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Activator During the holiday season of 1996, a children's toy appeared on Good Morning America. The toy, produced by Mattel, had sat on the shelves with.

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Presentation on theme: "Activator During the holiday season of 1996, a children's toy appeared on Good Morning America. The toy, produced by Mattel, had sat on the shelves with."— Presentation transcript:

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2 Activator During the holiday season of 1996, a children's toy appeared on Good Morning America. The toy, produced by Mattel, had sat on the shelves with very little sales until it appeared on the show. After the toys appearance, its popularity improved and it became the most sought after product of the holiday season. Unfortunately, Mattel did not anticipate the doll’s popularity, only producing 400,000 units, and were not able provide the product in a timely manner at the store level (over 1,000,000 were in demand).

3 Elmo was sold for as much as $2500 through a classified ad

4 Elmo Videos 1.Elmo CommercialElmo Commercial 2.Elmo Good Morning AmericaElmo Good Morning America

5 Fundamental Economic Concepts Scarcity and the Factors of Production Fundamental Economic Concepts Scarcity and the Factors of Production Scarcity - fundamental problem facing all people; unlimited wants and limited resources to satisfy those wants Scarcity - fundamental problem facing all people; unlimited wants and limited resources to satisfy those wants The Basic Economic Problem: Humans' wants and needs are infinite, while the resources needed to satisfy those wants and needs are limited and scarce.

6 Scarcity What makes something scarce? What makes something scarce? Something is scarce when it is both limited and desirable e.g. - Lebron James, oil, time, rest, grass in the winter (north) etc. e.g. - Lebron James, oil, time, rest, grass in the winter (north) etc. Scarcity applies to everyone Scarcity represents permanent problems that cannot be solved

7 How to allocate (distribute) scarce resources Who gets scarce stuff?

8 Application Question List three things that you feel are scarce in your life, what has caused them to become scarce? List three things that you feel are scarce in your life, what has caused them to become scarce?

9 Username: PIN # Password: Birthday or password used for login How to Login

10 How to access My Quizzes 1.Go to Google 2.Type in Glynn Academy Landinguin 3.Go to My Quizzes 4.Enter your first and last name (password is your pin) 5.Complete Short Answers, pgs. 2- 6

11 What is Economics? Economics – the study of choices; how individuals and groups seek to satisfy their wants and needs in light of scarcity Economics – the study of choices; how individuals and groups seek to satisfy their wants and needs in light of scarcity

12  Factors of Production - resources required to produce goods and services What are the Scarce Resources? Factors of Production

13 Land Land – natural resources not created by human effort that are used to produce goods and services The "gifts of nature". Examples: Forests, fish, oil, gas, cattle, etc...

14 Labor Labor – time and effort that a person devotes to producing goods and services. Labor resources are those provided by the body and minds of men and women. Examples: doctors, teachers, construction workers, etc...

15 Capital 1. Physical Capital – also known as Capital Goods, human made objects used to create other goods and services Examples: Machines, phones, computers, equipment 2. Human Capital – skills, abilities, and specialized talents of people Examples: College, training, technical school, etc. 3. Financial Capital – money, used by businesses to invest in their business Examples: money

16 Entrepreneurs Entrepreneurs – ambitious business people who organize the factors of production to create new goods and services Entrepreneurs are the "risk takers" who produce a good or service that they believe will succeed in the marketplace.

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18 Factors of Production +++ = LandCapitalLaborEntrepreneur

19 Factors of Production

20 Scarcity Videos Water Scarcity Water Scarcity Water Scarcity Part 2 Water Scarcity Part 2 Scarcity Video Scarcity Video

21 Classify the Factors of Production in the following scenario: You decide to order a pizza to satisfy your wants. First, you picked up the telephone and gave your order to the owner that entered it into her computer. The information came up on the chief baker’s monitor in the kitchen and he assigned it to one of his cooks. The cook cook used his knowledge of mixing dough out of salt, flour, eggs, and milk. The cook finished mixing dough, washed his hands in the sink, and prepared your pizza using tomato sauce, cheese, and sausage. He then placed the pizza in the oven. Within 10 minutes the pizza was cooked and placed in a cardboard box. The delivery person then grabbed your pizza, jumped in the company car, and delivered it to your door.

