Understanding the Impact of Resources on Economics
The content covers various aspects of entrepreneurship, resource availability, value, scarcity, and shortage in Economics. It prompts reflection on valuable resources, their impact on prices, and the dynamics between producers and consumers. Through discussions and examples, the content seeks to deepen understanding of how resource availability influences economic activities.
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Presentation Transcript
WARM UP What kind of Entrepreneurship did you create? Why is this an example of an Entrepreneurship?
HOMEWORK: FILL OUT STUDY GUIDE Write 1 sentence for each term on the study guide which describes the meaning of the word and its connection to Economics
LOOKING AHEAD First Quiz Next Week
LEARNING OBJECTIVES Engage in Collaborative Learning Analyze resources and value Interpret how availability of resources impacts Economics
DISCUSSION What is a resource? What does it mean for something to have value? What resource do you think is the most valuable in Brentwood? Why? What resource do you think is the most valuable in the United States? Why? What resource do you think is the most valuable in the world? Why?
THINKING ABOUT VALUE IN YOUR LIFE Write down the three goods which are most valuable to you Next to each good, in one sentence, explain why this good is so valuable to you
AVAILABILITY AND SHORTAGE Availability: The extent to which there are enough resources for people to get Scarcity: There are not enough resources for everyone s needs and wants Shortage: So many people want a resource that the producer of the resource has to change the price Producer: Someone who makes a good or service Consumer: Someone who buys a good or service
CHECK FOR UNDERSTANDING How do you think the availability of resources will impact the price of the good/service? If there is a shortage of resources, is that better for the consumer or the producer of the good/service? What is the difference between scarcity and shortage?
EXPERIMENT: THE CHIPS EXPERIMENT Each student has 10 dollars There are 15 Bags of Chips available 1 Bag of Chips=$1.00 You can only buy 1 Bag of Chips in the first Round There will be More Purchasing Rounds after the First Round
THINKING ABOUT THE EXPERIMENT In 2-3 sentences, explain what this experiment tells you about how availability, scarcity, and shortage impact pricing?
CHAPTER 1, LESSON 2: SCARCITY, CHOICES, AND OPPORTUNITY COST Read Chapter 1, Lesson 2 Answer questions 1-7 in Lesson 2 Review on a separate sheet of paper
WARM UP What is Availability? How does availability impact pricing?
HOMEWORK: FILL OUT STUDY GUIDE Write 1 sentence for each term on the study guide which describes the meaning of the word and its connection to Economics
LOOKING AHEAD Quiz Next Week
LEARNING OBJECTIVES Engage in Visual and Auditory Learning Analyze the meaning of Trade Offs and Thinking at the Margin Interpret how Opportunity Cost impacts your own life
REVIEW SHEET Matching Section: Write the correct letter next to the correct number (NOT A BUNCH OF LINES CRISS-CROSSING) Create an Entrepreneur Flow Chart on the back of the paper using the information I gave you
TRADE OFFS Trade-Offs: Making a decision that leads to someone having to decide between one choice or another Example: Since I love Pugs, I decided to get Biggie rather than a Pitbull
TRADE-OFFS IN YOUR LIFE The class is going out to eat at a restaurant. We have to decide what type of food we are going to eat 1. What are your three favorite restaurants? 2. What are good things about going to these restaurants? 3. What are bad things about going to these restaurants? After you have answered these questions, as a class, we will decide where we are going to eat based on good and bad things about these restaurants
CHECK FOR UNDERSTANDING How did our restaurant activity show a Trade-Off???
OPPORTUNITY COST Opportunity-A chance to do something Opportunity Cost-The best choice lost due to a decision being made In our restaurant activity, what was the Opportunity Cost of our decision? In our Chips Experiment , what was your Opportunity Cost? Think of the most important decision that you have made since school started what was the Opportunity Cost of this decision?
