Friday September 7

Key Concepts for Today:

• Choice
• Scarcity
• Trade-offs
• Opportunity Cost

1 - Resources are limited (Scarcity)

2 - Therefore people must make choices

3 - People makes choices based upon their own rational self-interest

Class Activity:

• Opportunity Cost - Next best Choice (Starburst)

Class Handouts:

• None

Resources:

• Text Book - Chapter 1

• Khan Academy Video - Introduction to Economics

• Video - Scarcity
• Video - Scarcity and Opportunity Cost

Homework:

None