2. What is Economics? Economics is the study of the production, distribution, and consumption of goods and services. In this chapter, we will discuss: 1.Basics of economics 2.Why societies have economies 3.Three types of economies

3. What is an Economy? A system which tries to balance the available resources of a country against the wants and needs of consumers. It deals with three key issues: 1.what is produced 2.how it is produced 3.who gets what is produced

4. Brainstorm What is the difference between a WANT and a NEED? Provide an example of each.

5. Wants versus Needs

6. Characteristics of WANTS Usually only satisfied for a short time Can be influenced by: –Environment How? Examples? –Culture/Society we live in How? Examples? –Personal interests How? Examples? –Change as you grow…Think about what you wanted when you were a kid vs. now

7. Vocabulary Mapping Before continuing, there are important economic terms we need to know. With a partner or group of three, complete the vocabulary mapping worksheet.

8. Bell Ringer- 11/13/14 Please complete Current Event #2 (in shared/incoming folder) HW Check: Yellow Packet Vocabulary Mapping for Chapter 13.1  Please have the packet out for me to check while you complete your Current Event.

10. Factors of Production Labor –Uses time and energy Land –Natural resources that are needed to help produce goods and services Capital –Anything produced in an economy that is used to produce other goods and services –EX: tools, machines, buildings

11. Steps to Satisfying Wants 1.Wants –Must first have a want for a product 2.Production –Combining the resources of land, labor, and capital to create the product 3.Distribution –Selling the product to a store 4.Consumption –Buying the product from the store

12. Making Choices Never enough resources to satisfy every want Economic Decisions need to be made on what is going to be produced: –What are the benefits? What are you getting out of your economic decision? –What are the costs? What benefits are you losing with your economic decision? Example? Opportunity Cost –The highest valued benefit given up when a choice is made

13. Scarcity The resources are limited compared with the number and variety of wants people have It is not based on the number of resources, but the relationship of wants compared to available resources Example: Japan vs USA Farmland

14. Chapter 13.2 Vocab Mapping Please finish the Vocab Mapping for Chapter 13 (yellow packet) What you do not complete in class, please complete for homework

15. Bell Ringer-11/14/14 Community Service due today! Turn in to me before completing today’s Bell Ringer HW Collected (yellow packet) Bell Ringer (complete on Bell Ringer sheet) 1.What are the three factors of production? Give an example of each one. 2.What is opportunity cost in your own words?

16. Resource Scarcity Game 1.In small groups, complete the given tasks to the best of your group’s ability 2.Display your groups products to the class 3.Return to seats and discuss findings

17. Period 1 Group 1: Country A Julian, Jose, Andy, Alex Group 2: Country A Mateo, Kyle, Kamryn, Cristina Group 3: Country B Emely, Pauletth, Wiktoria, Yeli Group 4: Country B Alfredo, Ola, Erik, Brad Group 5: County D Gosia, Amanda, Katherine Group 6: : Country C Natalia, Alondra, Jackie, Angelica Group 7: Country C London, Johnny, Victor, Hailee Teacher’s Desk Front of Room

18. Period 3 Group 1: Country A Armando, Juan, Mauricio, Vanessa Group 2: Country A Karina, Cassidy, Alexis, Rafael Group 3: Country B Jack, April, Eddie, Kevin Group 4: Country B Frankie, Santiago, Carlos, Leslie Group 5: Country D Jessica, Adam, Emily, Rafal Group 6: Country C Jazzyln, Chris, Taylor, Nicole Group 7: County C Lexi, Paulina, Leah, Jennifer Teacher’s Desk Front of Room

19. Period 5 Group 1: Country A Randy, Will, Jesus, Victoria, Tyler Group 2: Country A Tom, Michael, Josh, Anthony Group 3: Country B Vanessa, Youssef, Angel B, Kayla Group 4: Country D Maddie, Uma, Julia, Briana Group 5: Country C Ashley, Dorothy, Alize, Monserrat Group 6: Country C Jen, Lexi, Cristian, Angel M, Teacher’s Desk Front of Room

20. Period 7 Group 1: Country A Lenny, Jayson, Makayla, Manny Group 2: Country B Anthony, Dylan, Eric, Skylar Group 3: Country A Justin, Alex, DJ, Juan Group 4: Country B Stephanie, Yamilet, Christina, Yaquelin Group 5: Country C Clayton, Ivana, Alexis, Alyssa Group 6: Country D Maciej, Matt, Faith, Jacki Group 7: Country C Maria, Linda, Giselle, Adamaris Teacher’s Desk Front of Room

21. Period 8 Group 1: Country A Leo, Arturo, Cris, Francisco Group 2: Country A Don, Jaky, Destiny, Darwin Group 3: Country B Diamond, Tatyana, Gaby, Bryan Group 4: Country B Geo, Anthony, Sadie, Salma Group 5: Country D Charity, Laila, Crystal, AJ Group 6: Country C Carlos, Julio, Stephany, Briana Group 7: Country C Rey, Silvia, Zainab, Sara Teacher’s Desk Front of Room

22. Instructions (also on your handout) Each group will be given an envelope. Using the contents of the envelope, complete the following tasks: 1.Four 3-inch strips of paper 2.One 2-inch-white square attached to a yellow triangle 3.One paper chain with four links, each link a different color 4.One four-page booklet with a color cover You will have 15 minutes to complete the tasks. The best products will win!