22 Classify the Factors of Production in the following scenario: 1.Owner _________________________________ 2.Computer _________________________________ 3. Chief baker’s monitor _________________________________ 4.Kitchen _________________________________ 5.Cooks _________________________________ 6.Knowledge of mixing dough _________________________________ 7.Salt, flour, eggs, and milk _________________________________ 8.Sink _________________________________ 9.Tomato sauce, cheese, and sausage _________________________________ 10.Oven _________________________________ 11.Cardboard box _________________________________ 12.Delivery person _________________________________ 13.Company car _________________________________ Entrepreneur Physical Capital Labor Human Capital Land Physical Capital Land Physical Capital Labor Physical Capital

23 Examples of Factors of Production LandLaborCapitalEntrepreneurs 1. 2. 3.

24 Needs vs. Wants Need – a basic requirement for survival Need – a basic requirement for survival e.g. – food, clothing, education, etc… e.g. – food, clothing, education, etc… Want – not a basic requirement for survival; a means of expressing a need Want – not a basic requirement for survival; a means of expressing a need e.g. – cheeseburger, Abercrombie and Fitch, University of Georgia, etc… e.g. – cheeseburger, Abercrombie and Fitch, University of Georgia, etc… OR

25  Good – physical, tangible(touchable) product Goods  i.e. – Automobiles, Video Games, Cell Phones, CD’s, Tickle Me Elmo, etc…

26  Service – a non-tangible action or activity that is performed for someone else Services  i.e – Financial Advisor, Stock Broker, Movies, Dentist, Teachers, etc..

27 Show 4/5Commercials for following Chart

28 Item advertised Good/ServiceWant/NeedMarket Goods and Services Chart

29 Daily Assignment Chapter 1 Section 1 1.Why does scarcity apply to everyone? 2.List a good and a service that you have purchased in the past month. 3.What are some things that you have that might be considered wants by other societies? Explain why. 4.Last year, you were trying to make a decision on what kind of car you wanted your parents to buy you for your birthday. You had two choices: 1) 1984, Honda Accord for $2,000, or 2) 2010 fully stocked Infiniti G37 for $52,000. Which one of these would be considered a want, and which one a need and why? 5.“Hank” works two jobs, one in the morning and one at night. At his morning job he sells furniture at a furniture store. At his night job he works as a computer technician. Which one of his jobs creates a good and which provides a service? 6.Microsoft offers all of their employees the opportunity to attend the local university for a higher education, free of charge. What would be the motivation for investing in human capital? 7.Which factor of production is represented by each of the following? (a) an office building, (b) an assembly line worker, (c) a tree used to make paper, (d) unused soil, (e) Oprah Winfrey

30 Choice Choice Three Alternatives What you would have done if you didn’t come to school Coming to Economics Class 1.2.3.1. Activator Directions: On a 3 column chart, label it as shown below. In the second column, list 3 possible alternatives that you could have made other than your choice to come to school. In the third column, list the alternative that you would have desired the most.

31 Tradeoffs Trade-off – alternatives that we give up whenever we choose one course of action over another Trade-off – alternatives that we give up whenever we choose one course of action over another We always give up something to get something else We always give up something to get something else “There is no such thing as a free lunch.” (TINSTAAFL) “There is no such thing as a free lunch.” (TINSTAAFL) Individuals, Businesses and society all face tradeoffs Individuals, Businesses and society all face tradeoffs

32 Opportunity Cost Opportunity Cost – used by economists to measure the cost of decision-making; the value of the what we give up Opportunity Cost – used by economists to measure the cost of decision-making; the value of the what we give up Next best alternative use of money, time, or resources Next best alternative use of money, time, or resources Coming to Economics Sleeping (Opportunity Cost)

33 Today’s Assignments Short Answer Opportunity Cost and the PPF pgs. 8-18 Short Answer Opportunity Cost and the PPF pgs. 8-18 Scarcity Article and Questions, found under “online assignments” link Scarcity Article and Questions, found under “online assignments” link

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35 Trade-Offs Individuals and Trade-Offs – studying one subject vs. another, watching TV or working out, etc. Business Trade-Offs – producing iPod vs. iPhone Society and Trade-Offs – “guns or butter”, military or consumer goods

36 AlternativesCriteria Immediate Satisfaction Long Term Benefits Entertaining Immediate Financial Benefits Necessary for Long-term success 90 minutes of Sleep 90 minutes of Economics or Decision-Making Grid Yes No Yes No Yes

37 AlternativesCriteria Immediate Satisfaction Long Term Benefits Entertaining Immediate Financial Benefits Necessary for Long-term success Sleep Economics or Decision-Making Grid Yes No Yes No Yes

