Foundations of Government and Economics • Why do we take AGES? ▫ What do both have in common? • Video: The Tarnished Dreams • Government and economics deal with people and their decision making • To start the course…
Foundations of Government and Economics Why do we take AGES? ▫What do both have in common? Video: The Tarnished Dreams Government and economics deal with.
Dec 24, 2015
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Transcript
Foundations of Government and EconomicsbullWhy do we take AGES
What do both have in commonbullVideo The Tarnished DreamsbullGovernment and economics deal with
people and their decision makingbullTo start the coursehellip
On your blank piece of paperhellip
bullDivide your paper into four sections (fold)
bullUse the prompt on the board to defineidentifydraw given what you know now Do not write on the back because we will use both sides
Define it in your own words
L
i
s
t
s
i
m
il
a
r
w
o
r
d
s
c
o
n
c
ep
t
s
fr
o
m
c
u
rr
e
n
t
n
e
w
s
Government
Warm-Up 1 - 9414
bullIn your journal please write down a definition of the term GOVERNMENT in your own words
Introductory thoughts hellip
bullhttpcongressindianaedue-learning-module-the-impact-congress
2 How about to your life
Relationship between economics amp government
Make a List
CaricaturesWhat are they
a drawing that makes someone look funny or foolish because some part of the persons appearance is exaggerated
Use of symbols or other items that represent an idea associated with the person or topic
CARICATURES
HOW WOULD YOU DRAWAMERICA AS A CARICATURE
- Man or woman- Young or old- Fit or fat- Attractive or ugly- What symbols would come associated with it A
truck A tank A hybrid
On your paper draw America as you envision it as a caricature Must have color and at least two symbolsitemsaccessories
No stick figures
YOUR CARICATURE MUST
- Have color
- Be of America and how you view our country
- Include symbolsitemsaccessories that represent how you view our country
- Have a reasonable explanation for how it looks
PLANNINGHow do I view America Positively Negatively How can I represent this What colors can I use to show my view What are some major issues in America today How can I represent these in my caricature
Warm Up -2a- 9514The New York Times and CBS News Pollhellip
How much of the time do you think you can trust the government in Washington to do what is right just about always most of the time or only some of the timerdquo 5 (1 person in 20) responded ldquojust about
alwaysrdquo 4 responded ldquomost of the timerdquo 87 responded ldquoonly some of the timerdquo 4 responded never
How can you link this poll to why it is important to study our government and economic system
Warm up 2bndash In Journal-
Economist and Politician Assumptions
bull When studying humans people in politics and economics think abouthellip
bull Self worth individuals have worth and value their lives
bull Self interest people pursue their own interests to improve their lives
bull CompetitionCooperation When seeking self-interest in a community or society people tend to do cooperate or compete depending on desired outcome
bull Equilibrium Balance of competing forces
Individualism
bullWhat words do you associate with individualism
bullOur definitionideology or social outlook that emphasizes
the moral worth of the individual
Quote activity
bullTeacher will count you off by 6bullThe first 5 minutes you will on your own
sort your quotes by what you agree with and what you do not this is a quiet activityWrite ldquoArdquo ldquoDrdquo or ldquoIrdquo next to each quote on
your sheetbull You may then have 10 minutes to share
your opinions and ideas then create a ldquomaster listrdquo of agrees vs disagrees
Quote breakdown
bull Individualism ldquoRemember always that you not only have the right to be an individual you have an
obligation to be onerdquo ldquoYou have your way I have my way As for the right way the correct way and the only
way it does not existrdquo
bull Collectivism ldquoWe must stop thinking of the individual and start thinking of what is best for
societyrdquo ldquoAn individual has not started living until he can rise above the narrow
confines of his individualistic concerns to the broader concerns of all humanityrdquo
bull Individual and Society ldquoFreedom morality and the human dignity of the individual consists precisely in this
that he does good not because he is forced to do so but because he freely conceives it wants it and loves it
ldquoAll that is valuable in human society depends upon the opportunity for development accorded the individualrdquo
ldquoWe are of course a nation of differences Those differences donrsquot make us weak Theyrsquore a source of our strengthrdquo
Warm Up 3- Current Event 9814
bullTake a minute to write about a current event you have recently learned about within the past week
Purpose of Government
We the People of the United States in Order to form a more perfect Union establish Justice insure domestic Tranquility provide for the common defense promote the general Welfare and secure the Blessings of Liberty to ourselves and our Posterity do ordain and establish this Constitution for the United States of America
According to the Preamble what are the 6 purposes of our government
Purpose of Government
form a more perfect Union establish Justice the law must be
reasonable fair and impartialinsure domestic Tranquility order is
essential to the well-being of societyprovide for the common defensepromote the general Welfaresecure the Blessings of Liberty
guarantee civil rights and liberties
3 Theorists bullThree classical theorists believed in the
need for government for different reasonsEach reason accepted the assumption that
men are invested in their own self-interestbullHobbes Locke Rousseau
ActivitybullWalk around the room to the quotes and ideas bullDecide which idea is a belief about a form of
governmentbullDecide which idea is a belief about the natural
state of manbullBased on these ideas decide which quote
belongs to which theoristbullExplain the quote in your own words and how
it relates to each personrsquos beliefs about government and the natural state of man
Origins of American Government A customized government
bullEnglish Enlightenment Thinkersrsquo Contributions Thomas Hobbes
Developed notion of social contract between rulers and their subjects
Believed people were too selfish to govern themselves
ldquoAll mankind [has] a perpetual and restless desire of powerhellipthat ceaseth only in deathrdquo
Origins of American Government A customized government
bullEnglish Enlightenment Thinkersrsquo ContributionsJohn Locke
Ideas helped lay foundations for democratic government
Believed people formed governments to protect their rights and were innately good
ldquoThe end [purpose] of law is not to abolish or restrain but to preserve and enlarge freedomrdquo
Origins of American Government A customized government
bullFrench Enlightenment Thinkersrsquo Contributions Jean-Jacques Rousseau
Believed people were naturally good but corrupted and enslaved by society
Believed government had a duty to secure freedom for their people and if they did not they had no right to exist
ldquoForce does not create right obedience is due to only legitimate powersrdquo
With which theory do you agree more Why
John Locke Thomas Hobbes
The ldquoOriginal DilemmardquobullAll three theorists wrote about the need and
purpose of government Government needs to attain power from the
people in order to perform any functions
CLOSURE How much power is too much How much
liberty should be given up hellip bullThis represented a debated trade offhellip
Clash of order and freedom= Original Dilemma
Warm Up 5 Hobbes and Locke
Hobbes
Locke
Draw a venn diagram like the one below and write in the similarities and differences of the two men as discussed
Groups Block 2Group 1Joe BKeeleyOwenMichael CathersJeffMichelleCasey
Group 2SheredanCassidyKimAllieMike DriverMelissaAustin
Group 3JasonShayneMikalaDaniAmandaMichael SNicoleta
Group 4Mike KingChris ConteKarlyRyanKatieDJ
Groups Block 4Group 1Alex BNinaJasonCoreyTrystanBrianNick S
Group 2JakeShawnKatieDrewWyattKatAshlyn
Group 3JennaCeatonJeffLivSteveGarciaTom
Group 4SuzetteJulianneAlekDanScottSpenserNick R
Balloon Game Objective
To be the team with the most filled balloons taped into the square on the board Rules
1 No running 2 No touching classmates hellip that does
not mean you canrsquot touch their balloons hellip
3 No removal of balloons once they are taped to the board
You will have less than 5 minutes to come up with a strategy in your group
You will have 10 minutes to get as many filled balloons on the square as possible
End
On your blank piece of paperhellip
bullDivide your paper into four sections (fold)
bullUse the prompt on the board to defineidentifydraw given what you know now Do not write on the back because we will use both sides
Define it in your own words
L
i
s
t
s
i
m
il
a
r
w
o
r
d
s
c
o
n
c
ep
t
s
fr
o
m
c
u
rr
e
n
t
n
e
w
s
Government
Warm-Up 1 - 9414
bullIn your journal please write down a definition of the term GOVERNMENT in your own words
Introductory thoughts hellip
bullhttpcongressindianaedue-learning-module-the-impact-congress
2 How about to your life
Relationship between economics amp government
Make a List
CaricaturesWhat are they
a drawing that makes someone look funny or foolish because some part of the persons appearance is exaggerated
Use of symbols or other items that represent an idea associated with the person or topic
CARICATURES
HOW WOULD YOU DRAWAMERICA AS A CARICATURE
- Man or woman- Young or old- Fit or fat- Attractive or ugly- What symbols would come associated with it A
truck A tank A hybrid
On your paper draw America as you envision it as a caricature Must have color and at least two symbolsitemsaccessories
No stick figures
YOUR CARICATURE MUST
- Have color
- Be of America and how you view our country
- Include symbolsitemsaccessories that represent how you view our country
- Have a reasonable explanation for how it looks
PLANNINGHow do I view America Positively Negatively How can I represent this What colors can I use to show my view What are some major issues in America today How can I represent these in my caricature
Warm Up -2a- 9514The New York Times and CBS News Pollhellip
How much of the time do you think you can trust the government in Washington to do what is right just about always most of the time or only some of the timerdquo 5 (1 person in 20) responded ldquojust about
alwaysrdquo 4 responded ldquomost of the timerdquo 87 responded ldquoonly some of the timerdquo 4 responded never
How can you link this poll to why it is important to study our government and economic system
Warm up 2bndash In Journal-
Economist and Politician Assumptions
bull When studying humans people in politics and economics think abouthellip
bull Self worth individuals have worth and value their lives
bull Self interest people pursue their own interests to improve their lives
bull CompetitionCooperation When seeking self-interest in a community or society people tend to do cooperate or compete depending on desired outcome
bull Equilibrium Balance of competing forces
Individualism
bullWhat words do you associate with individualism
bullOur definitionideology or social outlook that emphasizes
the moral worth of the individual
Quote activity
bullTeacher will count you off by 6bullThe first 5 minutes you will on your own
sort your quotes by what you agree with and what you do not this is a quiet activityWrite ldquoArdquo ldquoDrdquo or ldquoIrdquo next to each quote on
your sheetbull You may then have 10 minutes to share
your opinions and ideas then create a ldquomaster listrdquo of agrees vs disagrees
Quote breakdown
bull Individualism ldquoRemember always that you not only have the right to be an individual you have an
obligation to be onerdquo ldquoYou have your way I have my way As for the right way the correct way and the only
way it does not existrdquo
bull Collectivism ldquoWe must stop thinking of the individual and start thinking of what is best for
societyrdquo ldquoAn individual has not started living until he can rise above the narrow
confines of his individualistic concerns to the broader concerns of all humanityrdquo
bull Individual and Society ldquoFreedom morality and the human dignity of the individual consists precisely in this
that he does good not because he is forced to do so but because he freely conceives it wants it and loves it
ldquoAll that is valuable in human society depends upon the opportunity for development accorded the individualrdquo
ldquoWe are of course a nation of differences Those differences donrsquot make us weak Theyrsquore a source of our strengthrdquo
Warm Up 3- Current Event 9814
bullTake a minute to write about a current event you have recently learned about within the past week
Purpose of Government
We the People of the United States in Order to form a more perfect Union establish Justice insure domestic Tranquility provide for the common defense promote the general Welfare and secure the Blessings of Liberty to ourselves and our Posterity do ordain and establish this Constitution for the United States of America
According to the Preamble what are the 6 purposes of our government
Purpose of Government
form a more perfect Union establish Justice the law must be
reasonable fair and impartialinsure domestic Tranquility order is
essential to the well-being of societyprovide for the common defensepromote the general Welfaresecure the Blessings of Liberty
guarantee civil rights and liberties
3 Theorists bullThree classical theorists believed in the
need for government for different reasonsEach reason accepted the assumption that
men are invested in their own self-interestbullHobbes Locke Rousseau
ActivitybullWalk around the room to the quotes and ideas bullDecide which idea is a belief about a form of
governmentbullDecide which idea is a belief about the natural
state of manbullBased on these ideas decide which quote
belongs to which theoristbullExplain the quote in your own words and how
it relates to each personrsquos beliefs about government and the natural state of man
Origins of American Government A customized government
bullEnglish Enlightenment Thinkersrsquo Contributions Thomas Hobbes
Developed notion of social contract between rulers and their subjects
Believed people were too selfish to govern themselves
ldquoAll mankind [has] a perpetual and restless desire of powerhellipthat ceaseth only in deathrdquo
Origins of American Government A customized government
bullEnglish Enlightenment Thinkersrsquo ContributionsJohn Locke
Ideas helped lay foundations for democratic government
Believed people formed governments to protect their rights and were innately good
ldquoThe end [purpose] of law is not to abolish or restrain but to preserve and enlarge freedomrdquo
Origins of American Government A customized government
bullFrench Enlightenment Thinkersrsquo Contributions Jean-Jacques Rousseau
Believed people were naturally good but corrupted and enslaved by society
Believed government had a duty to secure freedom for their people and if they did not they had no right to exist
ldquoForce does not create right obedience is due to only legitimate powersrdquo
With which theory do you agree more Why
John Locke Thomas Hobbes
The ldquoOriginal DilemmardquobullAll three theorists wrote about the need and
purpose of government Government needs to attain power from the
people in order to perform any functions
CLOSURE How much power is too much How much
liberty should be given up hellip bullThis represented a debated trade offhellip
Clash of order and freedom= Original Dilemma
Warm Up 5 Hobbes and Locke
Hobbes
Locke
Draw a venn diagram like the one below and write in the similarities and differences of the two men as discussed
Groups Block 2Group 1Joe BKeeleyOwenMichael CathersJeffMichelleCasey
Group 2SheredanCassidyKimAllieMike DriverMelissaAustin
Group 3JasonShayneMikalaDaniAmandaMichael SNicoleta
Group 4Mike KingChris ConteKarlyRyanKatieDJ
Groups Block 4Group 1Alex BNinaJasonCoreyTrystanBrianNick S
Group 2JakeShawnKatieDrewWyattKatAshlyn
Group 3JennaCeatonJeffLivSteveGarciaTom
Group 4SuzetteJulianneAlekDanScottSpenserNick R
Balloon Game Objective
To be the team with the most filled balloons taped into the square on the board Rules
1 No running 2 No touching classmates hellip that does
not mean you canrsquot touch their balloons hellip
3 No removal of balloons once they are taped to the board
You will have less than 5 minutes to come up with a strategy in your group
You will have 10 minutes to get as many filled balloons on the square as possible
End
Define it in your own words
L
i
s
t
s
i
m
il
a
r
w
o
r
d
s
c
o
n
c
ep
t
s
fr
o
m
c
u
rr
e
n
t
n
e
w
s
Government
Warm-Up 1 - 9414
bullIn your journal please write down a definition of the term GOVERNMENT in your own words
Introductory thoughts hellip
bullhttpcongressindianaedue-learning-module-the-impact-congress
2 How about to your life
Relationship between economics amp government
Make a List
CaricaturesWhat are they
a drawing that makes someone look funny or foolish because some part of the persons appearance is exaggerated
Use of symbols or other items that represent an idea associated with the person or topic
CARICATURES
HOW WOULD YOU DRAWAMERICA AS A CARICATURE
- Man or woman- Young or old- Fit or fat- Attractive or ugly- What symbols would come associated with it A
truck A tank A hybrid
On your paper draw America as you envision it as a caricature Must have color and at least two symbolsitemsaccessories
No stick figures
YOUR CARICATURE MUST
- Have color
- Be of America and how you view our country
- Include symbolsitemsaccessories that represent how you view our country
- Have a reasonable explanation for how it looks
PLANNINGHow do I view America Positively Negatively How can I represent this What colors can I use to show my view What are some major issues in America today How can I represent these in my caricature
Warm Up -2a- 9514The New York Times and CBS News Pollhellip
How much of the time do you think you can trust the government in Washington to do what is right just about always most of the time or only some of the timerdquo 5 (1 person in 20) responded ldquojust about
alwaysrdquo 4 responded ldquomost of the timerdquo 87 responded ldquoonly some of the timerdquo 4 responded never
How can you link this poll to why it is important to study our government and economic system
Warm up 2bndash In Journal-
Economist and Politician Assumptions
bull When studying humans people in politics and economics think abouthellip
bull Self worth individuals have worth and value their lives
bull Self interest people pursue their own interests to improve their lives
bull CompetitionCooperation When seeking self-interest in a community or society people tend to do cooperate or compete depending on desired outcome
bull Equilibrium Balance of competing forces
Individualism
bullWhat words do you associate with individualism
bullOur definitionideology or social outlook that emphasizes
the moral worth of the individual
Quote activity
bullTeacher will count you off by 6bullThe first 5 minutes you will on your own
sort your quotes by what you agree with and what you do not this is a quiet activityWrite ldquoArdquo ldquoDrdquo or ldquoIrdquo next to each quote on
your sheetbull You may then have 10 minutes to share
your opinions and ideas then create a ldquomaster listrdquo of agrees vs disagrees
Quote breakdown
bull Individualism ldquoRemember always that you not only have the right to be an individual you have an
obligation to be onerdquo ldquoYou have your way I have my way As for the right way the correct way and the only
way it does not existrdquo
bull Collectivism ldquoWe must stop thinking of the individual and start thinking of what is best for
societyrdquo ldquoAn individual has not started living until he can rise above the narrow
confines of his individualistic concerns to the broader concerns of all humanityrdquo
bull Individual and Society ldquoFreedom morality and the human dignity of the individual consists precisely in this
that he does good not because he is forced to do so but because he freely conceives it wants it and loves it
ldquoAll that is valuable in human society depends upon the opportunity for development accorded the individualrdquo
ldquoWe are of course a nation of differences Those differences donrsquot make us weak Theyrsquore a source of our strengthrdquo
Warm Up 3- Current Event 9814
bullTake a minute to write about a current event you have recently learned about within the past week
Purpose of Government
We the People of the United States in Order to form a more perfect Union establish Justice insure domestic Tranquility provide for the common defense promote the general Welfare and secure the Blessings of Liberty to ourselves and our Posterity do ordain and establish this Constitution for the United States of America
According to the Preamble what are the 6 purposes of our government
Purpose of Government
form a more perfect Union establish Justice the law must be
reasonable fair and impartialinsure domestic Tranquility order is
essential to the well-being of societyprovide for the common defensepromote the general Welfaresecure the Blessings of Liberty
guarantee civil rights and liberties
3 Theorists bullThree classical theorists believed in the
need for government for different reasonsEach reason accepted the assumption that
men are invested in their own self-interestbullHobbes Locke Rousseau
ActivitybullWalk around the room to the quotes and ideas bullDecide which idea is a belief about a form of
governmentbullDecide which idea is a belief about the natural
state of manbullBased on these ideas decide which quote
belongs to which theoristbullExplain the quote in your own words and how
it relates to each personrsquos beliefs about government and the natural state of man
Origins of American Government A customized government
bullEnglish Enlightenment Thinkersrsquo Contributions Thomas Hobbes
Developed notion of social contract between rulers and their subjects
Believed people were too selfish to govern themselves
ldquoAll mankind [has] a perpetual and restless desire of powerhellipthat ceaseth only in deathrdquo
Origins of American Government A customized government
bullEnglish Enlightenment Thinkersrsquo ContributionsJohn Locke
Ideas helped lay foundations for democratic government
Believed people formed governments to protect their rights and were innately good
ldquoThe end [purpose] of law is not to abolish or restrain but to preserve and enlarge freedomrdquo
Origins of American Government A customized government
bullFrench Enlightenment Thinkersrsquo Contributions Jean-Jacques Rousseau
Believed people were naturally good but corrupted and enslaved by society
Believed government had a duty to secure freedom for their people and if they did not they had no right to exist
ldquoForce does not create right obedience is due to only legitimate powersrdquo
With which theory do you agree more Why
John Locke Thomas Hobbes
The ldquoOriginal DilemmardquobullAll three theorists wrote about the need and
purpose of government Government needs to attain power from the
people in order to perform any functions
CLOSURE How much power is too much How much
liberty should be given up hellip bullThis represented a debated trade offhellip
Clash of order and freedom= Original Dilemma
Warm Up 5 Hobbes and Locke
Hobbes
Locke
Draw a venn diagram like the one below and write in the similarities and differences of the two men as discussed
Groups Block 2Group 1Joe BKeeleyOwenMichael CathersJeffMichelleCasey
Group 2SheredanCassidyKimAllieMike DriverMelissaAustin
Group 3JasonShayneMikalaDaniAmandaMichael SNicoleta
Group 4Mike KingChris ConteKarlyRyanKatieDJ
Groups Block 4Group 1Alex BNinaJasonCoreyTrystanBrianNick S
Group 2JakeShawnKatieDrewWyattKatAshlyn
Group 3JennaCeatonJeffLivSteveGarciaTom
Group 4SuzetteJulianneAlekDanScottSpenserNick R
Balloon Game Objective
To be the team with the most filled balloons taped into the square on the board Rules
1 No running 2 No touching classmates hellip that does
not mean you canrsquot touch their balloons hellip
3 No removal of balloons once they are taped to the board
You will have less than 5 minutes to come up with a strategy in your group
You will have 10 minutes to get as many filled balloons on the square as possible
End
Warm-Up 1 - 9414
bullIn your journal please write down a definition of the term GOVERNMENT in your own words
Introductory thoughts hellip
bullhttpcongressindianaedue-learning-module-the-impact-congress
2 How about to your life
Relationship between economics amp government
Make a List
CaricaturesWhat are they
a drawing that makes someone look funny or foolish because some part of the persons appearance is exaggerated
Use of symbols or other items that represent an idea associated with the person or topic
CARICATURES
HOW WOULD YOU DRAWAMERICA AS A CARICATURE
- Man or woman- Young or old- Fit or fat- Attractive or ugly- What symbols would come associated with it A
truck A tank A hybrid
On your paper draw America as you envision it as a caricature Must have color and at least two symbolsitemsaccessories
No stick figures
YOUR CARICATURE MUST
- Have color
- Be of America and how you view our country
- Include symbolsitemsaccessories that represent how you view our country
- Have a reasonable explanation for how it looks
PLANNINGHow do I view America Positively Negatively How can I represent this What colors can I use to show my view What are some major issues in America today How can I represent these in my caricature
Warm Up -2a- 9514The New York Times and CBS News Pollhellip
How much of the time do you think you can trust the government in Washington to do what is right just about always most of the time or only some of the timerdquo 5 (1 person in 20) responded ldquojust about
alwaysrdquo 4 responded ldquomost of the timerdquo 87 responded ldquoonly some of the timerdquo 4 responded never
How can you link this poll to why it is important to study our government and economic system
Warm up 2bndash In Journal-
Economist and Politician Assumptions
bull When studying humans people in politics and economics think abouthellip
bull Self worth individuals have worth and value their lives
bull Self interest people pursue their own interests to improve their lives
bull CompetitionCooperation When seeking self-interest in a community or society people tend to do cooperate or compete depending on desired outcome
bull Equilibrium Balance of competing forces
Individualism
bullWhat words do you associate with individualism
bullOur definitionideology or social outlook that emphasizes
the moral worth of the individual
Quote activity
bullTeacher will count you off by 6bullThe first 5 minutes you will on your own
sort your quotes by what you agree with and what you do not this is a quiet activityWrite ldquoArdquo ldquoDrdquo or ldquoIrdquo next to each quote on
your sheetbull You may then have 10 minutes to share
your opinions and ideas then create a ldquomaster listrdquo of agrees vs disagrees
Quote breakdown
bull Individualism ldquoRemember always that you not only have the right to be an individual you have an
obligation to be onerdquo ldquoYou have your way I have my way As for the right way the correct way and the only
way it does not existrdquo
bull Collectivism ldquoWe must stop thinking of the individual and start thinking of what is best for
societyrdquo ldquoAn individual has not started living until he can rise above the narrow
confines of his individualistic concerns to the broader concerns of all humanityrdquo
bull Individual and Society ldquoFreedom morality and the human dignity of the individual consists precisely in this
that he does good not because he is forced to do so but because he freely conceives it wants it and loves it
ldquoAll that is valuable in human society depends upon the opportunity for development accorded the individualrdquo
ldquoWe are of course a nation of differences Those differences donrsquot make us weak Theyrsquore a source of our strengthrdquo
Warm Up 3- Current Event 9814
bullTake a minute to write about a current event you have recently learned about within the past week
Purpose of Government
We the People of the United States in Order to form a more perfect Union establish Justice insure domestic Tranquility provide for the common defense promote the general Welfare and secure the Blessings of Liberty to ourselves and our Posterity do ordain and establish this Constitution for the United States of America
According to the Preamble what are the 6 purposes of our government
Purpose of Government
form a more perfect Union establish Justice the law must be
reasonable fair and impartialinsure domestic Tranquility order is
essential to the well-being of societyprovide for the common defensepromote the general Welfaresecure the Blessings of Liberty
guarantee civil rights and liberties
3 Theorists bullThree classical theorists believed in the
need for government for different reasonsEach reason accepted the assumption that
men are invested in their own self-interestbullHobbes Locke Rousseau
ActivitybullWalk around the room to the quotes and ideas bullDecide which idea is a belief about a form of
governmentbullDecide which idea is a belief about the natural
state of manbullBased on these ideas decide which quote
belongs to which theoristbullExplain the quote in your own words and how
it relates to each personrsquos beliefs about government and the natural state of man
Origins of American Government A customized government
bullEnglish Enlightenment Thinkersrsquo Contributions Thomas Hobbes
Developed notion of social contract between rulers and their subjects
Believed people were too selfish to govern themselves
ldquoAll mankind [has] a perpetual and restless desire of powerhellipthat ceaseth only in deathrdquo
Origins of American Government A customized government
bullEnglish Enlightenment Thinkersrsquo ContributionsJohn Locke
Ideas helped lay foundations for democratic government
Believed people formed governments to protect their rights and were innately good
ldquoThe end [purpose] of law is not to abolish or restrain but to preserve and enlarge freedomrdquo
Origins of American Government A customized government
bullFrench Enlightenment Thinkersrsquo Contributions Jean-Jacques Rousseau
Believed people were naturally good but corrupted and enslaved by society
Believed government had a duty to secure freedom for their people and if they did not they had no right to exist
ldquoForce does not create right obedience is due to only legitimate powersrdquo
With which theory do you agree more Why
John Locke Thomas Hobbes
The ldquoOriginal DilemmardquobullAll three theorists wrote about the need and
purpose of government Government needs to attain power from the
people in order to perform any functions
CLOSURE How much power is too much How much
liberty should be given up hellip bullThis represented a debated trade offhellip
Clash of order and freedom= Original Dilemma
Warm Up 5 Hobbes and Locke
Hobbes
Locke
Draw a venn diagram like the one below and write in the similarities and differences of the two men as discussed
Groups Block 2Group 1Joe BKeeleyOwenMichael CathersJeffMichelleCasey
Group 2SheredanCassidyKimAllieMike DriverMelissaAustin
Group 3JasonShayneMikalaDaniAmandaMichael SNicoleta
Group 4Mike KingChris ConteKarlyRyanKatieDJ
Groups Block 4Group 1Alex BNinaJasonCoreyTrystanBrianNick S
Group 2JakeShawnKatieDrewWyattKatAshlyn
Group 3JennaCeatonJeffLivSteveGarciaTom
Group 4SuzetteJulianneAlekDanScottSpenserNick R
Balloon Game Objective
To be the team with the most filled balloons taped into the square on the board Rules
1 No running 2 No touching classmates hellip that does
not mean you canrsquot touch their balloons hellip
3 No removal of balloons once they are taped to the board
You will have less than 5 minutes to come up with a strategy in your group
You will have 10 minutes to get as many filled balloons on the square as possible
End
Introductory thoughts hellip
bullhttpcongressindianaedue-learning-module-the-impact-congress
2 How about to your life
Relationship between economics amp government
Make a List
CaricaturesWhat are they
a drawing that makes someone look funny or foolish because some part of the persons appearance is exaggerated
Use of symbols or other items that represent an idea associated with the person or topic
CARICATURES
HOW WOULD YOU DRAWAMERICA AS A CARICATURE
- Man or woman- Young or old- Fit or fat- Attractive or ugly- What symbols would come associated with it A
truck A tank A hybrid
On your paper draw America as you envision it as a caricature Must have color and at least two symbolsitemsaccessories
No stick figures
YOUR CARICATURE MUST
- Have color
- Be of America and how you view our country
- Include symbolsitemsaccessories that represent how you view our country
- Have a reasonable explanation for how it looks
PLANNINGHow do I view America Positively Negatively How can I represent this What colors can I use to show my view What are some major issues in America today How can I represent these in my caricature
Warm Up -2a- 9514The New York Times and CBS News Pollhellip
How much of the time do you think you can trust the government in Washington to do what is right just about always most of the time or only some of the timerdquo 5 (1 person in 20) responded ldquojust about
alwaysrdquo 4 responded ldquomost of the timerdquo 87 responded ldquoonly some of the timerdquo 4 responded never
How can you link this poll to why it is important to study our government and economic system
Warm up 2bndash In Journal-
Economist and Politician Assumptions
bull When studying humans people in politics and economics think abouthellip
bull Self worth individuals have worth and value their lives
bull Self interest people pursue their own interests to improve their lives
bull CompetitionCooperation When seeking self-interest in a community or society people tend to do cooperate or compete depending on desired outcome
bull Equilibrium Balance of competing forces
Individualism
bullWhat words do you associate with individualism
bullOur definitionideology or social outlook that emphasizes
the moral worth of the individual
Quote activity
bullTeacher will count you off by 6bullThe first 5 minutes you will on your own
sort your quotes by what you agree with and what you do not this is a quiet activityWrite ldquoArdquo ldquoDrdquo or ldquoIrdquo next to each quote on
your sheetbull You may then have 10 minutes to share
your opinions and ideas then create a ldquomaster listrdquo of agrees vs disagrees
Quote breakdown
bull Individualism ldquoRemember always that you not only have the right to be an individual you have an
obligation to be onerdquo ldquoYou have your way I have my way As for the right way the correct way and the only
way it does not existrdquo
bull Collectivism ldquoWe must stop thinking of the individual and start thinking of what is best for
societyrdquo ldquoAn individual has not started living until he can rise above the narrow
confines of his individualistic concerns to the broader concerns of all humanityrdquo
bull Individual and Society ldquoFreedom morality and the human dignity of the individual consists precisely in this
that he does good not because he is forced to do so but because he freely conceives it wants it and loves it
ldquoAll that is valuable in human society depends upon the opportunity for development accorded the individualrdquo
ldquoWe are of course a nation of differences Those differences donrsquot make us weak Theyrsquore a source of our strengthrdquo
Warm Up 3- Current Event 9814
bullTake a minute to write about a current event you have recently learned about within the past week
Purpose of Government
We the People of the United States in Order to form a more perfect Union establish Justice insure domestic Tranquility provide for the common defense promote the general Welfare and secure the Blessings of Liberty to ourselves and our Posterity do ordain and establish this Constitution for the United States of America
According to the Preamble what are the 6 purposes of our government
Purpose of Government
form a more perfect Union establish Justice the law must be
reasonable fair and impartialinsure domestic Tranquility order is
essential to the well-being of societyprovide for the common defensepromote the general Welfaresecure the Blessings of Liberty
guarantee civil rights and liberties
3 Theorists bullThree classical theorists believed in the
need for government for different reasonsEach reason accepted the assumption that
men are invested in their own self-interestbullHobbes Locke Rousseau
ActivitybullWalk around the room to the quotes and ideas bullDecide which idea is a belief about a form of
governmentbullDecide which idea is a belief about the natural
state of manbullBased on these ideas decide which quote
belongs to which theoristbullExplain the quote in your own words and how
it relates to each personrsquos beliefs about government and the natural state of man
Origins of American Government A customized government
bullEnglish Enlightenment Thinkersrsquo Contributions Thomas Hobbes
Developed notion of social contract between rulers and their subjects
Believed people were too selfish to govern themselves
ldquoAll mankind [has] a perpetual and restless desire of powerhellipthat ceaseth only in deathrdquo
Origins of American Government A customized government
bullEnglish Enlightenment Thinkersrsquo ContributionsJohn Locke
Ideas helped lay foundations for democratic government
Believed people formed governments to protect their rights and were innately good
ldquoThe end [purpose] of law is not to abolish or restrain but to preserve and enlarge freedomrdquo
Origins of American Government A customized government
bullFrench Enlightenment Thinkersrsquo Contributions Jean-Jacques Rousseau
Believed people were naturally good but corrupted and enslaved by society
Believed government had a duty to secure freedom for their people and if they did not they had no right to exist
ldquoForce does not create right obedience is due to only legitimate powersrdquo
With which theory do you agree more Why
John Locke Thomas Hobbes
The ldquoOriginal DilemmardquobullAll three theorists wrote about the need and
purpose of government Government needs to attain power from the
people in order to perform any functions
CLOSURE How much power is too much How much
liberty should be given up hellip bullThis represented a debated trade offhellip
Clash of order and freedom= Original Dilemma
Warm Up 5 Hobbes and Locke
Hobbes
Locke
Draw a venn diagram like the one below and write in the similarities and differences of the two men as discussed
Groups Block 2Group 1Joe BKeeleyOwenMichael CathersJeffMichelleCasey
Group 2SheredanCassidyKimAllieMike DriverMelissaAustin
Group 3JasonShayneMikalaDaniAmandaMichael SNicoleta
Group 4Mike KingChris ConteKarlyRyanKatieDJ
Groups Block 4Group 1Alex BNinaJasonCoreyTrystanBrianNick S
Group 2JakeShawnKatieDrewWyattKatAshlyn
Group 3JennaCeatonJeffLivSteveGarciaTom
Group 4SuzetteJulianneAlekDanScottSpenserNick R
Balloon Game Objective
To be the team with the most filled balloons taped into the square on the board Rules
1 No running 2 No touching classmates hellip that does
not mean you canrsquot touch their balloons hellip
3 No removal of balloons once they are taped to the board
You will have less than 5 minutes to come up with a strategy in your group
You will have 10 minutes to get as many filled balloons on the square as possible
End
2 How about to your life
Relationship between economics amp government
Make a List
CaricaturesWhat are they
a drawing that makes someone look funny or foolish because some part of the persons appearance is exaggerated
Use of symbols or other items that represent an idea associated with the person or topic
CARICATURES
HOW WOULD YOU DRAWAMERICA AS A CARICATURE
- Man or woman- Young or old- Fit or fat- Attractive or ugly- What symbols would come associated with it A
truck A tank A hybrid
On your paper draw America as you envision it as a caricature Must have color and at least two symbolsitemsaccessories
No stick figures
YOUR CARICATURE MUST
- Have color
- Be of America and how you view our country
- Include symbolsitemsaccessories that represent how you view our country
- Have a reasonable explanation for how it looks
PLANNINGHow do I view America Positively Negatively How can I represent this What colors can I use to show my view What are some major issues in America today How can I represent these in my caricature
Warm Up -2a- 9514The New York Times and CBS News Pollhellip
How much of the time do you think you can trust the government in Washington to do what is right just about always most of the time or only some of the timerdquo 5 (1 person in 20) responded ldquojust about
alwaysrdquo 4 responded ldquomost of the timerdquo 87 responded ldquoonly some of the timerdquo 4 responded never
How can you link this poll to why it is important to study our government and economic system
Warm up 2bndash In Journal-
Economist and Politician Assumptions
bull When studying humans people in politics and economics think abouthellip
bull Self worth individuals have worth and value their lives
bull Self interest people pursue their own interests to improve their lives
bull CompetitionCooperation When seeking self-interest in a community or society people tend to do cooperate or compete depending on desired outcome
bull Equilibrium Balance of competing forces
Individualism
bullWhat words do you associate with individualism
bullOur definitionideology or social outlook that emphasizes
the moral worth of the individual
Quote activity
bullTeacher will count you off by 6bullThe first 5 minutes you will on your own
sort your quotes by what you agree with and what you do not this is a quiet activityWrite ldquoArdquo ldquoDrdquo or ldquoIrdquo next to each quote on
your sheetbull You may then have 10 minutes to share
your opinions and ideas then create a ldquomaster listrdquo of agrees vs disagrees
Quote breakdown
bull Individualism ldquoRemember always that you not only have the right to be an individual you have an
obligation to be onerdquo ldquoYou have your way I have my way As for the right way the correct way and the only
way it does not existrdquo
bull Collectivism ldquoWe must stop thinking of the individual and start thinking of what is best for
societyrdquo ldquoAn individual has not started living until he can rise above the narrow
confines of his individualistic concerns to the broader concerns of all humanityrdquo
bull Individual and Society ldquoFreedom morality and the human dignity of the individual consists precisely in this
that he does good not because he is forced to do so but because he freely conceives it wants it and loves it
ldquoAll that is valuable in human society depends upon the opportunity for development accorded the individualrdquo
ldquoWe are of course a nation of differences Those differences donrsquot make us weak Theyrsquore a source of our strengthrdquo
Warm Up 3- Current Event 9814
bullTake a minute to write about a current event you have recently learned about within the past week
Purpose of Government
We the People of the United States in Order to form a more perfect Union establish Justice insure domestic Tranquility provide for the common defense promote the general Welfare and secure the Blessings of Liberty to ourselves and our Posterity do ordain and establish this Constitution for the United States of America
According to the Preamble what are the 6 purposes of our government
Purpose of Government
form a more perfect Union establish Justice the law must be
reasonable fair and impartialinsure domestic Tranquility order is
essential to the well-being of societyprovide for the common defensepromote the general Welfaresecure the Blessings of Liberty
guarantee civil rights and liberties
3 Theorists bullThree classical theorists believed in the
need for government for different reasonsEach reason accepted the assumption that
men are invested in their own self-interestbullHobbes Locke Rousseau
ActivitybullWalk around the room to the quotes and ideas bullDecide which idea is a belief about a form of
governmentbullDecide which idea is a belief about the natural
state of manbullBased on these ideas decide which quote
belongs to which theoristbullExplain the quote in your own words and how
it relates to each personrsquos beliefs about government and the natural state of man
Origins of American Government A customized government
bullEnglish Enlightenment Thinkersrsquo Contributions Thomas Hobbes
Developed notion of social contract between rulers and their subjects
Believed people were too selfish to govern themselves
ldquoAll mankind [has] a perpetual and restless desire of powerhellipthat ceaseth only in deathrdquo
Origins of American Government A customized government
bullEnglish Enlightenment Thinkersrsquo ContributionsJohn Locke
Ideas helped lay foundations for democratic government
Believed people formed governments to protect their rights and were innately good
ldquoThe end [purpose] of law is not to abolish or restrain but to preserve and enlarge freedomrdquo
Origins of American Government A customized government
bullFrench Enlightenment Thinkersrsquo Contributions Jean-Jacques Rousseau
Believed people were naturally good but corrupted and enslaved by society
Believed government had a duty to secure freedom for their people and if they did not they had no right to exist
ldquoForce does not create right obedience is due to only legitimate powersrdquo
With which theory do you agree more Why
John Locke Thomas Hobbes
The ldquoOriginal DilemmardquobullAll three theorists wrote about the need and
purpose of government Government needs to attain power from the
people in order to perform any functions
CLOSURE How much power is too much How much
liberty should be given up hellip bullThis represented a debated trade offhellip
Clash of order and freedom= Original Dilemma
Warm Up 5 Hobbes and Locke
Hobbes
Locke
Draw a venn diagram like the one below and write in the similarities and differences of the two men as discussed
Groups Block 2Group 1Joe BKeeleyOwenMichael CathersJeffMichelleCasey
Group 2SheredanCassidyKimAllieMike DriverMelissaAustin
Group 3JasonShayneMikalaDaniAmandaMichael SNicoleta
Group 4Mike KingChris ConteKarlyRyanKatieDJ
Groups Block 4Group 1Alex BNinaJasonCoreyTrystanBrianNick S
Group 2JakeShawnKatieDrewWyattKatAshlyn
Group 3JennaCeatonJeffLivSteveGarciaTom
Group 4SuzetteJulianneAlekDanScottSpenserNick R
Balloon Game Objective
To be the team with the most filled balloons taped into the square on the board Rules
1 No running 2 No touching classmates hellip that does
not mean you canrsquot touch their balloons hellip
3 No removal of balloons once they are taped to the board
You will have less than 5 minutes to come up with a strategy in your group
You will have 10 minutes to get as many filled balloons on the square as possible
End
CaricaturesWhat are they
a drawing that makes someone look funny or foolish because some part of the persons appearance is exaggerated
Use of symbols or other items that represent an idea associated with the person or topic
CARICATURES
HOW WOULD YOU DRAWAMERICA AS A CARICATURE
- Man or woman- Young or old- Fit or fat- Attractive or ugly- What symbols would come associated with it A
truck A tank A hybrid
On your paper draw America as you envision it as a caricature Must have color and at least two symbolsitemsaccessories
No stick figures
YOUR CARICATURE MUST
- Have color
- Be of America and how you view our country
- Include symbolsitemsaccessories that represent how you view our country
- Have a reasonable explanation for how it looks
PLANNINGHow do I view America Positively Negatively How can I represent this What colors can I use to show my view What are some major issues in America today How can I represent these in my caricature
Warm Up -2a- 9514The New York Times and CBS News Pollhellip
How much of the time do you think you can trust the government in Washington to do what is right just about always most of the time or only some of the timerdquo 5 (1 person in 20) responded ldquojust about
alwaysrdquo 4 responded ldquomost of the timerdquo 87 responded ldquoonly some of the timerdquo 4 responded never
How can you link this poll to why it is important to study our government and economic system
Warm up 2bndash In Journal-
Economist and Politician Assumptions
bull When studying humans people in politics and economics think abouthellip
bull Self worth individuals have worth and value their lives
bull Self interest people pursue their own interests to improve their lives
bull CompetitionCooperation When seeking self-interest in a community or society people tend to do cooperate or compete depending on desired outcome
bull Equilibrium Balance of competing forces
Individualism
bullWhat words do you associate with individualism
bullOur definitionideology or social outlook that emphasizes
the moral worth of the individual
Quote activity
bullTeacher will count you off by 6bullThe first 5 minutes you will on your own
sort your quotes by what you agree with and what you do not this is a quiet activityWrite ldquoArdquo ldquoDrdquo or ldquoIrdquo next to each quote on
your sheetbull You may then have 10 minutes to share
your opinions and ideas then create a ldquomaster listrdquo of agrees vs disagrees
Quote breakdown
bull Individualism ldquoRemember always that you not only have the right to be an individual you have an
obligation to be onerdquo ldquoYou have your way I have my way As for the right way the correct way and the only
way it does not existrdquo
bull Collectivism ldquoWe must stop thinking of the individual and start thinking of what is best for
societyrdquo ldquoAn individual has not started living until he can rise above the narrow
confines of his individualistic concerns to the broader concerns of all humanityrdquo
bull Individual and Society ldquoFreedom morality and the human dignity of the individual consists precisely in this
that he does good not because he is forced to do so but because he freely conceives it wants it and loves it
ldquoAll that is valuable in human society depends upon the opportunity for development accorded the individualrdquo
ldquoWe are of course a nation of differences Those differences donrsquot make us weak Theyrsquore a source of our strengthrdquo
Warm Up 3- Current Event 9814
bullTake a minute to write about a current event you have recently learned about within the past week
Purpose of Government
We the People of the United States in Order to form a more perfect Union establish Justice insure domestic Tranquility provide for the common defense promote the general Welfare and secure the Blessings of Liberty to ourselves and our Posterity do ordain and establish this Constitution for the United States of America
According to the Preamble what are the 6 purposes of our government
Purpose of Government
form a more perfect Union establish Justice the law must be
reasonable fair and impartialinsure domestic Tranquility order is
essential to the well-being of societyprovide for the common defensepromote the general Welfaresecure the Blessings of Liberty
guarantee civil rights and liberties
3 Theorists bullThree classical theorists believed in the
need for government for different reasonsEach reason accepted the assumption that
men are invested in their own self-interestbullHobbes Locke Rousseau
ActivitybullWalk around the room to the quotes and ideas bullDecide which idea is a belief about a form of
governmentbullDecide which idea is a belief about the natural
state of manbullBased on these ideas decide which quote
belongs to which theoristbullExplain the quote in your own words and how
it relates to each personrsquos beliefs about government and the natural state of man
Origins of American Government A customized government
bullEnglish Enlightenment Thinkersrsquo Contributions Thomas Hobbes
Developed notion of social contract between rulers and their subjects
Believed people were too selfish to govern themselves
ldquoAll mankind [has] a perpetual and restless desire of powerhellipthat ceaseth only in deathrdquo
Origins of American Government A customized government
bullEnglish Enlightenment Thinkersrsquo ContributionsJohn Locke
Ideas helped lay foundations for democratic government
Believed people formed governments to protect their rights and were innately good
ldquoThe end [purpose] of law is not to abolish or restrain but to preserve and enlarge freedomrdquo
Origins of American Government A customized government
bullFrench Enlightenment Thinkersrsquo Contributions Jean-Jacques Rousseau
Believed people were naturally good but corrupted and enslaved by society
Believed government had a duty to secure freedom for their people and if they did not they had no right to exist
ldquoForce does not create right obedience is due to only legitimate powersrdquo
With which theory do you agree more Why
John Locke Thomas Hobbes
The ldquoOriginal DilemmardquobullAll three theorists wrote about the need and
purpose of government Government needs to attain power from the
people in order to perform any functions
CLOSURE How much power is too much How much
liberty should be given up hellip bullThis represented a debated trade offhellip
Clash of order and freedom= Original Dilemma
Warm Up 5 Hobbes and Locke
Hobbes
Locke
Draw a venn diagram like the one below and write in the similarities and differences of the two men as discussed
Groups Block 2Group 1Joe BKeeleyOwenMichael CathersJeffMichelleCasey
Group 2SheredanCassidyKimAllieMike DriverMelissaAustin
Group 3JasonShayneMikalaDaniAmandaMichael SNicoleta
Group 4Mike KingChris ConteKarlyRyanKatieDJ
Groups Block 4Group 1Alex BNinaJasonCoreyTrystanBrianNick S
Group 2JakeShawnKatieDrewWyattKatAshlyn
Group 3JennaCeatonJeffLivSteveGarciaTom
Group 4SuzetteJulianneAlekDanScottSpenserNick R
Balloon Game Objective
To be the team with the most filled balloons taped into the square on the board Rules
1 No running 2 No touching classmates hellip that does
not mean you canrsquot touch their balloons hellip
3 No removal of balloons once they are taped to the board
You will have less than 5 minutes to come up with a strategy in your group
You will have 10 minutes to get as many filled balloons on the square as possible
End
Use of symbols or other items that represent an idea associated with the person or topic
CARICATURES
HOW WOULD YOU DRAWAMERICA AS A CARICATURE
- Man or woman- Young or old- Fit or fat- Attractive or ugly- What symbols would come associated with it A
truck A tank A hybrid
On your paper draw America as you envision it as a caricature Must have color and at least two symbolsitemsaccessories
No stick figures
YOUR CARICATURE MUST
- Have color
- Be of America and how you view our country
- Include symbolsitemsaccessories that represent how you view our country
- Have a reasonable explanation for how it looks
PLANNINGHow do I view America Positively Negatively How can I represent this What colors can I use to show my view What are some major issues in America today How can I represent these in my caricature
Warm Up -2a- 9514The New York Times and CBS News Pollhellip
How much of the time do you think you can trust the government in Washington to do what is right just about always most of the time or only some of the timerdquo 5 (1 person in 20) responded ldquojust about
alwaysrdquo 4 responded ldquomost of the timerdquo 87 responded ldquoonly some of the timerdquo 4 responded never
How can you link this poll to why it is important to study our government and economic system
Warm up 2bndash In Journal-
Economist and Politician Assumptions
bull When studying humans people in politics and economics think abouthellip
bull Self worth individuals have worth and value their lives
bull Self interest people pursue their own interests to improve their lives
bull CompetitionCooperation When seeking self-interest in a community or society people tend to do cooperate or compete depending on desired outcome
bull Equilibrium Balance of competing forces
Individualism
bullWhat words do you associate with individualism
bullOur definitionideology or social outlook that emphasizes
the moral worth of the individual
Quote activity
bullTeacher will count you off by 6bullThe first 5 minutes you will on your own
sort your quotes by what you agree with and what you do not this is a quiet activityWrite ldquoArdquo ldquoDrdquo or ldquoIrdquo next to each quote on
your sheetbull You may then have 10 minutes to share
your opinions and ideas then create a ldquomaster listrdquo of agrees vs disagrees
Quote breakdown
bull Individualism ldquoRemember always that you not only have the right to be an individual you have an
obligation to be onerdquo ldquoYou have your way I have my way As for the right way the correct way and the only
way it does not existrdquo
bull Collectivism ldquoWe must stop thinking of the individual and start thinking of what is best for
societyrdquo ldquoAn individual has not started living until he can rise above the narrow
confines of his individualistic concerns to the broader concerns of all humanityrdquo
bull Individual and Society ldquoFreedom morality and the human dignity of the individual consists precisely in this
that he does good not because he is forced to do so but because he freely conceives it wants it and loves it
ldquoAll that is valuable in human society depends upon the opportunity for development accorded the individualrdquo
ldquoWe are of course a nation of differences Those differences donrsquot make us weak Theyrsquore a source of our strengthrdquo
Warm Up 3- Current Event 9814
bullTake a minute to write about a current event you have recently learned about within the past week
Purpose of Government
We the People of the United States in Order to form a more perfect Union establish Justice insure domestic Tranquility provide for the common defense promote the general Welfare and secure the Blessings of Liberty to ourselves and our Posterity do ordain and establish this Constitution for the United States of America
According to the Preamble what are the 6 purposes of our government
Purpose of Government
form a more perfect Union establish Justice the law must be
reasonable fair and impartialinsure domestic Tranquility order is
essential to the well-being of societyprovide for the common defensepromote the general Welfaresecure the Blessings of Liberty
guarantee civil rights and liberties
3 Theorists bullThree classical theorists believed in the
need for government for different reasonsEach reason accepted the assumption that
men are invested in their own self-interestbullHobbes Locke Rousseau
ActivitybullWalk around the room to the quotes and ideas bullDecide which idea is a belief about a form of
governmentbullDecide which idea is a belief about the natural
state of manbullBased on these ideas decide which quote
belongs to which theoristbullExplain the quote in your own words and how
it relates to each personrsquos beliefs about government and the natural state of man
Origins of American Government A customized government
bullEnglish Enlightenment Thinkersrsquo Contributions Thomas Hobbes
Developed notion of social contract between rulers and their subjects
Believed people were too selfish to govern themselves
ldquoAll mankind [has] a perpetual and restless desire of powerhellipthat ceaseth only in deathrdquo
Origins of American Government A customized government
bullEnglish Enlightenment Thinkersrsquo ContributionsJohn Locke
Ideas helped lay foundations for democratic government
Believed people formed governments to protect their rights and were innately good
ldquoThe end [purpose] of law is not to abolish or restrain but to preserve and enlarge freedomrdquo
Origins of American Government A customized government
bullFrench Enlightenment Thinkersrsquo Contributions Jean-Jacques Rousseau
Believed people were naturally good but corrupted and enslaved by society
Believed government had a duty to secure freedom for their people and if they did not they had no right to exist
ldquoForce does not create right obedience is due to only legitimate powersrdquo
With which theory do you agree more Why
John Locke Thomas Hobbes
The ldquoOriginal DilemmardquobullAll three theorists wrote about the need and
purpose of government Government needs to attain power from the
people in order to perform any functions
CLOSURE How much power is too much How much
liberty should be given up hellip bullThis represented a debated trade offhellip
Clash of order and freedom= Original Dilemma
Warm Up 5 Hobbes and Locke
Hobbes
Locke
Draw a venn diagram like the one below and write in the similarities and differences of the two men as discussed
Groups Block 2Group 1Joe BKeeleyOwenMichael CathersJeffMichelleCasey
Group 2SheredanCassidyKimAllieMike DriverMelissaAustin
Group 3JasonShayneMikalaDaniAmandaMichael SNicoleta
Group 4Mike KingChris ConteKarlyRyanKatieDJ
Groups Block 4Group 1Alex BNinaJasonCoreyTrystanBrianNick S
Group 2JakeShawnKatieDrewWyattKatAshlyn
Group 3JennaCeatonJeffLivSteveGarciaTom
Group 4SuzetteJulianneAlekDanScottSpenserNick R
Balloon Game Objective
To be the team with the most filled balloons taped into the square on the board Rules
1 No running 2 No touching classmates hellip that does
not mean you canrsquot touch their balloons hellip
3 No removal of balloons once they are taped to the board
You will have less than 5 minutes to come up with a strategy in your group
You will have 10 minutes to get as many filled balloons on the square as possible
End
HOW WOULD YOU DRAWAMERICA AS A CARICATURE
- Man or woman- Young or old- Fit or fat- Attractive or ugly- What symbols would come associated with it A
truck A tank A hybrid
On your paper draw America as you envision it as a caricature Must have color and at least two symbolsitemsaccessories
No stick figures
YOUR CARICATURE MUST
- Have color
- Be of America and how you view our country
- Include symbolsitemsaccessories that represent how you view our country
- Have a reasonable explanation for how it looks
PLANNINGHow do I view America Positively Negatively How can I represent this What colors can I use to show my view What are some major issues in America today How can I represent these in my caricature
Warm Up -2a- 9514The New York Times and CBS News Pollhellip
How much of the time do you think you can trust the government in Washington to do what is right just about always most of the time or only some of the timerdquo 5 (1 person in 20) responded ldquojust about
alwaysrdquo 4 responded ldquomost of the timerdquo 87 responded ldquoonly some of the timerdquo 4 responded never
How can you link this poll to why it is important to study our government and economic system
Warm up 2bndash In Journal-
Economist and Politician Assumptions
bull When studying humans people in politics and economics think abouthellip
bull Self worth individuals have worth and value their lives
bull Self interest people pursue their own interests to improve their lives
bull CompetitionCooperation When seeking self-interest in a community or society people tend to do cooperate or compete depending on desired outcome
bull Equilibrium Balance of competing forces
Individualism
bullWhat words do you associate with individualism
bullOur definitionideology or social outlook that emphasizes
the moral worth of the individual
Quote activity
bullTeacher will count you off by 6bullThe first 5 minutes you will on your own
sort your quotes by what you agree with and what you do not this is a quiet activityWrite ldquoArdquo ldquoDrdquo or ldquoIrdquo next to each quote on
your sheetbull You may then have 10 minutes to share
your opinions and ideas then create a ldquomaster listrdquo of agrees vs disagrees
Quote breakdown
bull Individualism ldquoRemember always that you not only have the right to be an individual you have an
obligation to be onerdquo ldquoYou have your way I have my way As for the right way the correct way and the only
way it does not existrdquo
bull Collectivism ldquoWe must stop thinking of the individual and start thinking of what is best for
societyrdquo ldquoAn individual has not started living until he can rise above the narrow
confines of his individualistic concerns to the broader concerns of all humanityrdquo
bull Individual and Society ldquoFreedom morality and the human dignity of the individual consists precisely in this
that he does good not because he is forced to do so but because he freely conceives it wants it and loves it
ldquoAll that is valuable in human society depends upon the opportunity for development accorded the individualrdquo
ldquoWe are of course a nation of differences Those differences donrsquot make us weak Theyrsquore a source of our strengthrdquo
Warm Up 3- Current Event 9814
bullTake a minute to write about a current event you have recently learned about within the past week
Purpose of Government
We the People of the United States in Order to form a more perfect Union establish Justice insure domestic Tranquility provide for the common defense promote the general Welfare and secure the Blessings of Liberty to ourselves and our Posterity do ordain and establish this Constitution for the United States of America
According to the Preamble what are the 6 purposes of our government
Purpose of Government
form a more perfect Union establish Justice the law must be
reasonable fair and impartialinsure domestic Tranquility order is
essential to the well-being of societyprovide for the common defensepromote the general Welfaresecure the Blessings of Liberty
guarantee civil rights and liberties
3 Theorists bullThree classical theorists believed in the
need for government for different reasonsEach reason accepted the assumption that
men are invested in their own self-interestbullHobbes Locke Rousseau
ActivitybullWalk around the room to the quotes and ideas bullDecide which idea is a belief about a form of
governmentbullDecide which idea is a belief about the natural
state of manbullBased on these ideas decide which quote
belongs to which theoristbullExplain the quote in your own words and how
it relates to each personrsquos beliefs about government and the natural state of man
Origins of American Government A customized government
bullEnglish Enlightenment Thinkersrsquo Contributions Thomas Hobbes
Developed notion of social contract between rulers and their subjects
Believed people were too selfish to govern themselves
ldquoAll mankind [has] a perpetual and restless desire of powerhellipthat ceaseth only in deathrdquo
Origins of American Government A customized government
bullEnglish Enlightenment Thinkersrsquo ContributionsJohn Locke
Ideas helped lay foundations for democratic government
Believed people formed governments to protect their rights and were innately good
ldquoThe end [purpose] of law is not to abolish or restrain but to preserve and enlarge freedomrdquo
Origins of American Government A customized government
bullFrench Enlightenment Thinkersrsquo Contributions Jean-Jacques Rousseau
Believed people were naturally good but corrupted and enslaved by society
Believed government had a duty to secure freedom for their people and if they did not they had no right to exist
ldquoForce does not create right obedience is due to only legitimate powersrdquo
With which theory do you agree more Why
John Locke Thomas Hobbes
The ldquoOriginal DilemmardquobullAll three theorists wrote about the need and
purpose of government Government needs to attain power from the
people in order to perform any functions
CLOSURE How much power is too much How much
liberty should be given up hellip bullThis represented a debated trade offhellip
Clash of order and freedom= Original Dilemma
Warm Up 5 Hobbes and Locke
Hobbes
Locke
Draw a venn diagram like the one below and write in the similarities and differences of the two men as discussed
Groups Block 2Group 1Joe BKeeleyOwenMichael CathersJeffMichelleCasey
Group 2SheredanCassidyKimAllieMike DriverMelissaAustin
Group 3JasonShayneMikalaDaniAmandaMichael SNicoleta
Group 4Mike KingChris ConteKarlyRyanKatieDJ
Groups Block 4Group 1Alex BNinaJasonCoreyTrystanBrianNick S
Group 2JakeShawnKatieDrewWyattKatAshlyn
Group 3JennaCeatonJeffLivSteveGarciaTom
Group 4SuzetteJulianneAlekDanScottSpenserNick R
Balloon Game Objective
To be the team with the most filled balloons taped into the square on the board Rules
1 No running 2 No touching classmates hellip that does
not mean you canrsquot touch their balloons hellip
3 No removal of balloons once they are taped to the board
You will have less than 5 minutes to come up with a strategy in your group
You will have 10 minutes to get as many filled balloons on the square as possible
End
YOUR CARICATURE MUST
- Have color
- Be of America and how you view our country
- Include symbolsitemsaccessories that represent how you view our country
- Have a reasonable explanation for how it looks
PLANNINGHow do I view America Positively Negatively How can I represent this What colors can I use to show my view What are some major issues in America today How can I represent these in my caricature
Warm Up -2a- 9514The New York Times and CBS News Pollhellip
How much of the time do you think you can trust the government in Washington to do what is right just about always most of the time or only some of the timerdquo 5 (1 person in 20) responded ldquojust about
alwaysrdquo 4 responded ldquomost of the timerdquo 87 responded ldquoonly some of the timerdquo 4 responded never
How can you link this poll to why it is important to study our government and economic system
Warm up 2bndash In Journal-
Economist and Politician Assumptions
bull When studying humans people in politics and economics think abouthellip
bull Self worth individuals have worth and value their lives
bull Self interest people pursue their own interests to improve their lives
bull CompetitionCooperation When seeking self-interest in a community or society people tend to do cooperate or compete depending on desired outcome
bull Equilibrium Balance of competing forces
Individualism
bullWhat words do you associate with individualism
bullOur definitionideology or social outlook that emphasizes
the moral worth of the individual
Quote activity
bullTeacher will count you off by 6bullThe first 5 minutes you will on your own
sort your quotes by what you agree with and what you do not this is a quiet activityWrite ldquoArdquo ldquoDrdquo or ldquoIrdquo next to each quote on
your sheetbull You may then have 10 minutes to share
your opinions and ideas then create a ldquomaster listrdquo of agrees vs disagrees
Quote breakdown
bull Individualism ldquoRemember always that you not only have the right to be an individual you have an
obligation to be onerdquo ldquoYou have your way I have my way As for the right way the correct way and the only
way it does not existrdquo
bull Collectivism ldquoWe must stop thinking of the individual and start thinking of what is best for
societyrdquo ldquoAn individual has not started living until he can rise above the narrow
confines of his individualistic concerns to the broader concerns of all humanityrdquo
bull Individual and Society ldquoFreedom morality and the human dignity of the individual consists precisely in this
that he does good not because he is forced to do so but because he freely conceives it wants it and loves it
ldquoAll that is valuable in human society depends upon the opportunity for development accorded the individualrdquo
ldquoWe are of course a nation of differences Those differences donrsquot make us weak Theyrsquore a source of our strengthrdquo
Warm Up 3- Current Event 9814
bullTake a minute to write about a current event you have recently learned about within the past week
Purpose of Government
We the People of the United States in Order to form a more perfect Union establish Justice insure domestic Tranquility provide for the common defense promote the general Welfare and secure the Blessings of Liberty to ourselves and our Posterity do ordain and establish this Constitution for the United States of America
According to the Preamble what are the 6 purposes of our government
Purpose of Government
form a more perfect Union establish Justice the law must be
reasonable fair and impartialinsure domestic Tranquility order is
essential to the well-being of societyprovide for the common defensepromote the general Welfaresecure the Blessings of Liberty
guarantee civil rights and liberties
3 Theorists bullThree classical theorists believed in the
need for government for different reasonsEach reason accepted the assumption that
men are invested in their own self-interestbullHobbes Locke Rousseau
ActivitybullWalk around the room to the quotes and ideas bullDecide which idea is a belief about a form of
governmentbullDecide which idea is a belief about the natural
state of manbullBased on these ideas decide which quote
belongs to which theoristbullExplain the quote in your own words and how
it relates to each personrsquos beliefs about government and the natural state of man
Origins of American Government A customized government
bullEnglish Enlightenment Thinkersrsquo Contributions Thomas Hobbes
Developed notion of social contract between rulers and their subjects
Believed people were too selfish to govern themselves
ldquoAll mankind [has] a perpetual and restless desire of powerhellipthat ceaseth only in deathrdquo
Origins of American Government A customized government
bullEnglish Enlightenment Thinkersrsquo ContributionsJohn Locke
Ideas helped lay foundations for democratic government
Believed people formed governments to protect their rights and were innately good
ldquoThe end [purpose] of law is not to abolish or restrain but to preserve and enlarge freedomrdquo
Origins of American Government A customized government
bullFrench Enlightenment Thinkersrsquo Contributions Jean-Jacques Rousseau
Believed people were naturally good but corrupted and enslaved by society
Believed government had a duty to secure freedom for their people and if they did not they had no right to exist
ldquoForce does not create right obedience is due to only legitimate powersrdquo
With which theory do you agree more Why
John Locke Thomas Hobbes
The ldquoOriginal DilemmardquobullAll three theorists wrote about the need and
purpose of government Government needs to attain power from the
