Welcome Knight Time
• Find a seat and settle in
• What would you like to work
on while your are here?
• Get ready for your next
project!
Unit 4 Blueprint
• Test your knowledge of Unit 4 without the aid
of your notes
• We will complete 1 page of this blue print
each day of KT
• Instead of your groups competing against one
another, you will compete against hose people
inside your groups
• There will be one winner from each group
Budget Project
SHH! Quiz in Progress
• All you need is a pencil
• Have a question? Ask a question!
• Turn in quiz to class tray when
finished
• Start working on the Unit 5 PreAssessment (half sheet of paper)
Warm Up
“What Went Into This Candy Bar?”
• List everything that went into making this
candy bar from the time someone had the
idea for the candy until the consumer
purchased the candy in the store
WELCOME C&E STUDENTS
• Find your seat and settle in
• Roll Call Question: “Would
you rather eat 100 ants or
20 beetles?”
• As a group read the
Starbucks Article and
answer the questions.
• Be prepared to share
Reminders
• Unit 4 Tests
• Morning Tutoring
• Recovery
– Every Tuesday, Wednesday and Thursday in Ms. Divina’s
room
• Peach Pins
–
–
–
–
5 = hw/cw pass
10 = Open-Notes Quiz
15 = 3 questions on a test
20 = use a notecard on a test
Consumer Sovereignty Reading
• Read the following article regarding consumer
sovereignty
• Complete the questions
• Be prepared to share
Economics:
5.1 Intro to Economics
Identify the basic principles of economics
Desert Island
• Imagine you are moving to a desert island
with no kind of infrastructure.
• Write down what you will..
– Want
– Need
Needs v. Wants
• What is the difference between the two?
I. Scarcity and Choice
A. Economics- the study of
how people seek to
satisfy needs and wants
with limited resources
B. Needs and Wants
1. Need- something
necessary for survival
2. Want- desire not
necessary for survival
Maslow’s Hierarchy of Needs
II. Scarcity
A. Scarcity1. limited quantity of a resource to
meet unlimited wants
2. This is the driving force of
economics
B. Goods and Services
1. Goods- physical objects
2. Services- actions or activities that
one person performs for another
C. Consumer sovereignty
1. power of consumers to decide what gets produced
2. producers meet demands or go out of business
III. Factors of Production
Resources used to make all
goods and services
A. Land- includes all
natural resources
B. Labor- is the effort for
which someone is paid
1. White collar workershigh skilled office work
2. Blue collar workers- low
skill manual labor
C. Capital- any human-made resource to invest
to produce goods or services
1. Physical capital- buildings, tools, machines, etc
2. Human capital- knowledge and skills a worker
gains through education and experience
D. Entrepreneurs- risk-takers who decide how
to combine other factors of production to
create new goods and services
Let’s get in our groups!
• You will be looking at different
elements that fall under one of the
four factors of production.
• Your job is to correctly identify
whether the element is: LAND,
LABOR, CAPITAL or
ENTREPRENEURSHIP
Name that Factor of Production
1.
2.
3.
4.
5.
Bill Gates
Oil
Going to school
Hammer
The night shift at
McDonalds
6. Leather
7. Executive Office
Assistant
8. A forest
9. 10 years experience
teaching
10. Paper factory
11. A 10-year old at a
lemonade stand
12. Washing machine
Answers
1.
2.
3.
4.
5.
Bill Gates - E
Oil - Ld
Going to school - C
Hammer - C
The night shift at
McDonalds – Lb
6. Leather – Land
7. Executive Office
Assistant - Labor
8. A forest – Ld
9. years experience
teaching – Lb/C
10. Paper factory – C
11. A 10-year old at a
lemonade stand – Lb
12. Washing machine - C
LETS LOOK AT OUR CANDY BAR
• Green = Land
• Blue = Labor
• Yellow = Capital
• Red = Entrepreneurship
IV. Trade-offs
A. Trade-off- the process of giving up one
desire in order to satisfy another desire
1. Ex: video game vs. give girlfriend a present
2. Ex: 2 more hours of sleep vs. studying for test
B. Opportunity cost- value
of what is given up in a
trade-off
1. Ex: Dating- cost is not
dating some other person
2. Ex: College vs. workingcost is the $ you spend on
college and $ you give up
from not working
C. Immediate gratification- when you give up
something in the long-term to satisfy an
immediate want
Shark Tank
• The prize for the winning team: Peach Pins and Use your
notes for an upcoming quiz!
• I will present your posters to the AP Macroeconomics
students and they will choose the product they would most
likely invest in
Be the Boss
Come up with your own business.
1. Come up with a name, logo & explanation of the
business/product
2. Explain the factors of production that are used in
the development of your business/product.
3. Describe the goods or services you are providing.
4. Come up with two trade-offs to consider in the
running of your business/product.
5. What is(are) the opportunity cost(s) of your
business/product?
Team Evaluations
• You will be grading your teammates on a scale
between 1-5(6) depending on the number of team
members you have
• Assign the highest number to the teammate (or
yourself) who you believe did the best with this
assignment
• Assign the lowest number to the teammate (or
yourself) who perhaps did not contribute as much or
anything to the team
• Assign remaining numbers to remaining members
based on performance
Shark Tank
Happy Spring Break!
