Warm up Problem: Without doing any calculation, explain why 35 base 7 > 35 base 6.
WARM UP-9/4 Explain the difference between micro and macro economics in your own words.
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WARM UP-9/4 •Explain the difference between micro and macro economics in your own words
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COST/BENEFIT ANALYSIS Cost/Benefit Analysis—comparison of what you will lose vs. what you will gain by making a decision Make trade-offs— give up one thing for another
Transcript of WARM UP-9/4 Explain the difference between micro and macro economics in your own words.
WARM UP-9/4
•Explain the difference between micro and macro economics in your own words
COSTS AND BENEFITS
•Costs-What you give up by buying something or participating in a certain activity•Benefit-What you gain from purchasing something or engaging in a certain activity
COST/BENEFIT ANALYSIS
•Cost/Benefit Analysis—comparison of what you will lose vs. what you will gain by making a decision•Make trade-offs—give up one thing for another
COSTS VS. BENEFITS
•Babysitting your brother for $20•Doing your homework•Hanging out with your friends•Shopping•Playing basketball•Buying a new car
WITH YOUR ASIA PARTNER…
•Write your names on the paper!!
•Step 1•Agree upon a want you want to buy
THINK OF A WANT…
•Step 2: Complete a costs and benefits chart of purchasing a want•Step 3: Write 4 sentences as to whether or not it is wise to purchase your want and why?
WRITE A STORY…
• Write a story about an economic situation• You must include the new terms• Cost• Benefit• Need• Want• Good• Service• Scarce or Scarcity• Challenge: include micro/macro economics