people in order to perform any functions
CLOSURE How much power is too much How much
liberty should be given up hellip bullThis represented a debated trade offhellip
Clash of order and freedom= Original Dilemma
Warm Up 5 Hobbes and Locke
Hobbes
Locke
Draw a venn diagram like the one below and write in the similarities and differences of the two men as discussed
Groups Block 2Group 1Joe BKeeleyOwenMichael CathersJeffMichelleCasey
Group 2SheredanCassidyKimAllieMike DriverMelissaAustin
Group 3JasonShayneMikalaDaniAmandaMichael SNicoleta
Group 4Mike KingChris ConteKarlyRyanKatieDJ
Groups Block 4Group 1Alex BNinaJasonCoreyTrystanBrianNick S
Group 2JakeShawnKatieDrewWyattKatAshlyn
Group 3JennaCeatonJeffLivSteveGarciaTom
Group 4SuzetteJulianneAlekDanScottSpenserNick R
Balloon Game Objective
To be the team with the most filled balloons taped into the square on the board Rules
1 No running 2 No touching classmates hellip that does
not mean you canrsquot touch their balloons hellip
3 No removal of balloons once they are taped to the board
You will have less than 5 minutes to come up with a strategy in your group
You will have 10 minutes to get as many filled balloons on the square as possible
End
Warm Up -2a- 9514The New York Times and CBS News Pollhellip
How much of the time do you think you can trust the government in Washington to do what is right just about always most of the time or only some of the timerdquo 5 (1 person in 20) responded ldquojust about
alwaysrdquo 4 responded ldquomost of the timerdquo 87 responded ldquoonly some of the timerdquo 4 responded never
How can you link this poll to why it is important to study our government and economic system
Warm up 2bndash In Journal-
Economist and Politician Assumptions
bull When studying humans people in politics and economics think abouthellip
bull Self worth individuals have worth and value their lives
bull Self interest people pursue their own interests to improve their lives
bull CompetitionCooperation When seeking self-interest in a community or society people tend to do cooperate or compete depending on desired outcome
bull Equilibrium Balance of competing forces
Individualism
bullWhat words do you associate with individualism
bullOur definitionideology or social outlook that emphasizes
the moral worth of the individual
Quote activity
bullTeacher will count you off by 6bullThe first 5 minutes you will on your own
sort your quotes by what you agree with and what you do not this is a quiet activityWrite ldquoArdquo ldquoDrdquo or ldquoIrdquo next to each quote on
your sheetbull You may then have 10 minutes to share
your opinions and ideas then create a ldquomaster listrdquo of agrees vs disagrees
Quote breakdown
bull Individualism ldquoRemember always that you not only have the right to be an individual you have an
obligation to be onerdquo ldquoYou have your way I have my way As for the right way the correct way and the only
way it does not existrdquo
bull Collectivism ldquoWe must stop thinking of the individual and start thinking of what is best for
societyrdquo ldquoAn individual has not started living until he can rise above the narrow
confines of his individualistic concerns to the broader concerns of all humanityrdquo
bull Individual and Society ldquoFreedom morality and the human dignity of the individual consists precisely in this
that he does good not because he is forced to do so but because he freely conceives it wants it and loves it
ldquoAll that is valuable in human society depends upon the opportunity for development accorded the individualrdquo
ldquoWe are of course a nation of differences Those differences donrsquot make us weak Theyrsquore a source of our strengthrdquo
Warm Up 3- Current Event 9814
bullTake a minute to write about a current event you have recently learned about within the past week
Purpose of Government
We the People of the United States in Order to form a more perfect Union establish Justice insure domestic Tranquility provide for the common defense promote the general Welfare and secure the Blessings of Liberty to ourselves and our Posterity do ordain and establish this Constitution for the United States of America
According to the Preamble what are the 6 purposes of our government
Purpose of Government
form a more perfect Union establish Justice the law must be
reasonable fair and impartialinsure domestic Tranquility order is
essential to the well-being of societyprovide for the common defensepromote the general Welfaresecure the Blessings of Liberty
guarantee civil rights and liberties
3 Theorists bullThree classical theorists believed in the
need for government for different reasonsEach reason accepted the assumption that
men are invested in their own self-interestbullHobbes Locke Rousseau
ActivitybullWalk around the room to the quotes and ideas bullDecide which idea is a belief about a form of
governmentbullDecide which idea is a belief about the natural
state of manbullBased on these ideas decide which quote
belongs to which theoristbullExplain the quote in your own words and how
it relates to each personrsquos beliefs about government and the natural state of man
Origins of American Government A customized government
bullEnglish Enlightenment Thinkersrsquo Contributions Thomas Hobbes
Developed notion of social contract between rulers and their subjects
Believed people were too selfish to govern themselves
ldquoAll mankind [has] a perpetual and restless desire of powerhellipthat ceaseth only in deathrdquo
Origins of American Government A customized government
bullEnglish Enlightenment Thinkersrsquo ContributionsJohn Locke
Ideas helped lay foundations for democratic government
Believed people formed governments to protect their rights and were innately good
ldquoThe end [purpose] of law is not to abolish or restrain but to preserve and enlarge freedomrdquo
Origins of American Government A customized government
bullFrench Enlightenment Thinkersrsquo Contributions Jean-Jacques Rousseau
Believed people were naturally good but corrupted and enslaved by society
Believed government had a duty to secure freedom for their people and if they did not they had no right to exist
ldquoForce does not create right obedience is due to only legitimate powersrdquo
With which theory do you agree more Why
John Locke Thomas Hobbes
The ldquoOriginal DilemmardquobullAll three theorists wrote about the need and
purpose of government Government needs to attain power from the
people in order to perform any functions
CLOSURE How much power is too much How much
liberty should be given up hellip bullThis represented a debated trade offhellip
Clash of order and freedom= Original Dilemma
Warm Up 5 Hobbes and Locke
Hobbes
Locke
Draw a venn diagram like the one below and write in the similarities and differences of the two men as discussed
Groups Block 2Group 1Joe BKeeleyOwenMichael CathersJeffMichelleCasey
Group 2SheredanCassidyKimAllieMike DriverMelissaAustin
Group 3JasonShayneMikalaDaniAmandaMichael SNicoleta
Group 4Mike KingChris ConteKarlyRyanKatieDJ
Groups Block 4Group 1Alex BNinaJasonCoreyTrystanBrianNick S
Group 2JakeShawnKatieDrewWyattKatAshlyn
Group 3JennaCeatonJeffLivSteveGarciaTom
Group 4SuzetteJulianneAlekDanScottSpenserNick R
Balloon Game Objective
To be the team with the most filled balloons taped into the square on the board Rules
1 No running 2 No touching classmates hellip that does
not mean you canrsquot touch their balloons hellip
3 No removal of balloons once they are taped to the board
You will have less than 5 minutes to come up with a strategy in your group
You will have 10 minutes to get as many filled balloons on the square as possible
End
How can you link this poll to why it is important to study our government and economic system
Warm up 2bndash In Journal-
Economist and Politician Assumptions
bull When studying humans people in politics and economics think abouthellip
bull Self worth individuals have worth and value their lives
bull Self interest people pursue their own interests to improve their lives
bull CompetitionCooperation When seeking self-interest in a community or society people tend to do cooperate or compete depending on desired outcome
bull Equilibrium Balance of competing forces
Individualism
bullWhat words do you associate with individualism
bullOur definitionideology or social outlook that emphasizes
the moral worth of the individual
Quote activity
bullTeacher will count you off by 6bullThe first 5 minutes you will on your own
sort your quotes by what you agree with and what you do not this is a quiet activityWrite ldquoArdquo ldquoDrdquo or ldquoIrdquo next to each quote on
your sheetbull You may then have 10 minutes to share
your opinions and ideas then create a ldquomaster listrdquo of agrees vs disagrees
Quote breakdown
bull Individualism ldquoRemember always that you not only have the right to be an individual you have an
obligation to be onerdquo ldquoYou have your way I have my way As for the right way the correct way and the only
way it does not existrdquo
bull Collectivism ldquoWe must stop thinking of the individual and start thinking of what is best for
societyrdquo ldquoAn individual has not started living until he can rise above the narrow
confines of his individualistic concerns to the broader concerns of all humanityrdquo
bull Individual and Society ldquoFreedom morality and the human dignity of the individual consists precisely in this
that he does good not because he is forced to do so but because he freely conceives it wants it and loves it
ldquoAll that is valuable in human society depends upon the opportunity for development accorded the individualrdquo
ldquoWe are of course a nation of differences Those differences donrsquot make us weak Theyrsquore a source of our strengthrdquo
Warm Up 3- Current Event 9814
bullTake a minute to write about a current event you have recently learned about within the past week
Purpose of Government
We the People of the United States in Order to form a more perfect Union establish Justice insure domestic Tranquility provide for the common defense promote the general Welfare and secure the Blessings of Liberty to ourselves and our Posterity do ordain and establish this Constitution for the United States of America
According to the Preamble what are the 6 purposes of our government
Purpose of Government
form a more perfect Union establish Justice the law must be
reasonable fair and impartialinsure domestic Tranquility order is
essential to the well-being of societyprovide for the common defensepromote the general Welfaresecure the Blessings of Liberty
guarantee civil rights and liberties
3 Theorists bullThree classical theorists believed in the
need for government for different reasonsEach reason accepted the assumption that
men are invested in their own self-interestbullHobbes Locke Rousseau
ActivitybullWalk around the room to the quotes and ideas bullDecide which idea is a belief about a form of
governmentbullDecide which idea is a belief about the natural
state of manbullBased on these ideas decide which quote
belongs to which theoristbullExplain the quote in your own words and how
it relates to each personrsquos beliefs about government and the natural state of man
Origins of American Government A customized government
bullEnglish Enlightenment Thinkersrsquo Contributions Thomas Hobbes
Developed notion of social contract between rulers and their subjects
Believed people were too selfish to govern themselves
ldquoAll mankind [has] a perpetual and restless desire of powerhellipthat ceaseth only in deathrdquo
Origins of American Government A customized government
bullEnglish Enlightenment Thinkersrsquo ContributionsJohn Locke
Ideas helped lay foundations for democratic government
Believed people formed governments to protect their rights and were innately good
ldquoThe end [purpose] of law is not to abolish or restrain but to preserve and enlarge freedomrdquo
Origins of American Government A customized government
bullFrench Enlightenment Thinkersrsquo Contributions Jean-Jacques Rousseau
Believed people were naturally good but corrupted and enslaved by society
Believed government had a duty to secure freedom for their people and if they did not they had no right to exist
ldquoForce does not create right obedience is due to only legitimate powersrdquo
With which theory do you agree more Why
John Locke Thomas Hobbes
The ldquoOriginal DilemmardquobullAll three theorists wrote about the need and
purpose of government Government needs to attain power from the
people in order to perform any functions
CLOSURE How much power is too much How much
liberty should be given up hellip bullThis represented a debated trade offhellip
Clash of order and freedom= Original Dilemma
Warm Up 5 Hobbes and Locke
Hobbes
Locke
Draw a venn diagram like the one below and write in the similarities and differences of the two men as discussed
Groups Block 2Group 1Joe BKeeleyOwenMichael CathersJeffMichelleCasey
Group 2SheredanCassidyKimAllieMike DriverMelissaAustin
Group 3JasonShayneMikalaDaniAmandaMichael SNicoleta
Group 4Mike KingChris ConteKarlyRyanKatieDJ
Groups Block 4Group 1Alex BNinaJasonCoreyTrystanBrianNick S
Group 2JakeShawnKatieDrewWyattKatAshlyn
Group 3JennaCeatonJeffLivSteveGarciaTom
Group 4SuzetteJulianneAlekDanScottSpenserNick R
Balloon Game Objective
To be the team with the most filled balloons taped into the square on the board Rules
1 No running 2 No touching classmates hellip that does
not mean you canrsquot touch their balloons hellip
3 No removal of balloons once they are taped to the board
You will have less than 5 minutes to come up with a strategy in your group
You will have 10 minutes to get as many filled balloons on the square as possible
End
Economist and Politician Assumptions
bull When studying humans people in politics and economics think abouthellip
bull Self worth individuals have worth and value their lives
bull Self interest people pursue their own interests to improve their lives
bull CompetitionCooperation When seeking self-interest in a community or society people tend to do cooperate or compete depending on desired outcome
bull Equilibrium Balance of competing forces
Individualism
bullWhat words do you associate with individualism
bullOur definitionideology or social outlook that emphasizes
the moral worth of the individual
Quote activity
bullTeacher will count you off by 6bullThe first 5 minutes you will on your own
sort your quotes by what you agree with and what you do not this is a quiet activityWrite ldquoArdquo ldquoDrdquo or ldquoIrdquo next to each quote on
your sheetbull You may then have 10 minutes to share
your opinions and ideas then create a ldquomaster listrdquo of agrees vs disagrees
Quote breakdown
bull Individualism ldquoRemember always that you not only have the right to be an individual you have an
obligation to be onerdquo ldquoYou have your way I have my way As for the right way the correct way and the only
way it does not existrdquo
bull Collectivism ldquoWe must stop thinking of the individual and start thinking of what is best for
societyrdquo ldquoAn individual has not started living until he can rise above the narrow
confines of his individualistic concerns to the broader concerns of all humanityrdquo
bull Individual and Society ldquoFreedom morality and the human dignity of the individual consists precisely in this
that he does good not because he is forced to do so but because he freely conceives it wants it and loves it
ldquoAll that is valuable in human society depends upon the opportunity for development accorded the individualrdquo
ldquoWe are of course a nation of differences Those differences donrsquot make us weak Theyrsquore a source of our strengthrdquo
Warm Up 3- Current Event 9814
bullTake a minute to write about a current event you have recently learned about within the past week
Purpose of Government
We the People of the United States in Order to form a more perfect Union establish Justice insure domestic Tranquility provide for the common defense promote the general Welfare and secure the Blessings of Liberty to ourselves and our Posterity do ordain and establish this Constitution for the United States of America
According to the Preamble what are the 6 purposes of our government
Purpose of Government
form a more perfect Union establish Justice the law must be
reasonable fair and impartialinsure domestic Tranquility order is
essential to the well-being of societyprovide for the common defensepromote the general Welfaresecure the Blessings of Liberty
guarantee civil rights and liberties
3 Theorists bullThree classical theorists believed in the
need for government for different reasonsEach reason accepted the assumption that
men are invested in their own self-interestbullHobbes Locke Rousseau
ActivitybullWalk around the room to the quotes and ideas bullDecide which idea is a belief about a form of
governmentbullDecide which idea is a belief about the natural
state of manbullBased on these ideas decide which quote
belongs to which theoristbullExplain the quote in your own words and how
it relates to each personrsquos beliefs about government and the natural state of man
Origins of American Government A customized government
bullEnglish Enlightenment Thinkersrsquo Contributions Thomas Hobbes
Developed notion of social contract between rulers and their subjects
Believed people were too selfish to govern themselves
ldquoAll mankind [has] a perpetual and restless desire of powerhellipthat ceaseth only in deathrdquo
Origins of American Government A customized government
bullEnglish Enlightenment Thinkersrsquo ContributionsJohn Locke
Ideas helped lay foundations for democratic government
Believed people formed governments to protect their rights and were innately good
ldquoThe end [purpose] of law is not to abolish or restrain but to preserve and enlarge freedomrdquo
Origins of American Government A customized government
bullFrench Enlightenment Thinkersrsquo Contributions Jean-Jacques Rousseau
Believed people were naturally good but corrupted and enslaved by society
Believed government had a duty to secure freedom for their people and if they did not they had no right to exist
ldquoForce does not create right obedience is due to only legitimate powersrdquo
With which theory do you agree more Why
John Locke Thomas Hobbes
The ldquoOriginal DilemmardquobullAll three theorists wrote about the need and
purpose of government Government needs to attain power from the
people in order to perform any functions
CLOSURE How much power is too much How much
liberty should be given up hellip bullThis represented a debated trade offhellip
Clash of order and freedom= Original Dilemma
Warm Up 5 Hobbes and Locke
Hobbes
Locke
Draw a venn diagram like the one below and write in the similarities and differences of the two men as discussed
Groups Block 2Group 1Joe BKeeleyOwenMichael CathersJeffMichelleCasey
Group 2SheredanCassidyKimAllieMike DriverMelissaAustin
Group 3JasonShayneMikalaDaniAmandaMichael SNicoleta
Group 4Mike KingChris ConteKarlyRyanKatieDJ
Groups Block 4Group 1Alex BNinaJasonCoreyTrystanBrianNick S
Group 2JakeShawnKatieDrewWyattKatAshlyn
Group 3JennaCeatonJeffLivSteveGarciaTom
Group 4SuzetteJulianneAlekDanScottSpenserNick R
Balloon Game Objective
To be the team with the most filled balloons taped into the square on the board Rules
1 No running 2 No touching classmates hellip that does
not mean you canrsquot touch their balloons hellip
3 No removal of balloons once they are taped to the board
You will have less than 5 minutes to come up with a strategy in your group
You will have 10 minutes to get as many filled balloons on the square as possible
End
Individualism
bullWhat words do you associate with individualism
bullOur definitionideology or social outlook that emphasizes
the moral worth of the individual
Quote activity
bullTeacher will count you off by 6bullThe first 5 minutes you will on your own
sort your quotes by what you agree with and what you do not this is a quiet activityWrite ldquoArdquo ldquoDrdquo or ldquoIrdquo next to each quote on
your sheetbull You may then have 10 minutes to share
your opinions and ideas then create a ldquomaster listrdquo of agrees vs disagrees
Quote breakdown
bull Individualism ldquoRemember always that you not only have the right to be an individual you have an
obligation to be onerdquo ldquoYou have your way I have my way As for the right way the correct way and the only
way it does not existrdquo
bull Collectivism ldquoWe must stop thinking of the individual and start thinking of what is best for
societyrdquo ldquoAn individual has not started living until he can rise above the narrow
confines of his individualistic concerns to the broader concerns of all humanityrdquo
bull Individual and Society ldquoFreedom morality and the human dignity of the individual consists precisely in this
that he does good not because he is forced to do so but because he freely conceives it wants it and loves it
ldquoAll that is valuable in human society depends upon the opportunity for development accorded the individualrdquo
ldquoWe are of course a nation of differences Those differences donrsquot make us weak Theyrsquore a source of our strengthrdquo
Warm Up 3- Current Event 9814
bullTake a minute to write about a current event you have recently learned about within the past week
Purpose of Government
We the People of the United States in Order to form a more perfect Union establish Justice insure domestic Tranquility provide for the common defense promote the general Welfare and secure the Blessings of Liberty to ourselves and our Posterity do ordain and establish this Constitution for the United States of America
According to the Preamble what are the 6 purposes of our government
Purpose of Government
form a more perfect Union establish Justice the law must be
reasonable fair and impartialinsure domestic Tranquility order is
essential to the well-being of societyprovide for the common defensepromote the general Welfaresecure the Blessings of Liberty
guarantee civil rights and liberties
3 Theorists bullThree classical theorists believed in the
need for government for different reasonsEach reason accepted the assumption that
men are invested in their own self-interestbullHobbes Locke Rousseau
ActivitybullWalk around the room to the quotes and ideas bullDecide which idea is a belief about a form of
governmentbullDecide which idea is a belief about the natural
state of manbullBased on these ideas decide which quote
belongs to which theoristbullExplain the quote in your own words and how
it relates to each personrsquos beliefs about government and the natural state of man
Origins of American Government A customized government
bullEnglish Enlightenment Thinkersrsquo Contributions Thomas Hobbes
Developed notion of social contract between rulers and their subjects
Believed people were too selfish to govern themselves
ldquoAll mankind [has] a perpetual and restless desire of powerhellipthat ceaseth only in deathrdquo
Origins of American Government A customized government
bullEnglish Enlightenment Thinkersrsquo ContributionsJohn Locke
Ideas helped lay foundations for democratic government
Believed people formed governments to protect their rights and were innately good
ldquoThe end [purpose] of law is not to abolish or restrain but to preserve and enlarge freedomrdquo
Origins of American Government A customized government
bullFrench Enlightenment Thinkersrsquo Contributions Jean-Jacques Rousseau
Believed people were naturally good but corrupted and enslaved by society
Believed government had a duty to secure freedom for their people and if they did not they had no right to exist
ldquoForce does not create right obedience is due to only legitimate powersrdquo
With which theory do you agree more Why
John Locke Thomas Hobbes
The ldquoOriginal DilemmardquobullAll three theorists wrote about the need and
purpose of government Government needs to attain power from the
people in order to perform any functions
CLOSURE How much power is too much How much
liberty should be given up hellip bullThis represented a debated trade offhellip
Clash of order and freedom= Original Dilemma
Warm Up 5 Hobbes and Locke
Hobbes
Locke
Draw a venn diagram like the one below and write in the similarities and differences of the two men as discussed
Groups Block 2Group 1Joe BKeeleyOwenMichael CathersJeffMichelleCasey
Group 2SheredanCassidyKimAllieMike DriverMelissaAustin
Group 3JasonShayneMikalaDaniAmandaMichael SNicoleta
Group 4Mike KingChris ConteKarlyRyanKatieDJ
Groups Block 4Group 1Alex BNinaJasonCoreyTrystanBrianNick S
Group 2JakeShawnKatieDrewWyattKatAshlyn
Group 3JennaCeatonJeffLivSteveGarciaTom
Group 4SuzetteJulianneAlekDanScottSpenserNick R
Balloon Game Objective
To be the team with the most filled balloons taped into the square on the board Rules
1 No running 2 No touching classmates hellip that does
not mean you canrsquot touch their balloons hellip
3 No removal of balloons once they are taped to the board
You will have less than 5 minutes to come up with a strategy in your group
You will have 10 minutes to get as many filled balloons on the square as possible
End
Quote activity
bullTeacher will count you off by 6bullThe first 5 minutes you will on your own
sort your quotes by what you agree with and what you do not this is a quiet activityWrite ldquoArdquo ldquoDrdquo or ldquoIrdquo next to each quote on
your sheetbull You may then have 10 minutes to share
your opinions and ideas then create a ldquomaster listrdquo of agrees vs disagrees
Quote breakdown
bull Individualism ldquoRemember always that you not only have the right to be an individual you have an
obligation to be onerdquo ldquoYou have your way I have my way As for the right way the correct way and the only
way it does not existrdquo
bull Collectivism ldquoWe must stop thinking of the individual and start thinking of what is best for
societyrdquo ldquoAn individual has not started living until he can rise above the narrow
confines of his individualistic concerns to the broader concerns of all humanityrdquo
bull Individual and Society ldquoFreedom morality and the human dignity of the individual consists precisely in this
that he does good not because he is forced to do so but because he freely conceives it wants it and loves it
ldquoAll that is valuable in human society depends upon the opportunity for development accorded the individualrdquo
ldquoWe are of course a nation of differences Those differences donrsquot make us weak Theyrsquore a source of our strengthrdquo
Warm Up 3- Current Event 9814
bullTake a minute to write about a current event you have recently learned about within the past week
Purpose of Government
We the People of the United States in Order to form a more perfect Union establish Justice insure domestic Tranquility provide for the common defense promote the general Welfare and secure the Blessings of Liberty to ourselves and our Posterity do ordain and establish this Constitution for the United States of America
According to the Preamble what are the 6 purposes of our government
Purpose of Government
form a more perfect Union establish Justice the law must be
reasonable fair and impartialinsure domestic Tranquility order is
essential to the well-being of societyprovide for the common defensepromote the general Welfaresecure the Blessings of Liberty
guarantee civil rights and liberties
3 Theorists bullThree classical theorists believed in the
need for government for different reasonsEach reason accepted the assumption that
men are invested in their own self-interestbullHobbes Locke Rousseau
ActivitybullWalk around the room to the quotes and ideas bullDecide which idea is a belief about a form of
governmentbullDecide which idea is a belief about the natural
state of manbullBased on these ideas decide which quote
belongs to which theoristbullExplain the quote in your own words and how
it relates to each personrsquos beliefs about government and the natural state of man
Origins of American Government A customized government
bullEnglish Enlightenment Thinkersrsquo Contributions Thomas Hobbes
Developed notion of social contract between rulers and their subjects
Believed people were too selfish to govern themselves
ldquoAll mankind [has] a perpetual and restless desire of powerhellipthat ceaseth only in deathrdquo
Origins of American Government A customized government
bullEnglish Enlightenment Thinkersrsquo ContributionsJohn Locke
Ideas helped lay foundations for democratic government
Believed people formed governments to protect their rights and were innately good
ldquoThe end [purpose] of law is not to abolish or restrain but to preserve and enlarge freedomrdquo
Origins of American Government A customized government
bullFrench Enlightenment Thinkersrsquo Contributions Jean-Jacques Rousseau
Believed people were naturally good but corrupted and enslaved by society
Believed government had a duty to secure freedom for their people and if they did not they had no right to exist
ldquoForce does not create right obedience is due to only legitimate powersrdquo
With which theory do you agree more Why
John Locke Thomas Hobbes
The ldquoOriginal DilemmardquobullAll three theorists wrote about the need and
purpose of government Government needs to attain power from the
people in order to perform any functions
CLOSURE How much power is too much How much
liberty should be given up hellip bullThis represented a debated trade offhellip
Clash of order and freedom= Original Dilemma
Warm Up 5 Hobbes and Locke
Hobbes
Locke
Draw a venn diagram like the one below and write in the similarities and differences of the two men as discussed
Groups Block 2Group 1Joe BKeeleyOwenMichael CathersJeffMichelleCasey
Group 2SheredanCassidyKimAllieMike DriverMelissaAustin
Group 3JasonShayneMikalaDaniAmandaMichael SNicoleta
Group 4Mike KingChris ConteKarlyRyanKatieDJ
Groups Block 4Group 1Alex BNinaJasonCoreyTrystanBrianNick S
Group 2JakeShawnKatieDrewWyattKatAshlyn
Group 3JennaCeatonJeffLivSteveGarciaTom
Group 4SuzetteJulianneAlekDanScottSpenserNick R
Balloon Game Objective
To be the team with the most filled balloons taped into the square on the board Rules
1 No running 2 No touching classmates hellip that does
not mean you canrsquot touch their balloons hellip
3 No removal of balloons once they are taped to the board
You will have less than 5 minutes to come up with a strategy in your group
You will have 10 minutes to get as many filled balloons on the square as possible
End
Quote breakdown
bull Individualism ldquoRemember always that you not only have the right to be an individual you have an
obligation to be onerdquo ldquoYou have your way I have my way As for the right way the correct way and the only
way it does not existrdquo
bull Collectivism ldquoWe must stop thinking of the individual and start thinking of what is best for
societyrdquo ldquoAn individual has not started living until he can rise above the narrow
confines of his individualistic concerns to the broader concerns of all humanityrdquo
bull Individual and Society ldquoFreedom morality and the human dignity of the individual consists precisely in this
that he does good not because he is forced to do so but because he freely conceives it wants it and loves it
ldquoAll that is valuable in human society depends upon the opportunity for development accorded the individualrdquo
ldquoWe are of course a nation of differences Those differences donrsquot make us weak Theyrsquore a source of our strengthrdquo
Warm Up 3- Current Event 9814
bullTake a minute to write about a current event you have recently learned about within the past week
Purpose of Government
We the People of the United States in Order to form a more perfect Union establish Justice insure domestic Tranquility provide for the common defense promote the general Welfare and secure the Blessings of Liberty to ourselves and our Posterity do ordain and establish this Constitution for the United States of America
According to the Preamble what are the 6 purposes of our government
Purpose of Government
form a more perfect Union establish Justice the law must be
reasonable fair and impartialinsure domestic Tranquility order is
essential to the well-being of societyprovide for the common defensepromote the general Welfaresecure the Blessings of Liberty
guarantee civil rights and liberties
3 Theorists bullThree classical theorists believed in the
need for government for different reasonsEach reason accepted the assumption that
men are invested in their own self-interestbullHobbes Locke Rousseau
ActivitybullWalk around the room to the quotes and ideas bullDecide which idea is a belief about a form of
governmentbullDecide which idea is a belief about the natural
state of manbullBased on these ideas decide which quote
belongs to which theoristbullExplain the quote in your own words and how
it relates to each personrsquos beliefs about government and the natural state of man
Origins of American Government A customized government
bullEnglish Enlightenment Thinkersrsquo Contributions Thomas Hobbes
Developed notion of social contract between rulers and their subjects
Believed people were too selfish to govern themselves
ldquoAll mankind [has] a perpetual and restless desire of powerhellipthat ceaseth only in deathrdquo
Origins of American Government A customized government
bullEnglish Enlightenment Thinkersrsquo ContributionsJohn Locke
Ideas helped lay foundations for democratic government
Believed people formed governments to protect their rights and were innately good
ldquoThe end [purpose] of law is not to abolish or restrain but to preserve and enlarge freedomrdquo
Origins of American Government A customized government
bullFrench Enlightenment Thinkersrsquo Contributions Jean-Jacques Rousseau
Believed people were naturally good but corrupted and enslaved by society
Believed government had a duty to secure freedom for their people and if they did not they had no right to exist
ldquoForce does not create right obedience is due to only legitimate powersrdquo
With which theory do you agree more Why
John Locke Thomas Hobbes
The ldquoOriginal DilemmardquobullAll three theorists wrote about the need and
purpose of government Government needs to attain power from the
people in order to perform any functions
CLOSURE How much power is too much How much
liberty should be given up hellip bullThis represented a debated trade offhellip
Clash of order and freedom= Original Dilemma
Warm Up 5 Hobbes and Locke
Hobbes
Locke
Draw a venn diagram like the one below and write in the similarities and differences of the two men as discussed
Groups Block 2Group 1Joe BKeeleyOwenMichael CathersJeffMichelleCasey
Group 2SheredanCassidyKimAllieMike DriverMelissaAustin
Group 3JasonShayneMikalaDaniAmandaMichael SNicoleta
Group 4Mike KingChris ConteKarlyRyanKatieDJ
Groups Block 4Group 1Alex BNinaJasonCoreyTrystanBrianNick S
Group 2JakeShawnKatieDrewWyattKatAshlyn
Group 3JennaCeatonJeffLivSteveGarciaTom
Group 4SuzetteJulianneAlekDanScottSpenserNick R
Balloon Game Objective
To be the team with the most filled balloons taped into the square on the board Rules
1 No running 2 No touching classmates hellip that does
not mean you canrsquot touch their balloons hellip
3 No removal of balloons once they are taped to the board
You will have less than 5 minutes to come up with a strategy in your group
You will have 10 minutes to get as many filled balloons on the square as possible
End
Warm Up 3- Current Event 9814
bullTake a minute to write about a current event you have recently learned about within the past week
Purpose of Government
We the People of the United States in Order to form a more perfect Union establish Justice insure domestic Tranquility provide for the common defense promote the general Welfare and secure the Blessings of Liberty to ourselves and our Posterity do ordain and establish this Constitution for the United States of America
According to the Preamble what are the 6 purposes of our government
Purpose of Government
form a more perfect Union establish Justice the law must be
reasonable fair and impartialinsure domestic Tranquility order is
essential to the well-being of societyprovide for the common defensepromote the general Welfaresecure the Blessings of Liberty
guarantee civil rights and liberties
3 Theorists bullThree classical theorists believed in the
need for government for different reasonsEach reason accepted the assumption that
men are invested in their own self-interestbullHobbes Locke Rousseau
ActivitybullWalk around the room to the quotes and ideas bullDecide which idea is a belief about a form of
governmentbullDecide which idea is a belief about the natural
state of manbullBased on these ideas decide which quote
belongs to which theoristbullExplain the quote in your own words and how
it relates to each personrsquos beliefs about government and the natural state of man
Origins of American Government A customized government
bullEnglish Enlightenment Thinkersrsquo Contributions Thomas Hobbes
Developed notion of social contract between rulers and their subjects
Believed people were too selfish to govern themselves
ldquoAll mankind [has] a perpetual and restless desire of powerhellipthat ceaseth only in deathrdquo
Origins of American Government A customized government
bullEnglish Enlightenment Thinkersrsquo ContributionsJohn Locke
Ideas helped lay foundations for democratic government
Believed people formed governments to protect their rights and were innately good
ldquoThe end [purpose] of law is not to abolish or restrain but to preserve and enlarge freedomrdquo
Origins of American Government A customized government
bullFrench Enlightenment Thinkersrsquo Contributions Jean-Jacques Rousseau
Believed people were naturally good but corrupted and enslaved by society
Believed government had a duty to secure freedom for their people and if they did not they had no right to exist
ldquoForce does not create right obedience is due to only legitimate powersrdquo
With which theory do you agree more Why
John Locke Thomas Hobbes
The ldquoOriginal DilemmardquobullAll three theorists wrote about the need and
purpose of government Government needs to attain power from the
people in order to perform any functions
CLOSURE How much power is too much How much
liberty should be given up hellip bullThis represented a debated trade offhellip
Clash of order and freedom= Original Dilemma
Warm Up 5 Hobbes and Locke
Hobbes
Locke
Draw a venn diagram like the one below and write in the similarities and differences of the two men as discussed
Groups Block 2Group 1Joe BKeeleyOwenMichael CathersJeffMichelleCasey
Group 2SheredanCassidyKimAllieMike DriverMelissaAustin
Group 3JasonShayneMikalaDaniAmandaMichael SNicoleta
Group 4Mike KingChris ConteKarlyRyanKatieDJ
Groups Block 4Group 1Alex BNinaJasonCoreyTrystanBrianNick S
Group 2JakeShawnKatieDrewWyattKatAshlyn
Group 3JennaCeatonJeffLivSteveGarciaTom
Group 4SuzetteJulianneAlekDanScottSpenserNick R
Balloon Game Objective
To be the team with the most filled balloons taped into the square on the board Rules
1 No running 2 No touching classmates hellip that does
not mean you canrsquot touch their balloons hellip
3 No removal of balloons once they are taped to the board
You will have less than 5 minutes to come up with a strategy in your group
You will have 10 minutes to get as many filled balloons on the square as possible
End
Purpose of Government
We the People of the United States in Order to form a more perfect Union establish Justice insure domestic Tranquility provide for the common defense promote the general Welfare and secure the Blessings of Liberty to ourselves and our Posterity do ordain and establish this Constitution for the United States of America
According to the Preamble what are the 6 purposes of our government
Purpose of Government
form a more perfect Union establish Justice the law must be
reasonable fair and impartialinsure domestic Tranquility order is
essential to the well-being of societyprovide for the common defensepromote the general Welfaresecure the Blessings of Liberty
guarantee civil rights and liberties
3 Theorists bullThree classical theorists believed in the
need for government for different reasonsEach reason accepted the assumption that
men are invested in their own self-interestbullHobbes Locke Rousseau
ActivitybullWalk around the room to the quotes and ideas bullDecide which idea is a belief about a form of
governmentbullDecide which idea is a belief about the natural
state of manbullBased on these ideas decide which quote
belongs to which theoristbullExplain the quote in your own words and how
it relates to each personrsquos beliefs about government and the natural state of man
Origins of American Government A customized government
bullEnglish Enlightenment Thinkersrsquo Contributions Thomas Hobbes
Developed notion of social contract between rulers and their subjects
Believed people were too selfish to govern themselves
ldquoAll mankind [has] a perpetual and restless desire of powerhellipthat ceaseth only in deathrdquo
Origins of American Government A customized government
bullEnglish Enlightenment Thinkersrsquo ContributionsJohn Locke
Ideas helped lay foundations for democratic government
Believed people formed governments to protect their rights and were innately good
ldquoThe end [purpose] of law is not to abolish or restrain but to preserve and enlarge freedomrdquo
Origins of American Government A customized government
bullFrench Enlightenment Thinkersrsquo Contributions Jean-Jacques Rousseau
Believed people were naturally good but corrupted and enslaved by society
Believed government had a duty to secure freedom for their people and if they did not they had no right to exist
ldquoForce does not create right obedience is due to only legitimate powersrdquo
With which theory do you agree more Why
John Locke Thomas Hobbes
The ldquoOriginal DilemmardquobullAll three theorists wrote about the need and
purpose of government Government needs to attain power from the
people in order to perform any functions
CLOSURE How much power is too much How much
liberty should be given up hellip bullThis represented a debated trade offhellip
Clash of order and freedom= Original Dilemma
Warm Up 5 Hobbes and Locke
Hobbes
Locke
Draw a venn diagram like the one below and write in the similarities and differences of the two men as discussed
Groups Block 2Group 1Joe BKeeleyOwenMichael CathersJeffMichelleCasey
Group 2SheredanCassidyKimAllieMike DriverMelissaAustin
Group 3JasonShayneMikalaDaniAmandaMichael SNicoleta
Group 4Mike KingChris ConteKarlyRyanKatieDJ
Groups Block 4Group 1Alex BNinaJasonCoreyTrystanBrianNick S
Group 2JakeShawnKatieDrewWyattKatAshlyn
Group 3JennaCeatonJeffLivSteveGarciaTom
Group 4SuzetteJulianneAlekDanScottSpenserNick R
Balloon Game Objective
To be the team with the most filled balloons taped into the square on the board Rules
1 No running 2 No touching classmates hellip that does
not mean you canrsquot touch their balloons hellip
3 No removal of balloons once they are taped to the board
You will have less than 5 minutes to come up with a strategy in your group
You will have 10 minutes to get as many filled balloons on the square as possible
End
Purpose of Government
form a more perfect Union establish Justice the law must be
reasonable fair and impartialinsure domestic Tranquility order is
essential to the well-being of societyprovide for the common defensepromote the general Welfaresecure the Blessings of Liberty
guarantee civil rights and liberties
3 Theorists bullThree classical theorists believed in the
need for government for different reasonsEach reason accepted the assumption that
men are invested in their own self-interestbullHobbes Locke Rousseau
ActivitybullWalk around the room to the quotes and ideas bullDecide which idea is a belief about a form of
governmentbullDecide which idea is a belief about the natural
state of manbullBased on these ideas decide which quote
belongs to which theoristbullExplain the quote in your own words and how
it relates to each personrsquos beliefs about government and the natural state of man
Origins of American Government A customized government
bullEnglish Enlightenment Thinkersrsquo Contributions Thomas Hobbes
Developed notion of social contract between rulers and their subjects
Believed people were too selfish to govern themselves
ldquoAll mankind [has] a perpetual and restless desire of powerhellipthat ceaseth only in deathrdquo
Origins of American Government A customized government
bullEnglish Enlightenment Thinkersrsquo ContributionsJohn Locke
Ideas helped lay foundations for democratic government
Believed people formed governments to protect their rights and were innately good
ldquoThe end [purpose] of law is not to abolish or restrain but to preserve and enlarge freedomrdquo
Origins of American Government A customized government
bullFrench Enlightenment Thinkersrsquo Contributions Jean-Jacques Rousseau
Believed people were naturally good but corrupted and enslaved by society
Believed government had a duty to secure freedom for their people and if they did not they had no right to exist
ldquoForce does not create right obedience is due to only legitimate powersrdquo
With which theory do you agree more Why
John Locke Thomas Hobbes
The ldquoOriginal DilemmardquobullAll three theorists wrote about the need and
purpose of government Government needs to attain power from the
people in order to perform any functions
CLOSURE How much power is too much How much
liberty should be given up hellip bullThis represented a debated trade offhellip
Clash of order and freedom= Original Dilemma
Warm Up 5 Hobbes and Locke
Hobbes
Locke
Draw a venn diagram like the one below and write in the similarities and differences of the two men as discussed
Groups Block 2Group 1Joe BKeeleyOwenMichael CathersJeffMichelleCasey
Group 2SheredanCassidyKimAllieMike DriverMelissaAustin
Group 3JasonShayneMikalaDaniAmandaMichael SNicoleta
Group 4Mike KingChris ConteKarlyRyanKatieDJ
Groups Block 4Group 1Alex BNinaJasonCoreyTrystanBrianNick S
Group 2JakeShawnKatieDrewWyattKatAshlyn
Group 3JennaCeatonJeffLivSteveGarciaTom
Group 4SuzetteJulianneAlekDanScottSpenserNick R
Balloon Game Objective
To be the team with the most filled balloons taped into the square on the board Rules
1 No running 2 No touching classmates hellip that does
not mean you canrsquot touch their balloons hellip
3 No removal of balloons once they are taped to the board
You will have less than 5 minutes to come up with a strategy in your group
You will have 10 minutes to get as many filled balloons on the square as possible
End
3 Theorists bullThree classical theorists believed in the
need for government for different reasonsEach reason accepted the assumption that
men are invested in their own self-interestbullHobbes Locke Rousseau
ActivitybullWalk around the room to the quotes and ideas bullDecide which idea is a belief about a form of
governmentbullDecide which idea is a belief about the natural
state of manbullBased on these ideas decide which quote
belongs to which theoristbullExplain the quote in your own words and how
it relates to each personrsquos beliefs about government and the natural state of man
Origins of American Government A customized government
bullEnglish Enlightenment Thinkersrsquo Contributions Thomas Hobbes
Developed notion of social contract between rulers and their subjects
Believed people were too selfish to govern themselves
ldquoAll mankind [has] a perpetual and restless desire of powerhellipthat ceaseth only in deathrdquo
Origins of American Government A customized government
bullEnglish Enlightenment Thinkersrsquo ContributionsJohn Locke
Ideas helped lay foundations for democratic government
Believed people formed governments to protect their rights and were innately good
ldquoThe end [purpose] of law is not to abolish or restrain but to preserve and enlarge freedomrdquo
Origins of American Government A customized government
bullFrench Enlightenment Thinkersrsquo Contributions Jean-Jacques Rousseau
Believed people were naturally good but corrupted and enslaved by society
Believed government had a duty to secure freedom for their people and if they did not they had no right to exist
ldquoForce does not create right obedience is due to only legitimate powersrdquo
With which theory do you agree more Why
John Locke Thomas Hobbes
The ldquoOriginal DilemmardquobullAll three theorists wrote about the need and
purpose of government Government needs to attain power from the
people in order to perform any functions
CLOSURE How much power is too much How much
liberty should be given up hellip bullThis represented a debated trade offhellip
Clash of order and freedom= Original Dilemma
Warm Up 5 Hobbes and Locke
Hobbes
Locke
Draw a venn diagram like the one below and write in the similarities and differences of the two men as discussed
Groups Block 2Group 1Joe BKeeleyOwenMichael CathersJeffMichelleCasey
Group 2SheredanCassidyKimAllieMike DriverMelissaAustin
Group 3JasonShayneMikalaDaniAmandaMichael SNicoleta
Group 4Mike KingChris ConteKarlyRyanKatieDJ
Groups Block 4Group 1Alex BNinaJasonCoreyTrystanBrianNick S
Group 2JakeShawnKatieDrewWyattKatAshlyn
Group 3JennaCeatonJeffLivSteveGarciaTom
Group 4SuzetteJulianneAlekDanScottSpenserNick R
Balloon Game Objective
To be the team with the most filled balloons taped into the square on the board Rules
1 No running 2 No touching classmates hellip that does
not mean you canrsquot touch their balloons hellip
3 No removal of balloons once they are taped to the board
You will have less than 5 minutes to come up with a strategy in your group
You will have 10 minutes to get as many filled balloons on the square as possible
End
ActivitybullWalk around the room to the quotes and ideas bullDecide which idea is a belief about a form of
governmentbullDecide which idea is a belief about the natural
state of manbullBased on these ideas decide which quote
belongs to which theoristbullExplain the quote in your own words and how
it relates to each personrsquos beliefs about government and the natural state of man
Origins of American Government A customized government
bullEnglish Enlightenment Thinkersrsquo Contributions Thomas Hobbes
Developed notion of social contract between rulers and their subjects
Believed people were too selfish to govern themselves
ldquoAll mankind [has] a perpetual and restless desire of powerhellipthat ceaseth only in deathrdquo
Origins of American Government A customized government
bullEnglish Enlightenment Thinkersrsquo ContributionsJohn Locke
Ideas helped lay foundations for democratic government
Believed people formed governments to protect their rights and were innately good
ldquoThe end [purpose] of law is not to abolish or restrain but to preserve and enlarge freedomrdquo
Origins of American Government A customized government
bullFrench Enlightenment Thinkersrsquo Contributions Jean-Jacques Rousseau
Believed people were naturally good but corrupted and enslaved by society
Believed government had a duty to secure freedom for their people and if they did not they had no right to exist
ldquoForce does not create right obedience is due to only legitimate powersrdquo
With which theory do you agree more Why
John Locke Thomas Hobbes
The ldquoOriginal DilemmardquobullAll three theorists wrote about the need and
purpose of government Government needs to attain power from the
people in order to perform any functions
CLOSURE How much power is too much How much
liberty should be given up hellip bullThis represented a debated trade offhellip
Clash of order and freedom= Original Dilemma
Warm Up 5 Hobbes and Locke
Hobbes
Locke
Draw a venn diagram like the one below and write in the similarities and differences of the two men as discussed
Groups Block 2Group 1Joe BKeeleyOwenMichael CathersJeffMichelleCasey
Group 2SheredanCassidyKimAllieMike DriverMelissaAustin
Group 3JasonShayneMikalaDaniAmandaMichael SNicoleta
Group 4Mike KingChris ConteKarlyRyanKatieDJ
Groups Block 4Group 1Alex BNinaJasonCoreyTrystanBrianNick S
Group 2JakeShawnKatieDrewWyattKatAshlyn
Group 3JennaCeatonJeffLivSteveGarciaTom
Group 4SuzetteJulianneAlekDanScottSpenserNick R
Balloon Game Objective
To be the team with the most filled balloons taped into the square on the board Rules
1 No running 2 No touching classmates hellip that does
not mean you canrsquot touch their balloons hellip
3 No removal of balloons once they are taped to the board
You will have less than 5 minutes to come up with a strategy in your group
You will have 10 minutes to get as many filled balloons on the square as possible
End
Origins of American Government A customized government
bullEnglish Enlightenment Thinkersrsquo Contributions Thomas Hobbes
Developed notion of social contract between rulers and their subjects
Believed people were too selfish to govern themselves
ldquoAll mankind [has] a perpetual and restless desire of powerhellipthat ceaseth only in deathrdquo
Origins of American Government A customized government
bullEnglish Enlightenment Thinkersrsquo ContributionsJohn Locke
Ideas helped lay foundations for democratic government
Believed people formed governments to protect their rights and were innately good
ldquoThe end [purpose] of law is not to abolish or restrain but to preserve and enlarge freedomrdquo
Origins of American Government A customized government
bullFrench Enlightenment Thinkersrsquo Contributions Jean-Jacques Rousseau
Believed people were naturally good but corrupted and enslaved by society
Believed government had a duty to secure freedom for their people and if they did not they had no right to exist
ldquoForce does not create right obedience is due to only legitimate powersrdquo
With which theory do you agree more Why
John Locke Thomas Hobbes
The ldquoOriginal DilemmardquobullAll three theorists wrote about the need and
purpose of government Government needs to attain power from the
people in order to perform any functions
CLOSURE How much power is too much How much
liberty should be given up hellip bullThis represented a debated trade offhellip
Clash of order and freedom= Original Dilemma
Warm Up 5 Hobbes and Locke
Hobbes
Locke
Draw a venn diagram like the one below and write in the similarities and differences of the two men as discussed
Groups Block 2Group 1Joe BKeeleyOwenMichael CathersJeffMichelleCasey
Group 2SheredanCassidyKimAllieMike DriverMelissaAustin
Group 3JasonShayneMikalaDaniAmandaMichael SNicoleta
Group 4Mike KingChris ConteKarlyRyanKatieDJ
Groups Block 4Group 1Alex BNinaJasonCoreyTrystanBrianNick S
Group 2JakeShawnKatieDrewWyattKatAshlyn
Group 3JennaCeatonJeffLivSteveGarciaTom
Group 4SuzetteJulianneAlekDanScottSpenserNick R
Balloon Game Objective
To be the team with the most filled balloons taped into the square on the board Rules
1 No running 2 No touching classmates hellip that does
not mean you canrsquot touch their balloons hellip
3 No removal of balloons once they are taped to the board
You will have less than 5 minutes to come up with a strategy in your group
You will have 10 minutes to get as many filled balloons on the square as possible
End
Origins of American Government A customized government
bullEnglish Enlightenment Thinkersrsquo ContributionsJohn Locke
Ideas helped lay foundations for democratic government
Believed people formed governments to protect their rights and were innately good
ldquoThe end [purpose] of law is not to abolish or restrain but to preserve and enlarge freedomrdquo
Origins of American Government A customized government
bullFrench Enlightenment Thinkersrsquo Contributions Jean-Jacques Rousseau
Believed people were naturally good but corrupted and enslaved by society
Believed government had a duty to secure freedom for their people and if they did not they had no right to exist
ldquoForce does not create right obedience is due to only legitimate powersrdquo
With which theory do you agree more Why
John Locke Thomas Hobbes
The ldquoOriginal DilemmardquobullAll three theorists wrote about the need and
purpose of government Government needs to attain power from the
people in order to perform any functions
CLOSURE How much power is too much How much
liberty should be given up hellip bullThis represented a debated trade offhellip
Clash of order and freedom= Original Dilemma
Warm Up 5 Hobbes and Locke
Hobbes
Locke
Draw a venn diagram like the one below and write in the similarities and differences of the two men as discussed
Groups Block 2Group 1Joe BKeeleyOwenMichael CathersJeffMichelleCasey
Group 2SheredanCassidyKimAllieMike DriverMelissaAustin
Group 3JasonShayneMikalaDaniAmandaMichael SNicoleta
Group 4Mike KingChris ConteKarlyRyanKatieDJ
Groups Block 4Group 1Alex BNinaJasonCoreyTrystanBrianNick S
Group 2JakeShawnKatieDrewWyattKatAshlyn
Group 3JennaCeatonJeffLivSteveGarciaTom
Group 4SuzetteJulianneAlekDanScottSpenserNick R
Balloon Game Objective
To be the team with the most filled balloons taped into the square on the board Rules
1 No running 2 No touching classmates hellip that does
not mean you canrsquot touch their balloons hellip
3 No removal of balloons once they are taped to the board
You will have less than 5 minutes to come up with a strategy in your group
You will have 10 minutes to get as many filled balloons on the square as possible
End
Origins of American Government A customized government
bullFrench Enlightenment Thinkersrsquo Contributions Jean-Jacques Rousseau
Believed people were naturally good but corrupted and enslaved by society
Believed government had a duty to secure freedom for their people and if they did not they had no right to exist
ldquoForce does not create right obedience is due to only legitimate powersrdquo
With which theory do you agree more Why
John Locke Thomas Hobbes
The ldquoOriginal DilemmardquobullAll three theorists wrote about the need and
purpose of government Government needs to attain power from the
people in order to perform any functions
CLOSURE How much power is too much How much
liberty should be given up hellip bullThis represented a debated trade offhellip
Clash of order and freedom= Original Dilemma
Warm Up 5 Hobbes and Locke
Hobbes
Locke
Draw a venn diagram like the one below and write in the similarities and differences of the two men as discussed
Groups Block 2Group 1Joe BKeeleyOwenMichael CathersJeffMichelleCasey
Group 2SheredanCassidyKimAllieMike DriverMelissaAustin
Group 3JasonShayneMikalaDaniAmandaMichael SNicoleta
Group 4Mike KingChris ConteKarlyRyanKatieDJ
Groups Block 4Group 1Alex BNinaJasonCoreyTrystanBrianNick S
Group 2JakeShawnKatieDrewWyattKatAshlyn
Group 3JennaCeatonJeffLivSteveGarciaTom
Group 4SuzetteJulianneAlekDanScottSpenserNick R
Balloon Game Objective
To be the team with the most filled balloons taped into the square on the board Rules
1 No running 2 No touching classmates hellip that does
not mean you canrsquot touch their balloons hellip
3 No removal of balloons once they are taped to the board
You will have less than 5 minutes to come up with a strategy in your group
You will have 10 minutes to get as many filled balloons on the square as possible
End
With which theory do you agree more Why
John Locke Thomas Hobbes
The ldquoOriginal DilemmardquobullAll three theorists wrote about the need and
purpose of government Government needs to attain power from the
people in order to perform any functions
CLOSURE How much power is too much How much
liberty should be given up hellip bullThis represented a debated trade offhellip
Clash of order and freedom= Original Dilemma
Warm Up 5 Hobbes and Locke
Hobbes
Locke
Draw a venn diagram like the one below and write in the similarities and differences of the two men as discussed
Groups Block 2Group 1Joe BKeeleyOwenMichael CathersJeffMichelleCasey
Group 2SheredanCassidyKimAllieMike DriverMelissaAustin
Group 3JasonShayneMikalaDaniAmandaMichael SNicoleta
Group 4Mike KingChris ConteKarlyRyanKatieDJ
Groups Block 4Group 1Alex BNinaJasonCoreyTrystanBrianNick S
Group 2JakeShawnKatieDrewWyattKatAshlyn
Group 3JennaCeatonJeffLivSteveGarciaTom
Group 4SuzetteJulianneAlekDanScottSpenserNick R
Balloon Game Objective
To be the team with the most filled balloons taped into the square on the board Rules
1 No running 2 No touching classmates hellip that does
not mean you canrsquot touch their balloons hellip
3 No removal of balloons once they are taped to the board
You will have less than 5 minutes to come up with a strategy in your group
You will have 10 minutes to get as many filled balloons on the square as possible
End
The ldquoOriginal DilemmardquobullAll three theorists wrote about the need and
purpose of government Government needs to attain power from the
people in order to perform any functions
CLOSURE How much power is too much How much
liberty should be given up hellip bullThis represented a debated trade offhellip
Clash of order and freedom= Original Dilemma
Warm Up 5 Hobbes and Locke
Hobbes
Locke
Draw a venn diagram like the one below and write in the similarities and differences of the two men as discussed
Groups Block 2Group 1Joe BKeeleyOwenMichael CathersJeffMichelleCasey
Group 2SheredanCassidyKimAllieMike DriverMelissaAustin
Group 3JasonShayneMikalaDaniAmandaMichael SNicoleta
Group 4Mike KingChris ConteKarlyRyanKatieDJ
Groups Block 4Group 1Alex BNinaJasonCoreyTrystanBrianNick S
Group 2JakeShawnKatieDrewWyattKatAshlyn
Group 3JennaCeatonJeffLivSteveGarciaTom
Group 4SuzetteJulianneAlekDanScottSpenserNick R
Balloon Game Objective
To be the team with the most filled balloons taped into the square on the board Rules
1 No running 2 No touching classmates hellip that does
not mean you canrsquot touch their balloons hellip
3 No removal of balloons once they are taped to the board
You will have less than 5 minutes to come up with a strategy in your group
You will have 10 minutes to get as many filled balloons on the square as possible
End
Warm Up 5 Hobbes and Locke
Hobbes
Locke
Draw a venn diagram like the one below and write in the similarities and differences of the two men as discussed
Groups Block 2Group 1Joe BKeeleyOwenMichael CathersJeffMichelleCasey
Group 2SheredanCassidyKimAllieMike DriverMelissaAustin
Group 3JasonShayneMikalaDaniAmandaMichael SNicoleta
Group 4Mike KingChris ConteKarlyRyanKatieDJ
Groups Block 4Group 1Alex BNinaJasonCoreyTrystanBrianNick S
Group 2JakeShawnKatieDrewWyattKatAshlyn
Group 3JennaCeatonJeffLivSteveGarciaTom
Group 4SuzetteJulianneAlekDanScottSpenserNick R
Balloon Game Objective
To be the team with the most filled balloons taped into the square on the board Rules
1 No running 2 No touching classmates hellip that does
not mean you canrsquot touch their balloons hellip
3 No removal of balloons once they are taped to the board
You will have less than 5 minutes to come up with a strategy in your group
You will have 10 minutes to get as many filled balloons on the square as possible
End
Groups Block 2Group 1Joe BKeeleyOwenMichael CathersJeffMichelleCasey
Group 2SheredanCassidyKimAllieMike DriverMelissaAustin
Group 3JasonShayneMikalaDaniAmandaMichael SNicoleta
Group 4Mike KingChris ConteKarlyRyanKatieDJ
Groups Block 4Group 1Alex BNinaJasonCoreyTrystanBrianNick S
Group 2JakeShawnKatieDrewWyattKatAshlyn
Group 3JennaCeatonJeffLivSteveGarciaTom
Group 4SuzetteJulianneAlekDanScottSpenserNick R
Balloon Game Objective
To be the team with the most filled balloons taped into the square on the board Rules
1 No running 2 No touching classmates hellip that does
not mean you canrsquot touch their balloons hellip
3 No removal of balloons once they are taped to the board
You will have less than 5 minutes to come up with a strategy in your group
You will have 10 minutes to get as many filled balloons on the square as possible
End
Groups Block 4Group 1Alex BNinaJasonCoreyTrystanBrianNick S
Group 2JakeShawnKatieDrewWyattKatAshlyn
Group 3JennaCeatonJeffLivSteveGarciaTom
Group 4SuzetteJulianneAlekDanScottSpenserNick R
Balloon Game Objective
To be the team with the most filled balloons taped into the square on the board Rules
1 No running 2 No touching classmates hellip that does
not mean you canrsquot touch their balloons hellip
3 No removal of balloons once they are taped to the board
You will have less than 5 minutes to come up with a strategy in your group
You will have 10 minutes to get as many filled balloons on the square as possible
End
Balloon Game Objective
To be the team with the most filled balloons taped into the square on the board Rules
1 No running 2 No touching classmates hellip that does
not mean you canrsquot touch their balloons hellip
3 No removal of balloons once they are taped to the board
You will have less than 5 minutes to come up with a strategy in your group
You will have 10 minutes to get as many filled balloons on the square as possible
End
You will have 10 minutes to get as many filled balloons on the square as possible
End
Balloon Game Debriefing What type of behavior did you see during the
game
List some adjectives you would use to describe you and your classmatesrsquo actions while playing the game
Why do you think you needed more ldquorulesrdquo during
this game
How does this relate to this class How does it relate to the theorists
Political Theories
Force Theory small group forced
all to submit to person andor grouprsquos rule
Evolutionary Theory developed naturally out of the
evolution of the family
Divine Right held that God created the state
and God had given those of royal birth
ldquodivine rightrdquo to rule
Social Contract argues that state arose out of a
voluntary act of free people State exists only
to serve the will of the people
Social ContractbullJean-Jacques Rousseau and LockebullMeans that people voluntarily give up
power to a government to protect them and serve their interests
bullFree to remove that power at any timebullGovernment can only create laws when it
has the consent of the governedbullExamples
Natural Rightsbull Natural rights are ldquoinalienablerdquo and
cannot be taken away by any one (government)
bull Government exists to secure our natural rights and is based on the consent of those who are governed
bull Idea of consent derived from social contract theory
Democracybull A system of government in which in
theory the people rule either directly or indirectly
bullOpposite of democracy is dictatorship where leader has absolute power and authority Examples
Concepts of Governmentbull Ordered governmentmdashneed for order
bull Limited governmentmdashbasic principle of government which states that government is restricted in what it may do and each individual has rights that government cannot take away
bull Representative governmentmdashidea that government should serve the will of the people (democracy)
Warm up 6 ndash 91114
Do you feel the Patriot Act ( law that allows government to ldquoinvaderdquo your privacy if reason to believe you
are involved in questionable behavior) is a violation of your natural rights or a necessary restriction of your natural rights Why
Warm Up 7
bullAre there any rights that you think the government should be able to take away from you Under what conditions should they be allowed to do this
And after the ConstitutionFederalism vs Anti-Federalism
bullFederalists believed Favored ratification believed Constitution was
strong enough handle nationrsquos problems supported a federal government led by Alexander Hamilton and James Madison
bullAnti-Federalists believed Opposed ratification believed Constitution
was too strong wanted a Bill of Rights added to protect individual freedoms from government abuse led by Patrick Henry and Samuel Adams
Activity
bullEach of you will get a card it either has a termperson or a definition on it
bullYou must find the person who matches you and secretly begin a visual representation of your ideapersonterm
bullDO NOT SHARE ANSWERSbullWe will play a game afterhellipso work in
secret with your partner
Picture Activity
bullGallery Walk
Constitutional Convention
bullMet in Philadelphia in 1787
bullComposed of some of the greatest thinkers educators statesmen and politicians of the day
bullThese men were collectively known as ldquoThe Framersrdquo
Purpose of the ConventionbullInitial Purpose was to revise the Articles of
Confederation bullDelegates quickly realized they were
meeting to create a new government (with 3 branches)
VA Plan v NJ Plan
Several plans were proposed to correct the weaknesses of the Articles
bullVirginia PlanbullNew Jersey Plan
Major similarities between the 2 plansbullThree branches of governmentbullCongress retains powers granted under AOCbullExecutive chosen by Congress
Virginia Plan ldquoLarge State Planrdquo
bullStrong central govrsquotbullL Bicameral Congress
Representation based on population
bullE ldquoPresidentrdquo Chosen by Congress
bullJ 1+ supreme courts with lower courtsChosen by Congress
New Jersey PlanldquoSmall State PlanrdquobullStrong state governmentbullL Unicameral Congress
Each state would have = representationExpand power to tax amp regulate trade
bullE Two-person presidencyChosen by Congress able to be removed
bullJ Single Supreme CourtChosen by Executive
Your Task
Create a billboard advertisement detailing thefeatures of one of the plans ndash NJ or VA - the choice is yoursbullGoal ldquosellrdquo your plan to the people ndash persuade
them to choose your planUse catchy phrasesslogans and be sure to
include the historical features of your plan (VA or NJ)
At the end of this project we will vote on the most persuasive and appealing billboard ndash this group will receive extra credit on the Unit Assessment
Closure
bullWhat do you think (or know) happens to these two plans
States agreebull States agree to (ratify) the Constitution
only after it was agreed that a Bill of Rights be addedConstitution takes effect in 1788Bill of Rights added in 1791
bullThe Constitution is written in language that is deliberately vague as a result of compromise and to allow for flexibilityWhy
Quote
bullThe United States Constitution has proved itself the most marvelously elastic compilation of rules of government ever written ndash FDR
bullWhat words stick to you in this quote Why
Structure of Constitutionbull Provides basic
framework for US government
bull Outlines basic principles structure and processes
bull Three partsmdashPreambleArticlesAmendments
Structure of Constitution bull Preamble
Introduction to the Constitution Lists ideas that the government should stand for
and states purposes We the people of the United States in Order
to form a more perfect Union establish Justice insure domestic Tranquility provide for the common defense promote the general Welfare and secure the Blessings of Liberty to ourselves and our Prosperity do ordain and establish this Constitution for the United States of Americardquo
6 Purpose of Government bull Form a More Perfect Union
bull Establish Justice bull Insure Domestic Tranquility
bull Provide for the Common Defense
bull Promote the General Welfare
bull Secure the Blessings of Liberty
For each phrase consider the followinghellip
1 Why do you think the Framerrsquos put this phrase in the US Constitution
2 Is this phrase important today
Structure of Constitution bullArticles
Main body of the Constitution Lay out basic structure of the national
governmentFurther broken down into sections and clauses
Article I Legislative branch Article II Executive branch Article III Judicial branch Articles IV Relations among the states Article V Amendment process Article VI Payment of debts Supremacy
Clause oaths of office
Article VII Ratification
Structure of Constitution
bullAmendments Formal changes made to the ConstitutionTwenty-seven in total First ten referred to as the Bill of Rights
Principles of Constitution bull The language and structure of the Constitution reflects the basic principles of the US government system
bull PrinciplesmdashPopular sovereigntyRepresentative government Separation of powers Checks and balancesLimited governmentFederalism
Activity
Activity bull STEP 1 bull Fill in the graphic
organizer in your guided notes packet You have 8 minutes on your own to do this
bull STEP 2 On your own or with a partner create a tri-fold containing visual representations of three different principles of our government On the back explain each principle in 2 sentences
Principle Explanation
Popular Sovereignty Idea that people are the source of all power held by the government
Limited Government Government possesses only the powers the people give itmdashit must obey the Constitution
Separation of Powers Establishes three separate branches that share the governmentrsquos power These branches are the executive the legislative and the judicial
Checks and Balances Ensures that none of the three branches can become too powerful Each branch has ways to limit the power of the other two (ex President veto power)
Judicial Review Power of the courts to decide what the Constitution means The courts also have the power to declare a government action to be against the Constitution (unconstitutional)
Federalism Divides the power between the central government and the States
Check for UnderstandingSix PrinciplesNumber your paper from 1 - 8
Question 1
bullldquoWe the people of the United Stateshellipdo ordain and establish this Constitution for the United States of Americardquo
Popular Sovereignty
Question 2
bullldquoCongress shall make no law respecting an establishment of religion or prohibiting the free exercise thereof or abridging the freedom of speech or of the press or the right of the people to peacefully assemble and to petition the Government for a redress of grievancesrdquo
Limited Government
Question 3
bullDuring the Watergate Scandal prosecutors accused many of President Nixonrsquos closest advisors of breaking the law thus proving the rule of lawmdashNO ONE is above the law
Limited Government
Question 4
bullldquoThe accumulation of all powers legislative executive and judiciary in the same hands whether of one a few or manyhellipmay justly be pronounced the very definition of tyrannyrdquo
SEPARATION OF POWERS
Question 5
bullPresident Bush nominates Miss Dicks to be director of the CIA but the Senate refuses to confirm the appointment
Checks and Balances
Question 6
bullCongress in 2005 passes the Stem Cell Research Bill but President Bush vetos the bill
CHECKS AND BALANCES
Question 7
bullThe Supreme Court in 1954 determined that ldquoseparate but equalrdquo was not constitutional and overturned the Plessy vs Ferguson ruling
JUDICIAL REVIEW
Question 8
bullVA has a law that requires all candidates for a professional cosmeticianrsquos license complete classroom hours an unpaid internship and pass a qualifying test
Federalism
