Economics & Economic Decision Making

Economics & Economic Decision Making

Warm Up Question:What are 2 land, 2 labor & 2 capital associated with a high school?

[write today’s date: put this in notebook]

FACTORS MAKE G&S

GOODS:• Any item that is useful or satisfies a want

SERVICE: work that is performed by someone, the action– Ex) teaching, defending, mowing, etc.

We can classify all goods in order to understand them better and how the goods fit or needs.

Categorizing Goods:

CONSUMER GoodsItems intended for final use by individuals (as

is)

Ex) picture frame or a couch

CAPITAL GoodsItems used to make other goods (and separate

from it)

Ex) hammer or stapler

Classifying even further

All goods can described as either durable or non-durable.

DURABLE GOODS: goods that are intended to last; more than three years, like appliances and furniture.

NON-DURABLE GOODS: disposable goods that are not intended for long use, less than 3 years, like food or make-up.

4 Square Cut n’ Paste

Durable Goods

Non-Durable

Goods

Capital Goods

Consumer Goods

You must have 6 examples in each box along with the title.

No Repeats!

Wrap Up Top Ten!!Category: Top Ten Highest

Earning Celebrities Last YearHere are some hints:

2 Singer

2 Actors

Rapper

Athlete

Movie Director

TV Producer

2 Talk Show Hosts

Top Ten Highest Earning Celebrities

10. Bon Jovi9. Howard Stern

8. Madonna7. Tom Hanks

6. Jay-Z5. Johnny Depp4. Tiger Woods

3. Steven Spielberg2. Jerry Bruckheimer (CSI Shows)

1. Oprah Winfrey