Unit 4 Micro CSA #1 -A

The baker arrives early in the morning at the bakery shop in the center of town.  He begins to prep by getting out the flour and eggs to make dough.  Once the dough is mixed he has his assistant pour the mix into the doughnut pan and place it in the oven.  Shortly after the doughnuts are finished Betty, the bakery owner, arrives to taste test items before the store opens for the day.

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What is the opportunity cost of a decision?

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What is an example of something that is scarce ________________.  How do we know that it is scare ____________ _______________ __________________ 

Scenario: You own a successful clothing company and want to open a new store in either New York City or Los Angeles. If you choose New York City, what is the opportunity cost?

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What is scarcity?

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Why are resources considered limited?

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The resources used to make all goods and services are the

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How are trade-offs and opportunity costs different?

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What are the three economic questions?

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Individuals and businesses own the means of production and distribution with limited government regulation in a __________ economy.

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In a command economy, who decides how the economic questions will be answered?

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Government owns the basic means of production, but there is some private ownership of businesses under

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If the marginal cost of producing one more unit is $5 and the marginal benefit is $8, what should the firm do?

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A diner has already eaten three slices. They consider buying a fourth slice for $4.
Marginal Benefit: Slight satisfaction, but they’re already full.
Marginal Cost: $4 payment and possible discomfort from overeating.
What principle applies here?

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Unit 4 Micro CSA #1 -A

What is the opportunity cost of a decision?

Scenario: You own a successful clothing company and want to open a new store in either New York City or Los Angeles. If you choose New York City, what is the opportunity cost?

What is scarcity?

Why are resources considered limited?

The resources used to make all goods and services are the

How are trade-offs and opportunity costs different?

What are the three economic questions?

Individuals and businesses own the means of production and distribution with limited government regulation in a __________ economy.

In a command economy, who decides how the economic questions will be answered?

Government owns the basic means of production, but there is some private ownership of businesses under

If the marginal cost of producing one more unit is $5 and the marginal benefit is $8, what should the firm do?

A diner has already eaten three slices. They consider buying a fourth slice for $4.
Marginal Benefit: Slight satisfaction, but they’re already full.
Marginal Cost: $4 payment and possible discomfort from overeating.
What principle applies here?

What is the opportunity cost of a decision?

Scenario: You own a successful clothing company and want to open a new store in either New York City or Los Angeles. If you choose New York City, what is the opportunity cost?

What is scarcity?

Why are resources considered limited?

The resources used to make all goods and services are the

How are trade-offs and opportunity costs different?

What are the three economic questions?

Individuals and businesses own the means of production and distribution with limited government regulation in a __________ economy.

In a command economy, who decides how the economic questions will be answered?

Government owns the basic means of production, but there is some private ownership of businesses under

If the marginal cost of producing one more unit is $5 and the marginal benefit is $8, what should the firm do?

A diner has already eaten three slices. They consider buying a fourth slice for $4.
Marginal Benefit: Slight satisfaction, but they’re already full.
Marginal Cost: $4 payment and possible discomfort from overeating.
What principle applies here?

If production occurs at a point inside the PPC curve, what does this represent?

If the PPC shifts outward, what does this indicate?

If Point D lies outside the PPC curve, what does this mean?

If production occurs at a point inside the PPC curve, what does this represent?

If the PPC shifts outward, what does this indicate?

If Point D lies outside the PPC curve, what does this mean?

Unit 4 Micro CSA #1 -A

Unit 4 Micro CSA #1 -A

What is the opportunity cost of a decision?

Scenario: You own a successful clothing company and want to open a new store in either New York City or Los Angeles. If you choose New York City, what is the opportunity cost?

What is scarcity?

Why are resources considered limited?

The resources used to make all goods and services are the

How are trade-offs and opportunity costs different?

What are the three economic questions?

Individuals and businesses own the means of production and distribution with limited government regulation in a __________ economy.

In a command economy, who decides how the economic questions will be answered?

Government owns the basic means of production, but there is some private ownership of businesses under

If the marginal cost of producing one more unit is $5 and the marginal benefit is $8, what should the firm do?

A diner has already eaten three slices. They consider buying a fourth slice for $4.Marginal Benefit: Slight satisfaction, but they’re already full.Marginal Cost: $4 payment and possible discomfort from overeating.What principle applies here?

What is the opportunity cost of a decision?

Scenario: You own a successful clothing company and want to open a new store in either New York City or Los Angeles. If you choose New York City, what is the opportunity cost?

What is scarcity?

Why are resources considered limited?

The resources used to make all goods and services are the

How are trade-offs and opportunity costs different?

What are the three economic questions?

Individuals and businesses own the means of production and distribution with limited government regulation in a __________ economy.

In a command economy, who decides how the economic questions will be answered?

Government owns the basic means of production, but there is some private ownership of businesses under

If the marginal cost of producing one more unit is $5 and the marginal benefit is $8, what should the firm do?

A diner has already eaten three slices. They consider buying a fourth slice for $4.Marginal Benefit: Slight satisfaction, but they’re already full.Marginal Cost: $4 payment and possible discomfort from overeating.What principle applies here?

If production occurs at a point inside the PPC curve, what does this represent?

If the PPC shifts outward, what does this indicate?

If Point D lies outside the PPC curve, what does this mean?

If production occurs at a point inside the PPC curve, what does this represent?

If the PPC shifts outward, what does this indicate?

If Point D lies outside the PPC curve, what does this mean?

A diner has already eaten three slices. They consider buying a fourth slice for $4.
Marginal Benefit: Slight satisfaction, but they’re already full.
Marginal Cost: $4 payment and possible discomfort from overeating.
What principle applies here?

A diner has already eaten three slices. They consider buying a fourth slice for $4.
Marginal Benefit: Slight satisfaction, but they’re already full.
Marginal Cost: $4 payment and possible discomfort from overeating.
What principle applies here?