GroupsPopular
SovereigntySeparation of
PowersFederalism
bull bull bull
Judicial Review
Limited Government
Checks and Balances
bull bull bull
Separation of Powers
bull Legislative branchmdashmakes the laws
bull Executive branchmdashenforces the laws
bull Judicial branchmdashinterprets the law
Video
bullhttpwwwbrainpopcomsocialstudiesusgovernmentandlawbranchesofgovernment
Checks and Balances
Checks and balances
bullIn what was do the branches check on one another
bullhttpwwwsheppardsoftwarecomusa_gamegovernmentchecks_and_balanceshtm
Basic Principles
bullThe tenets of democracy are built upon five principlesmdashWorth of the individualEquality of all personsMajority rule minority rightsNecessity of compromiseIndividual freedom
Self- Worth
bull A recognition of the fundamental worth of every person
bull The democratic process reflects the collective set of individuals who make up society
Equality Democratic concept insists that all entitled tobull equality of opportunity bull equality before the law
bull Equality of opportunity suggests that no person should be held back for any arbitrary reason and must be free to develop him- or herself as fully as heshe can (or cares to)
bull Equality before the law suggests that each person should be treated as the equal of all other persons before the law
Compromise
bull A matter of compromise to determine the position most acceptable to the largest number of people
bull Because each individual is important and considered the equal of all others it stands to reason that people can only make public decisions by way of compromise
bullWhy is compromise important
Individual Freedombull Right of the
individual to be free as far as the freedom of all will allow
bull Democracy does not and cannot insist on the absolute freedom of the individual person
Write your ownhellipbull Now that you know what the foundations of
government arehellip Create your own Constitution (Or social contract)
What do you think is important to include What do you think could be taken out
Start with ldquoWe the peoplehelliprdquo and create the ideal contract
Preamble (brief introduction) Articles (what should it include based on what we
learned so far Include and agree on 10 points) Amendments (what do you think it should take to
change it)
bullFor your quiz tomorrowhellip What questions would you expect to seeWrite 5 and the answers on the back of the
paper
TED Talk
bullhttpwwwyoutubecomwatchv=ypqQ3-agpZo
Closure
bullExplain two principles of the constitution and how are they connected
What is Economics
bull Is the study of how people choose to use their limited resources to satisfy their unlimited wants and needs
Important Parts of Economicsndash
CHOICESSCARCITY
Economics ishellip
bullDependent upon assumptions
bullDependent upon simplification of reality
Back to our assumptionshellip
bullHuman Beings are rationalbullAll societies suffer from scarcity bullAll buyers seek to maximize utility
bullAll sellers seek to maximize profits
Scarcity refers to the limited number of resources (factors of production) that can be used to satisfy the unlimited human wants and needs
For the videohellip
bullWrite down 3 things you did not knowbullWrite down 3 things you did know
bullhttpwwwyoutubecomwatchv=TO7UTNS7r0w
Post Videohellip
bullDefine the main idea of the video in 4-5 words
Advertisement
bullKnowing some of the basics about what economics is and why we study ithellip
bullCreate an advertisement for an economics course BE SURE TO INCLUDE
3 images that represent different economic ideas
2 ldquothought bubblesrdquo that represent things yoursquoll learn about in economics
1 slogan that represents why economics is an important course to take
Political Cartoon Analysis
Factors of Production bull LAND
Also called Natural Resources Consider them ldquogifts of naturerdquo such as air
soil minerals water and plants
bull LABOR Also called Human Resources Includes physical and mental activities that go
into producing goodsservices
bull CAPITAL Includes tools machines buildings and
technologies
bull ENTREPRENEUR Risk taker who is responsible for combining
land labor and capital to produce goods and services
TASK
bullTask Why are entrepreneurs the driving force in our economy
bullAnswer in 2-3 sentences
The price ofhellip
bullLand is rentbullCapital is interestbullLabor is wagesbullEntrepreneurship is profit
Economic efficiency is achieved when all available resources are being used
All societies must answer three basic questions to satisfy the needs and wants of their populations
1 What to produce
bullShould it be military or civilian goods
bullFood or clothingbullMedicine or movies
2 How to produce it
bullAutomated or manual labor
bullExpensive or cheap materials
bullDomestic or overseas labor
3 For whom to produce it
bullThe wealthy or the needybullThe sick or the healthy
Application Activity
bull In groups of 2-3 create your own country (name it please)
bull With your countryrsquos name explain the Population geography and general population
information (iehellipbull Choose 5 items for your country to produce and
answer the three societal questions for eachALSO explain why this material would help your
economy thrivereach economic efficiencybull Create an advertisement for your country
withhellip Images representing what you produce and a
slogan for why your country is awesome
EQs
bullHow does scarcity impact decision making
Objectives amp Essential QuestionsbullObjectives
I will be able to create and reflect on a budget given new economics content
I will be able to understand scarcity and our mixed economy
bullEssential QuestionsHow does scarcity impact decision makingHow do we satisfy our economic wants
Group Activity Budget Activity
bullTeacher will break you into groups In your groups you will be creating a budget for a single family
bullYour group has been given an income for a year Given your family situation negotiate with your ldquofamilyrdquo to complete a budget for 1 month (keep in mind your $$ is in a given year)
bullhttpwwwyoutubecomwatchv=yoVc_S_gd_0
How do we satisfy our economic wants
bull We buy goods or services
bull Good ndash a physical object (tangible) that has been produced for salebull Durable ndash last 3+ yearsbull Nondurable ndash last up to 3 years
bull Service ndash work done by someone else for which someone is willing to pay
How do we make goods amp services
bull Use Factors of Production - The productive resources that go into producing goods and services
Production Equation
LAND + LABOR + CAPITAL = GOODSERVICE
inputs output
Economic Interdependence
bullWhat does lsquointerdependencersquo mean
bullIs our world becoming economic interdependent or independent
bullEconomic Interdependence the actions of one part of the
country (world) has an impact on what happens elsewhere
Wants amp Needs gt
Resources
Because of scarcity we
have to make choices
How do we make a choice What do we give up
What does this remind you of from our government unit
Making Choices to Deal With Scarcity
bullPeople seek to maximize their utility when making decisions This requires them to consider tradeoffs
Utility ndash the satisfaction or benefit a person receives from consuming a good or service
Tradeoffs ndash the alternate choices people have when making a decision also the benefitsadvantages of making on
decision over another
ExampleshellipbullSome choices are easy to makehellip
HmmhellipShould I have pizza or a hoagie for lunch today
bullOther decisions are agonizinghellipShould I get out of bed and go to
school today or should I sleep in
Task Reflecting on Personal Trade-offshellip
In the end what helped you decide amongst your choices
Think of ONE decision thatyou had to make in the last weekhellipIdentify your various
tradeoffs for that decision
Be prepared to share
Opportunity Cost
bullWhen comparing the top 2 choices it is the BENEFIT of the next best alternative that must be sacrificed to satisfy a want
bullYou do a cost-benefit analysis to figure out which decision is most beneficial
Opportunity Cost ndash The best thing we give up to get what
we want
What else influences your choices
bullPeople make decisions based on their marginal utility or the extra satisfaction they gain from one additional unit of a goodservice
bullLaw of Diminishing Marginal Utility says that as we get or do more of something the pleasure we derive from it tends to decrease and so does our willingness to buy it or do it
FinallyhellipWhy it Matters
Understanding the opportunity coststradeoffs of different choices in life makes you a
better decision-maker
Todayrsquos Message ndash ldquoTherersquos No Such Thing As a Free Lunchrdquo
You always have to give something uphelliprdquo
ALL Individuals Businesses amp Societies have to consider tradeoffsopportunity costs when making
decisions
Visualizing the Relationshiphellip
Limited Resources amp Unlimited Wants
Scarcity
Trade-offs (choices)
Opportunity Costs
ObjectivesEssential Questions
bullObjectivebullI will be able to understand (and teach)
the three different types of economies
bullEssential Question How do the different types of economies work
How Can We Measure What We Gain and Lose When
Making Choices
Answer With a Production Possibilities Frontier
Production Possibilities Frontier
bullDiagram representing the possible combinations of goods and or services an economy can produce when all resources are being fully employed
PPF Assumptions
bullWe live in a two good worldbullThere are fixed resourcesbullThere is fixed technologybullResources are not specialized
Production Possibilities Curve
CD
E
OU
TP
UT
OF
CO
NS
UM
ER
GO
OD
S
(un
its
per
yea
r)
OUTPUT OF MILITARY GOODS (units per year)
A
BO
XF
G
Limited resources necessitate choices about WHAT to produce
The Choices Nations Make
bullA nation must choose what to do with its scarce resources during war or periods of military buildup
bullProduce military goods or consumer goods
Economic Growth
2000 production possibilities
1900 production possibilities
OU
TP
UT
OF
CO
NS
UM
ER
GO
OD
S(u
nits
per
yea
r)
OUTPUT OF MILITARY GOODS (units per year)
Production possibilities increases with more resources and technology
The Classic Guns and Butter example
Guns
Butter
10000 20000 30000 40000 50000
1000009500085000
70000
5000040000
BA
C
D
E
F
At point A all resources are used for butter
Moving from point A to point B requires shifting resources out of butter and into guns
At point F all resources are used for Guns
Productivitybull A PPF can help us see how efficient our
choices are
bull Productivity - measurement of how efficiently we are utilizing our resources Is this the same as production
bull An economy producing on the curve = using their resources to produce the MAXIMUM amount of goodsservices
Locations on a PPF
bull Efficient Point place where an economy is achieving as much output as possible from a given amount of resources ndash occurs at any point on the curve
bull Inefficient Point ndash place where the economy is not functioning as it could be ndash occurs at any point inside the curve
bull Unattainable Point ndash place where the economy cannot produce given its current resources ndash occurs at any point outside the curve
Food
Computer
4
3
2
1
1 2 3 4
OC between 1 and 2 computers = 1 Food
UnitOC between 3 and 4 computers = 1 Food
Unit
Constantly giving up the same quantity of food to get
additional computers
STRAIGHT-LINE PPFs Constant OC
BOWED-OUT PPFs VaryingIncreasing OC
Principle of Increasing Costs
As a society produces more of one product the OC of producing
that product increases because we are using more resources that are poorly suited to produce it
Economic Systems
An economic system is the way a society coordinates the production and consumption of goods amp services
How a society answers the three basic economic questions determines which type of economic system they are
Three Types of Economic Systems Command Traditional Market
Jigsaw activity
bullYou will be placed in groups of 3 and assigned a type of economy
bullYou will have 7 minutes to read and come up with 4 key components
bullAfter the 7 minuteshellip 1rsquos go to the front of the classroom2rsquos go to the wall nearest the door3rsquos go to the wall nearest the courtyard
Economic amp Social Goals of an Economic System
bull Economic Freedom
bull Economic Efficiency
bull Economic Equity
bull Economic Security
Economic Stability
Economic Growth
Review of Economic Systems
bullA traditional economy relies on custom and tradition to dictate production and consumption
bullIn a command economy decisions about production and consumption are made by a powerful ruler or central authority
bullIn a market economy individual producers and consumers coordinate economic activity
What are the most important goals of each economic system
bullTraditionalSecurity and
StabilitybullCommand
Equity and Security
bullMARKETEfficiency and
Freedom
Societies differ in the degree of importance they attach to each goal Progress toward one goal can sometimes be achieved only
at the expense of another (TRADEOFFS)
Which economic system does the US use
The American Economic System
bullWe have a mixed market economy
COMMAND MARKET
The US mixed economybull In a mixed economyhellip
Individuals Own the factors of production Possess freedom to produce or consume Must operate under confines of law
Government Protects workers and consumers Regulates business and preserves competition Provide public goodsbenefits
Think backhellip
bullWhat does this remind you of from the beginning of the unit
US Economic System Characteristics 1 Economic freedom (ldquolaissez-fairerdquo)
2 Limited government
3 Equal opportunity
4 Competition
5 Profit motive
6 Property Rights
7 Binding Contracts
Understanding how all parts fit together
Circular Flow of Economic Activity Represents a market economy
2 main ldquomarketsrdquoProduct Market Factor Market
where goods and services where the 4 factors ofare boughtsold production are boughtsold
Shows interdependence between
businesses and individuals
Marriage Vowsbull CONGRATULATIONS The government and the economy
are renewing their marriage vows You are cordially invited to the ceremony but this perfect couple needs your help
bull Using what you have learned this unit and using the textbook
bull You will explain the way government and the economy are connected (made for each other) You will demonstrate this answer in the format of wedding vows
bull You must use at least 5 of the following words Producers Taxes Consumers Restrictions Markets Freedom GoodsServices Limited
bull Look back to US Economic System Characteristics bull Each set of vows must be at least 6 lines
Do you remember
bullWrite the following question downbullWhy does the United States have a
democracy and mixed economy
- Foundations of Government and Economics
- On your blank piece of paperhellip
- Slide 3
- Warm-Up 1 - 9414
- Introductory thoughts hellip
- Slide 6
- 2 How about to your life
- Slide 8
- Slide 9
- Slide 10
- Slide 11
- Warm Up -2a- 9514 The New York Times and CBS News Pollhellip
- Warm up 2bndash In Journal-
- Economist and Politician Assumptions
- Individualism
- Quote activity
- Quote breakdown
- Warm Up 3- Current Event 9814
- Purpose of Government
- Slide 20
- 3 Theorists
- Activity
- Origins of American Government A customized government
- Origins of American Government A customized government (2)
- Origins of American Government A customized government (3)
- With which theory do you agree more Why
- The ldquoOriginal Dilemmardquo
- Warm Up 5 Hobbes and Locke
- Groups Block 2
- Groups Block 4
- Balloon Game
- You will have 10 minutes to get as many filled balloons on the
- Balloon Game Debriefing
- Political Theories
- Social Contract
- Natural Rights
- Democracy
- Concepts of Government
- Warm up 6 ndash 91114
- Warm Up 7
- And after the Constitution
- Activity (2)
- Picture Activity
- Constitutional Convention
- Purpose of the Convention
- VA Plan v NJ Plan
- Virginia Plan ldquoLarge State Planrdquo
- New Jersey Plan ldquoSmall State Planrdquo
- Your Task
- Closure
- States agree
- Quote
- Structure of Constitution
- Structure of Constitution
- 6 Purpose of Government
- Structure of Constitution (2)
- Structure of Constitution (3)
- Principles of Constitution
- Activity
- Slide 60
- Check for Understanding Six Principles
- Question 1
- Question 2
- Question 3
- Question 4
- Question 5
- Question 6
- Question 7
- Question 8
- Groups
- Separation of Powers
- Video
- Checks and Balances
- Slide 74
- Checks and balances
- Basic Principles
- Self- Worth
- Equality
- Compromise
- Individual Freedom
- Write your ownhellip
- Slide 82
- TED Talk
- Closure
- What is Economics
- Economics ishellip
- Back to our assumptionshellip
- Scarcity refers to the limited number of resources (factors of
- For the videohellip
- Slide 90
- Post Videohellip
- Advertisement
- Political Cartoon Analysis
- Factors of Production
- TASK
- The price ofhellip
- Economic efficiency is achieved when all available resources ar
- 1 What to produce
- 2 How to produce it
- 3 For whom to produce it
- Application Activity
- EQs
- Objectives amp Essential Questions
- Group Activity Budget Activity
- Slide 105
- How do we satisfy our economic wants
- How do we make goods amp services
- Economic Interdependence
- Slide 109
- Making Choices to Deal With Scarcity
- Exampleshellip
- Task Reflecting on Personal Trade-offshellip
- Opportunity Cost
- What else influences your choices
- Finallyhellip Why it Matters
- Visualizing the Relationshiphellip
- ObjectivesEssential Questions
- How Can We Measure What We Gain and Lose When Making Choices
- Production Possibilities Frontier
- PPF Assumptions
- Slide 121
- Production Possibilities Curve
- The Choices Nations Make
- Economic Growth
- The Classic Guns and Butter example
- Productivity
- Locations on a PPF
- Slide 128
- BOWED-OUT PPFs VaryingIncreasing OC
- Economic Systems
- Jigsaw activity
- Slide 132
- Economic amp Social Goals of an Economic System
- Review of Economic Systems
- Slide 135
- What are the most important goals of each economic system
- Which economic system does the US use
- The American Economic System
- The US mixed economy
- Slide 140
- Think backhellip
- US Economic System Characteristics
- Slide 143
- Understanding how all parts fit together
- Marriage Vows
- Do you remember
- Slide 147
-
Political Theories
Force Theory small group forced
all to submit to person andor grouprsquos rule
Evolutionary Theory developed naturally out of the
evolution of the family
Divine Right held that God created the state
and God had given those of royal birth
ldquodivine rightrdquo to rule
Social Contract argues that state arose out of a
voluntary act of free people State exists only
to serve the will of the people
Social ContractbullJean-Jacques Rousseau and LockebullMeans that people voluntarily give up
power to a government to protect them and serve their interests
bullFree to remove that power at any timebullGovernment can only create laws when it
has the consent of the governedbullExamples
Natural Rightsbull Natural rights are ldquoinalienablerdquo and
cannot be taken away by any one (government)
bull Government exists to secure our natural rights and is based on the consent of those who are governed
bull Idea of consent derived from social contract theory
Democracybull A system of government in which in
theory the people rule either directly or indirectly
bullOpposite of democracy is dictatorship where leader has absolute power and authority Examples
Concepts of Governmentbull Ordered governmentmdashneed for order
bull Limited governmentmdashbasic principle of government which states that government is restricted in what it may do and each individual has rights that government cannot take away
bull Representative governmentmdashidea that government should serve the will of the people (democracy)
Warm up 6 ndash 91114
Do you feel the Patriot Act ( law that allows government to ldquoinvaderdquo your privacy if reason to believe you
are involved in questionable behavior) is a violation of your natural rights or a necessary restriction of your natural rights Why
Warm Up 7
bullAre there any rights that you think the government should be able to take away from you Under what conditions should they be allowed to do this
And after the ConstitutionFederalism vs Anti-Federalism
bullFederalists believed Favored ratification believed Constitution was
strong enough handle nationrsquos problems supported a federal government led by Alexander Hamilton and James Madison
bullAnti-Federalists believed Opposed ratification believed Constitution
was too strong wanted a Bill of Rights added to protect individual freedoms from government abuse led by Patrick Henry and Samuel Adams
Activity
bullEach of you will get a card it either has a termperson or a definition on it
bullYou must find the person who matches you and secretly begin a visual representation of your ideapersonterm
bullDO NOT SHARE ANSWERSbullWe will play a game afterhellipso work in
secret with your partner
Picture Activity
bullGallery Walk
Constitutional Convention
bullMet in Philadelphia in 1787
bullComposed of some of the greatest thinkers educators statesmen and politicians of the day
bullThese men were collectively known as ldquoThe Framersrdquo
Purpose of the ConventionbullInitial Purpose was to revise the Articles of
Confederation bullDelegates quickly realized they were
meeting to create a new government (with 3 branches)
VA Plan v NJ Plan
Several plans were proposed to correct the weaknesses of the Articles
bullVirginia PlanbullNew Jersey Plan
Major similarities between the 2 plansbullThree branches of governmentbullCongress retains powers granted under AOCbullExecutive chosen by Congress
Virginia Plan ldquoLarge State Planrdquo
bullStrong central govrsquotbullL Bicameral Congress
Representation based on population
bullE ldquoPresidentrdquo Chosen by Congress
bullJ 1+ supreme courts with lower courtsChosen by Congress
New Jersey PlanldquoSmall State PlanrdquobullStrong state governmentbullL Unicameral Congress
Each state would have = representationExpand power to tax amp regulate trade
bullE Two-person presidencyChosen by Congress able to be removed
bullJ Single Supreme CourtChosen by Executive
Your Task
Create a billboard advertisement detailing thefeatures of one of the plans ndash NJ or VA - the choice is yoursbullGoal ldquosellrdquo your plan to the people ndash persuade
them to choose your planUse catchy phrasesslogans and be sure to
include the historical features of your plan (VA or NJ)
At the end of this project we will vote on the most persuasive and appealing billboard ndash this group will receive extra credit on the Unit Assessment
Closure
bullWhat do you think (or know) happens to these two plans
States agreebull States agree to (ratify) the Constitution
only after it was agreed that a Bill of Rights be addedConstitution takes effect in 1788Bill of Rights added in 1791
bullThe Constitution is written in language that is deliberately vague as a result of compromise and to allow for flexibilityWhy
Quote
bullThe United States Constitution has proved itself the most marvelously elastic compilation of rules of government ever written ndash FDR
bullWhat words stick to you in this quote Why
Structure of Constitutionbull Provides basic
framework for US government
bull Outlines basic principles structure and processes
bull Three partsmdashPreambleArticlesAmendments
Structure of Constitution bull Preamble
Introduction to the Constitution Lists ideas that the government should stand for
and states purposes We the people of the United States in Order
to form a more perfect Union establish Justice insure domestic Tranquility provide for the common defense promote the general Welfare and secure the Blessings of Liberty to ourselves and our Prosperity do ordain and establish this Constitution for the United States of Americardquo
6 Purpose of Government bull Form a More Perfect Union
bull Establish Justice bull Insure Domestic Tranquility
bull Provide for the Common Defense
bull Promote the General Welfare
bull Secure the Blessings of Liberty
For each phrase consider the followinghellip
1 Why do you think the Framerrsquos put this phrase in the US Constitution
2 Is this phrase important today
Structure of Constitution bullArticles
Main body of the Constitution Lay out basic structure of the national
governmentFurther broken down into sections and clauses
Article I Legislative branch Article II Executive branch Article III Judicial branch Articles IV Relations among the states Article V Amendment process Article VI Payment of debts Supremacy
Clause oaths of office
Article VII Ratification
Structure of Constitution
bullAmendments Formal changes made to the ConstitutionTwenty-seven in total First ten referred to as the Bill of Rights
Principles of Constitution bull The language and structure of the Constitution reflects the basic principles of the US government system
bull PrinciplesmdashPopular sovereigntyRepresentative government Separation of powers Checks and balancesLimited governmentFederalism
Activity
Activity bull STEP 1 bull Fill in the graphic
organizer in your guided notes packet You have 8 minutes on your own to do this
bull STEP 2 On your own or with a partner create a tri-fold containing visual representations of three different principles of our government On the back explain each principle in 2 sentences
Principle Explanation
Popular Sovereignty Idea that people are the source of all power held by the government
Limited Government Government possesses only the powers the people give itmdashit must obey the Constitution
Separation of Powers Establishes three separate branches that share the governmentrsquos power These branches are the executive the legislative and the judicial
Checks and Balances Ensures that none of the three branches can become too powerful Each branch has ways to limit the power of the other two (ex President veto power)
Judicial Review Power of the courts to decide what the Constitution means The courts also have the power to declare a government action to be against the Constitution (unconstitutional)
Federalism Divides the power between the central government and the States
Check for UnderstandingSix PrinciplesNumber your paper from 1 - 8
Question 1
bullldquoWe the people of the United Stateshellipdo ordain and establish this Constitution for the United States of Americardquo
Popular Sovereignty
Question 2
bullldquoCongress shall make no law respecting an establishment of religion or prohibiting the free exercise thereof or abridging the freedom of speech or of the press or the right of the people to peacefully assemble and to petition the Government for a redress of grievancesrdquo
Limited Government
Question 3
bullDuring the Watergate Scandal prosecutors accused many of President Nixonrsquos closest advisors of breaking the law thus proving the rule of lawmdashNO ONE is above the law
Limited Government
Question 4
bullldquoThe accumulation of all powers legislative executive and judiciary in the same hands whether of one a few or manyhellipmay justly be pronounced the very definition of tyrannyrdquo
SEPARATION OF POWERS
Question 5
bullPresident Bush nominates Miss Dicks to be director of the CIA but the Senate refuses to confirm the appointment
Checks and Balances
Question 6
bullCongress in 2005 passes the Stem Cell Research Bill but President Bush vetos the bill
CHECKS AND BALANCES
Question 7
bullThe Supreme Court in 1954 determined that ldquoseparate but equalrdquo was not constitutional and overturned the Plessy vs Ferguson ruling
JUDICIAL REVIEW
Question 8
bullVA has a law that requires all candidates for a professional cosmeticianrsquos license complete classroom hours an unpaid internship and pass a qualifying test
Federalism
GroupsPopular
SovereigntySeparation of
PowersFederalism
bull bull bull
Judicial Review
Limited Government
Checks and Balances
bull bull bull
Separation of Powers
bull Legislative branchmdashmakes the laws
bull Executive branchmdashenforces the laws
bull Judicial branchmdashinterprets the law
Video
bullhttpwwwbrainpopcomsocialstudiesusgovernmentandlawbranchesofgovernment
Checks and Balances
Checks and balances
bullIn what was do the branches check on one another
bullhttpwwwsheppardsoftwarecomusa_gamegovernmentchecks_and_balanceshtm
Basic Principles
bullThe tenets of democracy are built upon five principlesmdashWorth of the individualEquality of all personsMajority rule minority rightsNecessity of compromiseIndividual freedom
Self- Worth
bull A recognition of the fundamental worth of every person
bull The democratic process reflects the collective set of individuals who make up society
Equality Democratic concept insists that all entitled tobull equality of opportunity bull equality before the law
bull Equality of opportunity suggests that no person should be held back for any arbitrary reason and must be free to develop him- or herself as fully as heshe can (or cares to)
bull Equality before the law suggests that each person should be treated as the equal of all other persons before the law
Compromise
bull A matter of compromise to determine the position most acceptable to the largest number of people
bull Because each individual is important and considered the equal of all others it stands to reason that people can only make public decisions by way of compromise
bullWhy is compromise important
Individual Freedombull Right of the
individual to be free as far as the freedom of all will allow
bull Democracy does not and cannot insist on the absolute freedom of the individual person
Write your ownhellipbull Now that you know what the foundations of
government arehellip Create your own Constitution (Or social contract)
What do you think is important to include What do you think could be taken out
Start with ldquoWe the peoplehelliprdquo and create the ideal contract
Preamble (brief introduction) Articles (what should it include based on what we
learned so far Include and agree on 10 points) Amendments (what do you think it should take to
change it)
bullFor your quiz tomorrowhellip What questions would you expect to seeWrite 5 and the answers on the back of the
paper
TED Talk
bullhttpwwwyoutubecomwatchv=ypqQ3-agpZo
Closure
bullExplain two principles of the constitution and how are they connected
What is Economics
bull Is the study of how people choose to use their limited resources to satisfy their unlimited wants and needs
Important Parts of Economicsndash
CHOICESSCARCITY
Economics ishellip
bullDependent upon assumptions
bullDependent upon simplification of reality
Back to our assumptionshellip
bullHuman Beings are rationalbullAll societies suffer from scarcity bullAll buyers seek to maximize utility
bullAll sellers seek to maximize profits
Scarcity refers to the limited number of resources (factors of production) that can be used to satisfy the unlimited human wants and needs
For the videohellip
bullWrite down 3 things you did not knowbullWrite down 3 things you did know
bullhttpwwwyoutubecomwatchv=TO7UTNS7r0w
Post Videohellip
bullDefine the main idea of the video in 4-5 words
Advertisement
bullKnowing some of the basics about what economics is and why we study ithellip
bullCreate an advertisement for an economics course BE SURE TO INCLUDE
3 images that represent different economic ideas
2 ldquothought bubblesrdquo that represent things yoursquoll learn about in economics
1 slogan that represents why economics is an important course to take
Political Cartoon Analysis
Factors of Production bull LAND
Also called Natural Resources Consider them ldquogifts of naturerdquo such as air
soil minerals water and plants
bull LABOR Also called Human Resources Includes physical and mental activities that go
into producing goodsservices
bull CAPITAL Includes tools machines buildings and
technologies
bull ENTREPRENEUR Risk taker who is responsible for combining
land labor and capital to produce goods and services
TASK
bullTask Why are entrepreneurs the driving force in our economy
bullAnswer in 2-3 sentences
The price ofhellip
bullLand is rentbullCapital is interestbullLabor is wagesbullEntrepreneurship is profit
Economic efficiency is achieved when all available resources are being used
All societies must answer three basic questions to satisfy the needs and wants of their populations
1 What to produce
bullShould it be military or civilian goods
bullFood or clothingbullMedicine or movies
2 How to produce it
bullAutomated or manual labor
bullExpensive or cheap materials
bullDomestic or overseas labor
3 For whom to produce it
bullThe wealthy or the needybullThe sick or the healthy
Application Activity
bull In groups of 2-3 create your own country (name it please)
bull With your countryrsquos name explain the Population geography and general population
information (iehellipbull Choose 5 items for your country to produce and
answer the three societal questions for eachALSO explain why this material would help your
economy thrivereach economic efficiencybull Create an advertisement for your country
withhellip Images representing what you produce and a
slogan for why your country is awesome
EQs
bullHow does scarcity impact decision making
Objectives amp Essential QuestionsbullObjectives
I will be able to create and reflect on a budget given new economics content
I will be able to understand scarcity and our mixed economy
bullEssential QuestionsHow does scarcity impact decision makingHow do we satisfy our economic wants
Group Activity Budget Activity
bullTeacher will break you into groups In your groups you will be creating a budget for a single family
bullYour group has been given an income for a year Given your family situation negotiate with your ldquofamilyrdquo to complete a budget for 1 month (keep in mind your $$ is in a given year)
bullhttpwwwyoutubecomwatchv=yoVc_S_gd_0
How do we satisfy our economic wants
bull We buy goods or services
bull Good ndash a physical object (tangible) that has been produced for salebull Durable ndash last 3+ yearsbull Nondurable ndash last up to 3 years
bull Service ndash work done by someone else for which someone is willing to pay
How do we make goods amp services
bull Use Factors of Production - The productive resources that go into producing goods and services
Production Equation
LAND + LABOR + CAPITAL = GOODSERVICE
inputs output
Economic Interdependence
bullWhat does lsquointerdependencersquo mean
bullIs our world becoming economic interdependent or independent
bullEconomic Interdependence the actions of one part of the
country (world) has an impact on what happens elsewhere
Wants amp Needs gt
Resources
Because of scarcity we
have to make choices
How do we make a choice What do we give up
What does this remind you of from our government unit
Making Choices to Deal With Scarcity
bullPeople seek to maximize their utility when making decisions This requires them to consider tradeoffs
Utility ndash the satisfaction or benefit a person receives from consuming a good or service
Tradeoffs ndash the alternate choices people have when making a decision also the benefitsadvantages of making on
decision over another
ExampleshellipbullSome choices are easy to makehellip
HmmhellipShould I have pizza or a hoagie for lunch today
bullOther decisions are agonizinghellipShould I get out of bed and go to
school today or should I sleep in
Task Reflecting on Personal Trade-offshellip
In the end what helped you decide amongst your choices
Think of ONE decision thatyou had to make in the last weekhellipIdentify your various
tradeoffs for that decision
Be prepared to share
Opportunity Cost
bullWhen comparing the top 2 choices it is the BENEFIT of the next best alternative that must be sacrificed to satisfy a want
bullYou do a cost-benefit analysis to figure out which decision is most beneficial
Opportunity Cost ndash The best thing we give up to get what
we want
What else influences your choices
bullPeople make decisions based on their marginal utility or the extra satisfaction they gain from one additional unit of a goodservice
bullLaw of Diminishing Marginal Utility says that as we get or do more of something the pleasure we derive from it tends to decrease and so does our willingness to buy it or do it
FinallyhellipWhy it Matters
Understanding the opportunity coststradeoffs of different choices in life makes you a
better decision-maker
Todayrsquos Message ndash ldquoTherersquos No Such Thing As a Free Lunchrdquo
You always have to give something uphelliprdquo
ALL Individuals Businesses amp Societies have to consider tradeoffsopportunity costs when making
decisions
Visualizing the Relationshiphellip
Limited Resources amp Unlimited Wants
Scarcity
Trade-offs (choices)
Opportunity Costs
ObjectivesEssential Questions
bullObjectivebullI will be able to understand (and teach)
the three different types of economies
bullEssential Question How do the different types of economies work
How Can We Measure What We Gain and Lose When
Making Choices
Answer With a Production Possibilities Frontier
Production Possibilities Frontier
bullDiagram representing the possible combinations of goods and or services an economy can produce when all resources are being fully employed
PPF Assumptions
bullWe live in a two good worldbullThere are fixed resourcesbullThere is fixed technologybullResources are not specialized
Production Possibilities Curve
CD
E
OU
TP
UT
OF
CO
NS
UM
ER
GO
OD
S
(un
its
per
yea
r)
OUTPUT OF MILITARY GOODS (units per year)
A
BO
XF
G
Limited resources necessitate choices about WHAT to produce
The Choices Nations Make
bullA nation must choose what to do with its scarce resources during war or periods of military buildup
bullProduce military goods or consumer goods
Economic Growth
2000 production possibilities
1900 production possibilities
OU
TP
UT
OF
CO
NS
UM
ER
GO
OD
S(u
nits
per
yea
r)
OUTPUT OF MILITARY GOODS (units per year)
Production possibilities increases with more resources and technology
The Classic Guns and Butter example
Guns
Butter
10000 20000 30000 40000 50000
1000009500085000
70000
5000040000
BA
C
D
E
F
At point A all resources are used for butter
Moving from point A to point B requires shifting resources out of butter and into guns
At point F all resources are used for Guns
Productivitybull A PPF can help us see how efficient our
choices are
bull Productivity - measurement of how efficiently we are utilizing our resources Is this the same as production
bull An economy producing on the curve = using their resources to produce the MAXIMUM amount of goodsservices
Locations on a PPF
bull Efficient Point place where an economy is achieving as much output as possible from a given amount of resources ndash occurs at any point on the curve
bull Inefficient Point ndash place where the economy is not functioning as it could be ndash occurs at any point inside the curve
bull Unattainable Point ndash place where the economy cannot produce given its current resources ndash occurs at any point outside the curve
Food
Computer
4
3
2
1
1 2 3 4
OC between 1 and 2 computers = 1 Food
UnitOC between 3 and 4 computers = 1 Food
Unit
Constantly giving up the same quantity of food to get
additional computers
STRAIGHT-LINE PPFs Constant OC
BOWED-OUT PPFs VaryingIncreasing OC
Principle of Increasing Costs
As a society produces more of one product the OC of producing
that product increases because we are using more resources that are poorly suited to produce it
Economic Systems
An economic system is the way a society coordinates the production and consumption of goods amp services
How a society answers the three basic economic questions determines which type of economic system they are
Three Types of Economic Systems Command Traditional Market
Jigsaw activity
bullYou will be placed in groups of 3 and assigned a type of economy
bullYou will have 7 minutes to read and come up with 4 key components
bullAfter the 7 minuteshellip 1rsquos go to the front of the classroom2rsquos go to the wall nearest the door3rsquos go to the wall nearest the courtyard
Economic amp Social Goals of an Economic System
bull Economic Freedom
bull Economic Efficiency
bull Economic Equity
bull Economic Security
Economic Stability
Economic Growth
Review of Economic Systems
bullA traditional economy relies on custom and tradition to dictate production and consumption
bullIn a command economy decisions about production and consumption are made by a powerful ruler or central authority
bullIn a market economy individual producers and consumers coordinate economic activity
What are the most important goals of each economic system
bullTraditionalSecurity and
StabilitybullCommand
Equity and Security
bullMARKETEfficiency and
Freedom
Societies differ in the degree of importance they attach to each goal Progress toward one goal can sometimes be achieved only
at the expense of another (TRADEOFFS)
Which economic system does the US use
The American Economic System
bullWe have a mixed market economy
COMMAND MARKET
The US mixed economybull In a mixed economyhellip
Individuals Own the factors of production Possess freedom to produce or consume Must operate under confines of law
Government Protects workers and consumers Regulates business and preserves competition Provide public goodsbenefits
Think backhellip
bullWhat does this remind you of from the beginning of the unit
US Economic System Characteristics 1 Economic freedom (ldquolaissez-fairerdquo)
2 Limited government
3 Equal opportunity
4 Competition
5 Profit motive
6 Property Rights
7 Binding Contracts
Understanding how all parts fit together
Circular Flow of Economic Activity Represents a market economy
2 main ldquomarketsrdquoProduct Market Factor Market
where goods and services where the 4 factors ofare boughtsold production are boughtsold
Shows interdependence between
businesses and individuals
Marriage Vowsbull CONGRATULATIONS The government and the economy
are renewing their marriage vows You are cordially invited to the ceremony but this perfect couple needs your help
bull Using what you have learned this unit and using the textbook
bull You will explain the way government and the economy are connected (made for each other) You will demonstrate this answer in the format of wedding vows
bull You must use at least 5 of the following words Producers Taxes Consumers Restrictions Markets Freedom GoodsServices Limited
bull Look back to US Economic System Characteristics bull Each set of vows must be at least 6 lines
Do you remember
bullWrite the following question downbullWhy does the United States have a
democracy and mixed economy
- Foundations of Government and Economics
- On your blank piece of paperhellip
- Slide 3
- Warm-Up 1 - 9414
- Introductory thoughts hellip
- Slide 6
- 2 How about to your life
- Slide 8
- Slide 9
- Slide 10
- Slide 11
- Warm Up -2a- 9514 The New York Times and CBS News Pollhellip
- Warm up 2bndash In Journal-
- Economist and Politician Assumptions
- Individualism
- Quote activity
- Quote breakdown
- Warm Up 3- Current Event 9814
- Purpose of Government
- Slide 20
- 3 Theorists
- Activity
- Origins of American Government A customized government
- Origins of American Government A customized government (2)
- Origins of American Government A customized government (3)
- With which theory do you agree more Why
- The ldquoOriginal Dilemmardquo
- Warm Up 5 Hobbes and Locke
- Groups Block 2
- Groups Block 4
- Balloon Game
- You will have 10 minutes to get as many filled balloons on the
- Balloon Game Debriefing
- Political Theories
- Social Contract
- Natural Rights
- Democracy
- Concepts of Government
- Warm up 6 ndash 91114
- Warm Up 7
- And after the Constitution
- Activity (2)
- Picture Activity
- Constitutional Convention
- Purpose of the Convention
- VA Plan v NJ Plan
- Virginia Plan ldquoLarge State Planrdquo
- New Jersey Plan ldquoSmall State Planrdquo
- Your Task
- Closure
- States agree
- Quote
- Structure of Constitution
- Structure of Constitution
- 6 Purpose of Government
- Structure of Constitution (2)
- Structure of Constitution (3)
- Principles of Constitution
- Activity
- Slide 60
- Check for Understanding Six Principles
- Question 1
- Question 2
- Question 3
- Question 4
- Question 5
- Question 6
- Question 7
- Question 8
- Groups
- Separation of Powers
- Video
- Checks and Balances
- Slide 74
- Checks and balances
- Basic Principles
- Self- Worth
- Equality
- Compromise
- Individual Freedom
- Write your ownhellip
- Slide 82
- TED Talk
- Closure
- What is Economics
- Economics ishellip
- Back to our assumptionshellip
- Scarcity refers to the limited number of resources (factors of
- For the videohellip
- Slide 90
- Post Videohellip
- Advertisement
- Political Cartoon Analysis
- Factors of Production
- TASK
- The price ofhellip
- Economic efficiency is achieved when all available resources ar
- 1 What to produce
- 2 How to produce it
- 3 For whom to produce it
- Application Activity
- EQs
- Objectives amp Essential Questions
- Group Activity Budget Activity
- Slide 105
- How do we satisfy our economic wants
- How do we make goods amp services
- Economic Interdependence
- Slide 109
- Making Choices to Deal With Scarcity
- Exampleshellip
- Task Reflecting on Personal Trade-offshellip
- Opportunity Cost
- What else influences your choices
- Finallyhellip Why it Matters
- Visualizing the Relationshiphellip
- ObjectivesEssential Questions
- How Can We Measure What We Gain and Lose When Making Choices
- Production Possibilities Frontier
- PPF Assumptions
- Slide 121
- Production Possibilities Curve
- The Choices Nations Make
- Economic Growth
- The Classic Guns and Butter example
- Productivity
- Locations on a PPF
- Slide 128
- BOWED-OUT PPFs VaryingIncreasing OC
- Economic Systems
- Jigsaw activity
- Slide 132
- Economic amp Social Goals of an Economic System
- Review of Economic Systems
- Slide 135
- What are the most important goals of each economic system
- Which economic system does the US use
- The American Economic System
- The US mixed economy
- Slide 140
- Think backhellip
- US Economic System Characteristics
- Slide 143
- Understanding how all parts fit together
- Marriage Vows
- Do you remember
- Slide 147
-
Social ContractbullJean-Jacques Rousseau and LockebullMeans that people voluntarily give up
power to a government to protect them and serve their interests
bullFree to remove that power at any timebullGovernment can only create laws when it
has the consent of the governedbullExamples
Natural Rightsbull Natural rights are ldquoinalienablerdquo and
cannot be taken away by any one (government)
bull Government exists to secure our natural rights and is based on the consent of those who are governed
bull Idea of consent derived from social contract theory
Democracybull A system of government in which in
theory the people rule either directly or indirectly
bullOpposite of democracy is dictatorship where leader has absolute power and authority Examples
Concepts of Governmentbull Ordered governmentmdashneed for order
bull Limited governmentmdashbasic principle of government which states that government is restricted in what it may do and each individual has rights that government cannot take away
bull Representative governmentmdashidea that government should serve the will of the people (democracy)
Warm up 6 ndash 91114
Do you feel the Patriot Act ( law that allows government to ldquoinvaderdquo your privacy if reason to believe you
are involved in questionable behavior) is a violation of your natural rights or a necessary restriction of your natural rights Why
Warm Up 7
bullAre there any rights that you think the government should be able to take away from you Under what conditions should they be allowed to do this
And after the ConstitutionFederalism vs Anti-Federalism
bullFederalists believed Favored ratification believed Constitution was
strong enough handle nationrsquos problems supported a federal government led by Alexander Hamilton and James Madison
bullAnti-Federalists believed Opposed ratification believed Constitution
was too strong wanted a Bill of Rights added to protect individual freedoms from government abuse led by Patrick Henry and Samuel Adams
Activity
bullEach of you will get a card it either has a termperson or a definition on it
bullYou must find the person who matches you and secretly begin a visual representation of your ideapersonterm
bullDO NOT SHARE ANSWERSbullWe will play a game afterhellipso work in
secret with your partner
Picture Activity
bullGallery Walk
Constitutional Convention
bullMet in Philadelphia in 1787
bullComposed of some of the greatest thinkers educators statesmen and politicians of the day
bullThese men were collectively known as ldquoThe Framersrdquo
Purpose of the ConventionbullInitial Purpose was to revise the Articles of
Confederation bullDelegates quickly realized they were
meeting to create a new government (with 3 branches)
VA Plan v NJ Plan
Several plans were proposed to correct the weaknesses of the Articles
bullVirginia PlanbullNew Jersey Plan
Major similarities between the 2 plansbullThree branches of governmentbullCongress retains powers granted under AOCbullExecutive chosen by Congress
Virginia Plan ldquoLarge State Planrdquo
bullStrong central govrsquotbullL Bicameral Congress
Representation based on population
bullE ldquoPresidentrdquo Chosen by Congress
bullJ 1+ supreme courts with lower courtsChosen by Congress
New Jersey PlanldquoSmall State PlanrdquobullStrong state governmentbullL Unicameral Congress
Each state would have = representationExpand power to tax amp regulate trade
bullE Two-person presidencyChosen by Congress able to be removed
bullJ Single Supreme CourtChosen by Executive
Your Task
Create a billboard advertisement detailing thefeatures of one of the plans ndash NJ or VA - the choice is yoursbullGoal ldquosellrdquo your plan to the people ndash persuade
them to choose your planUse catchy phrasesslogans and be sure to
include the historical features of your plan (VA or NJ)
At the end of this project we will vote on the most persuasive and appealing billboard ndash this group will receive extra credit on the Unit Assessment
Closure
bullWhat do you think (or know) happens to these two plans
States agreebull States agree to (ratify) the Constitution
only after it was agreed that a Bill of Rights be addedConstitution takes effect in 1788Bill of Rights added in 1791
bullThe Constitution is written in language that is deliberately vague as a result of compromise and to allow for flexibilityWhy
Quote
bullThe United States Constitution has proved itself the most marvelously elastic compilation of rules of government ever written ndash FDR
bullWhat words stick to you in this quote Why
Structure of Constitutionbull Provides basic
framework for US government
bull Outlines basic principles structure and processes
bull Three partsmdashPreambleArticlesAmendments
Structure of Constitution bull Preamble
Introduction to the Constitution Lists ideas that the government should stand for
and states purposes We the people of the United States in Order
to form a more perfect Union establish Justice insure domestic Tranquility provide for the common defense promote the general Welfare and secure the Blessings of Liberty to ourselves and our Prosperity do ordain and establish this Constitution for the United States of Americardquo
6 Purpose of Government bull Form a More Perfect Union
bull Establish Justice bull Insure Domestic Tranquility
bull Provide for the Common Defense
bull Promote the General Welfare
bull Secure the Blessings of Liberty
For each phrase consider the followinghellip
1 Why do you think the Framerrsquos put this phrase in the US Constitution
2 Is this phrase important today
Structure of Constitution bullArticles
Main body of the Constitution Lay out basic structure of the national
governmentFurther broken down into sections and clauses
Article I Legislative branch Article II Executive branch Article III Judicial branch Articles IV Relations among the states Article V Amendment process Article VI Payment of debts Supremacy
Clause oaths of office
Article VII Ratification
Structure of Constitution
bullAmendments Formal changes made to the ConstitutionTwenty-seven in total First ten referred to as the Bill of Rights
Principles of Constitution bull The language and structure of the Constitution reflects the basic principles of the US government system
bull PrinciplesmdashPopular sovereigntyRepresentative government Separation of powers Checks and balancesLimited governmentFederalism
Activity
Activity bull STEP 1 bull Fill in the graphic
organizer in your guided notes packet You have 8 minutes on your own to do this
bull STEP 2 On your own or with a partner create a tri-fold containing visual representations of three different principles of our government On the back explain each principle in 2 sentences
Principle Explanation
Popular Sovereignty Idea that people are the source of all power held by the government
Limited Government Government possesses only the powers the people give itmdashit must obey the Constitution
Separation of Powers Establishes three separate branches that share the governmentrsquos power These branches are the executive the legislative and the judicial
Checks and Balances Ensures that none of the three branches can become too powerful Each branch has ways to limit the power of the other two (ex President veto power)
Judicial Review Power of the courts to decide what the Constitution means The courts also have the power to declare a government action to be against the Constitution (unconstitutional)
Federalism Divides the power between the central government and the States
Check for UnderstandingSix PrinciplesNumber your paper from 1 - 8
Question 1
bullldquoWe the people of the United Stateshellipdo ordain and establish this Constitution for the United States of Americardquo
Popular Sovereignty
Question 2
bullldquoCongress shall make no law respecting an establishment of religion or prohibiting the free exercise thereof or abridging the freedom of speech or of the press or the right of the people to peacefully assemble and to petition the Government for a redress of grievancesrdquo
Limited Government
Question 3
bullDuring the Watergate Scandal prosecutors accused many of President Nixonrsquos closest advisors of breaking the law thus proving the rule of lawmdashNO ONE is above the law
Limited Government
Question 4
bullldquoThe accumulation of all powers legislative executive and judiciary in the same hands whether of one a few or manyhellipmay justly be pronounced the very definition of tyrannyrdquo
SEPARATION OF POWERS
Question 5
bullPresident Bush nominates Miss Dicks to be director of the CIA but the Senate refuses to confirm the appointment
Checks and Balances
Question 6
bullCongress in 2005 passes the Stem Cell Research Bill but President Bush vetos the bill
CHECKS AND BALANCES
Question 7
bullThe Supreme Court in 1954 determined that ldquoseparate but equalrdquo was not constitutional and overturned the Plessy vs Ferguson ruling
JUDICIAL REVIEW
Question 8
bullVA has a law that requires all candidates for a professional cosmeticianrsquos license complete classroom hours an unpaid internship and pass a qualifying test
Federalism
GroupsPopular
SovereigntySeparation of
PowersFederalism
bull bull bull
Judicial Review
Limited Government
Checks and Balances
bull bull bull
Separation of Powers
bull Legislative branchmdashmakes the laws
bull Executive branchmdashenforces the laws
bull Judicial branchmdashinterprets the law
Video
bullhttpwwwbrainpopcomsocialstudiesusgovernmentandlawbranchesofgovernment
Checks and Balances
Checks and balances
bullIn what was do the branches check on one another
bullhttpwwwsheppardsoftwarecomusa_gamegovernmentchecks_and_balanceshtm
Basic Principles
bullThe tenets of democracy are built upon five principlesmdashWorth of the individualEquality of all personsMajority rule minority rightsNecessity of compromiseIndividual freedom
Self- Worth
bull A recognition of the fundamental worth of every person
bull The democratic process reflects the collective set of individuals who make up society
Equality Democratic concept insists that all entitled tobull equality of opportunity bull equality before the law
bull Equality of opportunity suggests that no person should be held back for any arbitrary reason and must be free to develop him- or herself as fully as heshe can (or cares to)
bull Equality before the law suggests that each person should be treated as the equal of all other persons before the law
Compromise
bull A matter of compromise to determine the position most acceptable to the largest number of people
bull Because each individual is important and considered the equal of all others it stands to reason that people can only make public decisions by way of compromise
bullWhy is compromise important
Individual Freedombull Right of the
individual to be free as far as the freedom of all will allow
bull Democracy does not and cannot insist on the absolute freedom of the individual person
Write your ownhellipbull Now that you know what the foundations of
government arehellip Create your own Constitution (Or social contract)
What do you think is important to include What do you think could be taken out
Start with ldquoWe the peoplehelliprdquo and create the ideal contract
Preamble (brief introduction) Articles (what should it include based on what we
learned so far Include and agree on 10 points) Amendments (what do you think it should take to
change it)
bullFor your quiz tomorrowhellip What questions would you expect to seeWrite 5 and the answers on the back of the
paper
TED Talk
bullhttpwwwyoutubecomwatchv=ypqQ3-agpZo
Closure
bullExplain two principles of the constitution and how are they connected
What is Economics
bull Is the study of how people choose to use their limited resources to satisfy their unlimited wants and needs
Important Parts of Economicsndash
CHOICESSCARCITY
Economics ishellip
bullDependent upon assumptions
bullDependent upon simplification of reality
Back to our assumptionshellip
bullHuman Beings are rationalbullAll societies suffer from scarcity bullAll buyers seek to maximize utility
bullAll sellers seek to maximize profits
Scarcity refers to the limited number of resources (factors of production) that can be used to satisfy the unlimited human wants and needs
For the videohellip
bullWrite down 3 things you did not knowbullWrite down 3 things you did know
bullhttpwwwyoutubecomwatchv=TO7UTNS7r0w
Post Videohellip
bullDefine the main idea of the video in 4-5 words
Advertisement
bullKnowing some of the basics about what economics is and why we study ithellip
bullCreate an advertisement for an economics course BE SURE TO INCLUDE
3 images that represent different economic ideas
2 ldquothought bubblesrdquo that represent things yoursquoll learn about in economics
1 slogan that represents why economics is an important course to take
Political Cartoon Analysis
Factors of Production bull LAND
Also called Natural Resources Consider them ldquogifts of naturerdquo such as air
soil minerals water and plants
bull LABOR Also called Human Resources Includes physical and mental activities that go
into producing goodsservices
bull CAPITAL Includes tools machines buildings and
technologies
bull ENTREPRENEUR Risk taker who is responsible for combining
land labor and capital to produce goods and services
TASK
bullTask Why are entrepreneurs the driving force in our economy
bullAnswer in 2-3 sentences
The price ofhellip
bullLand is rentbullCapital is interestbullLabor is wagesbullEntrepreneurship is profit
Economic efficiency is achieved when all available resources are being used
All societies must answer three basic questions to satisfy the needs and wants of their populations
1 What to produce
bullShould it be military or civilian goods
bullFood or clothingbullMedicine or movies
2 How to produce it
bullAutomated or manual labor
bullExpensive or cheap materials
bullDomestic or overseas labor
3 For whom to produce it
bullThe wealthy or the needybullThe sick or the healthy
Application Activity
bull In groups of 2-3 create your own country (name it please)
bull With your countryrsquos name explain the Population geography and general population
information (iehellipbull Choose 5 items for your country to produce and
answer the three societal questions for eachALSO explain why this material would help your
economy thrivereach economic efficiencybull Create an advertisement for your country
withhellip Images representing what you produce and a
slogan for why your country is awesome
EQs
bullHow does scarcity impact decision making
Objectives amp Essential QuestionsbullObjectives
I will be able to create and reflect on a budget given new economics content
I will be able to understand scarcity and our mixed economy
bullEssential QuestionsHow does scarcity impact decision makingHow do we satisfy our economic wants
Group Activity Budget Activity
bullTeacher will break you into groups In your groups you will be creating a budget for a single family
bullYour group has been given an income for a year Given your family situation negotiate with your ldquofamilyrdquo to complete a budget for 1 month (keep in mind your $$ is in a given year)
bullhttpwwwyoutubecomwatchv=yoVc_S_gd_0
How do we satisfy our economic wants
bull We buy goods or services
bull Good ndash a physical object (tangible) that has been produced for salebull Durable ndash last 3+ yearsbull Nondurable ndash last up to 3 years
bull Service ndash work done by someone else for which someone is willing to pay
How do we make goods amp services
bull Use Factors of Production - The productive resources that go into producing goods and services
Production Equation
LAND + LABOR + CAPITAL = GOODSERVICE
inputs output
Economic Interdependence
bullWhat does lsquointerdependencersquo mean
bullIs our world becoming economic interdependent or independent
bullEconomic Interdependence the actions of one part of the
country (world) has an impact on what happens elsewhere
Wants amp Needs gt
Resources
Because of scarcity we
have to make choices
How do we make a choice What do we give up
What does this remind you of from our government unit
Making Choices to Deal With Scarcity
bullPeople seek to maximize their utility when making decisions This requires them to consider tradeoffs
Utility ndash the satisfaction or benefit a person receives from consuming a good or service
Tradeoffs ndash the alternate choices people have when making a decision also the benefitsadvantages of making on
decision over another
ExampleshellipbullSome choices are easy to makehellip
HmmhellipShould I have pizza or a hoagie for lunch today
bullOther decisions are agonizinghellipShould I get out of bed and go to
school today or should I sleep in
Task Reflecting on Personal Trade-offshellip
In the end what helped you decide amongst your choices
Think of ONE decision thatyou had to make in the last weekhellipIdentify your various
tradeoffs for that decision
Be prepared to share
Opportunity Cost
bullWhen comparing the top 2 choices it is the BENEFIT of the next best alternative that must be sacrificed to satisfy a want
bullYou do a cost-benefit analysis to figure out which decision is most beneficial
Opportunity Cost ndash The best thing we give up to get what
we want
What else influences your choices
bullPeople make decisions based on their marginal utility or the extra satisfaction they gain from one additional unit of a goodservice
bullLaw of Diminishing Marginal Utility says that as we get or do more of something the pleasure we derive from it tends to decrease and so does our willingness to buy it or do it
FinallyhellipWhy it Matters
Understanding the opportunity coststradeoffs of different choices in life makes you a
better decision-maker
Todayrsquos Message ndash ldquoTherersquos No Such Thing As a Free Lunchrdquo
You always have to give something uphelliprdquo
ALL Individuals Businesses amp Societies have to consider tradeoffsopportunity costs when making
decisions
Visualizing the Relationshiphellip
Limited Resources amp Unlimited Wants
Scarcity
Trade-offs (choices)
Opportunity Costs
ObjectivesEssential Questions
bullObjectivebullI will be able to understand (and teach)
the three different types of economies
bullEssential Question How do the different types of economies work
How Can We Measure What We Gain and Lose When
Making Choices
Answer With a Production Possibilities Frontier
Production Possibilities Frontier
bullDiagram representing the possible combinations of goods and or services an economy can produce when all resources are being fully employed
PPF Assumptions
bullWe live in a two good worldbullThere are fixed resourcesbullThere is fixed technologybullResources are not specialized
Production Possibilities Curve
CD
E
OU
TP
UT
OF
CO
NS
UM
ER
GO
OD
S
(un
its
per
yea
r)
OUTPUT OF MILITARY GOODS (units per year)
A
BO
XF
G
Limited resources necessitate choices about WHAT to produce
The Choices Nations Make
bullA nation must choose what to do with its scarce resources during war or periods of military buildup
bullProduce military goods or consumer goods
Economic Growth
2000 production possibilities
1900 production possibilities
OU
TP
UT
OF
CO
NS
UM
ER
GO
OD
S(u
nits
per
yea
r)
OUTPUT OF MILITARY GOODS (units per year)
Production possibilities increases with more resources and technology
The Classic Guns and Butter example
Guns
Butter
10000 20000 30000 40000 50000
1000009500085000
70000
5000040000
BA
C
D
E
F
At point A all resources are used for butter
Moving from point A to point B requires shifting resources out of butter and into guns
At point F all resources are used for Guns
Productivitybull A PPF can help us see how efficient our
choices are
bull Productivity - measurement of how efficiently we are utilizing our resources Is this the same as production
bull An economy producing on the curve = using their resources to produce the MAXIMUM amount of goodsservices
Locations on a PPF
bull Efficient Point place where an economy is achieving as much output as possible from a given amount of resources ndash occurs at any point on the curve
bull Inefficient Point ndash place where the economy is not functioning as it could be ndash occurs at any point inside the curve
bull Unattainable Point ndash place where the economy cannot produce given its current resources ndash occurs at any point outside the curve
Food
Computer
4
3
2
1
1 2 3 4
OC between 1 and 2 computers = 1 Food
UnitOC between 3 and 4 computers = 1 Food
Unit
Constantly giving up the same quantity of food to get
additional computers
STRAIGHT-LINE PPFs Constant OC
BOWED-OUT PPFs VaryingIncreasing OC
Principle of Increasing Costs
As a society produces more of one product the OC of producing
that product increases because we are using more resources that are poorly suited to produce it
Economic Systems
An economic system is the way a society coordinates the production and consumption of goods amp services
How a society answers the three basic economic questions determines which type of economic system they are
Three Types of Economic Systems Command Traditional Market
Jigsaw activity
bullYou will be placed in groups of 3 and assigned a type of economy
bullYou will have 7 minutes to read and come up with 4 key components
bullAfter the 7 minuteshellip 1rsquos go to the front of the classroom2rsquos go to the wall nearest the door3rsquos go to the wall nearest the courtyard
Economic amp Social Goals of an Economic System
bull Economic Freedom
bull Economic Efficiency
bull Economic Equity
bull Economic Security
Economic Stability
Economic Growth
Review of Economic Systems
bullA traditional economy relies on custom and tradition to dictate production and consumption
bullIn a command economy decisions about production and consumption are made by a powerful ruler or central authority
bullIn a market economy individual producers and consumers coordinate economic activity
What are the most important goals of each economic system
bullTraditionalSecurity and
StabilitybullCommand
Equity and Security
bullMARKETEfficiency and
Freedom
Societies differ in the degree of importance they attach to each goal Progress toward one goal can sometimes be achieved only
at the expense of another (TRADEOFFS)
Which economic system does the US use
The American Economic System
bullWe have a mixed market economy
COMMAND MARKET
The US mixed economybull In a mixed economyhellip
Individuals Own the factors of production Possess freedom to produce or consume Must operate under confines of law
Government Protects workers and consumers Regulates business and preserves competition Provide public goodsbenefits
Think backhellip
bullWhat does this remind you of from the beginning of the unit
US Economic System Characteristics 1 Economic freedom (ldquolaissez-fairerdquo)
2 Limited government
3 Equal opportunity
4 Competition
5 Profit motive
6 Property Rights
7 Binding Contracts
Understanding how all parts fit together
Circular Flow of Economic Activity Represents a market economy
2 main ldquomarketsrdquoProduct Market Factor Market
where goods and services where the 4 factors ofare boughtsold production are boughtsold
Shows interdependence between
businesses and individuals
Marriage Vowsbull CONGRATULATIONS The government and the economy
are renewing their marriage vows You are cordially invited to the ceremony but this perfect couple needs your help
bull Using what you have learned this unit and using the textbook
bull You will explain the way government and the economy are connected (made for each other) You will demonstrate this answer in the format of wedding vows
bull You must use at least 5 of the following words Producers Taxes Consumers Restrictions Markets Freedom GoodsServices Limited
bull Look back to US Economic System Characteristics bull Each set of vows must be at least 6 lines
Do you remember
bullWrite the following question downbullWhy does the United States have a
democracy and mixed economy
- Foundations of Government and Economics
- On your blank piece of paperhellip
- Slide 3
- Warm-Up 1 - 9414
- Introductory thoughts hellip
- Slide 6
- 2 How about to your life
- Slide 8
- Slide 9
- Slide 10
- Slide 11
- Warm Up -2a- 9514 The New York Times and CBS News Pollhellip
- Warm up 2bndash In Journal-
- Economist and Politician Assumptions
- Individualism
- Quote activity
- Quote breakdown
- Warm Up 3- Current Event 9814
- Purpose of Government
- Slide 20
- 3 Theorists
- Activity
- Origins of American Government A customized government
- Origins of American Government A customized government (2)
- Origins of American Government A customized government (3)
- With which theory do you agree more Why
- The ldquoOriginal Dilemmardquo
- Warm Up 5 Hobbes and Locke
- Groups Block 2
- Groups Block 4
- Balloon Game
- You will have 10 minutes to get as many filled balloons on the
- Balloon Game Debriefing
- Political Theories
- Social Contract
- Natural Rights
- Democracy
- Concepts of Government
- Warm up 6 ndash 91114
- Warm Up 7
- And after the Constitution
- Activity (2)
- Picture Activity
- Constitutional Convention
- Purpose of the Convention
- VA Plan v NJ Plan
- Virginia Plan ldquoLarge State Planrdquo
- New Jersey Plan ldquoSmall State Planrdquo
- Your Task
- Closure
- States agree
- Quote
- Structure of Constitution
- Structure of Constitution
- 6 Purpose of Government
- Structure of Constitution (2)
- Structure of Constitution (3)
- Principles of Constitution
- Activity
- Slide 60
- Check for Understanding Six Principles
- Question 1
- Question 2
- Question 3
- Question 4
- Question 5
- Question 6
- Question 7
- Question 8
- Groups
- Separation of Powers
- Video
- Checks and Balances
- Slide 74
- Checks and balances
- Basic Principles
- Self- Worth
- Equality
- Compromise
- Individual Freedom
- Write your ownhellip
- Slide 82
- TED Talk
- Closure
- What is Economics
- Economics ishellip
- Back to our assumptionshellip
- Scarcity refers to the limited number of resources (factors of
- For the videohellip
- Slide 90
- Post Videohellip
- Advertisement
- Political Cartoon Analysis
- Factors of Production
- TASK
- The price ofhellip
- Economic efficiency is achieved when all available resources ar
- 1 What to produce
- 2 How to produce it
- 3 For whom to produce it
- Application Activity
- EQs
- Objectives amp Essential Questions
- Group Activity Budget Activity
- Slide 105
- How do we satisfy our economic wants
- How do we make goods amp services
- Economic Interdependence
- Slide 109
- Making Choices to Deal With Scarcity
- Exampleshellip
- Task Reflecting on Personal Trade-offshellip
- Opportunity Cost
- What else influences your choices
- Finallyhellip Why it Matters
- Visualizing the Relationshiphellip
- ObjectivesEssential Questions
- How Can We Measure What We Gain and Lose When Making Choices
- Production Possibilities Frontier
- PPF Assumptions
- Slide 121
- Production Possibilities Curve
- The Choices Nations Make
- Economic Growth
- The Classic Guns and Butter example
- Productivity
- Locations on a PPF
- Slide 128
- BOWED-OUT PPFs VaryingIncreasing OC
- Economic Systems
- Jigsaw activity
- Slide 132
- Economic amp Social Goals of an Economic System
- Review of Economic Systems
- Slide 135
- What are the most important goals of each economic system
- Which economic system does the US use
- The American Economic System
- The US mixed economy
- Slide 140
- Think backhellip
- US Economic System Characteristics
- Slide 143
- Understanding how all parts fit together
- Marriage Vows
- Do you remember
- Slide 147
-
Natural Rightsbull Natural rights are ldquoinalienablerdquo and
cannot be taken away by any one (government)
bull Government exists to secure our natural rights and is based on the consent of those who are governed
bull Idea of consent derived from social contract theory
Democracybull A system of government in which in
theory the people rule either directly or indirectly
bullOpposite of democracy is dictatorship where leader has absolute power and authority Examples
Concepts of Governmentbull Ordered governmentmdashneed for order
bull Limited governmentmdashbasic principle of government which states that government is restricted in what it may do and each individual has rights that government cannot take away
bull Representative governmentmdashidea that government should serve the will of the people (democracy)
Warm up 6 ndash 91114
Do you feel the Patriot Act ( law that allows government to ldquoinvaderdquo your privacy if reason to believe you
are involved in questionable behavior) is a violation of your natural rights or a necessary restriction of your natural rights Why
