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Sponge:

Sponge:. 1)As a factor of production, physical capital includes which of the following? A. tools, equipment, and factories B. forests and mineral deposits C. factory workers and factories D. managers, tools, and equipment 2) The three basic economic questions are ____.

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Sponge:

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  1. Sponge: • 1)As a factor of production, physical capital includes which of the following? • A. tools, equipment, and factories • B. forests and mineral deposits • C. factory workers and factories • D. managers, tools, and equipment • 2) The three basic economic questions are ____. • A. WHAT to produce, WHY to produce, and WHERE to produce • B. WHAT to produce, HOW to produce, and WHERE to produce • C. FOR WHOM to produce, WHAT to produce, and HOW to produce • D. WHAT to produce, WHEN to produce, and WHERE to produce • 3) An individual decides to pay $8 to see amovie instead of buying an $8 meal. What is the opportunity cost of the movie? • A. the time spent watching the movie • B. the $8 paid to see the movie • C. the satisfaction missed by not eating the meal • D. the satisfaction received by going to the movie

  2. Schedule this week Monday: Study Guide/Zap a Zero Tuesday: Study Guide/Zap a Zero Wednesday: Jeopardy Thursday: 1st and 4th Final Friday: 2nd Final

  3. Next Week Zap – a –Zero Assignments issued Final exam and Review

  4. Assessment 1st: 56 2nd: 61 4th: 65

  5. Missing Books 23 = Anna Smith 13 = Thylas ? 9 = Danielle 6 = Clemons 1 = Williams 26 = Renea 5 = Collier 16, 21, 24, 30 I will not allow students to check out books until these are returned.

  6. Unit Three Vocab

  7. Aggregate demand uses same formula as GDP: C+I+G+Nx = AD

  8. Steps for TIRES and TIGERS • Does the scenario represent a letter in TIRES or TIGERS? • If no, then the curve does not shift. • If yes, Does the scenario represent an increase or decrease? • Draw the shift. • Draw the new market equilibrium. • Did prices go up or down?

  9. Circular Flow Model

  10. Three Functions of Money • Medium of Exchange = it is accepted as payment for goods and services • Store of Value = retains value for at least over periods of days and months • Unit of Account = values of measured in units of money

  11. Payments for Factors of Production Land = Rent Labor = Wages Capital = Interest Entrepreneurship = Profit

  12. Independent Practice You may use the resources around the room to work on the following: • Study Guide (to be turned in for a grade) • Zap a Zero Assignments • Complete Test Corrections from last week

  13. Exit Ticket 1) The opportunity cost of going to college might best be described as A) the money that must be paid in order to attend college. B) the lowest-valued alternative use of the student’s time. C) the highest-valued alternative use of the student’s time. D) the value that the student attaches to not working. 2) Fred and Ann both decide to see the same movie when they are given free movie tickets. We know that A) both bear an opportunity cost since they could have done other things instead of see the movie. B) both bear the same opportunity cost since they are doing the same thing. C) the cost of going to the movie is greater for the one who had more choices to do other things. D) neither bear an opportunity cost because the tickets were free.

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