How do people satisfy their wants?

 What do you think you will learn about in economics?

I can differentiate between a traditional, command, market, and mixed economy. SS

1. Brandon/Kennedi/Cody/Austin L 2. Talyn/Caleb/Brooklyn/Logan 3. Shyanne/Kelsey/Madison 4. Jacob/Katie/Kay Kay/Raleigh 5. Desirae/Austin R/Brittany/JR 6. Megan/Hunter/Kaylee/James 7. Gabe/Dalton/Kris/Katelyn

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

I can differentiate between a traditional, command, market, and mixed economy. SS

 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

 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

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

 Government provides some wants  Businesses provide wants

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

I can differentiate between a traditional, command, market, and mixed economy. SS

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

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

Why is the US considered a mixed economy?

I can illustrate how goods and services are produced, distributed, and consumed. SS

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

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

What is the difference between goods and services?

I can illustrate how goods and services are produced, distributed, and consumed. SS

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

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

 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?

 Define 2 Land Labor Capital

I can explain how scarcity and opportunity cost impact economic decisions for producers and consumers. SS & SS

 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?

Create a scene in US History where there was scarcity.

 How does scarcity influence the choices we make?

I can explain how scarcity and opportunity cost impact economic decisions for producers and consumers. SS & SS

 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

 Build the best Christmas present EVER!  Class Store Chose 2 items you want:  Identify the gift you want  Identify the opportunity cost.  Why can’t you have both?

 Pick up 1 can of play-doh. Create an item that for a business that people in Bath County would like.

 Did you have more than 1 idea?  Producers have an opportunity cost too. They have to decide which is the best product to sell.

Money is used to make saving, borrowing, and investing easier. SS

 Trade for the things they needed  Good things about trading?  Bad things about trading?

Describe the pro’s and con’s of bartering.

Money is used to make saving, borrowing, and investing easier. SS

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

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?

1. Generally accepted 2. Counted and measured 3. Durable 4. Convenient and easy to carry 5. Inexpensive to produce 6. Supply is easily controlled

Why is using money easier than trading?

Money is used to make saving, borrowing, and investing easier. SS

 Borrow - loan  Save – store up money Savings Account  Investing – apply money to earn a profit Certificate of Deposit (COD) Stock Market

What methods do people use to save money?

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

I can explain how price is affected by supply and demand. SS & SS

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

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

I can explain how price is affected by supply and demand. SS & SS

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

 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.

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

Market Price

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

I can explain how price is affected by supply and demand. SS & SS

 The price at which producers and consumers agree to trade

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

 Level 0 Break Retake  Use cover sheet  Book as barrier

 Write 3 things you know about this chart.

 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

 How does specialization influence productivity?

I can describe how new knowledge, technology, and specialization increase productivity. SS

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

 Group 1 1. Brandon 2. Kennedi 3. Katie 4. Cody 5. Dalton 6. Kaylee 7. Kris  Group 3 1. Shyanne 2. Kelsey 3. Madison 4. Desirae 5. Austin L 6. Austin R  Group 2 1. Talyn 2. Brooklyn 3. Logan 4. Raleigh 5. Megan 6. Brittany 7. Katelyn  Group 4 1. Caleb 2. Jacob 3. Kay Kay 4. Hunter 5. Gabe 6. James 7. JR

 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.

 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.

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

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

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

I can describe how new knowledge, technology, and specialization increase productivity. SS

Cody and Brandon 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 Brandon are considering hiring more employees and developing an assembly line instead of customizing their lures.  Explain the pros and cons of the assembly line!

 Terms Specialization Assembly line Division of labor Customization Productivity Production Interdependence Employee

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