EconomicsMr. Haderlein
Agenda• Books• Class overview• Quiz• Article• Introduction to Chapter 1• HOMEWORK– Read Chapter 1– Questions 1 -7 (full se...
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 th...
• 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 a...
Accessing Powerpoints1. Go to La Salle’s homepage(www.lasallehs.org)2. Administrators & Teacher Pages3. F – K4. Steve Hade...
Absences (continued)Tests…You need will make-up the test at detention whenyou return.You get a ZERO if you have not made a...
Quiz• Economics is….
• Economics is….– The study of human behavior. Howpeople allocate resources to producegoods and services to satisfy needs ...
• Economics is….– The study of human behavior. Howpeople allocate limited resources toproduce goods and services to satisf...
Economics is…
Economics is…like dentistry. It’s useful butsometimes it’s a bit painful.
article
Economics and CinderellaIs the Cinderella’s step-mom reallywicked or just logical?
Chapter 1Introductionkey terms
Four Factors of Production (resources)1. Land• All Natural resourcesExample - Oil, Coal, Trees2. Labor• People producing a...
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 knowle...
Trade-off vs. Opportunity Cost• Trade-off = All the choices given up• Opportunity Cost = Most valuable choicegiven up• Exa...
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 i...
Homework• Read Chapter 1– Questions 1 -7 (full sentences)
Handouts
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August 16

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August 16

  1. 1. EconomicsMr. Haderlein
  2. 2. Agenda• Books• Class overview• Quiz• Article• Introduction to Chapter 1• HOMEWORK– Read Chapter 1– Questions 1 -7 (full sentences)
  3. 3. EconomicsMr. Haderlein• Text Book• Naked Economics
  4. 4. Additional ClassMaterials• Multi-Colored pens (or pen)• One inch three ring binderDue next period
  5. 5. • 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)
  6. 6. • Semester Overview– Use it as a planning tool– Tests and quizzes throughout thesemester
  7. 7. AbsencesYou are responsible for…– Getting the material– Reviewing the powerpoint. ThePowerpoint presentations are online atmy faculty webpage– Getting the homework assignment
  8. 8. Accessing Powerpoints1. Go to La Salle’s homepage(www.lasallehs.org)2. Administrators & Teacher Pages3. F – K4. Steve Haderlein
  9. 9. 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.
  10. 10. Quiz• Economics is….
  11. 11. • Economics is….– The study of human behavior. Howpeople allocate resources to producegoods and services to satisfy needs andwants
  12. 12. • Economics is….– The study of human behavior. Howpeople allocate limited resources toproduce goods and services to satisfyunlimited needs and wants.» Remember…resources are always scarce
  13. 13. Economics is…
  14. 14. Economics is…like dentistry. It’s useful butsometimes it’s a bit painful.
  15. 15. article
  16. 16. Economics and CinderellaIs the Cinderella’s step-mom reallywicked or just logical?
  17. 17. Chapter 1Introductionkey terms
  18. 18. 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
  19. 19. Key terms– Scarcity vs. shortage– Need vs. want– Good vs. Service– Trade-off vs. Opportunity Cost– Entrepreneur
  20. 20. – Scarcity vs. shortage• Scarcity is permanent• Shortage is temporaryTemporary may be days, weeks months or even years
  21. 21. • Need vs. Want– Need = gotta have it– Want = nice to have it• For each person to decide• Cellphone example
  22. 22. Good vs. ServiceGood– Tangible– Generally produced with physical skillsService– Intangible– Generally produced with knowledge
  23. 23. Trade-off vs. Opportunity Cost• Trade-off = All the choices given up• Opportunity Cost = Most valuable choicegiven up• Example….your time
  24. 24. Entrepreneur– Uses resources (factors of production)to produce goods and services to satisfyneeds and wants
  25. 25. Entrepreneur– Uses resources (factors of production)to produce goods and services to satisfyneeds and wants– Page 5• Why is she smiling?
  26. 26. Homework• Read Chapter 1– Questions 1 -7 (full sentences)
  27. 27. Handouts

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