Economics

EconomicsHow do people satisfy their wants?Bell RingerMondayWhat do you think you will learn about in economics?

Learning Target 1I can differentiate between a traditional, command, market, and mixed economy. SS-8-3.2.1

Economies of the WorldRyan/ShawnLexy/CailynCody/JonGabe/Danny/DavidKelsey/JadaAshley/HannahCarrie/Madison

Bell RingerTuesdayWhat is the difference between the economy of North Korea and the Nuer?

Learning Target 1I can differentiate between a traditional, command, market, and mixed economy. SS-8-3.2.1

TraditionalEconomic decisions are made by customsTradition determines what is producedTribe owns the capital Anything that is used to make goods and servicesSome individual freedomEx. Tuareg, Nuer, Samoans

CommandEconomic decisions are made by the governmentGovernment determines what is producedGovernment owns capitalNo freedom of choiceNo competitionEx. Cuba, North Korea, former USSR

Market / CapitalismFree enterprise people make economic decisionsPrivate individuals determine what is producedPeople own the capitalCompetition for a profitEx. USA, Germany

Mixed EconomyGovernment provides some wantsBusinesses provide wants

Bell RingerWednesdayWrite 2 things you know about each on the post-its. TraditionalCommandMarket

1 item per post-it!Learning Target 1I can differentiate between a traditional, command, market, and mixed economy. SS-8-3.2.1

Word SortsIn your table groups categorize your lists by types of economies.Walk around to the other groups and check your work.

Play-DohIn your groups, create a play-doh scene illustrating a traditional, command, or market economy.

Bell RingerThursdayWhy is the US considered a mixed economy?

Learning Target 2I can illustrate how goods and services are produced, distributed, and consumed. SS-8-3.4.1

In a market economy people want a lot of things. Make a list of things you might buy if you won the lottery!

Human WantsWant a desired product or serviceGood physical product Ex?Service work performed by someone elseEx?Play-DohMake a good out of play-dohMake a service out of play-doh

Bell RingerFridayWhat is the difference between goods and services?

Learning Target 2I can illustrate how goods and services are produced, distributed, and consumed. SS-8-3.4.1

Productive ResourcesLandNatural resourcesLand, oil, gas, trees

LaborHuman resourcesmental and physical

CapitalAnything else is used to make goods and servicesBuildings, tools, machines

ServicesDetermine the land, labor, and capital used to produce 2 of these services:CarwashHaircutTV repairPlayClassroom lessonPlay-DohCreate a product no one has made before.Land play-dohLabor human resourceCapital toolScissors, ruler, pencil

Answer these 3 questions as if you were going to actually manufacture your product:Who will produce it?How will it be distributed?Who will consume it?

Bell RingerMondayDefine 2LandLaborCapital

Learning Target 3I can explain how scarcity and opportunity cost impact economic decisions for producers and consumers. SS-8-3.1.1 & SS-8-3.1.2

ScarcityResources are limited, wants are unlimitedWhat things are scarce?Why do NFL quarterbacks make more than teachers?Why is a Ferrari worth more than a old car?

Play-DohCreate a scene in US History where there was scarcity.

Bell RingerTuesdayHow does scarcity influence the choices we make?

Learning Target 3I can explain how scarcity and opportunity cost impact economic decisions for producers and consumers. SS-8-3.1.1 & SS-8-3.1.2

Opportunity CostHappen because of scarcityPurchase one good or service, but not able to purchase anotherOpportunity cost is the next best thingEvery decision has an opportunity cost

VSPlay-DohBuild the best Christmas present EVER!Class StoreChose 2 items you want:Identify the gift you wantIdentify the opportunity cost.Why cant you have both?

Bell RingerWednesdayPick up 1 can of play-doh. Boys make a food item. Girls make a clothing item.

Opportunity CostWould you rather have more food or more clothing?Producers have an opportunity cost too.The next best thing they could have produced

Learning Target 4Money is used to make saving, borrowing, and investing easier. SS-8-3.3.2

BarteringTrade for the things they neededGood things about trading?Bad things about trading?

Bell RingerThursdayDescribe the pros and cons of bartering.

Learning Target 4Money is used to make saving, borrowing, and investing easier. SS-8-3.3.2

Play-DohMake a product that you think students in the class would really like.

Play-DohEach of you will have $19. You may sell your product for any amount.Buy a product from a classmate.Answer the questions below:What did you end up with?Why was using money easier?When you traded today, who benefitted?

