Create your own definition of economics using words and pictures. Include any aspect you think relates to or will be studied during this semester.
Reflecting on your experience and observations during the game, identify where you think each of these economic terms related to the game: Wants Resources Scarcity Choices Opportunity Costs
What Economics is about?
The science that studies the choices of people trying to satisfy their wants and needs in a world of scarcity.
Microeconomics- deals with human behavior and choices as they relate to relatively small units- an individual, a business firm, or a single market. (microscope) Macroeconomics- deals with human behavior and choices as they relate to entire economy. (large) (telescope)
SCARCITY = WANTS > RESOURCES Scarcity is an economic fact of life. Our wants are always greater than our resources. Our wants are unlimited. People want both intangible and tangible goods. Two types of goods Tangible- you can touch it. (cars, home, CDs) Intangible-cannot be touched. (love, friendship)
wants – things people desire to have for comfort as luxuries needs – things essential for life food shelter clothing
resources – anything that is used to produce goods or services. a good is a manufactured product. a service is an undertaking in behalf of someone.
a rationing device – as a means for deciding who gets scarce resources price is a rationing device competition for the rationing device money to buy scarce resources
opportunity costs – the most valued alternative you give up to do something what you would have chosen instead
Would you rather have the Phantom OR Would you rather have……. A housein Vista $300,000 Honda Accord MSRP of $25,000 Gas allowance of $3,000 Monthly allowance for shopping of $1,000 for 1 year OR Would you rather have……. A $340,000 trip around the world for a year
The cost of passing up the next best choice when making a decision. opportunity cost. InvestorWords.com. Retrieved July 21, 2008, from InvestorWords.com website: Every choice we make has an opportunity cost. The most valued opportunity or alternative you give up for your 1 st choice is the opportunity cost.
1 phantom 2house in Vista, Honda, shopping, gas 3 trip around the world Opportunity cost is all about choices. When you forgo doing homework to get on Facebook, your opportunity cost for getting on Facebook was your homework. Your choice. Your opportunity cost.
Using the Diagrams and flow charts in Ch. 1 (pg 10), create a comic strip displaying the following underlined concepts studied in class: Wants Resources displaying scarcity which creates choices which leaves an opportunity cost Each Term will have a frame in the comic. Choose a topic from your life Demonstrate your understanding of the flow/connections Use Voice Bubbles for each frame Be creative! Stick people rule! Must all be original work.
Course content Economic Terms & Concepts 2 weeks Microeconomic Principles 3 weeks Market Structures 2 weeks Macroeconomics 5 weeks Federal Government & Economics 5 weeks Consumer Economics: Credit & Debt 2 weeks Website : Quizzes/Tests 40%90% %= A Projects/Essays30%80% %= B Homework/Individual Assignments20%70% %= C Group Work/ In-Class Participation10%60% %= D 59% and below = F
Homework completed (credit / no credit) Ask questions Website ELP Help ( works, too!) Even days or by appt. Respectful collaborative learning Making up tests: ONE WEEK. (period) Academic Honesty