EconomicsIntroducing Key Vocabulary

Do Now: Want vs Need

Draw a picture of a want. Write definition underneath.

Draw a picture of a need. Write definition underneath

Wants vs Need

What is the difference between needs and wants?

https://www.youtube.com/watch?v=tZFGoOQ20-g

Closing Reflections1. Tell me about which “wants” may feel like a

“need”

2. Choose a vocabulary word that you will learn. Define it in your own words. You cannot choose “want or need”

Partner WorkChart on page 6.

8/14 Do Now:1.What are the 3 economic

questions?

2.What is scarcity?

Blue Word Vocab Section 2In your notebook: Write blue vocabulary words from pages 12-17.

30 minutes

Economic ProductEconomic Product: goods and services that are useful relatively scarce, and transferable to others.

Good

Services

Consumers

GoodUseful or satisfies a need or want

consumer good: final use

capital good: used to produce other goods and services

ConsumersConsumers: person who uses goods and

services to satisfy wants and needs.

Consumers engage in consumption

Factors of ProductionLand

Labor

Capital

Entrepreneurs

When all factors of production are present production can take place.

Factors of Productionhttps://www.youtube.com/watch?v=

Q7KlMb4U0IA

Production

The process of creating goods and services

AKA:

CapitalHuman Capital: the sum of the skills, abilities, health, and motivation of people.

Markethttps://www.youtube.com/watch?v=3xZFaacmVAc

A “place” where buyers and sellers can exchange economic products.

Like a grocery store.

Factor MarketsMarkets where productive resources are bought and sold.

Use land for rent, hire labor, borrow money

Product MarketsWhere producers sell good and services

ClosingHow do consumers affect scarcity?

8/18 Do Now: What are the factors of production?

What is a market?

What is the difference between a factor market and a product market?

Adam SmithWho was adam smith and what was he famous for?

https://www.youtube.com/watch?v=mbFCUsVG-do

https://www.youtube.com/watch?v=EBifN69gcKY

https://www.youtube.com/watch?v=ulyVXa-u4wE

Page 18: Examining The Profile

Question 1 and 2

Group Work: Starting a business

In small groups, decide on a business you would like to starts.

You must include

1. The Name

2. Answers to the 3 economic questions

3. Explanation of your factors of production

Everything must be written. Be prepared to share

You have 20 minutes

Section 3https://www.youtube.com/watch?v=1VAJOGnWae8

Question on page 25. Answer question 1-6

20 minutes

8/20 Do Now: EconomicsWrite this definition:

Economics is the study of production, distribution, and consumption of goods and services

Write what it means in your own words.

Economic DecisionsScarcity forces us to make

decisions.

Us= Individual People

Us= Our Society

Us= Our World

Trade-OffAlternative choice when making an economic

decision

Parents can stay home with their kids

or

Parents can go to work

Opportunity CostCost of next best alternative

Can be time, money or resource

Parents can stay home with their kids: He looses the income

Or

Parents can go to work: He loses the time with his kids

https://www.youtube.com/watch?v=NwOYLV-L7pc

Cost-Benefit AnalysisComparison

Compares the cost of a decision to the benefit received for that decision.

How much time does the parent lose, is it worth not having income

Standard of LivingQuality of life based on wants and needs

https://www.youtube.com/watch?v=rkxq7BeX0O4