Day 1 FW Summer 2014

171 views
109 views

Published on

0 Comments
0 Likes
Statistics
Notes
  • Be the first to comment

  • Be the first to like this

No Downloads
Views
Total views
171
On SlideShare
0
From Embeds
0
Number of Embeds
0
Actions
Shares
0
Downloads
2
Comments
0
Likes
0
Embeds 0
No embeds

No notes for slide

Day 1 FW Summer 2014

  1. 1. Welcome to Economics Student information sheets • Helps me to change lessons based on interest and your needs • Helps me to learn your names • Helps you to get in an economics state of mind • Name Plates: First Name, Last Initial city, state, country of birth Joe Mama Eureka, CA
  2. 2. Economics Summer 2014 Flowing Wells High School Mr. Klein Travis.klein@tusd1.org Session 2: June 23– July 10 Past: 2007 – Marana HS 2008 – Mountain View HS 2011 – Tucson High School 2014 – Mountain View High School
  3. 3. Economics Summer 2014 • Rules and Regulations • The bell • Raise hands • Cell phones • IPods • drinks • Lateness & Breaks • Summer School rules • Any questions?
  4. 4. Today’s topics • Rules • Opening grades • What is “economics”? • Economic Vocabulary • Opportunity costs • Factors of Production • Economic System • Entrepreneurship
  5. 5. Economics Summer 2014 • Syllabus • Stuff to bring: • Pencil/pen • Calculator • Notebook • Partner • Any questions?
  6. 6. Economics Summer 2014  Grading “How do I get an A?” € 30% in class assignments and short quizzes ¥ 10% midterm test, next Wednesday Day 7 $ 40% Economics Portfolio assignment due $ part 1 due at the end of week 1, parts 2-4 due on day 10 ₤ 20% Final Exam, ~75 questions
  7. 7. Economics Summer 2014 • Economics portfolio assignment Folder, CD Your choice of 5 of the following assignments – Visit a grocery store assignment – Current economics event report – EBay auction report – Interview a manager – Developing nation profile paper – Product market analysis – Economic problem & solution paper – 5 page illustrated children’s book – Produce a you tube video advertising an economic concept
  8. 8. 1st Assignment – Sheet of paper 1. Why did you choose to come to school today? 2. If you weren’t here right now what would you be doing?
  9. 9. Opportunity Cost • Next best option • Example: What you gave up to be here • “I don’t get paid to be here”.
  10. 10. What is economics? • Study of how people make choices • You made a choice by coming to class today • But that choice also has a cost
  11. 11. Economics • People face trade- offs • Hundreds of choices each day • Every choice means you refuse something else
  12. 12. Economists • Study how people make choices • Influential but not always famous • Only 1 US president with econ degree Alan Greenspan Ben Stein
  13. 13. Choice this morning • Get up when alarm goes off OR Hit the snooze
  14. 14. Choice #1 Get up when alarm goes off Choice #2 Snooze for 10 more minutes At least 2 benefits Check the one you did today Benefits refused #3
  15. 15. Choosing is refusing • Your next best option: • Opportunity cost • All choices involve cost 4. Household example 5. Government example 6. Other example
  16. 16. Economics? The science of how people seek to satisfy their needs and wants by making choices based on scarce resources Essentially, how people interact and trade with one another
  17. 17. Mercantilism 1500’s-1700’s • An economic theory that the prosperity of a nation depends upon its capital, or wealth, trade among nations was considered bad • “Protectionism” – By the state The Enlightenment 1700’s • European philosophers began to rethink society, specifically: nature, slavery, religion, trade Adam Smith • 1776 publishes “Wealth of Nations” • Mercantilism is wrong • Government intervention is wrong • Trade is good for all parties
  18. 18. Economics as a field Economics Finance Industrial Organization Sociology Marketing Public Choice Resource Management Cousin to Accounting Combines, history, math, psychology, political science
  19. 19. Economist • A person who studies Economics • Analyze, explain, predict Ben Stein in Ferris Buhler’s Day Off Show Dangerfield clip
  20. 20. Problem for humans • People have unlimited wants • People have limited resources to get those wants • We call this problem: Scarcity
