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. Create an item that for a business
that people in Bath County would like.
Slide 34
Did you have more than 1 idea? Producers have an opportunity
cost too. They have to decide which is the best product to
sell.
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
Borrow - loan Save store up money Savings Account Investing
apply money to earn a profit Certificate of Deposit (COD) Stock
Market
Slide 45
What methods do people use to save money?
Slide 46
Complete Day 2s stock market activity. Determine if you have
made or lost money.
Slide 47
I can explain how price is affected by supply and demand.
SS-8-3.3.1 & SS-3- 3.3.3
Slide 48
Think like a consumer As price increases, demand decreases
Number purchased
Slide 49
Create a scenario describing the law of demand. Be sure to draw
the graph!
Slide 50
I can explain how price is affected by supply and demand.
SS-8-3.3.1 & SS-3- 3.3.3
Slide 51
Think like a producer As the price increases, quantity supplied
increases. Price Amount Supplied
Slide 52
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.
Create a scenario describing the law of supply. Be sure to draw
the graph! Price Amount Supplied
Slide 56
I can explain how price is affected by supply and demand.
SS-8-3.3.1 & SS-3- 3.3.3
Slide 57
The price at which producers and consumers agree to trade
Slide 58
Write 2 questions with answers you think will be on the
test.
Slide 59
Level 0 Break Retake Use cover sheet Book as barrier
Slide 60
Write 3 things you know about this chart.
Slide 61
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
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 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
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 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!
Slide 73
Terms Specialization Assembly line Division of labor
Customization Productivity Production Interdependence Employee
Slide 74
2 things you really liked about economics 2 ways to improve the
economics unit