AGENDA Thurs 1/5 & Fri 1/6

Transcription

1 AGENDA Thurs 1/5 & Fri 1/6 QOD #2: Wants & Needs Econ Basics Course Details & Expectations HW: Scarcity Flow Comic Strip Parent Syllabus Review/Google Form (1/9-10)

2 It is Friday night. Your only chunk of free time all weekend is tonight from 6:00 to 11:00. Before deciding how you will spend this time, consider these factors: You have $40 to spend. You have an economics test on Monday. This is the last basketball game of the season. It is your mother s birthday. Someone you like has asked you out on a date. Your favorite band is in town tonight. Fill in a table like the one below showing how you plan to spend your time. Create your own activities or choose from the list of possible activities. If you choose an activity from the list, use the given time and price. TIME ACTIVITY PRICE Basketball game: 3 hours, $5 Dinner: 2 hours, $20 6:00 p.m. Movie: 2 hours, $10 7:00 p.m. Rock concert: 4 hours, $40 8:00 p.m. Study for test: variable time, $0 Hang out at friend s house: variable time, $0 9:00 p.m. Work at job: variable time, earn $10 per hour 10:00 p.m. Family time: variable time, $0

3 1. What decisions did you have to make in this exercise? 2. What constraints did you face when making these decisions? 3. For each decision you made about how to spend your time, what did you have to give up?

4 What Economics is about?

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

6 Microeconomics- deals with human behavior and choices as they relate to relatively small units- 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 = 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 wants things people desire to have for comfort as luxuries needs things essential for life food shelter clothing

9 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 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 opportunity costs the most valued alternative you give up to do something what you would have chosen instead

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13 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 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: Every choice we make has an opportunity cost. The most valued opportunity or alternative you give up for your 1 st choice is the opportunity cost.

15 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.

17 Website: Course content Economic Terms & Concepts Microeconomic Principles Market Structures Macroeconomics Federal Government & Economics Consumer Economics: Credit & Debt 2 weeks 3 weeks 2 weeks 5 weeks 5 weeks 2 weeks Quizzes/Tests 30% 90% % = A Projects/Essays 30% 80% % = B Homework/Individual Assignments 20% 70% % = C Group Work/ In-Class Participation 20% 60% % = D 59% and below = F