QOD #2: Wants & Needs Econ Basics Course Details & Expectations HW: Scarcity Flow Comic Strip
Parent Syllabus Review/Google Form (1/9-10)
AGENDA Thurs 1/5 & Fri 1/6
It is Friday night. Your only chunk of free time all weekend is tonight from 6:00 to 11:00. Before deciding how you will spend this time, consider these factors:
• You have $40 to spend. • You have an economics test on Monday. • This is the last basketball game of the season. • It is your mother’s birthday. • Someone you like has asked you out on a date. • Your favorite band is in town tonight. Fill in a table like the one below showing how you plan to spend your time. Create your own
activities or choose from the list of possible activities. If you choose an activity from the list, use the given time and price.
Basketball game: 3 hours, $5 Dinner: 2 hours, $20 Movie: 2 hours, $10 Rock concert: 4 hours, $40 Study for test: variable time, $0 Hang out at friend’s house: variable time, $0 Work at job: variable time, earn $10 per hour Family time: variable time, $0
TIME ACTIVITY PRICE
6:00 p.m.
7:00 p.m.
8:00 p.m.
9:00 p.m.
10:00 p.m.
1. What decisions did you have to make in this exercise?
2. What constraints did you face when making these decisions?
3. For each decision you made about how to spend your time, what did you have to give up?
What Economics is about?
The science that studies the choices of people trying to satisfy their wants and needs in a world of scarcity.
Microeconomics- deals with human behavior and choices as they relate to relatively small units- an individual, a business firm, or a single market. (microscope)
Macroeconomics- deals with human behavior and choices as they relate to entire economy. (large) (telescope)
SCARCITY = WANTS > RESOURCES Scarcity is an economic fact of life. Our wants are always greater than our resources. Our wants are unlimited. People want both intangible and tangible goods. Two types of goods
Tangible- you can touch it. (cars, home, CDs)
Intangible-cannot be touched. (love, friendship)
wants – things people desire to have
for comfort
as luxuries
needs – things essential for life
food
shelter
clothing
resources – anything that is used to produce goods or services.
a good is a manufactured product.
a service is an undertaking in behalf of someone.
a rationing device – as a means for deciding who gets scarce resources
price is a rationing device
competition for the rationing device
money to buy scarce resources
opportunity costs – the most valued alternative you give up to do something
what you would have chosen instead
Would you rather have the Phantom OR
Would you rather have…….
A house in Vista $300,000
Honda Accord MSRP of $25,000
Gas allowance of $3,000
Monthly allowance for shopping of $1,000 for 1 year
OR Would you rather have…….
A $340,000 trip around the world for a year
The cost of passing up the next best choice when making a decision. opportunity cost. InvestorWords.com. Retrieved July 21, 2008, from InvestorWords.com website: http://www.investorwords.com/3470/opportunity_cost.html
Every choice we make has an opportunity cost.
The most valued opportunity or alternative you give up for your 1st choice is the opportunity cost.
1 phantom 2 house in Vista, Honda, shopping, gas 3 trip around the world
Opportunity cost is all about choices.
When you forgo doing homework to get on
Facebook, your opportunity cost for getting on Facebook was your homework.
Your choice. Your opportunity cost.
Using the Diagrams and flow charts in Ch. 1 (pg 10), create a comic strip displaying the following underlined concepts studied in class: Wants Resources displaying
scarcity which creates choices which leaves an opportunity cost
Each Term will have a frame in the comic.
Choose a topic from your life
Demonstrate your understanding of the flow/connections
Use Voice Bubbles for each frame
Be creative! Stick people rule! Must all be original
work.
Course content Economic Terms & Concepts 2 weeks
Microeconomic Principles 3 weeks
Market Structures 2 weeks
Macroeconomics 5 weeks
Federal Government & Economics 5 weeks
Consumer Economics: Credit & Debt 2 weeks
Website: https://mskordisrocks.wordpress.com/
Quizzes/Tests 30% 90% --- 100% = A
Projects/Essays 30% 80% --- 89% = B
Homework/Individual Assignments 20% 70% --- 79% = C
Group Work/ In-Class Participation 20% 60% --- 69% = D
59% and
below
= F