Warm Up 7
bullAre there any rights that you think the government should be able to take away from you Under what conditions should they be allowed to do this
And after the ConstitutionFederalism vs Anti-Federalism
bullFederalists believed Favored ratification believed Constitution was
strong enough handle nationrsquos problems supported a federal government led by Alexander Hamilton and James Madison
bullAnti-Federalists believed Opposed ratification believed Constitution
was too strong wanted a Bill of Rights added to protect individual freedoms from government abuse led by Patrick Henry and Samuel Adams
Activity
bullEach of you will get a card it either has a termperson or a definition on it
bullYou must find the person who matches you and secretly begin a visual representation of your ideapersonterm
bullDO NOT SHARE ANSWERSbullWe will play a game afterhellipso work in
secret with your partner
Picture Activity
bullGallery Walk
Constitutional Convention
bullMet in Philadelphia in 1787
bullComposed of some of the greatest thinkers educators statesmen and politicians of the day
bullThese men were collectively known as ldquoThe Framersrdquo
Purpose of the ConventionbullInitial Purpose was to revise the Articles of
Confederation bullDelegates quickly realized they were
meeting to create a new government (with 3 branches)
VA Plan v NJ Plan
Several plans were proposed to correct the weaknesses of the Articles
bullVirginia PlanbullNew Jersey Plan
Major similarities between the 2 plansbullThree branches of governmentbullCongress retains powers granted under AOCbullExecutive chosen by Congress
Virginia Plan ldquoLarge State Planrdquo
bullStrong central govrsquotbullL Bicameral Congress
Representation based on population
bullE ldquoPresidentrdquo Chosen by Congress
bullJ 1+ supreme courts with lower courtsChosen by Congress
New Jersey PlanldquoSmall State PlanrdquobullStrong state governmentbullL Unicameral Congress
Each state would have = representationExpand power to tax amp regulate trade
bullE Two-person presidencyChosen by Congress able to be removed
bullJ Single Supreme CourtChosen by Executive
Your Task
Create a billboard advertisement detailing thefeatures of one of the plans ndash NJ or VA - the choice is yoursbullGoal ldquosellrdquo your plan to the people ndash persuade
them to choose your planUse catchy phrasesslogans and be sure to
include the historical features of your plan (VA or NJ)
At the end of this project we will vote on the most persuasive and appealing billboard ndash this group will receive extra credit on the Unit Assessment
Closure
bullWhat do you think (or know) happens to these two plans
States agreebull States agree to (ratify) the Constitution
only after it was agreed that a Bill of Rights be addedConstitution takes effect in 1788Bill of Rights added in 1791
bullThe Constitution is written in language that is deliberately vague as a result of compromise and to allow for flexibilityWhy
Quote
bullThe United States Constitution has proved itself the most marvelously elastic compilation of rules of government ever written ndash FDR
bullWhat words stick to you in this quote Why
Structure of Constitutionbull Provides basic
framework for US government
bull Outlines basic principles structure and processes
bull Three partsmdashPreambleArticlesAmendments
Structure of Constitution bull Preamble
Introduction to the Constitution Lists ideas that the government should stand for
and states purposes We the people of the United States in Order
to form a more perfect Union establish Justice insure domestic Tranquility provide for the common defense promote the general Welfare and secure the Blessings of Liberty to ourselves and our Prosperity do ordain and establish this Constitution for the United States of Americardquo
6 Purpose of Government bull Form a More Perfect Union
bull Establish Justice bull Insure Domestic Tranquility
bull Provide for the Common Defense
bull Promote the General Welfare
bull Secure the Blessings of Liberty
For each phrase consider the followinghellip
1 Why do you think the Framerrsquos put this phrase in the US Constitution
2 Is this phrase important today
Structure of Constitution bullArticles
Main body of the Constitution Lay out basic structure of the national
governmentFurther broken down into sections and clauses
Article I Legislative branch Article II Executive branch Article III Judicial branch Articles IV Relations among the states Article V Amendment process Article VI Payment of debts Supremacy
Clause oaths of office
Article VII Ratification
Structure of Constitution
bullAmendments Formal changes made to the ConstitutionTwenty-seven in total First ten referred to as the Bill of Rights
Principles of Constitution bull The language and structure of the Constitution reflects the basic principles of the US government system
bull PrinciplesmdashPopular sovereigntyRepresentative government Separation of powers Checks and balancesLimited governmentFederalism
Activity
Activity bull STEP 1 bull Fill in the graphic
organizer in your guided notes packet You have 8 minutes on your own to do this
bull STEP 2 On your own or with a partner create a tri-fold containing visual representations of three different principles of our government On the back explain each principle in 2 sentences
Principle Explanation
Popular Sovereignty Idea that people are the source of all power held by the government
Limited Government Government possesses only the powers the people give itmdashit must obey the Constitution
Separation of Powers Establishes three separate branches that share the governmentrsquos power These branches are the executive the legislative and the judicial
Checks and Balances Ensures that none of the three branches can become too powerful Each branch has ways to limit the power of the other two (ex President veto power)
Judicial Review Power of the courts to decide what the Constitution means The courts also have the power to declare a government action to be against the Constitution (unconstitutional)
Federalism Divides the power between the central government and the States
Check for UnderstandingSix PrinciplesNumber your paper from 1 - 8
Question 1
bullldquoWe the people of the United Stateshellipdo ordain and establish this Constitution for the United States of Americardquo
Popular Sovereignty
Question 2
bullldquoCongress shall make no law respecting an establishment of religion or prohibiting the free exercise thereof or abridging the freedom of speech or of the press or the right of the people to peacefully assemble and to petition the Government for a redress of grievancesrdquo
Limited Government
Question 3
bullDuring the Watergate Scandal prosecutors accused many of President Nixonrsquos closest advisors of breaking the law thus proving the rule of lawmdashNO ONE is above the law
Limited Government
Question 4
bullldquoThe accumulation of all powers legislative executive and judiciary in the same hands whether of one a few or manyhellipmay justly be pronounced the very definition of tyrannyrdquo
SEPARATION OF POWERS
Question 5
bullPresident Bush nominates Miss Dicks to be director of the CIA but the Senate refuses to confirm the appointment
Checks and Balances
Question 6
bullCongress in 2005 passes the Stem Cell Research Bill but President Bush vetos the bill
CHECKS AND BALANCES
Question 7
bullThe Supreme Court in 1954 determined that ldquoseparate but equalrdquo was not constitutional and overturned the Plessy vs Ferguson ruling
JUDICIAL REVIEW
Question 8
bullVA has a law that requires all candidates for a professional cosmeticianrsquos license complete classroom hours an unpaid internship and pass a qualifying test
Federalism
GroupsPopular
SovereigntySeparation of
PowersFederalism
bull bull bull
Judicial Review
Limited Government
Checks and Balances
bull bull bull
Separation of Powers
bull Legislative branchmdashmakes the laws
bull Executive branchmdashenforces the laws
bull Judicial branchmdashinterprets the law
Video
bullhttpwwwbrainpopcomsocialstudiesusgovernmentandlawbranchesofgovernment
Checks and Balances
Checks and balances
bullIn what was do the branches check on one another
bullhttpwwwsheppardsoftwarecomusa_gamegovernmentchecks_and_balanceshtm
Basic Principles
bullThe tenets of democracy are built upon five principlesmdashWorth of the individualEquality of all personsMajority rule minority rightsNecessity of compromiseIndividual freedom
Self- Worth
bull A recognition of the fundamental worth of every person
bull The democratic process reflects the collective set of individuals who make up society
Equality Democratic concept insists that all entitled tobull equality of opportunity bull equality before the law
bull Equality of opportunity suggests that no person should be held back for any arbitrary reason and must be free to develop him- or herself as fully as heshe can (or cares to)
bull Equality before the law suggests that each person should be treated as the equal of all other persons before the law
Compromise
bull A matter of compromise to determine the position most acceptable to the largest number of people
bull Because each individual is important and considered the equal of all others it stands to reason that people can only make public decisions by way of compromise
bullWhy is compromise important
Individual Freedombull Right of the
individual to be free as far as the freedom of all will allow
bull Democracy does not and cannot insist on the absolute freedom of the individual person
Write your ownhellipbull Now that you know what the foundations of
government arehellip Create your own Constitution (Or social contract)
What do you think is important to include What do you think could be taken out
Start with ldquoWe the peoplehelliprdquo and create the ideal contract
Preamble (brief introduction) Articles (what should it include based on what we
learned so far Include and agree on 10 points) Amendments (what do you think it should take to
change it)
bullFor your quiz tomorrowhellip What questions would you expect to seeWrite 5 and the answers on the back of the
paper
TED Talk
bullhttpwwwyoutubecomwatchv=ypqQ3-agpZo
Closure
bullExplain two principles of the constitution and how are they connected
What is Economics
bull Is the study of how people choose to use their limited resources to satisfy their unlimited wants and needs
Important Parts of Economicsndash
CHOICESSCARCITY
Economics ishellip
bullDependent upon assumptions
bullDependent upon simplification of reality
Back to our assumptionshellip
bullHuman Beings are rationalbullAll societies suffer from scarcity bullAll buyers seek to maximize utility
bullAll sellers seek to maximize profits
Scarcity refers to the limited number of resources (factors of production) that can be used to satisfy the unlimited human wants and needs
For the videohellip
bullWrite down 3 things you did not knowbullWrite down 3 things you did know
bullhttpwwwyoutubecomwatchv=TO7UTNS7r0w
Post Videohellip
bullDefine the main idea of the video in 4-5 words
Advertisement
bullKnowing some of the basics about what economics is and why we study ithellip
bullCreate an advertisement for an economics course BE SURE TO INCLUDE
3 images that represent different economic ideas
2 ldquothought bubblesrdquo that represent things yoursquoll learn about in economics
1 slogan that represents why economics is an important course to take
Political Cartoon Analysis
Factors of Production bull LAND
Also called Natural Resources Consider them ldquogifts of naturerdquo such as air
soil minerals water and plants
bull LABOR Also called Human Resources Includes physical and mental activities that go
into producing goodsservices
bull CAPITAL Includes tools machines buildings and
technologies
bull ENTREPRENEUR Risk taker who is responsible for combining
land labor and capital to produce goods and services
TASK
bullTask Why are entrepreneurs the driving force in our economy
bullAnswer in 2-3 sentences
The price ofhellip
bullLand is rentbullCapital is interestbullLabor is wagesbullEntrepreneurship is profit
Economic efficiency is achieved when all available resources are being used
All societies must answer three basic questions to satisfy the needs and wants of their populations
1 What to produce
bullShould it be military or civilian goods
bullFood or clothingbullMedicine or movies
2 How to produce it
bullAutomated or manual labor
bullExpensive or cheap materials
bullDomestic or overseas labor
3 For whom to produce it
bullThe wealthy or the needybullThe sick or the healthy
Application Activity
bull In groups of 2-3 create your own country (name it please)
bull With your countryrsquos name explain the Population geography and general population
information (iehellipbull Choose 5 items for your country to produce and
answer the three societal questions for eachALSO explain why this material would help your
economy thrivereach economic efficiencybull Create an advertisement for your country
withhellip Images representing what you produce and a
slogan for why your country is awesome
EQs
bullHow does scarcity impact decision making
Objectives amp Essential QuestionsbullObjectives
I will be able to create and reflect on a budget given new economics content
I will be able to understand scarcity and our mixed economy
bullEssential QuestionsHow does scarcity impact decision makingHow do we satisfy our economic wants
Group Activity Budget Activity
bullTeacher will break you into groups In your groups you will be creating a budget for a single family
bullYour group has been given an income for a year Given your family situation negotiate with your ldquofamilyrdquo to complete a budget for 1 month (keep in mind your $$ is in a given year)
bullhttpwwwyoutubecomwatchv=yoVc_S_gd_0
How do we satisfy our economic wants
bull We buy goods or services
bull Good ndash a physical object (tangible) that has been produced for salebull Durable ndash last 3+ yearsbull Nondurable ndash last up to 3 years
bull Service ndash work done by someone else for which someone is willing to pay
How do we make goods amp services
bull Use Factors of Production - The productive resources that go into producing goods and services
Production Equation
LAND + LABOR + CAPITAL = GOODSERVICE
inputs output
Economic Interdependence
bullWhat does lsquointerdependencersquo mean
bullIs our world becoming economic interdependent or independent
bullEconomic Interdependence the actions of one part of the
country (world) has an impact on what happens elsewhere
Wants amp Needs gt
Resources
Because of scarcity we
have to make choices
How do we make a choice What do we give up
What does this remind you of from our government unit
Making Choices to Deal With Scarcity
bullPeople seek to maximize their utility when making decisions This requires them to consider tradeoffs
Utility ndash the satisfaction or benefit a person receives from consuming a good or service
Tradeoffs ndash the alternate choices people have when making a decision also the benefitsadvantages of making on
decision over another
ExampleshellipbullSome choices are easy to makehellip
HmmhellipShould I have pizza or a hoagie for lunch today
bullOther decisions are agonizinghellipShould I get out of bed and go to
school today or should I sleep in
Task Reflecting on Personal Trade-offshellip
In the end what helped you decide amongst your choices
Think of ONE decision thatyou had to make in the last weekhellipIdentify your various
tradeoffs for that decision
Be prepared to share
Opportunity Cost
bullWhen comparing the top 2 choices it is the BENEFIT of the next best alternative that must be sacrificed to satisfy a want
bullYou do a cost-benefit analysis to figure out which decision is most beneficial
Opportunity Cost ndash The best thing we give up to get what
we want
What else influences your choices
bullPeople make decisions based on their marginal utility or the extra satisfaction they gain from one additional unit of a goodservice
bullLaw of Diminishing Marginal Utility says that as we get or do more of something the pleasure we derive from it tends to decrease and so does our willingness to buy it or do it
FinallyhellipWhy it Matters
Understanding the opportunity coststradeoffs of different choices in life makes you a
better decision-maker
Todayrsquos Message ndash ldquoTherersquos No Such Thing As a Free Lunchrdquo
You always have to give something uphelliprdquo
ALL Individuals Businesses amp Societies have to consider tradeoffsopportunity costs when making
decisions
Visualizing the Relationshiphellip
Limited Resources amp Unlimited Wants
Scarcity
Trade-offs (choices)
Opportunity Costs
ObjectivesEssential Questions
bullObjectivebullI will be able to understand (and teach)
the three different types of economies
bullEssential Question How do the different types of economies work
How Can We Measure What We Gain and Lose When
Making Choices
Answer With a Production Possibilities Frontier
Production Possibilities Frontier
bullDiagram representing the possible combinations of goods and or services an economy can produce when all resources are being fully employed
PPF Assumptions
bullWe live in a two good worldbullThere are fixed resourcesbullThere is fixed technologybullResources are not specialized
Production Possibilities Curve
CD
E
OU
TP
UT
OF
CO
NS
UM
ER
GO
OD
S
(un
its
per
yea
r)
OUTPUT OF MILITARY GOODS (units per year)
A
BO
XF
G
Limited resources necessitate choices about WHAT to produce
The Choices Nations Make
bullA nation must choose what to do with its scarce resources during war or periods of military buildup
bullProduce military goods or consumer goods
Economic Growth
2000 production possibilities
1900 production possibilities
OU
TP
UT
OF
CO
NS
UM
ER
GO
OD
S(u
nits
per
yea
r)
OUTPUT OF MILITARY GOODS (units per year)
Production possibilities increases with more resources and technology
The Classic Guns and Butter example
Guns
Butter
10000 20000 30000 40000 50000
1000009500085000
70000
5000040000
BA
C
D
E
F
At point A all resources are used for butter
Moving from point A to point B requires shifting resources out of butter and into guns
At point F all resources are used for Guns
Productivitybull A PPF can help us see how efficient our
choices are
bull Productivity - measurement of how efficiently we are utilizing our resources Is this the same as production
bull An economy producing on the curve = using their resources to produce the MAXIMUM amount of goodsservices
Locations on a PPF
bull Efficient Point place where an economy is achieving as much output as possible from a given amount of resources ndash occurs at any point on the curve
bull Inefficient Point ndash place where the economy is not functioning as it could be ndash occurs at any point inside the curve
bull Unattainable Point ndash place where the economy cannot produce given its current resources ndash occurs at any point outside the curve
Food
Computer
4
3
2
1
1 2 3 4
OC between 1 and 2 computers = 1 Food
UnitOC between 3 and 4 computers = 1 Food
Unit
Constantly giving up the same quantity of food to get
additional computers
STRAIGHT-LINE PPFs Constant OC
BOWED-OUT PPFs VaryingIncreasing OC
Principle of Increasing Costs
As a society produces more of one product the OC of producing
that product increases because we are using more resources that are poorly suited to produce it
Economic Systems
An economic system is the way a society coordinates the production and consumption of goods amp services
How a society answers the three basic economic questions determines which type of economic system they are
Three Types of Economic Systems Command Traditional Market
Jigsaw activity
bullYou will be placed in groups of 3 and assigned a type of economy
bullYou will have 7 minutes to read and come up with 4 key components
bullAfter the 7 minuteshellip 1rsquos go to the front of the classroom2rsquos go to the wall nearest the door3rsquos go to the wall nearest the courtyard
Economic amp Social Goals of an Economic System
bull Economic Freedom
bull Economic Efficiency
bull Economic Equity
bull Economic Security
Economic Stability
Economic Growth
Review of Economic Systems
bullA traditional economy relies on custom and tradition to dictate production and consumption
bullIn a command economy decisions about production and consumption are made by a powerful ruler or central authority
bullIn a market economy individual producers and consumers coordinate economic activity
What are the most important goals of each economic system
bullTraditionalSecurity and
StabilitybullCommand
Equity and Security
bullMARKETEfficiency and
Freedom
Societies differ in the degree of importance they attach to each goal Progress toward one goal can sometimes be achieved only
at the expense of another (TRADEOFFS)
Which economic system does the US use
The American Economic System
bullWe have a mixed market economy
COMMAND MARKET
The US mixed economybull In a mixed economyhellip
Individuals Own the factors of production Possess freedom to produce or consume Must operate under confines of law
Government Protects workers and consumers Regulates business and preserves competition Provide public goodsbenefits
Think backhellip
bullWhat does this remind you of from the beginning of the unit
US Economic System Characteristics 1 Economic freedom (ldquolaissez-fairerdquo)
2 Limited government
3 Equal opportunity
4 Competition
5 Profit motive
6 Property Rights
7 Binding Contracts
Understanding how all parts fit together
Circular Flow of Economic Activity Represents a market economy
2 main ldquomarketsrdquoProduct Market Factor Market
where goods and services where the 4 factors ofare boughtsold production are boughtsold
Shows interdependence between
businesses and individuals
Marriage Vowsbull CONGRATULATIONS The government and the economy
are renewing their marriage vows You are cordially invited to the ceremony but this perfect couple needs your help
bull Using what you have learned this unit and using the textbook
bull You will explain the way government and the economy are connected (made for each other) You will demonstrate this answer in the format of wedding vows
bull You must use at least 5 of the following words Producers Taxes Consumers Restrictions Markets Freedom GoodsServices Limited
bull Look back to US Economic System Characteristics bull Each set of vows must be at least 6 lines
Do you remember
bullWrite the following question downbullWhy does the United States have a
democracy and mixed economy
- Foundations of Government and Economics
- On your blank piece of paperhellip
- Slide 3
- Warm-Up 1 - 9414
- Introductory thoughts hellip
- Slide 6
- 2 How about to your life
- Slide 8
- Slide 9
- Slide 10
- Slide 11
- Warm Up -2a- 9514 The New York Times and CBS News Pollhellip
- Warm up 2bndash In Journal-
- Economist and Politician Assumptions
- Individualism
- Quote activity
- Quote breakdown
- Warm Up 3- Current Event 9814
- Purpose of Government
- Slide 20
- 3 Theorists
- Activity
- Origins of American Government A customized government
- Origins of American Government A customized government (2)
- Origins of American Government A customized government (3)
- With which theory do you agree more Why
- The ldquoOriginal Dilemmardquo
- Warm Up 5 Hobbes and Locke
- Groups Block 2
- Groups Block 4
- Balloon Game
- You will have 10 minutes to get as many filled balloons on the
- Balloon Game Debriefing
- Political Theories
- Social Contract
- Natural Rights
- Democracy
- Concepts of Government
- Warm up 6 ndash 91114
- Warm Up 7
- And after the Constitution
- Activity (2)
- Picture Activity
- Constitutional Convention
- Purpose of the Convention
- VA Plan v NJ Plan
- Virginia Plan ldquoLarge State Planrdquo
- New Jersey Plan ldquoSmall State Planrdquo
- Your Task
- Closure
- States agree
- Quote
- Structure of Constitution
- Structure of Constitution
- 6 Purpose of Government
- Structure of Constitution (2)
- Structure of Constitution (3)
- Principles of Constitution
- Activity
- Slide 60
- Check for Understanding Six Principles
- Question 1
- Question 2
- Question 3
- Question 4
- Question 5
- Question 6
- Question 7
- Question 8
- Groups
- Separation of Powers
- Video
- Checks and Balances
- Slide 74
- Checks and balances
- Basic Principles
- Self- Worth
- Equality
- Compromise
- Individual Freedom
- Write your ownhellip
- Slide 82
- TED Talk
- Closure
- What is Economics
- Economics ishellip
- Back to our assumptionshellip
- Scarcity refers to the limited number of resources (factors of
- For the videohellip
- Slide 90
- Post Videohellip
- Advertisement
- Political Cartoon Analysis
- Factors of Production
- TASK
- The price ofhellip
- Economic efficiency is achieved when all available resources ar
- 1 What to produce
- 2 How to produce it
- 3 For whom to produce it
- Application Activity
- EQs
- Objectives amp Essential Questions
- Group Activity Budget Activity
- Slide 105
- How do we satisfy our economic wants
- How do we make goods amp services
- Economic Interdependence
- Slide 109
- Making Choices to Deal With Scarcity
- Exampleshellip
- Task Reflecting on Personal Trade-offshellip
- Opportunity Cost
- What else influences your choices
- Finallyhellip Why it Matters
- Visualizing the Relationshiphellip
- ObjectivesEssential Questions
- How Can We Measure What We Gain and Lose When Making Choices
- Production Possibilities Frontier
- PPF Assumptions
- Slide 121
- Production Possibilities Curve
- The Choices Nations Make
- Economic Growth
- The Classic Guns and Butter example
- Productivity
- Locations on a PPF
- Slide 128
- BOWED-OUT PPFs VaryingIncreasing OC
- Economic Systems
- Jigsaw activity
- Slide 132
- Economic amp Social Goals of an Economic System
- Review of Economic Systems
- Slide 135
- What are the most important goals of each economic system
- Which economic system does the US use
- The American Economic System
- The US mixed economy
- Slide 140
- Think backhellip
- US Economic System Characteristics
- Slide 143
- Understanding how all parts fit together
- Marriage Vows
- Do you remember
- Slide 147
-
Democracybull A system of government in which in
theory the people rule either directly or indirectly
bullOpposite of democracy is dictatorship where leader has absolute power and authority Examples
Concepts of Governmentbull Ordered governmentmdashneed for order
bull Limited governmentmdashbasic principle of government which states that government is restricted in what it may do and each individual has rights that government cannot take away
bull Representative governmentmdashidea that government should serve the will of the people (democracy)
Warm up 6 ndash 91114
Do you feel the Patriot Act ( law that allows government to ldquoinvaderdquo your privacy if reason to believe you
are involved in questionable behavior) is a violation of your natural rights or a necessary restriction of your natural rights Why
Warm Up 7
bullAre there any rights that you think the government should be able to take away from you Under what conditions should they be allowed to do this
And after the ConstitutionFederalism vs Anti-Federalism
bullFederalists believed Favored ratification believed Constitution was
strong enough handle nationrsquos problems supported a federal government led by Alexander Hamilton and James Madison
bullAnti-Federalists believed Opposed ratification believed Constitution
was too strong wanted a Bill of Rights added to protect individual freedoms from government abuse led by Patrick Henry and Samuel Adams
Activity
bullEach of you will get a card it either has a termperson or a definition on it
bullYou must find the person who matches you and secretly begin a visual representation of your ideapersonterm
bullDO NOT SHARE ANSWERSbullWe will play a game afterhellipso work in
secret with your partner
Picture Activity
bullGallery Walk
Constitutional Convention
bullMet in Philadelphia in 1787
bullComposed of some of the greatest thinkers educators statesmen and politicians of the day
bullThese men were collectively known as ldquoThe Framersrdquo
Purpose of the ConventionbullInitial Purpose was to revise the Articles of
Confederation bullDelegates quickly realized they were
meeting to create a new government (with 3 branches)
VA Plan v NJ Plan
Several plans were proposed to correct the weaknesses of the Articles
bullVirginia PlanbullNew Jersey Plan
Major similarities between the 2 plansbullThree branches of governmentbullCongress retains powers granted under AOCbullExecutive chosen by Congress
Virginia Plan ldquoLarge State Planrdquo
bullStrong central govrsquotbullL Bicameral Congress
Representation based on population
bullE ldquoPresidentrdquo Chosen by Congress
bullJ 1+ supreme courts with lower courtsChosen by Congress
New Jersey PlanldquoSmall State PlanrdquobullStrong state governmentbullL Unicameral Congress
Each state would have = representationExpand power to tax amp regulate trade
bullE Two-person presidencyChosen by Congress able to be removed
bullJ Single Supreme CourtChosen by Executive
Your Task
Create a billboard advertisement detailing thefeatures of one of the plans ndash NJ or VA - the choice is yoursbullGoal ldquosellrdquo your plan to the people ndash persuade
them to choose your planUse catchy phrasesslogans and be sure to
include the historical features of your plan (VA or NJ)
At the end of this project we will vote on the most persuasive and appealing billboard ndash this group will receive extra credit on the Unit Assessment
Closure
bullWhat do you think (or know) happens to these two plans
States agreebull States agree to (ratify) the Constitution
only after it was agreed that a Bill of Rights be addedConstitution takes effect in 1788Bill of Rights added in 1791
bullThe Constitution is written in language that is deliberately vague as a result of compromise and to allow for flexibilityWhy
Quote
bullThe United States Constitution has proved itself the most marvelously elastic compilation of rules of government ever written ndash FDR
bullWhat words stick to you in this quote Why
Structure of Constitutionbull Provides basic
framework for US government
bull Outlines basic principles structure and processes
bull Three partsmdashPreambleArticlesAmendments
Structure of Constitution bull Preamble
Introduction to the Constitution Lists ideas that the government should stand for
and states purposes We the people of the United States in Order
to form a more perfect Union establish Justice insure domestic Tranquility provide for the common defense promote the general Welfare and secure the Blessings of Liberty to ourselves and our Prosperity do ordain and establish this Constitution for the United States of Americardquo
6 Purpose of Government bull Form a More Perfect Union
bull Establish Justice bull Insure Domestic Tranquility
bull Provide for the Common Defense
bull Promote the General Welfare
bull Secure the Blessings of Liberty
For each phrase consider the followinghellip
1 Why do you think the Framerrsquos put this phrase in the US Constitution
2 Is this phrase important today
Structure of Constitution bullArticles
Main body of the Constitution Lay out basic structure of the national
governmentFurther broken down into sections and clauses
Article I Legislative branch Article II Executive branch Article III Judicial branch Articles IV Relations among the states Article V Amendment process Article VI Payment of debts Supremacy
Clause oaths of office
Article VII Ratification
Structure of Constitution
bullAmendments Formal changes made to the ConstitutionTwenty-seven in total First ten referred to as the Bill of Rights
Principles of Constitution bull The language and structure of the Constitution reflects the basic principles of the US government system
bull PrinciplesmdashPopular sovereigntyRepresentative government Separation of powers Checks and balancesLimited governmentFederalism
Activity
Activity bull STEP 1 bull Fill in the graphic
organizer in your guided notes packet You have 8 minutes on your own to do this
bull STEP 2 On your own or with a partner create a tri-fold containing visual representations of three different principles of our government On the back explain each principle in 2 sentences
Principle Explanation
Popular Sovereignty Idea that people are the source of all power held by the government
Limited Government Government possesses only the powers the people give itmdashit must obey the Constitution
Separation of Powers Establishes three separate branches that share the governmentrsquos power These branches are the executive the legislative and the judicial
Checks and Balances Ensures that none of the three branches can become too powerful Each branch has ways to limit the power of the other two (ex President veto power)
Judicial Review Power of the courts to decide what the Constitution means The courts also have the power to declare a government action to be against the Constitution (unconstitutional)
Federalism Divides the power between the central government and the States
Check for UnderstandingSix PrinciplesNumber your paper from 1 - 8
Question 1
bullldquoWe the people of the United Stateshellipdo ordain and establish this Constitution for the United States of Americardquo
Popular Sovereignty
Question 2
bullldquoCongress shall make no law respecting an establishment of religion or prohibiting the free exercise thereof or abridging the freedom of speech or of the press or the right of the people to peacefully assemble and to petition the Government for a redress of grievancesrdquo
Limited Government
Question 3
bullDuring the Watergate Scandal prosecutors accused many of President Nixonrsquos closest advisors of breaking the law thus proving the rule of lawmdashNO ONE is above the law
Limited Government
Question 4
bullldquoThe accumulation of all powers legislative executive and judiciary in the same hands whether of one a few or manyhellipmay justly be pronounced the very definition of tyrannyrdquo
SEPARATION OF POWERS
Question 5
bullPresident Bush nominates Miss Dicks to be director of the CIA but the Senate refuses to confirm the appointment
Checks and Balances
Question 6
bullCongress in 2005 passes the Stem Cell Research Bill but President Bush vetos the bill
CHECKS AND BALANCES
Question 7
bullThe Supreme Court in 1954 determined that ldquoseparate but equalrdquo was not constitutional and overturned the Plessy vs Ferguson ruling
JUDICIAL REVIEW
Question 8
bullVA has a law that requires all candidates for a professional cosmeticianrsquos license complete classroom hours an unpaid internship and pass a qualifying test
Federalism
GroupsPopular
SovereigntySeparation of
PowersFederalism
bull bull bull
Judicial Review
Limited Government
Checks and Balances
bull bull bull
Separation of Powers
bull Legislative branchmdashmakes the laws
bull Executive branchmdashenforces the laws
bull Judicial branchmdashinterprets the law
Video
bullhttpwwwbrainpopcomsocialstudiesusgovernmentandlawbranchesofgovernment
Checks and Balances
Checks and balances
bullIn what was do the branches check on one another
bullhttpwwwsheppardsoftwarecomusa_gamegovernmentchecks_and_balanceshtm
Basic Principles
bullThe tenets of democracy are built upon five principlesmdashWorth of the individualEquality of all personsMajority rule minority rightsNecessity of compromiseIndividual freedom
Self- Worth
bull A recognition of the fundamental worth of every person
bull The democratic process reflects the collective set of individuals who make up society
Equality Democratic concept insists that all entitled tobull equality of opportunity bull equality before the law
bull Equality of opportunity suggests that no person should be held back for any arbitrary reason and must be free to develop him- or herself as fully as heshe can (or cares to)
bull Equality before the law suggests that each person should be treated as the equal of all other persons before the law
Compromise
bull A matter of compromise to determine the position most acceptable to the largest number of people
bull Because each individual is important and considered the equal of all others it stands to reason that people can only make public decisions by way of compromise
bullWhy is compromise important
Individual Freedombull Right of the
individual to be free as far as the freedom of all will allow
bull Democracy does not and cannot insist on the absolute freedom of the individual person
Write your ownhellipbull Now that you know what the foundations of
government arehellip Create your own Constitution (Or social contract)
What do you think is important to include What do you think could be taken out
Start with ldquoWe the peoplehelliprdquo and create the ideal contract
Preamble (brief introduction) Articles (what should it include based on what we
learned so far Include and agree on 10 points) Amendments (what do you think it should take to
change it)
bullFor your quiz tomorrowhellip What questions would you expect to seeWrite 5 and the answers on the back of the
paper
TED Talk
bullhttpwwwyoutubecomwatchv=ypqQ3-agpZo
Closure
bullExplain two principles of the constitution and how are they connected
What is Economics
bull Is the study of how people choose to use their limited resources to satisfy their unlimited wants and needs
Important Parts of Economicsndash
CHOICESSCARCITY
Economics ishellip
bullDependent upon assumptions
bullDependent upon simplification of reality
Back to our assumptionshellip
bullHuman Beings are rationalbullAll societies suffer from scarcity bullAll buyers seek to maximize utility
bullAll sellers seek to maximize profits
Scarcity refers to the limited number of resources (factors of production) that can be used to satisfy the unlimited human wants and needs
For the videohellip
bullWrite down 3 things you did not knowbullWrite down 3 things you did know
bullhttpwwwyoutubecomwatchv=TO7UTNS7r0w
Post Videohellip
bullDefine the main idea of the video in 4-5 words
Advertisement
bullKnowing some of the basics about what economics is and why we study ithellip
bullCreate an advertisement for an economics course BE SURE TO INCLUDE
3 images that represent different economic ideas
2 ldquothought bubblesrdquo that represent things yoursquoll learn about in economics
1 slogan that represents why economics is an important course to take
Political Cartoon Analysis
Factors of Production bull LAND
Also called Natural Resources Consider them ldquogifts of naturerdquo such as air
soil minerals water and plants
bull LABOR Also called Human Resources Includes physical and mental activities that go
into producing goodsservices
bull CAPITAL Includes tools machines buildings and
technologies
bull ENTREPRENEUR Risk taker who is responsible for combining
land labor and capital to produce goods and services
TASK
bullTask Why are entrepreneurs the driving force in our economy
bullAnswer in 2-3 sentences
The price ofhellip
bullLand is rentbullCapital is interestbullLabor is wagesbullEntrepreneurship is profit
Economic efficiency is achieved when all available resources are being used
All societies must answer three basic questions to satisfy the needs and wants of their populations
1 What to produce
bullShould it be military or civilian goods
bullFood or clothingbullMedicine or movies
2 How to produce it
bullAutomated or manual labor
bullExpensive or cheap materials
bullDomestic or overseas labor
3 For whom to produce it
bullThe wealthy or the needybullThe sick or the healthy
Application Activity
bull In groups of 2-3 create your own country (name it please)
bull With your countryrsquos name explain the Population geography and general population
information (iehellipbull Choose 5 items for your country to produce and
answer the three societal questions for eachALSO explain why this material would help your
economy thrivereach economic efficiencybull Create an advertisement for your country
withhellip Images representing what you produce and a
slogan for why your country is awesome
EQs
bullHow does scarcity impact decision making
Objectives amp Essential QuestionsbullObjectives
I will be able to create and reflect on a budget given new economics content
I will be able to understand scarcity and our mixed economy
bullEssential QuestionsHow does scarcity impact decision makingHow do we satisfy our economic wants
Group Activity Budget Activity
bullTeacher will break you into groups In your groups you will be creating a budget for a single family
bullYour group has been given an income for a year Given your family situation negotiate with your ldquofamilyrdquo to complete a budget for 1 month (keep in mind your $$ is in a given year)
bullhttpwwwyoutubecomwatchv=yoVc_S_gd_0
How do we satisfy our economic wants
bull We buy goods or services
bull Good ndash a physical object (tangible) that has been produced for salebull Durable ndash last 3+ yearsbull Nondurable ndash last up to 3 years
bull Service ndash work done by someone else for which someone is willing to pay
How do we make goods amp services
bull Use Factors of Production - The productive resources that go into producing goods and services
Production Equation
LAND + LABOR + CAPITAL = GOODSERVICE
inputs output
Economic Interdependence
bullWhat does lsquointerdependencersquo mean
bullIs our world becoming economic interdependent or independent
bullEconomic Interdependence the actions of one part of the
country (world) has an impact on what happens elsewhere
Wants amp Needs gt
Resources
Because of scarcity we
have to make choices
How do we make a choice What do we give up
What does this remind you of from our government unit
Making Choices to Deal With Scarcity
bullPeople seek to maximize their utility when making decisions This requires them to consider tradeoffs
Utility ndash the satisfaction or benefit a person receives from consuming a good or service
Tradeoffs ndash the alternate choices people have when making a decision also the benefitsadvantages of making on
decision over another
ExampleshellipbullSome choices are easy to makehellip
HmmhellipShould I have pizza or a hoagie for lunch today
bullOther decisions are agonizinghellipShould I get out of bed and go to
school today or should I sleep in
Task Reflecting on Personal Trade-offshellip
In the end what helped you decide amongst your choices
Think of ONE decision thatyou had to make in the last weekhellipIdentify your various
tradeoffs for that decision
Be prepared to share
Opportunity Cost
bullWhen comparing the top 2 choices it is the BENEFIT of the next best alternative that must be sacrificed to satisfy a want
bullYou do a cost-benefit analysis to figure out which decision is most beneficial
Opportunity Cost ndash The best thing we give up to get what
we want
What else influences your choices
bullPeople make decisions based on their marginal utility or the extra satisfaction they gain from one additional unit of a goodservice
bullLaw of Diminishing Marginal Utility says that as we get or do more of something the pleasure we derive from it tends to decrease and so does our willingness to buy it or do it
FinallyhellipWhy it Matters
Understanding the opportunity coststradeoffs of different choices in life makes you a
better decision-maker
Todayrsquos Message ndash ldquoTherersquos No Such Thing As a Free Lunchrdquo
You always have to give something uphelliprdquo
ALL Individuals Businesses amp Societies have to consider tradeoffsopportunity costs when making
decisions
Visualizing the Relationshiphellip
Limited Resources amp Unlimited Wants
Scarcity
Trade-offs (choices)
Opportunity Costs
ObjectivesEssential Questions
bullObjectivebullI will be able to understand (and teach)
the three different types of economies
bullEssential Question How do the different types of economies work
How Can We Measure What We Gain and Lose When
Making Choices
Answer With a Production Possibilities Frontier
Production Possibilities Frontier
bullDiagram representing the possible combinations of goods and or services an economy can produce when all resources are being fully employed
PPF Assumptions
bullWe live in a two good worldbullThere are fixed resourcesbullThere is fixed technologybullResources are not specialized
Production Possibilities Curve
CD
E
OU
TP
UT
OF
CO
NS
UM
ER
GO
OD
S
(un
its
per
yea
r)
OUTPUT OF MILITARY GOODS (units per year)
A
BO
XF
G
Limited resources necessitate choices about WHAT to produce
The Choices Nations Make
bullA nation must choose what to do with its scarce resources during war or periods of military buildup
bullProduce military goods or consumer goods
Economic Growth
2000 production possibilities
1900 production possibilities
OU
TP
UT
OF
CO
NS
UM
ER
GO
OD
S(u
nits
per
yea
r)
OUTPUT OF MILITARY GOODS (units per year)
Production possibilities increases with more resources and technology
The Classic Guns and Butter example
Guns
Butter
10000 20000 30000 40000 50000
1000009500085000
70000
5000040000
BA
C
D
E
F
At point A all resources are used for butter
Moving from point A to point B requires shifting resources out of butter and into guns
At point F all resources are used for Guns
Productivitybull A PPF can help us see how efficient our
choices are
bull Productivity - measurement of how efficiently we are utilizing our resources Is this the same as production
bull An economy producing on the curve = using their resources to produce the MAXIMUM amount of goodsservices
Locations on a PPF
bull Efficient Point place where an economy is achieving as much output as possible from a given amount of resources ndash occurs at any point on the curve
bull Inefficient Point ndash place where the economy is not functioning as it could be ndash occurs at any point inside the curve
bull Unattainable Point ndash place where the economy cannot produce given its current resources ndash occurs at any point outside the curve
Food
Computer
4
3
2
1
1 2 3 4
OC between 1 and 2 computers = 1 Food
UnitOC between 3 and 4 computers = 1 Food
Unit
Constantly giving up the same quantity of food to get
additional computers
STRAIGHT-LINE PPFs Constant OC
BOWED-OUT PPFs VaryingIncreasing OC
Principle of Increasing Costs
As a society produces more of one product the OC of producing
that product increases because we are using more resources that are poorly suited to produce it
Economic Systems
An economic system is the way a society coordinates the production and consumption of goods amp services
How a society answers the three basic economic questions determines which type of economic system they are
Three Types of Economic Systems Command Traditional Market
Jigsaw activity
bullYou will be placed in groups of 3 and assigned a type of economy
bullYou will have 7 minutes to read and come up with 4 key components
bullAfter the 7 minuteshellip 1rsquos go to the front of the classroom2rsquos go to the wall nearest the door3rsquos go to the wall nearest the courtyard
Economic amp Social Goals of an Economic System
bull Economic Freedom
bull Economic Efficiency
bull Economic Equity
bull Economic Security
Economic Stability
Economic Growth
Review of Economic Systems
bullA traditional economy relies on custom and tradition to dictate production and consumption
bullIn a command economy decisions about production and consumption are made by a powerful ruler or central authority
bullIn a market economy individual producers and consumers coordinate economic activity
What are the most important goals of each economic system
bullTraditionalSecurity and
StabilitybullCommand
Equity and Security
bullMARKETEfficiency and
Freedom
Societies differ in the degree of importance they attach to each goal Progress toward one goal can sometimes be achieved only
at the expense of another (TRADEOFFS)
Which economic system does the US use
The American Economic System
bullWe have a mixed market economy
COMMAND MARKET
The US mixed economybull In a mixed economyhellip
Individuals Own the factors of production Possess freedom to produce or consume Must operate under confines of law
Government Protects workers and consumers Regulates business and preserves competition Provide public goodsbenefits
Think backhellip
bullWhat does this remind you of from the beginning of the unit
US Economic System Characteristics 1 Economic freedom (ldquolaissez-fairerdquo)
2 Limited government
3 Equal opportunity
4 Competition
5 Profit motive
6 Property Rights
7 Binding Contracts
Understanding how all parts fit together
Circular Flow of Economic Activity Represents a market economy
2 main ldquomarketsrdquoProduct Market Factor Market
where goods and services where the 4 factors ofare boughtsold production are boughtsold
Shows interdependence between
businesses and individuals
Marriage Vowsbull CONGRATULATIONS The government and the economy
are renewing their marriage vows You are cordially invited to the ceremony but this perfect couple needs your help
bull Using what you have learned this unit and using the textbook
bull You will explain the way government and the economy are connected (made for each other) You will demonstrate this answer in the format of wedding vows
bull You must use at least 5 of the following words Producers Taxes Consumers Restrictions Markets Freedom GoodsServices Limited
bull Look back to US Economic System Characteristics bull Each set of vows must be at least 6 lines
Do you remember
bullWrite the following question downbullWhy does the United States have a
democracy and mixed economy
- Foundations of Government and Economics
- On your blank piece of paperhellip
- Slide 3
- Warm-Up 1 - 9414
- Introductory thoughts hellip
- Slide 6
- 2 How about to your life
- Slide 8
- Slide 9
- Slide 10
- Slide 11
- Warm Up -2a- 9514 The New York Times and CBS News Pollhellip
- Warm up 2bndash In Journal-
- Economist and Politician Assumptions
- Individualism
- Quote activity
- Quote breakdown
- Warm Up 3- Current Event 9814
- Purpose of Government
- Slide 20
- 3 Theorists
- Activity
- Origins of American Government A customized government
- Origins of American Government A customized government (2)
- Origins of American Government A customized government (3)
- With which theory do you agree more Why
- The ldquoOriginal Dilemmardquo
- Warm Up 5 Hobbes and Locke
- Groups Block 2
- Groups Block 4
- Balloon Game
- You will have 10 minutes to get as many filled balloons on the
- Balloon Game Debriefing
- Political Theories
- Social Contract
- Natural Rights
- Democracy
- Concepts of Government
- Warm up 6 ndash 91114
- Warm Up 7
- And after the Constitution
- Activity (2)
- Picture Activity
- Constitutional Convention
- Purpose of the Convention
- VA Plan v NJ Plan
- Virginia Plan ldquoLarge State Planrdquo
- New Jersey Plan ldquoSmall State Planrdquo
- Your Task
- Closure
- States agree
- Quote
- Structure of Constitution
- Structure of Constitution
- 6 Purpose of Government
- Structure of Constitution (2)
- Structure of Constitution (3)
- Principles of Constitution
- Activity
- Slide 60
- Check for Understanding Six Principles
- Question 1
- Question 2
- Question 3
- Question 4
- Question 5
- Question 6
- Question 7
- Question 8
- Groups
- Separation of Powers
- Video
- Checks and Balances
- Slide 74
- Checks and balances
- Basic Principles
- Self- Worth
- Equality
- Compromise
- Individual Freedom
- Write your ownhellip
- Slide 82
- TED Talk
- Closure
- What is Economics
- Economics ishellip
- Back to our assumptionshellip
- Scarcity refers to the limited number of resources (factors of
- For the videohellip
- Slide 90
- Post Videohellip
- Advertisement
- Political Cartoon Analysis
- Factors of Production
- TASK
- The price ofhellip
- Economic efficiency is achieved when all available resources ar
- 1 What to produce
- 2 How to produce it
- 3 For whom to produce it
- Application Activity
- EQs
- Objectives amp Essential Questions
- Group Activity Budget Activity
- Slide 105
- How do we satisfy our economic wants
- How do we make goods amp services
- Economic Interdependence
- Slide 109
- Making Choices to Deal With Scarcity
- Exampleshellip
- Task Reflecting on Personal Trade-offshellip
- Opportunity Cost
- What else influences your choices
- Finallyhellip Why it Matters
- Visualizing the Relationshiphellip
- ObjectivesEssential Questions
- How Can We Measure What We Gain and Lose When Making Choices
- Production Possibilities Frontier
- PPF Assumptions
- Slide 121
- Production Possibilities Curve
- The Choices Nations Make
- Economic Growth
- The Classic Guns and Butter example
- Productivity
- Locations on a PPF
- Slide 128
- BOWED-OUT PPFs VaryingIncreasing OC
- Economic Systems
- Jigsaw activity
- Slide 132
- Economic amp Social Goals of an Economic System
- Review of Economic Systems
- Slide 135
- What are the most important goals of each economic system
- Which economic system does the US use
- The American Economic System
- The US mixed economy
- Slide 140
- Think backhellip
- US Economic System Characteristics
- Slide 143
- Understanding how all parts fit together
- Marriage Vows
- Do you remember
- Slide 147
-
Concepts of Governmentbull Ordered governmentmdashneed for order
bull Limited governmentmdashbasic principle of government which states that government is restricted in what it may do and each individual has rights that government cannot take away
bull Representative governmentmdashidea that government should serve the will of the people (democracy)
Warm up 6 ndash 91114
Do you feel the Patriot Act ( law that allows government to ldquoinvaderdquo your privacy if reason to believe you
are involved in questionable behavior) is a violation of your natural rights or a necessary restriction of your natural rights Why
Warm Up 7
bullAre there any rights that you think the government should be able to take away from you Under what conditions should they be allowed to do this
And after the ConstitutionFederalism vs Anti-Federalism
bullFederalists believed Favored ratification believed Constitution was
strong enough handle nationrsquos problems supported a federal government led by Alexander Hamilton and James Madison
bullAnti-Federalists believed Opposed ratification believed Constitution
was too strong wanted a Bill of Rights added to protect individual freedoms from government abuse led by Patrick Henry and Samuel Adams
Activity
bullEach of you will get a card it either has a termperson or a definition on it
bullYou must find the person who matches you and secretly begin a visual representation of your ideapersonterm
bullDO NOT SHARE ANSWERSbullWe will play a game afterhellipso work in
secret with your partner
Picture Activity
bullGallery Walk
Constitutional Convention
bullMet in Philadelphia in 1787
bullComposed of some of the greatest thinkers educators statesmen and politicians of the day
bullThese men were collectively known as ldquoThe Framersrdquo
Purpose of the ConventionbullInitial Purpose was to revise the Articles of
Confederation bullDelegates quickly realized they were
meeting to create a new government (with 3 branches)
VA Plan v NJ Plan
Several plans were proposed to correct the weaknesses of the Articles
bullVirginia PlanbullNew Jersey Plan
Major similarities between the 2 plansbullThree branches of governmentbullCongress retains powers granted under AOCbullExecutive chosen by Congress
Virginia Plan ldquoLarge State Planrdquo
bullStrong central govrsquotbullL Bicameral Congress
Representation based on population
bullE ldquoPresidentrdquo Chosen by Congress
bullJ 1+ supreme courts with lower courtsChosen by Congress
New Jersey PlanldquoSmall State PlanrdquobullStrong state governmentbullL Unicameral Congress
Each state would have = representationExpand power to tax amp regulate trade
bullE Two-person presidencyChosen by Congress able to be removed
bullJ Single Supreme CourtChosen by Executive
Your Task
Create a billboard advertisement detailing thefeatures of one of the plans ndash NJ or VA - the choice is yoursbullGoal ldquosellrdquo your plan to the people ndash persuade
them to choose your planUse catchy phrasesslogans and be sure to
include the historical features of your plan (VA or NJ)
At the end of this project we will vote on the most persuasive and appealing billboard ndash this group will receive extra credit on the Unit Assessment
Closure
bullWhat do you think (or know) happens to these two plans
States agreebull States agree to (ratify) the Constitution
only after it was agreed that a Bill of Rights be addedConstitution takes effect in 1788Bill of Rights added in 1791
bullThe Constitution is written in language that is deliberately vague as a result of compromise and to allow for flexibilityWhy
Quote
bullThe United States Constitution has proved itself the most marvelously elastic compilation of rules of government ever written ndash FDR
bullWhat words stick to you in this quote Why
Structure of Constitutionbull Provides basic
framework for US government
bull Outlines basic principles structure and processes
bull Three partsmdashPreambleArticlesAmendments
Structure of Constitution bull Preamble
Introduction to the Constitution Lists ideas that the government should stand for
and states purposes We the people of the United States in Order
to form a more perfect Union establish Justice insure domestic Tranquility provide for the common defense promote the general Welfare and secure the Blessings of Liberty to ourselves and our Prosperity do ordain and establish this Constitution for the United States of Americardquo
6 Purpose of Government bull Form a More Perfect Union
bull Establish Justice bull Insure Domestic Tranquility
bull Provide for the Common Defense
bull Promote the General Welfare
bull Secure the Blessings of Liberty
For each phrase consider the followinghellip
1 Why do you think the Framerrsquos put this phrase in the US Constitution
2 Is this phrase important today
Structure of Constitution bullArticles
Main body of the Constitution Lay out basic structure of the national
governmentFurther broken down into sections and clauses
Article I Legislative branch Article II Executive branch Article III Judicial branch Articles IV Relations among the states Article V Amendment process Article VI Payment of debts Supremacy
Clause oaths of office
Article VII Ratification
Structure of Constitution
bullAmendments Formal changes made to the ConstitutionTwenty-seven in total First ten referred to as the Bill of Rights
Principles of Constitution bull The language and structure of the Constitution reflects the basic principles of the US government system
bull PrinciplesmdashPopular sovereigntyRepresentative government Separation of powers Checks and balancesLimited governmentFederalism
Activity
Activity bull STEP 1 bull Fill in the graphic
organizer in your guided notes packet You have 8 minutes on your own to do this
bull STEP 2 On your own or with a partner create a tri-fold containing visual representations of three different principles of our government On the back explain each principle in 2 sentences
Principle Explanation
Popular Sovereignty Idea that people are the source of all power held by the government
Limited Government Government possesses only the powers the people give itmdashit must obey the Constitution
Separation of Powers Establishes three separate branches that share the governmentrsquos power These branches are the executive the legislative and the judicial
Checks and Balances Ensures that none of the three branches can become too powerful Each branch has ways to limit the power of the other two (ex President veto power)
Judicial Review Power of the courts to decide what the Constitution means The courts also have the power to declare a government action to be against the Constitution (unconstitutional)
Federalism Divides the power between the central government and the States
Check for UnderstandingSix PrinciplesNumber your paper from 1 - 8
Question 1
bullldquoWe the people of the United Stateshellipdo ordain and establish this Constitution for the United States of Americardquo
Popular Sovereignty
Question 2
bullldquoCongress shall make no law respecting an establishment of religion or prohibiting the free exercise thereof or abridging the freedom of speech or of the press or the right of the people to peacefully assemble and to petition the Government for a redress of grievancesrdquo
Limited Government
Question 3
bullDuring the Watergate Scandal prosecutors accused many of President Nixonrsquos closest advisors of breaking the law thus proving the rule of lawmdashNO ONE is above the law
Limited Government
Question 4
bullldquoThe accumulation of all powers legislative executive and judiciary in the same hands whether of one a few or manyhellipmay justly be pronounced the very definition of tyrannyrdquo
SEPARATION OF POWERS
Question 5
bullPresident Bush nominates Miss Dicks to be director of the CIA but the Senate refuses to confirm the appointment
Checks and Balances
Question 6
bullCongress in 2005 passes the Stem Cell Research Bill but President Bush vetos the bill
CHECKS AND BALANCES
Question 7
bullThe Supreme Court in 1954 determined that ldquoseparate but equalrdquo was not constitutional and overturned the Plessy vs Ferguson ruling
JUDICIAL REVIEW
Question 8
bullVA has a law that requires all candidates for a professional cosmeticianrsquos license complete classroom hours an unpaid internship and pass a qualifying test
Federalism
GroupsPopular
SovereigntySeparation of
PowersFederalism
bull bull bull
Judicial Review
Limited Government
Checks and Balances
bull bull bull
Separation of Powers
bull Legislative branchmdashmakes the laws
bull Executive branchmdashenforces the laws
bull Judicial branchmdashinterprets the law
Video
bullhttpwwwbrainpopcomsocialstudiesusgovernmentandlawbranchesofgovernment
Checks and Balances
Checks and balances
bullIn what was do the branches check on one another
bullhttpwwwsheppardsoftwarecomusa_gamegovernmentchecks_and_balanceshtm
Basic Principles
bullThe tenets of democracy are built upon five principlesmdashWorth of the individualEquality of all personsMajority rule minority rightsNecessity of compromiseIndividual freedom
Self- Worth
bull A recognition of the fundamental worth of every person
bull The democratic process reflects the collective set of individuals who make up society
Equality Democratic concept insists that all entitled tobull equality of opportunity bull equality before the law
bull Equality of opportunity suggests that no person should be held back for any arbitrary reason and must be free to develop him- or herself as fully as heshe can (or cares to)
bull Equality before the law suggests that each person should be treated as the equal of all other persons before the law
Compromise
bull A matter of compromise to determine the position most acceptable to the largest number of people
bull Because each individual is important and considered the equal of all others it stands to reason that people can only make public decisions by way of compromise
bullWhy is compromise important
Individual Freedombull Right of the
individual to be free as far as the freedom of all will allow
bull Democracy does not and cannot insist on the absolute freedom of the individual person
Write your ownhellipbull Now that you know what the foundations of
government arehellip Create your own Constitution (Or social contract)
What do you think is important to include What do you think could be taken out
Start with ldquoWe the peoplehelliprdquo and create the ideal contract
Preamble (brief introduction) Articles (what should it include based on what we
learned so far Include and agree on 10 points) Amendments (what do you think it should take to
change it)
bullFor your quiz tomorrowhellip What questions would you expect to seeWrite 5 and the answers on the back of the
paper
TED Talk
bullhttpwwwyoutubecomwatchv=ypqQ3-agpZo
Closure
bullExplain two principles of the constitution and how are they connected
What is Economics
bull Is the study of how people choose to use their limited resources to satisfy their unlimited wants and needs
Important Parts of Economicsndash
CHOICESSCARCITY
Economics ishellip
bullDependent upon assumptions
bullDependent upon simplification of reality
Back to our assumptionshellip
bullHuman Beings are rationalbullAll societies suffer from scarcity bullAll buyers seek to maximize utility
bullAll sellers seek to maximize profits
Scarcity refers to the limited number of resources (factors of production) that can be used to satisfy the unlimited human wants and needs
For the videohellip
bullWrite down 3 things you did not knowbullWrite down 3 things you did know
bullhttpwwwyoutubecomwatchv=TO7UTNS7r0w
Post Videohellip
bullDefine the main idea of the video in 4-5 words
Advertisement
bullKnowing some of the basics about what economics is and why we study ithellip
bullCreate an advertisement for an economics course BE SURE TO INCLUDE
3 images that represent different economic ideas
2 ldquothought bubblesrdquo that represent things yoursquoll learn about in economics
1 slogan that represents why economics is an important course to take
Political Cartoon Analysis
Factors of Production bull LAND
Also called Natural Resources Consider them ldquogifts of naturerdquo such as air
soil minerals water and plants
bull LABOR Also called Human Resources Includes physical and mental activities that go
into producing goodsservices
bull CAPITAL Includes tools machines buildings and
technologies
bull ENTREPRENEUR Risk taker who is responsible for combining
land labor and capital to produce goods and services
TASK
bullTask Why are entrepreneurs the driving force in our economy
bullAnswer in 2-3 sentences
The price ofhellip
bullLand is rentbullCapital is interestbullLabor is wagesbullEntrepreneurship is profit
Economic efficiency is achieved when all available resources are being used
All societies must answer three basic questions to satisfy the needs and wants of their populations
1 What to produce
bullShould it be military or civilian goods
bullFood or clothingbullMedicine or movies
2 How to produce it
bullAutomated or manual labor
bullExpensive or cheap materials
bullDomestic or overseas labor
3 For whom to produce it
bullThe wealthy or the needybullThe sick or the healthy
Application Activity
bull In groups of 2-3 create your own country (name it please)
bull With your countryrsquos name explain the Population geography and general population
information (iehellipbull Choose 5 items for your country to produce and
answer the three societal questions for eachALSO explain why this material would help your
economy thrivereach economic efficiencybull Create an advertisement for your country
withhellip Images representing what you produce and a
slogan for why your country is awesome
EQs
bullHow does scarcity impact decision making
Objectives amp Essential QuestionsbullObjectives
I will be able to create and reflect on a budget given new economics content
I will be able to understand scarcity and our mixed economy
bullEssential QuestionsHow does scarcity impact decision makingHow do we satisfy our economic wants
Group Activity Budget Activity
bullTeacher will break you into groups In your groups you will be creating a budget for a single family
bullYour group has been given an income for a year Given your family situation negotiate with your ldquofamilyrdquo to complete a budget for 1 month (keep in mind your $$ is in a given year)
bullhttpwwwyoutubecomwatchv=yoVc_S_gd_0
How do we satisfy our economic wants
bull We buy goods or services
bull Good ndash a physical object (tangible) that has been produced for salebull Durable ndash last 3+ yearsbull Nondurable ndash last up to 3 years
bull Service ndash work done by someone else for which someone is willing to pay
How do we make goods amp services
bull Use Factors of Production - The productive resources that go into producing goods and services
Production Equation
LAND + LABOR + CAPITAL = GOODSERVICE
inputs output
Economic Interdependence
bullWhat does lsquointerdependencersquo mean
bullIs our world becoming economic interdependent or independent
bullEconomic Interdependence the actions of one part of the
country (world) has an impact on what happens elsewhere
Wants amp Needs gt
Resources
Because of scarcity we
have to make choices
How do we make a choice What do we give up
What does this remind you of from our government unit
Making Choices to Deal With Scarcity
bullPeople seek to maximize their utility when making decisions This requires them to consider tradeoffs
Utility ndash the satisfaction or benefit a person receives from consuming a good or service
Tradeoffs ndash the alternate choices people have when making a decision also the benefitsadvantages of making on
decision over another
ExampleshellipbullSome choices are easy to makehellip
HmmhellipShould I have pizza or a hoagie for lunch today
bullOther decisions are agonizinghellipShould I get out of bed and go to
school today or should I sleep in
Task Reflecting on Personal Trade-offshellip
In the end what helped you decide amongst your choices
Think of ONE decision thatyou had to make in the last weekhellipIdentify your various
tradeoffs for that decision
Be prepared to share
Opportunity Cost
bullWhen comparing the top 2 choices it is the BENEFIT of the next best alternative that must be sacrificed to satisfy a want
bullYou do a cost-benefit analysis to figure out which decision is most beneficial
Opportunity Cost ndash The best thing we give up to get what
we want
What else influences your choices
bullPeople make decisions based on their marginal utility or the extra satisfaction they gain from one additional unit of a goodservice
bullLaw of Diminishing Marginal Utility says that as we get or do more of something the pleasure we derive from it tends to decrease and so does our willingness to buy it or do it
FinallyhellipWhy it Matters
Understanding the opportunity coststradeoffs of different choices in life makes you a
better decision-maker
Todayrsquos Message ndash ldquoTherersquos No Such Thing As a Free Lunchrdquo
You always have to give something uphelliprdquo
ALL Individuals Businesses amp Societies have to consider tradeoffsopportunity costs when making
decisions
Visualizing the Relationshiphellip
Limited Resources amp Unlimited Wants
Scarcity
Trade-offs (choices)
Opportunity Costs
ObjectivesEssential Questions
bullObjectivebullI will be able to understand (and teach)
the three different types of economies
bullEssential Question How do the different types of economies work
How Can We Measure What We Gain and Lose When
Making Choices
Answer With a Production Possibilities Frontier
Production Possibilities Frontier
bullDiagram representing the possible combinations of goods and or services an economy can produce when all resources are being fully employed
PPF Assumptions
bullWe live in a two good worldbullThere are fixed resourcesbullThere is fixed technologybullResources are not specialized
Production Possibilities Curve
CD
E
OU
TP
UT
OF
CO
NS
UM
ER
GO
OD
S
(un
its
per
yea
r)
OUTPUT OF MILITARY GOODS (units per year)
A
BO
XF
G
Limited resources necessitate choices about WHAT to produce
The Choices Nations Make
bullA nation must choose what to do with its scarce resources during war or periods of military buildup
bullProduce military goods or consumer goods
Economic Growth
2000 production possibilities
1900 production possibilities
OU
TP
UT
OF
CO
NS
UM
ER
GO
OD
S(u
nits
per
yea
r)
OUTPUT OF MILITARY GOODS (units per year)
Production possibilities increases with more resources and technology
The Classic Guns and Butter example
Guns
Butter
10000 20000 30000 40000 50000
1000009500085000
70000
5000040000
BA
C
D
E
F
At point A all resources are used for butter
Moving from point A to point B requires shifting resources out of butter and into guns
At point F all resources are used for Guns
Productivitybull A PPF can help us see how efficient our
choices are
bull Productivity - measurement of how efficiently we are utilizing our resources Is this the same as production
bull An economy producing on the curve = using their resources to produce the MAXIMUM amount of goodsservices
Locations on a PPF
bull Efficient Point place where an economy is achieving as much output as possible from a given amount of resources ndash occurs at any point on the curve
bull Inefficient Point ndash place where the economy is not functioning as it could be ndash occurs at any point inside the curve
bull Unattainable Point ndash place where the economy cannot produce given its current resources ndash occurs at any point outside the curve
Food
Computer
4
3
2
1
1 2 3 4
OC between 1 and 2 computers = 1 Food
UnitOC between 3 and 4 computers = 1 Food
Unit
Constantly giving up the same quantity of food to get
additional computers
STRAIGHT-LINE PPFs Constant OC
BOWED-OUT PPFs VaryingIncreasing OC
Principle of Increasing Costs
As a society produces more of one product the OC of producing
that product increases because we are using more resources that are poorly suited to produce it
Economic Systems
An economic system is the way a society coordinates the production and consumption of goods amp services
How a society answers the three basic economic questions determines which type of economic system they are
Three Types of Economic Systems Command Traditional Market
Jigsaw activity
bullYou will be placed in groups of 3 and assigned a type of economy
bullYou will have 7 minutes to read and come up with 4 key components
bullAfter the 7 minuteshellip 1rsquos go to the front of the classroom2rsquos go to the wall nearest the door3rsquos go to the wall nearest the courtyard
Economic amp Social Goals of an Economic System
bull Economic Freedom
bull Economic Efficiency
bull Economic Equity
bull Economic Security
Economic Stability
Economic Growth
Review of Economic Systems
bullA traditional economy relies on custom and tradition to dictate production and consumption
bullIn a command economy decisions about production and consumption are made by a powerful ruler or central authority
bullIn a market economy individual producers and consumers coordinate economic activity
What are the most important goals of each economic system
bullTraditionalSecurity and
StabilitybullCommand
Equity and Security
bullMARKETEfficiency and
Freedom
Societies differ in the degree of importance they attach to each goal Progress toward one goal can sometimes be achieved only
at the expense of another (TRADEOFFS)
Which economic system does the US use
The American Economic System
bullWe have a mixed market economy
COMMAND MARKET
The US mixed economybull In a mixed economyhellip
Individuals Own the factors of production Possess freedom to produce or consume Must operate under confines of law
Government Protects workers and consumers Regulates business and preserves competition Provide public goodsbenefits
