Scarcity & Opportunity Cost

EQ - How do the economic factors of scarcity and opportunity cost impact entrepreneurial decisions?

1. Activator - Q & A
2. Quiz 
3. Activator - Dice
4. Scarcity
1. Define
2. Example - Did You Know *Note at bottom*
3. Collaborative Pairs - Create an example
4. Connect to Factors of Production
5. Opportunity Cost
1. Define
2. Example - Prom
3. Collaborative Pairs - Create an example
4. Connect to Factors of Production
6. TOD - Putting the pieces together 
1. Carnival Cruise "Triumph" (Story)
2. How are the economic factors of scarcity and opportunity cost illustrated in this current event?  Be sure to explain the concepts in your response.

Did You Know: According to the World Water Council, by 2025, approximately 3.5 billion people will live in places where water is scarce or is becoming scarce.