Where do you think I am?What economic vocabulary word is this a picture

of?

Bellringer On slate

On slateThink of a day when you got a lot done. What were

you doing? Why were you able to do it?

Draw Circular Flow model on Whiteboards

Experiment• 1 group draws

• 1 group draws

• 1 group draws

Graph Experiment

How could I model this?Draw on board

Factors of production to productivity?

Productivity• Quantity of output for each unit of input

• For example: • Mechanic can do 4 oil changes per hour• Each oil change requires $8 worth of filter & oil

• “At the margin” increases inProductivity

Another example? Hours studying? Working?

Draw and label 2 good PPFlabel impossible, efficient and inefficient

Increases in productivity

• Causes ---------• #1 technology• Others:• Human capital• Cheaper inputs• Health• Reducing transactions

costs• Globalization

With partner• How have the factors of production changed (and

become more productive) in the last 20 years• Which one will change the most in the next 20?

Why shapes?

Ford: Blue cars or red cars

Rancher: Beef or corn

Guns vs. butter, Reps vs. Dems

Guns vs. Butter assignment