Think backhellip
bullWhat does this remind you of from the beginning of the unit
US Economic System Characteristics 1 Economic freedom (ldquolaissez-fairerdquo)
2 Limited government
3 Equal opportunity
4 Competition
5 Profit motive
6 Property Rights
7 Binding Contracts
Understanding how all parts fit together
Circular Flow of Economic Activity Represents a market economy
2 main ldquomarketsrdquoProduct Market Factor Market
where goods and services where the 4 factors ofare boughtsold production are boughtsold
Shows interdependence between
businesses and individuals
Marriage Vowsbull CONGRATULATIONS The government and the economy
are renewing their marriage vows You are cordially invited to the ceremony but this perfect couple needs your help
bull Using what you have learned this unit and using the textbook
bull You will explain the way government and the economy are connected (made for each other) You will demonstrate this answer in the format of wedding vows
bull You must use at least 5 of the following words Producers Taxes Consumers Restrictions Markets Freedom GoodsServices Limited
bull Look back to US Economic System Characteristics bull Each set of vows must be at least 6 lines
Do you remember
bullWrite the following question downbullWhy does the United States have a
democracy and mixed economy
- Foundations of Government and Economics
- On your blank piece of paperhellip
- Slide 3
- Warm-Up 1 - 9414
- Introductory thoughts hellip
- Slide 6
- 2 How about to your life
- Slide 8
- Slide 9
- Slide 10
- Slide 11
- Warm Up -2a- 9514 The New York Times and CBS News Pollhellip
- Warm up 2bndash In Journal-
- Economist and Politician Assumptions
- Individualism
- Quote activity
- Quote breakdown
- Warm Up 3- Current Event 9814
- Purpose of Government
- Slide 20
- 3 Theorists
- Activity
- Origins of American Government A customized government
- Origins of American Government A customized government (2)
- Origins of American Government A customized government (3)
- With which theory do you agree more Why
- The ldquoOriginal Dilemmardquo
- Warm Up 5 Hobbes and Locke
- Groups Block 2
- Groups Block 4
- Balloon Game
- You will have 10 minutes to get as many filled balloons on the
- Balloon Game Debriefing
- Political Theories
- Social Contract
- Natural Rights
- Democracy
- Concepts of Government
- Warm up 6 ndash 91114
- Warm Up 7
- And after the Constitution
- Activity (2)
- Picture Activity
- Constitutional Convention
- Purpose of the Convention
- VA Plan v NJ Plan
- Virginia Plan ldquoLarge State Planrdquo
- New Jersey Plan ldquoSmall State Planrdquo
- Your Task
- Closure
- States agree
- Quote
- Structure of Constitution
- Structure of Constitution
- 6 Purpose of Government
- Structure of Constitution (2)
- Structure of Constitution (3)
- Principles of Constitution
- Activity
- Slide 60
- Check for Understanding Six Principles
- Question 1
- Question 2
- Question 3
- Question 4
- Question 5
- Question 6
- Question 7
- Question 8
- Groups
- Separation of Powers
- Video
- Checks and Balances
- Slide 74
- Checks and balances
- Basic Principles
- Self- Worth
- Equality
- Compromise
- Individual Freedom
- Write your ownhellip
- Slide 82
- TED Talk
- Closure
- What is Economics
- Economics ishellip
- Back to our assumptionshellip
- Scarcity refers to the limited number of resources (factors of
- For the videohellip
- Slide 90
- Post Videohellip
- Advertisement
- Political Cartoon Analysis
- Factors of Production
- TASK
- The price ofhellip
- Economic efficiency is achieved when all available resources ar
- 1 What to produce
- 2 How to produce it
- 3 For whom to produce it
- Application Activity
- EQs
- Objectives amp Essential Questions
- Group Activity Budget Activity
- Slide 105
- How do we satisfy our economic wants
- How do we make goods amp services
- Economic Interdependence
- Slide 109
- Making Choices to Deal With Scarcity
- Exampleshellip
- Task Reflecting on Personal Trade-offshellip
- Opportunity Cost
- What else influences your choices
- Finallyhellip Why it Matters
- Visualizing the Relationshiphellip
- ObjectivesEssential Questions
- How Can We Measure What We Gain and Lose When Making Choices
- Production Possibilities Frontier
- PPF Assumptions
- Slide 121
- Production Possibilities Curve
- The Choices Nations Make
- Economic Growth
- The Classic Guns and Butter example
- Productivity
- Locations on a PPF
- Slide 128
- BOWED-OUT PPFs VaryingIncreasing OC
- Economic Systems
- Jigsaw activity
- Slide 132
- Economic amp Social Goals of an Economic System
- Review of Economic Systems
- Slide 135
- What are the most important goals of each economic system
- Which economic system does the US use
- The American Economic System
- The US mixed economy
- Slide 140
- Think backhellip
- US Economic System Characteristics
- Slide 143
- Understanding how all parts fit together
- Marriage Vows
- Do you remember
- Slide 147
-
Warm up 6 ndash 91114
Do you feel the Patriot Act ( law that allows government to ldquoinvaderdquo your privacy if reason to believe you
are involved in questionable behavior) is a violation of your natural rights or a necessary restriction of your natural rights Why
Warm Up 7
bullAre there any rights that you think the government should be able to take away from you Under what conditions should they be allowed to do this
And after the ConstitutionFederalism vs Anti-Federalism
bullFederalists believed Favored ratification believed Constitution was
strong enough handle nationrsquos problems supported a federal government led by Alexander Hamilton and James Madison
bullAnti-Federalists believed Opposed ratification believed Constitution
was too strong wanted a Bill of Rights added to protect individual freedoms from government abuse led by Patrick Henry and Samuel Adams
Activity
bullEach of you will get a card it either has a termperson or a definition on it
bullYou must find the person who matches you and secretly begin a visual representation of your ideapersonterm
bullDO NOT SHARE ANSWERSbullWe will play a game afterhellipso work in
secret with your partner
Picture Activity
bullGallery Walk
Constitutional Convention
bullMet in Philadelphia in 1787
bullComposed of some of the greatest thinkers educators statesmen and politicians of the day
bullThese men were collectively known as ldquoThe Framersrdquo
Purpose of the ConventionbullInitial Purpose was to revise the Articles of
Confederation bullDelegates quickly realized they were
meeting to create a new government (with 3 branches)
VA Plan v NJ Plan
Several plans were proposed to correct the weaknesses of the Articles
bullVirginia PlanbullNew Jersey Plan
Major similarities between the 2 plansbullThree branches of governmentbullCongress retains powers granted under AOCbullExecutive chosen by Congress
Virginia Plan ldquoLarge State Planrdquo
bullStrong central govrsquotbullL Bicameral Congress
Representation based on population
bullE ldquoPresidentrdquo Chosen by Congress
bullJ 1+ supreme courts with lower courtsChosen by Congress
New Jersey PlanldquoSmall State PlanrdquobullStrong state governmentbullL Unicameral Congress
Each state would have = representationExpand power to tax amp regulate trade
bullE Two-person presidencyChosen by Congress able to be removed
bullJ Single Supreme CourtChosen by Executive
Your Task
Create a billboard advertisement detailing thefeatures of one of the plans ndash NJ or VA - the choice is yoursbullGoal ldquosellrdquo your plan to the people ndash persuade
them to choose your planUse catchy phrasesslogans and be sure to
include the historical features of your plan (VA or NJ)
At the end of this project we will vote on the most persuasive and appealing billboard ndash this group will receive extra credit on the Unit Assessment
Closure
bullWhat do you think (or know) happens to these two plans
States agreebull States agree to (ratify) the Constitution
only after it was agreed that a Bill of Rights be addedConstitution takes effect in 1788Bill of Rights added in 1791
bullThe Constitution is written in language that is deliberately vague as a result of compromise and to allow for flexibilityWhy
Quote
bullThe United States Constitution has proved itself the most marvelously elastic compilation of rules of government ever written ndash FDR
bullWhat words stick to you in this quote Why
Structure of Constitutionbull Provides basic
framework for US government
bull Outlines basic principles structure and processes
bull Three partsmdashPreambleArticlesAmendments
Structure of Constitution bull Preamble
Introduction to the Constitution Lists ideas that the government should stand for
and states purposes We the people of the United States in Order
to form a more perfect Union establish Justice insure domestic Tranquility provide for the common defense promote the general Welfare and secure the Blessings of Liberty to ourselves and our Prosperity do ordain and establish this Constitution for the United States of Americardquo
6 Purpose of Government bull Form a More Perfect Union
bull Establish Justice bull Insure Domestic Tranquility
bull Provide for the Common Defense
bull Promote the General Welfare
bull Secure the Blessings of Liberty
For each phrase consider the followinghellip
1 Why do you think the Framerrsquos put this phrase in the US Constitution
2 Is this phrase important today
Structure of Constitution bullArticles
Main body of the Constitution Lay out basic structure of the national
governmentFurther broken down into sections and clauses
Article I Legislative branch Article II Executive branch Article III Judicial branch Articles IV Relations among the states Article V Amendment process Article VI Payment of debts Supremacy
Clause oaths of office
Article VII Ratification
Structure of Constitution
bullAmendments Formal changes made to the ConstitutionTwenty-seven in total First ten referred to as the Bill of Rights
Principles of Constitution bull The language and structure of the Constitution reflects the basic principles of the US government system
bull PrinciplesmdashPopular sovereigntyRepresentative government Separation of powers Checks and balancesLimited governmentFederalism
Activity
Activity bull STEP 1 bull Fill in the graphic
organizer in your guided notes packet You have 8 minutes on your own to do this
bull STEP 2 On your own or with a partner create a tri-fold containing visual representations of three different principles of our government On the back explain each principle in 2 sentences
Principle Explanation
Popular Sovereignty Idea that people are the source of all power held by the government
Limited Government Government possesses only the powers the people give itmdashit must obey the Constitution
Separation of Powers Establishes three separate branches that share the governmentrsquos power These branches are the executive the legislative and the judicial
Checks and Balances Ensures that none of the three branches can become too powerful Each branch has ways to limit the power of the other two (ex President veto power)
Judicial Review Power of the courts to decide what the Constitution means The courts also have the power to declare a government action to be against the Constitution (unconstitutional)
Federalism Divides the power between the central government and the States
Check for UnderstandingSix PrinciplesNumber your paper from 1 - 8
Question 1
bullldquoWe the people of the United Stateshellipdo ordain and establish this Constitution for the United States of Americardquo
Popular Sovereignty
Question 2
bullldquoCongress shall make no law respecting an establishment of religion or prohibiting the free exercise thereof or abridging the freedom of speech or of the press or the right of the people to peacefully assemble and to petition the Government for a redress of grievancesrdquo
Limited Government
Question 3
bullDuring the Watergate Scandal prosecutors accused many of President Nixonrsquos closest advisors of breaking the law thus proving the rule of lawmdashNO ONE is above the law
Limited Government
Question 4
bullldquoThe accumulation of all powers legislative executive and judiciary in the same hands whether of one a few or manyhellipmay justly be pronounced the very definition of tyrannyrdquo
SEPARATION OF POWERS
Question 5
bullPresident Bush nominates Miss Dicks to be director of the CIA but the Senate refuses to confirm the appointment
Checks and Balances
Question 6
bullCongress in 2005 passes the Stem Cell Research Bill but President Bush vetos the bill
CHECKS AND BALANCES
Question 7
bullThe Supreme Court in 1954 determined that ldquoseparate but equalrdquo was not constitutional and overturned the Plessy vs Ferguson ruling
JUDICIAL REVIEW
Question 8
bullVA has a law that requires all candidates for a professional cosmeticianrsquos license complete classroom hours an unpaid internship and pass a qualifying test
Federalism
GroupsPopular
SovereigntySeparation of
PowersFederalism
bull bull bull
Judicial Review
Limited Government
Checks and Balances
bull bull bull
Separation of Powers
bull Legislative branchmdashmakes the laws
bull Executive branchmdashenforces the laws
bull Judicial branchmdashinterprets the law
Video
bullhttpwwwbrainpopcomsocialstudiesusgovernmentandlawbranchesofgovernment
Checks and Balances
Checks and balances
bullIn what was do the branches check on one another
bullhttpwwwsheppardsoftwarecomusa_gamegovernmentchecks_and_balanceshtm
Basic Principles
bullThe tenets of democracy are built upon five principlesmdashWorth of the individualEquality of all personsMajority rule minority rightsNecessity of compromiseIndividual freedom
Self- Worth
bull A recognition of the fundamental worth of every person
bull The democratic process reflects the collective set of individuals who make up society
Equality Democratic concept insists that all entitled tobull equality of opportunity bull equality before the law
bull Equality of opportunity suggests that no person should be held back for any arbitrary reason and must be free to develop him- or herself as fully as heshe can (or cares to)
bull Equality before the law suggests that each person should be treated as the equal of all other persons before the law
Compromise
bull A matter of compromise to determine the position most acceptable to the largest number of people
bull Because each individual is important and considered the equal of all others it stands to reason that people can only make public decisions by way of compromise
bullWhy is compromise important
Individual Freedombull Right of the
individual to be free as far as the freedom of all will allow
bull Democracy does not and cannot insist on the absolute freedom of the individual person
Write your ownhellipbull Now that you know what the foundations of
government arehellip Create your own Constitution (Or social contract)
What do you think is important to include What do you think could be taken out
Start with ldquoWe the peoplehelliprdquo and create the ideal contract
Preamble (brief introduction) Articles (what should it include based on what we
learned so far Include and agree on 10 points) Amendments (what do you think it should take to
change it)
bullFor your quiz tomorrowhellip What questions would you expect to seeWrite 5 and the answers on the back of the
paper
TED Talk
bullhttpwwwyoutubecomwatchv=ypqQ3-agpZo
Closure
bullExplain two principles of the constitution and how are they connected
What is Economics
bull Is the study of how people choose to use their limited resources to satisfy their unlimited wants and needs
Important Parts of Economicsndash
CHOICESSCARCITY
Economics ishellip
bullDependent upon assumptions
bullDependent upon simplification of reality
Back to our assumptionshellip
bullHuman Beings are rationalbullAll societies suffer from scarcity bullAll buyers seek to maximize utility
bullAll sellers seek to maximize profits
Scarcity refers to the limited number of resources (factors of production) that can be used to satisfy the unlimited human wants and needs
For the videohellip
bullWrite down 3 things you did not knowbullWrite down 3 things you did know
bullhttpwwwyoutubecomwatchv=TO7UTNS7r0w
Post Videohellip
bullDefine the main idea of the video in 4-5 words
Advertisement
bullKnowing some of the basics about what economics is and why we study ithellip
bullCreate an advertisement for an economics course BE SURE TO INCLUDE
3 images that represent different economic ideas
2 ldquothought bubblesrdquo that represent things yoursquoll learn about in economics
1 slogan that represents why economics is an important course to take
Political Cartoon Analysis
Factors of Production bull LAND
Also called Natural Resources Consider them ldquogifts of naturerdquo such as air
soil minerals water and plants
bull LABOR Also called Human Resources Includes physical and mental activities that go
into producing goodsservices
bull CAPITAL Includes tools machines buildings and
technologies
bull ENTREPRENEUR Risk taker who is responsible for combining
land labor and capital to produce goods and services
TASK
bullTask Why are entrepreneurs the driving force in our economy
bullAnswer in 2-3 sentences
The price ofhellip
bullLand is rentbullCapital is interestbullLabor is wagesbullEntrepreneurship is profit
Economic efficiency is achieved when all available resources are being used
All societies must answer three basic questions to satisfy the needs and wants of their populations
1 What to produce
bullShould it be military or civilian goods
bullFood or clothingbullMedicine or movies
2 How to produce it
bullAutomated or manual labor
bullExpensive or cheap materials
bullDomestic or overseas labor
3 For whom to produce it
bullThe wealthy or the needybullThe sick or the healthy
Application Activity
bull In groups of 2-3 create your own country (name it please)
bull With your countryrsquos name explain the Population geography and general population
information (iehellipbull Choose 5 items for your country to produce and
answer the three societal questions for eachALSO explain why this material would help your
economy thrivereach economic efficiencybull Create an advertisement for your country
withhellip Images representing what you produce and a
slogan for why your country is awesome
EQs
bullHow does scarcity impact decision making
Objectives amp Essential QuestionsbullObjectives
I will be able to create and reflect on a budget given new economics content
I will be able to understand scarcity and our mixed economy
bullEssential QuestionsHow does scarcity impact decision makingHow do we satisfy our economic wants
Group Activity Budget Activity
bullTeacher will break you into groups In your groups you will be creating a budget for a single family
bullYour group has been given an income for a year Given your family situation negotiate with your ldquofamilyrdquo to complete a budget for 1 month (keep in mind your $$ is in a given year)
bullhttpwwwyoutubecomwatchv=yoVc_S_gd_0
How do we satisfy our economic wants
bull We buy goods or services
bull Good ndash a physical object (tangible) that has been produced for salebull Durable ndash last 3+ yearsbull Nondurable ndash last up to 3 years
bull Service ndash work done by someone else for which someone is willing to pay
How do we make goods amp services
bull Use Factors of Production - The productive resources that go into producing goods and services
Production Equation
LAND + LABOR + CAPITAL = GOODSERVICE
inputs output
Economic Interdependence
bullWhat does lsquointerdependencersquo mean
bullIs our world becoming economic interdependent or independent
bullEconomic Interdependence the actions of one part of the
country (world) has an impact on what happens elsewhere
Wants amp Needs gt
Resources
Because of scarcity we
have to make choices
How do we make a choice What do we give up
What does this remind you of from our government unit
Making Choices to Deal With Scarcity
bullPeople seek to maximize their utility when making decisions This requires them to consider tradeoffs
Utility ndash the satisfaction or benefit a person receives from consuming a good or service
Tradeoffs ndash the alternate choices people have when making a decision also the benefitsadvantages of making on
decision over another
ExampleshellipbullSome choices are easy to makehellip
HmmhellipShould I have pizza or a hoagie for lunch today
bullOther decisions are agonizinghellipShould I get out of bed and go to
school today or should I sleep in
Task Reflecting on Personal Trade-offshellip
In the end what helped you decide amongst your choices
Think of ONE decision thatyou had to make in the last weekhellipIdentify your various
tradeoffs for that decision
Be prepared to share
Opportunity Cost
bullWhen comparing the top 2 choices it is the BENEFIT of the next best alternative that must be sacrificed to satisfy a want
bullYou do a cost-benefit analysis to figure out which decision is most beneficial
Opportunity Cost ndash The best thing we give up to get what
we want
What else influences your choices
bullPeople make decisions based on their marginal utility or the extra satisfaction they gain from one additional unit of a goodservice
bullLaw of Diminishing Marginal Utility says that as we get or do more of something the pleasure we derive from it tends to decrease and so does our willingness to buy it or do it
FinallyhellipWhy it Matters
Understanding the opportunity coststradeoffs of different choices in life makes you a
better decision-maker
Todayrsquos Message ndash ldquoTherersquos No Such Thing As a Free Lunchrdquo
You always have to give something uphelliprdquo
ALL Individuals Businesses amp Societies have to consider tradeoffsopportunity costs when making
decisions
Visualizing the Relationshiphellip
Limited Resources amp Unlimited Wants
Scarcity
Trade-offs (choices)
Opportunity Costs
ObjectivesEssential Questions
bullObjectivebullI will be able to understand (and teach)
the three different types of economies
bullEssential Question How do the different types of economies work
How Can We Measure What We Gain and Lose When
Making Choices
Answer With a Production Possibilities Frontier
Production Possibilities Frontier
bullDiagram representing the possible combinations of goods and or services an economy can produce when all resources are being fully employed
PPF Assumptions
bullWe live in a two good worldbullThere are fixed resourcesbullThere is fixed technologybullResources are not specialized
Production Possibilities Curve
CD
E
OU
TP
UT
OF
CO
NS
UM
ER
GO
OD
S
(un
its
per
yea
r)
OUTPUT OF MILITARY GOODS (units per year)
A
BO
XF
G
Limited resources necessitate choices about WHAT to produce
The Choices Nations Make
bullA nation must choose what to do with its scarce resources during war or periods of military buildup
bullProduce military goods or consumer goods
Economic Growth
2000 production possibilities
1900 production possibilities
OU
TP
UT
OF
CO
NS
UM
ER
GO
OD
S(u
nits
per
yea
r)
OUTPUT OF MILITARY GOODS (units per year)
Production possibilities increases with more resources and technology
The Classic Guns and Butter example
Guns
Butter
10000 20000 30000 40000 50000
1000009500085000
70000
5000040000
BA
C
D
E
F
At point A all resources are used for butter
Moving from point A to point B requires shifting resources out of butter and into guns
At point F all resources are used for Guns
Productivitybull A PPF can help us see how efficient our
choices are
bull Productivity - measurement of how efficiently we are utilizing our resources Is this the same as production
bull An economy producing on the curve = using their resources to produce the MAXIMUM amount of goodsservices
Locations on a PPF
bull Efficient Point place where an economy is achieving as much output as possible from a given amount of resources ndash occurs at any point on the curve
bull Inefficient Point ndash place where the economy is not functioning as it could be ndash occurs at any point inside the curve
bull Unattainable Point ndash place where the economy cannot produce given its current resources ndash occurs at any point outside the curve
Food
Computer
4
3
2
1
1 2 3 4
OC between 1 and 2 computers = 1 Food
UnitOC between 3 and 4 computers = 1 Food
Unit
Constantly giving up the same quantity of food to get
additional computers
STRAIGHT-LINE PPFs Constant OC
BOWED-OUT PPFs VaryingIncreasing OC
Principle of Increasing Costs
As a society produces more of one product the OC of producing
that product increases because we are using more resources that are poorly suited to produce it
Economic Systems
An economic system is the way a society coordinates the production and consumption of goods amp services
How a society answers the three basic economic questions determines which type of economic system they are
Three Types of Economic Systems Command Traditional Market
Jigsaw activity
bullYou will be placed in groups of 3 and assigned a type of economy
bullYou will have 7 minutes to read and come up with 4 key components
bullAfter the 7 minuteshellip 1rsquos go to the front of the classroom2rsquos go to the wall nearest the door3rsquos go to the wall nearest the courtyard
Economic amp Social Goals of an Economic System
bull Economic Freedom
bull Economic Efficiency
bull Economic Equity
bull Economic Security
Economic Stability
Economic Growth
Review of Economic Systems
bullA traditional economy relies on custom and tradition to dictate production and consumption
bullIn a command economy decisions about production and consumption are made by a powerful ruler or central authority
bullIn a market economy individual producers and consumers coordinate economic activity
What are the most important goals of each economic system
bullTraditionalSecurity and
StabilitybullCommand
Equity and Security
bullMARKETEfficiency and
Freedom
Societies differ in the degree of importance they attach to each goal Progress toward one goal can sometimes be achieved only
at the expense of another (TRADEOFFS)
Which economic system does the US use
The American Economic System
bullWe have a mixed market economy
COMMAND MARKET
The US mixed economybull In a mixed economyhellip
Individuals Own the factors of production Possess freedom to produce or consume Must operate under confines of law
Government Protects workers and consumers Regulates business and preserves competition Provide public goodsbenefits
Think backhellip
bullWhat does this remind you of from the beginning of the unit
US Economic System Characteristics 1 Economic freedom (ldquolaissez-fairerdquo)
2 Limited government
3 Equal opportunity
4 Competition
5 Profit motive
6 Property Rights
7 Binding Contracts
Understanding how all parts fit together
Circular Flow of Economic Activity Represents a market economy
2 main ldquomarketsrdquoProduct Market Factor Market
where goods and services where the 4 factors ofare boughtsold production are boughtsold
Shows interdependence between
businesses and individuals
Marriage Vowsbull CONGRATULATIONS The government and the economy
are renewing their marriage vows You are cordially invited to the ceremony but this perfect couple needs your help
bull Using what you have learned this unit and using the textbook
bull You will explain the way government and the economy are connected (made for each other) You will demonstrate this answer in the format of wedding vows
bull You must use at least 5 of the following words Producers Taxes Consumers Restrictions Markets Freedom GoodsServices Limited
bull Look back to US Economic System Characteristics bull Each set of vows must be at least 6 lines
Do you remember
bullWrite the following question downbullWhy does the United States have a
democracy and mixed economy
- Foundations of Government and Economics
- On your blank piece of paperhellip
- Slide 3
- Warm-Up 1 - 9414
- Introductory thoughts hellip
- Slide 6
- 2 How about to your life
- Slide 8
- Slide 9
- Slide 10
- Slide 11
- Warm Up -2a- 9514 The New York Times and CBS News Pollhellip
- Warm up 2bndash In Journal-
- Economist and Politician Assumptions
- Individualism
- Quote activity
- Quote breakdown
- Warm Up 3- Current Event 9814
- Purpose of Government
- Slide 20
- 3 Theorists
- Activity
- Origins of American Government A customized government
- Origins of American Government A customized government (2)
- Origins of American Government A customized government (3)
- With which theory do you agree more Why
- The ldquoOriginal Dilemmardquo
- Warm Up 5 Hobbes and Locke
- Groups Block 2
- Groups Block 4
- Balloon Game
- You will have 10 minutes to get as many filled balloons on the
- Balloon Game Debriefing
- Political Theories
- Social Contract
- Natural Rights
- Democracy
- Concepts of Government
- Warm up 6 ndash 91114
- Warm Up 7
- And after the Constitution
- Activity (2)
- Picture Activity
- Constitutional Convention
- Purpose of the Convention
- VA Plan v NJ Plan
- Virginia Plan ldquoLarge State Planrdquo
- New Jersey Plan ldquoSmall State Planrdquo
- Your Task
- Closure
- States agree
- Quote
- Structure of Constitution
- Structure of Constitution
- 6 Purpose of Government
- Structure of Constitution (2)
- Structure of Constitution (3)
- Principles of Constitution
- Activity
- Slide 60
- Check for Understanding Six Principles
- Question 1
- Question 2
- Question 3
- Question 4
- Question 5
- Question 6
- Question 7
- Question 8
- Groups
- Separation of Powers
- Video
- Checks and Balances
- Slide 74
- Checks and balances
- Basic Principles
- Self- Worth
- Equality
- Compromise
- Individual Freedom
- Write your ownhellip
- Slide 82
- TED Talk
- Closure
- What is Economics
- Economics ishellip
- Back to our assumptionshellip
- Scarcity refers to the limited number of resources (factors of
- For the videohellip
- Slide 90
- Post Videohellip
- Advertisement
- Political Cartoon Analysis
- Factors of Production
- TASK
- The price ofhellip
- Economic efficiency is achieved when all available resources ar
- 1 What to produce
- 2 How to produce it
- 3 For whom to produce it
- Application Activity
- EQs
- Objectives amp Essential Questions
- Group Activity Budget Activity
- Slide 105
- How do we satisfy our economic wants
- How do we make goods amp services
- Economic Interdependence
- Slide 109
- Making Choices to Deal With Scarcity
- Exampleshellip
- Task Reflecting on Personal Trade-offshellip
- Opportunity Cost
- What else influences your choices
- Finallyhellip Why it Matters
- Visualizing the Relationshiphellip
- ObjectivesEssential Questions
- How Can We Measure What We Gain and Lose When Making Choices
- Production Possibilities Frontier
- PPF Assumptions
- Slide 121
- Production Possibilities Curve
- The Choices Nations Make
- Economic Growth
- The Classic Guns and Butter example
- Productivity
- Locations on a PPF
- Slide 128
- BOWED-OUT PPFs VaryingIncreasing OC
- Economic Systems
- Jigsaw activity
- Slide 132
- Economic amp Social Goals of an Economic System
- Review of Economic Systems
- Slide 135
- What are the most important goals of each economic system
- Which economic system does the US use
- The American Economic System
- The US mixed economy
- Slide 140
- Think backhellip
- US Economic System Characteristics
- Slide 143
- Understanding how all parts fit together
- Marriage Vows
- Do you remember
- Slide 147
-
Warm Up 7
bullAre there any rights that you think the government should be able to take away from you Under what conditions should they be allowed to do this
And after the ConstitutionFederalism vs Anti-Federalism
bullFederalists believed Favored ratification believed Constitution was
strong enough handle nationrsquos problems supported a federal government led by Alexander Hamilton and James Madison
bullAnti-Federalists believed Opposed ratification believed Constitution
was too strong wanted a Bill of Rights added to protect individual freedoms from government abuse led by Patrick Henry and Samuel Adams
Activity
bullEach of you will get a card it either has a termperson or a definition on it
bullYou must find the person who matches you and secretly begin a visual representation of your ideapersonterm
bullDO NOT SHARE ANSWERSbullWe will play a game afterhellipso work in
secret with your partner
Picture Activity
bullGallery Walk
Constitutional Convention
bullMet in Philadelphia in 1787
bullComposed of some of the greatest thinkers educators statesmen and politicians of the day
bullThese men were collectively known as ldquoThe Framersrdquo
Purpose of the ConventionbullInitial Purpose was to revise the Articles of
Confederation bullDelegates quickly realized they were
meeting to create a new government (with 3 branches)
VA Plan v NJ Plan
Several plans were proposed to correct the weaknesses of the Articles
bullVirginia PlanbullNew Jersey Plan
Major similarities between the 2 plansbullThree branches of governmentbullCongress retains powers granted under AOCbullExecutive chosen by Congress
Virginia Plan ldquoLarge State Planrdquo
bullStrong central govrsquotbullL Bicameral Congress
Representation based on population
bullE ldquoPresidentrdquo Chosen by Congress
bullJ 1+ supreme courts with lower courtsChosen by Congress
New Jersey PlanldquoSmall State PlanrdquobullStrong state governmentbullL Unicameral Congress
Each state would have = representationExpand power to tax amp regulate trade
bullE Two-person presidencyChosen by Congress able to be removed
bullJ Single Supreme CourtChosen by Executive
Your Task
Create a billboard advertisement detailing thefeatures of one of the plans ndash NJ or VA - the choice is yoursbullGoal ldquosellrdquo your plan to the people ndash persuade
them to choose your planUse catchy phrasesslogans and be sure to
include the historical features of your plan (VA or NJ)
At the end of this project we will vote on the most persuasive and appealing billboard ndash this group will receive extra credit on the Unit Assessment
Closure
bullWhat do you think (or know) happens to these two plans
States agreebull States agree to (ratify) the Constitution
only after it was agreed that a Bill of Rights be addedConstitution takes effect in 1788Bill of Rights added in 1791
bullThe Constitution is written in language that is deliberately vague as a result of compromise and to allow for flexibilityWhy
Quote
bullThe United States Constitution has proved itself the most marvelously elastic compilation of rules of government ever written ndash FDR
bullWhat words stick to you in this quote Why
Structure of Constitutionbull Provides basic
framework for US government
bull Outlines basic principles structure and processes
bull Three partsmdashPreambleArticlesAmendments
Structure of Constitution bull Preamble
Introduction to the Constitution Lists ideas that the government should stand for
and states purposes We the people of the United States in Order
to form a more perfect Union establish Justice insure domestic Tranquility provide for the common defense promote the general Welfare and secure the Blessings of Liberty to ourselves and our Prosperity do ordain and establish this Constitution for the United States of Americardquo
6 Purpose of Government bull Form a More Perfect Union
bull Establish Justice bull Insure Domestic Tranquility
bull Provide for the Common Defense
bull Promote the General Welfare
bull Secure the Blessings of Liberty
For each phrase consider the followinghellip
1 Why do you think the Framerrsquos put this phrase in the US Constitution
2 Is this phrase important today
Structure of Constitution bullArticles
Main body of the Constitution Lay out basic structure of the national
governmentFurther broken down into sections and clauses
Article I Legislative branch Article II Executive branch Article III Judicial branch Articles IV Relations among the states Article V Amendment process Article VI Payment of debts Supremacy
Clause oaths of office
Article VII Ratification
Structure of Constitution
bullAmendments Formal changes made to the ConstitutionTwenty-seven in total First ten referred to as the Bill of Rights
Principles of Constitution bull The language and structure of the Constitution reflects the basic principles of the US government system
bull PrinciplesmdashPopular sovereigntyRepresentative government Separation of powers Checks and balancesLimited governmentFederalism
Activity
Activity bull STEP 1 bull Fill in the graphic
organizer in your guided notes packet You have 8 minutes on your own to do this
bull STEP 2 On your own or with a partner create a tri-fold containing visual representations of three different principles of our government On the back explain each principle in 2 sentences
Principle Explanation
Popular Sovereignty Idea that people are the source of all power held by the government
Limited Government Government possesses only the powers the people give itmdashit must obey the Constitution
Separation of Powers Establishes three separate branches that share the governmentrsquos power These branches are the executive the legislative and the judicial
Checks and Balances Ensures that none of the three branches can become too powerful Each branch has ways to limit the power of the other two (ex President veto power)
Judicial Review Power of the courts to decide what the Constitution means The courts also have the power to declare a government action to be against the Constitution (unconstitutional)
Federalism Divides the power between the central government and the States
Check for UnderstandingSix PrinciplesNumber your paper from 1 - 8
Question 1
bullldquoWe the people of the United Stateshellipdo ordain and establish this Constitution for the United States of Americardquo
Popular Sovereignty
Question 2
bullldquoCongress shall make no law respecting an establishment of religion or prohibiting the free exercise thereof or abridging the freedom of speech or of the press or the right of the people to peacefully assemble and to petition the Government for a redress of grievancesrdquo
Limited Government
Question 3
bullDuring the Watergate Scandal prosecutors accused many of President Nixonrsquos closest advisors of breaking the law thus proving the rule of lawmdashNO ONE is above the law
Limited Government
Question 4
bullldquoThe accumulation of all powers legislative executive and judiciary in the same hands whether of one a few or manyhellipmay justly be pronounced the very definition of tyrannyrdquo
SEPARATION OF POWERS
Question 5
bullPresident Bush nominates Miss Dicks to be director of the CIA but the Senate refuses to confirm the appointment
Checks and Balances
Question 6
bullCongress in 2005 passes the Stem Cell Research Bill but President Bush vetos the bill
CHECKS AND BALANCES
Question 7
bullThe Supreme Court in 1954 determined that ldquoseparate but equalrdquo was not constitutional and overturned the Plessy vs Ferguson ruling
JUDICIAL REVIEW
Question 8
bullVA has a law that requires all candidates for a professional cosmeticianrsquos license complete classroom hours an unpaid internship and pass a qualifying test
Federalism
GroupsPopular
SovereigntySeparation of
PowersFederalism
bull bull bull
Judicial Review
Limited Government
Checks and Balances
bull bull bull
Separation of Powers
bull Legislative branchmdashmakes the laws
bull Executive branchmdashenforces the laws
bull Judicial branchmdashinterprets the law
Video
bullhttpwwwbrainpopcomsocialstudiesusgovernmentandlawbranchesofgovernment
Checks and Balances
Checks and balances
bullIn what was do the branches check on one another
bullhttpwwwsheppardsoftwarecomusa_gamegovernmentchecks_and_balanceshtm
Basic Principles
bullThe tenets of democracy are built upon five principlesmdashWorth of the individualEquality of all personsMajority rule minority rightsNecessity of compromiseIndividual freedom
Self- Worth
bull A recognition of the fundamental worth of every person
bull The democratic process reflects the collective set of individuals who make up society
Equality Democratic concept insists that all entitled tobull equality of opportunity bull equality before the law
bull Equality of opportunity suggests that no person should be held back for any arbitrary reason and must be free to develop him- or herself as fully as heshe can (or cares to)
bull Equality before the law suggests that each person should be treated as the equal of all other persons before the law
Compromise
bull A matter of compromise to determine the position most acceptable to the largest number of people
bull Because each individual is important and considered the equal of all others it stands to reason that people can only make public decisions by way of compromise
bullWhy is compromise important
Individual Freedombull Right of the
individual to be free as far as the freedom of all will allow
bull Democracy does not and cannot insist on the absolute freedom of the individual person
Write your ownhellipbull Now that you know what the foundations of
government arehellip Create your own Constitution (Or social contract)
What do you think is important to include What do you think could be taken out
Start with ldquoWe the peoplehelliprdquo and create the ideal contract
Preamble (brief introduction) Articles (what should it include based on what we
learned so far Include and agree on 10 points) Amendments (what do you think it should take to
change it)
bullFor your quiz tomorrowhellip What questions would you expect to seeWrite 5 and the answers on the back of the
paper
TED Talk
bullhttpwwwyoutubecomwatchv=ypqQ3-agpZo
Closure
bullExplain two principles of the constitution and how are they connected
What is Economics
bull Is the study of how people choose to use their limited resources to satisfy their unlimited wants and needs
Important Parts of Economicsndash
CHOICESSCARCITY
Economics ishellip
bullDependent upon assumptions
bullDependent upon simplification of reality
Back to our assumptionshellip
bullHuman Beings are rationalbullAll societies suffer from scarcity bullAll buyers seek to maximize utility
bullAll sellers seek to maximize profits
Scarcity refers to the limited number of resources (factors of production) that can be used to satisfy the unlimited human wants and needs
For the videohellip
bullWrite down 3 things you did not knowbullWrite down 3 things you did know
bullhttpwwwyoutubecomwatchv=TO7UTNS7r0w
Post Videohellip
bullDefine the main idea of the video in 4-5 words
Advertisement
bullKnowing some of the basics about what economics is and why we study ithellip
bullCreate an advertisement for an economics course BE SURE TO INCLUDE
3 images that represent different economic ideas
2 ldquothought bubblesrdquo that represent things yoursquoll learn about in economics
1 slogan that represents why economics is an important course to take
Political Cartoon Analysis
Factors of Production bull LAND
Also called Natural Resources Consider them ldquogifts of naturerdquo such as air
soil minerals water and plants
bull LABOR Also called Human Resources Includes physical and mental activities that go
into producing goodsservices
bull CAPITAL Includes tools machines buildings and
technologies
bull ENTREPRENEUR Risk taker who is responsible for combining
land labor and capital to produce goods and services
TASK
bullTask Why are entrepreneurs the driving force in our economy
bullAnswer in 2-3 sentences
The price ofhellip
bullLand is rentbullCapital is interestbullLabor is wagesbullEntrepreneurship is profit
Economic efficiency is achieved when all available resources are being used
All societies must answer three basic questions to satisfy the needs and wants of their populations
1 What to produce
bullShould it be military or civilian goods
bullFood or clothingbullMedicine or movies
2 How to produce it
bullAutomated or manual labor
bullExpensive or cheap materials
bullDomestic or overseas labor
3 For whom to produce it
bullThe wealthy or the needybullThe sick or the healthy
Application Activity
bull In groups of 2-3 create your own country (name it please)
bull With your countryrsquos name explain the Population geography and general population
information (iehellipbull Choose 5 items for your country to produce and
answer the three societal questions for eachALSO explain why this material would help your
economy thrivereach economic efficiencybull Create an advertisement for your country
withhellip Images representing what you produce and a
slogan for why your country is awesome
EQs
bullHow does scarcity impact decision making
Objectives amp Essential QuestionsbullObjectives
I will be able to create and reflect on a budget given new economics content
I will be able to understand scarcity and our mixed economy
bullEssential QuestionsHow does scarcity impact decision makingHow do we satisfy our economic wants
Group Activity Budget Activity
bullTeacher will break you into groups In your groups you will be creating a budget for a single family
bullYour group has been given an income for a year Given your family situation negotiate with your ldquofamilyrdquo to complete a budget for 1 month (keep in mind your $$ is in a given year)
bullhttpwwwyoutubecomwatchv=yoVc_S_gd_0
How do we satisfy our economic wants
bull We buy goods or services
bull Good ndash a physical object (tangible) that has been produced for salebull Durable ndash last 3+ yearsbull Nondurable ndash last up to 3 years
bull Service ndash work done by someone else for which someone is willing to pay
How do we make goods amp services
bull Use Factors of Production - The productive resources that go into producing goods and services
Production Equation
LAND + LABOR + CAPITAL = GOODSERVICE
inputs output
Economic Interdependence
bullWhat does lsquointerdependencersquo mean
bullIs our world becoming economic interdependent or independent
bullEconomic Interdependence the actions of one part of the
country (world) has an impact on what happens elsewhere
Wants amp Needs gt
Resources
Because of scarcity we
have to make choices
How do we make a choice What do we give up
What does this remind you of from our government unit
Making Choices to Deal With Scarcity
bullPeople seek to maximize their utility when making decisions This requires them to consider tradeoffs
Utility ndash the satisfaction or benefit a person receives from consuming a good or service
Tradeoffs ndash the alternate choices people have when making a decision also the benefitsadvantages of making on
decision over another
ExampleshellipbullSome choices are easy to makehellip
HmmhellipShould I have pizza or a hoagie for lunch today
bullOther decisions are agonizinghellipShould I get out of bed and go to
school today or should I sleep in
Task Reflecting on Personal Trade-offshellip
In the end what helped you decide amongst your choices
Think of ONE decision thatyou had to make in the last weekhellipIdentify your various
tradeoffs for that decision
Be prepared to share
Opportunity Cost
bullWhen comparing the top 2 choices it is the BENEFIT of the next best alternative that must be sacrificed to satisfy a want
bullYou do a cost-benefit analysis to figure out which decision is most beneficial
Opportunity Cost ndash The best thing we give up to get what
we want
What else influences your choices
bullPeople make decisions based on their marginal utility or the extra satisfaction they gain from one additional unit of a goodservice
bullLaw of Diminishing Marginal Utility says that as we get or do more of something the pleasure we derive from it tends to decrease and so does our willingness to buy it or do it
FinallyhellipWhy it Matters
Understanding the opportunity coststradeoffs of different choices in life makes you a
better decision-maker
Todayrsquos Message ndash ldquoTherersquos No Such Thing As a Free Lunchrdquo
You always have to give something uphelliprdquo
ALL Individuals Businesses amp Societies have to consider tradeoffsopportunity costs when making
decisions
Visualizing the Relationshiphellip
Limited Resources amp Unlimited Wants
Scarcity
Trade-offs (choices)
Opportunity Costs
ObjectivesEssential Questions
bullObjectivebullI will be able to understand (and teach)
the three different types of economies
bullEssential Question How do the different types of economies work
How Can We Measure What We Gain and Lose When
Making Choices
Answer With a Production Possibilities Frontier
Production Possibilities Frontier
bullDiagram representing the possible combinations of goods and or services an economy can produce when all resources are being fully employed
PPF Assumptions
bullWe live in a two good worldbullThere are fixed resourcesbullThere is fixed technologybullResources are not specialized
Production Possibilities Curve
CD
E
OU
TP
UT
OF
CO
NS
UM
ER
GO
OD
S
(un
its
per
yea
r)
OUTPUT OF MILITARY GOODS (units per year)
A
BO
XF
G
Limited resources necessitate choices about WHAT to produce
The Choices Nations Make
bullA nation must choose what to do with its scarce resources during war or periods of military buildup
bullProduce military goods or consumer goods
Economic Growth
2000 production possibilities
1900 production possibilities
OU
TP
UT
OF
CO
NS
UM
ER
GO
OD
S(u
nits
per
yea
r)
OUTPUT OF MILITARY GOODS (units per year)
Production possibilities increases with more resources and technology
The Classic Guns and Butter example
Guns
Butter
10000 20000 30000 40000 50000
1000009500085000
70000
5000040000
BA
C
D
E
F
At point A all resources are used for butter
Moving from point A to point B requires shifting resources out of butter and into guns
At point F all resources are used for Guns
Productivitybull A PPF can help us see how efficient our
choices are
bull Productivity - measurement of how efficiently we are utilizing our resources Is this the same as production
bull An economy producing on the curve = using their resources to produce the MAXIMUM amount of goodsservices
Locations on a PPF
bull Efficient Point place where an economy is achieving as much output as possible from a given amount of resources ndash occurs at any point on the curve
bull Inefficient Point ndash place where the economy is not functioning as it could be ndash occurs at any point inside the curve
bull Unattainable Point ndash place where the economy cannot produce given its current resources ndash occurs at any point outside the curve
Food
Computer
4
3
2
1
1 2 3 4
OC between 1 and 2 computers = 1 Food
UnitOC between 3 and 4 computers = 1 Food
Unit
Constantly giving up the same quantity of food to get
additional computers
STRAIGHT-LINE PPFs Constant OC
BOWED-OUT PPFs VaryingIncreasing OC
Principle of Increasing Costs
As a society produces more of one product the OC of producing
that product increases because we are using more resources that are poorly suited to produce it
Economic Systems
An economic system is the way a society coordinates the production and consumption of goods amp services
How a society answers the three basic economic questions determines which type of economic system they are
Three Types of Economic Systems Command Traditional Market
Jigsaw activity
bullYou will be placed in groups of 3 and assigned a type of economy
bullYou will have 7 minutes to read and come up with 4 key components
bullAfter the 7 minuteshellip 1rsquos go to the front of the classroom2rsquos go to the wall nearest the door3rsquos go to the wall nearest the courtyard
Economic amp Social Goals of an Economic System
bull Economic Freedom
bull Economic Efficiency
bull Economic Equity
bull Economic Security
Economic Stability
Economic Growth
Review of Economic Systems
bullA traditional economy relies on custom and tradition to dictate production and consumption
bullIn a command economy decisions about production and consumption are made by a powerful ruler or central authority
bullIn a market economy individual producers and consumers coordinate economic activity
What are the most important goals of each economic system
bullTraditionalSecurity and
StabilitybullCommand
Equity and Security
bullMARKETEfficiency and
Freedom
Societies differ in the degree of importance they attach to each goal Progress toward one goal can sometimes be achieved only
at the expense of another (TRADEOFFS)
Which economic system does the US use
The American Economic System
bullWe have a mixed market economy
COMMAND MARKET
The US mixed economybull In a mixed economyhellip
Individuals Own the factors of production Possess freedom to produce or consume Must operate under confines of law
Government Protects workers and consumers Regulates business and preserves competition Provide public goodsbenefits
Think backhellip
bullWhat does this remind you of from the beginning of the unit
US Economic System Characteristics 1 Economic freedom (ldquolaissez-fairerdquo)
2 Limited government
3 Equal opportunity
4 Competition
5 Profit motive
6 Property Rights
7 Binding Contracts
Understanding how all parts fit together
Circular Flow of Economic Activity Represents a market economy
2 main ldquomarketsrdquoProduct Market Factor Market
where goods and services where the 4 factors ofare boughtsold production are boughtsold
Shows interdependence between
businesses and individuals
Marriage Vowsbull CONGRATULATIONS The government and the economy
are renewing their marriage vows You are cordially invited to the ceremony but this perfect couple needs your help
bull Using what you have learned this unit and using the textbook
bull You will explain the way government and the economy are connected (made for each other) You will demonstrate this answer in the format of wedding vows
bull You must use at least 5 of the following words Producers Taxes Consumers Restrictions Markets Freedom GoodsServices Limited
bull Look back to US Economic System Characteristics bull Each set of vows must be at least 6 lines
Do you remember
bullWrite the following question downbullWhy does the United States have a
democracy and mixed economy
- Foundations of Government and Economics
- On your blank piece of paperhellip
- Slide 3
- Warm-Up 1 - 9414
- Introductory thoughts hellip
- Slide 6
- 2 How about to your life
- Slide 8
- Slide 9
- Slide 10
- Slide 11
- Warm Up -2a- 9514 The New York Times and CBS News Pollhellip
- Warm up 2bndash In Journal-
- Economist and Politician Assumptions
- Individualism
- Quote activity
- Quote breakdown
- Warm Up 3- Current Event 9814
- Purpose of Government
- Slide 20
- 3 Theorists
- Activity
- Origins of American Government A customized government
- Origins of American Government A customized government (2)
- Origins of American Government A customized government (3)
- With which theory do you agree more Why
- The ldquoOriginal Dilemmardquo
- Warm Up 5 Hobbes and Locke
- Groups Block 2
- Groups Block 4
- Balloon Game
- You will have 10 minutes to get as many filled balloons on the
- Balloon Game Debriefing
- Political Theories
- Social Contract
- Natural Rights
- Democracy
- Concepts of Government
- Warm up 6 ndash 91114
- Warm Up 7
- And after the Constitution
- Activity (2)
- Picture Activity
- Constitutional Convention
- Purpose of the Convention
- VA Plan v NJ Plan
- Virginia Plan ldquoLarge State Planrdquo
- New Jersey Plan ldquoSmall State Planrdquo
- Your Task
- Closure
- States agree
- Quote
- Structure of Constitution
- Structure of Constitution
- 6 Purpose of Government
- Structure of Constitution (2)
- Structure of Constitution (3)
- Principles of Constitution
- Activity
- Slide 60
- Check for Understanding Six Principles
- Question 1
- Question 2
- Question 3
- Question 4
- Question 5
- Question 6
- Question 7
- Question 8
- Groups
- Separation of Powers
- Video
- Checks and Balances
- Slide 74
- Checks and balances
- Basic Principles
- Self- Worth
- Equality
- Compromise
- Individual Freedom
- Write your ownhellip
- Slide 82
- TED Talk
- Closure
- What is Economics
- Economics ishellip
- Back to our assumptionshellip
- Scarcity refers to the limited number of resources (factors of
- For the videohellip
- Slide 90
- Post Videohellip
- Advertisement
- Political Cartoon Analysis
- Factors of Production
- TASK
- The price ofhellip
- Economic efficiency is achieved when all available resources ar
- 1 What to produce
- 2 How to produce it
- 3 For whom to produce it
- Application Activity
- EQs
- Objectives amp Essential Questions
- Group Activity Budget Activity
- Slide 105
- How do we satisfy our economic wants
- How do we make goods amp services
- Economic Interdependence
- Slide 109
- Making Choices to Deal With Scarcity
- Exampleshellip
- Task Reflecting on Personal Trade-offshellip
- Opportunity Cost
- What else influences your choices
- Finallyhellip Why it Matters
- Visualizing the Relationshiphellip
- ObjectivesEssential Questions
- How Can We Measure What We Gain and Lose When Making Choices
- Production Possibilities Frontier
- PPF Assumptions
- Slide 121
- Production Possibilities Curve
- The Choices Nations Make
- Economic Growth
- The Classic Guns and Butter example
- Productivity
- Locations on a PPF
- Slide 128
- BOWED-OUT PPFs VaryingIncreasing OC
- Economic Systems
- Jigsaw activity
- Slide 132
- Economic amp Social Goals of an Economic System
- Review of Economic Systems
- Slide 135
- What are the most important goals of each economic system
- Which economic system does the US use
- The American Economic System
- The US mixed economy
- Slide 140
- Think backhellip
- US Economic System Characteristics
- Slide 143
- Understanding how all parts fit together
- Marriage Vows
- Do you remember
- Slide 147
-
And after the ConstitutionFederalism vs Anti-Federalism
bullFederalists believed Favored ratification believed Constitution was
strong enough handle nationrsquos problems supported a federal government led by Alexander Hamilton and James Madison
bullAnti-Federalists believed Opposed ratification believed Constitution
was too strong wanted a Bill of Rights added to protect individual freedoms from government abuse led by Patrick Henry and Samuel Adams
Activity
bullEach of you will get a card it either has a termperson or a definition on it
bullYou must find the person who matches you and secretly begin a visual representation of your ideapersonterm
bullDO NOT SHARE ANSWERSbullWe will play a game afterhellipso work in
secret with your partner
Picture Activity
bullGallery Walk
Constitutional Convention
bullMet in Philadelphia in 1787
bullComposed of some of the greatest thinkers educators statesmen and politicians of the day
bullThese men were collectively known as ldquoThe Framersrdquo
Purpose of the ConventionbullInitial Purpose was to revise the Articles of
Confederation bullDelegates quickly realized they were
meeting to create a new government (with 3 branches)
VA Plan v NJ Plan
Several plans were proposed to correct the weaknesses of the Articles
bullVirginia PlanbullNew Jersey Plan
Major similarities between the 2 plansbullThree branches of governmentbullCongress retains powers granted under AOCbullExecutive chosen by Congress
Virginia Plan ldquoLarge State Planrdquo
bullStrong central govrsquotbullL Bicameral Congress
Representation based on population
bullE ldquoPresidentrdquo Chosen by Congress
bullJ 1+ supreme courts with lower courtsChosen by Congress
New Jersey PlanldquoSmall State PlanrdquobullStrong state governmentbullL Unicameral Congress
Each state would have = representationExpand power to tax amp regulate trade
bullE Two-person presidencyChosen by Congress able to be removed
bullJ Single Supreme CourtChosen by Executive
Your Task
Create a billboard advertisement detailing thefeatures of one of the plans ndash NJ or VA - the choice is yoursbullGoal ldquosellrdquo your plan to the people ndash persuade
them to choose your planUse catchy phrasesslogans and be sure to
include the historical features of your plan (VA or NJ)
At the end of this project we will vote on the most persuasive and appealing billboard ndash this group will receive extra credit on the Unit Assessment
Closure
bullWhat do you think (or know) happens to these two plans
States agreebull States agree to (ratify) the Constitution
only after it was agreed that a Bill of Rights be addedConstitution takes effect in 1788Bill of Rights added in 1791
bullThe Constitution is written in language that is deliberately vague as a result of compromise and to allow for flexibilityWhy
Quote
bullThe United States Constitution has proved itself the most marvelously elastic compilation of rules of government ever written ndash FDR
bullWhat words stick to you in this quote Why
Structure of Constitutionbull Provides basic
framework for US government
bull Outlines basic principles structure and processes
bull Three partsmdashPreambleArticlesAmendments
Structure of Constitution bull Preamble
Introduction to the Constitution Lists ideas that the government should stand for
and states purposes We the people of the United States in Order
to form a more perfect Union establish Justice insure domestic Tranquility provide for the common defense promote the general Welfare and secure the Blessings of Liberty to ourselves and our Prosperity do ordain and establish this Constitution for the United States of Americardquo
6 Purpose of Government bull Form a More Perfect Union
bull Establish Justice bull Insure Domestic Tranquility
bull Provide for the Common Defense
bull Promote the General Welfare
bull Secure the Blessings of Liberty
For each phrase consider the followinghellip
1 Why do you think the Framerrsquos put this phrase in the US Constitution
2 Is this phrase important today
Structure of Constitution bullArticles
Main body of the Constitution Lay out basic structure of the national
governmentFurther broken down into sections and clauses
Article I Legislative branch Article II Executive branch Article III Judicial branch Articles IV Relations among the states Article V Amendment process Article VI Payment of debts Supremacy
Clause oaths of office
Article VII Ratification
Structure of Constitution
bullAmendments Formal changes made to the ConstitutionTwenty-seven in total First ten referred to as the Bill of Rights
Principles of Constitution bull The language and structure of the Constitution reflects the basic principles of the US government system
bull PrinciplesmdashPopular sovereigntyRepresentative government Separation of powers Checks and balancesLimited governmentFederalism
Activity
Activity bull STEP 1 bull Fill in the graphic
organizer in your guided notes packet You have 8 minutes on your own to do this
bull STEP 2 On your own or with a partner create a tri-fold containing visual representations of three different principles of our government On the back explain each principle in 2 sentences
Principle Explanation
Popular Sovereignty Idea that people are the source of all power held by the government
Limited Government Government possesses only the powers the people give itmdashit must obey the Constitution
Separation of Powers Establishes three separate branches that share the governmentrsquos power These branches are the executive the legislative and the judicial
Checks and Balances Ensures that none of the three branches can become too powerful Each branch has ways to limit the power of the other two (ex President veto power)
Judicial Review Power of the courts to decide what the Constitution means The courts also have the power to declare a government action to be against the Constitution (unconstitutional)
Federalism Divides the power between the central government and the States
Check for UnderstandingSix PrinciplesNumber your paper from 1 - 8
Question 1
bullldquoWe the people of the United Stateshellipdo ordain and establish this Constitution for the United States of Americardquo
Popular Sovereignty
Question 2
bullldquoCongress shall make no law respecting an establishment of religion or prohibiting the free exercise thereof or abridging the freedom of speech or of the press or the right of the people to peacefully assemble and to petition the Government for a redress of grievancesrdquo
Limited Government
Question 3
bullDuring the Watergate Scandal prosecutors accused many of President Nixonrsquos closest advisors of breaking the law thus proving the rule of lawmdashNO ONE is above the law
Limited Government
Question 4
bullldquoThe accumulation of all powers legislative executive and judiciary in the same hands whether of one a few or manyhellipmay justly be pronounced the very definition of tyrannyrdquo
SEPARATION OF POWERS
Question 5
bullPresident Bush nominates Miss Dicks to be director of the CIA but the Senate refuses to confirm the appointment
Checks and Balances
Question 6
bullCongress in 2005 passes the Stem Cell Research Bill but President Bush vetos the bill
CHECKS AND BALANCES
Question 7
bullThe Supreme Court in 1954 determined that ldquoseparate but equalrdquo was not constitutional and overturned the Plessy vs Ferguson ruling
JUDICIAL REVIEW
Question 8
bullVA has a law that requires all candidates for a professional cosmeticianrsquos license complete classroom hours an unpaid internship and pass a qualifying test
Federalism
GroupsPopular
SovereigntySeparation of
PowersFederalism
bull bull bull
Judicial Review
Limited Government
Checks and Balances
bull bull bull
Separation of Powers
bull Legislative branchmdashmakes the laws
bull Executive branchmdashenforces the laws
bull Judicial branchmdashinterprets the law
Video
bullhttpwwwbrainpopcomsocialstudiesusgovernmentandlawbranchesofgovernment
Checks and Balances
Checks and balances
bullIn what was do the branches check on one another
bullhttpwwwsheppardsoftwarecomusa_gamegovernmentchecks_and_balanceshtm
Basic Principles
bullThe tenets of democracy are built upon five principlesmdashWorth of the individualEquality of all personsMajority rule minority rightsNecessity of compromiseIndividual freedom
Self- Worth
bull A recognition of the fundamental worth of every person
bull The democratic process reflects the collective set of individuals who make up society
Equality Democratic concept insists that all entitled tobull equality of opportunity bull equality before the law
bull Equality of opportunity suggests that no person should be held back for any arbitrary reason and must be free to develop him- or herself as fully as heshe can (or cares to)
bull Equality before the law suggests that each person should be treated as the equal of all other persons before the law
Compromise
bull A matter of compromise to determine the position most acceptable to the largest number of people
bull Because each individual is important and considered the equal of all others it stands to reason that people can only make public decisions by way of compromise
bullWhy is compromise important
Individual Freedombull Right of the
individual to be free as far as the freedom of all will allow
bull Democracy does not and cannot insist on the absolute freedom of the individual person
Write your ownhellipbull Now that you know what the foundations of
government arehellip Create your own Constitution (Or social contract)
What do you think is important to include What do you think could be taken out
Start with ldquoWe the peoplehelliprdquo and create the ideal contract
Preamble (brief introduction) Articles (what should it include based on what we
learned so far Include and agree on 10 points) Amendments (what do you think it should take to
change it)
bullFor your quiz tomorrowhellip What questions would you expect to seeWrite 5 and the answers on the back of the
paper
TED Talk
bullhttpwwwyoutubecomwatchv=ypqQ3-agpZo
Closure
bullExplain two principles of the constitution and how are they connected
What is Economics
bull Is the study of how people choose to use their limited resources to satisfy their unlimited wants and needs
Important Parts of Economicsndash
CHOICESSCARCITY
Economics ishellip
bullDependent upon assumptions
bullDependent upon simplification of reality
Back to our assumptionshellip
bullHuman Beings are rationalbullAll societies suffer from scarcity bullAll buyers seek to maximize utility
bullAll sellers seek to maximize profits
Scarcity refers to the limited number of resources (factors of production) that can be used to satisfy the unlimited human wants and needs
For the videohellip
bullWrite down 3 things you did not knowbullWrite down 3 things you did know
bullhttpwwwyoutubecomwatchv=TO7UTNS7r0w
Post Videohellip
bullDefine the main idea of the video in 4-5 words
Advertisement
bullKnowing some of the basics about what economics is and why we study ithellip
bullCreate an advertisement for an economics course BE SURE TO INCLUDE
3 images that represent different economic ideas
2 ldquothought bubblesrdquo that represent things yoursquoll learn about in economics
1 slogan that represents why economics is an important course to take
Political Cartoon Analysis
Factors of Production bull LAND
Also called Natural Resources Consider them ldquogifts of naturerdquo such as air
soil minerals water and plants
bull LABOR Also called Human Resources Includes physical and mental activities that go
into producing goodsservices
bull CAPITAL Includes tools machines buildings and
technologies
bull ENTREPRENEUR Risk taker who is responsible for combining
land labor and capital to produce goods and services
TASK
bullTask Why are entrepreneurs the driving force in our economy
bullAnswer in 2-3 sentences
The price ofhellip
bullLand is rentbullCapital is interestbullLabor is wagesbullEntrepreneurship is profit
Economic efficiency is achieved when all available resources are being used
All societies must answer three basic questions to satisfy the needs and wants of their populations
1 What to produce
bullShould it be military or civilian goods
bullFood or clothingbullMedicine or movies
2 How to produce it
bullAutomated or manual labor
bullExpensive or cheap materials
bullDomestic or overseas labor
3 For whom to produce it
bullThe wealthy or the needybullThe sick or the healthy
Application Activity
bull In groups of 2-3 create your own country (name it please)
bull With your countryrsquos name explain the Population geography and general population
information (iehellipbull Choose 5 items for your country to produce and
answer the three societal questions for eachALSO explain why this material would help your
economy thrivereach economic efficiencybull Create an advertisement for your country
withhellip Images representing what you produce and a
slogan for why your country is awesome
EQs
bullHow does scarcity impact decision making
Objectives amp Essential QuestionsbullObjectives
I will be able to create and reflect on a budget given new economics content
I will be able to understand scarcity and our mixed economy
bullEssential QuestionsHow does scarcity impact decision makingHow do we satisfy our economic wants
Group Activity Budget Activity
bullTeacher will break you into groups In your groups you will be creating a budget for a single family
bullYour group has been given an income for a year Given your family situation negotiate with your ldquofamilyrdquo to complete a budget for 1 month (keep in mind your $$ is in a given year)
bullhttpwwwyoutubecomwatchv=yoVc_S_gd_0
How do we satisfy our economic wants
bull We buy goods or services
bull Good ndash a physical object (tangible) that has been produced for salebull Durable ndash last 3+ yearsbull Nondurable ndash last up to 3 years
bull Service ndash work done by someone else for which someone is willing to pay
How do we make goods amp services
bull Use Factors of Production - The productive resources that go into producing goods and services
Production Equation
LAND + LABOR + CAPITAL = GOODSERVICE
inputs output
Economic Interdependence
bullWhat does lsquointerdependencersquo mean
bullIs our world becoming economic interdependent or independent
bullEconomic Interdependence the actions of one part of the
country (world) has an impact on what happens elsewhere
Wants amp Needs gt
Resources
Because of scarcity we
have to make choices
How do we make a choice What do we give up
What does this remind you of from our government unit
Making Choices to Deal With Scarcity
bullPeople seek to maximize their utility when making decisions This requires them to consider tradeoffs
Utility ndash the satisfaction or benefit a person receives from consuming a good or service
Tradeoffs ndash the alternate choices people have when making a decision also the benefitsadvantages of making on
decision over another
ExampleshellipbullSome choices are easy to makehellip
HmmhellipShould I have pizza or a hoagie for lunch today
bullOther decisions are agonizinghellipShould I get out of bed and go to
school today or should I sleep in
Task Reflecting on Personal Trade-offshellip
In the end what helped you decide amongst your choices
Think of ONE decision thatyou had to make in the last weekhellipIdentify your various
tradeoffs for that decision
Be prepared to share
Opportunity Cost
bullWhen comparing the top 2 choices it is the BENEFIT of the next best alternative that must be sacrificed to satisfy a want
bullYou do a cost-benefit analysis to figure out which decision is most beneficial
Opportunity Cost ndash The best thing we give up to get what
we want
What else influences your choices
bullPeople make decisions based on their marginal utility or the extra satisfaction they gain from one additional unit of a goodservice
bullLaw of Diminishing Marginal Utility says that as we get or do more of something the pleasure we derive from it tends to decrease and so does our willingness to buy it or do it
FinallyhellipWhy it Matters
Understanding the opportunity coststradeoffs of different choices in life makes you a
better decision-maker
Todayrsquos Message ndash ldquoTherersquos No Such Thing As a Free Lunchrdquo
You always have to give something uphelliprdquo
ALL Individuals Businesses amp Societies have to consider tradeoffsopportunity costs when making
decisions
Visualizing the Relationshiphellip
Limited Resources amp Unlimited Wants
Scarcity
Trade-offs (choices)
Opportunity Costs
ObjectivesEssential Questions
bullObjectivebullI will be able to understand (and teach)
the three different types of economies
bullEssential Question How do the different types of economies work
How Can We Measure What We Gain and Lose When
Making Choices
Answer With a Production Possibilities Frontier
Production Possibilities Frontier
bullDiagram representing the possible combinations of goods and or services an economy can produce when all resources are being fully employed
PPF Assumptions
bullWe live in a two good worldbullThere are fixed resourcesbullThere is fixed technologybullResources are not specialized
Production Possibilities Curve
CD
E
OU
TP
UT
OF
CO
NS
UM
ER
GO
OD
S
(un
its
per
yea
r)
OUTPUT OF MILITARY GOODS (units per year)
A
BO
XF
G
Limited resources necessitate choices about WHAT to produce
The Choices Nations Make
bullA nation must choose what to do with its scarce resources during war or periods of military buildup
