Warm Up What is the purpose of propaganda? T/F: Our founding fathers supported political parties. What is the significance of Brown v. Board of Education?
Enrichment Read through about the role of the county, highlighting key ideas and details Then, create your own county! Fill out the sheet, properly answering all areas.
Current Event 1. What happened? 2. How many people were injured? 3. Do they know if it was a human error or faulty brakes ?
Today we start: ECONOMICS!
Wait.. What? Economics- Study of how we make decisions in a world with LIMITED resources, also how things are MADE, BOUGHT, SOLD and USED!
Making rational decisions You have $20 dollars to use this upcoming Saturday. Your friend Mariah wants to see Hunger Games and you know she loves buying snacks, but Faye wants to go eat at Carrabbas, and Jocelyn wants to go to the mall and Christmas shop, and Lexie wants to go get your nails done.
NEEDS VS. WANTS
Two types MICROECONOMICS- looking at the small picture Study the behavior and small units How are individual decisions made? MACROECONOMICS- looking at the big picture Economy as a whole Whole industries
ECONOMIC SYSTEM The way of producing the things the people want and need Each country has one!
TRADE OFF Alternative you face if you decide to do one thing over another
OPPORTUNITY COST Cost of the next best use of your time or money when you choose to do one thing over another Opportunity given up
COSTS FIXED COSTS
COSTS VARIABLE COSTS
COSTS TOTAL COSTS
COSTS MARGINAL COSTS
TOTAL VS. MARGINAL REVENUE
Cost-Benefit Analysis
4 Factors of Production NATURAL RESOURCES LABOR CAPITAL ENTREPRENEUR
Page 517 Compare your own definitions with the actual definitions
CREATE!