Slide 1

How do people satisfy their wants?

Slide 2

What do you think you will learn about in economics?

Slide 3

I can differentiate between a traditional, command, market, and mixed economy. SS-8-3.2.1

Slide 4

1. Brandon/Kennedi/Cody/Austin L 2. Talyn/Caleb/Brooklyn/Logan 3. Shyanne/Kelsey/Madison 4. Jacob/Katie/Kay Kay/Raleigh 5. Desirae/Austin R/Brittany/JR 6. Megan/Hunter/Kaylee/James 7. Gabe/Dalton/Kris/Katelyn

Slide 5

What is the difference between the economy of North Korea and the Nuer?

Slide 6

I can differentiate between a traditional, command, market, and mixed economy. SS-8-3.2.1

Slide 7

Economic decisions are made by customs Tradition determines what is produced Tribe owns the capital Anything that is used to make goods and services Some individual freedom Ex. Tuareg, Nuer, Samoans

Slide 8

Economic decisions are made by the government Government determines what is produced Government owns capital No freedom of choice No competition Ex. Cuba, North Korea, former USSR

Slide 9

Free enterprise people make economic decisions Private individuals determine what is produced People own the capital Competition for a profit Ex. USA, Germany

Slide 10

Government provides some wants Businesses provide wants

Slide 11

Write 2 things you know about each on the post-its. Traditional Command Market 1 item per post- it!

Slide 12

I can differentiate between a traditional, command, market, and mixed economy. SS-8-3.2.1

Slide 13

1. In your table groups categorize your lists by types of economies. 2. Walk around to the other groups and check your work.

Slide 14

In your groups, create a play-doh scene illustrating a traditional, command, or market economy.

Slide 15

Why is the US considered a mixed economy?

Slide 16

I can illustrate how goods and services are produced, distributed, and consumed. SS-8-3.4.1

Slide 17

Slide 18

Want a desired product or service Good physical product Ex? Service work performed by someone else Ex?

Slide 19

1. Make a good out of play-doh 2. Make a service out of play-doh

Slide 20

What is the difference between goods and services?

Slide 21

I can illustrate how goods and services are produced, distributed, and consumed. SS-8-3.4.1

Slide 22

1. Land Natural resources Land, oil, gas, trees 2. Labor Human resources mental and physical 3. Capital Anything else is used to make goods and services Buildings, tools, machines

Slide 23

Determine the land, labor, and capital used to produce 2 of these services: Carwash Haircut TV repair Play Classroom lesson

Slide 24

Create a product no one has made before. Land play-doh Labor human resource Capital tool Scissors, ruler, pencil Answer these 3 questions as if you were going to actually manufacture your product: 1.Who will produce it? 2.How will it be distributed? 3.Who will consume it?

Slide 25

Define 2 Land Labor Capital

Slide 26

I can explain how scarcity and opportunity cost impact economic decisions for producers and consumers. SS-8-3.1.1 & SS- 8-3.1.2

Slide 27

Resources are limited, wants are unlimited What things are scarce? Why do NFL quarterbacks make more than teachers? Why is a Ferrari worth more than a old car?

Slide 28

Create a scene in US History where there was scarcity.

Slide 29

How does scarcity influence the choices we make?

Slide 30

I can explain how scarcity and opportunity cost impact economic decisions for producers and consumers. SS-8-3.1.1 & SS- 8-3.1.2

Slide 31

Happen because of scarcity Purchase one good or service, but not able to purchase another Opportunity cost is the next best thing Every decision has an opportunity cost VS

Slide 32

Build the best Christmas present EVER! Class Store Chose 2 items you want: Identify the gift you want Identify the opportunity cost. Why cant you have both?

Slide 33

Pick up 1 can of play-doh. Create an item that for a business that people in Bath County would like.

Slide 34

Did you have more than 1 idea? Producers have an opportunity cost too. They have to decide which is the best product to sell.

Slide 35

Money is used to make saving, borrowing, and investing easier. SS- 8-3.3.2

Slide 36

Trade for the things they needed Good things about trading? Bad things about trading?

Slide 37

Describe the pros and cons of bartering.

Slide 38

Money is used to make saving, borrowing, and investing easier. SS- 8-3.3.2

Slide 39

Make a product that you think students in the class would really like.

Slide 40

1. Each of you will have $19. You may sell your product for any amount. 2. Buy a product from a classmate. 3. Answer the questions below: What did you end up with? Why was using money easier? When you traded today, who benefitted?

