Unit 1: Econ Fundamentals 2024

Open Ended

In your own words, rewrite “unlimited wants exceed limited productive resources.”

Open Ended

If a store has everything you want to buy, why might you still experience scarcity?

Open Ended

Give an example of an opportunity cost you have faced. What did you choose? What did you give up?

Open Ended

What is a scarce resource we allocate at MP? How is it allocated?

Open Ended

What human capital do you have?

Open Ended

Do people have the same marginal costs and benefits? Why or why not?

Poll

Does your family usually:

• Cut their own grass

• Change their own oil

• Cook their own meals

• Clean the house

Poll

Does your family usually:

• Change their own oil

• Cut their own grass

• Cook their own meals

• Clean their own homes

Draw

Where is the profit maximizing point?

Open Ended

Give an example of a positive incentive we have at MP.

Open Ended

Give an example of a negative incentive we have at MP.

Open Ended

Give an example of specialization:

1) At Mary Persons

2) At a Restaurant

3) for yourself (at home, work, school, sport, extracurricular)

Multiple Choice

What is the opportunity moving from making 6 blizzards to making 10 blizzards?

• 4 blizzards

• 2 hamburgers

• 16 hamburgers

• 10 blizzards