bullProduce military goods or consumer goods
Economic Growth
2000 production possibilities
1900 production possibilities
OU
TP
UT
OF
CO
NS
UM
ER
GO
OD
S(u
nits
per
yea
r)
OUTPUT OF MILITARY GOODS (units per year)
Production possibilities increases with more resources and technology
The Classic Guns and Butter example
Guns
Butter
10000 20000 30000 40000 50000
1000009500085000
70000
5000040000
BA
C
D
E
F
At point A all resources are used for butter
Moving from point A to point B requires shifting resources out of butter and into guns
At point F all resources are used for Guns
Productivitybull A PPF can help us see how efficient our
choices are
bull Productivity - measurement of how efficiently we are utilizing our resources Is this the same as production
bull An economy producing on the curve = using their resources to produce the MAXIMUM amount of goodsservices
Locations on a PPF
bull Efficient Point place where an economy is achieving as much output as possible from a given amount of resources ndash occurs at any point on the curve
bull Inefficient Point ndash place where the economy is not functioning as it could be ndash occurs at any point inside the curve
bull Unattainable Point ndash place where the economy cannot produce given its current resources ndash occurs at any point outside the curve
Food
Computer
4
3
2
1
1 2 3 4
OC between 1 and 2 computers = 1 Food
UnitOC between 3 and 4 computers = 1 Food
Unit
Constantly giving up the same quantity of food to get
additional computers
STRAIGHT-LINE PPFs Constant OC
BOWED-OUT PPFs VaryingIncreasing OC
Principle of Increasing Costs
As a society produces more of one product the OC of producing
that product increases because we are using more resources that are poorly suited to produce it
Economic Systems
An economic system is the way a society coordinates the production and consumption of goods amp services
How a society answers the three basic economic questions determines which type of economic system they are
Three Types of Economic Systems Command Traditional Market
Jigsaw activity
bullYou will be placed in groups of 3 and assigned a type of economy
bullYou will have 7 minutes to read and come up with 4 key components
bullAfter the 7 minuteshellip 1rsquos go to the front of the classroom2rsquos go to the wall nearest the door3rsquos go to the wall nearest the courtyard
Economic amp Social Goals of an Economic System
bull Economic Freedom
bull Economic Efficiency
bull Economic Equity
bull Economic Security
Economic Stability
Economic Growth
Review of Economic Systems
bullA traditional economy relies on custom and tradition to dictate production and consumption
bullIn a command economy decisions about production and consumption are made by a powerful ruler or central authority
bullIn a market economy individual producers and consumers coordinate economic activity
What are the most important goals of each economic system
bullTraditionalSecurity and
StabilitybullCommand
Equity and Security
bullMARKETEfficiency and
Freedom
Societies differ in the degree of importance they attach to each goal Progress toward one goal can sometimes be achieved only
at the expense of another (TRADEOFFS)
Which economic system does the US use
The American Economic System
bullWe have a mixed market economy
COMMAND MARKET
The US mixed economybull In a mixed economyhellip
Individuals Own the factors of production Possess freedom to produce or consume Must operate under confines of law
Government Protects workers and consumers Regulates business and preserves competition Provide public goodsbenefits
Think backhellip
bullWhat does this remind you of from the beginning of the unit
US Economic System Characteristics 1 Economic freedom (ldquolaissez-fairerdquo)
2 Limited government
3 Equal opportunity
4 Competition
5 Profit motive
6 Property Rights
7 Binding Contracts
Understanding how all parts fit together
Circular Flow of Economic Activity Represents a market economy
2 main ldquomarketsrdquoProduct Market Factor Market
where goods and services where the 4 factors ofare boughtsold production are boughtsold
Shows interdependence between
businesses and individuals
Marriage Vowsbull CONGRATULATIONS The government and the economy
are renewing their marriage vows You are cordially invited to the ceremony but this perfect couple needs your help
bull Using what you have learned this unit and using the textbook
bull You will explain the way government and the economy are connected (made for each other) You will demonstrate this answer in the format of wedding vows
bull You must use at least 5 of the following words Producers Taxes Consumers Restrictions Markets Freedom GoodsServices Limited
bull Look back to US Economic System Characteristics bull Each set of vows must be at least 6 lines
Do you remember
bullWrite the following question downbullWhy does the United States have a
democracy and mixed economy
- Foundations of Government and Economics
- On your blank piece of paperhellip
- Slide 3
- Warm-Up 1 - 9414
- Introductory thoughts hellip
- Slide 6
- 2 How about to your life
- Slide 8
- Slide 9
- Slide 10
- Slide 11
- Warm Up -2a- 9514 The New York Times and CBS News Pollhellip
- Warm up 2bndash In Journal-
- Economist and Politician Assumptions
- Individualism
- Quote activity
- Quote breakdown
- Warm Up 3- Current Event 9814
- Purpose of Government
- Slide 20
- 3 Theorists
- Activity
- Origins of American Government A customized government
- Origins of American Government A customized government (2)
- Origins of American Government A customized government (3)
- With which theory do you agree more Why
- The ldquoOriginal Dilemmardquo
- Warm Up 5 Hobbes and Locke
- Groups Block 2
- Groups Block 4
- Balloon Game
- You will have 10 minutes to get as many filled balloons on the
- Balloon Game Debriefing
- Political Theories
- Social Contract
- Natural Rights
- Democracy
- Concepts of Government
- Warm up 6 ndash 91114
- Warm Up 7
- And after the Constitution
- Activity (2)
- Picture Activity
- Constitutional Convention
- Purpose of the Convention
- VA Plan v NJ Plan
- Virginia Plan ldquoLarge State Planrdquo
- New Jersey Plan ldquoSmall State Planrdquo
- Your Task
- Closure
- States agree
- Quote
- Structure of Constitution
- Structure of Constitution
- 6 Purpose of Government
- Structure of Constitution (2)
- Structure of Constitution (3)
- Principles of Constitution
- Activity
- Slide 60
- Check for Understanding Six Principles
- Question 1
- Question 2
- Question 3
- Question 4
- Question 5
- Question 6
- Question 7
- Question 8
- Groups
- Separation of Powers
- Video
- Checks and Balances
- Slide 74
- Checks and balances
- Basic Principles
- Self- Worth
- Equality
- Compromise
- Individual Freedom
- Write your ownhellip
- Slide 82
- TED Talk
- Closure
- What is Economics
- Economics ishellip
- Back to our assumptionshellip
- Scarcity refers to the limited number of resources (factors of
- For the videohellip
- Slide 90
- Post Videohellip
- Advertisement
- Political Cartoon Analysis
- Factors of Production
- TASK
- The price ofhellip
- Economic efficiency is achieved when all available resources ar
- 1 What to produce
- 2 How to produce it
- 3 For whom to produce it
- Application Activity
- EQs
- Objectives amp Essential Questions
- Group Activity Budget Activity
- Slide 105
- How do we satisfy our economic wants
- How do we make goods amp services
- Economic Interdependence
- Slide 109
- Making Choices to Deal With Scarcity
- Exampleshellip
- Task Reflecting on Personal Trade-offshellip
- Opportunity Cost
- What else influences your choices
- Finallyhellip Why it Matters
- Visualizing the Relationshiphellip
- ObjectivesEssential Questions
- How Can We Measure What We Gain and Lose When Making Choices
- Production Possibilities Frontier
- PPF Assumptions
- Slide 121
- Production Possibilities Curve
- The Choices Nations Make
- Economic Growth
- The Classic Guns and Butter example
- Productivity
- Locations on a PPF
- Slide 128
- BOWED-OUT PPFs VaryingIncreasing OC
- Economic Systems
- Jigsaw activity
- Slide 132
- Economic amp Social Goals of an Economic System
- Review of Economic Systems
- Slide 135
- What are the most important goals of each economic system
- Which economic system does the US use
- The American Economic System
- The US mixed economy
- Slide 140
- Think backhellip
- US Economic System Characteristics
- Slide 143
- Understanding how all parts fit together
- Marriage Vows
- Do you remember
- Slide 147
-
Activity
bullEach of you will get a card it either has a termperson or a definition on it
bullYou must find the person who matches you and secretly begin a visual representation of your ideapersonterm
bullDO NOT SHARE ANSWERSbullWe will play a game afterhellipso work in
secret with your partner
Picture Activity
bullGallery Walk
Constitutional Convention
bullMet in Philadelphia in 1787
bullComposed of some of the greatest thinkers educators statesmen and politicians of the day
bullThese men were collectively known as ldquoThe Framersrdquo
Purpose of the ConventionbullInitial Purpose was to revise the Articles of
Confederation bullDelegates quickly realized they were
meeting to create a new government (with 3 branches)
VA Plan v NJ Plan
Several plans were proposed to correct the weaknesses of the Articles
bullVirginia PlanbullNew Jersey Plan
Major similarities between the 2 plansbullThree branches of governmentbullCongress retains powers granted under AOCbullExecutive chosen by Congress
Virginia Plan ldquoLarge State Planrdquo
bullStrong central govrsquotbullL Bicameral Congress
Representation based on population
bullE ldquoPresidentrdquo Chosen by Congress
bullJ 1+ supreme courts with lower courtsChosen by Congress
New Jersey PlanldquoSmall State PlanrdquobullStrong state governmentbullL Unicameral Congress
Each state would have = representationExpand power to tax amp regulate trade
bullE Two-person presidencyChosen by Congress able to be removed
bullJ Single Supreme CourtChosen by Executive
Your Task
Create a billboard advertisement detailing thefeatures of one of the plans ndash NJ or VA - the choice is yoursbullGoal ldquosellrdquo your plan to the people ndash persuade
them to choose your planUse catchy phrasesslogans and be sure to
include the historical features of your plan (VA or NJ)
At the end of this project we will vote on the most persuasive and appealing billboard ndash this group will receive extra credit on the Unit Assessment
Closure
bullWhat do you think (or know) happens to these two plans
States agreebull States agree to (ratify) the Constitution
only after it was agreed that a Bill of Rights be addedConstitution takes effect in 1788Bill of Rights added in 1791
bullThe Constitution is written in language that is deliberately vague as a result of compromise and to allow for flexibilityWhy
Quote
bullThe United States Constitution has proved itself the most marvelously elastic compilation of rules of government ever written ndash FDR
bullWhat words stick to you in this quote Why
Structure of Constitutionbull Provides basic
framework for US government
bull Outlines basic principles structure and processes
bull Three partsmdashPreambleArticlesAmendments
Structure of Constitution bull Preamble
Introduction to the Constitution Lists ideas that the government should stand for
and states purposes We the people of the United States in Order
to form a more perfect Union establish Justice insure domestic Tranquility provide for the common defense promote the general Welfare and secure the Blessings of Liberty to ourselves and our Prosperity do ordain and establish this Constitution for the United States of Americardquo
6 Purpose of Government bull Form a More Perfect Union
bull Establish Justice bull Insure Domestic Tranquility
bull Provide for the Common Defense
bull Promote the General Welfare
bull Secure the Blessings of Liberty
For each phrase consider the followinghellip
1 Why do you think the Framerrsquos put this phrase in the US Constitution
2 Is this phrase important today
Structure of Constitution bullArticles
Main body of the Constitution Lay out basic structure of the national
governmentFurther broken down into sections and clauses
Article I Legislative branch Article II Executive branch Article III Judicial branch Articles IV Relations among the states Article V Amendment process Article VI Payment of debts Supremacy
Clause oaths of office
Article VII Ratification
Structure of Constitution
bullAmendments Formal changes made to the ConstitutionTwenty-seven in total First ten referred to as the Bill of Rights
Principles of Constitution bull The language and structure of the Constitution reflects the basic principles of the US government system
bull PrinciplesmdashPopular sovereigntyRepresentative government Separation of powers Checks and balancesLimited governmentFederalism
Activity
Activity bull STEP 1 bull Fill in the graphic
organizer in your guided notes packet You have 8 minutes on your own to do this
bull STEP 2 On your own or with a partner create a tri-fold containing visual representations of three different principles of our government On the back explain each principle in 2 sentences
Principle Explanation
Popular Sovereignty Idea that people are the source of all power held by the government
Limited Government Government possesses only the powers the people give itmdashit must obey the Constitution
Separation of Powers Establishes three separate branches that share the governmentrsquos power These branches are the executive the legislative and the judicial
Checks and Balances Ensures that none of the three branches can become too powerful Each branch has ways to limit the power of the other two (ex President veto power)
Judicial Review Power of the courts to decide what the Constitution means The courts also have the power to declare a government action to be against the Constitution (unconstitutional)
Federalism Divides the power between the central government and the States
Check for UnderstandingSix PrinciplesNumber your paper from 1 - 8
Question 1
bullldquoWe the people of the United Stateshellipdo ordain and establish this Constitution for the United States of Americardquo
Popular Sovereignty
Question 2
bullldquoCongress shall make no law respecting an establishment of religion or prohibiting the free exercise thereof or abridging the freedom of speech or of the press or the right of the people to peacefully assemble and to petition the Government for a redress of grievancesrdquo
Limited Government
Question 3
bullDuring the Watergate Scandal prosecutors accused many of President Nixonrsquos closest advisors of breaking the law thus proving the rule of lawmdashNO ONE is above the law
Limited Government
Question 4
bullldquoThe accumulation of all powers legislative executive and judiciary in the same hands whether of one a few or manyhellipmay justly be pronounced the very definition of tyrannyrdquo
SEPARATION OF POWERS
Question 5
bullPresident Bush nominates Miss Dicks to be director of the CIA but the Senate refuses to confirm the appointment
Checks and Balances
Question 6
bullCongress in 2005 passes the Stem Cell Research Bill but President Bush vetos the bill
CHECKS AND BALANCES
Question 7
bullThe Supreme Court in 1954 determined that ldquoseparate but equalrdquo was not constitutional and overturned the Plessy vs Ferguson ruling
JUDICIAL REVIEW
Question 8
bullVA has a law that requires all candidates for a professional cosmeticianrsquos license complete classroom hours an unpaid internship and pass a qualifying test
Federalism
GroupsPopular
SovereigntySeparation of
PowersFederalism
bull bull bull
Judicial Review
Limited Government
Checks and Balances
bull bull bull
Separation of Powers
bull Legislative branchmdashmakes the laws
bull Executive branchmdashenforces the laws
bull Judicial branchmdashinterprets the law
Video
bullhttpwwwbrainpopcomsocialstudiesusgovernmentandlawbranchesofgovernment
Checks and Balances
Checks and balances
bullIn what was do the branches check on one another
bullhttpwwwsheppardsoftwarecomusa_gamegovernmentchecks_and_balanceshtm
Basic Principles
bullThe tenets of democracy are built upon five principlesmdashWorth of the individualEquality of all personsMajority rule minority rightsNecessity of compromiseIndividual freedom
Self- Worth
bull A recognition of the fundamental worth of every person
bull The democratic process reflects the collective set of individuals who make up society
Equality Democratic concept insists that all entitled tobull equality of opportunity bull equality before the law
bull Equality of opportunity suggests that no person should be held back for any arbitrary reason and must be free to develop him- or herself as fully as heshe can (or cares to)
bull Equality before the law suggests that each person should be treated as the equal of all other persons before the law
Compromise
bull A matter of compromise to determine the position most acceptable to the largest number of people
bull Because each individual is important and considered the equal of all others it stands to reason that people can only make public decisions by way of compromise
bullWhy is compromise important
Individual Freedombull Right of the
individual to be free as far as the freedom of all will allow
bull Democracy does not and cannot insist on the absolute freedom of the individual person
Write your ownhellipbull Now that you know what the foundations of
government arehellip Create your own Constitution (Or social contract)
What do you think is important to include What do you think could be taken out
Start with ldquoWe the peoplehelliprdquo and create the ideal contract
Preamble (brief introduction) Articles (what should it include based on what we
learned so far Include and agree on 10 points) Amendments (what do you think it should take to
change it)
bullFor your quiz tomorrowhellip What questions would you expect to seeWrite 5 and the answers on the back of the
paper
TED Talk
bullhttpwwwyoutubecomwatchv=ypqQ3-agpZo
Closure
bullExplain two principles of the constitution and how are they connected
What is Economics
bull Is the study of how people choose to use their limited resources to satisfy their unlimited wants and needs
Important Parts of Economicsndash
CHOICESSCARCITY
Economics ishellip
bullDependent upon assumptions
bullDependent upon simplification of reality
Back to our assumptionshellip
bullHuman Beings are rationalbullAll societies suffer from scarcity bullAll buyers seek to maximize utility
bullAll sellers seek to maximize profits
Scarcity refers to the limited number of resources (factors of production) that can be used to satisfy the unlimited human wants and needs
For the videohellip
bullWrite down 3 things you did not knowbullWrite down 3 things you did know
bullhttpwwwyoutubecomwatchv=TO7UTNS7r0w
Post Videohellip
bullDefine the main idea of the video in 4-5 words
Advertisement
bullKnowing some of the basics about what economics is and why we study ithellip
bullCreate an advertisement for an economics course BE SURE TO INCLUDE
3 images that represent different economic ideas
2 ldquothought bubblesrdquo that represent things yoursquoll learn about in economics
1 slogan that represents why economics is an important course to take
Political Cartoon Analysis
Factors of Production bull LAND
Also called Natural Resources Consider them ldquogifts of naturerdquo such as air
soil minerals water and plants
bull LABOR Also called Human Resources Includes physical and mental activities that go
into producing goodsservices
bull CAPITAL Includes tools machines buildings and
technologies
bull ENTREPRENEUR Risk taker who is responsible for combining
land labor and capital to produce goods and services
TASK
bullTask Why are entrepreneurs the driving force in our economy
bullAnswer in 2-3 sentences
The price ofhellip
bullLand is rentbullCapital is interestbullLabor is wagesbullEntrepreneurship is profit
Economic efficiency is achieved when all available resources are being used
All societies must answer three basic questions to satisfy the needs and wants of their populations
1 What to produce
bullShould it be military or civilian goods
bullFood or clothingbullMedicine or movies
2 How to produce it
bullAutomated or manual labor
bullExpensive or cheap materials
bullDomestic or overseas labor
3 For whom to produce it
bullThe wealthy or the needybullThe sick or the healthy
Application Activity
bull In groups of 2-3 create your own country (name it please)
bull With your countryrsquos name explain the Population geography and general population
information (iehellipbull Choose 5 items for your country to produce and
answer the three societal questions for eachALSO explain why this material would help your
economy thrivereach economic efficiencybull Create an advertisement for your country
withhellip Images representing what you produce and a
slogan for why your country is awesome
EQs
bullHow does scarcity impact decision making
Objectives amp Essential QuestionsbullObjectives
I will be able to create and reflect on a budget given new economics content
I will be able to understand scarcity and our mixed economy
bullEssential QuestionsHow does scarcity impact decision makingHow do we satisfy our economic wants
Group Activity Budget Activity
bullTeacher will break you into groups In your groups you will be creating a budget for a single family
bullYour group has been given an income for a year Given your family situation negotiate with your ldquofamilyrdquo to complete a budget for 1 month (keep in mind your $$ is in a given year)
bullhttpwwwyoutubecomwatchv=yoVc_S_gd_0
How do we satisfy our economic wants
bull We buy goods or services
bull Good ndash a physical object (tangible) that has been produced for salebull Durable ndash last 3+ yearsbull Nondurable ndash last up to 3 years
bull Service ndash work done by someone else for which someone is willing to pay
How do we make goods amp services
bull Use Factors of Production - The productive resources that go into producing goods and services
Production Equation
LAND + LABOR + CAPITAL = GOODSERVICE
inputs output
Economic Interdependence
bullWhat does lsquointerdependencersquo mean
bullIs our world becoming economic interdependent or independent
bullEconomic Interdependence the actions of one part of the
country (world) has an impact on what happens elsewhere
Wants amp Needs gt
Resources
Because of scarcity we
have to make choices
How do we make a choice What do we give up
What does this remind you of from our government unit
Making Choices to Deal With Scarcity
bullPeople seek to maximize their utility when making decisions This requires them to consider tradeoffs
Utility ndash the satisfaction or benefit a person receives from consuming a good or service
Tradeoffs ndash the alternate choices people have when making a decision also the benefitsadvantages of making on
decision over another
ExampleshellipbullSome choices are easy to makehellip
HmmhellipShould I have pizza or a hoagie for lunch today
bullOther decisions are agonizinghellipShould I get out of bed and go to
school today or should I sleep in
Task Reflecting on Personal Trade-offshellip
In the end what helped you decide amongst your choices
Think of ONE decision thatyou had to make in the last weekhellipIdentify your various
tradeoffs for that decision
Be prepared to share
Opportunity Cost
bullWhen comparing the top 2 choices it is the BENEFIT of the next best alternative that must be sacrificed to satisfy a want
bullYou do a cost-benefit analysis to figure out which decision is most beneficial
Opportunity Cost ndash The best thing we give up to get what
we want
What else influences your choices
bullPeople make decisions based on their marginal utility or the extra satisfaction they gain from one additional unit of a goodservice
bullLaw of Diminishing Marginal Utility says that as we get or do more of something the pleasure we derive from it tends to decrease and so does our willingness to buy it or do it
FinallyhellipWhy it Matters
Understanding the opportunity coststradeoffs of different choices in life makes you a
better decision-maker
Todayrsquos Message ndash ldquoTherersquos No Such Thing As a Free Lunchrdquo
You always have to give something uphelliprdquo
ALL Individuals Businesses amp Societies have to consider tradeoffsopportunity costs when making
decisions
Visualizing the Relationshiphellip
Limited Resources amp Unlimited Wants
Scarcity
Trade-offs (choices)
Opportunity Costs
ObjectivesEssential Questions
bullObjectivebullI will be able to understand (and teach)
the three different types of economies
bullEssential Question How do the different types of economies work
How Can We Measure What We Gain and Lose When
Making Choices
Answer With a Production Possibilities Frontier
Production Possibilities Frontier
bullDiagram representing the possible combinations of goods and or services an economy can produce when all resources are being fully employed
PPF Assumptions
bullWe live in a two good worldbullThere are fixed resourcesbullThere is fixed technologybullResources are not specialized
Production Possibilities Curve
CD
E
OU
TP
UT
OF
CO
NS
UM
ER
GO
OD
S
(un
its
per
yea
r)
OUTPUT OF MILITARY GOODS (units per year)
A
BO
XF
G
Limited resources necessitate choices about WHAT to produce
The Choices Nations Make
bullA nation must choose what to do with its scarce resources during war or periods of military buildup
bullProduce military goods or consumer goods
Economic Growth
2000 production possibilities
1900 production possibilities
OU
TP
UT
OF
CO
NS
UM
ER
GO
OD
S(u
nits
per
yea
r)
OUTPUT OF MILITARY GOODS (units per year)
Production possibilities increases with more resources and technology
The Classic Guns and Butter example
Guns
Butter
10000 20000 30000 40000 50000
1000009500085000
70000
5000040000
BA
C
D
E
F
At point A all resources are used for butter
Moving from point A to point B requires shifting resources out of butter and into guns
At point F all resources are used for Guns
Productivitybull A PPF can help us see how efficient our
choices are
bull Productivity - measurement of how efficiently we are utilizing our resources Is this the same as production
bull An economy producing on the curve = using their resources to produce the MAXIMUM amount of goodsservices
Locations on a PPF
bull Efficient Point place where an economy is achieving as much output as possible from a given amount of resources ndash occurs at any point on the curve
bull Inefficient Point ndash place where the economy is not functioning as it could be ndash occurs at any point inside the curve
bull Unattainable Point ndash place where the economy cannot produce given its current resources ndash occurs at any point outside the curve
Food
Computer
4
3
2
1
1 2 3 4
OC between 1 and 2 computers = 1 Food
UnitOC between 3 and 4 computers = 1 Food
Unit
Constantly giving up the same quantity of food to get
additional computers
STRAIGHT-LINE PPFs Constant OC
BOWED-OUT PPFs VaryingIncreasing OC
Principle of Increasing Costs
As a society produces more of one product the OC of producing
that product increases because we are using more resources that are poorly suited to produce it
Economic Systems
An economic system is the way a society coordinates the production and consumption of goods amp services
How a society answers the three basic economic questions determines which type of economic system they are
Three Types of Economic Systems Command Traditional Market
Jigsaw activity
bullYou will be placed in groups of 3 and assigned a type of economy
bullYou will have 7 minutes to read and come up with 4 key components
bullAfter the 7 minuteshellip 1rsquos go to the front of the classroom2rsquos go to the wall nearest the door3rsquos go to the wall nearest the courtyard
Economic amp Social Goals of an Economic System
bull Economic Freedom
bull Economic Efficiency
bull Economic Equity
bull Economic Security
Economic Stability
Economic Growth
Review of Economic Systems
bullA traditional economy relies on custom and tradition to dictate production and consumption
bullIn a command economy decisions about production and consumption are made by a powerful ruler or central authority
bullIn a market economy individual producers and consumers coordinate economic activity
What are the most important goals of each economic system
bullTraditionalSecurity and
StabilitybullCommand
Equity and Security
bullMARKETEfficiency and
Freedom
Societies differ in the degree of importance they attach to each goal Progress toward one goal can sometimes be achieved only
at the expense of another (TRADEOFFS)
Which economic system does the US use
The American Economic System
bullWe have a mixed market economy
COMMAND MARKET
The US mixed economybull In a mixed economyhellip
Individuals Own the factors of production Possess freedom to produce or consume Must operate under confines of law
Government Protects workers and consumers Regulates business and preserves competition Provide public goodsbenefits
Think backhellip
bullWhat does this remind you of from the beginning of the unit
US Economic System Characteristics 1 Economic freedom (ldquolaissez-fairerdquo)
2 Limited government
3 Equal opportunity
4 Competition
5 Profit motive
6 Property Rights
7 Binding Contracts
Understanding how all parts fit together
Circular Flow of Economic Activity Represents a market economy
2 main ldquomarketsrdquoProduct Market Factor Market
where goods and services where the 4 factors ofare boughtsold production are boughtsold
Shows interdependence between
businesses and individuals
Marriage Vowsbull CONGRATULATIONS The government and the economy
are renewing their marriage vows You are cordially invited to the ceremony but this perfect couple needs your help
bull Using what you have learned this unit and using the textbook
bull You will explain the way government and the economy are connected (made for each other) You will demonstrate this answer in the format of wedding vows
bull You must use at least 5 of the following words Producers Taxes Consumers Restrictions Markets Freedom GoodsServices Limited
bull Look back to US Economic System Characteristics bull Each set of vows must be at least 6 lines
Do you remember
bullWrite the following question downbullWhy does the United States have a
democracy and mixed economy
- Foundations of Government and Economics
- On your blank piece of paperhellip
- Slide 3
- Warm-Up 1 - 9414
- Introductory thoughts hellip
- Slide 6
- 2 How about to your life
- Slide 8
- Slide 9
- Slide 10
- Slide 11
- Warm Up -2a- 9514 The New York Times and CBS News Pollhellip
- Warm up 2bndash In Journal-
- Economist and Politician Assumptions
- Individualism
- Quote activity
- Quote breakdown
- Warm Up 3- Current Event 9814
- Purpose of Government
- Slide 20
- 3 Theorists
- Activity
- Origins of American Government A customized government
- Origins of American Government A customized government (2)
- Origins of American Government A customized government (3)
- With which theory do you agree more Why
- The ldquoOriginal Dilemmardquo
- Warm Up 5 Hobbes and Locke
- Groups Block 2
- Groups Block 4
- Balloon Game
- You will have 10 minutes to get as many filled balloons on the
- Balloon Game Debriefing
- Political Theories
- Social Contract
- Natural Rights
- Democracy
- Concepts of Government
- Warm up 6 ndash 91114
- Warm Up 7
- And after the Constitution
- Activity (2)
- Picture Activity
- Constitutional Convention
- Purpose of the Convention
- VA Plan v NJ Plan
- Virginia Plan ldquoLarge State Planrdquo
- New Jersey Plan ldquoSmall State Planrdquo
- Your Task
- Closure
- States agree
- Quote
- Structure of Constitution
- Structure of Constitution
- 6 Purpose of Government
- Structure of Constitution (2)
- Structure of Constitution (3)
- Principles of Constitution
- Activity
- Slide 60
- Check for Understanding Six Principles
- Question 1
- Question 2
- Question 3
- Question 4
- Question 5
- Question 6
- Question 7
- Question 8
- Groups
- Separation of Powers
- Video
- Checks and Balances
- Slide 74
- Checks and balances
- Basic Principles
- Self- Worth
- Equality
- Compromise
- Individual Freedom
- Write your ownhellip
- Slide 82
- TED Talk
- Closure
- What is Economics
- Economics ishellip
- Back to our assumptionshellip
- Scarcity refers to the limited number of resources (factors of
- For the videohellip
- Slide 90
- Post Videohellip
- Advertisement
- Political Cartoon Analysis
- Factors of Production
- TASK
- The price ofhellip
- Economic efficiency is achieved when all available resources ar
- 1 What to produce
- 2 How to produce it
- 3 For whom to produce it
- Application Activity
- EQs
- Objectives amp Essential Questions
- Group Activity Budget Activity
- Slide 105
- How do we satisfy our economic wants
- How do we make goods amp services
- Economic Interdependence
- Slide 109
- Making Choices to Deal With Scarcity
- Exampleshellip
- Task Reflecting on Personal Trade-offshellip
- Opportunity Cost
- What else influences your choices
- Finallyhellip Why it Matters
- Visualizing the Relationshiphellip
- ObjectivesEssential Questions
- How Can We Measure What We Gain and Lose When Making Choices
- Production Possibilities Frontier
- PPF Assumptions
- Slide 121
- Production Possibilities Curve
- The Choices Nations Make
- Economic Growth
- The Classic Guns and Butter example
- Productivity
- Locations on a PPF
- Slide 128
- BOWED-OUT PPFs VaryingIncreasing OC
- Economic Systems
- Jigsaw activity
- Slide 132
- Economic amp Social Goals of an Economic System
- Review of Economic Systems
- Slide 135
- What are the most important goals of each economic system
- Which economic system does the US use
- The American Economic System
- The US mixed economy
- Slide 140
- Think backhellip
- US Economic System Characteristics
- Slide 143
- Understanding how all parts fit together
- Marriage Vows
- Do you remember
- Slide 147
-
Picture Activity
bullGallery Walk
Constitutional Convention
bullMet in Philadelphia in 1787
bullComposed of some of the greatest thinkers educators statesmen and politicians of the day
bullThese men were collectively known as ldquoThe Framersrdquo
Purpose of the ConventionbullInitial Purpose was to revise the Articles of
Confederation bullDelegates quickly realized they were
meeting to create a new government (with 3 branches)
VA Plan v NJ Plan
Several plans were proposed to correct the weaknesses of the Articles
bullVirginia PlanbullNew Jersey Plan
Major similarities between the 2 plansbullThree branches of governmentbullCongress retains powers granted under AOCbullExecutive chosen by Congress
Virginia Plan ldquoLarge State Planrdquo
bullStrong central govrsquotbullL Bicameral Congress
Representation based on population
bullE ldquoPresidentrdquo Chosen by Congress
bullJ 1+ supreme courts with lower courtsChosen by Congress
New Jersey PlanldquoSmall State PlanrdquobullStrong state governmentbullL Unicameral Congress
Each state would have = representationExpand power to tax amp regulate trade
bullE Two-person presidencyChosen by Congress able to be removed
bullJ Single Supreme CourtChosen by Executive
Your Task
Create a billboard advertisement detailing thefeatures of one of the plans ndash NJ or VA - the choice is yoursbullGoal ldquosellrdquo your plan to the people ndash persuade
them to choose your planUse catchy phrasesslogans and be sure to
include the historical features of your plan (VA or NJ)
At the end of this project we will vote on the most persuasive and appealing billboard ndash this group will receive extra credit on the Unit Assessment
Closure
bullWhat do you think (or know) happens to these two plans
States agreebull States agree to (ratify) the Constitution
only after it was agreed that a Bill of Rights be addedConstitution takes effect in 1788Bill of Rights added in 1791
bullThe Constitution is written in language that is deliberately vague as a result of compromise and to allow for flexibilityWhy
Quote
bullThe United States Constitution has proved itself the most marvelously elastic compilation of rules of government ever written ndash FDR
bullWhat words stick to you in this quote Why
Structure of Constitutionbull Provides basic
framework for US government
bull Outlines basic principles structure and processes
bull Three partsmdashPreambleArticlesAmendments
Structure of Constitution bull Preamble
Introduction to the Constitution Lists ideas that the government should stand for
and states purposes We the people of the United States in Order
to form a more perfect Union establish Justice insure domestic Tranquility provide for the common defense promote the general Welfare and secure the Blessings of Liberty to ourselves and our Prosperity do ordain and establish this Constitution for the United States of Americardquo
6 Purpose of Government bull Form a More Perfect Union
bull Establish Justice bull Insure Domestic Tranquility
bull Provide for the Common Defense
bull Promote the General Welfare
bull Secure the Blessings of Liberty
For each phrase consider the followinghellip
1 Why do you think the Framerrsquos put this phrase in the US Constitution
2 Is this phrase important today
Structure of Constitution bullArticles
Main body of the Constitution Lay out basic structure of the national
governmentFurther broken down into sections and clauses
Article I Legislative branch Article II Executive branch Article III Judicial branch Articles IV Relations among the states Article V Amendment process Article VI Payment of debts Supremacy
Clause oaths of office
Article VII Ratification
Structure of Constitution
bullAmendments Formal changes made to the ConstitutionTwenty-seven in total First ten referred to as the Bill of Rights
Principles of Constitution bull The language and structure of the Constitution reflects the basic principles of the US government system
bull PrinciplesmdashPopular sovereigntyRepresentative government Separation of powers Checks and balancesLimited governmentFederalism
Activity
Activity bull STEP 1 bull Fill in the graphic
organizer in your guided notes packet You have 8 minutes on your own to do this
bull STEP 2 On your own or with a partner create a tri-fold containing visual representations of three different principles of our government On the back explain each principle in 2 sentences
Principle Explanation
Popular Sovereignty Idea that people are the source of all power held by the government
Limited Government Government possesses only the powers the people give itmdashit must obey the Constitution
Separation of Powers Establishes three separate branches that share the governmentrsquos power These branches are the executive the legislative and the judicial
Checks and Balances Ensures that none of the three branches can become too powerful Each branch has ways to limit the power of the other two (ex President veto power)
Judicial Review Power of the courts to decide what the Constitution means The courts also have the power to declare a government action to be against the Constitution (unconstitutional)
Federalism Divides the power between the central government and the States
Check for UnderstandingSix PrinciplesNumber your paper from 1 - 8
Question 1
bullldquoWe the people of the United Stateshellipdo ordain and establish this Constitution for the United States of Americardquo
Popular Sovereignty
Question 2
bullldquoCongress shall make no law respecting an establishment of religion or prohibiting the free exercise thereof or abridging the freedom of speech or of the press or the right of the people to peacefully assemble and to petition the Government for a redress of grievancesrdquo
Limited Government
Question 3
bullDuring the Watergate Scandal prosecutors accused many of President Nixonrsquos closest advisors of breaking the law thus proving the rule of lawmdashNO ONE is above the law
Limited Government
Question 4
bullldquoThe accumulation of all powers legislative executive and judiciary in the same hands whether of one a few or manyhellipmay justly be pronounced the very definition of tyrannyrdquo
SEPARATION OF POWERS
Question 5
bullPresident Bush nominates Miss Dicks to be director of the CIA but the Senate refuses to confirm the appointment
Checks and Balances
Question 6
bullCongress in 2005 passes the Stem Cell Research Bill but President Bush vetos the bill
CHECKS AND BALANCES
Question 7
bullThe Supreme Court in 1954 determined that ldquoseparate but equalrdquo was not constitutional and overturned the Plessy vs Ferguson ruling
JUDICIAL REVIEW
Question 8
bullVA has a law that requires all candidates for a professional cosmeticianrsquos license complete classroom hours an unpaid internship and pass a qualifying test
Federalism
GroupsPopular
SovereigntySeparation of
PowersFederalism
bull bull bull
Judicial Review
Limited Government
Checks and Balances
bull bull bull
Separation of Powers
bull Legislative branchmdashmakes the laws
bull Executive branchmdashenforces the laws
bull Judicial branchmdashinterprets the law
Video
bullhttpwwwbrainpopcomsocialstudiesusgovernmentandlawbranchesofgovernment
Checks and Balances
Checks and balances
bullIn what was do the branches check on one another
bullhttpwwwsheppardsoftwarecomusa_gamegovernmentchecks_and_balanceshtm
Basic Principles
bullThe tenets of democracy are built upon five principlesmdashWorth of the individualEquality of all personsMajority rule minority rightsNecessity of compromiseIndividual freedom
Self- Worth
bull A recognition of the fundamental worth of every person
bull The democratic process reflects the collective set of individuals who make up society
Equality Democratic concept insists that all entitled tobull equality of opportunity bull equality before the law
bull Equality of opportunity suggests that no person should be held back for any arbitrary reason and must be free to develop him- or herself as fully as heshe can (or cares to)
bull Equality before the law suggests that each person should be treated as the equal of all other persons before the law
Compromise
bull A matter of compromise to determine the position most acceptable to the largest number of people
bull Because each individual is important and considered the equal of all others it stands to reason that people can only make public decisions by way of compromise
bullWhy is compromise important
Individual Freedombull Right of the
individual to be free as far as the freedom of all will allow
bull Democracy does not and cannot insist on the absolute freedom of the individual person
Write your ownhellipbull Now that you know what the foundations of
government arehellip Create your own Constitution (Or social contract)
What do you think is important to include What do you think could be taken out
Start with ldquoWe the peoplehelliprdquo and create the ideal contract
Preamble (brief introduction) Articles (what should it include based on what we
learned so far Include and agree on 10 points) Amendments (what do you think it should take to
change it)
bullFor your quiz tomorrowhellip What questions would you expect to seeWrite 5 and the answers on the back of the
paper
TED Talk
bullhttpwwwyoutubecomwatchv=ypqQ3-agpZo
Closure
bullExplain two principles of the constitution and how are they connected
What is Economics
bull Is the study of how people choose to use their limited resources to satisfy their unlimited wants and needs
Important Parts of Economicsndash
CHOICESSCARCITY
Economics ishellip
bullDependent upon assumptions
bullDependent upon simplification of reality
Back to our assumptionshellip
bullHuman Beings are rationalbullAll societies suffer from scarcity bullAll buyers seek to maximize utility
bullAll sellers seek to maximize profits
Scarcity refers to the limited number of resources (factors of production) that can be used to satisfy the unlimited human wants and needs
For the videohellip
bullWrite down 3 things you did not knowbullWrite down 3 things you did know
bullhttpwwwyoutubecomwatchv=TO7UTNS7r0w
Post Videohellip
bullDefine the main idea of the video in 4-5 words
Advertisement
bullKnowing some of the basics about what economics is and why we study ithellip
bullCreate an advertisement for an economics course BE SURE TO INCLUDE
3 images that represent different economic ideas
2 ldquothought bubblesrdquo that represent things yoursquoll learn about in economics
1 slogan that represents why economics is an important course to take
Political Cartoon Analysis
Factors of Production bull LAND
Also called Natural Resources Consider them ldquogifts of naturerdquo such as air
soil minerals water and plants
bull LABOR Also called Human Resources Includes physical and mental activities that go
into producing goodsservices
bull CAPITAL Includes tools machines buildings and
technologies
bull ENTREPRENEUR Risk taker who is responsible for combining
land labor and capital to produce goods and services
TASK
bullTask Why are entrepreneurs the driving force in our economy
bullAnswer in 2-3 sentences
The price ofhellip
bullLand is rentbullCapital is interestbullLabor is wagesbullEntrepreneurship is profit
Economic efficiency is achieved when all available resources are being used
All societies must answer three basic questions to satisfy the needs and wants of their populations
1 What to produce
bullShould it be military or civilian goods
bullFood or clothingbullMedicine or movies
2 How to produce it
bullAutomated or manual labor
bullExpensive or cheap materials
bullDomestic or overseas labor
3 For whom to produce it
bullThe wealthy or the needybullThe sick or the healthy
Application Activity
bull In groups of 2-3 create your own country (name it please)
bull With your countryrsquos name explain the Population geography and general population
information (iehellipbull Choose 5 items for your country to produce and
answer the three societal questions for eachALSO explain why this material would help your
economy thrivereach economic efficiencybull Create an advertisement for your country
withhellip Images representing what you produce and a
slogan for why your country is awesome
EQs
bullHow does scarcity impact decision making
Objectives amp Essential QuestionsbullObjectives
I will be able to create and reflect on a budget given new economics content
I will be able to understand scarcity and our mixed economy
bullEssential QuestionsHow does scarcity impact decision makingHow do we satisfy our economic wants
Group Activity Budget Activity
bullTeacher will break you into groups In your groups you will be creating a budget for a single family
bullYour group has been given an income for a year Given your family situation negotiate with your ldquofamilyrdquo to complete a budget for 1 month (keep in mind your $$ is in a given year)
bullhttpwwwyoutubecomwatchv=yoVc_S_gd_0
How do we satisfy our economic wants
bull We buy goods or services
bull Good ndash a physical object (tangible) that has been produced for salebull Durable ndash last 3+ yearsbull Nondurable ndash last up to 3 years
bull Service ndash work done by someone else for which someone is willing to pay
How do we make goods amp services
bull Use Factors of Production - The productive resources that go into producing goods and services
Production Equation
LAND + LABOR + CAPITAL = GOODSERVICE
inputs output
Economic Interdependence
bullWhat does lsquointerdependencersquo mean
bullIs our world becoming economic interdependent or independent
bullEconomic Interdependence the actions of one part of the
country (world) has an impact on what happens elsewhere
Wants amp Needs gt
Resources
Because of scarcity we
have to make choices
How do we make a choice What do we give up
What does this remind you of from our government unit
Making Choices to Deal With Scarcity
bullPeople seek to maximize their utility when making decisions This requires them to consider tradeoffs
Utility ndash the satisfaction or benefit a person receives from consuming a good or service
Tradeoffs ndash the alternate choices people have when making a decision also the benefitsadvantages of making on
decision over another
ExampleshellipbullSome choices are easy to makehellip
HmmhellipShould I have pizza or a hoagie for lunch today
bullOther decisions are agonizinghellipShould I get out of bed and go to
school today or should I sleep in
Task Reflecting on Personal Trade-offshellip
In the end what helped you decide amongst your choices
Think of ONE decision thatyou had to make in the last weekhellipIdentify your various
tradeoffs for that decision
Be prepared to share
Opportunity Cost
bullWhen comparing the top 2 choices it is the BENEFIT of the next best alternative that must be sacrificed to satisfy a want
bullYou do a cost-benefit analysis to figure out which decision is most beneficial
Opportunity Cost ndash The best thing we give up to get what
we want
What else influences your choices
bullPeople make decisions based on their marginal utility or the extra satisfaction they gain from one additional unit of a goodservice
bullLaw of Diminishing Marginal Utility says that as we get or do more of something the pleasure we derive from it tends to decrease and so does our willingness to buy it or do it
FinallyhellipWhy it Matters
Understanding the opportunity coststradeoffs of different choices in life makes you a
better decision-maker
Todayrsquos Message ndash ldquoTherersquos No Such Thing As a Free Lunchrdquo
You always have to give something uphelliprdquo
ALL Individuals Businesses amp Societies have to consider tradeoffsopportunity costs when making
decisions
Visualizing the Relationshiphellip
Limited Resources amp Unlimited Wants
Scarcity
Trade-offs (choices)
Opportunity Costs
ObjectivesEssential Questions
bullObjectivebullI will be able to understand (and teach)
the three different types of economies
bullEssential Question How do the different types of economies work
How Can We Measure What We Gain and Lose When
Making Choices
Answer With a Production Possibilities Frontier
Production Possibilities Frontier
bullDiagram representing the possible combinations of goods and or services an economy can produce when all resources are being fully employed
PPF Assumptions
bullWe live in a two good worldbullThere are fixed resourcesbullThere is fixed technologybullResources are not specialized
Production Possibilities Curve
CD
E
OU
TP
UT
OF
CO
NS
UM
ER
GO
OD
S
(un
its
per
yea
r)
OUTPUT OF MILITARY GOODS (units per year)
A
BO
XF
G
Limited resources necessitate choices about WHAT to produce
The Choices Nations Make
bullA nation must choose what to do with its scarce resources during war or periods of military buildup
bullProduce military goods or consumer goods
Economic Growth
2000 production possibilities
1900 production possibilities
OU
TP
UT
OF
CO
NS
UM
ER
GO
OD
S(u
nits
per
yea
r)
OUTPUT OF MILITARY GOODS (units per year)
Production possibilities increases with more resources and technology
The Classic Guns and Butter example
Guns
Butter
10000 20000 30000 40000 50000
1000009500085000
70000
5000040000
BA
C
D
E
F
At point A all resources are used for butter
Moving from point A to point B requires shifting resources out of butter and into guns
At point F all resources are used for Guns
Productivitybull A PPF can help us see how efficient our
choices are
bull Productivity - measurement of how efficiently we are utilizing our resources Is this the same as production
bull An economy producing on the curve = using their resources to produce the MAXIMUM amount of goodsservices
Locations on a PPF
bull Efficient Point place where an economy is achieving as much output as possible from a given amount of resources ndash occurs at any point on the curve
bull Inefficient Point ndash place where the economy is not functioning as it could be ndash occurs at any point inside the curve
bull Unattainable Point ndash place where the economy cannot produce given its current resources ndash occurs at any point outside the curve
Food
Computer
4
3
2
1
1 2 3 4
OC between 1 and 2 computers = 1 Food
UnitOC between 3 and 4 computers = 1 Food
Unit
Constantly giving up the same quantity of food to get
additional computers
STRAIGHT-LINE PPFs Constant OC
BOWED-OUT PPFs VaryingIncreasing OC
Principle of Increasing Costs
As a society produces more of one product the OC of producing
that product increases because we are using more resources that are poorly suited to produce it
Economic Systems
An economic system is the way a society coordinates the production and consumption of goods amp services
How a society answers the three basic economic questions determines which type of economic system they are
Three Types of Economic Systems Command Traditional Market
Jigsaw activity
bullYou will be placed in groups of 3 and assigned a type of economy
bullYou will have 7 minutes to read and come up with 4 key components
bullAfter the 7 minuteshellip 1rsquos go to the front of the classroom2rsquos go to the wall nearest the door3rsquos go to the wall nearest the courtyard
Economic amp Social Goals of an Economic System
bull Economic Freedom
bull Economic Efficiency
bull Economic Equity
bull Economic Security
Economic Stability
Economic Growth
Review of Economic Systems
bullA traditional economy relies on custom and tradition to dictate production and consumption
bullIn a command economy decisions about production and consumption are made by a powerful ruler or central authority
bullIn a market economy individual producers and consumers coordinate economic activity
What are the most important goals of each economic system
bullTraditionalSecurity and
StabilitybullCommand
Equity and Security
bullMARKETEfficiency and
Freedom
Societies differ in the degree of importance they attach to each goal Progress toward one goal can sometimes be achieved only
at the expense of another (TRADEOFFS)
Which economic system does the US use
The American Economic System
bullWe have a mixed market economy
COMMAND MARKET
The US mixed economybull In a mixed economyhellip
Individuals Own the factors of production Possess freedom to produce or consume Must operate under confines of law
Government Protects workers and consumers Regulates business and preserves competition Provide public goodsbenefits
Think backhellip
bullWhat does this remind you of from the beginning of the unit
US Economic System Characteristics 1 Economic freedom (ldquolaissez-fairerdquo)
2 Limited government
3 Equal opportunity
4 Competition
5 Profit motive
6 Property Rights
7 Binding Contracts
Understanding how all parts fit together
Circular Flow of Economic Activity Represents a market economy
2 main ldquomarketsrdquoProduct Market Factor Market
where goods and services where the 4 factors ofare boughtsold production are boughtsold
Shows interdependence between
businesses and individuals
Marriage Vowsbull CONGRATULATIONS The government and the economy
are renewing their marriage vows You are cordially invited to the ceremony but this perfect couple needs your help
bull Using what you have learned this unit and using the textbook
bull You will explain the way government and the economy are connected (made for each other) You will demonstrate this answer in the format of wedding vows
bull You must use at least 5 of the following words Producers Taxes Consumers Restrictions Markets Freedom GoodsServices Limited
bull Look back to US Economic System Characteristics bull Each set of vows must be at least 6 lines
Do you remember
bullWrite the following question downbullWhy does the United States have a
democracy and mixed economy
- Foundations of Government and Economics
- On your blank piece of paperhellip
- Slide 3
- Warm-Up 1 - 9414
- Introductory thoughts hellip
- Slide 6
- 2 How about to your life
- Slide 8
- Slide 9
- Slide 10
- Slide 11
- Warm Up -2a- 9514 The New York Times and CBS News Pollhellip
- Warm up 2bndash In Journal-
- Economist and Politician Assumptions
- Individualism
- Quote activity
- Quote breakdown
- Warm Up 3- Current Event 9814
- Purpose of Government
- Slide 20
- 3 Theorists
- Activity
- Origins of American Government A customized government
- Origins of American Government A customized government (2)
- Origins of American Government A customized government (3)
- With which theory do you agree more Why
- The ldquoOriginal Dilemmardquo
- Warm Up 5 Hobbes and Locke
- Groups Block 2
- Groups Block 4
- Balloon Game
- You will have 10 minutes to get as many filled balloons on the
- Balloon Game Debriefing
- Political Theories
- Social Contract
- Natural Rights
- Democracy
- Concepts of Government
- Warm up 6 ndash 91114
- Warm Up 7
- And after the Constitution
- Activity (2)
- Picture Activity
- Constitutional Convention
- Purpose of the Convention
- VA Plan v NJ Plan
- Virginia Plan ldquoLarge State Planrdquo
- New Jersey Plan ldquoSmall State Planrdquo
- Your Task
- Closure
- States agree
- Quote
- Structure of Constitution
- Structure of Constitution
- 6 Purpose of Government
- Structure of Constitution (2)
- Structure of Constitution (3)
- Principles of Constitution
- Activity
- Slide 60
- Check for Understanding Six Principles
- Question 1
- Question 2
- Question 3
- Question 4
- Question 5
- Question 6
- Question 7
- Question 8
- Groups
- Separation of Powers
- Video
- Checks and Balances
- Slide 74
- Checks and balances
- Basic Principles
- Self- Worth
- Equality
- Compromise
- Individual Freedom
- Write your ownhellip
- Slide 82
- TED Talk
- Closure
- What is Economics
- Economics ishellip
- Back to our assumptionshellip
- Scarcity refers to the limited number of resources (factors of
- For the videohellip
- Slide 90
- Post Videohellip
- Advertisement
- Political Cartoon Analysis
- Factors of Production
- TASK
- The price ofhellip
- Economic efficiency is achieved when all available resources ar
- 1 What to produce
- 2 How to produce it
- 3 For whom to produce it
- Application Activity
- EQs
- Objectives amp Essential Questions
- Group Activity Budget Activity
- Slide 105
- How do we satisfy our economic wants
- How do we make goods amp services
- Economic Interdependence
- Slide 109
- Making Choices to Deal With Scarcity
- Exampleshellip
- Task Reflecting on Personal Trade-offshellip
- Opportunity Cost
- What else influences your choices
- Finallyhellip Why it Matters
- Visualizing the Relationshiphellip
- ObjectivesEssential Questions
- How Can We Measure What We Gain and Lose When Making Choices
- Production Possibilities Frontier
- PPF Assumptions
- Slide 121
- Production Possibilities Curve
- The Choices Nations Make
- Economic Growth
- The Classic Guns and Butter example
- Productivity
- Locations on a PPF
- Slide 128
- BOWED-OUT PPFs VaryingIncreasing OC
- Economic Systems
- Jigsaw activity
- Slide 132
- Economic amp Social Goals of an Economic System
- Review of Economic Systems
- Slide 135
- What are the most important goals of each economic system
- Which economic system does the US use
- The American Economic System
- The US mixed economy
- Slide 140
- Think backhellip
- US Economic System Characteristics
- Slide 143
- Understanding how all parts fit together
- Marriage Vows
- Do you remember
- Slide 147
-
Constitutional Convention
bullMet in Philadelphia in 1787
bullComposed of some of the greatest thinkers educators statesmen and politicians of the day
bullThese men were collectively known as ldquoThe Framersrdquo
Purpose of the ConventionbullInitial Purpose was to revise the Articles of
Confederation bullDelegates quickly realized they were
meeting to create a new government (with 3 branches)
VA Plan v NJ Plan
Several plans were proposed to correct the weaknesses of the Articles
bullVirginia PlanbullNew Jersey Plan
Major similarities between the 2 plansbullThree branches of governmentbullCongress retains powers granted under AOCbullExecutive chosen by Congress
Virginia Plan ldquoLarge State Planrdquo
bullStrong central govrsquotbullL Bicameral Congress
Representation based on population
bullE ldquoPresidentrdquo Chosen by Congress
bullJ 1+ supreme courts with lower courtsChosen by Congress
New Jersey PlanldquoSmall State PlanrdquobullStrong state governmentbullL Unicameral Congress
Each state would have = representationExpand power to tax amp regulate trade
bullE Two-person presidencyChosen by Congress able to be removed
bullJ Single Supreme CourtChosen by Executive
Your Task
Create a billboard advertisement detailing thefeatures of one of the plans ndash NJ or VA - the choice is yoursbullGoal ldquosellrdquo your plan to the people ndash persuade
them to choose your planUse catchy phrasesslogans and be sure to
include the historical features of your plan (VA or NJ)
At the end of this project we will vote on the most persuasive and appealing billboard ndash this group will receive extra credit on the Unit Assessment
Closure
bullWhat do you think (or know) happens to these two plans
States agreebull States agree to (ratify) the Constitution
only after it was agreed that a Bill of Rights be addedConstitution takes effect in 1788Bill of Rights added in 1791
bullThe Constitution is written in language that is deliberately vague as a result of compromise and to allow for flexibilityWhy
Quote
bullThe United States Constitution has proved itself the most marvelously elastic compilation of rules of government ever written ndash FDR
bullWhat words stick to you in this quote Why
Structure of Constitutionbull Provides basic
framework for US government
bull Outlines basic principles structure and processes
bull Three partsmdashPreambleArticlesAmendments
Structure of Constitution bull Preamble
Introduction to the Constitution Lists ideas that the government should stand for
and states purposes We the people of the United States in Order
to form a more perfect Union establish Justice insure domestic Tranquility provide for the common defense promote the general Welfare and secure the Blessings of Liberty to ourselves and our Prosperity do ordain and establish this Constitution for the United States of Americardquo
6 Purpose of Government bull Form a More Perfect Union
bull Establish Justice bull Insure Domestic Tranquility
bull Provide for the Common Defense
bull Promote the General Welfare
bull Secure the Blessings of Liberty
For each phrase consider the followinghellip
1 Why do you think the Framerrsquos put this phrase in the US Constitution
2 Is this phrase important today
Structure of Constitution bullArticles
Main body of the Constitution Lay out basic structure of the national
governmentFurther broken down into sections and clauses
Article I Legislative branch Article II Executive branch Article III Judicial branch Articles IV Relations among the states Article V Amendment process Article VI Payment of debts Supremacy
Clause oaths of office
Article VII Ratification
Structure of Constitution
bullAmendments Formal changes made to the ConstitutionTwenty-seven in total First ten referred to as the Bill of Rights
Principles of Constitution bull The language and structure of the Constitution reflects the basic principles of the US government system
bull PrinciplesmdashPopular sovereigntyRepresentative government Separation of powers Checks and balancesLimited governmentFederalism
Activity
Activity bull STEP 1 bull Fill in the graphic
organizer in your guided notes packet You have 8 minutes on your own to do this
bull STEP 2 On your own or with a partner create a tri-fold containing visual representations of three different principles of our government On the back explain each principle in 2 sentences
Principle Explanation
Popular Sovereignty Idea that people are the source of all power held by the government
Limited Government Government possesses only the powers the people give itmdashit must obey the Constitution
Separation of Powers Establishes three separate branches that share the governmentrsquos power These branches are the executive the legislative and the judicial
Checks and Balances Ensures that none of the three branches can become too powerful Each branch has ways to limit the power of the other two (ex President veto power)
Judicial Review Power of the courts to decide what the Constitution means The courts also have the power to declare a government action to be against the Constitution (unconstitutional)
Federalism Divides the power between the central government and the States
Check for UnderstandingSix PrinciplesNumber your paper from 1 - 8
Question 1
bullldquoWe the people of the United Stateshellipdo ordain and establish this Constitution for the United States of Americardquo
Popular Sovereignty
Question 2
bullldquoCongress shall make no law respecting an establishment of religion or prohibiting the free exercise thereof or abridging the freedom of speech or of the press or the right of the people to peacefully assemble and to petition the Government for a redress of grievancesrdquo
Limited Government
Question 3
bullDuring the Watergate Scandal prosecutors accused many of President Nixonrsquos closest advisors of breaking the law thus proving the rule of lawmdashNO ONE is above the law
Limited Government
Question 4
bullldquoThe accumulation of all powers legislative executive and judiciary in the same hands whether of one a few or manyhellipmay justly be pronounced the very definition of tyrannyrdquo
SEPARATION OF POWERS
Question 5
bullPresident Bush nominates Miss Dicks to be director of the CIA but the Senate refuses to confirm the appointment
Checks and Balances
Question 6
bullCongress in 2005 passes the Stem Cell Research Bill but President Bush vetos the bill
CHECKS AND BALANCES
Question 7
bullThe Supreme Court in 1954 determined that ldquoseparate but equalrdquo was not constitutional and overturned the Plessy vs Ferguson ruling
JUDICIAL REVIEW
Question 8
bullVA has a law that requires all candidates for a professional cosmeticianrsquos license complete classroom hours an unpaid internship and pass a qualifying test
Federalism
GroupsPopular
SovereigntySeparation of
PowersFederalism
bull bull bull
Judicial Review
Limited Government
Checks and Balances
bull bull bull
Separation of Powers
bull Legislative branchmdashmakes the laws
bull Executive branchmdashenforces the laws
bull Judicial branchmdashinterprets the law
Video
bullhttpwwwbrainpopcomsocialstudiesusgovernmentandlawbranchesofgovernment
Checks and Balances
Checks and balances
bullIn what was do the branches check on one another
bullhttpwwwsheppardsoftwarecomusa_gamegovernmentchecks_and_balanceshtm
Basic Principles
bullThe tenets of democracy are built upon five principlesmdashWorth of the individualEquality of all personsMajority rule minority rightsNecessity of compromiseIndividual freedom
Self- Worth
bull A recognition of the fundamental worth of every person
bull The democratic process reflects the collective set of individuals who make up society
Equality Democratic concept insists that all entitled tobull equality of opportunity bull equality before the law
bull Equality of opportunity suggests that no person should be held back for any arbitrary reason and must be free to develop him- or herself as fully as heshe can (or cares to)
bull Equality before the law suggests that each person should be treated as the equal of all other persons before the law
Compromise
bull A matter of compromise to determine the position most acceptable to the largest number of people
bull Because each individual is important and considered the equal of all others it stands to reason that people can only make public decisions by way of compromise
bullWhy is compromise important
Individual Freedombull Right of the
individual to be free as far as the freedom of all will allow
bull Democracy does not and cannot insist on the absolute freedom of the individual person
Write your ownhellipbull Now that you know what the foundations of
government arehellip Create your own Constitution (Or social contract)
What do you think is important to include What do you think could be taken out
Start with ldquoWe the peoplehelliprdquo and create the ideal contract
Preamble (brief introduction) Articles (what should it include based on what we
learned so far Include and agree on 10 points) Amendments (what do you think it should take to
change it)
bullFor your quiz tomorrowhellip What questions would you expect to seeWrite 5 and the answers on the back of the
paper
TED Talk
bullhttpwwwyoutubecomwatchv=ypqQ3-agpZo
Closure
bullExplain two principles of the constitution and how are they connected
What is Economics
bull Is the study of how people choose to use their limited resources to satisfy their unlimited wants and needs
Important Parts of Economicsndash
CHOICESSCARCITY
Economics ishellip
bullDependent upon assumptions
bullDependent upon simplification of reality
Back to our assumptionshellip
bullHuman Beings are rationalbullAll societies suffer from scarcity bullAll buyers seek to maximize utility
bullAll sellers seek to maximize profits
Scarcity refers to the limited number of resources (factors of production) that can be used to satisfy the unlimited human wants and needs
For the videohellip
bullWrite down 3 things you did not knowbullWrite down 3 things you did know
bullhttpwwwyoutubecomwatchv=TO7UTNS7r0w
Post Videohellip
bullDefine the main idea of the video in 4-5 words
Advertisement
bullKnowing some of the basics about what economics is and why we study ithellip
bullCreate an advertisement for an economics course BE SURE TO INCLUDE
3 images that represent different economic ideas
2 ldquothought bubblesrdquo that represent things yoursquoll learn about in economics
1 slogan that represents why economics is an important course to take
Political Cartoon Analysis
Factors of Production bull LAND
Also called Natural Resources Consider them ldquogifts of naturerdquo such as air
soil minerals water and plants
bull LABOR Also called Human Resources Includes physical and mental activities that go
into producing goodsservices
bull CAPITAL Includes tools machines buildings and
technologies
bull ENTREPRENEUR Risk taker who is responsible for combining
land labor and capital to produce goods and services
TASK
bullTask Why are entrepreneurs the driving force in our economy
bullAnswer in 2-3 sentences
The price ofhellip
bullLand is rentbullCapital is interestbullLabor is wagesbullEntrepreneurship is profit
Economic efficiency is achieved when all available resources are being used
All societies must answer three basic questions to satisfy the needs and wants of their populations
1 What to produce
bullShould it be military or civilian goods
bullFood or clothingbullMedicine or movies
2 How to produce it
bullAutomated or manual labor
bullExpensive or cheap materials
bullDomestic or overseas labor
3 For whom to produce it
bullThe wealthy or the needybullThe sick or the healthy
Application Activity
bull In groups of 2-3 create your own country (name it please)
bull With your countryrsquos name explain the Population geography and general population
information (iehellipbull Choose 5 items for your country to produce and
answer the three societal questions for eachALSO explain why this material would help your
economy thrivereach economic efficiencybull Create an advertisement for your country
withhellip Images representing what you produce and a
slogan for why your country is awesome
EQs
bullHow does scarcity impact decision making
Objectives amp Essential QuestionsbullObjectives
I will be able to create and reflect on a budget given new economics content
I will be able to understand scarcity and our mixed economy
bullEssential QuestionsHow does scarcity impact decision makingHow do we satisfy our economic wants
Group Activity Budget Activity
bullTeacher will break you into groups In your groups you will be creating a budget for a single family
bullYour group has been given an income for a year Given your family situation negotiate with your ldquofamilyrdquo to complete a budget for 1 month (keep in mind your $$ is in a given year)
bullhttpwwwyoutubecomwatchv=yoVc_S_gd_0
How do we satisfy our economic wants
bull We buy goods or services
bull Good ndash a physical object (tangible) that has been produced for salebull Durable ndash last 3+ yearsbull Nondurable ndash last up to 3 years
bull Service ndash work done by someone else for which someone is willing to pay
How do we make goods amp services
bull Use Factors of Production - The productive resources that go into producing goods and services
Production Equation
LAND + LABOR + CAPITAL = GOODSERVICE
inputs output
Economic Interdependence
bullWhat does lsquointerdependencersquo mean
bullIs our world becoming economic interdependent or independent
bullEconomic Interdependence the actions of one part of the
country (world) has an impact on what happens elsewhere
Wants amp Needs gt
Resources
Because of scarcity we
have to make choices
How do we make a choice What do we give up
What does this remind you of from our government unit
Making Choices to Deal With Scarcity
bullPeople seek to maximize their utility when making decisions This requires them to consider tradeoffs
Utility ndash the satisfaction or benefit a person receives from consuming a good or service
Tradeoffs ndash the alternate choices people have when making a decision also the benefitsadvantages of making on
decision over another
ExampleshellipbullSome choices are easy to makehellip
HmmhellipShould I have pizza or a hoagie for lunch today
bullOther decisions are agonizinghellipShould I get out of bed and go to
school today or should I sleep in
Task Reflecting on Personal Trade-offshellip
In the end what helped you decide amongst your choices
Think of ONE decision thatyou had to make in the last weekhellipIdentify your various
tradeoffs for that decision
Be prepared to share
Opportunity Cost
bullWhen comparing the top 2 choices it is the BENEFIT of the next best alternative that must be sacrificed to satisfy a want
bullYou do a cost-benefit analysis to figure out which decision is most beneficial
Opportunity Cost ndash The best thing we give up to get what
we want
What else influences your choices
bullPeople make decisions based on their marginal utility or the extra satisfaction they gain from one additional unit of a goodservice
bullLaw of Diminishing Marginal Utility says that as we get or do more of something the pleasure we derive from it tends to decrease and so does our willingness to buy it or do it
FinallyhellipWhy it Matters
Understanding the opportunity coststradeoffs of different choices in life makes you a
better decision-maker
Todayrsquos Message ndash ldquoTherersquos No Such Thing As a Free Lunchrdquo
You always have to give something uphelliprdquo
ALL Individuals Businesses amp Societies have to consider tradeoffsopportunity costs when making
decisions
Visualizing the Relationshiphellip
Limited Resources amp Unlimited Wants
