Intro to Economics Smartboard Lesson

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The Production Possibilities Model • The production possibilities model is based on three assumptions: ◦an economy makes only two products ◦resources and technology are fixed ◦all resources are employed <strong>to</strong> their fullest capacity
The Production Possibilities Curve • The production possibilities curve shows a range of possible output combinations for an economy. ◦It highlights the scarcity of resources. ◦It has a concave shape, which reflects the law of increasing opportunity costs.
Page 1 and 2: Introduction to Economics BR1 Mr. R
Page 3 and 4: Agenda •Textbook distribution •
Page 5 and 6: Question: •Same list: how much of
Page 7 and 8: Consumers obtain/use various goods
Page 9 and 10: Satisfaction-Rolling Stones
Page 11 and 12: Here’s the Problem! •Society ha
Page 13 and 14: ..this results in Scarcity!!!!!
Page 15 and 16: …making choices have costs!
Page 17 and 18: Opportunity Cost (what is given up,
Page 19 and 20: Economic Choice • Economists assu
Page 21 and 22: Economics Defined: • Economics is
Page 23 and 24: Exit Card • This is an example of
Page 25 and 26: Positive vs. Normative Statements P
Page 27 and 28: Factors of Production: Societies Li
Page 29 and 30: Glossary: Let’s Begin! Title a ne
Page 31 and 32: Economic Systems • The three econ
Page 33 and 34: Economic Systems • Most countries
Page 35 and 36: Gallery Walk •Instructions: •Yo
Page 37: Complementary and Conflicting Econo
Page 41 and 42: The Law of Increasing Costs Product
Page 43: The Founder of Modern Economics •

Intro to Economics Smartboard Lesson

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