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Economics - Intro

Economics - Intro. Mr. Gehman (aka “Mr. G”). Create a name card for your desk. Complete your index card with: Your name and nickname Your favorite subject Why you are taking economics? What you do when you are not taking midterms? Hobbies, sports, clubs etc. Do Now.

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Economics - Intro

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

  2. Create a name card for your desk. • Complete your index card with: • Your name and nickname • Your favorite subject • Why you are taking economics? • What you do when you are not taking midterms? Hobbies, sports, clubs etc. Do Now

  3. You will introduce your desk partner. • Find out the most exciting thing they’ve ever done. Introductions

  4. People Power Revolution!

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

  6. Cell phones off and away at the bell. Warn once, office twice policy. • Bathroom – ask permission, one at a time, during do now or activities not during instruction. • Full attention during instruction. No side conversations, disruptions etc. Detention time available for those who don’t get it. Classroom

  7. mgehman@livingston.org • Home room: C250 • Best times to reach me: • Before school: 7:15-7:45 a.m. • After school: 2:40-3:30 p.m. Mr. G’s Contact Info

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

  9. Freakonomics Are we economic animals?

  10. Survivor

  11. 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?

  12. Sign class expectations. • Have parent/guardian sign. • Bring to class on Monday. First assignment

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

  14. Reflect on the Survivor experiment. • Are the decisions you made similar to those people make in the real world? • Think of examples of similar decisions. Do Now

  15. Collecting class expectations. First assignment

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

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

  18. How do people make economic decisions?

  19. 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

  20. Come up with examples of opportunity costs for LHS students. Opportunity Cost

  21. What are the opportunity costs of the students in the video? • How are the economists using incentives to change opportunity costs? • Why did the experiment not work as well as expected? Applying Cost / Benefit to Education

  22. People compare the likely benefit of doing something with the opportunity cost. • If benefit is => cost then it is rational to do it. • If benefit < cost, it is not rational to do it. Cost - Benefit Analysis

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

  24. Pizza Store Cost / Benefit

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

  26. Why Marginal is Important

  27. Why Marginal is Important

  28. Does College Pay? Obama on careers

  29. Workbook – Problem 1.1

  30. Economics is the study of how people make choices under conditions of scarcity. • People use cost / benefit analysis to make economic decisions. • Opportunity cost (next best alternative) is how economists value cost. • Decisions should usually be analyzed based on marginal cost / benefit. Summary

  31. Decisions under conditions of scarcity A final word from some British economists

  32. How does opportunity cost affect what we can produce? Economics Mr. G

  33. Try workbook problem 1.1 Do Now

  34. Objective: see how production of links and smiles is linked. • Manufacturing process • Round 1 – maximum … • Round 2 • Round 3 • Round 4 Experiment – Links & Smiles

  35. Create graph of your experiment’s results in workbook page 3. • Answer questions 1-4 Evaluate experiment

  36. Compare your results with 3 other students. • Desk partners – complete questions # 5-6 • Why does the PPF bow out? Evaluate experiment

  37. Key concept: Increasing opportunity costs. • Reason: resources needed to make one product not necessarily the same for another. Summary

  38. Create a PPF for a business or economy or your own personal production. Exit Ticket

  39. 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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