Scarcity
Trade-offs (choices)
Opportunity Costs
ObjectivesEssential Questions
bullObjectivebullI will be able to understand (and teach)
the three different types of economies
bullEssential Question How do the different types of economies work
How Can We Measure What We Gain and Lose When
Making Choices
Answer With a Production Possibilities Frontier
Production Possibilities Frontier
bullDiagram representing the possible combinations of goods and or services an economy can produce when all resources are being fully employed
PPF Assumptions
bullWe live in a two good worldbullThere are fixed resourcesbullThere is fixed technologybullResources are not specialized
Production Possibilities Curve
CD
E
OU
TP
UT
OF
CO
NS
UM
ER
GO
OD
S
(un
its
per
yea
r)
OUTPUT OF MILITARY GOODS (units per year)
A
BO
XF
G
Limited resources necessitate choices about WHAT to produce
The Choices Nations Make
bullA nation must choose what to do with its scarce resources during war or periods of military buildup
bullProduce military goods or consumer goods
Economic Growth
2000 production possibilities
1900 production possibilities
OU
TP
UT
OF
CO
NS
UM
ER
GO
OD
S(u
nits
per
yea
r)
OUTPUT OF MILITARY GOODS (units per year)
Production possibilities increases with more resources and technology
The Classic Guns and Butter example
Guns
Butter
10000 20000 30000 40000 50000
1000009500085000
70000
5000040000
BA
C
D
E
F
At point A all resources are used for butter
Moving from point A to point B requires shifting resources out of butter and into guns
At point F all resources are used for Guns
Productivitybull A PPF can help us see how efficient our
choices are
bull Productivity - measurement of how efficiently we are utilizing our resources Is this the same as production
bull An economy producing on the curve = using their resources to produce the MAXIMUM amount of goodsservices
Locations on a PPF
bull Efficient Point place where an economy is achieving as much output as possible from a given amount of resources ndash occurs at any point on the curve
bull Inefficient Point ndash place where the economy is not functioning as it could be ndash occurs at any point inside the curve
bull Unattainable Point ndash place where the economy cannot produce given its current resources ndash occurs at any point outside the curve
Food
Computer
4
3
2
1
1 2 3 4
OC between 1 and 2 computers = 1 Food
UnitOC between 3 and 4 computers = 1 Food
Unit
Constantly giving up the same quantity of food to get
additional computers
STRAIGHT-LINE PPFs Constant OC
BOWED-OUT PPFs VaryingIncreasing OC
Principle of Increasing Costs
As a society produces more of one product the OC of producing
that product increases because we are using more resources that are poorly suited to produce it
Economic Systems
An economic system is the way a society coordinates the production and consumption of goods amp services
How a society answers the three basic economic questions determines which type of economic system they are
Three Types of Economic Systems Command Traditional Market
Jigsaw activity
bullYou will be placed in groups of 3 and assigned a type of economy
bullYou will have 7 minutes to read and come up with 4 key components
bullAfter the 7 minuteshellip 1rsquos go to the front of the classroom2rsquos go to the wall nearest the door3rsquos go to the wall nearest the courtyard
Economic amp Social Goals of an Economic System
bull Economic Freedom
bull Economic Efficiency
bull Economic Equity
bull Economic Security
Economic Stability
Economic Growth
Review of Economic Systems
bullA traditional economy relies on custom and tradition to dictate production and consumption
bullIn a command economy decisions about production and consumption are made by a powerful ruler or central authority
bullIn a market economy individual producers and consumers coordinate economic activity
What are the most important goals of each economic system
bullTraditionalSecurity and
StabilitybullCommand
Equity and Security
bullMARKETEfficiency and
Freedom
Societies differ in the degree of importance they attach to each goal Progress toward one goal can sometimes be achieved only
at the expense of another (TRADEOFFS)
Which economic system does the US use
The American Economic System
bullWe have a mixed market economy
COMMAND MARKET
The US mixed economybull In a mixed economyhellip
Individuals Own the factors of production Possess freedom to produce or consume Must operate under confines of law
Government Protects workers and consumers Regulates business and preserves competition Provide public goodsbenefits
Think backhellip
bullWhat does this remind you of from the beginning of the unit
US Economic System Characteristics 1 Economic freedom (ldquolaissez-fairerdquo)
2 Limited government
3 Equal opportunity
4 Competition
5 Profit motive
6 Property Rights
7 Binding Contracts
Understanding how all parts fit together
Circular Flow of Economic Activity Represents a market economy
2 main ldquomarketsrdquoProduct Market Factor Market
where goods and services where the 4 factors ofare boughtsold production are boughtsold
Shows interdependence between
businesses and individuals
Marriage Vowsbull CONGRATULATIONS The government and the economy
are renewing their marriage vows You are cordially invited to the ceremony but this perfect couple needs your help
bull Using what you have learned this unit and using the textbook
bull You will explain the way government and the economy are connected (made for each other) You will demonstrate this answer in the format of wedding vows
bull You must use at least 5 of the following words Producers Taxes Consumers Restrictions Markets Freedom GoodsServices Limited
bull Look back to US Economic System Characteristics bull Each set of vows must be at least 6 lines
Do you remember
bullWrite the following question downbullWhy does the United States have a
democracy and mixed economy
- Foundations of Government and Economics
- On your blank piece of paperhellip
- Slide 3
- Warm-Up 1 - 9414
- Introductory thoughts hellip
- Slide 6
- 2 How about to your life
- Slide 8
- Slide 9
- Slide 10
- Slide 11
- Warm Up -2a- 9514 The New York Times and CBS News Pollhellip
- Warm up 2bndash In Journal-
- Economist and Politician Assumptions
- Individualism
- Quote activity
- Quote breakdown
- Warm Up 3- Current Event 9814
- Purpose of Government
- Slide 20
- 3 Theorists
- Activity
- Origins of American Government A customized government
- Origins of American Government A customized government (2)
- Origins of American Government A customized government (3)
- With which theory do you agree more Why
- The ldquoOriginal Dilemmardquo
- Warm Up 5 Hobbes and Locke
- Groups Block 2
- Groups Block 4
- Balloon Game
- You will have 10 minutes to get as many filled balloons on the
- Balloon Game Debriefing
- Political Theories
- Social Contract
- Natural Rights
- Democracy
- Concepts of Government
- Warm up 6 ndash 91114
- Warm Up 7
- And after the Constitution
- Activity (2)
- Picture Activity
- Constitutional Convention
- Purpose of the Convention
- VA Plan v NJ Plan
- Virginia Plan ldquoLarge State Planrdquo
- New Jersey Plan ldquoSmall State Planrdquo
- Your Task
- Closure
- States agree
- Quote
- Structure of Constitution
- Structure of Constitution
- 6 Purpose of Government
- Structure of Constitution (2)
- Structure of Constitution (3)
- Principles of Constitution
- Activity
- Slide 60
- Check for Understanding Six Principles
- Question 1
- Question 2
- Question 3
- Question 4
- Question 5
- Question 6
- Question 7
- Question 8
- Groups
- Separation of Powers
- Video
- Checks and Balances
- Slide 74
- Checks and balances
- Basic Principles
- Self- Worth
- Equality
- Compromise
- Individual Freedom
- Write your ownhellip
- Slide 82
- TED Talk
- Closure
- What is Economics
- Economics ishellip
- Back to our assumptionshellip
- Scarcity refers to the limited number of resources (factors of
- For the videohellip
- Slide 90
- Post Videohellip
- Advertisement
- Political Cartoon Analysis
- Factors of Production
- TASK
- The price ofhellip
- Economic efficiency is achieved when all available resources ar
- 1 What to produce
- 2 How to produce it
- 3 For whom to produce it
- Application Activity
- EQs
- Objectives amp Essential Questions
- Group Activity Budget Activity
- Slide 105
- How do we satisfy our economic wants
- How do we make goods amp services
- Economic Interdependence
- Slide 109
- Making Choices to Deal With Scarcity
- Exampleshellip
- Task Reflecting on Personal Trade-offshellip
- Opportunity Cost
- What else influences your choices
- Finallyhellip Why it Matters
- Visualizing the Relationshiphellip
- ObjectivesEssential Questions
- How Can We Measure What We Gain and Lose When Making Choices
- Production Possibilities Frontier
- PPF Assumptions
- Slide 121
- Production Possibilities Curve
- The Choices Nations Make
- Economic Growth
- The Classic Guns and Butter example
- Productivity
- Locations on a PPF
- Slide 128
- BOWED-OUT PPFs VaryingIncreasing OC
- Economic Systems
- Jigsaw activity
- Slide 132
- Economic amp Social Goals of an Economic System
- Review of Economic Systems
- Slide 135
- What are the most important goals of each economic system
- Which economic system does the US use
- The American Economic System
- The US mixed economy
- Slide 140
- Think backhellip
- US Economic System Characteristics
- Slide 143
- Understanding how all parts fit together
- Marriage Vows
- Do you remember
- Slide 147
-
Purpose of the ConventionbullInitial Purpose was to revise the Articles of
Confederation bullDelegates quickly realized they were
meeting to create a new government (with 3 branches)
VA Plan v NJ Plan
Several plans were proposed to correct the weaknesses of the Articles
bullVirginia PlanbullNew Jersey Plan
Major similarities between the 2 plansbullThree branches of governmentbullCongress retains powers granted under AOCbullExecutive chosen by Congress
Virginia Plan ldquoLarge State Planrdquo
bullStrong central govrsquotbullL Bicameral Congress
Representation based on population
bullE ldquoPresidentrdquo Chosen by Congress
bullJ 1+ supreme courts with lower courtsChosen by Congress
New Jersey PlanldquoSmall State PlanrdquobullStrong state governmentbullL Unicameral Congress
Each state would have = representationExpand power to tax amp regulate trade
bullE Two-person presidencyChosen by Congress able to be removed
bullJ Single Supreme CourtChosen by Executive
Your Task
Create a billboard advertisement detailing thefeatures of one of the plans ndash NJ or VA - the choice is yoursbullGoal ldquosellrdquo your plan to the people ndash persuade
them to choose your planUse catchy phrasesslogans and be sure to
include the historical features of your plan (VA or NJ)
At the end of this project we will vote on the most persuasive and appealing billboard ndash this group will receive extra credit on the Unit Assessment
Closure
bullWhat do you think (or know) happens to these two plans
States agreebull States agree to (ratify) the Constitution
only after it was agreed that a Bill of Rights be addedConstitution takes effect in 1788Bill of Rights added in 1791
bullThe Constitution is written in language that is deliberately vague as a result of compromise and to allow for flexibilityWhy
Quote
bullThe United States Constitution has proved itself the most marvelously elastic compilation of rules of government ever written ndash FDR
bullWhat words stick to you in this quote Why
Structure of Constitutionbull Provides basic
framework for US government
bull Outlines basic principles structure and processes
bull Three partsmdashPreambleArticlesAmendments
Structure of Constitution bull Preamble
Introduction to the Constitution Lists ideas that the government should stand for
and states purposes We the people of the United States in Order
to form a more perfect Union establish Justice insure domestic Tranquility provide for the common defense promote the general Welfare and secure the Blessings of Liberty to ourselves and our Prosperity do ordain and establish this Constitution for the United States of Americardquo
6 Purpose of Government bull Form a More Perfect Union
bull Establish Justice bull Insure Domestic Tranquility
bull Provide for the Common Defense
bull Promote the General Welfare
bull Secure the Blessings of Liberty
For each phrase consider the followinghellip
1 Why do you think the Framerrsquos put this phrase in the US Constitution
2 Is this phrase important today
Structure of Constitution bullArticles
Main body of the Constitution Lay out basic structure of the national
governmentFurther broken down into sections and clauses
Article I Legislative branch Article II Executive branch Article III Judicial branch Articles IV Relations among the states Article V Amendment process Article VI Payment of debts Supremacy
Clause oaths of office
Article VII Ratification
Structure of Constitution
bullAmendments Formal changes made to the ConstitutionTwenty-seven in total First ten referred to as the Bill of Rights
Principles of Constitution bull The language and structure of the Constitution reflects the basic principles of the US government system
bull PrinciplesmdashPopular sovereigntyRepresentative government Separation of powers Checks and balancesLimited governmentFederalism
Activity
Activity bull STEP 1 bull Fill in the graphic
organizer in your guided notes packet You have 8 minutes on your own to do this
bull STEP 2 On your own or with a partner create a tri-fold containing visual representations of three different principles of our government On the back explain each principle in 2 sentences
Principle Explanation
Popular Sovereignty Idea that people are the source of all power held by the government
Limited Government Government possesses only the powers the people give itmdashit must obey the Constitution
Separation of Powers Establishes three separate branches that share the governmentrsquos power These branches are the executive the legislative and the judicial
Checks and Balances Ensures that none of the three branches can become too powerful Each branch has ways to limit the power of the other two (ex President veto power)
Judicial Review Power of the courts to decide what the Constitution means The courts also have the power to declare a government action to be against the Constitution (unconstitutional)
Federalism Divides the power between the central government and the States
Check for UnderstandingSix PrinciplesNumber your paper from 1 - 8
Question 1
bullldquoWe the people of the United Stateshellipdo ordain and establish this Constitution for the United States of Americardquo
Popular Sovereignty
Question 2
bullldquoCongress shall make no law respecting an establishment of religion or prohibiting the free exercise thereof or abridging the freedom of speech or of the press or the right of the people to peacefully assemble and to petition the Government for a redress of grievancesrdquo
Limited Government
Question 3
bullDuring the Watergate Scandal prosecutors accused many of President Nixonrsquos closest advisors of breaking the law thus proving the rule of lawmdashNO ONE is above the law
Limited Government
Question 4
bullldquoThe accumulation of all powers legislative executive and judiciary in the same hands whether of one a few or manyhellipmay justly be pronounced the very definition of tyrannyrdquo
SEPARATION OF POWERS
Question 5
bullPresident Bush nominates Miss Dicks to be director of the CIA but the Senate refuses to confirm the appointment
Checks and Balances
Question 6
bullCongress in 2005 passes the Stem Cell Research Bill but President Bush vetos the bill
CHECKS AND BALANCES
Question 7
bullThe Supreme Court in 1954 determined that ldquoseparate but equalrdquo was not constitutional and overturned the Plessy vs Ferguson ruling
JUDICIAL REVIEW
Question 8
bullVA has a law that requires all candidates for a professional cosmeticianrsquos license complete classroom hours an unpaid internship and pass a qualifying test
Federalism
GroupsPopular
SovereigntySeparation of
PowersFederalism
bull bull bull
Judicial Review
Limited Government
Checks and Balances
bull bull bull
Separation of Powers
bull Legislative branchmdashmakes the laws
bull Executive branchmdashenforces the laws
bull Judicial branchmdashinterprets the law
Video
bullhttpwwwbrainpopcomsocialstudiesusgovernmentandlawbranchesofgovernment
Checks and Balances
Checks and balances
bullIn what was do the branches check on one another
bullhttpwwwsheppardsoftwarecomusa_gamegovernmentchecks_and_balanceshtm
Basic Principles
bullThe tenets of democracy are built upon five principlesmdashWorth of the individualEquality of all personsMajority rule minority rightsNecessity of compromiseIndividual freedom
Self- Worth
bull A recognition of the fundamental worth of every person
bull The democratic process reflects the collective set of individuals who make up society
Equality Democratic concept insists that all entitled tobull equality of opportunity bull equality before the law
bull Equality of opportunity suggests that no person should be held back for any arbitrary reason and must be free to develop him- or herself as fully as heshe can (or cares to)
bull Equality before the law suggests that each person should be treated as the equal of all other persons before the law
Compromise
bull A matter of compromise to determine the position most acceptable to the largest number of people
bull Because each individual is important and considered the equal of all others it stands to reason that people can only make public decisions by way of compromise
bullWhy is compromise important
Individual Freedombull Right of the
individual to be free as far as the freedom of all will allow
bull Democracy does not and cannot insist on the absolute freedom of the individual person
Write your ownhellipbull Now that you know what the foundations of
government arehellip Create your own Constitution (Or social contract)
What do you think is important to include What do you think could be taken out
Start with ldquoWe the peoplehelliprdquo and create the ideal contract
Preamble (brief introduction) Articles (what should it include based on what we
learned so far Include and agree on 10 points) Amendments (what do you think it should take to
change it)
bullFor your quiz tomorrowhellip What questions would you expect to seeWrite 5 and the answers on the back of the
paper
TED Talk
bullhttpwwwyoutubecomwatchv=ypqQ3-agpZo
Closure
bullExplain two principles of the constitution and how are they connected
What is Economics
bull Is the study of how people choose to use their limited resources to satisfy their unlimited wants and needs
Important Parts of Economicsndash
CHOICESSCARCITY
Economics ishellip
bullDependent upon assumptions
bullDependent upon simplification of reality
Back to our assumptionshellip
bullHuman Beings are rationalbullAll societies suffer from scarcity bullAll buyers seek to maximize utility
bullAll sellers seek to maximize profits
Scarcity refers to the limited number of resources (factors of production) that can be used to satisfy the unlimited human wants and needs
For the videohellip
bullWrite down 3 things you did not knowbullWrite down 3 things you did know
bullhttpwwwyoutubecomwatchv=TO7UTNS7r0w
Post Videohellip
bullDefine the main idea of the video in 4-5 words
Advertisement
bullKnowing some of the basics about what economics is and why we study ithellip
bullCreate an advertisement for an economics course BE SURE TO INCLUDE
3 images that represent different economic ideas
2 ldquothought bubblesrdquo that represent things yoursquoll learn about in economics
1 slogan that represents why economics is an important course to take
Political Cartoon Analysis
Factors of Production bull LAND
Also called Natural Resources Consider them ldquogifts of naturerdquo such as air
soil minerals water and plants
bull LABOR Also called Human Resources Includes physical and mental activities that go
into producing goodsservices
bull CAPITAL Includes tools machines buildings and
technologies
bull ENTREPRENEUR Risk taker who is responsible for combining
land labor and capital to produce goods and services
TASK
bullTask Why are entrepreneurs the driving force in our economy
bullAnswer in 2-3 sentences
The price ofhellip
bullLand is rentbullCapital is interestbullLabor is wagesbullEntrepreneurship is profit
Economic efficiency is achieved when all available resources are being used
All societies must answer three basic questions to satisfy the needs and wants of their populations
1 What to produce
bullShould it be military or civilian goods
bullFood or clothingbullMedicine or movies
2 How to produce it
bullAutomated or manual labor
bullExpensive or cheap materials
bullDomestic or overseas labor
3 For whom to produce it
bullThe wealthy or the needybullThe sick or the healthy
Application Activity
bull In groups of 2-3 create your own country (name it please)
bull With your countryrsquos name explain the Population geography and general population
information (iehellipbull Choose 5 items for your country to produce and
answer the three societal questions for eachALSO explain why this material would help your
economy thrivereach economic efficiencybull Create an advertisement for your country
withhellip Images representing what you produce and a
slogan for why your country is awesome
EQs
bullHow does scarcity impact decision making
Objectives amp Essential QuestionsbullObjectives
I will be able to create and reflect on a budget given new economics content
I will be able to understand scarcity and our mixed economy
bullEssential QuestionsHow does scarcity impact decision makingHow do we satisfy our economic wants
Group Activity Budget Activity
bullTeacher will break you into groups In your groups you will be creating a budget for a single family
bullYour group has been given an income for a year Given your family situation negotiate with your ldquofamilyrdquo to complete a budget for 1 month (keep in mind your $$ is in a given year)
bullhttpwwwyoutubecomwatchv=yoVc_S_gd_0
How do we satisfy our economic wants
bull We buy goods or services
bull Good ndash a physical object (tangible) that has been produced for salebull Durable ndash last 3+ yearsbull Nondurable ndash last up to 3 years
bull Service ndash work done by someone else for which someone is willing to pay
How do we make goods amp services
bull Use Factors of Production - The productive resources that go into producing goods and services
Production Equation
LAND + LABOR + CAPITAL = GOODSERVICE
inputs output
Economic Interdependence
bullWhat does lsquointerdependencersquo mean
bullIs our world becoming economic interdependent or independent
bullEconomic Interdependence the actions of one part of the
country (world) has an impact on what happens elsewhere
Wants amp Needs gt
Resources
Because of scarcity we
have to make choices
How do we make a choice What do we give up
What does this remind you of from our government unit
Making Choices to Deal With Scarcity
bullPeople seek to maximize their utility when making decisions This requires them to consider tradeoffs
Utility ndash the satisfaction or benefit a person receives from consuming a good or service
Tradeoffs ndash the alternate choices people have when making a decision also the benefitsadvantages of making on
decision over another
ExampleshellipbullSome choices are easy to makehellip
HmmhellipShould I have pizza or a hoagie for lunch today
bullOther decisions are agonizinghellipShould I get out of bed and go to
school today or should I sleep in
Task Reflecting on Personal Trade-offshellip
In the end what helped you decide amongst your choices
Think of ONE decision thatyou had to make in the last weekhellipIdentify your various
tradeoffs for that decision
Be prepared to share
Opportunity Cost
bullWhen comparing the top 2 choices it is the BENEFIT of the next best alternative that must be sacrificed to satisfy a want
bullYou do a cost-benefit analysis to figure out which decision is most beneficial
Opportunity Cost ndash The best thing we give up to get what
we want
What else influences your choices
bullPeople make decisions based on their marginal utility or the extra satisfaction they gain from one additional unit of a goodservice
bullLaw of Diminishing Marginal Utility says that as we get or do more of something the pleasure we derive from it tends to decrease and so does our willingness to buy it or do it
FinallyhellipWhy it Matters
Understanding the opportunity coststradeoffs of different choices in life makes you a
better decision-maker
Todayrsquos Message ndash ldquoTherersquos No Such Thing As a Free Lunchrdquo
You always have to give something uphelliprdquo
ALL Individuals Businesses amp Societies have to consider tradeoffsopportunity costs when making
decisions
Visualizing the Relationshiphellip
Limited Resources amp Unlimited Wants
Scarcity
Trade-offs (choices)
Opportunity Costs
ObjectivesEssential Questions
bullObjectivebullI will be able to understand (and teach)
the three different types of economies
bullEssential Question How do the different types of economies work
How Can We Measure What We Gain and Lose When
Making Choices
Answer With a Production Possibilities Frontier
Production Possibilities Frontier
bullDiagram representing the possible combinations of goods and or services an economy can produce when all resources are being fully employed
PPF Assumptions
bullWe live in a two good worldbullThere are fixed resourcesbullThere is fixed technologybullResources are not specialized
Production Possibilities Curve
CD
E
OU
TP
UT
OF
CO
NS
UM
ER
GO
OD
S
(un
its
per
yea
r)
OUTPUT OF MILITARY GOODS (units per year)
A
BO
XF
G
Limited resources necessitate choices about WHAT to produce
The Choices Nations Make
bullA nation must choose what to do with its scarce resources during war or periods of military buildup
bullProduce military goods or consumer goods
Economic Growth
2000 production possibilities
1900 production possibilities
OU
TP
UT
OF
CO
NS
UM
ER
GO
OD
S(u
nits
per
yea
r)
OUTPUT OF MILITARY GOODS (units per year)
Production possibilities increases with more resources and technology
The Classic Guns and Butter example
Guns
Butter
10000 20000 30000 40000 50000
1000009500085000
70000
5000040000
BA
C
D
E
F
At point A all resources are used for butter
Moving from point A to point B requires shifting resources out of butter and into guns
At point F all resources are used for Guns
Productivitybull A PPF can help us see how efficient our
choices are
bull Productivity - measurement of how efficiently we are utilizing our resources Is this the same as production
bull An economy producing on the curve = using their resources to produce the MAXIMUM amount of goodsservices
Locations on a PPF
bull Efficient Point place where an economy is achieving as much output as possible from a given amount of resources ndash occurs at any point on the curve
bull Inefficient Point ndash place where the economy is not functioning as it could be ndash occurs at any point inside the curve
bull Unattainable Point ndash place where the economy cannot produce given its current resources ndash occurs at any point outside the curve
Food
Computer
4
3
2
1
1 2 3 4
OC between 1 and 2 computers = 1 Food
UnitOC between 3 and 4 computers = 1 Food
Unit
Constantly giving up the same quantity of food to get
additional computers
STRAIGHT-LINE PPFs Constant OC
BOWED-OUT PPFs VaryingIncreasing OC
Principle of Increasing Costs
As a society produces more of one product the OC of producing
that product increases because we are using more resources that are poorly suited to produce it
Economic Systems
An economic system is the way a society coordinates the production and consumption of goods amp services
How a society answers the three basic economic questions determines which type of economic system they are
Three Types of Economic Systems Command Traditional Market
Jigsaw activity
bullYou will be placed in groups of 3 and assigned a type of economy
bullYou will have 7 minutes to read and come up with 4 key components
bullAfter the 7 minuteshellip 1rsquos go to the front of the classroom2rsquos go to the wall nearest the door3rsquos go to the wall nearest the courtyard
Economic amp Social Goals of an Economic System
bull Economic Freedom
bull Economic Efficiency
bull Economic Equity
bull Economic Security
Economic Stability
Economic Growth
Review of Economic Systems
bullA traditional economy relies on custom and tradition to dictate production and consumption
bullIn a command economy decisions about production and consumption are made by a powerful ruler or central authority
bullIn a market economy individual producers and consumers coordinate economic activity
What are the most important goals of each economic system
bullTraditionalSecurity and
StabilitybullCommand
Equity and Security
bullMARKETEfficiency and
Freedom
Societies differ in the degree of importance they attach to each goal Progress toward one goal can sometimes be achieved only
at the expense of another (TRADEOFFS)
Which economic system does the US use
The American Economic System
bullWe have a mixed market economy
COMMAND MARKET
The US mixed economybull In a mixed economyhellip
Individuals Own the factors of production Possess freedom to produce or consume Must operate under confines of law
Government Protects workers and consumers Regulates business and preserves competition Provide public goodsbenefits
Think backhellip
bullWhat does this remind you of from the beginning of the unit
US Economic System Characteristics 1 Economic freedom (ldquolaissez-fairerdquo)
2 Limited government
3 Equal opportunity
4 Competition
5 Profit motive
6 Property Rights
7 Binding Contracts
Understanding how all parts fit together
Circular Flow of Economic Activity Represents a market economy
2 main ldquomarketsrdquoProduct Market Factor Market
where goods and services where the 4 factors ofare boughtsold production are boughtsold
Shows interdependence between
businesses and individuals
Marriage Vowsbull CONGRATULATIONS The government and the economy
are renewing their marriage vows You are cordially invited to the ceremony but this perfect couple needs your help
bull Using what you have learned this unit and using the textbook
bull You will explain the way government and the economy are connected (made for each other) You will demonstrate this answer in the format of wedding vows
bull You must use at least 5 of the following words Producers Taxes Consumers Restrictions Markets Freedom GoodsServices Limited
bull Look back to US Economic System Characteristics bull Each set of vows must be at least 6 lines
Do you remember
bullWrite the following question downbullWhy does the United States have a
democracy and mixed economy
- Foundations of Government and Economics
- On your blank piece of paperhellip
- Slide 3
- Warm-Up 1 - 9414
- Introductory thoughts hellip
- Slide 6
- 2 How about to your life
- Slide 8
- Slide 9
- Slide 10
- Slide 11
- Warm Up -2a- 9514 The New York Times and CBS News Pollhellip
- Warm up 2bndash In Journal-
- Economist and Politician Assumptions
- Individualism
- Quote activity
- Quote breakdown
- Warm Up 3- Current Event 9814
- Purpose of Government
- Slide 20
- 3 Theorists
- Activity
- Origins of American Government A customized government
- Origins of American Government A customized government (2)
- Origins of American Government A customized government (3)
- With which theory do you agree more Why
- The ldquoOriginal Dilemmardquo
- Warm Up 5 Hobbes and Locke
- Groups Block 2
- Groups Block 4
- Balloon Game
- You will have 10 minutes to get as many filled balloons on the
- Balloon Game Debriefing
- Political Theories
- Social Contract
- Natural Rights
- Democracy
- Concepts of Government
- Warm up 6 ndash 91114
- Warm Up 7
- And after the Constitution
- Activity (2)
- Picture Activity
- Constitutional Convention
- Purpose of the Convention
- VA Plan v NJ Plan
- Virginia Plan ldquoLarge State Planrdquo
- New Jersey Plan ldquoSmall State Planrdquo
- Your Task
- Closure
- States agree
- Quote
- Structure of Constitution
- Structure of Constitution
- 6 Purpose of Government
- Structure of Constitution (2)
- Structure of Constitution (3)
- Principles of Constitution
- Activity
- Slide 60
- Check for Understanding Six Principles
- Question 1
- Question 2
- Question 3
- Question 4
- Question 5
- Question 6
- Question 7
- Question 8
- Groups
- Separation of Powers
- Video
- Checks and Balances
- Slide 74
- Checks and balances
- Basic Principles
- Self- Worth
- Equality
- Compromise
- Individual Freedom
- Write your ownhellip
- Slide 82
- TED Talk
- Closure
- What is Economics
- Economics ishellip
- Back to our assumptionshellip
- Scarcity refers to the limited number of resources (factors of
- For the videohellip
- Slide 90
- Post Videohellip
- Advertisement
- Political Cartoon Analysis
- Factors of Production
- TASK
- The price ofhellip
- Economic efficiency is achieved when all available resources ar
- 1 What to produce
- 2 How to produce it
- 3 For whom to produce it
- Application Activity
- EQs
- Objectives amp Essential Questions
- Group Activity Budget Activity
- Slide 105
- How do we satisfy our economic wants
- How do we make goods amp services
- Economic Interdependence
- Slide 109
- Making Choices to Deal With Scarcity
- Exampleshellip
- Task Reflecting on Personal Trade-offshellip
- Opportunity Cost
- What else influences your choices
- Finallyhellip Why it Matters
- Visualizing the Relationshiphellip
- ObjectivesEssential Questions
- How Can We Measure What We Gain and Lose When Making Choices
- Production Possibilities Frontier
- PPF Assumptions
- Slide 121
- Production Possibilities Curve
- The Choices Nations Make
- Economic Growth
- The Classic Guns and Butter example
- Productivity
- Locations on a PPF
- Slide 128
- BOWED-OUT PPFs VaryingIncreasing OC
- Economic Systems
- Jigsaw activity
- Slide 132
- Economic amp Social Goals of an Economic System
- Review of Economic Systems
- Slide 135
- What are the most important goals of each economic system
- Which economic system does the US use
- The American Economic System
- The US mixed economy
- Slide 140
- Think backhellip
- US Economic System Characteristics
- Slide 143
- Understanding how all parts fit together
- Marriage Vows
- Do you remember
- Slide 147
-
VA Plan v NJ Plan
Several plans were proposed to correct the weaknesses of the Articles
bullVirginia PlanbullNew Jersey Plan
Major similarities between the 2 plansbullThree branches of governmentbullCongress retains powers granted under AOCbullExecutive chosen by Congress
Virginia Plan ldquoLarge State Planrdquo
bullStrong central govrsquotbullL Bicameral Congress
Representation based on population
bullE ldquoPresidentrdquo Chosen by Congress
bullJ 1+ supreme courts with lower courtsChosen by Congress
New Jersey PlanldquoSmall State PlanrdquobullStrong state governmentbullL Unicameral Congress
Each state would have = representationExpand power to tax amp regulate trade
bullE Two-person presidencyChosen by Congress able to be removed
bullJ Single Supreme CourtChosen by Executive
Your Task
Create a billboard advertisement detailing thefeatures of one of the plans ndash NJ or VA - the choice is yoursbullGoal ldquosellrdquo your plan to the people ndash persuade
them to choose your planUse catchy phrasesslogans and be sure to
include the historical features of your plan (VA or NJ)
At the end of this project we will vote on the most persuasive and appealing billboard ndash this group will receive extra credit on the Unit Assessment
Closure
bullWhat do you think (or know) happens to these two plans
States agreebull States agree to (ratify) the Constitution
only after it was agreed that a Bill of Rights be addedConstitution takes effect in 1788Bill of Rights added in 1791
bullThe Constitution is written in language that is deliberately vague as a result of compromise and to allow for flexibilityWhy
Quote
bullThe United States Constitution has proved itself the most marvelously elastic compilation of rules of government ever written ndash FDR
bullWhat words stick to you in this quote Why
Structure of Constitutionbull Provides basic
framework for US government
bull Outlines basic principles structure and processes
bull Three partsmdashPreambleArticlesAmendments
Structure of Constitution bull Preamble
Introduction to the Constitution Lists ideas that the government should stand for
and states purposes We the people of the United States in Order
to form a more perfect Union establish Justice insure domestic Tranquility provide for the common defense promote the general Welfare and secure the Blessings of Liberty to ourselves and our Prosperity do ordain and establish this Constitution for the United States of Americardquo
6 Purpose of Government bull Form a More Perfect Union
bull Establish Justice bull Insure Domestic Tranquility
bull Provide for the Common Defense
bull Promote the General Welfare
bull Secure the Blessings of Liberty
For each phrase consider the followinghellip
1 Why do you think the Framerrsquos put this phrase in the US Constitution
2 Is this phrase important today
Structure of Constitution bullArticles
Main body of the Constitution Lay out basic structure of the national
governmentFurther broken down into sections and clauses
Article I Legislative branch Article II Executive branch Article III Judicial branch Articles IV Relations among the states Article V Amendment process Article VI Payment of debts Supremacy
Clause oaths of office
Article VII Ratification
Structure of Constitution
bullAmendments Formal changes made to the ConstitutionTwenty-seven in total First ten referred to as the Bill of Rights
Principles of Constitution bull The language and structure of the Constitution reflects the basic principles of the US government system
bull PrinciplesmdashPopular sovereigntyRepresentative government Separation of powers Checks and balancesLimited governmentFederalism
Activity
Activity bull STEP 1 bull Fill in the graphic
organizer in your guided notes packet You have 8 minutes on your own to do this
bull STEP 2 On your own or with a partner create a tri-fold containing visual representations of three different principles of our government On the back explain each principle in 2 sentences
Principle Explanation
Popular Sovereignty Idea that people are the source of all power held by the government
Limited Government Government possesses only the powers the people give itmdashit must obey the Constitution
Separation of Powers Establishes three separate branches that share the governmentrsquos power These branches are the executive the legislative and the judicial
Checks and Balances Ensures that none of the three branches can become too powerful Each branch has ways to limit the power of the other two (ex President veto power)
Judicial Review Power of the courts to decide what the Constitution means The courts also have the power to declare a government action to be against the Constitution (unconstitutional)
Federalism Divides the power between the central government and the States
Check for UnderstandingSix PrinciplesNumber your paper from 1 - 8
Question 1
bullldquoWe the people of the United Stateshellipdo ordain and establish this Constitution for the United States of Americardquo
Popular Sovereignty
Question 2
bullldquoCongress shall make no law respecting an establishment of religion or prohibiting the free exercise thereof or abridging the freedom of speech or of the press or the right of the people to peacefully assemble and to petition the Government for a redress of grievancesrdquo
Limited Government
Question 3
bullDuring the Watergate Scandal prosecutors accused many of President Nixonrsquos closest advisors of breaking the law thus proving the rule of lawmdashNO ONE is above the law
Limited Government
Question 4
bullldquoThe accumulation of all powers legislative executive and judiciary in the same hands whether of one a few or manyhellipmay justly be pronounced the very definition of tyrannyrdquo
SEPARATION OF POWERS
Question 5
bullPresident Bush nominates Miss Dicks to be director of the CIA but the Senate refuses to confirm the appointment
Checks and Balances
Question 6
bullCongress in 2005 passes the Stem Cell Research Bill but President Bush vetos the bill
CHECKS AND BALANCES
Question 7
bullThe Supreme Court in 1954 determined that ldquoseparate but equalrdquo was not constitutional and overturned the Plessy vs Ferguson ruling
JUDICIAL REVIEW
Question 8
bullVA has a law that requires all candidates for a professional cosmeticianrsquos license complete classroom hours an unpaid internship and pass a qualifying test
Federalism
GroupsPopular
SovereigntySeparation of
PowersFederalism
bull bull bull
Judicial Review
Limited Government
Checks and Balances
bull bull bull
Separation of Powers
bull Legislative branchmdashmakes the laws
bull Executive branchmdashenforces the laws
bull Judicial branchmdashinterprets the law
Video
bullhttpwwwbrainpopcomsocialstudiesusgovernmentandlawbranchesofgovernment
Checks and Balances
Checks and balances
bullIn what was do the branches check on one another
bullhttpwwwsheppardsoftwarecomusa_gamegovernmentchecks_and_balanceshtm
Basic Principles
bullThe tenets of democracy are built upon five principlesmdashWorth of the individualEquality of all personsMajority rule minority rightsNecessity of compromiseIndividual freedom
Self- Worth
bull A recognition of the fundamental worth of every person
bull The democratic process reflects the collective set of individuals who make up society
Equality Democratic concept insists that all entitled tobull equality of opportunity bull equality before the law
bull Equality of opportunity suggests that no person should be held back for any arbitrary reason and must be free to develop him- or herself as fully as heshe can (or cares to)
bull Equality before the law suggests that each person should be treated as the equal of all other persons before the law
Compromise
bull A matter of compromise to determine the position most acceptable to the largest number of people
bull Because each individual is important and considered the equal of all others it stands to reason that people can only make public decisions by way of compromise
bullWhy is compromise important
Individual Freedombull Right of the
individual to be free as far as the freedom of all will allow
bull Democracy does not and cannot insist on the absolute freedom of the individual person
Write your ownhellipbull Now that you know what the foundations of
government arehellip Create your own Constitution (Or social contract)
What do you think is important to include What do you think could be taken out
Start with ldquoWe the peoplehelliprdquo and create the ideal contract
Preamble (brief introduction) Articles (what should it include based on what we
learned so far Include and agree on 10 points) Amendments (what do you think it should take to
change it)
bullFor your quiz tomorrowhellip What questions would you expect to seeWrite 5 and the answers on the back of the
paper
TED Talk
bullhttpwwwyoutubecomwatchv=ypqQ3-agpZo
Closure
bullExplain two principles of the constitution and how are they connected
What is Economics
bull Is the study of how people choose to use their limited resources to satisfy their unlimited wants and needs
Important Parts of Economicsndash
CHOICESSCARCITY
Economics ishellip
bullDependent upon assumptions
bullDependent upon simplification of reality
Back to our assumptionshellip
bullHuman Beings are rationalbullAll societies suffer from scarcity bullAll buyers seek to maximize utility
bullAll sellers seek to maximize profits
Scarcity refers to the limited number of resources (factors of production) that can be used to satisfy the unlimited human wants and needs
For the videohellip
bullWrite down 3 things you did not knowbullWrite down 3 things you did know
bullhttpwwwyoutubecomwatchv=TO7UTNS7r0w
Post Videohellip
bullDefine the main idea of the video in 4-5 words
Advertisement
bullKnowing some of the basics about what economics is and why we study ithellip
bullCreate an advertisement for an economics course BE SURE TO INCLUDE
3 images that represent different economic ideas
2 ldquothought bubblesrdquo that represent things yoursquoll learn about in economics
1 slogan that represents why economics is an important course to take
Political Cartoon Analysis
Factors of Production bull LAND
Also called Natural Resources Consider them ldquogifts of naturerdquo such as air
soil minerals water and plants
bull LABOR Also called Human Resources Includes physical and mental activities that go
into producing goodsservices
bull CAPITAL Includes tools machines buildings and
technologies
bull ENTREPRENEUR Risk taker who is responsible for combining
land labor and capital to produce goods and services
TASK
bullTask Why are entrepreneurs the driving force in our economy
bullAnswer in 2-3 sentences
The price ofhellip
bullLand is rentbullCapital is interestbullLabor is wagesbullEntrepreneurship is profit
Economic efficiency is achieved when all available resources are being used
All societies must answer three basic questions to satisfy the needs and wants of their populations
1 What to produce
bullShould it be military or civilian goods
bullFood or clothingbullMedicine or movies
2 How to produce it
bullAutomated or manual labor
bullExpensive or cheap materials
bullDomestic or overseas labor
3 For whom to produce it
bullThe wealthy or the needybullThe sick or the healthy
Application Activity
bull In groups of 2-3 create your own country (name it please)
bull With your countryrsquos name explain the Population geography and general population
information (iehellipbull Choose 5 items for your country to produce and
answer the three societal questions for eachALSO explain why this material would help your
economy thrivereach economic efficiencybull Create an advertisement for your country
withhellip Images representing what you produce and a
slogan for why your country is awesome
EQs
bullHow does scarcity impact decision making
Objectives amp Essential QuestionsbullObjectives
I will be able to create and reflect on a budget given new economics content
I will be able to understand scarcity and our mixed economy
bullEssential QuestionsHow does scarcity impact decision makingHow do we satisfy our economic wants
Group Activity Budget Activity
bullTeacher will break you into groups In your groups you will be creating a budget for a single family
bullYour group has been given an income for a year Given your family situation negotiate with your ldquofamilyrdquo to complete a budget for 1 month (keep in mind your $$ is in a given year)
bullhttpwwwyoutubecomwatchv=yoVc_S_gd_0
How do we satisfy our economic wants
bull We buy goods or services
bull Good ndash a physical object (tangible) that has been produced for salebull Durable ndash last 3+ yearsbull Nondurable ndash last up to 3 years
bull Service ndash work done by someone else for which someone is willing to pay
How do we make goods amp services
bull Use Factors of Production - The productive resources that go into producing goods and services
Production Equation
LAND + LABOR + CAPITAL = GOODSERVICE
inputs output
Economic Interdependence
bullWhat does lsquointerdependencersquo mean
bullIs our world becoming economic interdependent or independent
bullEconomic Interdependence the actions of one part of the
country (world) has an impact on what happens elsewhere
Wants amp Needs gt
Resources
Because of scarcity we
have to make choices
How do we make a choice What do we give up
What does this remind you of from our government unit
Making Choices to Deal With Scarcity
bullPeople seek to maximize their utility when making decisions This requires them to consider tradeoffs
Utility ndash the satisfaction or benefit a person receives from consuming a good or service
Tradeoffs ndash the alternate choices people have when making a decision also the benefitsadvantages of making on
decision over another
ExampleshellipbullSome choices are easy to makehellip
HmmhellipShould I have pizza or a hoagie for lunch today
bullOther decisions are agonizinghellipShould I get out of bed and go to
school today or should I sleep in
Task Reflecting on Personal Trade-offshellip
In the end what helped you decide amongst your choices
Think of ONE decision thatyou had to make in the last weekhellipIdentify your various
tradeoffs for that decision
Be prepared to share
Opportunity Cost
bullWhen comparing the top 2 choices it is the BENEFIT of the next best alternative that must be sacrificed to satisfy a want
bullYou do a cost-benefit analysis to figure out which decision is most beneficial
Opportunity Cost ndash The best thing we give up to get what
we want
What else influences your choices
bullPeople make decisions based on their marginal utility or the extra satisfaction they gain from one additional unit of a goodservice
bullLaw of Diminishing Marginal Utility says that as we get or do more of something the pleasure we derive from it tends to decrease and so does our willingness to buy it or do it
FinallyhellipWhy it Matters
Understanding the opportunity coststradeoffs of different choices in life makes you a
better decision-maker
Todayrsquos Message ndash ldquoTherersquos No Such Thing As a Free Lunchrdquo
You always have to give something uphelliprdquo
ALL Individuals Businesses amp Societies have to consider tradeoffsopportunity costs when making
decisions
Visualizing the Relationshiphellip
Limited Resources amp Unlimited Wants
Scarcity
Trade-offs (choices)
Opportunity Costs
ObjectivesEssential Questions
bullObjectivebullI will be able to understand (and teach)
the three different types of economies
bullEssential Question How do the different types of economies work
How Can We Measure What We Gain and Lose When
Making Choices
Answer With a Production Possibilities Frontier
Production Possibilities Frontier
bullDiagram representing the possible combinations of goods and or services an economy can produce when all resources are being fully employed
PPF Assumptions
bullWe live in a two good worldbullThere are fixed resourcesbullThere is fixed technologybullResources are not specialized
Production Possibilities Curve
CD
E
OU
TP
UT
OF
CO
NS
UM
ER
GO
OD
S
(un
its
per
yea
r)
OUTPUT OF MILITARY GOODS (units per year)
A
BO
XF
G
Limited resources necessitate choices about WHAT to produce
The Choices Nations Make
bullA nation must choose what to do with its scarce resources during war or periods of military buildup
bullProduce military goods or consumer goods
Economic Growth
2000 production possibilities
1900 production possibilities
OU
TP
UT
OF
CO
NS
UM
ER
GO
OD
S(u
nits
per
yea
r)
OUTPUT OF MILITARY GOODS (units per year)
Production possibilities increases with more resources and technology
The Classic Guns and Butter example
Guns
Butter
10000 20000 30000 40000 50000
1000009500085000
70000
5000040000
BA
C
D
E
F
At point A all resources are used for butter
Moving from point A to point B requires shifting resources out of butter and into guns
At point F all resources are used for Guns
Productivitybull A PPF can help us see how efficient our
choices are
bull Productivity - measurement of how efficiently we are utilizing our resources Is this the same as production
bull An economy producing on the curve = using their resources to produce the MAXIMUM amount of goodsservices
Locations on a PPF
bull Efficient Point place where an economy is achieving as much output as possible from a given amount of resources ndash occurs at any point on the curve
bull Inefficient Point ndash place where the economy is not functioning as it could be ndash occurs at any point inside the curve
bull Unattainable Point ndash place where the economy cannot produce given its current resources ndash occurs at any point outside the curve
Food
Computer
4
3
2
1
1 2 3 4
OC between 1 and 2 computers = 1 Food
UnitOC between 3 and 4 computers = 1 Food
Unit
Constantly giving up the same quantity of food to get
additional computers
STRAIGHT-LINE PPFs Constant OC
BOWED-OUT PPFs VaryingIncreasing OC
Principle of Increasing Costs
As a society produces more of one product the OC of producing
that product increases because we are using more resources that are poorly suited to produce it
Economic Systems
An economic system is the way a society coordinates the production and consumption of goods amp services
How a society answers the three basic economic questions determines which type of economic system they are
Three Types of Economic Systems Command Traditional Market
Jigsaw activity
bullYou will be placed in groups of 3 and assigned a type of economy
bullYou will have 7 minutes to read and come up with 4 key components
bullAfter the 7 minuteshellip 1rsquos go to the front of the classroom2rsquos go to the wall nearest the door3rsquos go to the wall nearest the courtyard
Economic amp Social Goals of an Economic System
bull Economic Freedom
bull Economic Efficiency
bull Economic Equity
bull Economic Security
Economic Stability
Economic Growth
Review of Economic Systems
bullA traditional economy relies on custom and tradition to dictate production and consumption
bullIn a command economy decisions about production and consumption are made by a powerful ruler or central authority
bullIn a market economy individual producers and consumers coordinate economic activity
What are the most important goals of each economic system
bullTraditionalSecurity and
StabilitybullCommand
Equity and Security
bullMARKETEfficiency and
Freedom
Societies differ in the degree of importance they attach to each goal Progress toward one goal can sometimes be achieved only
at the expense of another (TRADEOFFS)
Which economic system does the US use
The American Economic System
bullWe have a mixed market economy
COMMAND MARKET
The US mixed economybull In a mixed economyhellip
Individuals Own the factors of production Possess freedom to produce or consume Must operate under confines of law
Government Protects workers and consumers Regulates business and preserves competition Provide public goodsbenefits
Think backhellip
bullWhat does this remind you of from the beginning of the unit
US Economic System Characteristics 1 Economic freedom (ldquolaissez-fairerdquo)
2 Limited government
3 Equal opportunity
4 Competition
5 Profit motive
6 Property Rights
7 Binding Contracts
Understanding how all parts fit together
Circular Flow of Economic Activity Represents a market economy
2 main ldquomarketsrdquoProduct Market Factor Market
where goods and services where the 4 factors ofare boughtsold production are boughtsold
Shows interdependence between
businesses and individuals
Marriage Vowsbull CONGRATULATIONS The government and the economy
are renewing their marriage vows You are cordially invited to the ceremony but this perfect couple needs your help
bull Using what you have learned this unit and using the textbook
bull You will explain the way government and the economy are connected (made for each other) You will demonstrate this answer in the format of wedding vows
bull You must use at least 5 of the following words Producers Taxes Consumers Restrictions Markets Freedom GoodsServices Limited
bull Look back to US Economic System Characteristics bull Each set of vows must be at least 6 lines
Do you remember
bullWrite the following question downbullWhy does the United States have a
democracy and mixed economy
- Foundations of Government and Economics
- On your blank piece of paperhellip
- Slide 3
- Warm-Up 1 - 9414
- Introductory thoughts hellip
- Slide 6
- 2 How about to your life
- Slide 8
- Slide 9
- Slide 10
- Slide 11
- Warm Up -2a- 9514 The New York Times and CBS News Pollhellip
- Warm up 2bndash In Journal-
- Economist and Politician Assumptions
- Individualism
- Quote activity
- Quote breakdown
- Warm Up 3- Current Event 9814
- Purpose of Government
- Slide 20
- 3 Theorists
- Activity
- Origins of American Government A customized government
- Origins of American Government A customized government (2)
- Origins of American Government A customized government (3)
- With which theory do you agree more Why
- The ldquoOriginal Dilemmardquo
- Warm Up 5 Hobbes and Locke
- Groups Block 2
- Groups Block 4
- Balloon Game
- You will have 10 minutes to get as many filled balloons on the
- Balloon Game Debriefing
- Political Theories
- Social Contract
- Natural Rights
- Democracy
- Concepts of Government
- Warm up 6 ndash 91114
- Warm Up 7
- And after the Constitution
- Activity (2)
- Picture Activity
- Constitutional Convention
- Purpose of the Convention
- VA Plan v NJ Plan
- Virginia Plan ldquoLarge State Planrdquo
- New Jersey Plan ldquoSmall State Planrdquo
- Your Task
- Closure
- States agree
- Quote
- Structure of Constitution
- Structure of Constitution
- 6 Purpose of Government
- Structure of Constitution (2)
- Structure of Constitution (3)
- Principles of Constitution
- Activity
- Slide 60
- Check for Understanding Six Principles
- Question 1
- Question 2
- Question 3
- Question 4
- Question 5
- Question 6
- Question 7
- Question 8
- Groups
- Separation of Powers
- Video
- Checks and Balances
- Slide 74
- Checks and balances
- Basic Principles
- Self- Worth
- Equality
- Compromise
- Individual Freedom
- Write your ownhellip
- Slide 82
- TED Talk
- Closure
- What is Economics
- Economics ishellip
- Back to our assumptionshellip
- Scarcity refers to the limited number of resources (factors of
- For the videohellip
- Slide 90
- Post Videohellip
- Advertisement
- Political Cartoon Analysis
- Factors of Production
- TASK
- The price ofhellip
- Economic efficiency is achieved when all available resources ar
- 1 What to produce
- 2 How to produce it
- 3 For whom to produce it
- Application Activity
- EQs
- Objectives amp Essential Questions
- Group Activity Budget Activity
- Slide 105
- How do we satisfy our economic wants
- How do we make goods amp services
- Economic Interdependence
- Slide 109
- Making Choices to Deal With Scarcity
- Exampleshellip
- Task Reflecting on Personal Trade-offshellip
- Opportunity Cost
- What else influences your choices
- Finallyhellip Why it Matters
- Visualizing the Relationshiphellip
- ObjectivesEssential Questions
- How Can We Measure What We Gain and Lose When Making Choices
- Production Possibilities Frontier
- PPF Assumptions
- Slide 121
- Production Possibilities Curve
- The Choices Nations Make
- Economic Growth
- The Classic Guns and Butter example
- Productivity
- Locations on a PPF
- Slide 128
- BOWED-OUT PPFs VaryingIncreasing OC
- Economic Systems
- Jigsaw activity
- Slide 132
- Economic amp Social Goals of an Economic System
- Review of Economic Systems
- Slide 135
- What are the most important goals of each economic system
- Which economic system does the US use
- The American Economic System
- The US mixed economy
- Slide 140
- Think backhellip
- US Economic System Characteristics
- Slide 143
- Understanding how all parts fit together
- Marriage Vows
- Do you remember
- Slide 147
-
Virginia Plan ldquoLarge State Planrdquo
bullStrong central govrsquotbullL Bicameral Congress
Representation based on population
bullE ldquoPresidentrdquo Chosen by Congress
bullJ 1+ supreme courts with lower courtsChosen by Congress
New Jersey PlanldquoSmall State PlanrdquobullStrong state governmentbullL Unicameral Congress
Each state would have = representationExpand power to tax amp regulate trade
bullE Two-person presidencyChosen by Congress able to be removed
bullJ Single Supreme CourtChosen by Executive
Your Task
Create a billboard advertisement detailing thefeatures of one of the plans ndash NJ or VA - the choice is yoursbullGoal ldquosellrdquo your plan to the people ndash persuade
them to choose your planUse catchy phrasesslogans and be sure to
include the historical features of your plan (VA or NJ)
At the end of this project we will vote on the most persuasive and appealing billboard ndash this group will receive extra credit on the Unit Assessment
Closure
bullWhat do you think (or know) happens to these two plans
States agreebull States agree to (ratify) the Constitution
only after it was agreed that a Bill of Rights be addedConstitution takes effect in 1788Bill of Rights added in 1791
bullThe Constitution is written in language that is deliberately vague as a result of compromise and to allow for flexibilityWhy
Quote
bullThe United States Constitution has proved itself the most marvelously elastic compilation of rules of government ever written ndash FDR
bullWhat words stick to you in this quote Why
Structure of Constitutionbull Provides basic
framework for US government
bull Outlines basic principles structure and processes
bull Three partsmdashPreambleArticlesAmendments
Structure of Constitution bull Preamble
Introduction to the Constitution Lists ideas that the government should stand for
and states purposes We the people of the United States in Order
to form a more perfect Union establish Justice insure domestic Tranquility provide for the common defense promote the general Welfare and secure the Blessings of Liberty to ourselves and our Prosperity do ordain and establish this Constitution for the United States of Americardquo
6 Purpose of Government bull Form a More Perfect Union
bull Establish Justice bull Insure Domestic Tranquility
bull Provide for the Common Defense
bull Promote the General Welfare
bull Secure the Blessings of Liberty
For each phrase consider the followinghellip
1 Why do you think the Framerrsquos put this phrase in the US Constitution
2 Is this phrase important today
Structure of Constitution bullArticles
Main body of the Constitution Lay out basic structure of the national
governmentFurther broken down into sections and clauses
Article I Legislative branch Article II Executive branch Article III Judicial branch Articles IV Relations among the states Article V Amendment process Article VI Payment of debts Supremacy
Clause oaths of office
Article VII Ratification
Structure of Constitution
bullAmendments Formal changes made to the ConstitutionTwenty-seven in total First ten referred to as the Bill of Rights
Principles of Constitution bull The language and structure of the Constitution reflects the basic principles of the US government system
bull PrinciplesmdashPopular sovereigntyRepresentative government Separation of powers Checks and balancesLimited governmentFederalism
Activity
Activity bull STEP 1 bull Fill in the graphic
organizer in your guided notes packet You have 8 minutes on your own to do this
bull STEP 2 On your own or with a partner create a tri-fold containing visual representations of three different principles of our government On the back explain each principle in 2 sentences
Principle Explanation
Popular Sovereignty Idea that people are the source of all power held by the government
Limited Government Government possesses only the powers the people give itmdashit must obey the Constitution
Separation of Powers Establishes three separate branches that share the governmentrsquos power These branches are the executive the legislative and the judicial
Checks and Balances Ensures that none of the three branches can become too powerful Each branch has ways to limit the power of the other two (ex President veto power)
Judicial Review Power of the courts to decide what the Constitution means The courts also have the power to declare a government action to be against the Constitution (unconstitutional)
Federalism Divides the power between the central government and the States
Check for UnderstandingSix PrinciplesNumber your paper from 1 - 8
Question 1
bullldquoWe the people of the United Stateshellipdo ordain and establish this Constitution for the United States of Americardquo
Popular Sovereignty
Question 2
bullldquoCongress shall make no law respecting an establishment of religion or prohibiting the free exercise thereof or abridging the freedom of speech or of the press or the right of the people to peacefully assemble and to petition the Government for a redress of grievancesrdquo
Limited Government
Question 3
bullDuring the Watergate Scandal prosecutors accused many of President Nixonrsquos closest advisors of breaking the law thus proving the rule of lawmdashNO ONE is above the law
Limited Government
Question 4
bullldquoThe accumulation of all powers legislative executive and judiciary in the same hands whether of one a few or manyhellipmay justly be pronounced the very definition of tyrannyrdquo
SEPARATION OF POWERS
Question 5
bullPresident Bush nominates Miss Dicks to be director of the CIA but the Senate refuses to confirm the appointment
Checks and Balances
Question 6
bullCongress in 2005 passes the Stem Cell Research Bill but President Bush vetos the bill
CHECKS AND BALANCES
Question 7
bullThe Supreme Court in 1954 determined that ldquoseparate but equalrdquo was not constitutional and overturned the Plessy vs Ferguson ruling
JUDICIAL REVIEW
Question 8
bullVA has a law that requires all candidates for a professional cosmeticianrsquos license complete classroom hours an unpaid internship and pass a qualifying test
Federalism
GroupsPopular
SovereigntySeparation of
PowersFederalism
bull bull bull
Judicial Review
Limited Government
Checks and Balances
bull bull bull
Separation of Powers
bull Legislative branchmdashmakes the laws
bull Executive branchmdashenforces the laws
bull Judicial branchmdashinterprets the law
Video
bullhttpwwwbrainpopcomsocialstudiesusgovernmentandlawbranchesofgovernment
Checks and Balances
Checks and balances
bullIn what was do the branches check on one another
bullhttpwwwsheppardsoftwarecomusa_gamegovernmentchecks_and_balanceshtm
Basic Principles
bullThe tenets of democracy are built upon five principlesmdashWorth of the individualEquality of all personsMajority rule minority rightsNecessity of compromiseIndividual freedom
Self- Worth
bull A recognition of the fundamental worth of every person
bull The democratic process reflects the collective set of individuals who make up society
Equality Democratic concept insists that all entitled tobull equality of opportunity bull equality before the law
bull Equality of opportunity suggests that no person should be held back for any arbitrary reason and must be free to develop him- or herself as fully as heshe can (or cares to)
bull Equality before the law suggests that each person should be treated as the equal of all other persons before the law
Compromise
bull A matter of compromise to determine the position most acceptable to the largest number of people
bull Because each individual is important and considered the equal of all others it stands to reason that people can only make public decisions by way of compromise
bullWhy is compromise important
Individual Freedombull Right of the
individual to be free as far as the freedom of all will allow
bull Democracy does not and cannot insist on the absolute freedom of the individual person
Write your ownhellipbull Now that you know what the foundations of
government arehellip Create your own Constitution (Or social contract)
What do you think is important to include What do you think could be taken out
Start with ldquoWe the peoplehelliprdquo and create the ideal contract
Preamble (brief introduction) Articles (what should it include based on what we
learned so far Include and agree on 10 points) Amendments (what do you think it should take to
change it)
bullFor your quiz tomorrowhellip What questions would you expect to seeWrite 5 and the answers on the back of the
paper
TED Talk
bullhttpwwwyoutubecomwatchv=ypqQ3-agpZo
Closure
bullExplain two principles of the constitution and how are they connected
What is Economics
bull Is the study of how people choose to use their limited resources to satisfy their unlimited wants and needs
Important Parts of Economicsndash
CHOICESSCARCITY
Economics ishellip
bullDependent upon assumptions
bullDependent upon simplification of reality
Back to our assumptionshellip
bullHuman Beings are rationalbullAll societies suffer from scarcity bullAll buyers seek to maximize utility
bullAll sellers seek to maximize profits
Scarcity refers to the limited number of resources (factors of production) that can be used to satisfy the unlimited human wants and needs
For the videohellip
bullWrite down 3 things you did not knowbullWrite down 3 things you did know
bullhttpwwwyoutubecomwatchv=TO7UTNS7r0w
Post Videohellip
bullDefine the main idea of the video in 4-5 words
Advertisement
bullKnowing some of the basics about what economics is and why we study ithellip
bullCreate an advertisement for an economics course BE SURE TO INCLUDE
3 images that represent different economic ideas
2 ldquothought bubblesrdquo that represent things yoursquoll learn about in economics
1 slogan that represents why economics is an important course to take
Political Cartoon Analysis
Factors of Production bull LAND
Also called Natural Resources Consider them ldquogifts of naturerdquo such as air
soil minerals water and plants
bull LABOR Also called Human Resources Includes physical and mental activities that go
into producing goodsservices
bull CAPITAL Includes tools machines buildings and
technologies
bull ENTREPRENEUR Risk taker who is responsible for combining
land labor and capital to produce goods and services
TASK
bullTask Why are entrepreneurs the driving force in our economy
bullAnswer in 2-3 sentences
The price ofhellip
bullLand is rentbullCapital is interestbullLabor is wagesbullEntrepreneurship is profit
Economic efficiency is achieved when all available resources are being used
All societies must answer three basic questions to satisfy the needs and wants of their populations
1 What to produce
bullShould it be military or civilian goods
bullFood or clothingbullMedicine or movies
2 How to produce it
bullAutomated or manual labor
bullExpensive or cheap materials
bullDomestic or overseas labor
3 For whom to produce it
bullThe wealthy or the needybullThe sick or the healthy
Application Activity
bull In groups of 2-3 create your own country (name it please)
bull With your countryrsquos name explain the Population geography and general population
information (iehellipbull Choose 5 items for your country to produce and
answer the three societal questions for eachALSO explain why this material would help your
economy thrivereach economic efficiencybull Create an advertisement for your country
withhellip Images representing what you produce and a
slogan for why your country is awesome
EQs
bullHow does scarcity impact decision making
Objectives amp Essential QuestionsbullObjectives
I will be able to create and reflect on a budget given new economics content
I will be able to understand scarcity and our mixed economy
bullEssential QuestionsHow does scarcity impact decision makingHow do we satisfy our economic wants
Group Activity Budget Activity
bullTeacher will break you into groups In your groups you will be creating a budget for a single family
bullYour group has been given an income for a year Given your family situation negotiate with your ldquofamilyrdquo to complete a budget for 1 month (keep in mind your $$ is in a given year)
bullhttpwwwyoutubecomwatchv=yoVc_S_gd_0
How do we satisfy our economic wants
bull We buy goods or services
bull Good ndash a physical object (tangible) that has been produced for salebull Durable ndash last 3+ yearsbull Nondurable ndash last up to 3 years
bull Service ndash work done by someone else for which someone is willing to pay
How do we make goods amp services
bull Use Factors of Production - The productive resources that go into producing goods and services
Production Equation
LAND + LABOR + CAPITAL = GOODSERVICE
inputs output
Economic Interdependence
bullWhat does lsquointerdependencersquo mean
bullIs our world becoming economic interdependent or independent
bullEconomic Interdependence the actions of one part of the
country (world) has an impact on what happens elsewhere
Wants amp Needs gt
Resources
Because of scarcity we
have to make choices
How do we make a choice What do we give up
What does this remind you of from our government unit
Making Choices to Deal With Scarcity
bullPeople seek to maximize their utility when making decisions This requires them to consider tradeoffs
Utility ndash the satisfaction or benefit a person receives from consuming a good or service
Tradeoffs ndash the alternate choices people have when making a decision also the benefitsadvantages of making on
decision over another
ExampleshellipbullSome choices are easy to makehellip
HmmhellipShould I have pizza or a hoagie for lunch today
bullOther decisions are agonizinghellipShould I get out of bed and go to
school today or should I sleep in
Task Reflecting on Personal Trade-offshellip
In the end what helped you decide amongst your choices
Think of ONE decision thatyou had to make in the last weekhellipIdentify your various
tradeoffs for that decision
Be prepared to share
Opportunity Cost
bullWhen comparing the top 2 choices it is the BENEFIT of the next best alternative that must be sacrificed to satisfy a want
bullYou do a cost-benefit analysis to figure out which decision is most beneficial
Opportunity Cost ndash The best thing we give up to get what
we want
What else influences your choices
bullPeople make decisions based on their marginal utility or the extra satisfaction they gain from one additional unit of a goodservice
bullLaw of Diminishing Marginal Utility says that as we get or do more of something the pleasure we derive from it tends to decrease and so does our willingness to buy it or do it
FinallyhellipWhy it Matters
Understanding the opportunity coststradeoffs of different choices in life makes you a
better decision-maker
Todayrsquos Message ndash ldquoTherersquos No Such Thing As a Free Lunchrdquo
You always have to give something uphelliprdquo
ALL Individuals Businesses amp Societies have to consider tradeoffsopportunity costs when making
decisions
Visualizing the Relationshiphellip
Limited Resources amp Unlimited Wants
Scarcity
Trade-offs (choices)
Opportunity Costs
ObjectivesEssential Questions
bullObjectivebullI will be able to understand (and teach)
the three different types of economies
bullEssential Question How do the different types of economies work
How Can We Measure What We Gain and Lose When
Making Choices
Answer With a Production Possibilities Frontier
Production Possibilities Frontier
bullDiagram representing the possible combinations of goods and or services an economy can produce when all resources are being fully employed
PPF Assumptions
bullWe live in a two good worldbullThere are fixed resourcesbullThere is fixed technologybullResources are not specialized
