9/9/13 “scarcity” 1.which item has a higher level of scarcity? gold orpaper 2.which item has a...
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9/9/13
“Scarcity”
1.Which item has a higher level of scarcity?• Gold OR Paper
2.Which item has a higher value?• Gold OR Paper
On desk: Survivor Game reflections
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9/9/13Econ. Agenda
1.Peer review reflections (20 min.)
2.Types of resources & the production process (class notes)
HW: Production process wksht.
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Peer Review Reflections (#3)
1.Circle/underline/highlight each term • Scarcity• Value• Supply• Demand• Opportunity cost• Money
2.Did they give an example of each from the game?
3.Is each example correct?
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9/9/13Class Notes
Goods: •products that are used, traded, or bought
• Example: In order to survive, you needed goods such as knives in order to trade for water.
Resources: •the materials that are used to create goods
• Example: Wheat and sugar are resources needed to make your cereal.
+ =
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Economics Class Notes• What do we need to
make a good?– Resources!
• 3 types of resources– 1. Natural Resources
• Minerals, water, trees, land, air
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Economics Class Notes
2. Human Resources– Farmers, truck drivers,
factory workers
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Economics Class Notes
3. Capital Resources– Buildings, machines,
tools, trucks
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Economics Class NotesProduction Process for an iPod
Natural Human CapitalResources Resources Resources
Goods and Services
Metal, water, glass, gas, sand, electricity, coal
Miners, Factory workers in China, engineers, computer programmers
Mines, Factory, airplane, trucks, Apple stores, advertisement company,
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Production Process Examples
What are the natural, human, and capital resources that it takes to produce the following?
Hershey BarNatural Human Capital
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Production Process Examples
What are the natural, human, and capital resources that it takes to produce the following?
Pepperoni PizzaNatural Human Capital
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Production Process Examples
What are the natural, human, and capital resources that it takes to produce the following?
Composition NotebookNatural Human Capital
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How ________ is made by Harrison DelfinProduction Process for a McDonalds Big Mac
Natural HumanCapitalResourcesResources Resources
Goods and Services
Metal, water, glass, gas, electricity, potatoes, cows, wheat, lettuce, tomatoes, seeds, milk, onions, oil, chicken, carrots, cucumbers, dressing, salt
Factory, airplane, trucks, stores, banks, mixers, fry pans,
Farmers, Factory workers, cashier, chef, maintenance, managers, dish person, food delivery person, store checkers, bankers