economics in action lesson 2 conceptsteks choices (4) economics. the student understands the basic...
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Lesson 2CONCEPTS TEKS
Choices (4) Economics. The student understands the basic principles of the U.S. free enterprise system.
Economizing behavior (11) Economics. The student understands the basic concepts of consumer economics
Opportunity costs (5) Economics. The student understands the concepts of scarcity and opportunity costs.
Scarcity (5) Economics. The student understands the concepts of scarcity and opportunity costs.
Economic Systems (10) Economics. The student understands traditional, command, and market economic systems
B) compare the U.S. free enterprise system withother economic systems
How would your students define economics?
the science of decision making … the study of choice…
‘Economics’ evaluates relative cost benefits of each alternative
weighs the costs and benefits of alternatives
identifies the real or opportunity costs of a decision
the best alternative not chosen the next best alternative
What is the common misconception regarding opportunity cost?
A very useful 5 step tool to help students reach personal and societal decisions.
The five steps are:
P. What is the PROBLEM?
A. What are the ALTERNATIVES?
C. What are the CRITERIA important to the decision?
E. EVALUATE each alternative.
D. Make a DECISION
…an analysis of costs and benefits to make rational choices
Two basic economic premises:1. People economize2. People respond to incentives in predictable ways
Making good choices helps us use limited resources wisely.
Most choices involve trade-offs…a little more or a little less of something.
Different methods can be used to allocate goods and services.
Which methods are best?
Which piece of the pie do we use to allocate different kinds of goods and services?
Each type of economic system represents: A way of allocating resources A way of making decisions
answer the same basic economic questions
What…
How …
For whom…
Traditional Economies - make decisions by repeating decisions of
previous generations
Command Economies - an authority figure makes the decisions
Market Economies – individuals and businesses make the decisions; price determines how goods and services are allocated
Travel www.travel.state.tx.us
Regions Cities Videos Weather and more…
Two people 6 days $1000 allowance
Activity 2.1Students use the PacedDecision-Making Grid
Where?
When?
Mode of transportation?
Big Bend Gulf Coast Hill Country Panhandle Plains Piney Woods Region Prairies & Lakes Region South Texas Plains
Fall Winter Spring Summer
Mode of transportation? Car Air Bus Bike Other Walk
Trip Ideas You are here: Home > Plan Your Trip > Trip Ideas Get a head start on your Texas vacation with helpful ideas to plan your
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How to Read this Report VARIABLES CHARACTERISTICS RECOMMENDED USE Demographics Segmented by age, income and household A fundamental description of
travelers that can be used for all marketing and communication vehicles Lifestages Age of the Household Head Household Income Children under Age 18 in
Household A discriminating segmentation of target audience for media targeting,CRM among others Young & Free 18‐34 years no
Young Family 18‐34 years yes
Maturing & Free 35‐54 years no
Moderate Family 35‐54 years Under $75K yes
Affluent Family 35‐54 years $75K or higher yes
Moderate Mature 55 years or older Under $60K no
Affluent Mature 55 years or older $60K or higher no
Lifestage analysis combines three variables ‐age, household income, and presence of children in the household ‐into one variable containing seven mutually‐exclusive segments defined above. Because of the age component, the lifestage segments are “moving targets” from year to year.
Generations Traveler’s Year of Birth A focused messaging approach that uses different mediums (radio, TV, and Internet) to target a specific audience
Millennial After 1981 Gen X 1965‐1980 Boomers 1946‐1964 Silent 1930‐1945 GI 1929 and earlier
The following documents highlight the latest tourism data available:
2008 Texas Travel Facts (.pdf 637KB) 2008 Top Leisure Destinations (.pdf 108KB) 2008 Top Attractions (.pdf 112KB)
1 Alamo 33.9% 11 Schlitterbahn 12.5%
2 Hill Country 23.3% 12 Fort Worth Stockyards 12.1%
3 Galveston Island 22.5% 13 Six Flags Fiesta Texas 11.5%
4 State Capitol 17.9% 14 Texas State Fair 11.0%
5 Six Flags Over Texas 17.3% 15 Cabela's 10.8%
6 San Marcos Outlet Malls 17.2% 16 Kemah Boardwalk 10.2%
7 Bass Pro Shops 15.3% 17 Space Center Houston 10.0%(NASA's Johnson Space Center)
8 Sea World of Texas 14.7% 18 Texas Motor Speedway 10.0%
9 Paseo del Rio (River Walk) 14.1%
19 Fort Worth Zoo 9.8%
10 South Padre Island 13.0% 20 Dallas Museum of Art 9.6%