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Economics

Economics. How do people satisfy their wants?. Bell Ringer Monday. What do you think you will learn about in economics?. Learning Target 1 . I can differentiate between a traditional, command, market, and mixed economy. SS-8-3.2.1. Economies of the World. Ryan/Shawn Lexy / Cailyn

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Economics

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  1. Economics How do people satisfy their wants?

  2. Bell Ringer Monday What do you think you will learn about in economics?

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

  4. Economies of the World Ryan/Shawn Lexy/Cailyn Cody/Jon Gabe/Danny/David Kelsey/Jada Ashley/Hannah Carrie/Madison

  5. Bell Ringer Tuesday What is the difference between the economy of North Korea and the Nuer?

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

  7. Traditional • Economic decisions are made by customs • Tradition determines what is produced • Tribe owns the capital • Anything that is used to make goods and services • Some individual freedom • Ex. Tuareg, Nuer, Samoans

  8. Command Economic decisions are made by the government Government determines what is produced Government owns capital No freedom of choice No competition Ex. Cuba, North Korea, former USSR

  9. Market / Capitalism Free enterprise – people make economic decisions Private individuals determine what is produced People own the capital Competition for a profit Ex. USA, Germany

  10. Mixed Economy Government provides some wants Businesses provide wants

  11. Bell Ringer Wednesday 1 item per post-it! Write 2 things you know about each on the post-its. • Traditional • Command • Market

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

  13. Word Sorts • In your table groups categorize your lists by types of economies. • Walk around to the other groups and check your work.

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

  15. Bell Ringer Thursday Why is the US considered a mixed economy?

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

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

  18. Human Wants • Want – a desired product or service • Good – physical product • Ex? • Service – work performed by someone else • Ex?

  19. Play-Doh Make a good out of play-doh Make a service out of play-doh

  20. Bell Ringer Friday What is the difference between goods and services?

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

  22. Productive Resources • Land • Natural resources • Land, oil, gas, trees • Labor • Human resources • mental and physical • Capital • Anything else is used to make goods and services • Buildings, tools, machines

  23. Services • Determine the land, labor, and capital used to produce 2 of these services: • Carwash • Haircut • TV repair • Play • Classroom lesson

  24. Play-Doh • Create a product no one has made before. • Land – play-doh • Labor – human resource • Capital – tool • Scissors, 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?

  25. Bell Ringer Monday • Define 2 • Land • Labor • Capital

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

  27. Scarcity • Resources are limited, wants are unlimited • What things are scarce? • Why do NFL quarterbacks make more than teachers? • Why is a Ferrari worth more than a old car?

  28. Play-Doh Create a scene in US History where there was scarcity.

  29. Bell Ringer Tuesday How does scarcity influence the choices we make?

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

  31. Opportunity Cost VS Happen because of scarcity Purchase one good or service, but not able to purchase another Opportunity cost is the next best thing Every decision has an opportunity cost

  32. Play-Doh • Build the best Christmas present EVER! • Class Store • Chose 2 items you want: • Identify the gift you want • Identify the opportunity cost. • Why can’t you have both?

  33. Bell Ringer Wednesday • Pick up 1 can of play-doh. • Boys make a food item. • Girls make a clothing item.

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

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

  36. Bartering Trade for the things they needed Good things about trading? Bad things about trading?

  37. Bell Ringer Thursday Describe the pro’s and con’s of bartering.

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

  39. Play-Doh • Make a product that you think students in the class would really like.

  40. Play-Doh • Each 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?

  41. Characteristics of Money Generally accepted Counted and measured Durable Convenient and easy to carry Inexpensive to produce Supply is easily controlled

  42. Bell Ringer Monday Why is using money easier than trading?

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

  44. Savings What is the benefit of saving money? When you save, what is the opportunity cost?

  45. How to Save Savings account Certificate of Deposit Stock Market Businesses buy capital

  46. Stock Market Game You 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

  47. Bell Ringer Tuesday What methods do people use to save money?

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

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

  50. Law of Demand Number purchased Think like a consumer As price increases, demand decreases

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