Day One ActivityAnswer the following questions using topic sentences and supporting details in paragraph form. Practice using the correct writing format discussed in class.

1.) What is your purpose at Folsom Lake? What do you hope to get out of your time here? Explain why.

2.) What do you believe it means to be successful? Provide reasoning and examples.

Paragraph Parts.

• Topic Sentence: Your main idea

• Supporting Reasoning sentence: Your explanation of why your main idea is correct.

• Evidence: Facts/proof that your explanation should be believed.

• Conclusion sentence: Recap of topic and

1.) Find the topic Sentence and Underline it.

2.) Find the reasoning sentences and circle them.

3.) Find evidence and put a box around it.

4.) put a dashed line under the closing sentence. My primary purpose at Folsom Lake High School is to get

caught up on credits so that I may receive my diploma. This is important to me because without a diploma my employment options as I get older will be greatly diminished. Many jobs like factory work and white collar office jobs require a diploma before I could even apply. On top of this, studies show that on average high school drop outs make $10,000 per year less than high school graduates. Ease of finding a job and higher pay are why my primary focus at New Vision is making sure I get my diploma.

Intro to Economics

“The American Dream”

• Economics decides how the world’s limited resources will be distributed. How much they will cost, what will be made, whom will get what?

• Why do we buy things?– Because we can’t satisfy our wants and

needs on our own.

• Why do we sell things?– Because we can make money satisfying other

people’s wants and needs.

• Can everyone in the world be rich? Can we all get everything we need and want?

Needs V. Wants • What are some examples of what we need for

survival?

• What are some examples of wants in your daily life?

• If you own a business do you want to sell want or need items? Why is understanding wants and needs important to economics?

Needs and Wants keep the economy going!

• If everyone could create all their needs and wants on their own no economy would exist. WHY NOT???

What is Scarcity?Scarcity: Unlimited wants

and needs in a world of limited resources. (more demand than supply) Examples?

• Demand = how much someone is willing and able to buy.

• Supply = how much someone is willing and able to produce.

Money?

Natural Resources?

• AIR? • WATER?

The Two sides of Economics

1.)MAKING/SELLING STUFF

• Supply Side: • Sellers/producers: • Sell products to meet the

needs and wants of buyers.

• Input: What goes into making a product.

• Output: the final product that is sold.

2.) BUYING STUFF• Demand Side• Consumers/buyers: • Controlled by the consumers

who make choices every day on what they will buy.

• Control what is made and at what price. Each time we buy something we are casting a vote.

Supply Side (input): 4 Factors of Production

• Land: Natural resources not created by man.

• Labor: The people and their skills, work.

• Capital: tools, equipment, factories used to produce goods.

• Entrepreneurs: Risk takers, start new business with the land, labor, and capital.

• Are any of these factors fixed?

What are the factors of production for these objects?

The economics of production (supply). • Input = What it takes to produce something

(The 4 Factors of production) Examples?

• Output = The finished product or service (What is made) Examples?

• Economic Rule: When input changes it impacts the price and quantity of output.

• Example: If wages go up input cost go up, also raising output price.

• What is your purpose as an employee at a job? Are you input or output?– To make them money.

• What is the purpose of all businesses?– To make money!!– To have the monetary value of output greatly

exceed that of input. (Markup) – Business want the final product (output) to sell

for much more than the cost to make it (input)

– Why would so many businesses make their products outside this country?

Input vs. Output• Business 1: Input cost =$2.90

Sell Price = $4.00

• Business 2: Input cost = $3.25

Sell Price = $4.25

Business 3 : Input Cost = $3.00

Sell Price = $3.75

Which business makes the most per sell?

Three Basic Questions of all Businesses/Economies:

• What to produce?– What will we devote our limited resources

towards making?

• How to produce?– Low cost or high end? With American workers

or overseas?

• For whom to produce?– Who is being targeted? Who is going to get

these finished products?

Journal #2

• What “face/side” (supply or demand) controls our economy by deciding what is made and at what price products will cost? Try to explain using economic reasoning.

• Include an intro and one body paragraph.

