Economics - Mrs. Ricker's Class
Economics
Reading Notes Section 2.4
Name: _______________________ Period #: __________
1.) A pictoword is a symbolic representation of a word that shows its meaning. IN YOUR SS NOTEBOOK, write the definition and create a pictoword for each of the following terms:
• utility,
• opportunity cost,
• diminishing marginal utility,
2a.) Identify one decision you made in the Economic Decision Making Activity (for example, to attend the football game). ________________________________.
2b.) List all the tradeoffs of that decision.
________________________________________________________________________
________________________________________________________________________
2c.) In your list, circle your opportunity cost of that decision.
2d.) Explain why this is your opportunity cost.
________________________________________________________________________
________________________________________________________________________
3a.) Using the decision matrix in section 2.4 of the reading packet, make a decision about where you would buy the video game. ________________________________.
3b.) List the tradeoffs of that decision.
________________________________________________________________________
________________________________________________________________________
3c.) List the opportunity cost. ______________________________________________.
4.) Describe or draw an example of a time in your life when you encountered diminishing marginal utility.
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