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1. Where do you think I am?
What economic vocabulary word is this a
picture of?
Bellringer On slate

2. On slate
Think of a day when you got a lot done. What were
you doing? Why were you able to do it?

3. Draw Circular Flow model on
Whiteboards

6. Experiment
• 1 group draws
• 1 group draws
• 1 group draws

7. Graph Experiment
How could I model this?
Draw on board
Factors of production to
productivity?

8. 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 in
Productivity
Another example?
Hours studying? Working?

9. Draw and label 2 good PPF
label impossible, efficient and inefficient

11. Increases in productivity
• Causes ---------
• #1 technology
• Others:
• Human capital
• Cheaper inputs
• Health
• Reducing transactions
costs
• Globalization

12. 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?

13. Why shapes?
Ford: Blue cars or red cars
Rancher: Beef or corn
Guns vs. butter, Reps vs. Dems

14. Guns vs. Butter assignment