ECONOMICS UNIT

1. What is the Economy2. How do stores determine the prices of their products?3. What is the difference between a good and a service?4. Why do your favorite items go on sale around Christmas?5. What is the difference between a command and market

economy?6. What is opportunity cost?7. Why do the most popular items sell out so quickly during the

Christmas season?8. What choices did you make over thanksgiving break that

forced you to miss out on something else?

DAILY AGENDA 12/2

LIST 5 DECISIONS THAT YOU CAN THINK OF THAT YOU MADE ABOUT YOUR TIME OR YOUR MONEY OVER THANKSGIVING BREAK

Agenda1. DQ Talk2. Econ Intro3. Reading 1

DAILY AGENDA 12/3

1. Economics: The social science that deals with making choices about our resources, including time

2. law of scarcity: All things are limited

3. Opportunity Cost: In order to get something, you must give something else up

4. The Economy: is all the interactions between Producers and Consumers

5. Producer: Those who make or manufacture goods or services to sell.

6. Consumer: A person who buys or rents goods or services.

Grab a key term sheet up front and write the following key terms in the boxes

DAILY AGENDA 12/4

Smart/SuccessfulProducer

Smart/SuccessfulConsumer

Marketing/Advertising

-Persuasive

-Differentiate/”improve” their product/service

Reviews/online Opinions

-Patient

-Informed

-Good Price/Value

Because of the Law of Scarcity, consumers must make choices. Producers do anything they can to convince you that they are your best choice.

DAILY AGENDA 12/8

1. List any purchases you made as a consumer this weekend.

2. What were the qualities of a smart consumer we talked about last week?

3. Were you a smart consumer this weekend? Why/Why not?

Open your notebooks, date them 12/8, and answer the following questions:

DAILY AGENDA 12/8

1. In paragraph form and in your own words, describe the process the book tells you a smart consumer should go through before making a purchase.

2. List and describe the different resources or agencies that the reading tells you can be used to help you be a smart

consumer and/or resolve consumer conflict. (At least 4)

3. Is there anything in the reading that seems out of date? Describe it and how things have changed.

Reading 3 pg. 467-469 “Be a Smart Consumer”After reading the passage, answer the following questions on a separate sheet of paper.

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.DAILY AGENDA 12/4ECONOMICS KEY TERMSFOR FRIDAY’S QUIZ1. law of scarcity-All things are limited

2. Opportunity Cost-In order to get something, you must give something else up

Econ

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sWhat is “The Economy”

The Economy is all the interactions between Producers and Consumers

Producer: Those who make or manufacture goods or services to sell.

ConsumerA person who buys or rents goods or services.

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.DAILY AGENDA 11/19

ECONOMICS KEY TERMS

1. Economics2. need3. want4. law of scarcity5. producer6. consumer7. factors of production8. supply

9. demand10. law of supply11. law of demand12. price13. equilibrium point14. surplus15. shortage16. Economic interdependence17. Opportunity Cost18. Recession19. Depression 20. Gross National Product(GNP)

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.DAILY AGENDA 12/4ECONOMICS KEY TERMSFOR FRIDAY’S QUIZ1. Economics

2. need3. want4. law of scarcity5. producer6. Consumer7. Opportunity Cost

8. Command Economy- An economy where interactions between producers and consumers are controlled by gov’t

9. Market- An economy where producers make what consumers want without government interference

10. Traditional-an economy with limited interactions because of agricultural self-sufficiency, which often includes bartering.

Econ

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sDaily Question:

Why does the government interfere in the free market?

DAILY AGENDA 1/12

Econ

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sGovernment Interference in free market

DAILY AGENDA 1/12

How: Taxes Tariff(import) LawsPrice Ceiling Price floor Patents

Why: Protection of People’s• Health• Environment• jobs• inventions• American Products

*Raise money

Econ

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sDAILY AGENDA 12/4

ECONOMIC SPECTRUM

More

Communism(Command Economy)

Less

Capitalism(Free Market)

Mixed

Econ

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sKey Term Review

Use the following key terms to create a 3-5 sentence paragraph. Paragraph should make sense and explain the key term definition.

1. producer2. Consumer3. surplus4. Shortage5. Opportunity Cost

DAILY AGENDA 1/12

Econ

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sReading 5: Three Main Types of Economies pg. 471What are the 3 economic systems according to the reading?

What 2 economies are the most common?

What is the difference between a command and a market?

What type of economy do you think the U.S. has? Explain.

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Bellwork

Open notebooks and date 12/13

Copy down the following questions in your notes, skipping a line between each.

1. What are the two main types of economies? Command(Communism) and Free Market(Capitalism)

2. What is the difference between them? Economic decisions are made by the government vs. the free interaction between producers and consumers.

Econ

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What is Land?

What is Labor?

What is Capital?

What is Management?

Reading 4 p. 469What do we have to work with?

BackEast Printing and Design

Land Labor Capital ManagementFactors of Producton

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.DAILY AGENDA 12/9

Bellwork:Hardest DQ of the year

1. Edgar rents a kiosk(one of those annoying little stands in the middle of the mall) in the King of Prussia mall at a cost of 2500.00/month to sell miniature remote control helicopters. He has a part time staff of 2 high school kids that each work 20 hrs/week at 8 dollars/hour. If he can sell each helicopter for 50 dollars, how many will he have to sell to break even for the month of December?

2. If he is able to break even is this business a good decision? Why or why not?

SupplyThe amount of a good or service

available at a particular price

Law of SupplyAs prices go up, producers are willing to produce more, as prices go down, they produce less

P

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DemandThe ability and willingness of people to buy something.

Law of DemandAs prices go up, people demand less. As prices go down, people demand more.

P

Q

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.DAILY AGENDA 12/12HOW IS PRICE SET IN A MARKET ECONOMY?

Agenda1. DQ Talk2. Key Terms3. Supply/Demand graphs & Equilibrium

Point(price)4. Creating your own graph

Supply and Demand

10

20

30

50

40

60

70

10 20 30 40 50 60 70

Price

Quantity

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Working with Supply/Demand

Use the supply/demand schedule to create a graph and plot both the supply and demand curve. Be sure to label both curves as well as the X and Y axis. In addition label the equilibrium point on the graph. The approximate equilibrium price of Little toy helicopters is ______________.

Supply/Demand ScheduleFor Little Toy Helicopters

Quantity QuantityPrice Supplied Demanded$60 150 20$40 120 40 $20 80 80$10 20 100 $5 10 200