidetodoc.com/presentation_image_h2/8047d584936cb9899edec5ec52265550/image-21.jpg)
Prices: POWERFUL Incentives When prices change, opportunity costs change – that’s an incentive! Both consumers and producers react to prices in ways that help us to deal with scarcity. Economics for Leaders
![Production So how do we get all this stuff that we have to decide Production So how do we get all this “stuff” that we have to decide](https://slidetodoc.com/presentation_image_h2/8047d584936cb9899edec5ec52265550/image-22.jpg)
Production So how do we get all this “stuff” that we have to decide about? Decisions, decisions … Economics for Leaders
![PRODUCTION Production is how much stuff an individual business country even the WORLD makes PRODUCTION Production is how much stuff an individual, business, country, even the WORLD makes.](https://slidetodoc.com/presentation_image_h2/8047d584936cb9899edec5ec52265550/image-23.jpg)
PRODUCTION Production is how much stuff an individual, business, country, even the WORLD makes. But what is “STUFF”? Economics for Leaders STUFF – Goods and Services. Goods – tangible (you can touch it) products we can buy Services – work that is performed for others
![Factors of Production So what do we need to make all of this Stuff Factors of Production So, what do we need to make all of this Stuff?](https://slidetodoc.com/presentation_image_h2/8047d584936cb9899edec5ec52265550/image-24.jpg)
Factors of Production So, what do we need to make all of this Stuff? Economics for Leaders
![4 Factors of Production LAND Natural Resources Water natural gas oil trees 4 Factors of Production LAND – Natural Resources – Water, natural gas, oil, trees](https://slidetodoc.com/presentation_image_h2/8047d584936cb9899edec5ec52265550/image-25.jpg)
4 Factors of Production LAND – Natural Resources – Water, natural gas, oil, trees (all the stuff we find on, in, and under the land) Economics for Leaders
![4 Factors of Production LABOR Physical and Intellectual Labor is manpower Economics 4 Factors of Production LABOR – Physical and Intellectual – Labor is manpower Economics](https://slidetodoc.com/presentation_image_h2/8047d584936cb9899edec5ec52265550/image-26.jpg)
4 Factors of Production LABOR – Physical and Intellectual – Labor is manpower Economics for Leaders
![4 Factors of Production CAPITAL Tools Machinery Factories The things we use 4 Factors of Production CAPITAL - Tools, Machinery, Factories – The things we use](https://slidetodoc.com/presentation_image_h2/8047d584936cb9899edec5ec52265550/image-27.jpg)
4 Factors of Production CAPITAL - Tools, Machinery, Factories – The things we use to make things – Human capital is brainpower, ideas, innovation Economics for Leaders
![4 Factors of Production ENTREPRENEURSHIP Investment Investing time natural resources labor 4 Factors of Production ENTREPRENEURSHIP – Investment $$$ – Investing time, natural resources, labor](https://slidetodoc.com/presentation_image_h2/8047d584936cb9899edec5ec52265550/image-28.jpg)
4 Factors of Production ENTREPRENEURSHIP – Investment $$$ – Investing time, natural resources, labor and capital are all risks associated with production Economics for Leaders
![Land Goods Labor ProductionManufacturing Factory Consumers Capital Services Entrepreneurship Economics for Leaders Land Goods Labor Production/Manufacturing “Factory” Consumers Capital Services Entrepreneurship Economics for Leaders](https://slidetodoc.com/presentation_image_h2/8047d584936cb9899edec5ec52265550/image-29.jpg)
Land Goods Labor Production/Manufacturing “Factory” Consumers Capital Services Entrepreneurship Economics for Leaders
![CHANGES IN PRODUCTION If we INCREASE land labor capital we INCREASE production Many CHANGES IN PRODUCTION If we INCREASE land, labor, capital we INCREASE production – Many](https://slidetodoc.com/presentation_image_h2/8047d584936cb9899edec5ec52265550/image-30.jpg)
CHANGES IN PRODUCTION If we INCREASE land, labor, capital we INCREASE production – Many entrepreneurs invest profit back into production If we DECREASE land, labor, capital we DECREASE production Economics for Leaders
![Review Question Chapter 1 Lesson 2 Read pages 14 20 and answer Review Review Question: Chapter 1 : Lesson 2 Read pages 14 -20 and answer Review](https://slidetodoc.com/presentation_image_h2/8047d584936cb9899edec5ec52265550/image-31.jpg)
Review Question: Chapter 1 : Lesson 2 Read pages 14 -20 and answer Review Questions on page 20. Hand in Google Class Room.
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