1. How do people satisfy their wants?

2. What do you think you will learn about in economics?

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

4. 1. Ryan/Shawn 2. Lexy/Cailyn 3. Cody/Jon 4. Gabe/Danny/David 5. Kelsey/Jada 6. Ashley/Hannah 7. Carrie/Madison

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

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

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

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

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

10. Government provides some wants Businesses provide wants

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

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

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

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

15. Why is the US considered a mixed economy?

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

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

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

20. What is the difference between goods and services?

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

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

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

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?

25. Define 2 Land Labor Capital

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

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?

28. Create a scene in US History where there was scarcity.

29. How does scarcity influence the choices we make?

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

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

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?

33. Pick up 1 can of play-doh. Boys make a food item. Girls make a clothing item.

34. Would you rather have more food or more clothing? Producers have an opportunity cost too. The next best thing they could have produced

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

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

37. Describe the pros and cons of bartering.

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

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

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?

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

42. Why is using money easier than trading?

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

44. What is the benefit of saving money? When you save, what is the opportunity cost?

45. Savings account Certificate of Deposit Stock Market Businesses buy capital

46. You were given $10,000 for a Christmas gift from your grandparents. They want to help you save for college. But, since the cost of college has gone up dramatically in recent years, their one request is that you spend the $10,000 in the stock market. You must purchase at least 8 different stocks. You must spend between $9990-$10,000

47. What methods do people use to save money?

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

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

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

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

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

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

54. 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.

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

56. Market Price

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

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

59. The price at which producers and consumers agree to trade

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

61. Level 0 Break Retake Use cover sheet Book as barrier

62. How does specialization influence productivity?

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

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

65. Group 1 Cody Shawn Ashley Jon Carrie Madison Gabe Group 2 Jada David Ryan Lexie Kelsey Hannah Cailyn

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.

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.

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

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

70. Explain 2 pros or 2 cons of an assembly line.

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

72. Cody and David 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 David are considering hiring more employees and developing an assembly line instead of customizing their lures. Explain the pros and cons of the division of labor.

73. Terms Specialization Assembly line Division of labor Customization Productivity Production Interdependence Employee Groups David - Cody Kelsey - Ashley Shawn – Madison Cailyn – Jada Gabe - Jon Ashley – Hannah Ryan – Lexie

74. 2 things you really liked about economics 2 ways to improve the economics unit

75. 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