Overview of Today’s Class 1. Review previous classes (out of order) 2. Discuss today’s concept: “Worldwide connections” 3. Activity – “Global Connections”

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Presentation transcript:

Overview of Today’s Class 1. Review previous classes (out of order) 2. Discuss today’s concept: “Worldwide connections” 3. Activity – “Global Connections” 4. Summary 5. Graduation ceremony!

Review Class 2: Resources What are resources? What are resources? What are the 3 kinds of resources? What are the 3 kinds of resources? What is scarcity? What is scarcity?

Review Class 1: What’s your big idea? Businesses Businesses Innovation Innovation Advertising Advertising

Review Class 4: Cluster of Skills Do jobs last forever? Do jobs last forever? What’s the purpose of a resume? What’s the purpose of a resume?

Review Class 3: job skills How do businesses decide which people to hire? How do businesses decide which people to hire? What are the four valuable skills we focused on? What are the four valuable skills we focused on?

Today’s Concept: Worldwide Connections When businesses advertise, who are they trying to persuade? When businesses advertise, who are they trying to persuade?

Worldwide Connections When two or more companies are trying to sell similar products to the same set of customers, economists say they are in competition When two or more companies are trying to sell similar products to the same set of customers, economists say they are in competition Can you think of other examples? Can you think of other examples?

Worldwide connections Some businesses make whole products all by themselves, without buying parts from other businesses Some businesses make whole products all by themselves, without buying parts from other businesses

Worldwide connections But most businesses buy parts from other businesses in order to make their products But most businesses buy parts from other businesses in order to make their products Example: shoe company Example: shoe company Laces Laces Rubber for soles Rubber for soles Leather for upper part Leather for upper part

Worldwide connections Specialization is what economists call it when one business sells items for use in some other businesses’ product. Those businesses “specialize” in certain parts. Specialization is what economists call it when one business sells items for use in some other businesses’ product. Those businesses “specialize” in certain parts. In our economic system, businesses like car makers buy their parts from specialized businesses all over the world. In our economic system, businesses like car makers buy their parts from specialized businesses all over the world.

Activity – Global Connections

Graduation!