In small groups create a mini businesses plan that details the three basic economic questions in relation to your product.What to produce How to Produce For Whom to produce

1.Description of what you will be producing. What will set it apart from similar businesses/products. Be specific. Write out in paragraph form.A.What product/service do you intend to offer?

B.What consumer needs will you satisfy with the product/service.

C.What is your competition?

D.What makes you different from your competition? I.E. What is your unique selling point

1. Explain how it will be made. (overseas, domestic, machines, handmade, ect…) Are you going to make it yourself? Hire people? Where will it be made? Quality? How will you lower input cost?

1.)

a.Description of your target customer from these perspectives; demographic, geographic, socioeconomic.

b.How are you going to get people to buy it? Based on those characteristics.

2.Visual picture of what you will be producing. Or outline of business floor plan. Use detail and labels.

2. Explain the benefits of making it that way.

2. Draw an ad that will target that audience. Or describe/create a commercial.

3. Explain the drawbacks of making it that way.

Pop Quiz 10 pts1. Explain the difference between need and want with

examples of each?

2. During tough economic times do I want my business to sell things people need or want? One sentence why.

3. Are the factors of production an example of input or output?

4. When demand is high and supply is low price will go up or down?

5. Provide an economic definition for “Scarcity”.

6. Provide an economic definition of demand.

7. Consumers are on the supply or demand side of economics?

8. What are TWO examples of the capital needed at Taco Bell?

9. Which products on the board are scarce?

10. What are three of the factors of production?

Journal # 3

• What is more valuable, time or money? Explain your answer.

• Who determines the value of your time?

Opportunity Cost

• The cost of the best alternative use of money, time, or resources when one choice is made rather than another.

• Everything has an opportunity cost!

• What is the opportunity cost of you being at school?

Trade-offs: making decisions that carefully consider the cost and benefits of each possibility.

Alternatives $50 or less

Durable Will parents approve?

Future expense unnecessary?

Can use anytime?

Several Cds

Concert Tickets

Starbucks

Jeans

Cigarettes

Value V. Wealth V. Rich• Value = how much someone is willing to

pay for something. Not always what is valuable in a survival sense. – Diamonds Vs. Water.

• Wealth = accumulation of all tangible products.

• Rich= having and/or making lots of money.

Capitalism• Ownership by Private Persons. (not govt)

• Private means of production, businesses operate for profit. (increase in wealth from investment)

• Guided by the free market.( Prices determined by the mutual consent of buyers and sellers.)

• Laissez-faire: (hands off) little to no intervention by the government.

Important Capitalist Terms• Productivity: Measurement of the amount of

output produced by an amount of input over a given period of time. – Goes up when more output is produced with

same amount of input.

• Division of Labor: workers do fewer task and become more proficient at them.

• Specialization: When a factor of production does a specific task that they can do more efficiently resulting in more productivity.

Karl Marx • Saw capitalism as a natural step towards communism.

• Eventual revolt by the working class who would get tired of becoming slaves to the capital workforce.

• Would overtake and control means of production themselves.

• The good of “I” replaced by “We”

Important Questions:• Who determines what is made in a

capitalist system?

• Who owns everything in a truly capitalist system?

• Who determines price in a capitalist system?

• What are the benefits of a capitalist system?

• What are the negatives of a capitalist system?

Types of Economies Activity1.) Create a table that illustrates the advantages, disadvantages, and

examples of each of the three types of economies in your book. Include a definition in your own words. – Traditional– Command– Market 2.) Write a 1-2 page essay explaining which economic system you

would most prefer to live under. Use academic essay form.a. Intro with thesisb. Supporting Paragraphs

topic sentences Reasoning – explanation Examples

c. Conclusion.

Quiz

1.) What is the opportunity cost of your wardrobe as a whole?

2.) Provide examples of both need and want.

3.) List 3 of the 4 factors of production for all businesses.

4.) What is scarcity?

Reading Assignment

1.) Create a table that illustrates the advantages, disadvantages, and examples of each of the three types of economies in your book. Provide a definition of each in your own words also. – Traditional– Command– Market