How do people satisfy their
wants?
What
do you think you will learn
about in economics?
I can differentiate between a
traditional, command, market, and
mixed economy. SS-8-3.2.1
1.
2.
3.
4.
5.
6.
7.
Ryan/Shawn
Lexy/Cailyn
Cody/Jon
Gabe/Danny/David
Kelsey/Jada
Ashley/Hannah
Carrie/Madison
What is the difference between the
economy of North Korea and the Nuer?
I can differentiate between a
traditional, command, market, and
mixed economy. SS-8-3.2.1
 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






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
 Free
enterprise – people make economic
decisions
 Private individuals determine what is
produced
 People own the capital
 Competition for a profit
 Ex. USA, Germany
 Government
provides some wants
 Businesses provide wants
Write 2 things you know about each on the
post-its.
• Traditional
• Command
• Market
I can differentiate between a
traditional, command, market, and
mixed economy. SS-8-3.2.1
1. In your table groups categorize your lists
by types of economies.
2. Walk around to the other groups and check
your work.
 In
your groups, create a play-doh scene
illustrating a traditional, command, or
market economy.
Why is the US
considered a
mixed economy?
I can illustrate how goods and
services are produced, distributed,
and consumed. SS-8-3.4.1
 Want
– a desired product or service
 Good – physical product
• Ex?
 Service
else
• Ex?
– work performed by someone
1.
2.
Make a good out of play-doh
Make a service out of play-doh
What is the difference between goods
and services?
I can illustrate how goods and
services are produced, distributed,
and consumed. SS-8-3.4.1
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
 Determine
the land, labor, and capital
used to produce 2 of these services:
• Carwash
• Haircut
• TV repair
• Play
• Classroom lesson
 Create a product no
 Land – play-doh
 Labor – human resource
 Capital – tool
one has made before.
 Scissors, ruler, pencil
 Answer
these 3 questions as if you were
going to actually manufacture your product:
1.
2.
3.
Who will produce it?
How will it be distributed?
Who will consume it?
 Define
2
• Land
• Labor
• Capital
I can explain how scarcity and opportunity
cost impact economic decisions for
producers and consumers. SS-8-3.1.1 & SS8-3.1.2
 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?
Create a scene in US History where there
was scarcity.
 How
does scarcity influence the choices
we make?
I can explain how scarcity and opportunity
cost impact economic decisions for
producers and consumers. SS-8-3.1.1 & SS8-3.1.2
 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
 Build
the best
Christmas present
EVER!
 Class Store
• Chose 2 items you want:
 Identify the gift you want
 Identify the opportunity
cost.
 Why can’t you have both?
 Pick
up 1 can of play-doh.
• Boys make a food item.
• Girls make a clothing item.
 Would
you rather have more food or
more clothing?
 Producers have an opportunity cost too.
 The next best thing they could have
produced
Money is used to make saving,
borrowing, and investing easier. SS8-3.3.2
 Trade
for the things they needed
 Good things about trading?
 Bad things about trading?
Describe the pro’s and con’s of bartering.
Money is used to make saving,
borrowing, and investing easier. SS8-3.3.2
 Make
a product that you think students in
the class would really like.
Each of you will have $19. You may sell
your product for any amount.
Buy a product from a classmate.
Answer the questions below:
1.
2.
3.
•
•
•
What did you end up with?
Why was using money easier?
When you traded today, who benefitted?
1.
2.
3.
4.
5.
6.
Generally accepted
Counted and measured
Durable
Convenient and easy to
carry
Inexpensive to produce
Supply is easily
controlled
Why is using
money easier
than trading?
Money is used to make saving,
borrowing, and investing easier. SS8-3.3.2
 What
is the benefit of saving money?
 When
you save, what is the
opportunity cost?
 Savings
account
 Certificate of Deposit
 Stock Market
 Businesses buy capital
You were given $10,000 for a Christmas
gift from your grandparents. They want to
help you save for college. But, since the
cost of college has gone up dramatically in
recent years, their one request is that you
spend the $10,000 in the stock market. You
must purchase at least 8 different stocks.
You must spend between $9990-$10,000
What
methods do
people use to
save money?
Complete Day 2’s stock market
activity. Determine if you have
made or lost money.
I can explain how price is affected by
supply and demand. SS-8-3.3.1 & SS-33.3.3
 Think
like a consumer
 As price increases, demand decreases
Demand of Pizza
12
10
8
6
4
2
0
Demand of
Pizza
1
2
3
4
Number purchased
Create a scenario describing the law of
demand. Be sure to draw the graph!
I can explain how price is affected by
supply and demand. SS-8-3.3.1 & SS-33.3.3
 Think
like a producer
 As the price increases, quantity supplied
increases.
Quantity Supplied of Cell
Phones
Price
100
Qanitity
Supplied
of Cell
Phones
50
0
20 40 80 100 200
Amount Supplied
 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.
Demand Chart
Supply Chart
Tickets
Sold
Price
Tickets
Sold
Price
500
$25
100
$25
400
$50
200
$50
300
$75
300
$75
200
$100
400
$100
100
$150
500
$150
$160
$140
Market Price
$120
$100
Demand
Supply
$80
$60
$40
$20
$0
100
200
300
400
500
Create a scenario describing the law of
supply. Be sure to draw the graph!
Qanitity Supplied of Cell
Phones
Price
100
Qanitity
Supplied
of Cell
Phones
50
0
20 40 80 100 200
Amount Supplied
I can explain how price is affected by
supply and demand. SS-8-3.3.1 & SS-33.3.3
 The
price at which producers and
consumers agree to trade
Write
2 questions with answers
you think will be on the test.
 Level
0
• Break
• Retake
 Use
cover sheet
 Book as barrier
How
does specialization influence
productivity?
I can describe how new knowledge,
technology, and specialization increase
productivity. SS-8-3.4.2
 Hamburgers
(mini-big mac)
 Divided into 2 groups
 Must follow directions
 Group
1
 Group
2
• Cody
• Jada
• Shawn
• David
• Ashley
• Ryan
• Jon
• Lexie
• Carrie
• Kelsey
• Madison
• Hannah
• Gabe
• Cailyn
 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.
 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.
 Specialization
in what is produced
 Specialization in who is producing it
• Assembly Line - division of labor
• Each employee works on just one part
 Pros
 Cons
• Increased productivity
• Boring
• Increased
• Less customization
interdependence
• Each member is
valuable
• Higher wages
• Inefficient/absent
worker
 Explain
line.
2 pros or 2 cons of an assembly
I can describe how new knowledge,
technology, and specialization increase
productivity. SS-8-3.4.2
Cody and David 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 David are
considering hiring more employees and
developing an assembly line instead of
customizing their lures. Explain the pros
and cons of the division of labor.
 Terms
 Groups
• Specialization
• David - Cody
• Assembly line
• Kelsey - Ashley
• Division of labor
• Shawn – Madison
• Customization
• Cailyn – Jada
• Productivity
• Gabe - Jon
• Production
• Ashley – Hannah
• Interdependence
• Ryan – Lexie
• Employee
2
things you really liked about economics
 2 ways to improve the economics unit
 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