1. Personal Finances
Basic Economics

2. Walk-In In your notebook, answer this question:
If you were given $1,000 right now, how would you spend it, and why?

3. New Unit!
We are beginning our unit on Economics and Personal Finances!
Learning Goal:
Students are able to identify how limited resources and unlimited human wants cause people to choose some things and give up others.
They are also able to compare economic systems around the world.

4. Why do we need to know about economics?
Watch this video clip to build some background about
How prices for things are set
Whether it is better to save or to spend
How much the government should get involved in how we earn and spend our money.
Note: This is an English video, so they use the symbols for their money, pounds and pence.

5. Producers and Consumers
Producers, Consumers, Goods & Services

6. Producers:
People who make goods or provide services, usually receiving income for their work.
Producers are people who make goods or provide services.  Producers receive income for their work.
Ask students what these people might be producing.

7. Consumers:
People who buy services and goods, having many choices to make about what to buy.
Consumers are people who buy services and goods.  Consumers have many choices to make about what to buy. 
This softball team is made of consumers. They make choices every day about what products they buy and use. An example of a choice they might make is where to have dinner after the game and where to buy their dinner.

8. People make choices about which goods and services they want and need.
Consumers cannot buy everything they would like because money is limited.
People make choices about which goods and services they want and need.
Consumers cannot buy everything they would like to because money is limited.  People’s choices about which goods and services they want and need determine what producers make.
Their decisions determine what producers make.

9. Goods and Services Goods Services
Physical objects that are made that can be weighed or measured.
Tasks performed by people or machines.
Goods are physical objects that are made that can be weighed or measured.
Services are tasks performed by people or machines.

10. How would you classify…
A teacher
A farmer
An engineer
A haircut
A video game
Stamps at the post office
A post office employee

11. You Try It… Fold a piece of paper in half.
Form a booklet with your paper.
At the top of the first page, write the title Basics of Economics, and your name.

12. Booklet continued… Label one box: Producers
Label the next box: Consumers
Label the third box: Goods
Label the last box: Services
Draw a picture to illustrate the meaning of each of the words.

13. Your score is based on… A written definition at the top of the page.
An illustration that clearly explains the meaning of each word and reflects some thought and effort.
Neatness in writing and illustrating counts!

14. This is a student drawn example of producers and consumers
This is a student drawn example of producers and consumers. The baker produces a cake and a consumer purchases it.
Website for image Thinkfinity.com

15. Picture source: http://icubed. edublogs