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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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