This document contains notes and slides from an economics lesson on key concepts. It introduces vocabulary terms related to economics like scarcity, resources, choice, opportunity cost, supply, demand, production, and consumption. It also describes an activity called "The Bachelor" where students work in groups to create persuasive speeches about economics concepts to win the affection of "Mr. Economics". Homework involves practicing with the principles of economics.

1. NEW SEATS! NEW SEATS! NEW
SEATS!
#GAHHHHHHHHH!

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. Do-Now
 Please work on your pre-test silently.

4. Announcements
 Best break ever?!
 Game tomorrow night
 Envelope & stamp
 State & Local Govt Projects
 Teacher’s Pet Contest update; ends on
Wednesday

5. Review
 What on earth did we do/talk about before break?

6. THE AMERICAN ECONOMIC
SYSTEM
NEW UNIT

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. Key Concepts of Economics
Lesson 1, Unit: American Economic
System

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. 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. Unit Vocabulary, Part 1
Notes

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. 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. Vocabulary:
 Production: The combining of
human, natural, capital, and entrepreneurial
resources to make goods or provide services.
 Consumption: Using goods and services

15. The Bachelor

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. 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. Questions?
The Bachelor

19. Homework
Get Excited!

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.