Section 2 Guided Reading And Review Opportunity Cost 1 Who makes trade offs Individuals businesses and society make trade offs Individuals businesses and society make trade offs 2 Why do decisions involve trade offs All decisions include trade offs because you are choosing something over the other thing An example would be choosing going shopping over starting your homework
The idea that a country that produces guns has fewer resources to produce butter consumer goods and vice versa opportunity cost the most desirable alternative given up as the result of a decision cost benefit analysis a process in which you compare what you will sacrifice and gain by a specific action marginal cost Section 2 Guided Reading and Review Changes in Market Equilibrium As You Read As you read Section 2 complete the chart by supplying an effect for each cause B Reviewing Key Terms Rewrite each sentence so that the italicized term is used correctly 10 Shortage occurs when the quantity demanded falls below the quantity supplied 11
Section 2 Guided Reading And Review Opportunity Cost
Section 2 Guided Reading And Review Opportunity Cost
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SECTION 2 GUIDED READING AND REVIEW Opportunity Cost 3 As You Read As you read Section 2 fill in supporting facts or details under each main idea by answering each question Then apply your knowledge to the Guiding Question How does opportunity cost affect decision making
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Section 2 Guided Reading And Review Opportunity Cost
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1 Who makes trade offs 2 Why do decisions lead to trade offs Main Idea Opportunity cost is what you give up when you choose something else 3 Why are opportunity costs different for each possible choice e argin is d iding how much more or less to do 4 What do you compare when you think at the margin 5
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Why does opportunity cost vary It depends how much each individual is willing to give up in order to receive their ideal benefit Deciding whether to do or use more or less of some resource Thinking of the Margin What does thinking at the margin help with Decision making What does thinking at the margin help compare
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1 Who makes trade offs individuals businesses and governments 2 Why do decisions involve trade offs Resources are limited Main Idea Opportunity cost is the most desirable alternative given up as the result of a decision 3 How does opportunity cost vary It varies based on what is being given up by making the decision
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Opportunity Cost Making a decision at the margin is possible only in situations where the available alternatives can be divided into increments Every decision involves trade offs because Everyone s resources are limited A decision is made at the margin when each alternative considers cost and benefit ranked in progressive units
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1 Who makes trade offs 2 Why do decisions involve trade offs Main Idea Opportunity cost is the most desirable alternative given up as the result of a decision 3 How does opportunity cost vary 4 Why does opportunity cost vary Main Idea Deciding whether to do or use one more or one less unit of some resource is thinking at the margin 5
GUIDED READING AND REVIEW I Scarcity and the Factors of Production SECTION 1 A As You Read Directions As you read Section 1 write a sentence t ex lain hy 1 Opportunity Cost SECTION 2 As You Read Directions As you read Section 2 answer the questions under each main idea below Use complete sentences Section 2 Guided Reading and Review Changes in Market Equilibrium NAME CLASS DATE Cause 1 Entire supply curve shifts 2 Technology for making compact disc CD Suppliers pay search costs in the form of financial and opportunity costs as they search for a good A As You Read As you read Section 3 answer the questions on the lines
SECTION 2 Class GUIDED READING AND REVIEW The Free Market Date A As You Read Directions As you read Section 2 write the missing labels on the circular flow diagram Then apply your knowledge to the Guiding Question What are the characteristics of a free market economy Households pay firms for goods and services Households Physical Flow