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Welcome Knight Time

Welcome Knight Time. Find a seat and settle in What would you like to work on while your are here? Get ready for your next project!. Unit 4 Blueprint. Test your knowledge of Unit 4 without the aid of your notes We will complete 1 page of this blue print each day of KT

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Welcome Knight Time

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  1. Welcome Knight Time • Find a seat and settle in • What would you like to work on while your are here? • Get ready for your next project!

  2. Unit 4 Blueprint • Test your knowledge of Unit 4 without the aid of your notes • We will complete 1 page of this blue print each day of KT • Instead of your groups competing against one another, you will compete against those people inside your groups • There will be one winner from each group

  3. Budget Project

  4. SHH! Quiz in Progress • All you need is a pencil • Have a question? Ask a question! • Turn in quiz to class tray when finished • Start working on the Unit 5 Pre-Assessment (half sheet of paper)

  5. Consumer Sovereignty Reading • Read the following article regarding consumer sovereignty • Complete the questions • Be prepared to share

  6. WELCOME C&E STUDENTS • Grab your handouts and settle in • TURN IN YOUR UNIT 4 MENU!!! • Roll Call Question: “Would you rather eat 100 ants or 20 beetles?”

  7. Reminders • Recovery • Every Tuesday, Wednesday and Thursday in Ms. Divina’s room • Next quiz will be Wednesday • Unit 5 Test will be on 04/19/2016 • Peach Pins • 5 = hw/cw pass • 10 = Open-Notes Quiz • 15 = 3 questions on a test • 20 = use a notecard on a test

  8. Warm Up “What Went Into This Candy Bar?” • List everything that went into making this candy bar from the time someone had the idea for the candy until the consumer purchased the candy in the store

  9. Economics: 5.1 Intro to Economics Identify the basic principles of economics

  10. Desert Island • Imagine you are moving to a desert island with no kind of infrastructure. • Write down what you will.. • Want • Need

  11. Needs v. Wants • What is the difference between the two?

  12. I. Scarcity and Choice • Economics- the study of how people seek to satisfy needs and wants with limited resources • Needs and Wants • Need- something necessary for survival • Want- desire not necessary for survival

  13. Maslow’s Hierarchy of Needs

  14. C. Scarcity- • limited quantity of a resource to meet unlimited wants • This is the driving force of economics! D. Goods and Services • Goods- physical objects • Services- actions or activities that one person performs for another

  15. E. Consumer sovereignty • power of consumers to decide what gets produced • producers meet demands or go out of business

  16. III. Factors of Production Resources used to make all goods and services • Land- includes all natural resources • Labor- is the effort for which someone is paid • White collar workers- high skilled office work • Blue collar workers- low skill manual labor

  17. Capital- any human-made resource to invest to produce goods or services • Physical capital- buildings, tools, machines, etc • Human capital- knowledge and skills a worker gains through education and experience

  18. Entrepreneurs- risk-takers who decide how to combine other factors of production to create new goods and services

  19. LETS LOOK AT OUR CANDY BAR Land Labor Capitol Entrepreneurship

  20. IV. Trade-offs • Trade-off- the process of giving up one desire in order to satisfy another desire • Ex: video game vs. give girlfriend a present • Ex: 2 more hours of sleep vs. studying for test

  21. Opportunity cost- value of what is given up in a trade-off • Ex: Dating- cost is not dating some other person • Ex: College vs. working- cost is the $ you spend on college and $ you give up from not working

  22. Immediate gratification- when you give up something in the long-term to satisfy an immediate want

  23. Shark Tank • The prize for the winning team: Peach Pins and Use your notes for an upcoming quiz! • I will present your posters to the AP Macroeconomics students and they will choose the product they would most likely invest in

  24. Shark Tank Come up with your own business. • Come up with a name, logo & slogan for your business/product • Explain the factors of production that are used in the development of your business/product. • Describe the goods or services you are providing. • Come up with two trade-offs to consider in the running of your business/product. • What is(are) the opportunity cost(s) of your business/product?