38 Thinking at the Margin HourSleepPlanning 6:15 6:30 6:45 15 - - -

39 Thinking at the Margin Margin – an increment (small unit), a border/edge Margin – an increment (small unit), a border/edge Thinking at the margin – analyzing the costs and benefits of incremental (small) decisions Thinking at the margin – analyzing the costs and benefits of incremental (small) decisions

40 Thinking at the Margin HoursPayOpportunity Cost 40 41 42 43 $9.00 13.50 1 studying economics 1 hour playing video games 1 hour with family 40 hours of play

41 SliceMarginal Benefit 1 2 3 4 5 6 7 8 10 9 8 4 2 0 -2 -10 Thinking at the Margin

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43 Factors of Production +++ = LandCapitalLaborEntrepreneur

44 Production Possibilities Frontier Activity Identify Factors of Production: Identify Factors of Production: Paper _____________________________ Paper _____________________________ Pencil, scissors, roll of tape ________________________ Pencil, scissors, roll of tape ________________________ Group members ______________________________ Group members ______________________________ You will have 3 5 minute rounds of production: You will have 3 5 minute rounds of production: 2 sheets folded in pattern a 2 sheets folded in pattern a Round 1: Make only links Round 1: Make only links Round 2: Make only smiles Round 2: Make only smiles Round 3: Make half smiles and half links Round 3: Make half smiles and half links Round 4 (fired worker 1 paper): Round 4 (fired worker 1 paper): Make half smiles and half links Round 5 (rehired 4 pieces of paper plus extra Round 5 (rehired 4 pieces of paper plus extra scissors: Make half smiles and half links scissors: Make half smiles and half links LinksSmiles Land Physical Capital Laborers

45 RoundLinksSmiles Production Possibilities Frontier Activity

46 Production Possibilities Model  What is the PPC Model?  PPC Model – shows/illustrates the possible combinations of goods and services that can be produced by a single nation, firm or individual given the productive resources available  What does it show?  That nothing is free and that everything has an opportunity cost  If society wants more of one thing then it must give up something in return  Used to visually represent opportunity cost

47 Basics of the production possibilities frontier model 1,000 A B E D C Frontier /Efficiency Underutilization /Inefficiency Unattainable/Economic Growth

48 Production Possibilities Model What basic economic concepts can it be used to model? Scarcity Tradeoffs Opportunity cost Economic growth Efficiency Unemployment Quantity of Computers Produced Quantity of Cars Produced 0 300 600 700 1,000 3,000 A B E F 1,000 2,200 2,000 Production Possibilities Frontier

49 Production Possibilities Curve  Efficiency – what one is capable of producing; using resources in such a way as to maximize the production of goods and services *  Points along the curve, (a – c) * Efficiency

50 Underutilization (Inefficiency) Underutilization – using fewer resources than an economy/business is capable of; inefficient use of resources Underutilization – using fewer resources than an economy/business is capable of; inefficient use of resources  Points inside the curve, d (inefficient use of resources) Underutilization /Inefficiency

51 Growth Growth (future technology) – the change in ability to produce, reflects a change in the curve; Currently unattainable level of production Growth (future technology) – the change in ability to produce, reflects a change in the curve; Currently unattainable level of production New frontier (usually as a result of new technology) New frontier (usually as a result of new technology) Growth

52 51 Shifts in the PPF Increase in available resourcesDecrease in available resources

53 Good A 1 2 3 4 5 6 Good B 12 10 8 6 4 2 0 Good AGood B 012 110 28 36 44 52 60 Answer the following questions based on the model above: 1.The opportunity cost of increasing production from Good A from zero units to one unit is the loss of __________ unit (s) of Good B. 2.The opportunity cost of increasing production from Good A from one unit to two units is the loss of __________ unit (s) of Good B. The total loss is ____ 3.The opportunity cost of increasing production from Good A from zero units to 6 units is the loss of _________ unit (s) of Good B. PPC Activity

54 Review - Guns or Butter PPF 1.How many guns can be produced when no butter is produced? ________ 2.How much butter can be produced when no guns are produced? _______ 3.The opportunity cost of increasing the production of guns from 0 to 40 units is ________ units of butter. 4.What would it say about this society if the production decision was to produce at the (45, 20) point; assuming that it takes 30 units of butter to provide basic foodstuffs to society and 40 units of Guns to protect their society? ___________________________________________________ This society cares more about military than providing consumer goods for the people

55 200 180 160 140 100 80 60 40 20 5 10 15 20 25 30 35 40 45 50 55 60 120 A B C D E PPF Exercise 1.Along the curve (frontier) 2.Inside the curve 3.Outside the curve 25 55 40 80

