Today’s Warm Up

Also, I have one homework pass to award one lucky student today. How should we decide who gets it?

In your class notes, list as many ideas as you can… Don’t worry if your idea is a little crazy! All suggestions will be considered.

Be ready to share!

Economics Intro!

What is Economics? The study of how people deal with

scarcity: unlimited wants, limited resources For example, why can’t I have everything I want

and be anything I want to be?! More specifically, economists study how

people seek to satisfy their needs and wants by making choices when dealing with scarcity Make a list… What do you need to survive?

Dissecting the DefinitionNeeds: something like air, food,

shelter that is necessary for survival

Wants: an item that we desire but that is not essential to survival

Based on these definitions, what do we need to cross off our list?

Scarcity Leads to Decision Making Every choice requires a

trade-off – you must give something up if you want to get something

Whatever you give up is the opportunity cost For example, what is the

opportunity cost of being in class right now?

Are you smelling what I’m stepping in?: String together the words below to summarize what you just learned. BE READY TO SHARE!

Economics Needs

Wants Scarcity

Trade-Off Opportunity Cost

Activity: BEAD GAME!

Happy Wednesday! Break back into your groups from yesterday! (If you weren’t here, join a group of four.)

Group 1: Cody, Jacqueline, Donovan, Matt B., Ailla

Group 2: Kat, Sam, Trevor, Tyler, Siddhi,

Group 3: Dante’, Michael F., Zach G., Amanda, Gracie

Group 4: Jazmine, Matt L., Aly, Jason, Dalton

Group 5: Collin, Matt Meadows, Matt Marsh, Julia,

Group 6: Julie, Austin, Dylan, Hope, Savitha

Revisit the Game Instructions!Try to figure out which round

represents each economic system!MarketCommandTraditional

Bead Game Recap

Which system was represented in each round? “We Do What We’re Told Ville” = COMMAND “That’s the Way We’ve Always Done It Ville”

= TRADITIONAL “Make as Much as We Want Ville” =

MARKET

Bead Game Recap Progress: Is it stressed?

In other words: Does it seem like this economic system is concerned with improving their economy?

Choice of Jobs? In other words: Did you get to pick a job you enjoyed and/or were good at? Or, was it

assigned? If so, who assigned it? Motivation to Produce

In other words: What or who motivated you to produce jewelry? How strong was that motivation?

How to Produce What or who told you how to construct the jewelry?

What to Produce What or who told you what to make?

For Whom to Produce How would that economic system decide who got the finished products?

Base Values What was important for each economic system? What were the priorities?

Score

Group # Round 1 Round 2 Round 3

1 0 100 25 = 125

2 5 0 32 = 37

3 0 25 25 = 50

4 15 10 0 = 25

5 5 55 35 = 95

6 50 60 15 = 125

Today’s Groups (Randomly Selected ) Group 1:

Dee, Emily B., Jess B., Bryce, Roshik Group 2:

Darnelle, Tatyana, Devon F., Maddy J., Devon J. Group 3:

Emily K., Amy, Alanna, Jackson, Patrick Group 4:

Josh, Gage, Andrew, Bhumi, Darielle Group 5:

Ty, Ishaan, Camryn, Jess W., Kelly Group 6:

Ben, Carly, Zahniyah, Bailey, Maddy, Breanna

How do countries deal with the issue of scarcity? They adopt an economic system: a set of rules by which a nation answers the basic questions: What to produce? How to produce? For whom to produce?

Activity: Categorizing Economic Characteristics

MacroeconomicsStudy of economic behavior & decision making of entire economies

Examines major trends for the economy as a whole

Societal decision making is macro (large)

Helpful Hint: Think of a BIG MAC to help you remember MACroeconomics looks at BIGger economic topics

MicroeconomicsStudy of economic behavior &

decision making of small units, such as individuals, families, & businesses

Individual decision making is micro (small)

Helpful Hint: Think of MICROminimachines to help you remember MICROeconomics looks at “mini” economic topics

Activity: Macroeconomics vs. Microeconomics Identify if each newspaper headline provided

deals with a micro or a macro issue.

Factors of Production (a.k.a. Productive Resources) Definition: Anything that’s used to produce something

else Productive resources are limited… Countries also deal with

scarcity!

Land – natural resources used to make something else Labor – human effort used to produce a good or service Capital – man-made things used in the production of

goods Entrepreneurship – the willingness to risk running a

new business Video Clip on Resources: https://www.youtube.com/watch?

v=0PgP0dXAGAE&index=40&list=UU_xHLAJ_zqPHkmC2aY2MdcA

My Business

Ms. Wynn’s Pizza Shop Land – cheese, tomatoes Labor – pizza maker Capital – pizza oven Entrepreneur – Mrs. Krzyzanowski

Now open your own business!

Open Your Own Business

Fold a piece of computer paper so that you have 4 equal quadrants.

In the middle, write the name of your business.

Label each of the quadrants as the following, and record your information there. Land Labor Capital Entrepreneur

Show What You Know… String together the words below to summarize

what you learned today. Demonstrate your understanding my showing how the terms relate (don’t simply define them). SCARCITY! Microeconomics Macroeconomics Economic Systems Productive Resources