Upload
isabella-sims
View
216
Download
1
Tags:
Embed Size (px)
Citation preview
So let’s practice!Apple has $10,000 left and has to decide to make iPods or Mac Computers:
Point iPods MacsA 20 0B 18 1C 15 2D 11 3E 6 4F 0 5
How might this PPC look?
2
5 18
Calculate the opportunity costs for iPods going from
Point A to B,Point D to E, &Point B to F.
THIS PRESENTATION HAS BEEN FORMATTED FOR YOUR TEST REVIEW:
LACK OF STUDYING FOR THE TEST WILL RESULT IN ALEX TREBEK BEING DISAPPOINTED IN YOU… TRUST ME,
YOU DO NOT WANT THAT TO HAPPEN
JEOPARDY RULES
• You will be divided into three teams.• Each member of the team will take
turns giving the solution.• Once your host finishes reading the
answer, the first person to raise their hand gets to state the answer for their team!
• The team with the most points in the end gets 5 bonus points; 3 bonus points for the team in second and 1 bonus point for third place.
http://rubbercat.net/mt/2012-06/
It is a program that enables women and minority groups to attain equality
in employment, education and business.
Affirmative Action
The Labor Market $400
It includes all people that are employed and unemployed.
Labor Force or Workforce
The Labor Market $600
How wages are determined; The wage at which workers needed equals the
number of workers available.
Equilibrium Wage
The Labor Market $800
The workers’ point of view of labor; the skill and experience of the workers
will affect their wages.
Supply of Labor
The Labor Market $1,000
It is the percentage of the workforce that is jobless but has been actively
looking for work within the last month.
The Unemployment Rate
Unemployment $200
It is the temporary unemployment of workers going from one job to the
next.
Frictional Unemployed
Unemployment $600
Under this government report, part time workers looking for full-time work
would be included in the unemployment count.
(But they aren’t!!)
U6
Unemployment $1,000
Michigan became the 24th state to pass this law in which workers do not have
to join a union.
The Right to Work Law
Labor Unions $400
It’s the process of negotiation between businesses and the organized employees
to establish wages and improve work conditions.
Collective Bargaining
Labor Unions $800
This New Deal legislation set a minimum wage, required overtime pay
for workers and banned child labor.
The Fair Labor Standards Act
Labor Unions $1,000
It’s the type of economics that looks at individuals, families and businesses.
Microeconomics
Economic Theory $400
It’s the benefit or satisfaction that you gain from use of a good or service.
Utility
Economic Theory $600
This factor of production includes all physical resources made/used by
people to produce and distribute goods and services.
Capital
Economic Theory $1,000
This law states that your utility will decrease as each additional unit is
consumed.
Law of Diminishing Returns(Marginal Utility)
Opportunity Costs $400
It’s a process of analyzing the advantages and disadvantages of each
available alternative to reach a decision.
Cost-Benefit Analysis
Opportunity Costs $600
It’s a trade off (the next best alternative) that has been given a
value.
Opportunity Cost
Opportunity Costs $800
This is represented by the greatest combination of 2 goods a company can
produce given the limits of the industry.
The Production Possibility Curve
Opportunity Costs $1,000
Draw a PPC for the following table ANDdetermine the opportunity cost for
computers.
PRODUCTION POSSIBILITY FRONTIER
Point Fighter Jets Computers (in thousands)
A 0 1,000
B 2 900
C 4 700
D 7 450
E 8 200
F 10 0
The U.S. government has $1 billion dollars to spend on either F-35 fighter jets or computers for schools…
Calculate the opportunity costs for computers going from
Point A to B,Point D to E, &Point C to F.
100
250 700