56 PPF Exercise 1.True 2.False 3.True 4.True 5.False

57 Today’s Assignments 1.Group Work – PPF, #’s 5 – 8 2.Individual Work – Study Guide and Terms

58 Today’s Assignments 1.What is Economics? Open Notes Quiz (Ch.1) 2.Production Possibilities Curve Open-Notes Quiz

59 5 10 15 20 25 30 35 40 10 20 30 40 50 60 70 A B C D E Shoes CD Players

60 1.What do points Q, R, T and V represent? __________________________________________ 2.What does an efficient use of resources mean? ____________________________________ 3.How much food and computers are being produced at point R? Food ______________ Computers ______________ 4.If we move from point T to V, how many computers are gained and how much food is lost? Computers gained ___________ Food lost ____________ 5.What is the term used to describe the cost of increasing one item in order to produce the other item? ________________________________________

61 6.What terms could be used to describe this PPF if production was at the 5, 5 point of the graph? _______________________________________ 7.What might have caused the condition in the previous question? __________________________________________ 8.Illustrate economic growth by labeling a “z” point on the PPC diagram above. 9.What are some factors that might contribute to economic growth? ___________________________________________________________________________

62 The opportunity cost of increasing production of Good A from 0 units to 1 unit is the loss of _______ unit(s) of Good B. The opportunity cost of increasing production of Good A from 1 unit to 2 units is the loss of _______ unit(s) of Good B. The opportunity cost of increasing production of Good A from 2 units to 3 units is the loss of _______ unit(s) of Good B. The opportunity cost of increasing production of Good A from 0 units to 2 units is the loss of _______ unit(s) of Good B. The opportunity cost of increasing production of Good A from 0 units to 3 units is the loss of _______ unit(s) of Good B. The opportunity cost of increasing production of Good B from 11 units to 12 units is the loss of _______ unit(s) of Good A. The opportunity cost of increasing production of Good B from 0 units to 11 units is the loss of _______ unit(s) of Good A.

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65 Today’s Assignment 1.Production Possibilities Curve Open-Notes Quiz 2.What is Economics? Open Notes Quiz (Ch.1) 3.USA Test Prep – Scarcity, Opportunity Cost and the PPF

66 321 Summarizer 1. Write 3 things you learned today. 2. Write 2 ways that this lesson can apply be useful to your life. 3. Write 1 question you still have

67 Essential Question 1 + 2 1. Why is scarcity a permanent condition? 2. What are the four factors of production and an example of each? Scarcity reflects the limited resources of a society, but unlimited wants of it’s members. 1.Land – natural resources, oil 2.Labor –human resources, workers 3.Capital – machines, computers/robots 4.Entrepreneurs – business owner, Bill Gates

68 Essential Question 3, 4 + 5 3. Why does every decision involve a trade-off? 4. What does opportunity cost measure? 5. What does it mean to think at the margin? We always give up something to get something else The cost of the next best use of time money or resources Thinking about small decisions and the marginal costs and marginal benefits of those decisions.

69 Essential Question 6 6. What is illustrated by the PPC Model; what 3 production possibilities are shown? The tradeoff between two goods. inefficiency/underutilization, efficiency, currently unattainable a

70 Opportunity Cost http://www.mhhe.com/economics/solman_video_mov/opp_cost.mov http://highered.mcgraw-hill.com/sites/9970960097/student_view0/paul_soloman_videos.html

71 Chapter 1 Study Guide 1. Scarcity 2. Scarcity is a permanent condition for all people, “unlimited wants, limited resources” 3. The study of choices; how individuals and groups seek to satisfy their wants and needs in light of scarcity 4. Need – necessity for life, want – expresses a need, not a necessity 5. Good – tangible (pencil), Service – nontangible (doctors appointment) 6. Produce goods and services 7. Land – tree, Labor – teacher, Capital – machines, entrepreneur – Oprah 8. Physical – Capital Good (projector), Human – education, skills, training 9. Give up something to get something else 10. Opportunity 11. Always give up something to get something else 12. Understand the cost and benefit of decision-making 13. Business 14. Social 15. Individual

72 Chapter 1 Study Guide 16. Decision-making grid 17. A visual illustration of two goods 18. Increases in Land, Labor, Capital (more workers, more resources, better technology) 19. Recession, increased labor laws, lazy workers, etc. 20. a. increase production of guns, takes more workers from butter b. 5 b. 5 c. 15 c. 15 d. 3 e. 10 f. Underutilization, unattainable/future growth 21. a. no b. Outside the curve b. Outside the curve c. 200 pounds of fish c. 200 pounds of fish d. 20 fish d. 20 fish e. increasing opportunity costs e. increasing opportunity costs f. Bowed outward f. Bowed outward

