Mon trade how does our economy work

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Mon trade how does our economy work

  1. 1. Bellringer Use a full sheet of paper, we will answer some questions later and turn it in 1. What is you favorite food you like to buy? 2. What is the price of that item? 3. What is something you hate to eat? 4. Estimate the price of that food?
  2. 2. • What is the best conclusion to this graph: A. There are more teens having babies B. There are fewer teens having babies C. Latino adults have more babies than the national average D. There aren’t as many Asians in the US as Whites
  3. 3. How does our economy work? • Done with marco, onto micro
  4. 4. Imagine if we couldn’t make choices • What would life be like? • Lucky for us…..
  5. 5. Economic questions for your household 1. What to produce? 2. How to produce? 3. How much to produce? 4. How much does each person consume?
  6. 6. Economic questions for every society 1. What to produce? 2. How to produce? Barack Obama President of USA Mexican President Enrique Pena Neito Naoto Kan prime minister of Japan 3. How much to produce? 4. How much does each person consume?
  7. 7. Quick Notes: Value, in economic terms 2 ways economists measure value of a good/service: 1. Price – (How much are you willing to pay?) 2. Utility (how happy does this make me?)
  8. 8. Paradox of Value • Some items have low prices and high usefulness (water) • Others are almost useless, but have high prices (diamonds)
  9. 9. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. How does our economy work? Write down your good/service Is this a physical good or service? Scale of 1-10, what is your utility with this good/service In terms of price, how much do you think this good/service is worth? How many trades did you make? What other goods did you trade for? What is your final good? What is its utility? (scale 1-10) Estimate the price of your final good/service. Graph class happiness after each of the 4 rounds. Describe the effect of trade on our class happiness. What was the opportunity cost of the good/service in #6 in $$ $. If Mr. Klein charged you $50 every time you made a trade, how would this have affected your decisions? Write an economic generalization based on this activity. (in other words, what’s the big idea?)
  10. 10. Adam Smith’s invisible hand • Laissez faire • Market based economy • How did your pencil get made? • I pencil
  11. 11. Today on a full sheet of paper
  12. 12. • • • • • • • • • What happened in 1776? Enlightenment Philosophy Adam Smith Scottish economist Wealth of Nations “How does it work?” Pages 43-46 Read trying to answer: 4 economic questions according to our system • Take Cornell notes on 5 parts of our system • For each part define and write a sentence of why its important for our economy
  13. 13. On your BR • Write summary that answers: “How does our economy work?” using the 5 parts
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