Agenda• Books• Class overview• Quiz• Article• Introduction to Chapter 1• HOMEWORK– Read Chapter 1– Questions 1 -7 (full sentences)
EconomicsMr. Haderlein• Text Book• Naked Economics
Additional ClassMaterials• Multi-Colored pens (or pen)• One inch three ring binderDue next period
• Class Rules– Be on time– Pay attention– Be prepared– Place cellphone on table• I keep the cellphones in a backpack so they don’t distractyou and we can quickly take them in an emergency.• Comments• You are responsible to monitor your grade• You are responsible to seek help (e-mail is best wayto contact me)
• Semester Overview– Use it as a planning tool– Tests and quizzes throughout thesemester
AbsencesYou are responsible for…– Getting the material– Reviewing the powerpoint. ThePowerpoint presentations are online atmy faculty webpage– Getting the homework assignment
Accessing Powerpoints1. Go to La Salle’s homepage(www.lasallehs.org)2. Administrators & Teacher Pages3. F – K4. Steve Haderlein
Absences (continued)Tests…You need will make-up the test at detention whenyou return.You get a ZERO if you have not made arrangementsto make-up the test and do not make-up the testat detention when you return.E-mail is the best way to make arrangements to takethe test.
Four Factors of Production (resources)1. Land• All Natural resourcesExample - Oil, Coal, Trees2. Labor• People producing a good or serviceExample – Auto worker, Lawyer, Teacher3. Human Capital• Training for LaborExample – College Education, Seminars4. Physical Capital• Tools used by labor to make goods and servicesExample – Computers, Buildings, Factories, desks
Key terms– Scarcity vs. shortage– Need vs. want– Good vs. Service– Trade-off vs. Opportunity Cost– Entrepreneur
– Scarcity vs. shortage• Scarcity is permanent• Shortage is temporaryTemporary may be days, weeks months or even years
• Need vs. Want– Need = gotta have it– Want = nice to have it• For each person to decide• Cellphone example
Good vs. ServiceGood– Tangible– Generally produced with physical skillsService– Intangible– Generally produced with knowledge
Trade-off vs. Opportunity Cost• Trade-off = All the choices given up• Opportunity Cost = Most valuable choicegiven up• Example….your time
Entrepreneur– Uses resources (factors of production)to produce goods and services to satisfyneeds and wants
Entrepreneur– Uses resources (factors of production)to produce goods and services to satisfyneeds and wants– Page 5• Why is she smiling?