73 The Economic Revolution: from “The Worldly Philosophers” Reading discussion questions: Reading discussion questions: How is the struggle against scarcity a struggle for survival of man? How is the struggle against scarcity a struggle for survival of man? Is man by nature a social creature? How does man's nature pose a challenge to his survival? Discuss... Is man by nature a social creature? How does man's nature pose a challenge to his survival? Discuss... Discuss the benefits and dangers of the two ways societies organized economic activities throughout most of human history Discuss the benefits and dangers of the two ways societies organized economic activities throughout most of human history -tradition -tradition -command -command Why was there no need for "economists" throughout most of human history? Why was there no need for "economists" throughout most of human history? "It was not at all obvious that with each man out only for his own gain, society could in fact endure. It was by no means clear that all jobs of society - the dirty ones as well as the plush ones - would be done if custom and command no longer ran the world. When society no longer obeyed one man's dictates, who was to say where it would end?" "It was not at all obvious that with each man out only for his own gain, society could in fact endure. It was by no means clear that all jobs of society - the dirty ones as well as the plush ones - would be done if custom and command no longer ran the world. When society no longer obeyed one man's dictates, who was to say where it would end?" Evaluate the author's claim that the economic revolution was "fundamentally more disturbing by far than the French, the American, or even the Russian Revolution." Evaluate the author's claim that the economic revolution was "fundamentally more disturbing by far than the French, the American, or even the Russian Revolution."

74 Extra Credit 1.Draw a basic PPF that illustrates a personal opportunity cost. 2.Give an example of a tradeoff that you recently experienced, explain the opportunity cost of the decision.

75 Due Today 8-16 1. Scavenger Hunt 2. PPF Activity (Links and Smiles) 3. PPF Practice 1 4. PPF Practice 3 5. Study Guide Ch 1 6. Terms Ch. 1 7. Notes Chapter 1 8. Daily Tens (5) 9. Essential Questions (5)

76 Include on Test 1. Name 2. Date (8-16) 3. Block 2 4. Test – Basic Economic Concepts 5. ID: A, B or C

77 Fundamental Economic Concepts SSEF1 The student will explain why limited productive resources and unlimited wants result in scarcity, opportunity costs, and tradeoffs for individuals, businesses, and governments. SSEF1 The student will explain why limited productive resources and unlimited wants result in scarcity, opportunity costs, and tradeoffs for individuals, businesses, and governments. a. Define scarcity as a basic condition that exists when unlimited wants exceed limited productive resources. b. Define and give examples of productive resources (factors of production) (e.g., land (natural), labor (human), capital (capital goods), entrepreneurship). c. List a variety of strategies for allocating scarce resources. d. Define opportunity cost as the next best alternative given up when individuals, businesses, and governments confront scarcity by making choices. SSEF2 The student will give examples of how rational decision making entails comparing the marginal benefits and the marginal costs of an action. SSEF2 The student will give examples of how rational decision making entails comparing the marginal benefits and the marginal costs of an action. a. Illustrate by means of a production possibilities curve the trade offs between two options. b. Explain that rational decisions occur when the marginal benefits of an action equal or exceed the marginal costs.

78 Extra Credit 1.Which points are attainable and desirable? 2.Which point(s) are attainable but not desirable? Give an example of what could have caused this point on the model. 3.Which point (s) are unattainable; what could allow society to one day reach that point?

79 Chapter 1 Study Guide 1. Scarcity 2. Scarcity is a permanent condition for all people, “unlimited wants, limited resources” 3. The study of choices; how individuals and groups seek to satisfy their wants and needs in light of scarcity 4. Need – necessity for life, want – expresses a need, not a necessity 5. Good – tangible (pencil), Service – nontangible (doctors appointment) 6. Produce goods and services 7. Land – tree, Labor – teacher, Capital – machines, entrepreneur – Oprah 8. Physical – Capital Good (projector), Human – education, skills, training 9. Give up something to get something else 10. Opportunity 11. Always give up something to get something else 12. Understand the cost and benefit of decision-making 13. Business 14. Social 15. Individual

