QOD #2: Wants & Needs Econ Basics Course Details & Expectations HW: Scarcity Flow Comic Strip

Parent Syllabus Review/Google Form (1/9-10)

AGENDA Thurs 1/5 & Fri 1/6

It is Friday night. Your only chunk of free time all weekend is tonight from 6:00 to 11:00. Before deciding how you will spend this time, consider these factors:

• You have $40 to spend. • You have an economics test on Monday. • This is the last basketball game of the season. • It is your mother’s birthday. • Someone you like has asked you out on a date. • Your favorite band is in town tonight. Fill in a table like the one below showing how you plan to spend your time. Create your own

activities or choose from the list of possible activities. If you choose an activity from the list, use the given time and price.

Basketball game: 3 hours, $5 Dinner: 2 hours, $20 Movie: 2 hours, $10 Rock concert: 4 hours, $40 Study for test: variable time, $0 Hang out at friend’s house: variable time, $0 Work at job: variable time, earn $10 per hour Family time: variable time, $0

TIME ACTIVITY PRICE

6:00 p.m.

7:00 p.m.

8:00 p.m.

9:00 p.m.

10:00 p.m.

1. What decisions did you have to make in this exercise?

2. What constraints did you face when making these decisions?

3. For each decision you made about how to spend your time, what did you have to give up?

What Economics is about?

The science that studies the choices of people trying to satisfy their wants and needs in a world of scarcity.

Microeconomics- deals with human behavior and choices as they relate to relatively small units- an individual, a business firm, or a single market. (microscope)

Macroeconomics- deals with human behavior and choices as they relate to entire economy. (large) (telescope)

SCARCITY = WANTS > RESOURCES Scarcity is an economic fact of life. Our wants are always greater than our resources. Our wants are unlimited. People want both intangible and tangible goods. Two types of goods

Tangible- you can touch it. (cars, home, CDs)

Intangible-cannot be touched. (love, friendship)

wants – things people desire to have

for comfort

as luxuries

needs – things essential for life

food

shelter

clothing

resources – anything that is used to produce goods or services.

a good is a manufactured product.

a service is an undertaking in behalf of someone.

a rationing device – as a means for deciding who gets scarce resources

price is a rationing device

competition for the rationing device

money to buy scarce resources

opportunity costs – the most valued alternative you give up to do something

what you would have chosen instead

Would you rather have the Phantom OR

Would you rather have…….

A house in Vista $300,000

Honda Accord MSRP of $25,000

Gas allowance of $3,000

Monthly allowance for shopping of $1,000 for 1 year

OR Would you rather have…….

A $340,000 trip around the world for a year

The cost of passing up the next best choice when making a decision. opportunity cost. InvestorWords.com. Retrieved July 21, 2008, from InvestorWords.com website: http://www.investorwords.com/3470/opportunity_cost.html

Every choice we make has an opportunity cost.

The most valued opportunity or alternative you give up for your 1st choice is the opportunity cost.

1 phantom 2 house in Vista, Honda, shopping, gas 3 trip around the world

Opportunity cost is all about choices.

When you forgo doing homework to get on

Facebook, your opportunity cost for getting on Facebook was your homework.

Your choice. Your opportunity cost.

Using the Diagrams and flow charts in Ch. 1 (pg 10), create a comic strip displaying the following underlined concepts studied in class: Wants Resources displaying

scarcity which creates choices which leaves an opportunity cost

Each Term will have a frame in the comic.

Choose a topic from your life

Demonstrate your understanding of the flow/connections

Use Voice Bubbles for each frame

Be creative! Stick people rule! Must all be original

work.

Course content Economic Terms & Concepts 2 weeks

Microeconomic Principles 3 weeks

Market Structures 2 weeks

Macroeconomics 5 weeks

Federal Government & Economics 5 weeks

Consumer Economics: Credit & Debt 2 weeks

Website: https://mskordisrocks.wordpress.com/

Quizzes/Tests 30% 90% --- 100% = A

Projects/Essays 30% 80% --- 89% = B

Homework/Individual Assignments 20% 70% --- 79% = C

Group Work/ In-Class Participation 20% 60% --- 69% = D

59% and

below

= F