Characteristics of MoneyGenerally acceptedCounted and measuredDurableConvenient and easy to carryInexpensive to produceSupply is easily controlled

Bell Ringer MondayWhy is using money easier than trading?

Learning Target 4Money is used to make saving, borrowing, and investing easier. SS-8-3.3.2

SavingsWhat is the benefit of saving money?

When you save, what is the opportunity cost?How to SaveSavings accountCertificate of DepositStock MarketBusinesses buy capital

Stock Market GameYou were given $10,000 for a Christmas gift from your grandparents. They want to help you save for college. But, since the cost of college has gone up dramatically in recent years, their one request is that you spend the $10,000 in the stock market. You must purchase at least 8 different stocks. You must spend between $9990-$10,000

Bell RingerTuesdayWhat methods do people use to save money?

Day 2Complete Day 2s stock market activity. Determine if you have made or lost money.

Learning Target 5I can explain how price is affected by supply and demand. SS-8-3.3.1 & SS-3-3.3.3

Law of DemandThink like a consumerAs price increases, demand decreases

Number purchasedBell Ringer WednesdayCreate a scenario describing the law of demand. Be sure to draw the graph!

Learning Target 5I can explain how price is affected by supply and demand. SS-8-3.3.1 & SS-3-3.3.3

Law of SupplyThink like a producerAs the price increases, quantity supplied increases.PriceAmount SuppliedGraphGraph the slides on the next page. Graph both lines on the same chart. Be sure that the price goes on the y-axis and # of tickets go on the x-axis.

One Direction TicketsDemand ChartSupply ChartTickets SoldPrice500$25400$50300$75200$100100$150Tickets SoldPrice100$25200$50300$75400$100500$150

One Direction TicketsSupply and Demand CurveMarket PriceBell Ringer ThursdayCreate a scenario describing the law of supply. Be sure to draw the graph!PriceAmount SuppliedLearning Target 5I can explain how price is affected by supply and demand. SS-8-3.3.1 & SS-3-3.3.3

Market PriceThe price at which producers and consumers agree to trade

Bell RingerMondayWrite 2 questions with answers you think will be on the test.

Test ExpectationsLevel 0BreakRetakeUse cover sheetBook as barrier

Bell RingerTuesdayHow does specialization influence productivity?

Learning Target 6I can describe how new knowledge, technology, and specialization increase productivity. SS-8-3.4.2

Play-DohHamburgers (mini-big mac)Divided into 2 groupsMust follow directions

Hamburger GroupsGroup 1CodyShawnAshleyJonCarrieMadisonGabe

Group 2JadaDavidRyanLexieKelseyHannahCailynGroup 1DirectionsUse the 12 cans of play-doh to make hamburgers. Take your time. Focus on making your hamburgers as neatly as possible!Each person must make the complete portion of the hamburger. Each burger must have a bun, meat, cheese, lettuce, pickles, special sauce, and sesame seeds on top. Group 2DirectionsUse the 12 cans of play-doh to make hamburgers. Focus on making your hamburgers as quickly as possible! This is a competition!!Create an assembly line. Divide the work like this:1 bun2 meat3 cheese4 lettuce5 pickles6 special sauce7 sesame seeds on top.

SpecializationSpecialization in what is producedSpecialization in who is producing itAssembly Line - division of laborEach employee works on just one part

SpecializationProsIncreased productivityIncreased interdependenceEach member is valuableHigher wages

ConsBoringLess customizationInefficient/absent worker

Bell RingerWednesdayExplain 2 pros or 2 cons of an assembly line.

Learning Target 6I can describe how new knowledge, technology, and specialization increase productivity. SS-8-3.4.2

Here Fishy Fishy!Cody and David own a bait and tackle shop. They produce the best fishing lures at Cave Run Lake. So many fisherman want their lures that they stay nearly sold out of the items and customers are starting to complain. Cody and David are considering hiring more employees and developing an assembly line instead of customizing their lures. Explain the pros and cons of the division of labor.

Open ResponseTermsSpecializationAssembly lineDivision of laborCustomizationProductivityProductionInterdependenceEmployee

GroupsDavid - CodyKelsey - AshleyShawn MadisonCailyn JadaGabe - JonAshley HannahRyan Lexie

Bell RingerThursday2 things you really liked about economics2 ways to improve the economics unitRetakesTestWrite the correct answerKeep paper coveredLevel 0Break detention if you talkOpen ResponseWork with partner to rewrite your open response