  21. 21. Opportunity Cost • What you give up to do something • “The next best option” • For example: If you have $20 in your pocket and you want to take your BF/GF to the movies, then you won’t have any money left for a new $20 shirt
  22. 22. Opportunity Costs of Going to College
  23. 23. Source: US Bureau of Labor Statistics Assuming a person works for 45 years, how much more will the person with a bachelor’s degree make over a person with only a high school diploma? What’s the other problem for people without high school diplomas? 52 weeks in 1 year
  24. 24. Assuming a person works for 45 years, how much more will the person with a bachelor’s degree make over a person with only a high school diploma? Without: $595 X 52 = $30,940/yr X 45 = $1,392,300 With Degree: $962 X 52 = $50,024/yr X 45 = $2,251,080 On average, is it worth it? What’s the other problem for people without high school diplomas? It depends!
  25. 25. In millions of dollars; based on 1997-1999 work experience Source: US Bureau of Labor Statistics Why is this important?
  26. 26. Next Assignment 1. Describe a time you received something for “free” (What was it, where was it, when was it, etc) 2. Describe the role of the government in our economy?
  27. 27. Opportunity Cost • Next best option • Example: What you gave up to be here • “I don’t get paid to be here”.
  28. 28. There Is No Such Thing as A Free Lunch • Opportunity Cost • There is no such thing as a free lunch (or breakfast) • TNSTAFL
  29. 29. There Is No Such Thing as A Free Lunch
  30. 30. There Is No Such Thing as A Free Lunch • Opportunity Cost
  31. 31. There Is No Such Thing as A Free Lunch
  32. 32. There Is No Such Thing as A Free Lunch
  33. 33. There Is No Such Thing as A Free Lunch
  34. 34. Example?
  35. 35. One paper per group What if stuff was “free”? Create a cost/benefit analysis for each societal choice 1.College doesn’t cost $$ 2.Dr. visits don’t cost $$ 3.Drive on highways cost $$ 4.All radio paid, like Pandora or XM 5.Music & movie downloads now legal 6.Make up one of your own Benefits Costs At least 2 At least 2
  36. 36. One paper per group What if stuff was “free”? Create a cost/benefit analysis for each societal choice (Jorge) 1.“Free” college 2.“Free” doctor visits 3.No free roads “toll roads” 4.No free radio, like Pandora or XM 5.All movie & music downloads “free” and legal 6.Make up one of your own Benefits Costs At least 2 At least 2
  37. 37. Lets analyze a how a business works • Economists call a business or non-profit: a “firm”
  38. 38. What economic opportunities do you see in this picture? May 2008
  39. 39. Factors of Production • Items we need to be in business • 3 categories + 4th idea
  40. 40. Land • Any natural resource • Not made by people • Examples?
  41. 41. Labor • People working • Wages $ • Benefits
  42. 42. Human Capital • Skills, experience, education a person has • It’s the reason doctors are paid more than sandwich artists
  43. 43. Capital • Goods used to create other goods/services • Usually the largest cost for entrepreneurs • Explanation for “Capitalism”
  44. 44. Let’s build a new Circle K! • Land • Labor • Capital
  45. 45. New Ideas! • Entrepreneur – French word • Person who takes a risk and starts a new business – OR comes up with a new idea within a business Empresario
  46. 46. 1. What are your two favorite companies? 2. Explain why you like those 2 companies 3. What three types of things do you need to start a company? Group Discussion questions
  47. 47. How old are personal computers? 1989
  48. 48. Entrepreneurs still open for business Source: Scott Shane Small Business Trends
  49. 49. • Risk takers who create new companies • Often make new products or services • Best companies solve problems or make life easier • Family members? • 52% new US businesses failed between 1977 – 2000 • Why do they still try? • Why are they so important, especially in 2013? Entrepreneurs
  50. 50. • 25 minutes • NO LOOKING THEM UP ON INTERNET • Group that guesses all correct: 1st place: 5 quantitative easing points 2nd place: 3 quantitative easing points 3rd place: 1 quantitative easing points Reading on famous Entrepreneurs
  51. 51. Group Activity “Entrepreneurship” • Groups of 3, Design a brand new business One a single sheet of paper with everyone’s name answer these ?

×