1. WELCOME C&E STUDENTS Grab today’s handouts.
Roll Call Question: “Would you rather eat 100 ants or 20 beetles?”

2. Warm Up All you need is a pencil
Fill in the boxes with vocabulary you already know that deals with Economics.
Do you have your ID and Agenda?

3. “What Went Into This Candy Bar?”
List everything that went into making this candy bar from the time someone had the idea for the candy until the consumer purchased the candy in the store

4. Economics: 5.1 Intro to Economics
Identify the basic principles of economics

5. Desert Island
Imagine you are moving to a desert island with no kind of infrastructure.
Write down what you will..
Want
Need

6. Needs v. Wants
What is the difference between the two?

7. I. Scarcity and Choice
Economics- the study of how people seek to satisfy needs and wants with limited resources
Needs and Wants
Need- something necessary for survival
Want- desire not necessary for survival

8. Maslow’s Hierarchy of Needs

9. II. Scarcity Scarcity- Goods and Services
limited quantity of a resource to meet unlimited wants
This is the driving force of economics
Goods and Services
Goods- physical objects
Services- actions or activities that one person performs for another

10. Consumer sovereignty power of consumers to decide what gets produced
producers meet demands or go out of business

11. III. Factors of Production
Resources used to make all goods and services
Land- includes all natural resources
Labor- is the effort for which someone is paid
White collar workers- high skilled office work
Blue collar workers- low skill manual labor

12. Capital- any human-made resource to invest to produce goods or services
Physical capital- buildings, tools, machines, etc
Human capital- knowledge and skills a worker gains through education and experience

13. Entrepreneurs- risk-takers who decide how to combine other factors of production to create new goods and services

14. Buddy Up!
Test what you just learned. With a partner on a sheet of paper.
You will be looking at different elements that fall under one of the four factors of production.
Your job is to correctly identify whether the element is: LAND, LABOR, CAPITAL or ENTREPRENEURSHIP

15. Name that Factor of Production
Bill Gates
Oil
Going to school
Hammer
The night shift at McDonalds
Leather
Executive Office Assistant
8. A forest
9. 10 years experience teaching
10. Paper factory
11. A 10-year old at a lemonade stand
12. Washing machine

16. Answers Bill Gates - E Oil - Ld Going to school - C Hammer - C
The night shift at McDonalds – Lb
Leather – Land
Executive Office Assistant - Labor
8. A forest – Ld
9. years experience teaching – Lb/C
10. Paper factory – C
11. A 10-year old at a lemonade stand – Lb
12. Washing machine - C

17. LETS LOOK AT OUR CANDY BAR
Land
Labor
Capitol
Entrepreneurship

18. IV. Trade-offs
Trade-off- the process of giving up one desire in order to satisfy another desire
Ex: video game vs. give girlfriend a present
Ex: 2 more hours of sleep vs. studying for test

19. Opportunity cost- value of what is given up in a trade-off
Ex: Dating- cost is not dating some other person
Ex: College vs. working- cost is the $ you spend on college and $ you give up from not working

20. Immediate gratification- when you give up something in the long-term to satisfy an immediate want

21. The Budget Project You will begin the budget project today.
The first part includes:
A Dream Essay
Short term and Long Term goals
A personality test
Finding a job that meets your salary.
Go to Canvas- Section III and you will print off the forms and complete by Nov 14.

22. Welcome C&E Students!!! You may sit with your group mates
Turn in your amendments project on the back white table
Roll Call Question: What are you doing over Spring Break?
Bell Work:
What are the factors of production?
How is a trade-off different from an opportunity cost?
What is consumer sovereignty?

23. Bell Work Answers LAND, LABOR, CAPITAL, ENTREPRENEUSRSHIP
Trade-off: decision making – the process of giving up one desire in order to satisfy another
Opportunity Cost: the value of whatever you gave up in the trade-off
Consumers determining what gets produced

24. Shark Tank
The prize for the winning team: Use your notes for an upcoming quiz!
I will present your posters to the C&E team and they will choose the product they would most likely invest in

25. Be the Boss Come up with your own business.
Come up with a name, logo & explanation of the business/product
Explain the factors of production that are used in the development of your business/product.
Describe the goods or services you are providing.
Come up with two trade-offs to consider in the running of your business/product.
What is(are) the opportunity cost(s) of your business/product?

26. Shark Tank

27. Team Evaluations
You will be grading your teammates on a scale between 1-5 depending on the number of team members you have
Assign the highest number to the teammate (or yourself) who you believe did the best with this assignment
Assign the lowest number to the teammate (or yourself) who perhaps did not contribute as much or anything to the team
Assign remaining numbers to remaining members based on performance

28. Consumer Sovereignty Reading
Read the following article regarding consumer sovereignty
Complete the questions
Be prepared to share

29. Refresher Let’s review what we covered before break. Needs v. Wants
Scarcity
Trade-Offs
Opportunity Costs
Immediate Gratification
Factors of Production (Complete the Name That Factor of Production Handout)

30. How Good Are You At Saving?!?
Complete the savings inventory to understand more about your saving habits
Are they good? Or do you need to work on them a little more?

31. Evaluate the costs and benefits of budgeting

32. How do Education and Career Choice impact life?

33. Level of Education and Income
Look over your “Level of Education & Income” handout from today
After examining the data answer the accompanying questions

34. Let’s Take a Look at Salaries

35. Why Do Some Jobs Pay More???

36. I. What is a Budget? A. How to spend income v. expenditures (expenses)
1. Income: Amount of money that a person or business makes
a. Gross Income: Total amount of money made before deductions
b. Net Income: The amount of money left over after expenditures
c. Disposable income: what a person has to spend after all the fixed expenses.
2. Expenditures (expenses): Total amount a person or business spends

37. B. Types of Expenditures
1. Deductions: expenditures before paycheck is received
a. Pre-Tax Deductions
(1.) Retirement Payments
(2.) Life insurance
(3.) Social Security
(4.) Medicare

38. 2. Taxes Federal Income Tax – paid to the US Gov’t
State Income Tax – paid to the State Gov’t

41. Welcome C&E Students! Grab Today’s handouts and find your new seat!
Roll Call Question: Would you rather be completely bald or completely covered in hair? (No wigs & no shaving)
Bell Work
Create an example of a trade-off and the resulting opportunity cost
Explain the difference between Gross and Net Income
What are 4 examples of pre-tax deductions?

42. Warm up Bill Cosby on Budegting

43. Earning Power
Take out your handout entitled “College & Career Readiness”
Follow the instructions and complete all the questions.
Read the article on Why Some Jobs Pay More and answer questions.

44. C. Types of Bills 1. Mortgage - owning home / Rent – not owning a home
What is a foreclosure?
2. Car Payment
a. Gas Payments
3. Insurance: company “backing” you up
a. Car Insurance: required
b. Home/Renters Insurance : recommended

45. 5. Saving: setting $ aside for a later time 6. General Expenses:
4. Phone Bill
5. Saving: setting $ aside for a later time
6. General Expenses:
a. Groceries
b. Household Items
c. Entertainment

46. Splat!!! Need Gross Income Factors of Production Trade-Off
Federal Income Tax
Consumer Sovereignty
Physical Capital
Expenditures
Scarcity
Labor
Land
Deductions
Mortgage
Want
Pre-Tax Deductions
Opportunity Cost
State Income Tax
Human Capital
Net Income
Economics