1. Characteristics of the Ideal Classroom 1.Fun and Meaningful Activities 2.Assignments done on time 3.Energy and Enthusiasm 4.Humor 6. Varied Instruction with Group work 7. Clear Expectation 8. Student Input Valued 9. Respect 10. Fun 2015-2016

2. Economics “ Econ, Econ ” Econ

3. What is Economics? Work in groups of 4 or less Make a list of 10 to 20 things you think Economics is (use your own words) 5-10 minutes

4. Why is Economics Important? 1.To China? 2.To your future? 3.To the past? Team with Best Answer’s Gets a Treat!

5. Unit 1: Basic Economic Concepts Length: 2 Weeks Chapters: 1

6. Vocabulary – Team Review Economics Science Scarcity Limited Resources Desire Individuals Firms Limited-Resources Shortage

7. Vocab - Translation Economics 经济 Science 科学 Scarcity 缺乏不足的 Limited 限制的 ; 有限的 Resources 资源 Desire 需求 ; 欲望 Individuals 独立的 Firms 公司

8. What is Economics in General? Economics is the study of _________. Economics is the science of scarcity. Scarcity is when our our wants are greater than our limited resources. Since we are unable to have everything we desire or want, we must make choices on how we will use the resources we have (money, time, etc,.) In economics we will study the choices of individuals, firms, and governments. choices

9. Economics Defined Economics-science concerned with the efficient use of limited resources to achieve maximum satisfaction of economic wants. Examples: You must choose between buying jeans or buying shoes. Businesses must choose how many people to hire Governments must choose how much to spend on welfare.

10. Keep in Mind… “ In spite of the benefits, economics is mainly an academic,…economics is NOT primarily a how-to-make-money area of study.”

11. Micro vs. Macro MICROeconomics- Study of small economic units such as individuals, firms, and industries (competitive markets, labor markets, personal decision making, etc.) MACROeconomics- Study of the large economy as a whole or in its basic subdivisions (National Economic Growth, Government Spending, Inflation, Unemployment, etc.)