Wednesday September 3

WELCOME TO IB ECONOMICS

Key Question:
What is economics and the key economic problem?

Key Economic Terms and Diagrams - Chapter 1

Terms:

• Economics
• Economy
• Scarcity
• Choice
• Trade-off
• Opportunity Cost
• Factors of Production
• Utility
• Micro vs Macro
• Positive vs Normative 

Diagrams/Models:

• Circular Flow Model
• Production Possibility Curve

Class Activity:

• Power Point - Community Commitment

Class Handouts:

• Class Syllabus
• Textbooks - Please see me if you need a textbook

Resources:

• Text Book - Chapter 1
• Khan Academy Video - Introduction to Economics
• Jacob Clifford - Thinking Like An Economist
• Video - Scarcity

Homework: 

• Read Chapter 1 in textbook