1.
Rules of the Game
1. No Cell Phone Zone – DR will be sent to
office
2. No Headphones/Earbud Zone – DR will be
sent to office
3. ALL Tardies will be marked
4. Dress Code Strictly Enforced
5. Do your best and ask questions if you get
lost.

Grade Weights
◦
◦
◦
◦
Unit Tests & Quizzes
EOC
Daily Work
Projects
40%
10%
25%
25%
◦ Textbook – Economics: New Ways of Thinking
◦ Tests will be ScanTron Tests from the text and what we
do in class. The expectation is that you will be taking
notes.
◦ Questions as to rules, grade weights, or anything else?

Pre-test – do not panic, this just gives me an
idea if you know anything about Econ on a
basic level – will go into the gradebook as a
point of reference only. Read the questions
carefully and use logic to answer the
questions.

Begin pre-test – 30 minutes

Correct pre-test – 30 minutes
Goals: Economics Basics: The students will:
1. Come to an understanding about classroom
expectations.
2. Learn what economists do.
3. Learn the concept of opportunity costs.
4. Learn the concept of trade-offs.
5. Learn how trade-offs and opportunity costs
compare.

What
are the first 10
words that come to
your mind when you
look at the word
economics?


Study markets, prices, costs, production,
inflation, unemployment, interest rates,
business cycles, budget deficits, exchange
rates, etc.
What are each of these subjects?
 Goals:
The students will
◦Review the concept of
opportunity costs.
◦Review the concept of tradeoffs.
◦Learn how trade-offs and
opportunity costs compare.



Each of you describe one thing you did last
week.
If you had not done that, what would you
have done?
What you gave up was the opportunity cost of
what you did.



The most highly valued opportunity or
alternative forfeited when a choice is made.
E.g., Buying a concert ticket vs. a new pair of
Oaklies
What would you consider when making your
decision?




A situation in which more of one thing
necessarily means less of something else.
E.g., The design of the lunar module involved
a trade-off in the number of landing legs.
Three were not stable but lightest – five too
heavy but most stable. Designers
compromised on four.
E.g., Doing three hours of Econ and two
hours of Math homework.
What are other examples?


Productive resources are limited. Therefore,
people cannot have all the goods and services
they want. As a result, they must choose
some things and give up others. The act of
choosing is the trade-off. The difference in
value between the two is the opportunity
cost.
E.g., I want a Hybrid, but can only afford a
regular automobile. That is the trade-off. The
opportunity cost is the money I save.