THE SEVEN PRINCIPLES OF
ECONOMICS
DO NOW: WE LEARNED ABOUT
THE FIRST PRINCIPLE OF
ECONOMICS DURING OUR LAST
CLASS. SEE IF YOU CAN FIND OUT
WHAT IT IS BY LOOKING IN YOU
NOTES.
THE FIRST PRINCIPLE OF
ECONOMICS
For the Video that plays here, please
click on the separate video link
Econo -Pigs
THE SECOND PRINCIPLE OF
ECONOMICS
Based on your Cost/Benefit Analysis, which
building material is best to build a house that
is wolf-proof?
The average Pig
Straw - $10 per unit
dwelling needs 10
units of material to
Sticks - $50 per unit
build a house to
minimum standards.
Bricks - $100 per unit
THE SECOND PRINCIPLE OF ECONOMICS
BUILDING MATERIAL
COSTS BENEFITS
Straw - $10 per unit
Sticks - $50 per unit • Straw - $10 per unit X • Cheap compared to
Bricks - $100 per unit
10 units = $100
other choices
• Not very strong won’t • Light and easy to
last long
carry
• Sticks - $50 per unit x • Cheaper than bricks
10 units = $500
• Stronger than straw
• Not as strong as
• Bricks are the
The average Pig
bricks, won’t last
strongest material
dwelling needs 10
available
• Bricks - $100 per unit
units of material to
• Will last longer than
x 10 units = $1000
build a house to
sticks or straw
• Heavy, might need to
minimum standards.
hire someone to help • Wolf Proof!
In your note book list make a list of three
options for your life after High School.