Day Economics Class

1. Economics
Mr. Haderlein

2. Agenda
• Books
• Class overview
• Quiz
• Article
• Introduction to Chapter 1
• HOMEWORK
– Read Chapter 1
– Questions 1 -7 (full sentences)

3. Economics
Mr. Haderlein
• Text Book
• Naked Economics

4. Additional Class
Materials
• Multi-Colored pens (or pen)
• One inch three ring binder
Due next period

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 distract
you 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 way
to contact me)

6. • Semester Overview
– Use it as a planning tool
– Tests and quizzes throughout the
semester

7. Absences
You are responsible for…
– Getting the material
– Reviewing the powerpoint. The
Powerpoint presentations are online at
my faculty webpage
– Getting the homework assignment

8. Accessing Powerpoints
1. Go to La Salle’s homepage
(www.lasallehs.org)
2. Administrators & Teacher Pages
3. F – K
4. Steve Haderlein

9. Absences (continued)
Tests…
You need will make-up the test at detention when
you return.
You get a ZERO if you have not made arrangements
to make-up the test and do not make-up the test
at detention when you return.
E-mail is the best way to make arrangements to take
the test.

10. Quiz
• Economics is….

11. • Economics is….
– The study of human behavior. How
people allocate resources to produce
goods and services to satisfy needs and
wants

12. • Economics is….
– The study of human behavior. How
people allocate limited resources to
produce goods and services to satisfy
unlimited needs and wants.
» Remember…resources are always scarce

13. Economics is…

14. Economics is…
like dentistry. It’s useful but
sometimes it’s a bit painful.

15. article

16. Economics and Cinderella
Is the Cinderella’s step-mom really
wicked or just logical?

17. Chapter 1
Introduction
key terms

18. Four Factors of Production (resources)
1. Land
• All Natural resources
Example - Oil, Coal, Trees
2. Labor
• People producing a good or service
Example – Auto worker, Lawyer, Teacher
3. Human Capital
• Training for Labor
Example – College Education, Seminars
4. Physical Capital
• Tools used by labor to make goods and services
Example – Computers, Buildings, Factories, desks

19. Key terms
– Scarcity vs. shortage
– Need vs. want
– Good vs. Service
– Trade-off vs. Opportunity Cost
– Entrepreneur

20. – Scarcity vs. shortage
• Scarcity is permanent
• Shortage is temporary
Temporary may be days, weeks months or even years

21. • Need vs. Want
– Need = gotta have it
– Want = nice to have it
• For each person to decide
• Cellphone example

22. Good vs. Service
Good
– Tangible
– Generally produced with physical skills
Service
– Intangible
– Generally produced with knowledge

23. Trade-off vs. Opportunity Cost
• Trade-off = All the choices given up
• Opportunity Cost = Most valuable choice
given up
• Example….your time

24. Entrepreneur
– Uses resources (factors of production)
to produce goods and services to satisfy
needs and wants

25. Entrepreneur
– Uses resources (factors of production)
to produce goods and services to satisfy
needs and wants
– Page 5
• Why is she smiling?

26. Homework
• Read Chapter 1
– Questions 1 -7 (full sentences)

27. Handouts