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What is Economics?

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by

Drew Roberts

on 22 November 2013

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Transcript of What is Economics?

10/14/13 - What is Economics?
Entrepreneurs
Vocabulary
capital
economics
entrepreneur
factors of production
goods
human capital
labor
land
Needs vs. Wants
ON A PIECE OF PAPER:
List
three
basic needs; describe how one is met.

List
three
wants; which is most important? Describe your plan for meeting it.
Scarcity
Why Economics is Important
Personal Finance Skills
I Can...
Begin to understand vocabulary terms associated with economics.

CW:
2nd Quarter Policy Updates; CNN Student News; Intro. to Economics

HW:
None
Grading
Behavior
Late Work:
Assignments are deemed late when they are not turned in when I ask for them.
The most credit you can receive is 50% --> anytime until the end of a unit or quarter.

If Absent:
It is YOUR RESPONSIBILITY to make it up.. come see me or the absent tray.

Quality of Work:
Do your BEST work. It is not a race to complete assignments; you do not receive bonus points for finishing first..
R:
espond to others with kindness

E:
stablish friendships with classmates

S:
hare responsibilities

P:
repared for class

E:
xpect the best of yourself

C:
ooperate with others

T:
alk appropriately to peers and teachers
Preparedness
Critical Thinking Skills
Applying Economic Theory
You see it every day -- on the radio and television, in the newspapers and on the internet.
It is vital that you have the skills and knowledge to deal with increasingly-complex economic issues.
Loans?
Credit Cards?
Taxes?
Investments?
Careers?
In the near future, you will make many important decisions about these and other issues on a daily basis.. and your decisions will have an impact on local, national and global communities.
"Economically literate citizens, because they possess an understanding of economic generalizations and concepts, will enjoy a more complete understanding of their world, be better able to make reasoned decisions and be more fully in control of their economic future."
need
physical capital
resources
scarcity
services
shortage
want
Bring Supplies Daily!
Good Attitude;
Pen/Pencil;
Notebook;
Any Homework Due
you will learn decision-making skills in economic reasoning.
comparing viewpoints
problem-solving
communication
1. What may be some of the challenges of relocating large numbers of people ahead of a major storm?

How might these challenges contrast to relocating people from remote areas?
2. Why do you think that access to education is limited in some parts of the world?

What impact might restricting access to education have on a region's residents and its people in power?

What are your thoughts on Malala Yousafzai's statements on the power of education?
3. What challenges do you think that Coast Guard Lt. La'Shanda Jones may have faced throughout her life?

What are your thoughts on Lt. Jones' story?
CNN Student News
I Can...
Understand the difference between needs and wants.

CW:
Vocabulary; Read Section 1; Needs/Wants

HW:
None
I Can...
Understand why scarcity and choice are the basis of economics.

CW:
CNN Student News; Scarcity Notes & Worksheet

HW:
Scarcity Worksheet
Needs vs. Wants?
Goods vs. Services?
By graduating from high school, how much more money will you make than someone who does not graduate over your lifetime?
$283,500, or about $9,500 a year!
What is Economics?
The study of how people satisfy their needs and wants.
We tend to use money to purchase our needs and wants.

Bartering, trading one thing for another, is another method.
A
limited
amount of resources to meet
unlimited
wants and needs.

there isn't a lot of it or it isn't always available
scarcity forces us to make
choices
about our resources -->
time, money and land.
In order to be considered scarce, it must meet three requirements:

1. It must be something we really desire;
2. It must have more than one use;
3. It must be something that exists only in limited amounts.
When have you experienced scarcity?
You have homework, but your friends want you to hangout...
you want a new pair of sneakers, but you cannot afford them...
Worksheet: Scarcity, Choices and You.
Due Tomorrow
A high school dropout can expect to earn $973,000 over a lifetime.

Someone with a high school diploma can expect to earn $1,300,000 million over a lifetime.

A worker with some college but no degree earns $1,500,000 million over a lifetime.

An Associate’s degree-holder earns $1,700,000 million over a lifetime.

A worker with a Bachelor’s degree will earn $2,300,000 million over a lifetime.
I Can...
Describe What Entrepreneurs Do

CW:
Review Worksheet;

CNN Student News; Finish Section 1; Quick Write

HW:
Quick Write
1. What different perspectives might Americans have on the political agreement announced yesterday?
2. What do you think might be some of the causes of bullying?

Do you think that arresting young people for stalking or harassment will have an impact on this issue? Explain.

Do you think that raising awareness about bullying helps to curtail the issue? Why or why not?
3. Why do you think the photograph of a wounded soldier's salute has gone viral? How did seeing this picture and hearing the story make you feel?
Factors of Production
Benefits of Capital
individuals who combine resources to make new and better products.
they hope to make money -- but take enormous risks and often fail before finally "making it"
the first task of entrepreneurs is to assemble (to combine) the factors of production:
1. Land
2. Labor
3. Capital
land refers to all the natural resources used to make goods and services:
oil;
water;
minerals;
land for farming;
forests;
etc
the production of goods and services involves people.. duh!
the work individuals do to provide good and services is called labor --> can be either physical or mental.
Capital:

Any resource used by humans to make other goods and services ... can be physical or human capital.
Physical Capital
--> Human-made objects used to make goods and services.
machinery;
tools;
equipment.
Human Capital

--> what a worker gains from education and experience.

working with a computer;
playing a musical instrument.
A high school drop out, Richard Branson founded the Virgin group of more than 400 companies:
Virgin Mobil
Virgin Airlines
Trains
Video Games
Co-founder of Google, which became one of fastest growing businesses of all time.
Influential talk show host, who has also created a successful business empire.
If you were an entrepreneur, what good or service would you provide? Why?
Quick Write:
In 5 sentences, answer the following question:
Often, H.C. and P.C. are used together.

For example, factory workers use their training as well as machines and equipment in order to complete their task.
Nurses and doctors make us of computers to check patients -- they also use their special training and what they have learned from previous experiences to be successful.
Physical Capital (machines and tools) helps to produce goods and services easier--> workers become more productive because they can make more of the product for less money and in less time.
1. Extra Time:
The family saves 14 hours per week.. this time can be used doing other things.

2. More Knowledge:
By learning how to use the dishwasher, family members can learn about using other appliances.

3. More Productivity:
Family members can use their resources and labor for other skills of to spend time together.
I Can...
Explain the difference between human and physical capital

CW:
Entrepreneur Paragraph;

Finish Section 1; CNN Student News

HW:
Be Safe, Be Smart and Make Good Choices!
Entrepreneur
Factors of Production
HUMAN CAPITAL
SKILLS & ABILITIES
CREATIVITY
LIFE EXPERIENCES
KNOWLEDGE
Going to school and learning new skills is an investment in your human capital... those with greater skills (human capital) usually earn more money than those with few skills.
I Can...
Develop an Understanding of Price and Personal Finance

CW:
What Is A Price?; Personal Finance Vocabulary

HW:
Personal Finance Vocabulary
(Quiz Wednesday)
1. Currency
2. Savings
3. Fixed Costs
4. Variable Costs
5. Benefits
6. Overtime
7. Borrow*
8. Loan*
9. Credit Cards
10. Debit Cards
11. Bank
12. Credit*
13. Debit*
14. Stock Market*
15. Taxes
16. FICA*
Personal Finance
Everything has a price. But, who sets all these prices? What hides behind a price tag? How does price control your life?
You will learn that a price is information disguised as a number... and how it influences customer behavior.
Full transcript