one year ago, on the bayou…

One year ago,on the bayou… there was an accidenton a BP oil rig in the

Gulf of Mexico

AGENDAApril 21, 2011

1. Today’s topic: Taking Care of Each Other / Review Economic Principles & Standards & Glossary Economy Web: An accident on the bayou Work Time

Portfolio construction Principles & Standards (#1-5 due today)

2. Administrative: SUN tardiness policy Exit slips

3. Homework due Monday, April 25: Turn in any late work

Take Care of Each OtherOur last CR-Economics class:1. Why People Trade

2. Economic Principles & Standards

#1: Scarcity Forces Trade-Offs

Description: Limited resources require people to trade one goal for another

#2: The Cost of Something is What You Give Up to Get It

Description: People choose something when the benefits are greater than the costs

vs.

#3: Rational People Think at the Margin

Description: Most of the decisions we make involve choices about a little more or a little

less of something

#4: People Respond to Incentives

Description: People are influenced bycosts and benefits

#5: Trade Can Make Everyone Better Off

Description: By focusing on what we do well and then trading with others, we will end up with more and better

choices than by trying to do everything ourselves.

#6: Markets Coordinate Trade

Description: Markets are an efficient way to coordinate exchanges between buyers and

sellers.

GlossaryScarcity: The limited nature of society’s resources

Trade-off: An exchange of one thing in return for another, especially relinquishment of one benefit or advantage for another regarded as more desirable

Incentive: Something that induces a person to act

GlossaryCost-Benefit analysis: A process in which the benefits of a given situation or business-related action are summed and then the costs associated with taking that action are subtracted.

Opportunity cost: Whatever must be given up in order to obtain something

Economy WebFood Webs

Economy Web

Economy WebThe BP Oil Spill: How did the

accident impact the economy?

How can we explain it using Economic Principles & Glossary terms?

Silent Graffiti NO TALKING. Write a thought, a connection, an impact or a

Principle/Glossary term on the board. When you have written something, silently

pass the chalk to a classmate. You may pass the chalk to anyone you wish, or

people may raise their hand to indicate they would like to write, but you must hand the chalk to someone.

Everyone needs to write at least 2 times.

Explain the BP oil spill using yourEconomic Principles & Glossary terms

Work Time Portfolio construction

Principles & Standards (#1-5 due today) Stamps

HomeworkBefore you leave

Put chairs on desk Turn in:

Exit slips Late work

Homework due Monday, April 25: Turn in any late work