Presentation on theme: "Warm Up Questions should be answered in your spiral notebook. Make sure to start by writing today’s the date!! Warm Up Question: Why do people choose college."— Presentation transcript:
Warm Up Questions should be answered in your spiral notebook. Make sure to start by writing today’s the date!! Warm Up Question: Why do people choose college first over full time employment? Why do people choose full time employment over college?
What is economics? Use these words to create the definition
Economics: –the study of how people try to satisfy unlimited wants through the use of scarce/limited resources. It’s not just about money…it’s about making sound choices!!!
Economists study how people making choices everyday. We are forced to make choices because of: Scarcity: limitations on resources that prevent people from having everything they would like to have Example Resources: –Money –Time –Natural supplies –Technology
Take out the “Choice” sheet we used the other day. It has a Calvin and Hobbes Cartoon on the back. Warm Up Question: List 3 WANTS that were not satisfied in your life. List 3 Limited RESOURCES that you faced today?
We are constantly choosing and justifying how we satisfy our needs and wants. NeedsWants How Would You Define Need & Want? Make a T-Chart, and list the 4 basic human needs Food Water Shelter Clothing Capn’ Crunch Poland Spring My house Pants and Top How have you satisfied all of these needs so far today?
Unit I: Basic Principles of Economics Need: A Basic Requirement of Survival Want: An Expression of a Need
The Science of Choices Trade-off –the choice made when faced with an economic decision. Opportunity Cost –the cost of the next best alternative when a decision is made. - What is given up. I bought a pair of jeans for $45. What is the trade off and opportunity cost? Eating a warm breakfast or sleeping an extra 30 minutes each morning. What is your trade off and opportunity cost? Read the Cartoon and answer Question 1&2 Now answer questions 3&4 BELL WORK
Wrap Up Top Ten!! Category: Top Ten Highest Earning Celebrities Last Year Here are some hints: 2 Singer 2 Actors Rapper Athlete Movie Director TV Producer 2 Talk Show Hosts
Top Ten Highest Earning Celebrities 10. Bon Jovi!!! I love Him!!! 9. Howard Stern 8. Madonna 7. Tom Hanks 6. Jay-Z 5. Johnny Depp 4. Tiger Woods 3. Steven Spielberg 2. Jerry Bruckheimer (CSI Shows) 1. Oprah Winfrey