1. How do people satisfy their wants?

2.  What do you think you will learn about in economics?

3. I can differentiate between a traditional, command, market, and mixed economy. SS-8-3.2.1

4.  Stay in your group  Do not talk to people outside your group.  5 minutes at each article  Be responsible Do not write on boards or walls! I painted them.

5. What is the difference between the economy of North Korea and the Nuer?

6. I can differentiate between a traditional, command, market, and mixed economy. SS-8-3.2.1

7.  Economic decisions are made by customs  Tradition determines what is produced  Tribe owns the capital Anything that is used to make goods and services  Some individual freedom  Ex. Tuareg, Nuer, Samoans

8.  Economic decisions are made by the government  Government determines what is produced  Government owns capital  No freedom of choice  No competition  Ex. Cuba, North Korea, former USSR

9.  In your groups, create a play-doh scene illustrating a traditional or command.

10. How would your life be different if you lived in a traditional or a command economy? Choose 1.

11. I can differentiate between a traditional, command, market, and mixed economy. SS-8-3.2.1

12.  Free enterprise – people make economic decisions  Private individuals determine what is produced  People own the capital  Competition for a profit  Ex. USA, Germany

13.  Government provides some wants  Businesses provide wants

14.  Front – write the name and draw a picture of each type of economy  Middle – How are economic decisions made in each economy?  Bottom – List 2 characteristics of each economy. You do not need to write the questions.

15. Why is the US considered a mixed economy?

16. I can illustrate how goods and services are produced, distributed, and consumed. SS-8-3.4.1

18.  Want – a desired product or service  Good – physical product Ex?  Service – work performed by someone else Ex?

19. 1. Make a good out of play-doh 2. Make a service out of play-doh

20. What is the difference between goods and services?

21. I can illustrate how goods and services are produced, distributed, and consumed. SS-8-3.4.1

22. 1. Land Natural resources Land, oil, gas, trees 2. Labor Human resources mental and physical 3. Capital Anything else is used to make goods and services Buildings, tools, machines

23.  Determine the land, labor, and capital used to produce 2 of these services: Carwash Haircut TV repair Play Classroom lesson

24.  Create a product no one has made before.  Land – play-doh  Labor – human resource  Capital – tool  Scissors, ruler, pencil  In your notebook, answer these 3 questions as if you were going to actually manufacture your product: 1.Who will produce it? 2.How will it be distributed? 3.Who will consume it?

25.  Define 2 Land Labor Capital

26. I can explain how competition impacts economic decisions for producers and consumers. SS-8-3.1.1 & SS-8-3.1.2 (8.EDM.5)

27.  Why do businesses compete?  Producers offer incentives Intrinsic Rewards–  Healthy eating  Donate money Extrinsic Rewards -  Shopper cards  Fly miles  Gift cards

28.  Scarcity - Resources are limited, wants are unlimited  What things are scarce? Why do NFL quarterbacks make more than teachers? Why is a Ferrari worth more than a old car?

29.  Opportunity Costs Happen because of scarcity Opportunity cost is the next best thing Every decision has an opportunity cost VS

30.  Build the best Christmas present EVER!  Class Store Chose 2 items you want:  Identify the gift you want  Identify the opportunity cost.  Why can’t you have both?

31.  Pick up 1 can of play-doh. Create an item for a business that people in Bath County would like.

32.  Did you have more than 1 idea?  Producers have an opportunity cost too. They have to decide which is the best product to sell.  Do producers also experience scarcity?

33. I can explain how money is used to make saving, borrowing, and investing easier. SS-8-3.3.2

34.  Trade for the things they needed  Money is not used  Good things about trading?  Bad things about trading?

35. Describe the pro’s and con’s of bartering.

36. I can explain how money is used to make saving, borrowing, and investing easier. SS-8-3.3.2

37.  Make a product that you think students in the class would really like.

38. 1. Each of you will have $19. You may sell your product for any amount. 2. Buy a product from a classmate. 3. Answer the questions below: What did you end up with? Why was using money easier? When you traded today, who benefitted?

