1. Activity Monday, August 27, 2012

2. Directions Get out a sheet of paper and something to write with I will give you a prompt and you will list a few things on your paper

3. VACATION! You are going on vacation. Where you are going will be hot during the day and cold during the night. List the four most IMPORTANT things that you would pack in the car/suitcase.

4. OOPS! You begin packing and realize... Only two things will fit in the car/suitcase. You must now cross two things off your list that you will not be taking.

5. Opportunity Cost Opportunity cost is the term for the value of something given up in order to purse something else. It is “the next best thing they would have chosen.”

6. Trade-offs Having to choose one thing over another. Maybe you were planning on taking a favorite baseball glove and a football. When you had to cross something off, you chose to cross off the football. That was the trade-off for being able to keep the baseball glove. Maybe you chose to keep a book instead of the glave. The tradeoff is that you may want to go out if the weather is nice, but now you can’t.

7. ECONOMICS What is it?

8. ECONOMICS The idea of economics is all about MAKING CHOICES There are two principles: We ALL make Choices Choices have consequences

9. Making Choices Next, write down a list of choices you have made. Examples: What to eat for breakfast How to get to school Clothes

10. Consequences For each of the choices you made, what were the consequences? You skipped breakfast instead of eating a bagel. You were hungry until lunch Drove to school rather than take the bus Have to pay for gas Got to sleep in

11. Why those choices? You skipped breakfast because there was nothing to eat This is called SCARCITY Because of unlimited human wants/needs and limited goods, we all experience the problem of scarcity

12. Needs Vs. Wants Needs - Essential for survival Wants - Things that are nice, but you can live without

13. Needs Make a list of what you would consider needs.

14. Needs Typically, the list of needs are; Air Water Food Shelter Clothing

15. Needs What kind of food do we need? Porterhouse with A1, sides of corn on the cob with creamy mashed potatoes? Anything with calories/nutrients?

16. Needs What kinds of clothing do we truly need? Ambercrombie & Fitch? American Eagle? Anything to protect you from the elements? Anything to protect your feet from the rocks and sticks?

17. At home Make a list of items you have in your home. List them as either wants or needs You have only a minute or two

18. Discussion What do we have for needs? What about wants?

19. Vacation #2 I want you to list three places that you can think of that would not have air.

20. Vacation #2 Provide a list of things you would need in order to live in this place we have chosen. What do you need to live here? What might you want in order to live there?

21. No Water Write down 2 places where we might find a lack of water. Choose 1 Plan as if you were to live there for a year. What would you need? What would you want?