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Use the “money” you have been given to make ONE purchase. Circle your decision.

Use the “money” you have been given to make ONE purchase. Circle your decision. PS3: $250. Jovani Prom Dress: $550. 1995 Honda Accord (Fair Condition): $1000. Coleman Tent/Camping Accessories: $300. HP Envy X2: $850. Fossil Watch: $150. 64G iPad : $650. American Eagle Gift Card: $500.

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Use the “money” you have been given to make ONE purchase. Circle your decision.

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  1. Use the “money” you have been given to make ONE purchase. Circle your decision. PS3: $250 Jovani Prom Dress: $550 1995 Honda Accord (Fair Condition): $1000 Coleman Tent/Camping Accessories: $300 HP Envy X2: $850 Fossil Watch: $150 64G iPad: $650 American Eagle Gift Card: $500

  2. Scarcity and Opportunity Cost • Scarcity =_____________>________________ • Causes of scarcity • What you are giving up in order to make your purchase is called _____________________.

  3. The Economic Way of Thinking • All choices involve __________________. • Benefit • Cost • Incentive • Disincentive

  4. Your Choices…

  5. Who wants to trade? • For a successful trade, each consumer must feel that they are gaining something. • Do you have money left over from the original purchase? • How will you make your trade marketable?

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