Slide 41

1. Generally accepted 2. Counted and measured 3. Durable 4. Convenient and easy to carry 5. Inexpensive to produce 6. Supply is easily controlled

Slide 42

Why is using money easier than trading?

Slide 43

Money is used to make saving, borrowing, and investing easier. SS- 8-3.3.2

Slide 44

Borrow - loan Save store up money Savings Account Investing apply money to earn a profit Certificate of Deposit (COD) Stock Market

Slide 45

What methods do people use to save money?

Slide 46

Complete Day 2s stock market activity. Determine if you have made or lost money.

Slide 47

I can explain how price is affected by supply and demand. SS-8-3.3.1 & SS-3- 3.3.3

Slide 48

Think like a consumer As price increases, demand decreases Number purchased

Slide 49

Create a scenario describing the law of demand. Be sure to draw the graph!

Slide 50

I can explain how price is affected by supply and demand. SS-8-3.3.1 & SS-3- 3.3.3

Slide 51

Think like a producer As the price increases, quantity supplied increases. Price Amount Supplied

Slide 52

Graph the slides on the next page. Graph both lines on the same chart. Be sure that the price goes on the y-axis and # of tickets go on the x-axis.

Slide 53

Demand Chart Supply Chart Price 500$25 400$50 300$75 200$100 100$150 Tickets Sold 100$25 200$50 300$75 400$100 500$150

Slide 54

Market Price

Slide 55

Create a scenario describing the law of supply. Be sure to draw the graph! Price Amount Supplied

Slide 56

I can explain how price is affected by supply and demand. SS-8-3.3.1 & SS-3- 3.3.3

Slide 57

The price at which producers and consumers agree to trade

Slide 58

Write 2 questions with answers you think will be on the test.

Slide 59

Level 0 Break Retake Use cover sheet Book as barrier

Slide 60

Write 3 things you know about this chart.

Slide 61

Test Write the correct answer Keep paper covered Level 0 Break detention if you talk Open Response Work with partner to rewrite your open response

Slide 62

How does specialization influence productivity?

Slide 63

I can describe how new knowledge, technology, and specialization increase productivity. SS-8-3.4.2

Slide 64

Hamburgers (mini-big mac) Divided into 2 groups Must follow directions

Slide 65

Group 1 1. Brandon 2. Kennedi 3. Katie 4. Cody 5. Dalton 6. Kaylee 7. Kris Group 3 1. Shyanne 2. Kelsey 3. Madison 4. Desirae 5. Austin L 6. Austin R Group 2 1. Talyn 2. Brooklyn 3. Logan 4. Raleigh 5. Megan 6. Brittany 7. Katelyn Group 4 1. Caleb 2. Jacob 3. Kay Kay 4. Hunter 5. Gabe 6. James 7. JR

Slide 66

Directions Use the 12 cans of play-doh to make hamburgers. Take your time. Focus on making your hamburgers as neatly as possible! Each person must make the complete portion of the hamburger. Each burger must have a bun, meat, cheese, lettuce, pickles, special sauce, and sesame seeds on top.

Slide 67

Directions Use the 12 cans of play-doh to make hamburgers. Focus on making your hamburgers as quickly as possible! This is a competition!! Create an assembly line. Divide the work like this: 1 bun 2 meat 3 cheese 4 lettuce 5 pickles 6 special sauce 7 sesame seeds on top.

Slide 68

Specialization in what is produced Specialization in who is producing it Assembly Line - division of labor Each employee works on just one part

Slide 69

Pros Increased productivity Increased interdependence Each member is valuable Higher wages Cons Boring Less customization Inefficient/absent worker

Slide 70

Explain 2 pros or 2 cons of an assembly line.

Slide 71

I can describe how new knowledge, technology, and specialization increase productivity. SS-8-3.4.2

Slide 72

Cody and Brandon own a bait and tackle shop. They produce the best fishing lures at Cave Run Lake. So many fisherman want their lures that they stay nearly sold out of the items and customers are starting to complain. Cody and Brandon are considering hiring more employees and developing an assembly line instead of customizing their lures. Explain the pros and cons of the assembly line!

Slide 73

Terms Specialization Assembly line Division of labor Customization Productivity Production Interdependence Employee

Slide 74

2 things you really liked about economics 2 ways to improve the economics unit