How do people satisfy their wants?. What do you think you will learn about in economics?
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- How do people satisfy their wants?
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- What do you think you will learn about in economics?
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- I can differentiate between a traditional, command, market, and
mixed economy. SS-8-3.2.1
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- 1. Brandon/Kennedi/Cody/Austin L 2. Talyn/Caleb/Brooklyn/Logan
3. Shyanne/Kelsey/Madison 4. Jacob/Katie/Kay Kay/Raleigh 5.
Desirae/Austin R/Brittany/JR 6. Megan/Hunter/Kaylee/James 7.
Gabe/Dalton/Kris/Katelyn
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- What is the difference between the economy of North Korea and
the Nuer?
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- I can differentiate between a traditional, command, market, and
mixed economy. SS-8-3.2.1
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- 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
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- 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
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- Free enterprise people make economic decisions Private
individuals determine what is produced People own the capital
Competition for a profit Ex. USA, Germany
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- Government provides some wants Businesses provide wants
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- Write 2 things you know about each on the post-its. Traditional
Command Market 1 item per post- it!
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- I can differentiate between a traditional, command, market, and
mixed economy. SS-8-3.2.1
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- 1. In your table groups categorize your lists by types of
economies. 2. Walk around to the other groups and check your
work.
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- In your groups, create a play-doh scene illustrating a
traditional, command, or market economy.
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- Why is the US considered a mixed economy?
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- I can illustrate how goods and services are produced,
distributed, and consumed. SS-8-3.4.1
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- Want a desired product or service Good physical product Ex?
Service work performed by someone else Ex?
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- 1. Make a good out of play-doh 2. Make a service out of
play-doh
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- What is the difference between goods and services?
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- I can illustrate how goods and services are produced,
distributed, and consumed. SS-8-3.4.1
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- 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
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- Determine the land, labor, and capital used to produce 2 of
these services: Carwash Haircut TV repair Play Classroom
lesson
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- 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?
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- Define 2 Land Labor Capital
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- 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
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- 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?
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- Create a scene in US History where there was scarcity.
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- How does scarcity influence the choices we make?
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- 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
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- 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
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- 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?
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- Pick up 1 can of play-doh. Create an item that for a business
that people in Bath County would like.
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- Did you have more than 1 idea? Producers have an opportunity
cost too. They have to decide which is the best product to
sell.
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- Money is used to make saving, borrowing, and investing easier.
SS- 8-3.3.2
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- Trade for the things they needed Good things about trading? Bad
things about trading?
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- Describe the pros and cons of bartering.
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- Money is used to make saving, borrowing, and investing easier.
SS- 8-3.3.2
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- Make a product that you think students in the class would
really like.
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- 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?
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- 1. Generally accepted 2. Counted and measured 3. Durable 4.
Convenient and easy to carry 5. Inexpensive to produce 6. Supply is
easily controlled
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- Why is using money easier than trading?
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- Money is used to make saving, borrowing, and investing easier.
SS- 8-3.3.2
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- Borrow - loan Save store up money Savings Account Investing
apply money to earn a profit Certificate of Deposit (COD) Stock
Market
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- What methods do people use to save money?
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- Complete Day 2s stock market activity. Determine if you have
made or lost money.
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- I can explain how price is affected by supply and demand.
SS-8-3.3.1 & SS-3- 3.3.3
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- Think like a consumer As price increases, demand decreases
Number purchased
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- Create a scenario describing the law of demand. Be sure to draw
the graph!
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- I can explain how price is affected by supply and demand.
SS-8-3.3.1 & SS-3- 3.3.3
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- Think like a producer As the price increases, quantity supplied
increases. Price Amount Supplied
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- 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.
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- Demand Chart Supply Chart Price 500$25 400$50 300$75 200$100
100$150 Tickets Sold 100$25 200$50 300$75 400$100 500$150
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- Market Price
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- Create a scenario describing the law of supply. Be sure to draw
the graph! Price Amount Supplied
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- I can explain how price is affected by supply and demand.
SS-8-3.3.1 & SS-3- 3.3.3
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- The price at which producers and consumers agree to trade
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- Write 2 questions with answers you think will be on the
test.
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- Level 0 Break Retake Use cover sheet Book as barrier
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- Write 3 things you know about this chart.
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- 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
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- How does specialization influence productivity?
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- I can describe how new knowledge, technology, and
specialization increase productivity. SS-8-3.4.2
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- Hamburgers (mini-big mac) Divided into 2 groups Must follow
directions
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- Group 1 1. Brandon 2. Kennedi 3. Katie 4. Cody 5. Dalton 6.
Kaylee 7. Kris Group 3 1. Shyanne 2. Kelsey 3. Madison 4. Desirae
5. Austin L 6. Austin R Group 2 1. Talyn 2. Brooklyn 3. Logan 4.
Raleigh 5. Megan 6. Brittany 7. Katelyn Group 4 1. Caleb 2. Jacob
3. Kay Kay 4. Hunter 5. Gabe 6. James 7. JR
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- 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.
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- 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.
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- Specialization in what is produced Specialization in who is
producing it Assembly Line - division of labor Each employee works
on just one part
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- Pros Increased productivity Increased interdependence Each
member is valuable Higher wages Cons Boring Less customization
Inefficient/absent worker
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- Explain 2 pros or 2 cons of an assembly line.
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- I can describe how new knowledge, technology, and
specialization increase productivity. SS-8-3.4.2
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- Cody and Brandon 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 Brandon are considering hiring more
employees and developing an assembly line instead of customizing
their lures. Explain the pros and cons of the assembly line!
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- Terms Specialization Assembly line Division of labor
Customization Productivity Production Interdependence Employee
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- 2 things you really liked about economics 2 ways to improve the
economics unit