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Unit 1 Economics
Updated: 10/9/2020
Unit 1 Economics
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Storyboard Text

  • Intro To Economics
  • Good morning class. Today we will be covering the buying process of a consumer.
  • Cost-Benefit Analysis
  • Scarcity
  • Consumer
  • Wants
  • Needs
  • Tammy is a consumer looking to buy groceries.
  • As a consumer, Tammy has wants and needs. Tammy wants to get a new puppy but she is responsible for her needs, which is food.
  • dog
  • dog
  • Tammy decides to buy groceries. When she goes to purchase produce she notices that the price of corn has gone up. A drought has resulted in less corn production, creating a scarcity for corn.
  • In order to decide whether or not to by corn Tammy must use Cost-Benefit Analysis, weighing the benefits of buying the corn with the cost.
  • Then Tammy must consider the trade-off that is buying the corn or the cabbage as well as the opportunity cost.
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