one year ago, on the bayou…
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One year ago, on the bayou…. there was an accident on a BP oil rig in the Gulf of Mexico. AGENDA April 21, 2011. Today’s topic: Taking Care of Each Other / Review Economic Principles & Standards & Glossary Economy Web: An accident on the bayou Work Time Portfolio construction - PowerPoint PPT PresentationTRANSCRIPT
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