Objectives: to understand:
- How Individuals Make Choices Based on Their Budget Constraint
- The Production Possibilities Frontier and Social Choices
- Confronting Objections to the Economic Approach
To-Do Before Class
Read: Ch. 2 Introduction to Choice in a World of Scarcity
Activities/Assignment
- Review week 2 slides and notes
- Apply Your Knowledge
Ch. 2 Critical Thinking Questions (question #23)
Economics in the Real World
Discussion
