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Amy is flying through a lightly populated part of the South Pacific when her plane crashes. After several days at sea she washes up on the beach of an apparently deserted island. Because of the length of time she has spent without much food or water she can only work about eight hours per day for the first three days. She also has a Swiss Army Knife. Fortunately, she is good at estimating the time it will take to perform most tasks. Below is a list of her estimates. Unfortunately, your instructor may declare new conditions (arrival of head-hunters, storms, rescue planes, floods, etc.) at any time. Form groups of three to five students and develop a three day agenda for Amy. Record your choices and be prepared to defend them in class. You may spread tasks out over more than one day. She has no clothing (don't ask where she kept the knife) and must drink before the end of the first day and eat before the end of the second day.
Create a three day agenda on a chart like the one below.
Part II Below is a list of concept, first define them and then using the answers you came up with in part I to explain them. 1. Scarcity. 2. Opportunity Cost. 3. Economics. 4. Capital. 5. Investment. 6. Savings. 7. Risk. 8. The "three economic decisions". 9. Resources. 10. Technology. |