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Friday September 11, 2015, 2014Today’s Objectives

34 - Identify the difference between needs & wants36 - Distinguish among the factors of productions. 37 - Explain the relevance of scarcity to economics.

Next Class Daily Quiz Finish Econ.

Decisions

Daily Agenda1) BRO Time: Get out your interactive

notebook and ‘Be Epic Profile’ for a homework check

2) Worksheet: Is it a Good or Service?

3) Economic DecisionsPowerPoint & Notes

4) Dilemma of the Day

5) Closure

Closurehttp://padlet.com/monikagvt/econ

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Table Time

Discuss & agree upon a definition for “good” and for “service” as it pertains to business and marketing.

Identify one example of each.

Economic Decisions

34 - Identify the difference between needs and wants.

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Economics Definedo Study of producing, distributing, and

consuming goods and serviceso Involves decisions regarding the use

of resources (natural, human, capital)o Decisions are made by

Individuals, consumersBusinesses, producersSocieties, government

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The Economy’s Driving ForceWANTSo Non-essential

o Add to the quality of life

o a.k.a. luxuries

NEEDSo Essential to

human life

o Basic needs for survival

o Examples: food, water, clothing, shelter

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Table Time! Think about your

current situation as a high school student, teenager, athlete, etc.

Discuss three current wants (W) and three needs (N) in your life.

Think about it!

How can the fulfillment of a basic need lead

to a want?

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What satisfies our needs & wants?

Goods are things you can see & touch.

Services are satisfied through the efforts of other people.

In order to create goods or to provide a service, you need resources.

Economic Resources

36 – Distinguish among the factors of production.

Economic Resourcesare the means through which goods and services are produced. Economic resources are also known as factors of production.

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Factors of Production

NaturalResources Capital

Resources

HumanResources

Economic Choices

We make choices about how resources are used to meet needs and wants.

Example: U.S. oil supply

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Worksheet -- Factors of Production

Work with your partner to:

1) Create a definition for each of the three factors of production.

2) List at least one example of each economic resource.

3) Determine what limits the availability of each resource.

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Natural Resourceso Raw materials found

in nature

o Examples include… Wind

Water

Minerals

Plant life

o Limitations

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Human Resources

o Human effort used for production

o Work force includes everyone willing and able to work

o Limitations

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Capital Resources

o Physical capital includes other items required for production Real Estate /

Buildings

Machinery

Tools

o Limitations

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Discuss with your partner…Is it possible to produce a good or service using only one resource? Why or why not?

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Tuesday September 15, 2015 2014Today’s Objectives

34 - Identify the difference between needs & wants36 - Distinguish among the factors of productions. 37 - Explain the relevance of scarcity to economics.

Next Class Daily Quiz Finish Econ.

Decisions

Daily Agenda1) BRO Time: Get out your interactive

notebook and ‘Be Epic Profile’ for a homework check

2) Worksheet: Is it a Good or Service?

3) Economic DecisionsPowerPoint & Notes

4) Dilemma of the Day

5) Closure

Closurehttp://padlet.com/monikagvt/econ

Scarcity

37 – Explain the relevance of scarcity to economics.

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The Basic Economic Problem

o Resources limit the number of wants and needs that can be satisfied.

o Most consumers in the U.S. can satisfy their basic needs.

o Most people have unlimited wants, so we have to make choices.

Basic Needs+

Unlimited Wants

Economic Resources

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What is Scarcity?

o Shortage of resources

o Conflict between unlimited wants and limited resources

[ Society’s Wants & Needs ] – [ Available Resources ]Your Wants & Needs Your Income

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Economic Choices

Economic Decision

Opportunity Cost

Potential Lost

Things Given

Up

Your choice

o A trade off – weighing costs vs. benefits – occurs when a choice is made between two or more options.

o The opportunity cost is what you gave up by choosing one option instead of another.

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Decision MakingIf I offer to give you something for nothing, is there a cost?

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Dilemma of the DayHow does scarcity impact individual decisions?

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Shark TankGood or Service!? We will watch an Episode of Shark Tank and you are responsible for completing the Shark Tank Worksheet for two entrepreneurs as you watch!

Substitue please click here for the video link: Shark Tank Video Link