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QOD #1: What is economics? Market slices Musical Chairs Econ Basics Course Details & Expectations Textbook Check HW

AGENDA Mon 1/3 & Tues 1/4. QOD #1: What is economics? Market slices Musical Chairs Econ Basics Course Details & Expectations Textbook Check HW: Parent Email/Contact (Yes, again!) Read Chapter 1:1; Comic Strip. QOD #1: What is “economics?”.

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QOD #1: What is economics? Market slices Musical Chairs Econ Basics Course Details & Expectations Textbook Check HW

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  1. AGENDA Mon 1/3 & Tues 1/4 • QOD #1: What is economics? • Market slices • Musical Chairs • Econ Basics • Course Details & Expectations • Textbook Check • HW: Parent Email/Contact (Yes, again!) • Read Chapter 1:1; Comic Strip

  2. QOD #1: What is “economics?” • Create your own definition of economics using words and pictures. • Include any aspect you think relates to or will be studied during this semester.

  3. Musical Chairs • Reflecting on your experience and observations during the game, identify where you think each of these economic terms related to the game: • Wants • Resources • Scarcity • Choices • Opportunity Costs

  4. What Economics is about? Chapter 1

  5. What is economics? The science that studies the choices of people trying to satisfy their wants and needs in a world of scarcity.

  6. Economics: two branches • Microeconomics- deals with human behavior and choices as they relate to relatively smallunits- an individual, a business firm, or a single market. (microscope) • Macroeconomics- deals with human behavior and choices as they relate to entire economy. (large) (telescope)

  7. Scarcity • SCARCITY = WANTS > RESOURCES • Scarcity is an economic fact of life. • Our wants are always greater than our resources. • Our wants are unlimited. • People want both intangible and tangible goods. • Two types of goods • Tangible- you can touch it. (cars, home, CDs) • Intangible-cannot be touched. (love, friendship)

  8. Scarcity terms • wants – things people desire to have • for comfort • as luxuries • needs – things essential for life • food • shelter • clothing

  9. Scarcity terms • resources – anything that is used to produce goods or services. • a good is a manufactured product. • a service is an undertaking in behalf of someone.

  10. Scarcity Produces: • a rationing device – as a means for deciding who gets scarce resources • price is a rationing device • competition for the rationing device • money to buy scarce resources

  11. From Choices to Opportunity Costs • opportunity costs – the most valued alternative you give up to do something • what you would have chosen instead

  12. You have just won a Rolls Royce Phantom!!!!!!!!http://www.rolls-roycemotorcars.com/price MSRP $340,000

  13. Choices have to be made!! • Would you rather have the Phantom OR • Would you rather have……. • A house in Vista $300,000 • Honda Accord MSRP of $25,000 • Gas allowance of $3,000 • Monthly allowance for shopping of $1,000 for 1 year OR • Would you rather have……. • A $340,000 trip around the world for a year

  14. Opportunity Cost • The cost of passing up the next best choice when making a decision. • opportunity cost. InvestorWords.com. Retrieved July 21, 2008, from InvestorWords.com website: http://www.investorwords.com/3470/opportunity_cost.html • Every choice we make has an opportunity cost. • The most valued opportunity or alternative you give up for your 1st choice is the opportunity cost.

  15. What is behind door number…. • 1 phantom • 2 house in Vista, Honda, shopping, gas • 3 trip around the world • Opportunity cost is all about choices. • When you forgo doing homework to get on Facebook, your opportunity cost for getting on Facebook was your homework. • Your choice. Your opportunity cost.

  16. Using the Diagrams and flow charts in Ch. 1 (pg 10), create a comic strip displaying the following underlined concepts studied in class: Wants Resources displaying scarcity which creates choices which leaves an opportunity cost Each Term will have a frame in the comic. Choose a topic from your life Demonstrate your understanding of the flow/connections Use Voice Bubbles for each frame Be creative! Stick people rule! Must all be original work. HW: Scarcity Comic Flow

  17. Website: www.vusd.k12.ca.us/hs/vhs/ • Course content • Economic Terms & Concepts 2 weeks • Microeconomic Principles 3 weeks • Market Structures 2 weeks • Macroeconomics 5 weeks • Federal Government & Economics 5 weeks • Consumer Economics: Credit & Debt 2 weeks

  18. Class Expectations: A Review • Homework completed (credit / no credit) • Ask questions • Website • ELP Help (email works, too!) • Even days or by appt. • Respectful collaborative learning • Making up tests: ONE WEEK. (period) • Academic Honesty

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