Welcome To Biztown!

Today’s agenda :

1. Pre-test 2. Overview of Biztown3. Review vocabulary &

record it in your notebooks.

Write “Vocabulary Quiz Monday”in your agenda.

Copy the following vocabulary words in your notebook:

1. Economy – a system of production, consumption, and distribution of goods, services and resources

2. Resources – things that people used to produce goods and services3. Human resources – the skills & abilities of workers used in production4. Natural Resources – things used in production that occur naturally in

world such as water.5. Capital resources – resources made by people such as factories6. Market – a system in which people and businesses buy and sell goods,

services and resources.7. Circular Flow – a model of the movements of goods, services,

resources, and money in an economy

Warm-up:Jacob earns $12 an hour as a

teaching assistant, working 40 hours each week for 36 weeks a

year. What is the maximum value of goods and services that

Jacob could buy in the market?

YOUR TASK – DRAW A DIAGRAM ILLUSTRATING THE

CIRCULAR FLOW OF THE ECONOMY .

BE SURE TO LABEL & EXPLAIN:•HUMAN RESOURCES•NATURAL RESOURCES•CAPITAL RESOURCES•MONEY•GOODS & SERVICES

EXIT TICKET:HOW DOES THE

CIRCULAR FLOW OF THE ECONOMYDEMONSTRATE

BALANCE?

Warm up – “The most important single central fact about markets is

that no exchange happens unless both parties benefit.”-Milton Friedmont How do both people and businessesbenefit in the goods and services

market trade?How do both people and businessesbenefit from the resource market

trade?

Vocabulary Quiz Monday1. Circular Flow _____ A. a system of production, consumption, and

distribution of goods, services and resources 2. Human Resources_____ B. things that people used to produce

goods and services

3. Capital resources_____C. the skills & abilities of workers used inproduction

4. Resources _____ D. things used in production that occur naturally in world such as water.

5. Natural resources_____ E. resources made by people such as factories

6. Economy _____ F. a system in which people and businesses

buy and sell goods, services and resources.

7. Market _____ G. a model of the movements of goods, services, resources, and money in an economy

Lesson 3 Vocabulary:prototype – a model or sample of a

product that will be produced.scarcity – a situation in which people can’t

have everything they want because of limited resources.

free enterprise – a system in which economic decisions are made in marketsby people and businesses with littlegovernment influence.

profit- the money that is left over after a business pays all of its costs.

Before You Go:Peter started a business mowing lawns in the summer when he wasn’t in school. He borrowed $450 from his parents and invested in a lawn mower, rake, and trimmer. Every time he mows a lawn, he uses $4 in gasoline, $.50 worth of bags and pays $10 on his loan to his parents. This summer he mowed 47 lawns and charged $25 each lawn. What was Peter’s profit?

Warm – Up: After the U.S. was formed, many Americans began to migrate westward because the land was becoming scarce. It was said that there was no scarcity of land when the settlers first arrived.How did land become scarce over time?Bonus: Name one conflict that we learned about (in S.S.) that dealt with the scarcity of land.

YOUR TASK – YOU AND YOUR GROUP

WILL HAVE TO CREATE A PRODUCT TO SELL USING ONLY THE MATERIALS ON

YOUR DESK. YOU WILL HAVE 2 MINUTES TO

DECIDE WHAT TO PRODUCE. (IT NEEDS A

NAME!) GO

YOUR TASK – YOU AND YOUR GROUP

WILL HAVE TO CREATE A PROTOTYPE OF YOUR PRODUCT. YOU WILL HAVE 3 MINUTES TO

PRODUCE IT. GO

 Product name  How did you organize  your materials? How many did you produce in 15 minutes?  How many do people want?

       

       

       

       

       

       

       

       

       

       

YOUR TASK – YOU AND YOUR GROUP

NEED TO MAKE AS MANY OF YOUR

PRODUCTS AS YOU CAN. YOU WILL HAVE 15

MINUTES. GO

 Product name  How did you organize  your materials? How many did you produce in 15 minutes?  How many do people want?

       

       

       

       

       

       

       

       

       

       

EXIT TICKET:DESCRIBE HOW

SCARCITY COULD UPSET THE BALANCEOF THE ECONOMY?

HOW COULD BALANCEBE RESTORED?

WARM-UP:PETER’S PROFIT

Peter started a business mowing lawns in the summer. He borrowed $450 from his

parents and invested in a lawn mower, rake and lawn trimmer. Every time he mows a lawn, he uses $4 worth of gasoline, $.50

worth of trash bags and pays $10 toward the loan he took from his parents. This summer he mowed 47 lawns and charged $25 each.