• Be Safe and Have Fun!!!!
Welcome C&E Students!
• Grab today’s handouts and settle in!
• Roll Call Question: What was your
favorite thing you did over Spring
Break?
• Bell Work:
– Tell your neighbor what you did for Spring
Break
Kahoot!
• NAME THAT FACTOR OF PRODUCTION!!!
Wedding Pics
Shark Tank Winners
• 1st Block – Fud-Glu
– Honorable Mention: Snicker Doodle
• 2nd Block – U-Scan
• Honorable Mention: Speak Up
• 3rd Block – Shower Shoot
• Honorable Mention: Pigment of Your
imagination
Pre-Break Refresher
• Let’s review what we covered before break.
– Needs v. Wants
– Scarcity
– Trade-Offs
– Opportunity Costs
– Immediate Gratification
– Factors of Production (Complete the Name That
Factor of Production Handout)
How Good Are You At Saving?!?
• Complete the savings inventory to understand
more about your saving habits
• Are they good? Or do you need to work on
them a little more?
Welcome C&E Students!
• Grab today’s handouts and settle in
• Roll Call Question: Would you rather be completely
bald or completely covered in hair? (No wigs & no
shaving)
• Bell Work:
– Explain the difference between human and physical
capital
– Describe a trade-off you have recently made. What was
the resulting opportunity cost?
– Start working on the “Name Those Factors of Production”
handout
Reminders
• Quiz Tomorrow! (And Friday – Credit v. Debit, Insurance & Checking v. Savings)
– Intro to Econ & Budgeting
• Unit 5 Test next Tuesday (11/10/2015)
• Morning Tutoring
• Recovery
– Every Tuesday, Wednesday and Thursday in Ms. Divina’s
room
• Peach Pins
–
–
–
–
5 = hw/cw pass
10 = Open-Notes Quiz
15 = 3 questions on a test
20 = use a notecard on a test
Unit 4 Test Reflection
•
•
•
•
•
•
4.1 – 1, 2, 3
4.2 – 4, 5, 6, 7, 8, 11, 14, 15, 16, 21,
4.3 – 13, 23, 30
4.4 – 9, 10, 12
4.5 – 6, 17, 18
4.6 – 19, 20, 22, 24, 25, 26, 27, 28, 29
5.2 Budgeting
Evaluate the costs and benefits of
budgeting
How do Education and Career
Choice impact life?
Level of Education and Income
• Look over your “Level of Education & Income”
handout from today
• After examining the data answer the
accompanying questions
Let’s Take a Look at Salaries
Why Do Some Jobs Pay More???
I. What is a Budget?
– A. How to spend income v. expenditures
(expenses)
• 1. Income: Amount of money that a
person or business makes
• a. Gross Income: Total amount of money
made before deductions
• b. Net Income: The amount of money left
over after expenditures
• 2. Expenditures (expenses): Total amount
a person or business spends
B. Types of Expenditures
• 1. Deductions: expenditures before paycheck
is received
• a. Pre-Tax Deductions
• (1.) Retirement Payments
• (2.) Life insurance
• (3.) Social Security
• (4.) Medicare
2. Taxes
a. Federal Income Tax – paid to the US Gov’t
b. State Income Tax – paid to the State Gov’t
C. Types of Bills
• 1. Mortgage - owning home /
Rent – not owning a home
– What is a foreclosure?
• 2. Car Payment
– a. Gas Payments
• 3. Insurance: company
“backing” you up
• a. Car Insurance: required
• b. Home/Renters Insurance :
recommended
• 4. Phone Bill
• 5. Saving: setting $ aside for a later time
• 6. General Expenses:
– a. Groceries
– b. Household Items
– c. Entertainment
Make Your Own Budget
• Take out your Budget Handout
• You will be creating your own budget with the
information provided to on the walls
• You must budget for the following
• Housing, Utilities, Car, Insurance, Gas, Phone, Cable &
Internet, Groceries, Saving, Household Items, Credit
Payment, Student Loan, Misc.
• You must have money left over at the end!
Quiz Prep
• 5.1 – Intro to Econ
• 5.2 – Budget
• Let’s Practice! – Take the Practice
quiz on the back of you College &
Career Readiness handout.
Shark Tank
• The prize for the winning team: Peach Pins and Use your
notes for an upcoming quiz!
• I will present your posters to the AP Macroeconomics
students and they will choose the product they would most
likely invest in
Shark Tank
Come up with your own business.
1. Come up with a name, logo & explanation of the
business/product
2. Explain the factors of production that are used in
the development of your business/product.
3. Describe the goods or services you are providing.
4. Come up with two trade-offs to consider in the
running of your business/product.
5. What is(are) the opportunity cost(s) of your
business/product?
Splat!!!
Need
Gross Income
Factors of
Production
Trade-Off
Federal Income
Tax
Consumer
Sovereignty
Physical
Capital
Expenditures
Scarcity
Labor
Land
Deductions
Mortgage
Want
Pre-Tax
Deductions
Opportunity
Cost
State Income
Tax
Human Capital
Net Income
Economics
LETS LOOK AT OUR CANDY BAR
Land
Labor
Capitol
Entrepreneurship