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Day 1 FW Summer 2014
This document provides information about an economics course for students. It includes: - An introduction and welcome to the course. - Details about assignments, grading, and expectations. - Explanations of key economic concepts like scarcity, opportunity costs, and factors of production. - Background on important economists and economic theories. - Examples and activities to help students learn about entrepreneurship.
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Day 1 FW Summer 2014
- 1. Welcome to Economics Studentinformation 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. Economics Summer 2014 FlowingWells 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. Economics Summer 2014 •Rules and Regulations • The bell • Raise hands • Cell phones • IPods • drinks • Lateness & Breaks • Summer School rules • Any questions?
- 4. Today’s topics • Rules •Opening grades • What is “economics”? • Economic Vocabulary • Opportunity costs • Factors of Production • Economic System • Entrepreneurship
- 5. Economics Summer 2014 •Syllabus • Stuff to bring: • Pencil/pen • Calculator • Notebook • Partner • Any questions?
- 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. 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. 1st Assignment – Sheetof 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. Opportunity Cost • Nextbest option • Example: What you gave up to be here • “I don’t get paid to be here”.
- 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. Economics • People facetrade- offs • Hundreds of choices each day • Every choice means you refuse something else
- 12. Economists • Study how peoplemake choices • Influential but not always famous • Only 1 US president with econ degree Alan Greenspan Ben Stein
- 13. Choice this morning •Get up when alarm goes off OR Hit the snooze
- 14. Choice #1 Get upwhen alarm goes off Choice #2 Snooze for 10 more minutes At least 2 benefits Check the one you did today Benefits refused #3
- 15. Choosing is refusing • Yournext best option: • Opportunity cost • All choices involve cost 4. Household example 5. Government example 6. Other example
- 16. Economics? The science ofhow 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. Mercantilism 1500’s-1700’s • An economic theorythat 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. Economics as afield Economics Finance Industrial Organization Sociology Marketing Public Choice Resource Management Cousin to Accounting Combines, history, math, psychology, political science
- 19. Economist • A personwho studies Economics • Analyze, explain, predict Ben Stein in Ferris Buhler’s Day Off Show Dangerfield clip
- 20. Problem for humans •People have unlimited wants • People have limited resources to get those wants • We call this problem: Scarcity
- 22. Opportunity Cost • Whatyou 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
- 23. Opportunity Costs ofGoing to College
- 24. Source: US Bureauof 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
- 25. Assuming a personworks 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!
- 26. In millions ofdollars; based on 1997-1999 work experience Source: US Bureau of Labor Statistics Why is this important?
- 27. Next Assignment 1. Describea 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?
- 28. Opportunity Cost • Nextbest option • Example: What you gave up to be here • “I don’t get paid to be here”.
- 29. There Is NoSuch Thing as A Free Lunch • Opportunity Cost • There is no such thing as a free lunch (or breakfast) • TNSTAFL
- 30. There Is NoSuch Thing as A Free Lunch
- 31. There Is NoSuch Thing as A Free Lunch • Opportunity Cost
- 32. There Is NoSuch Thing as A Free Lunch
- 33. There Is NoSuch Thing as A Free Lunch
- 34. There Is NoSuch Thing as A Free Lunch
- 35.
- 36. One paper pergroup 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
- 37. One paper pergroup 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
- 38. Lets analyze ahow a business works • Economists call a business or non-profit: a “firm”
- 39. What economic opportunitiesdo you see in this picture? May 2008
- 40. Factors of Production •Items we need to be in business • 3 categories + 4th idea
- 41. Land • Any naturalresource • Not made by people • Examples?
- 42. Labor • People working •Wages $ • Benefits
- 43. Human Capital • Skills,experience, education a person has • It’s the reason doctors are paid more than sandwich artists
- 44. Capital • Goods usedto create other goods/services • Usually the largest cost for entrepreneurs • Explanation for “Capitalism”
- 45. Let’s build anew Circle K! • Land • Labor • Capital
- 46. 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
- 47. 1. What areyour 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
- 48. How old arepersonal computers? 1989
- 49. Entrepreneurs still openfor business Source: Scott Shane Small Business Trends
- 50. • Risk takerswho 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
- 52. • 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
- 53. Group Activity “Entrepreneurship” •Groups of 3, Design a brand new business One a single sheet of paper with everyone’s name answer these ?