23. Discussion Did you group have any difficulties completing the assigned tasks? Why or Why not? Why was there a difference between envelopes? What did each item in the envelope symbolize (hint: three factors of production)? Did any groups trade? Why or why not? Did any groups have everything that they needed? How does this activity relate to the concept of scarcity?

24. HOMEWORK: 11/14/14 Complete the Resource Scarcity Game Worksheet What you do not complete will be for homework and collected on Monday.

25. Bell Ringer-11/17/14 Please complete Current Event #3 (in your shared/incoming folder) HW Collected (Resource Scarcity Worksheet) When finished, put Current Event sheet away & take out your notes guide.

27. What goods are produced? People who own or can get resources make this decision –Example: Farmer who decides to grow corn instead of wheat Also decides the amount (quantity)

28. How are goods produced? In what ways will land, labor, and capital be combined to produce goods and services? –Example: Farmer chooses how much land to plant on or to use fertilizers or grow organic Finding the least costly method  leads to growth of technology

29. Who gets what? Wants are always greater than the resources available so this is an important decision for every society Should goods be divided up equally? Should goods be divided up by a small group who gets to decide? Should people who have and produce more goods get more goods than those who produce less?

30. Planning the Prom Worksheet In small groups, please work on the planning for the prom worksheet. What you do not complete is for homework. This will be collected tomorrow for homework points.

31. Bell Ringer-11/18/14 Please take out your Homework (collected) and Notes Guide Please answer this question on your Bell Ringer Sheet: 1.What are the three basic economic decisions that every country has to answer?

33. Traditional Economies Economic decisions made by traditions, passed down from generation to generation All members support the society, not just individual families What to produce? –Enough to feed whole tribe How to produce? –Same methods to hunt and cook food Who gets what? –Shared according to role or number of family members

34. Command Economies Government is in charge of economic decisions Government decides what and how much is produced  consumers have little say in what is available What are examples of this type of economy through history?

35. Market Economies Individuals own factors of production & make choices about production, distribution and consumption. All decisions determined by the market What is a market? –Any place where buyers & sellers agree to exchange goods/services Decisions made by individuals, freely People who earn more get more

36. Market Economies Competition –Producers compete to satisfy consumers –Workers compete for jobs Profit Seeking –Difference between cost of production and revenue –Leads people to start businesses What are the other 2 names for a market economy? –Free Enterprise –Capitalism

37. Mixed Economies Most countries have mixed economies EX: USA, Poland, Mexico

38. Economies Around the World Complete the first few as a class Complete the rest for HW Go over as a class tomorrow

39. Create Your Quiz Create 5 Chapter 13 Quiz questions (and form that you choose  multiple choice, short answer, fill-in- the blank, matching, etc.) You must also include an answer key for your quiz question. Please make the answers RED I must okay your questions before you submit them! Example

40. Period 1: Front of Room Julian & Alex Jose & Andy Brad & Erik Katherine & Cristina Victor & Alfredo Ola & Kamryn Amanda & Emely London & Pauletth Angelica & Jackie Natalia & Kyle Alondra & Hailee Mateo & Johnny Gosia & Yeli & Wiktoria Back of Room Teacher’s Desk

41. Period 3: Front of Room Armando & Leslie Frankie & Lexi Adam & Alexis Jessica & April Emily & Jen Leah & Paulina Taylor & Karina Rafal & Mauricio Juan & Chris Vanessa & Cassidy Jazzlyn & Kevin Nicole & Carlos Jack & Eddie Rafael & Santiago Back of Room Teacher’s Desk

42. Period 5: Front of Room Randy & Will Victoria & Maddie Vanessa & Ashley & Youssef Jen & Angel M Alize & Anthony Cristian & Lexi Monserrat & Tom Kayla & Angel B Dorothy & Jesus Julia & Michael C Uma & Briana Tyler & Josh Back of Room Teacher’s Desk

43. Period 7: Front of Room Lenny & Maciej Makayla & Alyssa Adamaris & Faith Dylan & Eric Jacki & Skylar Alexis & Christina Matt & Justin Giselle & Yamilet Ivana & Maria Anthony & Jayson Clayton & Juan Linda & Manny Alex & DJ Back of Room Teacher’s Desk

44. Period 8: Front of Room Francisco & Julio Destiny & Laila Leo & AJ Don & Silvia Bryan & Arturo Tatyana & Charity Jaky & Zainab Anthony & Rey Sara & Gaby Geo & Salma Diamond & Sadie & Crystal Cris & Carlos Back of Room Teacher’s Desk