Standards SSEF2 Give examples of how rational decision making entails comparing the marginal benefits and the marginal costs of an action. a. Define marginal cost and marginal benefit. b. Explain that rational decisions occur when the marginal benefits of an action equal or exceed the marginal costs. c. Explain that people, businesses, and governments respond to positive and negative incentives in predictable ways. SSEF3 Explain how specialization and voluntary exchange influence buyers and sellers. a. Explain how and why individuals and businesses specialize, including division of labor. b. Explain that both parties gain as a result of voluntary, non-fraudulent exchange. Opening:
| Work Session I. Practice GMAS #4 II. Watch the videos below then complete the study guides accompanying them. |
- Georgia Milestones Testing is coming very, very soon.
- Economics test April 30, 2019
- Testing begins on Monday, April 22nd and continues daily through Thursday, May 2nd