9/9/13

“Scarcity”

1.Which item has a higher level of scarcity?• Gold OR Paper

2.Which item has a higher value?• Gold OR Paper

On desk: Survivor Game reflections

9/9/13Econ. Agenda

1.Peer review reflections (20 min.)

2.Types of resources & the production process (class notes)

HW: Production process wksht.

Peer Review Reflections (#3)

1.Circle/underline/highlight each term • Scarcity• Value• Supply• Demand• Opportunity cost• Money

2.Did they give an example of each from the game?

3.Is each example correct?

9/9/13Class Notes

Goods: •products that are used, traded, or bought

• Example: In order to survive, you needed goods such as knives in order to trade for water.

Resources: •the materials that are used to create goods

• Example: Wheat and sugar are resources needed to make your cereal.

+ =

Economics Class Notes• What do we need to

make a good?– Resources!

• 3 types of resources– 1. Natural Resources

• Minerals, water, trees, land, air

Economics Class Notes

2. Human Resources– Farmers, truck drivers,

factory workers

Economics Class Notes

3. Capital Resources– Buildings, machines,

tools, trucks

Economics Class NotesProduction Process for an iPod

Natural Human CapitalResources Resources Resources

Goods and Services

Metal, water, glass, gas, sand, electricity, coal

Miners, Factory workers in China, engineers, computer programmers

Mines, Factory, airplane, trucks, Apple stores, advertisement company,

Production Process Examples

What are the natural, human, and capital resources that it takes to produce the following?

Hershey BarNatural Human Capital

Production Process Examples

What are the natural, human, and capital resources that it takes to produce the following?

Pepperoni PizzaNatural Human Capital

Production Process Examples

What are the natural, human, and capital resources that it takes to produce the following?

Composition NotebookNatural Human Capital

How ________ is made by Harrison DelfinProduction Process for a McDonalds Big Mac

Natural HumanCapitalResourcesResources Resources

Goods and Services

Metal, water, glass, gas, electricity, potatoes, cows, wheat, lettuce, tomatoes, seeds, milk, onions, oil, chicken, carrots, cucumbers, dressing, salt

Factory, airplane, trucks, stores, banks, mixers, fry pans,

Farmers, Factory workers, cashier, chef, maintenance, managers, dish person, food delivery person, store checkers, bankers