What was Peter’s profit?

1. prototype  ____  A. a system in which economic decisions are made in markets by people and businesses with littlegovernment influence.

2. scarcity ____ B. the money that is left over after a business pays all of its costs.

3. free enterprise ____ C. a model or sample of a product that will be produced.

4. profit ____ D. a situation in which people can’t have everything they

want because of limited resources.

Public goods and services: Goods and services that provide benefitsto many people, but people may not be restricted from using them.Private goods and services: goods and services that are exchanged in markets for a price.Taxes – required payments to government

Vocabulary:

In your agenda – Write vocabulary quiz

next class&

Word Search due tomorrow

Decision Time:Do you spend your $

on free laps at recess or on the answers to

tonight’s homework – you

decide!

Answers to Homework

Exit Ticket - “In this world, nothingis certain but death and

taxes.”-Ben FranklinExplain what you think

Benjamin Franklin meant when he wrote this. What

was he trying to say about

taxes?

1. Goods and services that provide benefits to many people, but people may not be restricted from using them.2. required payments to government3. goods and services that are exchanged in markets for a price.

Word BankPublic goods and

servicesPrivate goods and

servicesTaxes

Number your paper 1-3. Choose the word that best matches the description below andwrite that word on the blank beside the number, matching its description.

Teresa graduated from college last year and got a job as a manager, earning$30,000 a year! She was really excited about earning so much money. After ayear had passed, Teresa sat down and computed her entire tax bill. No wondershe had such a hard time making ends meet!Federal income taxes on her salary $3,400Social Security and Medicare $2,300State income taxes on her salary $1,000Local property taxes on her new car $800Sales taxes on her new car $1,000Gasoline taxes $200Sales taxes on her purchases of goods and services $1,100Using your estimation skills, what portion of Teresa’s income goes to taxes?Report the answer in the form of a fraction.What benefits will Teresa get from the taxes?

Warm-up

Vocabulary:Philanthropy: The effort to increase the wellbeing of people through charitable giving.

Nonprofit organizations: Institutions developed to increase the wellbeing of others in certain areas, such as education, religion, health, and other good causes.

Opportunity cost: The value of the next best alternative given up when a choice is made.

“There’s no such thing as a free lunch!”

Exit ticket -

Write about a time youthought you were getting something for free. Was

it really free, or was there an opportunity cost?

Warm –up:

None! The Unit testis today!

Learning Objectives

Citizens will be able to:1. name the parts of a checkbook.2. complete a deposit ticket and maintain a check register correctly.3. define net deposit.

Vocabulary:Checks:Written orders to a bank to pay a certain amount of money from a checking account to another person or business.Deposit tickets:Written records of money put into a checking account.Check register:A booklet for recording the money that is put in (deposited)or removed (withdrawn) from the checking account.Net deposit:The amount of money deposited into an account, minus any cash received.Endorse:To write a signature on the back of a check.

Exit ticket:Metaphors

A metaphor is an implied comparison in which a word or phrase is used inplace of another word or phrase. For example, “He was drowning in money.” is a metaphor. Think of another metaphors that use money or economic concepts.Write it down and illustrate it.

Warm-up:

Nola had a balance of $25 in her Checking account. She made an additional $5 deposit. Describe the increase in her balance using a fraction, decimal, and percentage.

Vocabulary Quiz:

1. Written orders to a bank to pay a certain amount of money from a checking account to another person or business.

2. Written records of money put into a checking account.

3. A booklet for recording the money that is put in (deposited) or removed (withdrawn) from the checking account.

4. The amount of money deposited into an account, minus any cash received.

5. To write a signature on the back of a check.

Word BankCheck register Deposit ticket CheckEndorse Net deposit

Learning Objectives

Citizens will be able to:1. write a check and maintain a check register correctly.2. describe the consequences of not sufficient funds.

Gordon’s Bounced Check

Exit ticket:Many banks do not send you checks that you wrote to other people or businesses.It is expensive for them to send them. A stack of 30 checks weighs 1.2 ounces.In May 2007, the U.S. Postal Service charged 41¢ for the first ounce and 17¢ foreach additional ounce for first-class mail. How much would it cost a bank to sendchecks to the following 275 customers?100 customers each had 10 checks75 customers each had 20 checks65 customers each had 30 checks35 customers each had 70 checks