economics introducing key vocabulary. do now: want vs need draw a picture of a want. write...
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EconomicsIntroducing Key Vocabulary
Do Now: Want vs Need
Draw a picture of a want. Write definition underneath.
Draw a picture of a need. Write definition underneath
Wants vs Need
What is the difference between needs and wants?
https://www.youtube.com/watch?v=tZFGoOQ20-g
Closing Reflections1. Tell me about which “wants” may feel like a
“need”
2. Choose a vocabulary word that you will learn. Define it in your own words. You cannot choose “want or need”
Partner WorkChart on page 6.
8/14 Do Now:1.What are the 3 economic
questions?
2.What is scarcity?
Blue Word Vocab Section 2In your notebook: Write blue vocabulary words from pages 12-17.
30 minutes
Economic ProductEconomic Product: goods and services that are useful relatively scarce, and transferable to others.
Good
Services
Consumers
GoodUseful or satisfies a need or want
consumer good: final use
capital good: used to produce other goods and services
ConsumersConsumers: person who uses goods and
services to satisfy wants and needs.
Consumers engage in consumption
Factors of ProductionLand
Labor
Capital
Entrepreneurs
When all factors of production are present production can take place.
Factors of Productionhttps://www.youtube.com/watch?v=
Q7KlMb4U0IA
Production
The process of creating goods and services
AKA:
CapitalHuman Capital: the sum of the skills, abilities, health, and motivation of people.
Markethttps://www.youtube.com/watch?v=3xZFaacmVAc
A “place” where buyers and sellers can exchange economic products.
Like a grocery store.
Factor MarketsMarkets where productive resources are bought and sold.
Use land for rent, hire labor, borrow money
Product MarketsWhere producers sell good and services
ClosingHow do consumers affect scarcity?
8/18 Do Now: What are the factors of production?
What is a market?
What is the difference between a factor market and a product market?
Adam SmithWho was adam smith and what was he famous for?
https://www.youtube.com/watch?v=mbFCUsVG-do
https://www.youtube.com/watch?v=EBifN69gcKY
https://www.youtube.com/watch?v=ulyVXa-u4wE
Page 18: Examining The Profile
Question 1 and 2
Group Work: Starting a business
In small groups, decide on a business you would like to starts.
You must include
1. The Name
2. Answers to the 3 economic questions
3. Explanation of your factors of production
Everything must be written. Be prepared to share
You have 20 minutes
Section 3https://www.youtube.com/watch?v=1VAJOGnWae8
Question on page 25. Answer question 1-6
20 minutes
8/20 Do Now: EconomicsWrite this definition:
Economics is the study of production, distribution, and consumption of goods and services
Write what it means in your own words.
Economic DecisionsScarcity forces us to make
decisions.
Us= Individual People
Us= Our Society
Us= Our World
Trade-OffAlternative choice when making an economic
decision
Parents can stay home with their kids
or
Parents can go to work
Opportunity CostCost of next best alternative
Can be time, money or resource
Parents can stay home with their kids: He looses the income
Or
Parents can go to work: He loses the time with his kids
https://www.youtube.com/watch?v=NwOYLV-L7pc
Cost-Benefit AnalysisComparison
Compares the cost of a decision to the benefit received for that decision.
How much time does the parent lose, is it worth not having income
Standard of LivingQuality of life based on wants and needs
https://www.youtube.com/watch?v=rkxq7BeX0O4