  25. Name That FofP! • You will be looking at different elements that fall under one of the four factors of production. • Your job is to correctly identify whether the element is: LAND, LABOR, CAPITAL or ENTREPRENEURSHIP

  26. Name that Factor of Production 8. A forest 9. 10 years experience teaching 10. Paper factory 11. A 10-year old at a lemonade stand 12. Washing machine • Bill Gates • Oil • Going to school • Hammer • The night shift at McDonalds • Leather • Executive Office Assistant

  27. Answers 8. A forest – Ld 9. years experience teaching – Lb/C 10. Paper factory – C 11. A 10-year old at a lemonade stand – Lb 12. Washing machine - C • Bill Gates - E • Oil - Ld • Going to school - C • Hammer - C • The night shift at McDonalds – Lb • Leather – Land • Executive Office Assistant - Labor

  28. Team Evaluations • You will be grading your teammates on a scale between 1-5(6) depending on the number of team members you have • Assign the highest number to the teammate (or yourself) who you believe did the best with this assignment • Assign the lowest number to the teammate (or yourself) who perhaps did not contribute as much or anything to the team • Assign remaining numbers to remaining members based on performance

  29. Shark Tank

  30. Happy Spring Break! • Be Safe and Have Fun!!!!

  31. Welcome C&E Students! • Grab today’s handouts and settle in! • Roll Call Question: What was your favorite thing you did over Spring Break? • Bell Work: • Tell your neighbor what you did for Spring Break

  32. Kahoot! • NAME THAT FACTOR OF PRODUCTION!!!

  33. Wedding Pics

  34. Shark Tank Winners • 1st Block – Fud-Glu • Honorable Mention: Snicker Doodle • 2nd Block – U-Scan • Honorable Mention: Speak Up • 3rd Block – Shower Shoot • Honorable Mention: Pigment of Your imagination

  35. Pre-Break Refresher • Let’s review what we covered before break. • Needs v. Wants • Scarcity • Trade-Offs • Opportunity Costs • Immediate Gratification • Factors of Production (Complete the Name That Factor of Production Handout)

  36. How Good Are You At Saving?!? • Complete the savings inventory to understand more about your saving habits • Are they good? Or do you need to work on them a little more?

  37. Welcome C&E Students! • Grab today’s handouts and settle in • Roll Call Question: Would you rather be completely bald or completely covered in hair? (No wigs & no shaving) • Bell Work: • Explain the difference between human and physical capital • Describe a trade-off you have recently made. What was the resulting opportunity cost? • Start working on the “Name Those Factors of Production” handout

  38. Reminders • Quiz Tomorrow! (And Friday – Credit v. Debit, Insurance & Checking v. Savings) • Intro to Econ & Budgeting • Unit 5 Test next Tuesday (11/10/2015) • Morning Tutoring • Recovery • Every Tuesday, Wednesday and Thursday in Ms. Divina’s room • Peach Pins • 5 = hw/cw pass • 10 = Open-Notes Quiz • 15 = 3 questions on a test • 20 = use a notecard on a test

  39. Unit 4 Test Reflection • 4.1 – 1, 2, 3 • 4.2 – 4, 5, 6, 7, 8, 11, 14, 15, 16, 21, • 4.3 – 13, 23, 30 • 4.4 – 9, 10, 12 • 4.5 – 6, 17, 18 • 4.6 – 19, 20, 22, 24, 25, 26, 27, 28, 29

  40. 5.2 Budgeting Evaluate the costs and benefits of budgeting

  41. How do Education and Career Choice impact life?

  42. Level of Education and Income • Look over your “Level of Education & Income” handout from today • After examining the data answer the accompanying questions

  43. Let’s Take a Look at Salaries

  44. Why Do Some Jobs Pay More???

  45. I. What is a Budget? • A. How to spend income v. expenditures (expenses) • 1. Income: Amount of money that a person or business makes • a. Gross Income: Total amount of money made before deductions • b. Net Income: The amount of money left over after expenditures • 2. Expenditures (expenses): Total amount a person or business spends

  46. B. Types of Expenditures • 1. Deductions: expenditures before paycheck is received • a. Pre-Tax Deductions • (1.) Retirement Payments • (2.) Life insurance • (3.) Social Security • (4.) Medicare

  47. 2. Taxes • Federal Income Tax – paid to the US Gov’t • State Income Tax – paid to the State Gov’t

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