1 / 29

BASIC ECONOMICS

BASIC ECONOMICS. Arctic Survival – (Round 1) Arctic Survival – (Round 2) Economics = Decision Making Economic Systems US Economic System Adam Smith Circular Flow Model. Thursday-Unit 6 DAY 1.

vreaves
Download Presentation

BASIC ECONOMICS

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. BASIC ECONOMICS • Arctic Survival – (Round 1) • Arctic Survival – (Round 2) • Economics = Decision Making • Economic Systems • US Economic System • Adam Smith • Circular Flow Model

  2. Thursday-Unit 6 DAY 1 • Get your notebook from the front. If you need to turn your notebook in, do it at the end of class. • Make a new EQ and Table of Contents Sheet for Unit 6 • Copy EQ: Essential Question: How does scarcity affect decision making of businesses, individuals, and countries?

  3. Announcements: • Make-up tests will take place on FRIDAY during class while we complete a bookwork assignment. • We will have a quiz on basic economic terms on MONDAY

  4. ARCTIC SURVIVAL(BASIC ECONOMICS) Introduction The class was travelling when plane crashed on an Arctic Island. You have the materials that are on the plane, but there isn’t enough to go around (scarcity). It is very cold (-40 degree F temps!!) in the arctic and very remote. Research vessels only come every few months. Discussion What do you need in order to survive? Pay close attention to the directions in order to produce items correctly.

  5. Arctic Survival Scoring • You will receive two grades: • Participation (everyone starts with 100) • Talking = minus 10 for each time • Pushing = minus 20 • Roughhousing = ejection to Mr. Holmes room to write apology letter (1page to students and teacher) • Cell phone use = ejection to Mr. Holmes to write apology letter • Survival (100% for total survival, points lost for dead classmates)

  6. Get ready to begin • Clear your desk of all materials and put under desk. • No pens, pencils, paper, cell phone NOTHING!!!!

  7. Post Activity • How many of each item were produced? • How many lived/died? • What problems did you encounter in Round 1?

  8. ARCTIC SURVIVAL(BASIC ECONOMICS) 2nd Round Class will be given 15 minutes to make a plan. You will be given the same materials, production time, etc… Discussion What can be done differently? How should the class organize to improve Round 2?

  9. FRIDAY!!!!! • Same as Thursday: Essential Question: How does scarcity affect decision making of businesses, individuals, and countries? • Take a warm-up sheet from the front and fill out • Put your name on it! I will collect

  10. ARCTIC SURVIVAL(BASIC ECONOMICS) Arctic Survival (Round 1) What problems did you encounter in Round 1? A lack of tools & time Could not satisfy the needs for survival An abundance of needs & wants and a limited means to satisfy them. (scarcity) What did you need in order to survive? Paper, pencils, rulers, etc… (economic resources) Types of Resources – Factors of Production natural/land, human/labor, capital, entrepreneurship Organized system of production was needed (economic system) The study of how people use their scarce resources to satisfy their wants and needs (economics)

  11. ARCTIC SURVIVAL(BASIC ECONOMICS) Arctic Survival (Round 2) • What basic problem did you try to solve in Round 2? • How to produce food, clothing, & shelter with limited resources • 3 Basic Economic Questions 1. What to produce? 2. How to produce? 3. For Whom to produce it? • How did you organize in Round 2 to increase production? • A worker, or group of workers, concentrates on one task to increase productivity (division of labor) • The ability to produce a greater quantity of goods in better and faster ways (productivity) • The relationship among people that makes the actions of one necessary for the well-being of others (interdependence) • How did you decide what groups to form and what work individuals would do? • Who took control?

  12. Thursday: warm-up • DO NOT GET YOUR FOLDERS, I will explain • Take a Unit 6 table of contents from the front. • Add the following to your TOC: • Warm-up essential question sheet • Basic Economics notes • The Lorax • Book activity page 499

  13. Economics = Decision Making • Why study economics? Helps analyze the impact of decisions and strengthen decision making. • How does scarcity impact an individual? Forces individuals to make decisions. Raises awareness of the need to conserve.

  14. Economics =decision making • Trade-Off – deciding to do one thing instead of another. ex… government – decides to spend more on education, must cut money from another program, or increase taxes.

  15. Economics =decision making • Opportunity Cost – the sacrifice that is made, or what you give up to do or have something else. ex… government – in above decision, the opportunity cost is the money which must be taken from another program, or increased taxes that must be collected from citizens.

  16. Economic Systems • How do societies decide what to produce? need – something a person must have to survive (food, clothing, shelter) want – something not necessary for survival, but desire to have. good – something that is tangible, having been produced service – something intangible, done to help

  17. Economic Systems • capitalism/market economy – a system in which there is little to no government involvement. (private individuals control)

  18. Economic systems 2. command economy – a system in which the government controls the factors of production, and makes all economic decisions

  19. Economic Systems 3. mixed economy – a system in which there is a combination of two or more economic systems (ex… US mixed market)

  20. traditional economy – a system in which economic decisions are based mostly on customs. • They are usually located in Africa, Asia, Latin America and the Middle East.

  21. US ECONOMIC SYSTEMGoals & Characteristics Goals of the US Economy • Provide jobs • Efficient use of resources • Continued economic growth • Equal access to jobs and education Characteristics of the US Economy • Private property • Profit incentive • Competition • Freedom of choice • Freedom of enterprise • Limited government involvement

  22. ADAM SMITH The Wealth of Nations • Wealth of Nations – written by Adam Smith, book provided a basic outline of the economic theories embedded in a market economy. • (Invisible Hand) – A free market while appearing chaotic and unrestrained is actually guided to produce the right amount and variety of goods. (supply, demand, and competition) • (Laissez-Faire) – the idea that the government should not interfere with the economy. The Invisible Hand will regulate the economy, government influence will decrease productivity.

  23. CIRCULAR FLOW MODEL

  24. MONDAY!!! • Write the answer to Friday’s EQ: How does scarcity affect decision making of businesses, individuals, and countries? • Then copy today’s EQ • EQ: Why may a country choose one economic system over another? How do economic systems deal with scarcity?

  25. Today we will…. • Complete book assignment to review for basic economics vocabulary quiz. • Take/grade quiz • Group activity-practice identifying types of economies • Adam Smith reading

  26. Directions: • Take out item 1 from your table of contents. • On the back is some bookwork…..DO IT  • Get books from the front, page number at the top of the paper. • This is an individual activity. • You may listen to music, but there should be no talking or other cellphone use. • If you finish early, study for your quiz!!

  27. Video • https://www.youtube.com/watch?v=B43YEW2FvDs • Adam Smith Reading • Group activity Introduction

  28. Group Activity • Once you get to your assigned group, take the paperclip off of your paper and see what type of economy you have • Take 15 minutes to come up with a skit so that the class can guess what economy you have. EVERY PERSON MUST HAVE A SPEAKING PART. • You will present to the class

More Related