Warm Up: Monday August 26, 2013

Warm Up: Monday August 26, 2013Welcome back to Hereford High School! Congrats on making it to your SENIOR year!

In your last year of school, identify one goal you want to accomplish by June and explain how you can achieve that goal.SAT word of the dayInnovative\i-n-v-tiv\; adjWord Root: Latin Novus: newable to introduce or create something newWarm Up: Tuesday August 27, 2013Welcome back to Hereford High School! Congrats on making it to your SENIOR year!

In your last year of school, identify one goal you want to accomplish by June and explain how you can achieve that goal.SAT word of the DayNovice \n-vs\ n:Word Root: Latin Novus: new

a beginner; one who is initially unskilled

Syllabus Economics and Public IssuesMrs. Higgins Shaull (a.k.a Mrs. Shaull)jhigginsshaull@bcps.orgSocial Studies Officehttp://jhiggins.pbworks.com

Required class for graduation EPI or AP Economics

Personal Finance PortfolioYou will need to submit either electronically or in hard copy at the end of the first unit (assessment)

ObjectiveAn open letter to students returning to school

Students will describe basic economic concepts in order to explain how scarcity and opportunity cost are basic economic principles.What is Economics?Jumpstart Pre-test what do you know?

Ju

Nick DAloiso sells his app to Yahoofor $30 millionLost or Stolen Credit CardsScarcity and Opportunity CostScarcity The basic economic problem that arises because people have unlimited wants but resources are limited. Because of scarcity, various economic decisions must be made to allocate resources efficiently.

Opportunity Cost - The cost of an alternative that must be forgone in order to pursue a certain action. Put another way, the benefits you could have received by taking an alternative action.

Millionaire QuizWhat generalizations can you make about millionaires?

What choices did they make that impacted their success?

What choices could you make that would increase the likelihood of you becoming a millionaire?

What are the consequences of making these decisions?

Do all decisions have consequences? Why?

Why must we make choices?

How are scarcity and shortage different?

ObjectiveHow are millionaires affected by scarcity and opportunity cost?

Students will describe basic economic concepts in order to explain how scarcity and opportunity cost are basic economic principles.Warm up: Wednesday 8/28/13How are millionaires affected by scarcity?Scarcity - The basic economic problem that arises because people have unlimited wants but resources are limited. Because of scarcity, various economic decisions must be made to allocate resources efficiently.(you will write this definition in a few minutes do not need to write it now).SAT word of the Day: Renovate \re-n-vt \; tr.v.Word Root: Latin Novus: newto restore to a former better state; to renew or revive Scarcity and Opportunity CostScarcity The basic economic problem that arises because people have unlimited wants but resources are limited. Because of scarcity, various economic decisions must be made to allocate resources efficiently.

Opportunity Cost - The cost of an alternative that must be forgone in order to pursue a certain action. Put another way, the benefits you could have received by taking an alternative action.

Warm up: Wednesday 8/28/13Complete the worksheet you received as you walked into class:Identifying Opportunity CostSAT word of the Day:Renovate \re-n-vt \; tr.v.Word Root: Latin Novus: newto restore to a former better state; to renew or revive Warm up: Thursday 8/29/13How are millionaires affected by scarcity?Scarcity - The basic economic problem that arises because people have unlimited wants but resources are limited. Because of scarcity, various economic decisions must be made to allocate resources efficiently.SAT word of the Day: Novelty \n-vl-t\; nWord Root: Latin Novus: newsomething new or unusual; an amusing toy or food itemCreating your Personal Finance PortfolioObjectiveStudents will describe and apply economic vocabulary to scenarios in order to explain how scarcity and opportunity cost are basic economic principles.VocabularyEssential VocabularyEconomicsFinancial LiteracyFactors of Production (additional definitions included)CapitalHumanPhysicalOpportunity CostScarcityEntrepreneurCost/benefit analysis (additional definitions included)SpeculationStockTrade-off

Vocab you should know Goods ServicesNeeds WantsCostBenefitsBudgetCreditDebitIncomeProfit

Use the textbooks to find your definitions!HomeworkCreate an image that best describes one of the economic terms we defined today in class. Must be completed on white paper (no lines)Must include color

See examples for ideas.

Homework due Friday 8/30/13Economic Principles1.People choose.What is the choice being made?Who is making the choice?2.All choices involve cost.What are the alternatives?What is being refused?3.People respond to incentives in predictable ways.What are the potential benefits?What are the potential costs?Have they changed?4.Economics systems influence individual choices and incentives.Have the choices made by others influenced the individuals in the situation?What are the rules of the system?How might the rules have changed?5.Voluntary trade creates wealth.Why is exchange taking place or not taking place?How do these choices influence trade and exchange?6.The consequences of choices lie in the future.What costs and benefits do you foresee?How uncertain or risky is the choice being made?

*The foundation of Economic reasoning!

The mystery of 2 familiesThe Robinsons and the Meltons are two families that earn the same income, live in the same neighborhood, are of the same age, and have 2 children each. Yet the Robinsons are SIX times wealthier than the Meltons. Why is this?

ObjectiveStudents will describe and apply economic vocabulary to scenarios in order to explain how scarcity and opportunity cost are basic economic principles.HomeworkCreate an image that best describes one of the economic terms we defined today in class. Must be completed on white paper (no lines)Must include color

See examples for ideas.

Homework due Friday 8/30/13