OPPORTUNITY COST IN THE MEDIA Bend it Like Beckham: https://www.youtube.com/watch?v=-sETt_XmwSE What was the Opportunity Cost for this woman to play soccer? The Hurt Locker: https://www.youtube.com/watch?v=jA713R-tRh0 https://www.youtube.com/watch?v=3PgbNQU3cYo What is the Opportunity Cost for this soldier of fighting in Iraq? Creed: https://www.youtube.com/watch?v=IxjbQ8YIbKI What is the Opportunity Cost for Creed if he lets Rocky become his trainer? What is the Opportunity Cost for Rocky if he becomes Creed s trainer?
THINKING AT THE MARGIN Thinking at the Margin: Deciding how much more or less to do http://yadayadayadaecon.com/clip/7/ What decisions does Jerry have to make? How are these decisions examples of Thinking at the Margin ? What are the possible Opportunity Costs of these decisions?
WARM UP What is a decision? How do you make decisions?
HOMEWORK: COMPLETE STUDY GUIDE Write 1 sentence for each term on the study guide which describes the meaning of the word and its connection to Economics
LEARNING OBJECTIVES Analyze Decision-Making Grids Apply Economic Principles to your own life Prepare for Quiz
LOOKING AHEAD Quiz= 2 classes
DECISION-MAKING GRID A Decision-Making Grid includes the following: Decision- Making a choice to do something Benefit- Goods things about that choice Cost- Bad things about that choice
EXAMPLE: SHOULD I PLAY SOCCER OR TENNIS I will play Soccer Decision I will play Tennis Benefit More Exercise More people watch More chance to stand out Less Competition Cost Less chance to stand out More Competition LessExercise Fewer people watch
DECISION-MAKING GRID You will be making a Decision-Making Grid for the following decisions: 1.Sleep longer in the morning or getting up early to study for the quiz 2.Downloading music without paying for it 3.What you want to do after high school
CHECK FOR UNDERSTANDING What is the difference between a cost and an opportunity cost?
QUIZ REVIEW SHEET Fill out the matching section Write an example for each term Create an Entrepreneur Flow Chart
CHARADES You will get a card with a word or concept that is going to be on the quiz You have to get someone from the class to guess the wordWITHOUT MAKING SOUNDS OR NOISE (YOU CAN T SAY ANYTHING) If you get someone to guess the word without saying anything, you will get 3 points extra credit on the quiz
CREATE YOUR OWN QUIZ What questions do you think will be on the quiz next week? Create your own quiz based on what you think will be on the quiz! Your quiz needs to have a matching section with ten vocabulary terms Your quiz needs to have a multiple choice section with five different questions, with four choices for each question DON T ANSWER YOUR OWN QUESTIONS!!! You just creating your own quiz, not taking a quiz
WARM UP Write down three questions that you have about the content of the quiz next class Exp. What do you need to put in a decision-making grid?
HOMEWORK: COMPLETE STUDY GUIDE Write 1 sentence for each term on the study guide which describes the meaning of the word and its connection to Economics
LEARNING OBJECTIVES Synthesize the Basics of Economics Review material that will be on quiz Engage in Collaborative Learning
QUIZ=NEXT CLASS MAKE SURE YOU STUDY
PAIR-SHARE WARM UPS Switch your warm up with a partner Answer your partner s questions Switch back and see if you both understand ASK QUESTIONS IF YOU DON T UNDERSTAND
KAHOOT.IT THIS IS THE ONLY TIME YOU WILL BE ALLOWED TO USE YOUR CELL PHONES Login to Kahoot.IT Put in your name Enter the Pin Code that I will show you
JEOPARDY RULES: Your group will be allowed to choose which category they want to answer a question from Once someone from your group answers: that is the group s final answer to the question! Your group has 1:00 minute to answer the question If your group gets the question wrong, the question goes to the group after you, and they have 30 seconds to answer the question If someone in your group doesn t follow the Class Norms, your whole group will lose points
RE-WRITE THE LYRICS TO A SONG In a group of 4-5, pick a song of your choice, and rewrite the lyrics using terms, concepts, and ideas that will be on the quiz You have to write out a script for your song The script has to have at least ten lines and include lyrics that will help you review for the quiz
