Good Morning and Happy Monday!! As promised today we are going to watch a video. It is called Cast Away -- seen it? While watching the movie which I hope will prove fun and relaxing over the next few weeks, we are going to focus our attention on economic concepts we are discussing in class. This isn't too easy at this point as we have only covered a few economic concepts. Those concepts include scarcity, the factors of production needs vs. wants and incentives/opportunity costs. With that said, below are a few terms we are going to cover as a class as we get started. Please write down a definition and example for your blog as part of your post for today.
- Terms:
- Macroeconomics
- Microeconomics
- Consumer/Producer
- Incentive
- Utility of Resource
Okay ... now lets get started :) Enjoy the movie!
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