slide 1 copyright © 2004 glenna r. shaw & ftc publishing background courtesy of awesome...
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Slide 1
Copyright © 2004 Glenna R. Shaw & FTC Publishing Background Courtesy of Awesome Backgrounds
Communication!
Econ unit 1
Copyright © 2004 Glenna R. Shaw & FTC Publishing Background Courtesy of Awesome BackgroundsGame Board
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Communication Game Board
Reasoning principles
Econ 101Vocab
examplesEcon
systemst/f
100 100 100 100 100
200 200 200 200 200
300 300 300 300 300
400 400 400 400 400
500 500 500 500 500
Final Challenge
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Category 1 for 100
All decisions havecost
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Category 1 for 200
People respond toincentives
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Category 1 for 300
A country’s standard of living depends on
Its ability to produce
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Category 1 for 400
Rational people think on the margin
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Category 1 for 500
Consequences of choice lie in the future
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Category 2 for 100
Fundamental economic problemscarcity
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Category 2 for 200
Gifts of nature of natural resourceland
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Category 2 for 300
2nd choice opportunity cost
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Category 2 for 400
Decision making chartCost Benefit Analysis
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Category 2 for 500
Individual right to your goods and talents
Private property rights
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Category 3 for 100
City merger gets more money then the governor
Paradox of Value
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Category 3 for 200
“consumer is always right”Consumer Soviernty
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Category 3 for 300
Walt DisneyEntrepreneur
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Category 3 for 400
Employees are sent to trainingHuman Capital
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Category 3 for 500
Former Soviet UnionCommand Economy
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Category 4 for 100
“The way it has always been done”traditional
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Category 4 for 200
A risk-taker in a market economy is aEntrepreneur
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Category 4 for 300
It provides full employmentcommand
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Category 4 for 400
This type of economy values freedommarket
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Category 4 for 500
Our economy is a ______ economyMixed
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Category 5 for 100
Best things in life are freefalse
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Category 5 for 200
All decisions have coststrue
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Category 5 for 300
Full employment means everyone has a job
False
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Category 5 for 400
Opportunity cost is your second choicetrue
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Category 5 for 500
Rich people don’t face scarcity false
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Final Challenge!
List the 7 national economic goalsFreedom, equity, stability, security, growth, efficiency, full employment
Write Your
Final Challenge
Wager