Principles of american economics

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Principles of american economics

  1. 1. NEW SEATS! NEW SEATS! NEW SEATS! #GAHHHHHHHHH!
  2. 2. Do-Now We will work on a pre-test after WSMS. If you haven’t taken your policymaking quest, please talk to me during announcements.
  3. 3. Do-Now Please work on your pre-test silently.
  4. 4. Announcements Best break ever?! Game tomorrow night Envelope & stamp State & Local Govt Projects Teacher’s Pet Contest update; ends on Wednesday
  5. 5. Review What on earth did we do/talk about before break?
  6. 6. THE AMERICAN ECONOMIC SYSTEM NEW UNIT
  7. 7. Unit Agenda Unit Introduction: Lyric Analysis! Topics:  Key concepts of economics  Types of economies  Features of the American economic system  Types of businesses- Walmarts v. Bodos!!  Circular flow of economics  Financial institutions & savings!!  Virginia & the U.S. in the global economy
  8. 8. Key Concepts of Economics Lesson 1, Unit: American Economic System
  9. 9. Take-Home Point Is economics all around us? How so? Use the economic concepts we’ve discussed today to back up your answer. I need at least 5 sentences from you as well as introductory and concluding sentences.
  10. 10. Today’s Agenda Pre-test Announcements + Review Unit Introduction of Awesomeness Key Concepts of Economics  Vocabulary + Five Guys  The Bachelor!!  Take-Home Point  HW: practice with principles
  11. 11. Unit Vocabulary, Part 1 Notes
  12. 12. Vocabulary Economics: The study of how people make, distribute, and use goods or services. Scarcity: The inability to satisfy all wants at the same time. Resources: Factors of production that are used in the production of goods and services. All resources are limited. Choice: Selecting an item or action from a set of possible alternatives. Opportunity Cost: What is given up when a choice is made- the highest valued alternative forgone.
  13. 13. Vocabulary: Price: The amount of money exchanged for a good or service. Incentives: Things that incite or motivate. Incentives are used to change economic behavior. Supply: The amount of a good or service that producers are willing and able to sell at a certain prices. Demand: The amount of a good or service that consumers are willing and able to buy at a certain price. Supply and Demand: The interaction between
  14. 14. Vocabulary: Production: The combining of human, natural, capital, and entrepreneurial resources to make goods or provide services. Consumption: Using goods and services
  15. 15. The Bachelor
  16. 16. The Bachelor-Directions! Remember when we did The Bachelorette with the principles of American government? This is going to be just like that! You will work in your new pod and be given a concept of economics to work with. Write a persuasive first impression speech to Mr. Economics that makes Mr. Economics think you are essential to his existence and success.  You must include the definition of the concept somewhere in your speech.  A real-life example of this principle.  Be creative!!
  17. 17. Directions, Part 2! Roles for each pod:  Scribe  Presenter  Task Master/ Timekeeper if needed When you aren’t presenting: • You are writing down the real-life example the pod came up with. Example time!
  18. 18. Questions?The Bachelor
  19. 19. HomeworkGet Excited!
  20. 20. Take-Home Point Is economics all around us? How so? Use the economic concepts we’ve discussed today to back up your answer. I need at least 5 sentences from you as well as introductory and concluding sentences.

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