39. 1. Generally accepted 2. Counted and measured 3. Durable 4. Convenient and easy to carry 5. Inexpensive to produce 6. Supply is easily controlled

40. Why is using money easier than trading?

41. I can explain how price is affected by supply and demand. SS-8-3.3.1 & SS-3- 3.3.3

42.  Think like a consumer  As price increases, demand decreases Number purchased

43. Create a scenario describing the law of demand. Be sure to draw the graph!

44. Using what you know about the law of demand, why won’t this work?

45. I can explain how price is affected by supply and demand. SS-8-3.3.1 & SS-3- 3.3.3

46.  Think like a producer  As the price increases, quantity supplied increases. Price Amount Supplied

47.  Graph the slides on the next page. Graph both lines on the same chart. Be sure that the price goes on the y-axis and # of tickets go on the x-axis.

48. Demand Chart Supply Chart Price 500$25 400$50 300$75 200$100 100$150 Tickets Sold 100$25 200$50 300$75 400$100 500$150

49. Market Price

50.  The price at which producers and consumers agree to trade

51. Create a scenario describing the law of supply. Be sure to draw the graph! Price Amount Supplied

52. I can explain the government’s role in the economy. (8.EDM.6)

53. 1. Produces money – US Mint Controls the money supply – the amount of cash, coins, checking and savings accounts in the country.

54. 2. Taxes – a charge to fund the public needs Taxes Why does the government issue taxes? 3. Government Budget Government Budget How does the government spend our tax money?

55. You are going to meet the President of the US tomorrow. Write a note to the President suggesting he work to increase tax revenue to one thing? How would more money help the situation? Be sure to include your name!

56. How does the government spend our tax money?

57. I can explain the government’s role in the economy. (8.EDM.6)

58. 4. Federal Reserve –Federal Reserve  Doesn’t even answer to the President!  Regulate the economy by controlling interest rates. Janet Yellen Chairman of the Federal Reserve

59.  The amount people will have to pay back when they borrow money Higher interest rates = less likely to borrow Lower interest rates = more likely to borrow

60.  Read article and answer the questions.  Please write on your own paper.

61. 1. Where does the US spend most of its money? 2. Where does the US spend the least amount of money? 3. What surprises you about the US budget?

62.  Write 2 questions with answers you think will be on the test.

63.  Level 0 Break Retake  Use cover sheet  Book as barrier  When you are finished

64.  Write 3 things you know about this chart.

65. Retakes – Level 0 – Make-ups: Write the question. Write one complete sentence for the answer. No pronouns Must be checked – Change answers on original test Finished – Level 0 – Sign out iPad – Dig It Up Vikings Read 6 of 10 short articles Preview pictures in each section – Diary 2 entries 2 pics What would you see, hear, and do if you were an Ancient Roman?

66.  Explain 2 advantages or 2 disadvantages of an assembly line.

67.  Pros Increased productivity Increased interdependence Each member is valuable Higher wages  Cons Boring Less customization Inefficient/absent worker

68. I can describe how new knowledge, technology, and specialization increase productivity. SS-8-3.4.2

69.  2 Methods of Production Mass Production -  Assembly line  Division of Labor – each employee has a different job, labor is specialized  Interdependent – rely on each other Customization – product created with the consumer in mind

70. Mrs. Bloomfield and Mr. Crouch own a bait and tackle shop. They produce the best fishing lures at Cave Run Lake. So many fisherman want their lures that they stay nearly sold out of the items and customers are starting to complain. Bloomfield and Crouch are considering hiring more employees and developing an assembly line instead of customizing their lures.  Explain the 3 pros and 3 cons of the assembly line!

71.  What are your goals for this school year?

72.  Hamburgers (mini-big mac)  Divided into 2 groups  Must follow directions

73.  Directions Use the 12 cans of play-doh to make hamburgers. Take your time. Focus on making your hamburgers as neatly as possible! Each person must make the complete portion of the hamburger. Each burger must have a bun, meat, cheese, lettuce, pickles, special sauce, and sesame seeds on top.

74.  Directions Use the 12 cans of play-doh to make hamburgers. Focus on making your hamburgers as quickly as possible! This is a competition!! Create an assembly line. Divide the work like this:  1 bun  2 meat  3 cheese  4 lettuce  5 pickles  6 special sauce  7 sesame seeds on top.

75.  Specialization in what is produced  Specialization in who is producing it Assembly Line - division of labor Each employee works on just one part