Overview of Today’s Overview of Today’s ClassClass

1.1. Review previous classes (out of Review previous classes (out of order)order)

2.2. Discuss today’s concept: Discuss today’s concept: “Worldwide connections”“Worldwide connections”

3.3. Activity – “Global Connections” Activity – “Global Connections”

4.4. SummarySummary

5.5. Graduation ceremony!Graduation ceremony!

Review Class 2: Review Class 2: ResourcesResources

What are What are resources?resources?

What are the 3 What are the 3 kinds of resources?kinds of resources?

What is scarcity?What is scarcity?

Review Class 1: What’s your Review Class 1: What’s your big idea?big idea?

BusinessesBusinesses InnovationInnovation AdvertisingAdvertising

Review Class 4: Cluster Review Class 4: Cluster of Skillsof Skills

Do jobs last forever?Do jobs last forever? What’s the purpose of a resume?What’s the purpose of a resume?

Review Class 3: job skillsReview Class 3: job skills

How do businesses How do businesses decide which decide which people to hire?people to hire?

What are the four What are the four valuable skills we valuable skills we focused on?focused on?

Today’s Concept: Today’s Concept: Worldwide ConnectionsWorldwide Connections

When businesses advertise, who are they When businesses advertise, who are they trying to persuade?trying to persuade?

Worldwide ConnectionsWorldwide Connections

When two or more When two or more companies are companies are trying to sell similar trying to sell similar products to the products to the same set of same set of customers, customers, economists say they economists say they are in are in competitioncompetition

Can you think of Can you think of other examples?other examples?

Worldwide connectionsWorldwide connections

Some businesses Some businesses make whole make whole products all by products all by themselves, themselves, without buying without buying parts from other parts from other businessesbusinesses

Worldwide connectionsWorldwide connections

But most businesses But most businesses buy parts from buy parts from other businesses in other businesses in order to make their order to make their productsproducts Example: shoe Example: shoe

companycompany LacesLaces Rubber for solesRubber for soles Leather for upper Leather for upper

partpart

Worldwide connectionsWorldwide connections SpecializationSpecialization is what economists call it is what economists call it

when one business sells items for use when one business sells items for use in some other businesses’ product. in some other businesses’ product. Those businesses “specialize” in Those businesses “specialize” in certain parts.certain parts.

In our economic system, businesses In our economic system, businesses like car makers buy their parts from like car makers buy their parts from specialized businesses all over the specialized businesses all over the world.world.

Activity – Global Activity – Global ConnectionsConnections

Graduation!Graduation!