80 Chapter 1 Study Guide 16. Decision-making grid 17. A visual illustration of two goods 18. Increases in Land, Labor, Capital (more workers, more resources, better technology) 19. Recession, increased labor laws, lazy workers, etc. 20. a. increase production of guns, takes more workers from butter b. 5 b. 5 c. 15 c. 15 d. 3 e. 10 f. Underutilization, unattainable/future growth 21. a. no b. Outside the curve b. Outside the curve c. 200 pounds of fish c. 200 pounds of fish d. 20 fish d. 20 fish e. increasing opportunity costs e. increasing opportunity costs f. Bowed outward f. Bowed outward

81 Section 2 – Basic Economic Concepts Economic Products – relatively scarce goods and services that have utility to consumers, and as a result command a price. Economic Products – relatively scarce goods and services that have utility to consumers, and as a result command a price. Utility – capacity to be useful to the consumer; a way to measure value. Utility – capacity to be useful to the consumer; a way to measure value. Precious JewelsWater

82 Consumer – person that uses goods/services in order to satisfy wants and needs.

83 Consumer Good – intended for final use by the individual. Personal ComputerWriting Utensil

84 Conspicuous Consumption – the use of good/services to impress others.

85 Durable Good – any good that lasts three years or more when used regularly. Television Recording Equipment

86 Nondurable Good – an item that lasts less than three years when used regularly Food Paper

87 Economic Growth A Nations total output of goods and services increases over time. A Nations total output of goods and services increases over time. Gross Domestic Product - total market value of all the goods and services produced within the borders of a nation during a specified period. Gross Domestic Product - total market value of all the goods and services produced within the borders of a nation during a specified period.

88 Wealth The total accumulation of a nation’s goods (stuff). The total accumulation of a nation’s goods (stuff). Buildings, highways, homes, cars, etc. Buildings, highways, homes, cars, etc.

89 88 Production Possibilities Frontier – PPF Figure 2.1 A through F are attainable A through F are attainable I represents inefficient use of resources I represents inefficient use of resources U represents unattainable combinations U represents unattainable combinations

90 Constant vs. Increasing Costs Work Play 4321043210 1 2 3 4 30 29 25 15

91 The Desk Dilemma Reflection questions (to be answered with your group, each person should have a record of their group’s responses): Reflection questions (to be answered with your group, each person should have a record of their group’s responses): 1. How does this reflect real world conditions In our economy? 2. What factors prevent us from having everything that we want? 3. How does the United States cope with scarcity? 4. Why is scarcity a permanent condition in all societies? 5. Why is this problem not just an issue of rich/poor?

92 The Desk Dilemma Solution TeamSolutionVotes The EconomistsFirst Homework Assignment Team FancyBarter System2 Team TerrorsHighest grade, academic requirements3 Bag of MoneyDesks in return for academic goods Team Cash OutHomeless5 Money BagsHomeless Homeless Money Makers 1 dollar, take notes on their desk2 Team Get MoneyShelter7

93 The Desk Dilemma Solution TeamSolutionVotes TrappanomicsRob Them NAZATake turns, social welfare FortuneFundraiser to buy new desks Team Watch OutKeep 2, rent 2 The Cash HustlersDonations, to raise money and buy desks for have-nots Self-MadeAuction system Team MonopolyRent to use top of desks Twerk TeamRent out desks, higher rent for whole desks, lesser rent tops, buy more capital Prestige WorldwideFundraiser for new desks

94 The Desk Dilemma Solution TeamSolutionVotes Med Econartists

95 “The Desk Dilemma” Our classroom represents an economy based on a system of “haves” and “have-nots”. Our classroom represents an economy based on a system of “haves” and “have-nots”. Your teams’ job is to problem solve based on the scenario. Determine how to allocate the scarce resources (seats) in light of the unlimited wants of haves and have-nots. Be prepared to present and support your decisions. Your teams’ job is to problem solve based on the scenario. Determine how to allocate the scarce resources (seats) in light of the unlimited wants of haves and have-nots. Be prepared to present and support your decisions. Requirements: Requirements: Each group needs a spokesperson to communicate their plan Each group needs a spokesperson to communicate their plan - Your plan should address the following issues: - Your plan should address the following issues: How do you plan to handle the lack of space? (price system, social welfare, etc.) How do you plan to handle the lack of space? (price system, social welfare, etc.) “Haves” – how are you going to philosophically and practically deal with the “have- nots”? (exclude /include them from society) “Haves” – how are you going to philosophically and practically deal with the “have- nots”? (exclude /include them from society) “Have-nots” – what do you want from the “haves”, what is the solution from your perspective? “Have-nots” – what do you want from the “haves”, what is the solution from your perspective?


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