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How do people satisfy their wants? Slide 2 What do you think you will learn about in economics? Slide 3 I can differentiate between a traditional, command, market, and mixed economy. SS-8-3.2.1 Slide 4 1. Ryan/Shawn 2. Lexy/Cailyn 3. Cody/Jon 4. Gabe/Danny/David 5. Kelsey/Jada 6. Ashley/Hannah 7. Carrie/Madison Slide 5 What is the difference between the economy of North Korea and the Nuer? Slide 6 I can differentiate between a traditional, command, market, and mixed economy. SS-8-3.2.1 Slide 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 Slide 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 Slide 9 Free enterprise people make economic decisions Private individuals determine what is produced People own the capital Competition for a profit Ex. USA, Germany Slide 10 Government provides some wants Businesses provide wants Slide 11 Write 2 things you know about each on the post-its. Traditional Command Market 1 item per post- it! Slide 12 I can differentiate between a traditional, command, market, and mixed economy. SS-8-3.2.1 Slide 13 1. In your table groups categorize your lists by types of economies. 2. Walk around to the other groups and check your work. Slide 14 In your groups, create a play-doh scene illustrating a traditional, command, or market economy. Slide 15 Why is the US considered a mixed economy? Slide 16 I can illustrate how goods and services are produced, distributed, and consumed. SS-8-3.4.1 Slide 17 Slide 18 Want a desired product or service Good physical product Ex? Service work performed by someone else Ex? Slide 19 1. Make a good out of play-doh 2. Make a service out of play-doh Slide 20 What is the difference between goods and services? Slide 21 I can illustrate how goods and services are produced, distributed, and consumed. SS-8-3.4.1 Slide 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 Slide 23 Determine the land, labor, and capital used to produce 2 of these services: Carwash Haircut TV repair Play Classroom lesson Slide 24 Create a product no one has made before. Land play-doh Labor human resource Capital tool Scissors, ruler, pencil 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? Slide 25 Define 2 Land Labor Capital Slide 26 I can explain how scarcity and opportunity cost impact economic decisions for producers and consumers. SS-8-3.1.1 & SS- 8-3.1.2 Slide 27 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? Slide 28 Create a scene in US History where there was scarcity. Slide 29 How does scarcity influence the choices we make? Slide 30 I can explain how scarcity and opportunity cost impact economic decisions for producers and consumers. SS-8-3.1.1 & SS- 8-3.1.2 Slide 31 Happen because of scarcity Purchase one good or service, but not able to purchase another Opportunity cost is the next best thing Every decision has an opportunity cost VS Slide 32 Build the best Christmas present EVER! Class Store Chose 2 items you want: Identify the gift you want Identify the opportunity cost. Why cant you have both? Slide 33 Pick up 1 can of play-doh. Boys make a food item. Girls make a clothing item. Slide 34 Would you rather have more food or more clothing? Producers have an opportunity cost too. The next best thing they could have produced Slide 35 Money is used to make saving, borrowing, and investing easier. SS- 8-3.3.2 Slide 36 Trade for the things they needed Good things about trading? Bad things about trading? Slide 37 Describe the pros and cons of bartering. Slide 38 Money is used to make saving, borrowing, and investing easier. SS- 8-3.3.2 Slide 39 Make a product that you think students in the class would really like. Slide 40 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? Slide 41 1. Generally accepted 2. Counted and measured 3. Durable 4. Convenient and easy to carry 5. Inexpensive to produce 6. Supply is easily controlled Slide 42 Why is using money easier than trading? Slide 43 Money is used to make saving, borrowing, and investing easier. SS- 8-3.3.2 Slide 44 What is the benefit of saving money? When you save, what is the opportunity cost? Slide 45 Savings account Certificate of Deposit Stock Market Businesses buy capital Slide 46 You were given $10,000 for a Christmas gift from your grandparents. They want to help you save for college. But, since the cost of college has gone up dramatically in recent years, their one request is that you spend the $10,000 in the stock market. You must purchase at least 8 different stocks. You must spend between $9990-$10,000 Slide 47 What methods do people use to save money? Slide 48 Complete Day 2s stock market activity. Determine if you have made or lost money. Slide 49 I can explain how price is affected by supply and demand. SS-8-3.3.1 & SS-3- 3.3.3 Slide 50 Think like a consumer As price increases, demand decreases Number purchased Slide 51 Create a scenario describing the law of demand. Be sure to draw the graph! Slide 52 I can explain how price is affected by supply and demand. SS-8-3.3.1 & SS-3- 3.3.3 Slide 53 Think like a producer As the price increases, quantity supplied increases. Price Amount Supplied Slide 54 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. Slide 55 Demand Chart Supply Chart Tickets Sold Price 500$25 400$50 300$75 200$100 100$150 Tickets Sold Price 100$25 200$50 300$75 400$100 500$150 Slide 56 Market Price Slide 57 Create a scenario describing the law of supply. Be sure to draw the graph! Price Amount Supplied Slide 58 I can explain how price is affected by supply and demand. SS-8-3.3.1 & SS-3- 3.3.3 Slide 59 The price at which producers and consumers agree to trade Slide 60 Write 2 questions with answers you think will be on the test. Slide 61 Level 0 Break Retake Use cover sheet Book as barrier Slide 62 How does specialization influence productivity? Slide 63 I can describe how new knowledge, technology, and specialization increase productivity. SS-8-3.4.2 Slide 64 Hamburgers (mini-big mac) Divided into 2 groups Must follow directions Slide 65 Group 1 Cody Shawn Ashley Jon Carrie Madison Gabe Group 2 Jada David Ryan Lexie Kelsey Hannah Cailyn Slide 66 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. Slide 67 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. Slide 68 Specialization in what is produced Specialization in who is producing it Assembly Line - division of labor Each employee works on just one part Slide 69 Pros Increased productivity Increased interdependence Each member is valuable Higher wages Cons Boring Less customization Inefficient/absent worker Slide 70 Explain 2 pros or 2 cons of an assembly line. Slide 71 I can describe how new knowledge, technology, and specialization increase productivity. SS-8-3.4.2 Slide 72 Cody and David 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. Cody and David are considering hiring more employees and developing an assembly line instead of customizing their lures. Explain the pros and cons of the division of labor. Slide 73 Terms Specialization Assembly line Division of labor Customization Productivity Production Interdependence Employee Groups David - Cody Kelsey - Ashley Shawn Madison Cailyn Jada Gabe - Jon Ashley Hannah Ryan Lexie Slide 74 2 things you really liked about economics 2 ways to improve the economics unit Slide 75 Test Write the correct answer Keep paper covered Level 0 Break detention if you talk Open Response Work with partner to rewrite your open response