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Economics - Intro

Economics - Intro. Mr. Gehman (aka “Mr. G”). Students are expected to learn to act as business professionals. Class Expectations. Showing up (and staying) is half the job. Sign in / sign out. Get yourself together during “do now” time. Grades on point system.

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Economics - Intro

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  1. Economics - Intro Mr. Gehman (aka “Mr. G”)

  2. Students are expected to learn to act as business professionals. Class Expectations

  3. Showing up (and staying) is half the job. • Sign in / sign out. • Get yourself together during “do now” time. • Grades on point system. • Cheating = Failure + meeting w parents • Learning something useful is the most important thing. Attendance, Grades, Etc.

  4. mgehman@livingston.org • Home room: C250 • Best times to reach me: • Lunch • Block 1 on A, B and D days • Block 2 on B and C days • After school: 2:40-3:30 p.m. Mr. G’s Contact Info

  5. Goal: Develop knowledge of economic theory and principles, and the skills needed to apply this knowledge to your own life. Course Structure

  6. What is Economics All About? Economics Mr. G

  7. Goal: Develop knowledge of economic theory and principles, and the skills needed to apply this knowledge to your own life. Course Structure

  8. What decisions did you have to make in survivor? • Why did you need to make these decisions? • How would your decision making change if the group was the size of this class?

  9. Needs • Wants • Resources Needs + Wants > Resources Why can’t you have it all?

  10. The study of choice under conditions of scarcity. What is economics about?

  11. How do people make economic decisions? Economics Mr. G

  12. The next best alternative to what you choose to do. Or What you need to give up to get what you really want. Opportunity Cost

  13. The cost / benefit of doing one more thing. • Example: keeping the pizza parlor open one more hour. • Marginal cost – “cost of one more” • Example: cost of dough, cheese and workers • Marginal benefit – “benefit from one more” • Example: pizza sales that can be made in an hour. Cost - Benefit Analysis

  14. Cost benefit

  15. Costs that you will have to pay whether or not you do one more. Beware of sunk costs!

  16. Does College Pay?

  17. Why do people trade? Economics Mr. G

  18. How many people made trades, and why? • Which items were most popular? Least? • Did anyone trade more than once? Why? • Not trade? Why? • How did the satisfaction score change from round to round? • Why did people trade? • What was the cost / benefit? Questions on Simulation

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