1. Take out a blank sheet of notebook paper
Warm-Up

2. Finish Building your goods/services
You have 15 minutes!

3. Warm-Up: Copy these notes into the Notes section of your binder
Goods
Merchandise; Tangible products that satisfy human wants
Example: book
Services
The performance of work or duties for another; Intangible
Example: bookseller
Scarcity
When there are not enough goods and services to satisfy the wants and needs of the people
Supply
Total amount of a specific good or service available to consumers
Demand
A consumer’s desire and willingness to pay a price for a specific good or service
Interdependence
Mutual dependence between people, countries, etc.

4. Simulation debrief questions
How many trades did your country make to satisfy wants/needs?
Why did some countries make more trades than others?
How many countries traded with Country 4 or 7?
What might happen to your country’s ability to provide education if these two countries won’t trade with you?
Explain how the concepts of cost and benefits factor into the decision to trade (or not).
How would the people in your country be affected if you could only trade with the country closest to you?
What good was most scarce?

5. Why do people and countries trade?
How does limiting a country’s trading region affect its people
How does trade create interdependence?

6. Economics
The social science concerned with describing and analyzing the production, distribution and consumption of goods and services.