Today’s Warm Up: WORD SPLASH In your notes, summarize what we covered in class on Thursday and Friday. Be sure to use all of the key terms listed below and be ready to share! – Scarcity – Economic System – Productive Resources – Market, Command, Traditional

Because of scarcity, tradeoffs have to be made among the six primary goals.

Efficiency Getting the most out of one’s resources for the least cost

Equity Fair; equal access to goods and services

Freedom being able to live and work where you want; owning and controlling your own resources

Growth Increasing the amount of goods and services produced in an economy

Security Knowing you have a job and can support yourself and your family

Stability Level of prices remains about the same

Remember… Throughout this unit, think economically… The regular definition of words like stability, security, and equity are different than their economic definitions.

Think, Pair, Share Which broad social goals compliment each other? Which conflict?

Frayer Models For each economic goal, put the definition in your own words, provide an example, illustration, and a non-example – Don’t spend more than 3 minutes on each!

Stand Up & Be Counted According to your personal beliefs and values, rank the six broad social goals in order of importance (1 being the most important, 6 being the least important) Be ready to defend your top and bottom choice!!!!!!!!

Broad Social Goal Total: Efficiency Equity Freedom Growth Security Stability

What is our “Utopian Society”? Based on the chart, what two goals does our class value the most? Were your personal goals in line with the goals of our class?

Today’s Exit Ticket Conflict vs. Complement Which broad social goals match up with each economic system? Explain your answers. – Market: – Command: – Traditional:

Conflict vs. Complement Which broad social goals match up with each economic system? Explain your answers. – Market: Efficiency, Freedom, Growth – Command: Equity, Security, Stability – Traditional: Security, Stability