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  • Hello Class! Today we will be talking about how scarcity and how other things related to it affect the economy!
  • Isn't Scarcity when there is less resources for us to make things people want or need?
  • It's 7th period Economics you buffoon. But like I was saying, Economic choices are like games in a way. Like LeBron has 5 seconds left in the 4th quarter and he is down by 2. what will he do to win the championship?
  • yay...
  • We also need to know about economic choices.
  • That's correct Sasha! it also is known as the main issue of the economy.
  • Like what exactly do you mean by Economic Choices Mr. Brown?
  • 52! NO 7! A?!
  • CHANCE WAKE UP!!!
  • Great job in class today! Today is Friday so I won't be giving homework out today. However, there will be a test on the 5 terms we just went over ok? You got to study for this.
  • Oh like how
  • Dillan what I mean by that is when a person makes a decision on what to do in conditions of scarcity.
  • Oh, well I know that Trade-Offs are when you exchange things for the use of the thing you're exchanging for.
  • Well he would shoot it of course!
  • Great job Chance and Dillan! Now those decisions of scarcity can impact plenty of people. But the reason all this happens is because of limited resources.
  • Yes and what about an Opportunity Cost?
  • Can somebody tell me what a limited resource is? And after that tell me what an opportunity cost is.
  • A limited resource is a resource with a finite number of itself.
  • An Opportunity Cost is when you try to gain something but lose an alternate option in the process.
  • Also this will help you guys out in college so if I were you, I would be remembering and taking notes of all these things.
  • Have a great weekend and see you guys on Monday!
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