Welcome back for another wonderful year at Westgate! I hope you all are ready for some Economics. This week, we will begin with Scarcity and the fundamentals of economics, talk about opportunity cost, and learn about the production possibility frontier and production possibility curve.

Here’s what you need to know:

Classes: Monday/Wednesday, 10:15 – 10:45 AM

Zoom ID: 723 9635 0716

*as always, please see Teams for the password.

Weekly Objectives

1. Topic 1.1 Explain why scarcity and choice are the basis of economics in every society. Summarize how entrepreneurs fuel economic growth. Describe the three economic factors of production and the differences between physical and human capital. Explain how scarcity affects the factors of production.
2. Topic 1.2 Identify why every decision involves tradeoffs. Explain the concept of opportunity cost. Describe how people make decisions by thinking at the margin.
3. Topic 1.3 Interpret a production possibilities curve. Explain how production possibilities curves show efficiency, growth, and opportunity. Explain why a country's production possibilities depend on its resources and technology.

New Assignments

1. Topic 1 Pre-assessment
2. Topic 1.1 Scarcity – Fundamentals of Economics
3. Topic 1.2 Opportunity Cost and Trade-Offs
4. Topic 1.3 Production Possibilities
5. Topic 1 Quiz