ECONOMY IS ABOUT US WE CAN AND WANT TO TALK ABOUT ECONOMY OUR PERSPECTIVE ON ECONOMY.
Daily Warm up Activity (HOT Section Notes): We have a Free Market Economy in the United States. What...
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Daily Warm up Activity (HOT Section Notes):We have a Free Market Economy in the United States.
What are some advantages of this kind of economy? We. However, do not have an unregulated free market
system. What restraints/regulations are put in place to regulate trade?
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Unit One: Learning Objectives:
North Clackamas School District Social Studies Priority Standards:
• Econ 53. Describe characteristics of command, market, traditional, and mixed economies and how they affect jobs and standards of living.
• Econ 59. Demonstrate the skills and dispositions needed to be a critical consumer of information.
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Lesson Two: Daily Learning Target
I Can define and explain in writing the
following key Economic concepts:
Production Possibilities Graph
Efficiency
Underutilization
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Producers have options. Should afarmer grow corn or broccoli?
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A Production Possibilities Graph
• A Production Possibilities Graph shows alternative ways of using a country’s or producer’s resources.
• If a farmer uses more of his land to grow corn, he has less land for broccoli.
• Every decision has its cost.
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What is the cost of producing more automobiles?
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Efficiency
• An economy is efficient when it uses resources in such a way as to maximize production.
• Why is it important to be efficient?
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Look at the graph. Where is efficiencyoccurring?
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Look at this graph. Where is efficiencyoccurring?
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Underutilization
• Underutilization is the opposite of efficiency.
• Underutilization occurs when an economy uses fewer resources than it is capable of using.
• Why do producers avoid the underutilization of resources?
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Look at the graph. Where isunderutilization occurring?
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The Production Possibilities Frontier
• The line on the graph that shows the maximum possible production is called the production possibilities frontier.
• At the frontier, efficiency is occurring.
• However, new technology can shift the frontier. Think about it!
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Look at the graph. Where is theproduction possibilities frontier?
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Don’t Forget Scarcity!
• A producer cannot produce everything.
• A producer must make choices.
• Remember: It’s all about scarcity. Our resources are limited but our wants and desires are unlimited.
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It’s all about corn or broccoli.We can’t have it all.
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Questions for Reflection:
• What does a production possibilities graph show?
• Define efficiency.• Why is it important to be efficient?• Define underutilization.• What problems are created by
underutilization?• What is the production possibilities
frontier?
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Use the following information to create a PPC for McDonalds during Lunch hour. Biff and Skip, working at maximum efficiency can produce
the following two products:
Big Macs
0
5
10
15
1.Plot a point showing Underutilization.
2. Plot a point showing future production
possibilities.
Large Fries
25
15
5
0
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Problem Solving Activity #3: Create two PPCs
A. For Under Armor:
Football cleats 25/0
Socks 100/0
B. For Starbucks
Grande Mocha w/whip 10/0
Black Coffee(house blend) 18/0
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Partner Practice-Econ Book
Complete the Chapter One Assessment with partner.
Answer questions 1-9 on page 20.
Turn your answers into me.
One paper per group of two.