Production Possibilities Curve
CD
E
OU
TP
UT
OF
CO
NS
UM
ER
GO
OD
S
(un
its
per
yea
r)
OUTPUT OF MILITARY GOODS (units per year)
A
BO
XF
G
Limited resources necessitate choices about WHAT to produce
The Choices Nations Make
bullA nation must choose what to do with its scarce resources during war or periods of military buildup
bullProduce military goods or consumer goods
Economic Growth
2000 production possibilities
1900 production possibilities
OU
TP
UT
OF
CO
NS
UM
ER
GO
OD
S(u
nits
per
yea
r)
OUTPUT OF MILITARY GOODS (units per year)
Production possibilities increases with more resources and technology
The Classic Guns and Butter example
Guns
Butter
10000 20000 30000 40000 50000
1000009500085000
70000
5000040000
BA
C
D
E
F
At point A all resources are used for butter
Moving from point A to point B requires shifting resources out of butter and into guns
At point F all resources are used for Guns
Productivitybull A PPF can help us see how efficient our
choices are
bull Productivity - measurement of how efficiently we are utilizing our resources Is this the same as production
bull An economy producing on the curve = using their resources to produce the MAXIMUM amount of goodsservices
Locations on a PPF
bull Efficient Point place where an economy is achieving as much output as possible from a given amount of resources ndash occurs at any point on the curve
bull Inefficient Point ndash place where the economy is not functioning as it could be ndash occurs at any point inside the curve
bull Unattainable Point ndash place where the economy cannot produce given its current resources ndash occurs at any point outside the curve
Food
Computer
4
3
2
1
1 2 3 4
OC between 1 and 2 computers = 1 Food
UnitOC between 3 and 4 computers = 1 Food
Unit
Constantly giving up the same quantity of food to get
additional computers
STRAIGHT-LINE PPFs Constant OC
BOWED-OUT PPFs VaryingIncreasing OC
Principle of Increasing Costs
As a society produces more of one product the OC of producing
that product increases because we are using more resources that are poorly suited to produce it
Economic Systems
An economic system is the way a society coordinates the production and consumption of goods amp services
How a society answers the three basic economic questions determines which type of economic system they are
Three Types of Economic Systems Command Traditional Market
Jigsaw activity
bullYou will be placed in groups of 3 and assigned a type of economy
bullYou will have 7 minutes to read and come up with 4 key components
bullAfter the 7 minuteshellip 1rsquos go to the front of the classroom2rsquos go to the wall nearest the door3rsquos go to the wall nearest the courtyard
Economic amp Social Goals of an Economic System
bull Economic Freedom
bull Economic Efficiency
bull Economic Equity
bull Economic Security
Economic Stability
Economic Growth
Review of Economic Systems
bullA traditional economy relies on custom and tradition to dictate production and consumption
bullIn a command economy decisions about production and consumption are made by a powerful ruler or central authority
bullIn a market economy individual producers and consumers coordinate economic activity
What are the most important goals of each economic system
bullTraditionalSecurity and
StabilitybullCommand
Equity and Security
bullMARKETEfficiency and
Freedom
Societies differ in the degree of importance they attach to each goal Progress toward one goal can sometimes be achieved only
at the expense of another (TRADEOFFS)
Which economic system does the US use
The American Economic System
bullWe have a mixed market economy
COMMAND MARKET
The US mixed economybull In a mixed economyhellip
Individuals Own the factors of production Possess freedom to produce or consume Must operate under confines of law
Government Protects workers and consumers Regulates business and preserves competition Provide public goodsbenefits
Think backhellip
bullWhat does this remind you of from the beginning of the unit
US Economic System Characteristics 1 Economic freedom (ldquolaissez-fairerdquo)
2 Limited government
3 Equal opportunity
4 Competition
5 Profit motive
6 Property Rights
7 Binding Contracts
Understanding how all parts fit together
Circular Flow of Economic Activity Represents a market economy
2 main ldquomarketsrdquoProduct Market Factor Market
where goods and services where the 4 factors ofare boughtsold production are boughtsold
Shows interdependence between
businesses and individuals
Marriage Vowsbull CONGRATULATIONS The government and the economy
are renewing their marriage vows You are cordially invited to the ceremony but this perfect couple needs your help
bull Using what you have learned this unit and using the textbook
bull You will explain the way government and the economy are connected (made for each other) You will demonstrate this answer in the format of wedding vows
bull You must use at least 5 of the following words Producers Taxes Consumers Restrictions Markets Freedom GoodsServices Limited
bull Look back to US Economic System Characteristics bull Each set of vows must be at least 6 lines
Do you remember
bullWrite the following question downbullWhy does the United States have a
democracy and mixed economy
- Foundations of Government and Economics
- On your blank piece of paperhellip
- Slide 3
- Warm-Up 1 - 9414
- Introductory thoughts hellip
- Slide 6
- 2 How about to your life
- Slide 8
- Slide 9
- Slide 10
- Slide 11
- Warm Up -2a- 9514 The New York Times and CBS News Pollhellip
- Warm up 2bndash In Journal-
- Economist and Politician Assumptions
- Individualism
- Quote activity
- Quote breakdown
- Warm Up 3- Current Event 9814
- Purpose of Government
- Slide 20
- 3 Theorists
- Activity
- Origins of American Government A customized government
- Origins of American Government A customized government (2)
- Origins of American Government A customized government (3)
- With which theory do you agree more Why
- The ldquoOriginal Dilemmardquo
- Warm Up 5 Hobbes and Locke
- Groups Block 2
- Groups Block 4
- Balloon Game
- You will have 10 minutes to get as many filled balloons on the
- Balloon Game Debriefing
- Political Theories
- Social Contract
- Natural Rights
- Democracy
- Concepts of Government
- Warm up 6 ndash 91114
- Warm Up 7
- And after the Constitution
- Activity (2)
- Picture Activity
- Constitutional Convention
- Purpose of the Convention
- VA Plan v NJ Plan
- Virginia Plan ldquoLarge State Planrdquo
- New Jersey Plan ldquoSmall State Planrdquo
- Your Task
- Closure
- States agree
- Quote
- Structure of Constitution
- Structure of Constitution
- 6 Purpose of Government
- Structure of Constitution (2)
- Structure of Constitution (3)
- Principles of Constitution
- Activity
- Slide 60
- Check for Understanding Six Principles
- Question 1
- Question 2
- Question 3
- Question 4
- Question 5
- Question 6
- Question 7
- Question 8
- Groups
- Separation of Powers
- Video
- Checks and Balances
- Slide 74
- Checks and balances
- Basic Principles
- Self- Worth
- Equality
- Compromise
- Individual Freedom
- Write your ownhellip
- Slide 82
- TED Talk
- Closure
- What is Economics
- Economics ishellip
- Back to our assumptionshellip
- Scarcity refers to the limited number of resources (factors of
- For the videohellip
- Slide 90
- Post Videohellip
- Advertisement
- Political Cartoon Analysis
- Factors of Production
- TASK
- The price ofhellip
- Economic efficiency is achieved when all available resources ar
- 1 What to produce
- 2 How to produce it
- 3 For whom to produce it
- Application Activity
- EQs
- Objectives amp Essential Questions
- Group Activity Budget Activity
- Slide 105
- How do we satisfy our economic wants
- How do we make goods amp services
- Economic Interdependence
- Slide 109
- Making Choices to Deal With Scarcity
- Exampleshellip
- Task Reflecting on Personal Trade-offshellip
- Opportunity Cost
- What else influences your choices
- Finallyhellip Why it Matters
- Visualizing the Relationshiphellip
- ObjectivesEssential Questions
- How Can We Measure What We Gain and Lose When Making Choices
- Production Possibilities Frontier
- PPF Assumptions
- Slide 121
- Production Possibilities Curve
- The Choices Nations Make
- Economic Growth
- The Classic Guns and Butter example
- Productivity
- Locations on a PPF
- Slide 128
- BOWED-OUT PPFs VaryingIncreasing OC
- Economic Systems
- Jigsaw activity
- Slide 132
- Economic amp Social Goals of an Economic System
- Review of Economic Systems
- Slide 135
- What are the most important goals of each economic system
- Which economic system does the US use
- The American Economic System
- The US mixed economy
- Slide 140
- Think backhellip
- US Economic System Characteristics
- Slide 143
- Understanding how all parts fit together
- Marriage Vows
- Do you remember
- Slide 147
-
New Jersey PlanldquoSmall State PlanrdquobullStrong state governmentbullL Unicameral Congress
Each state would have = representationExpand power to tax amp regulate trade
bullE Two-person presidencyChosen by Congress able to be removed
bullJ Single Supreme CourtChosen by Executive
Your Task
Create a billboard advertisement detailing thefeatures of one of the plans ndash NJ or VA - the choice is yoursbullGoal ldquosellrdquo your plan to the people ndash persuade
them to choose your planUse catchy phrasesslogans and be sure to
include the historical features of your plan (VA or NJ)
At the end of this project we will vote on the most persuasive and appealing billboard ndash this group will receive extra credit on the Unit Assessment
Closure
bullWhat do you think (or know) happens to these two plans
States agreebull States agree to (ratify) the Constitution
only after it was agreed that a Bill of Rights be addedConstitution takes effect in 1788Bill of Rights added in 1791
bullThe Constitution is written in language that is deliberately vague as a result of compromise and to allow for flexibilityWhy
Quote
bullThe United States Constitution has proved itself the most marvelously elastic compilation of rules of government ever written ndash FDR
bullWhat words stick to you in this quote Why
Structure of Constitutionbull Provides basic
framework for US government
bull Outlines basic principles structure and processes
bull Three partsmdashPreambleArticlesAmendments
Structure of Constitution bull Preamble
Introduction to the Constitution Lists ideas that the government should stand for
and states purposes We the people of the United States in Order
to form a more perfect Union establish Justice insure domestic Tranquility provide for the common defense promote the general Welfare and secure the Blessings of Liberty to ourselves and our Prosperity do ordain and establish this Constitution for the United States of Americardquo
6 Purpose of Government bull Form a More Perfect Union
bull Establish Justice bull Insure Domestic Tranquility
bull Provide for the Common Defense
bull Promote the General Welfare
bull Secure the Blessings of Liberty
For each phrase consider the followinghellip
1 Why do you think the Framerrsquos put this phrase in the US Constitution
2 Is this phrase important today
Structure of Constitution bullArticles
Main body of the Constitution Lay out basic structure of the national
governmentFurther broken down into sections and clauses
Article I Legislative branch Article II Executive branch Article III Judicial branch Articles IV Relations among the states Article V Amendment process Article VI Payment of debts Supremacy
Clause oaths of office
Article VII Ratification
Structure of Constitution
bullAmendments Formal changes made to the ConstitutionTwenty-seven in total First ten referred to as the Bill of Rights
Principles of Constitution bull The language and structure of the Constitution reflects the basic principles of the US government system
bull PrinciplesmdashPopular sovereigntyRepresentative government Separation of powers Checks and balancesLimited governmentFederalism
Activity
Activity bull STEP 1 bull Fill in the graphic
organizer in your guided notes packet You have 8 minutes on your own to do this
bull STEP 2 On your own or with a partner create a tri-fold containing visual representations of three different principles of our government On the back explain each principle in 2 sentences
Principle Explanation
Popular Sovereignty Idea that people are the source of all power held by the government
Limited Government Government possesses only the powers the people give itmdashit must obey the Constitution
Separation of Powers Establishes three separate branches that share the governmentrsquos power These branches are the executive the legislative and the judicial
Checks and Balances Ensures that none of the three branches can become too powerful Each branch has ways to limit the power of the other two (ex President veto power)
Judicial Review Power of the courts to decide what the Constitution means The courts also have the power to declare a government action to be against the Constitution (unconstitutional)
Federalism Divides the power between the central government and the States
Check for UnderstandingSix PrinciplesNumber your paper from 1 - 8
Question 1
bullldquoWe the people of the United Stateshellipdo ordain and establish this Constitution for the United States of Americardquo
Popular Sovereignty
Question 2
bullldquoCongress shall make no law respecting an establishment of religion or prohibiting the free exercise thereof or abridging the freedom of speech or of the press or the right of the people to peacefully assemble and to petition the Government for a redress of grievancesrdquo
Limited Government
Question 3
bullDuring the Watergate Scandal prosecutors accused many of President Nixonrsquos closest advisors of breaking the law thus proving the rule of lawmdashNO ONE is above the law
Limited Government
Question 4
bullldquoThe accumulation of all powers legislative executive and judiciary in the same hands whether of one a few or manyhellipmay justly be pronounced the very definition of tyrannyrdquo
SEPARATION OF POWERS
Question 5
bullPresident Bush nominates Miss Dicks to be director of the CIA but the Senate refuses to confirm the appointment
Checks and Balances
Question 6
bullCongress in 2005 passes the Stem Cell Research Bill but President Bush vetos the bill
CHECKS AND BALANCES
Question 7
bullThe Supreme Court in 1954 determined that ldquoseparate but equalrdquo was not constitutional and overturned the Plessy vs Ferguson ruling
JUDICIAL REVIEW
Question 8
bullVA has a law that requires all candidates for a professional cosmeticianrsquos license complete classroom hours an unpaid internship and pass a qualifying test
Federalism
GroupsPopular
SovereigntySeparation of
PowersFederalism
bull bull bull
Judicial Review
Limited Government
Checks and Balances
bull bull bull
Separation of Powers
bull Legislative branchmdashmakes the laws
bull Executive branchmdashenforces the laws
bull Judicial branchmdashinterprets the law
Video
bullhttpwwwbrainpopcomsocialstudiesusgovernmentandlawbranchesofgovernment
Checks and Balances
Checks and balances
bullIn what was do the branches check on one another
bullhttpwwwsheppardsoftwarecomusa_gamegovernmentchecks_and_balanceshtm
Basic Principles
bullThe tenets of democracy are built upon five principlesmdashWorth of the individualEquality of all personsMajority rule minority rightsNecessity of compromiseIndividual freedom
Self- Worth
bull A recognition of the fundamental worth of every person
bull The democratic process reflects the collective set of individuals who make up society
Equality Democratic concept insists that all entitled tobull equality of opportunity bull equality before the law
bull Equality of opportunity suggests that no person should be held back for any arbitrary reason and must be free to develop him- or herself as fully as heshe can (or cares to)
bull Equality before the law suggests that each person should be treated as the equal of all other persons before the law
Compromise
bull A matter of compromise to determine the position most acceptable to the largest number of people
bull Because each individual is important and considered the equal of all others it stands to reason that people can only make public decisions by way of compromise
bullWhy is compromise important
Individual Freedombull Right of the
individual to be free as far as the freedom of all will allow
bull Democracy does not and cannot insist on the absolute freedom of the individual person
Write your ownhellipbull Now that you know what the foundations of
government arehellip Create your own Constitution (Or social contract)
What do you think is important to include What do you think could be taken out
Start with ldquoWe the peoplehelliprdquo and create the ideal contract
Preamble (brief introduction) Articles (what should it include based on what we
learned so far Include and agree on 10 points) Amendments (what do you think it should take to
change it)
bullFor your quiz tomorrowhellip What questions would you expect to seeWrite 5 and the answers on the back of the
paper
TED Talk
bullhttpwwwyoutubecomwatchv=ypqQ3-agpZo
Closure
bullExplain two principles of the constitution and how are they connected
What is Economics
bull Is the study of how people choose to use their limited resources to satisfy their unlimited wants and needs
Important Parts of Economicsndash
CHOICESSCARCITY
Economics ishellip
bullDependent upon assumptions
bullDependent upon simplification of reality
Back to our assumptionshellip
bullHuman Beings are rationalbullAll societies suffer from scarcity bullAll buyers seek to maximize utility
bullAll sellers seek to maximize profits
Scarcity refers to the limited number of resources (factors of production) that can be used to satisfy the unlimited human wants and needs
For the videohellip
bullWrite down 3 things you did not knowbullWrite down 3 things you did know
bullhttpwwwyoutubecomwatchv=TO7UTNS7r0w
Post Videohellip
bullDefine the main idea of the video in 4-5 words
Advertisement
bullKnowing some of the basics about what economics is and why we study ithellip
bullCreate an advertisement for an economics course BE SURE TO INCLUDE
3 images that represent different economic ideas
2 ldquothought bubblesrdquo that represent things yoursquoll learn about in economics
1 slogan that represents why economics is an important course to take
Political Cartoon Analysis
Factors of Production bull LAND
Also called Natural Resources Consider them ldquogifts of naturerdquo such as air
soil minerals water and plants
bull LABOR Also called Human Resources Includes physical and mental activities that go
into producing goodsservices
bull CAPITAL Includes tools machines buildings and
technologies
bull ENTREPRENEUR Risk taker who is responsible for combining
land labor and capital to produce goods and services
TASK
bullTask Why are entrepreneurs the driving force in our economy
bullAnswer in 2-3 sentences
The price ofhellip
bullLand is rentbullCapital is interestbullLabor is wagesbullEntrepreneurship is profit
Economic efficiency is achieved when all available resources are being used
All societies must answer three basic questions to satisfy the needs and wants of their populations
1 What to produce
bullShould it be military or civilian goods
bullFood or clothingbullMedicine or movies
2 How to produce it
bullAutomated or manual labor
bullExpensive or cheap materials
bullDomestic or overseas labor
3 For whom to produce it
bullThe wealthy or the needybullThe sick or the healthy
Application Activity
bull In groups of 2-3 create your own country (name it please)
bull With your countryrsquos name explain the Population geography and general population
information (iehellipbull Choose 5 items for your country to produce and
answer the three societal questions for eachALSO explain why this material would help your
economy thrivereach economic efficiencybull Create an advertisement for your country
withhellip Images representing what you produce and a
slogan for why your country is awesome
EQs
bullHow does scarcity impact decision making
Objectives amp Essential QuestionsbullObjectives
I will be able to create and reflect on a budget given new economics content
I will be able to understand scarcity and our mixed economy
bullEssential QuestionsHow does scarcity impact decision makingHow do we satisfy our economic wants
Group Activity Budget Activity
bullTeacher will break you into groups In your groups you will be creating a budget for a single family
bullYour group has been given an income for a year Given your family situation negotiate with your ldquofamilyrdquo to complete a budget for 1 month (keep in mind your $$ is in a given year)
bullhttpwwwyoutubecomwatchv=yoVc_S_gd_0
How do we satisfy our economic wants
bull We buy goods or services
bull Good ndash a physical object (tangible) that has been produced for salebull Durable ndash last 3+ yearsbull Nondurable ndash last up to 3 years
bull Service ndash work done by someone else for which someone is willing to pay
How do we make goods amp services
bull Use Factors of Production - The productive resources that go into producing goods and services
Production Equation
LAND + LABOR + CAPITAL = GOODSERVICE
inputs output
Economic Interdependence
bullWhat does lsquointerdependencersquo mean
bullIs our world becoming economic interdependent or independent
bullEconomic Interdependence the actions of one part of the
country (world) has an impact on what happens elsewhere
Wants amp Needs gt
Resources
Because of scarcity we
have to make choices
How do we make a choice What do we give up
What does this remind you of from our government unit
Making Choices to Deal With Scarcity
bullPeople seek to maximize their utility when making decisions This requires them to consider tradeoffs
Utility ndash the satisfaction or benefit a person receives from consuming a good or service
Tradeoffs ndash the alternate choices people have when making a decision also the benefitsadvantages of making on
decision over another
ExampleshellipbullSome choices are easy to makehellip
HmmhellipShould I have pizza or a hoagie for lunch today
bullOther decisions are agonizinghellipShould I get out of bed and go to
school today or should I sleep in
Task Reflecting on Personal Trade-offshellip
In the end what helped you decide amongst your choices
Think of ONE decision thatyou had to make in the last weekhellipIdentify your various
tradeoffs for that decision
Be prepared to share
Opportunity Cost
bullWhen comparing the top 2 choices it is the BENEFIT of the next best alternative that must be sacrificed to satisfy a want
bullYou do a cost-benefit analysis to figure out which decision is most beneficial
Opportunity Cost ndash The best thing we give up to get what
we want
What else influences your choices
bullPeople make decisions based on their marginal utility or the extra satisfaction they gain from one additional unit of a goodservice
bullLaw of Diminishing Marginal Utility says that as we get or do more of something the pleasure we derive from it tends to decrease and so does our willingness to buy it or do it
FinallyhellipWhy it Matters
Understanding the opportunity coststradeoffs of different choices in life makes you a
better decision-maker
Todayrsquos Message ndash ldquoTherersquos No Such Thing As a Free Lunchrdquo
You always have to give something uphelliprdquo
ALL Individuals Businesses amp Societies have to consider tradeoffsopportunity costs when making
decisions
Visualizing the Relationshiphellip
Limited Resources amp Unlimited Wants
Scarcity
Trade-offs (choices)
Opportunity Costs
ObjectivesEssential Questions
bullObjectivebullI will be able to understand (and teach)
the three different types of economies
bullEssential Question How do the different types of economies work
How Can We Measure What We Gain and Lose When
Making Choices
Answer With a Production Possibilities Frontier
Production Possibilities Frontier
bullDiagram representing the possible combinations of goods and or services an economy can produce when all resources are being fully employed
PPF Assumptions
bullWe live in a two good worldbullThere are fixed resourcesbullThere is fixed technologybullResources are not specialized
Production Possibilities Curve
CD
E
OU
TP
UT
OF
CO
NS
UM
ER
GO
OD
S
(un
its
per
yea
r)
OUTPUT OF MILITARY GOODS (units per year)
A
BO
XF
G
Limited resources necessitate choices about WHAT to produce
The Choices Nations Make
bullA nation must choose what to do with its scarce resources during war or periods of military buildup
bullProduce military goods or consumer goods
Economic Growth
2000 production possibilities
1900 production possibilities
OU
TP
UT
OF
CO
NS
UM
ER
GO
OD
S(u
nits
per
yea
r)
OUTPUT OF MILITARY GOODS (units per year)
Production possibilities increases with more resources and technology
The Classic Guns and Butter example
Guns
Butter
10000 20000 30000 40000 50000
1000009500085000
70000
5000040000
BA
C
D
E
F
At point A all resources are used for butter
Moving from point A to point B requires shifting resources out of butter and into guns
At point F all resources are used for Guns
Productivitybull A PPF can help us see how efficient our
choices are
bull Productivity - measurement of how efficiently we are utilizing our resources Is this the same as production
bull An economy producing on the curve = using their resources to produce the MAXIMUM amount of goodsservices
Locations on a PPF
bull Efficient Point place where an economy is achieving as much output as possible from a given amount of resources ndash occurs at any point on the curve
bull Inefficient Point ndash place where the economy is not functioning as it could be ndash occurs at any point inside the curve
bull Unattainable Point ndash place where the economy cannot produce given its current resources ndash occurs at any point outside the curve
Food
Computer
4
3
2
1
1 2 3 4
OC between 1 and 2 computers = 1 Food
UnitOC between 3 and 4 computers = 1 Food
Unit
Constantly giving up the same quantity of food to get
additional computers
STRAIGHT-LINE PPFs Constant OC
BOWED-OUT PPFs VaryingIncreasing OC
Principle of Increasing Costs
As a society produces more of one product the OC of producing
that product increases because we are using more resources that are poorly suited to produce it
Economic Systems
An economic system is the way a society coordinates the production and consumption of goods amp services
How a society answers the three basic economic questions determines which type of economic system they are
Three Types of Economic Systems Command Traditional Market
Jigsaw activity
bullYou will be placed in groups of 3 and assigned a type of economy
bullYou will have 7 minutes to read and come up with 4 key components
bullAfter the 7 minuteshellip 1rsquos go to the front of the classroom2rsquos go to the wall nearest the door3rsquos go to the wall nearest the courtyard
Economic amp Social Goals of an Economic System
bull Economic Freedom
bull Economic Efficiency
bull Economic Equity
bull Economic Security
Economic Stability
Economic Growth
Review of Economic Systems
bullA traditional economy relies on custom and tradition to dictate production and consumption
bullIn a command economy decisions about production and consumption are made by a powerful ruler or central authority
bullIn a market economy individual producers and consumers coordinate economic activity
What are the most important goals of each economic system
bullTraditionalSecurity and
StabilitybullCommand
Equity and Security
bullMARKETEfficiency and
Freedom
Societies differ in the degree of importance they attach to each goal Progress toward one goal can sometimes be achieved only
at the expense of another (TRADEOFFS)
Which economic system does the US use
The American Economic System
bullWe have a mixed market economy
COMMAND MARKET
The US mixed economybull In a mixed economyhellip
Individuals Own the factors of production Possess freedom to produce or consume Must operate under confines of law
Government Protects workers and consumers Regulates business and preserves competition Provide public goodsbenefits
Think backhellip
bullWhat does this remind you of from the beginning of the unit
US Economic System Characteristics 1 Economic freedom (ldquolaissez-fairerdquo)
2 Limited government
3 Equal opportunity
4 Competition
5 Profit motive
6 Property Rights
7 Binding Contracts
Understanding how all parts fit together
Circular Flow of Economic Activity Represents a market economy
2 main ldquomarketsrdquoProduct Market Factor Market
where goods and services where the 4 factors ofare boughtsold production are boughtsold
Shows interdependence between
businesses and individuals
Marriage Vowsbull CONGRATULATIONS The government and the economy
are renewing their marriage vows You are cordially invited to the ceremony but this perfect couple needs your help
bull Using what you have learned this unit and using the textbook
bull You will explain the way government and the economy are connected (made for each other) You will demonstrate this answer in the format of wedding vows
bull You must use at least 5 of the following words Producers Taxes Consumers Restrictions Markets Freedom GoodsServices Limited
bull Look back to US Economic System Characteristics bull Each set of vows must be at least 6 lines
Do you remember
bullWrite the following question downbullWhy does the United States have a
democracy and mixed economy
- Foundations of Government and Economics
- On your blank piece of paperhellip
- Slide 3
- Warm-Up 1 - 9414
- Introductory thoughts hellip
- Slide 6
- 2 How about to your life
- Slide 8
- Slide 9
- Slide 10
- Slide 11
- Warm Up -2a- 9514 The New York Times and CBS News Pollhellip
- Warm up 2bndash In Journal-
- Economist and Politician Assumptions
- Individualism
- Quote activity
- Quote breakdown
- Warm Up 3- Current Event 9814
- Purpose of Government
- Slide 20
- 3 Theorists
- Activity
- Origins of American Government A customized government
- Origins of American Government A customized government (2)
- Origins of American Government A customized government (3)
- With which theory do you agree more Why
- The ldquoOriginal Dilemmardquo
- Warm Up 5 Hobbes and Locke
- Groups Block 2
- Groups Block 4
- Balloon Game
- You will have 10 minutes to get as many filled balloons on the
- Balloon Game Debriefing
- Political Theories
- Social Contract
- Natural Rights
- Democracy
- Concepts of Government
- Warm up 6 ndash 91114
- Warm Up 7
- And after the Constitution
- Activity (2)
- Picture Activity
- Constitutional Convention
- Purpose of the Convention
- VA Plan v NJ Plan
- Virginia Plan ldquoLarge State Planrdquo
- New Jersey Plan ldquoSmall State Planrdquo
- Your Task
- Closure
- States agree
- Quote
- Structure of Constitution
- Structure of Constitution
- 6 Purpose of Government
- Structure of Constitution (2)
- Structure of Constitution (3)
- Principles of Constitution
- Activity
- Slide 60
- Check for Understanding Six Principles
- Question 1
- Question 2
- Question 3
- Question 4
- Question 5
- Question 6
- Question 7
- Question 8
- Groups
- Separation of Powers
- Video
- Checks and Balances
- Slide 74
- Checks and balances
- Basic Principles
- Self- Worth
- Equality
- Compromise
- Individual Freedom
- Write your ownhellip
- Slide 82
- TED Talk
- Closure
- What is Economics
- Economics ishellip
- Back to our assumptionshellip
- Scarcity refers to the limited number of resources (factors of
- For the videohellip
- Slide 90
- Post Videohellip
- Advertisement
- Political Cartoon Analysis
- Factors of Production
- TASK
- The price ofhellip
- Economic efficiency is achieved when all available resources ar
- 1 What to produce
- 2 How to produce it
- 3 For whom to produce it
- Application Activity
- EQs
- Objectives amp Essential Questions
- Group Activity Budget Activity
- Slide 105
- How do we satisfy our economic wants
- How do we make goods amp services
- Economic Interdependence
- Slide 109
- Making Choices to Deal With Scarcity
- Exampleshellip
- Task Reflecting on Personal Trade-offshellip
- Opportunity Cost
- What else influences your choices
- Finallyhellip Why it Matters
- Visualizing the Relationshiphellip
- ObjectivesEssential Questions
- How Can We Measure What We Gain and Lose When Making Choices
- Production Possibilities Frontier
- PPF Assumptions
- Slide 121
- Production Possibilities Curve
- The Choices Nations Make
- Economic Growth
- The Classic Guns and Butter example
- Productivity
- Locations on a PPF
- Slide 128
- BOWED-OUT PPFs VaryingIncreasing OC
- Economic Systems
- Jigsaw activity
- Slide 132
- Economic amp Social Goals of an Economic System
- Review of Economic Systems
- Slide 135
- What are the most important goals of each economic system
- Which economic system does the US use
- The American Economic System
- The US mixed economy
- Slide 140
- Think backhellip
- US Economic System Characteristics
- Slide 143
- Understanding how all parts fit together
- Marriage Vows
- Do you remember
- Slide 147
-
Your Task
Create a billboard advertisement detailing thefeatures of one of the plans ndash NJ or VA - the choice is yoursbullGoal ldquosellrdquo your plan to the people ndash persuade
them to choose your planUse catchy phrasesslogans and be sure to
include the historical features of your plan (VA or NJ)
At the end of this project we will vote on the most persuasive and appealing billboard ndash this group will receive extra credit on the Unit Assessment
Closure
bullWhat do you think (or know) happens to these two plans
States agreebull States agree to (ratify) the Constitution
only after it was agreed that a Bill of Rights be addedConstitution takes effect in 1788Bill of Rights added in 1791
bullThe Constitution is written in language that is deliberately vague as a result of compromise and to allow for flexibilityWhy
Quote
bullThe United States Constitution has proved itself the most marvelously elastic compilation of rules of government ever written ndash FDR
bullWhat words stick to you in this quote Why
Structure of Constitutionbull Provides basic
framework for US government
bull Outlines basic principles structure and processes
bull Three partsmdashPreambleArticlesAmendments
Structure of Constitution bull Preamble
Introduction to the Constitution Lists ideas that the government should stand for
and states purposes We the people of the United States in Order
to form a more perfect Union establish Justice insure domestic Tranquility provide for the common defense promote the general Welfare and secure the Blessings of Liberty to ourselves and our Prosperity do ordain and establish this Constitution for the United States of Americardquo
6 Purpose of Government bull Form a More Perfect Union
bull Establish Justice bull Insure Domestic Tranquility
bull Provide for the Common Defense
bull Promote the General Welfare
bull Secure the Blessings of Liberty
For each phrase consider the followinghellip
1 Why do you think the Framerrsquos put this phrase in the US Constitution
2 Is this phrase important today
Structure of Constitution bullArticles
Main body of the Constitution Lay out basic structure of the national
governmentFurther broken down into sections and clauses
Article I Legislative branch Article II Executive branch Article III Judicial branch Articles IV Relations among the states Article V Amendment process Article VI Payment of debts Supremacy
Clause oaths of office
Article VII Ratification
Structure of Constitution
bullAmendments Formal changes made to the ConstitutionTwenty-seven in total First ten referred to as the Bill of Rights
Principles of Constitution bull The language and structure of the Constitution reflects the basic principles of the US government system
bull PrinciplesmdashPopular sovereigntyRepresentative government Separation of powers Checks and balancesLimited governmentFederalism
Activity
Activity bull STEP 1 bull Fill in the graphic
organizer in your guided notes packet You have 8 minutes on your own to do this
bull STEP 2 On your own or with a partner create a tri-fold containing visual representations of three different principles of our government On the back explain each principle in 2 sentences
Principle Explanation
Popular Sovereignty Idea that people are the source of all power held by the government
Limited Government Government possesses only the powers the people give itmdashit must obey the Constitution
Separation of Powers Establishes three separate branches that share the governmentrsquos power These branches are the executive the legislative and the judicial
Checks and Balances Ensures that none of the three branches can become too powerful Each branch has ways to limit the power of the other two (ex President veto power)
Judicial Review Power of the courts to decide what the Constitution means The courts also have the power to declare a government action to be against the Constitution (unconstitutional)
Federalism Divides the power between the central government and the States
Check for UnderstandingSix PrinciplesNumber your paper from 1 - 8
Question 1
bullldquoWe the people of the United Stateshellipdo ordain and establish this Constitution for the United States of Americardquo
Popular Sovereignty
Question 2
bullldquoCongress shall make no law respecting an establishment of religion or prohibiting the free exercise thereof or abridging the freedom of speech or of the press or the right of the people to peacefully assemble and to petition the Government for a redress of grievancesrdquo
Limited Government
Question 3
bullDuring the Watergate Scandal prosecutors accused many of President Nixonrsquos closest advisors of breaking the law thus proving the rule of lawmdashNO ONE is above the law
Limited Government
Question 4
bullldquoThe accumulation of all powers legislative executive and judiciary in the same hands whether of one a few or manyhellipmay justly be pronounced the very definition of tyrannyrdquo
SEPARATION OF POWERS
Question 5
bullPresident Bush nominates Miss Dicks to be director of the CIA but the Senate refuses to confirm the appointment
Checks and Balances
Question 6
bullCongress in 2005 passes the Stem Cell Research Bill but President Bush vetos the bill
CHECKS AND BALANCES
Question 7
bullThe Supreme Court in 1954 determined that ldquoseparate but equalrdquo was not constitutional and overturned the Plessy vs Ferguson ruling
JUDICIAL REVIEW
Question 8
bullVA has a law that requires all candidates for a professional cosmeticianrsquos license complete classroom hours an unpaid internship and pass a qualifying test
Federalism
GroupsPopular
SovereigntySeparation of
PowersFederalism
bull bull bull
Judicial Review
Limited Government
Checks and Balances
bull bull bull
Separation of Powers
bull Legislative branchmdashmakes the laws
bull Executive branchmdashenforces the laws
bull Judicial branchmdashinterprets the law
Video
bullhttpwwwbrainpopcomsocialstudiesusgovernmentandlawbranchesofgovernment
Checks and Balances
Checks and balances
bullIn what was do the branches check on one another
bullhttpwwwsheppardsoftwarecomusa_gamegovernmentchecks_and_balanceshtm
Basic Principles
bullThe tenets of democracy are built upon five principlesmdashWorth of the individualEquality of all personsMajority rule minority rightsNecessity of compromiseIndividual freedom
Self- Worth
bull A recognition of the fundamental worth of every person
bull The democratic process reflects the collective set of individuals who make up society
Equality Democratic concept insists that all entitled tobull equality of opportunity bull equality before the law
bull Equality of opportunity suggests that no person should be held back for any arbitrary reason and must be free to develop him- or herself as fully as heshe can (or cares to)
bull Equality before the law suggests that each person should be treated as the equal of all other persons before the law
Compromise
bull A matter of compromise to determine the position most acceptable to the largest number of people
bull Because each individual is important and considered the equal of all others it stands to reason that people can only make public decisions by way of compromise
bullWhy is compromise important
Individual Freedombull Right of the
individual to be free as far as the freedom of all will allow
bull Democracy does not and cannot insist on the absolute freedom of the individual person
Write your ownhellipbull Now that you know what the foundations of
government arehellip Create your own Constitution (Or social contract)
What do you think is important to include What do you think could be taken out
Start with ldquoWe the peoplehelliprdquo and create the ideal contract
Preamble (brief introduction) Articles (what should it include based on what we
learned so far Include and agree on 10 points) Amendments (what do you think it should take to
change it)
bullFor your quiz tomorrowhellip What questions would you expect to seeWrite 5 and the answers on the back of the
paper
TED Talk
bullhttpwwwyoutubecomwatchv=ypqQ3-agpZo
Closure
bullExplain two principles of the constitution and how are they connected
What is Economics
bull Is the study of how people choose to use their limited resources to satisfy their unlimited wants and needs
Important Parts of Economicsndash
CHOICESSCARCITY
Economics ishellip
bullDependent upon assumptions
bullDependent upon simplification of reality
Back to our assumptionshellip
bullHuman Beings are rationalbullAll societies suffer from scarcity bullAll buyers seek to maximize utility
bullAll sellers seek to maximize profits
Scarcity refers to the limited number of resources (factors of production) that can be used to satisfy the unlimited human wants and needs
For the videohellip
bullWrite down 3 things you did not knowbullWrite down 3 things you did know
bullhttpwwwyoutubecomwatchv=TO7UTNS7r0w
Post Videohellip
bullDefine the main idea of the video in 4-5 words
Advertisement
bullKnowing some of the basics about what economics is and why we study ithellip
bullCreate an advertisement for an economics course BE SURE TO INCLUDE
3 images that represent different economic ideas
2 ldquothought bubblesrdquo that represent things yoursquoll learn about in economics
1 slogan that represents why economics is an important course to take
Political Cartoon Analysis
Factors of Production bull LAND
Also called Natural Resources Consider them ldquogifts of naturerdquo such as air
soil minerals water and plants
bull LABOR Also called Human Resources Includes physical and mental activities that go
into producing goodsservices
bull CAPITAL Includes tools machines buildings and
technologies
bull ENTREPRENEUR Risk taker who is responsible for combining
land labor and capital to produce goods and services
TASK
bullTask Why are entrepreneurs the driving force in our economy
bullAnswer in 2-3 sentences
The price ofhellip
bullLand is rentbullCapital is interestbullLabor is wagesbullEntrepreneurship is profit
Economic efficiency is achieved when all available resources are being used
All societies must answer three basic questions to satisfy the needs and wants of their populations
1 What to produce
bullShould it be military or civilian goods
bullFood or clothingbullMedicine or movies
2 How to produce it
bullAutomated or manual labor
bullExpensive or cheap materials
bullDomestic or overseas labor
3 For whom to produce it
bullThe wealthy or the needybullThe sick or the healthy
Application Activity
bull In groups of 2-3 create your own country (name it please)
bull With your countryrsquos name explain the Population geography and general population
information (iehellipbull Choose 5 items for your country to produce and
answer the three societal questions for eachALSO explain why this material would help your
economy thrivereach economic efficiencybull Create an advertisement for your country
withhellip Images representing what you produce and a
slogan for why your country is awesome
EQs
bullHow does scarcity impact decision making
Objectives amp Essential QuestionsbullObjectives
I will be able to create and reflect on a budget given new economics content
I will be able to understand scarcity and our mixed economy
bullEssential QuestionsHow does scarcity impact decision makingHow do we satisfy our economic wants
Group Activity Budget Activity
bullTeacher will break you into groups In your groups you will be creating a budget for a single family
bullYour group has been given an income for a year Given your family situation negotiate with your ldquofamilyrdquo to complete a budget for 1 month (keep in mind your $$ is in a given year)
bullhttpwwwyoutubecomwatchv=yoVc_S_gd_0
How do we satisfy our economic wants
bull We buy goods or services
bull Good ndash a physical object (tangible) that has been produced for salebull Durable ndash last 3+ yearsbull Nondurable ndash last up to 3 years
bull Service ndash work done by someone else for which someone is willing to pay
How do we make goods amp services
bull Use Factors of Production - The productive resources that go into producing goods and services
Production Equation
LAND + LABOR + CAPITAL = GOODSERVICE
inputs output
Economic Interdependence
bullWhat does lsquointerdependencersquo mean
bullIs our world becoming economic interdependent or independent
bullEconomic Interdependence the actions of one part of the
country (world) has an impact on what happens elsewhere
Wants amp Needs gt
Resources
Because of scarcity we
have to make choices
How do we make a choice What do we give up
What does this remind you of from our government unit
Making Choices to Deal With Scarcity
bullPeople seek to maximize their utility when making decisions This requires them to consider tradeoffs
Utility ndash the satisfaction or benefit a person receives from consuming a good or service
Tradeoffs ndash the alternate choices people have when making a decision also the benefitsadvantages of making on
decision over another
ExampleshellipbullSome choices are easy to makehellip
HmmhellipShould I have pizza or a hoagie for lunch today
bullOther decisions are agonizinghellipShould I get out of bed and go to
school today or should I sleep in
Task Reflecting on Personal Trade-offshellip
In the end what helped you decide amongst your choices
Think of ONE decision thatyou had to make in the last weekhellipIdentify your various
tradeoffs for that decision
Be prepared to share
Opportunity Cost
bullWhen comparing the top 2 choices it is the BENEFIT of the next best alternative that must be sacrificed to satisfy a want
bullYou do a cost-benefit analysis to figure out which decision is most beneficial
Opportunity Cost ndash The best thing we give up to get what
we want
What else influences your choices
bullPeople make decisions based on their marginal utility or the extra satisfaction they gain from one additional unit of a goodservice
bullLaw of Diminishing Marginal Utility says that as we get or do more of something the pleasure we derive from it tends to decrease and so does our willingness to buy it or do it
FinallyhellipWhy it Matters
Understanding the opportunity coststradeoffs of different choices in life makes you a
better decision-maker
Todayrsquos Message ndash ldquoTherersquos No Such Thing As a Free Lunchrdquo
You always have to give something uphelliprdquo
ALL Individuals Businesses amp Societies have to consider tradeoffsopportunity costs when making
decisions
Visualizing the Relationshiphellip
Limited Resources amp Unlimited Wants
Scarcity
Trade-offs (choices)
Opportunity Costs
ObjectivesEssential Questions
bullObjectivebullI will be able to understand (and teach)
the three different types of economies
bullEssential Question How do the different types of economies work
How Can We Measure What We Gain and Lose When
Making Choices
Answer With a Production Possibilities Frontier
Production Possibilities Frontier
bullDiagram representing the possible combinations of goods and or services an economy can produce when all resources are being fully employed
PPF Assumptions
bullWe live in a two good worldbullThere are fixed resourcesbullThere is fixed technologybullResources are not specialized
Production Possibilities Curve
CD
E
OU
TP
UT
OF
CO
NS
UM
ER
GO
OD
S
(un
its
per
yea
r)
OUTPUT OF MILITARY GOODS (units per year)
A
BO
XF
G
Limited resources necessitate choices about WHAT to produce
The Choices Nations Make
bullA nation must choose what to do with its scarce resources during war or periods of military buildup
bullProduce military goods or consumer goods
Economic Growth
2000 production possibilities
1900 production possibilities
OU
TP
UT
OF
CO
NS
UM
ER
GO
OD
S(u
nits
per
yea
r)
OUTPUT OF MILITARY GOODS (units per year)
Production possibilities increases with more resources and technology
The Classic Guns and Butter example
Guns
Butter
10000 20000 30000 40000 50000
1000009500085000
70000
5000040000
BA
C
D
E
F
At point A all resources are used for butter
Moving from point A to point B requires shifting resources out of butter and into guns
At point F all resources are used for Guns
Productivitybull A PPF can help us see how efficient our
choices are
bull Productivity - measurement of how efficiently we are utilizing our resources Is this the same as production
bull An economy producing on the curve = using their resources to produce the MAXIMUM amount of goodsservices
Locations on a PPF
bull Efficient Point place where an economy is achieving as much output as possible from a given amount of resources ndash occurs at any point on the curve
bull Inefficient Point ndash place where the economy is not functioning as it could be ndash occurs at any point inside the curve
bull Unattainable Point ndash place where the economy cannot produce given its current resources ndash occurs at any point outside the curve
Food
Computer
4
3
2
1
1 2 3 4
OC between 1 and 2 computers = 1 Food
UnitOC between 3 and 4 computers = 1 Food
Unit
Constantly giving up the same quantity of food to get
additional computers
STRAIGHT-LINE PPFs Constant OC
BOWED-OUT PPFs VaryingIncreasing OC
Principle of Increasing Costs
As a society produces more of one product the OC of producing
that product increases because we are using more resources that are poorly suited to produce it
Economic Systems
An economic system is the way a society coordinates the production and consumption of goods amp services
How a society answers the three basic economic questions determines which type of economic system they are
Three Types of Economic Systems Command Traditional Market
Jigsaw activity
bullYou will be placed in groups of 3 and assigned a type of economy
bullYou will have 7 minutes to read and come up with 4 key components
bullAfter the 7 minuteshellip 1rsquos go to the front of the classroom2rsquos go to the wall nearest the door3rsquos go to the wall nearest the courtyard
Economic amp Social Goals of an Economic System
bull Economic Freedom
bull Economic Efficiency
bull Economic Equity
bull Economic Security
Economic Stability
Economic Growth
Review of Economic Systems
bullA traditional economy relies on custom and tradition to dictate production and consumption
bullIn a command economy decisions about production and consumption are made by a powerful ruler or central authority
bullIn a market economy individual producers and consumers coordinate economic activity
What are the most important goals of each economic system
bullTraditionalSecurity and
StabilitybullCommand
Equity and Security
bullMARKETEfficiency and
Freedom
Societies differ in the degree of importance they attach to each goal Progress toward one goal can sometimes be achieved only
at the expense of another (TRADEOFFS)
Which economic system does the US use
The American Economic System
bullWe have a mixed market economy
COMMAND MARKET
The US mixed economybull In a mixed economyhellip
Individuals Own the factors of production Possess freedom to produce or consume Must operate under confines of law
Government Protects workers and consumers Regulates business and preserves competition Provide public goodsbenefits
Think backhellip
bullWhat does this remind you of from the beginning of the unit
US Economic System Characteristics 1 Economic freedom (ldquolaissez-fairerdquo)
2 Limited government
3 Equal opportunity
4 Competition
5 Profit motive
6 Property Rights
7 Binding Contracts
Understanding how all parts fit together
Circular Flow of Economic Activity Represents a market economy
2 main ldquomarketsrdquoProduct Market Factor Market
where goods and services where the 4 factors ofare boughtsold production are boughtsold
Shows interdependence between
businesses and individuals
Marriage Vowsbull CONGRATULATIONS The government and the economy
are renewing their marriage vows You are cordially invited to the ceremony but this perfect couple needs your help
bull Using what you have learned this unit and using the textbook
bull You will explain the way government and the economy are connected (made for each other) You will demonstrate this answer in the format of wedding vows
bull You must use at least 5 of the following words Producers Taxes Consumers Restrictions Markets Freedom GoodsServices Limited
bull Look back to US Economic System Characteristics bull Each set of vows must be at least 6 lines
Do you remember
bullWrite the following question downbullWhy does the United States have a
democracy and mixed economy
- Foundations of Government and Economics
- On your blank piece of paperhellip
- Slide 3
- Warm-Up 1 - 9414
- Introductory thoughts hellip
- Slide 6
- 2 How about to your life
- Slide 8
- Slide 9
- Slide 10
- Slide 11
- Warm Up -2a- 9514 The New York Times and CBS News Pollhellip
- Warm up 2bndash In Journal-
- Economist and Politician Assumptions
- Individualism
- Quote activity
- Quote breakdown
- Warm Up 3- Current Event 9814
- Purpose of Government
- Slide 20
- 3 Theorists
- Activity
- Origins of American Government A customized government
- Origins of American Government A customized government (2)
- Origins of American Government A customized government (3)
- With which theory do you agree more Why
- The ldquoOriginal Dilemmardquo
- Warm Up 5 Hobbes and Locke
- Groups Block 2
- Groups Block 4
- Balloon Game
- You will have 10 minutes to get as many filled balloons on the
- Balloon Game Debriefing
- Political Theories
- Social Contract
- Natural Rights
- Democracy
- Concepts of Government
- Warm up 6 ndash 91114
- Warm Up 7
- And after the Constitution
- Activity (2)
- Picture Activity
- Constitutional Convention
- Purpose of the Convention
- VA Plan v NJ Plan
- Virginia Plan ldquoLarge State Planrdquo
- New Jersey Plan ldquoSmall State Planrdquo
- Your Task
- Closure
- States agree
- Quote
- Structure of Constitution
- Structure of Constitution
- 6 Purpose of Government
- Structure of Constitution (2)
- Structure of Constitution (3)
- Principles of Constitution
- Activity
- Slide 60
- Check for Understanding Six Principles
- Question 1
- Question 2
- Question 3
- Question 4
- Question 5
- Question 6
- Question 7
- Question 8
- Groups
- Separation of Powers
- Video
- Checks and Balances
- Slide 74
- Checks and balances
- Basic Principles
- Self- Worth
- Equality
- Compromise
- Individual Freedom
- Write your ownhellip
- Slide 82
- TED Talk
- Closure
- What is Economics
- Economics ishellip
- Back to our assumptionshellip
- Scarcity refers to the limited number of resources (factors of
- For the videohellip
- Slide 90
- Post Videohellip
- Advertisement
- Political Cartoon Analysis
- Factors of Production
- TASK
- The price ofhellip
- Economic efficiency is achieved when all available resources ar
- 1 What to produce
- 2 How to produce it
- 3 For whom to produce it
- Application Activity
- EQs
- Objectives amp Essential Questions
- Group Activity Budget Activity
- Slide 105
- How do we satisfy our economic wants
- How do we make goods amp services
- Economic Interdependence
- Slide 109
- Making Choices to Deal With Scarcity
- Exampleshellip
- Task Reflecting on Personal Trade-offshellip
- Opportunity Cost
- What else influences your choices
- Finallyhellip Why it Matters
- Visualizing the Relationshiphellip
- ObjectivesEssential Questions
- How Can We Measure What We Gain and Lose When Making Choices
- Production Possibilities Frontier
- PPF Assumptions
- Slide 121
- Production Possibilities Curve
- The Choices Nations Make
- Economic Growth
- The Classic Guns and Butter example
- Productivity
- Locations on a PPF
- Slide 128
- BOWED-OUT PPFs VaryingIncreasing OC
- Economic Systems
- Jigsaw activity
- Slide 132
- Economic amp Social Goals of an Economic System
- Review of Economic Systems
- Slide 135
- What are the most important goals of each economic system
- Which economic system does the US use
- The American Economic System
- The US mixed economy
- Slide 140
- Think backhellip
- US Economic System Characteristics
- Slide 143
- Understanding how all parts fit together
- Marriage Vows
- Do you remember
- Slide 147
-
Closure
bullWhat do you think (or know) happens to these two plans
States agreebull States agree to (ratify) the Constitution
only after it was agreed that a Bill of Rights be addedConstitution takes effect in 1788Bill of Rights added in 1791
bullThe Constitution is written in language that is deliberately vague as a result of compromise and to allow for flexibilityWhy
Quote
bullThe United States Constitution has proved itself the most marvelously elastic compilation of rules of government ever written ndash FDR
bullWhat words stick to you in this quote Why
Structure of Constitutionbull Provides basic
framework for US government
bull Outlines basic principles structure and processes
bull Three partsmdashPreambleArticlesAmendments
Structure of Constitution bull Preamble
Introduction to the Constitution Lists ideas that the government should stand for
and states purposes We the people of the United States in Order
to form a more perfect Union establish Justice insure domestic Tranquility provide for the common defense promote the general Welfare and secure the Blessings of Liberty to ourselves and our Prosperity do ordain and establish this Constitution for the United States of Americardquo
6 Purpose of Government bull Form a More Perfect Union
bull Establish Justice bull Insure Domestic Tranquility
bull Provide for the Common Defense
bull Promote the General Welfare
bull Secure the Blessings of Liberty
For each phrase consider the followinghellip
1 Why do you think the Framerrsquos put this phrase in the US Constitution
2 Is this phrase important today
Structure of Constitution bullArticles
Main body of the Constitution Lay out basic structure of the national
governmentFurther broken down into sections and clauses
Article I Legislative branch Article II Executive branch Article III Judicial branch Articles IV Relations among the states Article V Amendment process Article VI Payment of debts Supremacy
Clause oaths of office
Article VII Ratification
Structure of Constitution
bullAmendments Formal changes made to the ConstitutionTwenty-seven in total First ten referred to as the Bill of Rights
Principles of Constitution bull The language and structure of the Constitution reflects the basic principles of the US government system
bull PrinciplesmdashPopular sovereigntyRepresentative government Separation of powers Checks and balancesLimited governmentFederalism
Activity
Activity bull STEP 1 bull Fill in the graphic
organizer in your guided notes packet You have 8 minutes on your own to do this
bull STEP 2 On your own or with a partner create a tri-fold containing visual representations of three different principles of our government On the back explain each principle in 2 sentences
Principle Explanation
Popular Sovereignty Idea that people are the source of all power held by the government
Limited Government Government possesses only the powers the people give itmdashit must obey the Constitution
Separation of Powers Establishes three separate branches that share the governmentrsquos power These branches are the executive the legislative and the judicial
Checks and Balances Ensures that none of the three branches can become too powerful Each branch has ways to limit the power of the other two (ex President veto power)
Judicial Review Power of the courts to decide what the Constitution means The courts also have the power to declare a government action to be against the Constitution (unconstitutional)
Federalism Divides the power between the central government and the States
Check for UnderstandingSix PrinciplesNumber your paper from 1 - 8
Question 1
bullldquoWe the people of the United Stateshellipdo ordain and establish this Constitution for the United States of Americardquo
Popular Sovereignty
Question 2
bullldquoCongress shall make no law respecting an establishment of religion or prohibiting the free exercise thereof or abridging the freedom of speech or of the press or the right of the people to peacefully assemble and to petition the Government for a redress of grievancesrdquo
Limited Government
Question 3
bullDuring the Watergate Scandal prosecutors accused many of President Nixonrsquos closest advisors of breaking the law thus proving the rule of lawmdashNO ONE is above the law
Limited Government
Question 4
bullldquoThe accumulation of all powers legislative executive and judiciary in the same hands whether of one a few or manyhellipmay justly be pronounced the very definition of tyrannyrdquo
SEPARATION OF POWERS
Question 5
bullPresident Bush nominates Miss Dicks to be director of the CIA but the Senate refuses to confirm the appointment
Checks and Balances
Question 6
bullCongress in 2005 passes the Stem Cell Research Bill but President Bush vetos the bill
CHECKS AND BALANCES
Question 7
bullThe Supreme Court in 1954 determined that ldquoseparate but equalrdquo was not constitutional and overturned the Plessy vs Ferguson ruling
JUDICIAL REVIEW
Question 8
bullVA has a law that requires all candidates for a professional cosmeticianrsquos license complete classroom hours an unpaid internship and pass a qualifying test
Federalism
GroupsPopular
SovereigntySeparation of
PowersFederalism
bull bull bull
Judicial Review
Limited Government
Checks and Balances
bull bull bull
Separation of Powers
bull Legislative branchmdashmakes the laws
bull Executive branchmdashenforces the laws
bull Judicial branchmdashinterprets the law
Video
bullhttpwwwbrainpopcomsocialstudiesusgovernmentandlawbranchesofgovernment
Checks and Balances
Checks and balances
bullIn what was do the branches check on one another
bullhttpwwwsheppardsoftwarecomusa_gamegovernmentchecks_and_balanceshtm
Basic Principles
bullThe tenets of democracy are built upon five principlesmdashWorth of the individualEquality of all personsMajority rule minority rightsNecessity of compromiseIndividual freedom
Self- Worth
bull A recognition of the fundamental worth of every person
bull The democratic process reflects the collective set of individuals who make up society
Equality Democratic concept insists that all entitled tobull equality of opportunity bull equality before the law
bull Equality of opportunity suggests that no person should be held back for any arbitrary reason and must be free to develop him- or herself as fully as heshe can (or cares to)
bull Equality before the law suggests that each person should be treated as the equal of all other persons before the law
Compromise
bull A matter of compromise to determine the position most acceptable to the largest number of people
bull Because each individual is important and considered the equal of all others it stands to reason that people can only make public decisions by way of compromise
bullWhy is compromise important
Individual Freedombull Right of the
individual to be free as far as the freedom of all will allow
bull Democracy does not and cannot insist on the absolute freedom of the individual person
Write your ownhellipbull Now that you know what the foundations of
government arehellip Create your own Constitution (Or social contract)
What do you think is important to include What do you think could be taken out
Start with ldquoWe the peoplehelliprdquo and create the ideal contract
Preamble (brief introduction) Articles (what should it include based on what we
learned so far Include and agree on 10 points) Amendments (what do you think it should take to
change it)
bullFor your quiz tomorrowhellip What questions would you expect to seeWrite 5 and the answers on the back of the
paper
TED Talk
bullhttpwwwyoutubecomwatchv=ypqQ3-agpZo
Closure
bullExplain two principles of the constitution and how are they connected
What is Economics
bull Is the study of how people choose to use their limited resources to satisfy their unlimited wants and needs
Important Parts of Economicsndash
CHOICESSCARCITY
Economics ishellip
bullDependent upon assumptions
bullDependent upon simplification of reality
Back to our assumptionshellip
bullHuman Beings are rationalbullAll societies suffer from scarcity bullAll buyers seek to maximize utility
bullAll sellers seek to maximize profits
Scarcity refers to the limited number of resources (factors of production) that can be used to satisfy the unlimited human wants and needs
For the videohellip
bullWrite down 3 things you did not knowbullWrite down 3 things you did know
bullhttpwwwyoutubecomwatchv=TO7UTNS7r0w
Post Videohellip
bullDefine the main idea of the video in 4-5 words
Advertisement
bullKnowing some of the basics about what economics is and why we study ithellip
bullCreate an advertisement for an economics course BE SURE TO INCLUDE
3 images that represent different economic ideas
2 ldquothought bubblesrdquo that represent things yoursquoll learn about in economics
1 slogan that represents why economics is an important course to take
Political Cartoon Analysis
Factors of Production bull LAND
Also called Natural Resources Consider them ldquogifts of naturerdquo such as air
soil minerals water and plants
bull LABOR Also called Human Resources Includes physical and mental activities that go
into producing goodsservices
bull CAPITAL Includes tools machines buildings and
technologies
bull ENTREPRENEUR Risk taker who is responsible for combining
land labor and capital to produce goods and services
TASK
bullTask Why are entrepreneurs the driving force in our economy
bullAnswer in 2-3 sentences
The price ofhellip
bullLand is rentbullCapital is interestbullLabor is wagesbullEntrepreneurship is profit
Economic efficiency is achieved when all available resources are being used
All societies must answer three basic questions to satisfy the needs and wants of their populations
1 What to produce
bullShould it be military or civilian goods
bullFood or clothingbullMedicine or movies
2 How to produce it
bullAutomated or manual labor
bullExpensive or cheap materials
bullDomestic or overseas labor
3 For whom to produce it
bullThe wealthy or the needybullThe sick or the healthy
Application Activity
bull In groups of 2-3 create your own country (name it please)
bull With your countryrsquos name explain the Population geography and general population
information (iehellipbull Choose 5 items for your country to produce and
answer the three societal questions for eachALSO explain why this material would help your
economy thrivereach economic efficiencybull Create an advertisement for your country
withhellip Images representing what you produce and a
slogan for why your country is awesome
EQs
bullHow does scarcity impact decision making
Objectives amp Essential QuestionsbullObjectives
I will be able to create and reflect on a budget given new economics content
I will be able to understand scarcity and our mixed economy
bullEssential QuestionsHow does scarcity impact decision makingHow do we satisfy our economic wants
Group Activity Budget Activity
bullTeacher will break you into groups In your groups you will be creating a budget for a single family
bullYour group has been given an income for a year Given your family situation negotiate with your ldquofamilyrdquo to complete a budget for 1 month (keep in mind your $$ is in a given year)
bullhttpwwwyoutubecomwatchv=yoVc_S_gd_0
How do we satisfy our economic wants
bull We buy goods or services
bull Good ndash a physical object (tangible) that has been produced for salebull Durable ndash last 3+ yearsbull Nondurable ndash last up to 3 years
bull Service ndash work done by someone else for which someone is willing to pay
How do we make goods amp services
bull Use Factors of Production - The productive resources that go into producing goods and services
Production Equation
LAND + LABOR + CAPITAL = GOODSERVICE
inputs output
Economic Interdependence
bullWhat does lsquointerdependencersquo mean
bullIs our world becoming economic interdependent or independent
bullEconomic Interdependence the actions of one part of the
country (world) has an impact on what happens elsewhere
Wants amp Needs gt
Resources
Because of scarcity we
have to make choices
How do we make a choice What do we give up
What does this remind you of from our government unit
Making Choices to Deal With Scarcity
bullPeople seek to maximize their utility when making decisions This requires them to consider tradeoffs
Utility ndash the satisfaction or benefit a person receives from consuming a good or service
Tradeoffs ndash the alternate choices people have when making a decision also the benefitsadvantages of making on
decision over another
ExampleshellipbullSome choices are easy to makehellip
HmmhellipShould I have pizza or a hoagie for lunch today
bullOther decisions are agonizinghellipShould I get out of bed and go to
school today or should I sleep in
Task Reflecting on Personal Trade-offshellip
In the end what helped you decide amongst your choices
Think of ONE decision thatyou had to make in the last weekhellipIdentify your various
tradeoffs for that decision
Be prepared to share
Opportunity Cost
bullWhen comparing the top 2 choices it is the BENEFIT of the next best alternative that must be sacrificed to satisfy a want
bullYou do a cost-benefit analysis to figure out which decision is most beneficial
Opportunity Cost ndash The best thing we give up to get what
we want
What else influences your choices
bullPeople make decisions based on their marginal utility or the extra satisfaction they gain from one additional unit of a goodservice
bullLaw of Diminishing Marginal Utility says that as we get or do more of something the pleasure we derive from it tends to decrease and so does our willingness to buy it or do it
FinallyhellipWhy it Matters
Understanding the opportunity coststradeoffs of different choices in life makes you a
better decision-maker
Todayrsquos Message ndash ldquoTherersquos No Such Thing As a Free Lunchrdquo
You always have to give something uphelliprdquo
ALL Individuals Businesses amp Societies have to consider tradeoffsopportunity costs when making
decisions
Visualizing the Relationshiphellip
Limited Resources amp Unlimited Wants
Scarcity
Trade-offs (choices)
Opportunity Costs
ObjectivesEssential Questions
bullObjectivebullI will be able to understand (and teach)
the three different types of economies
bullEssential Question How do the different types of economies work
How Can We Measure What We Gain and Lose When
Making Choices
Answer With a Production Possibilities Frontier
Production Possibilities Frontier
bullDiagram representing the possible combinations of goods and or services an economy can produce when all resources are being fully employed
PPF Assumptions
bullWe live in a two good worldbullThere are fixed resourcesbullThere is fixed technologybullResources are not specialized
Production Possibilities Curve
CD
E
OU
TP
UT
OF
CO
NS
UM
ER
GO
OD
S
(un
its
per
yea
r)
OUTPUT OF MILITARY GOODS (units per year)
A
BO
XF
G
Limited resources necessitate choices about WHAT to produce
The Choices Nations Make
bullA nation must choose what to do with its scarce resources during war or periods of military buildup
bullProduce military goods or consumer goods
Economic Growth
2000 production possibilities
1900 production possibilities
OU
TP
UT
OF
CO
NS
UM
ER
GO
OD
S(u
nits
per
yea
r)
OUTPUT OF MILITARY GOODS (units per year)
Production possibilities increases with more resources and technology
The Classic Guns and Butter example
Guns
Butter
10000 20000 30000 40000 50000
1000009500085000
70000
5000040000
BA
C
D
E
F
At point A all resources are used for butter
Moving from point A to point B requires shifting resources out of butter and into guns
At point F all resources are used for Guns
Productivitybull A PPF can help us see how efficient our
choices are
bull Productivity - measurement of how efficiently we are utilizing our resources Is this the same as production
bull An economy producing on the curve = using their resources to produce the MAXIMUM amount of goodsservices
Locations on a PPF
bull Efficient Point place where an economy is achieving as much output as possible from a given amount of resources ndash occurs at any point on the curve
bull Inefficient Point ndash place where the economy is not functioning as it could be ndash occurs at any point inside the curve
bull Unattainable Point ndash place where the economy cannot produce given its current resources ndash occurs at any point outside the curve
Food
Computer
4
3
2
1
1 2 3 4
OC between 1 and 2 computers = 1 Food
UnitOC between 3 and 4 computers = 1 Food
Unit
Constantly giving up the same quantity of food to get
additional computers
STRAIGHT-LINE PPFs Constant OC
BOWED-OUT PPFs VaryingIncreasing OC
Principle of Increasing Costs
As a society produces more of one product the OC of producing
that product increases because we are using more resources that are poorly suited to produce it
Economic Systems
An economic system is the way a society coordinates the production and consumption of goods amp services
How a society answers the three basic economic questions determines which type of economic system they are
Three Types of Economic Systems Command Traditional Market
Jigsaw activity
bullYou will be placed in groups of 3 and assigned a type of economy
bullYou will have 7 minutes to read and come up with 4 key components
bullAfter the 7 minuteshellip 1rsquos go to the front of the classroom2rsquos go to the wall nearest the door3rsquos go to the wall nearest the courtyard
Economic amp Social Goals of an Economic System
bull Economic Freedom
bull Economic Efficiency
bull Economic Equity
bull Economic Security
Economic Stability
Economic Growth
Review of Economic Systems
bullA traditional economy relies on custom and tradition to dictate production and consumption
bullIn a command economy decisions about production and consumption are made by a powerful ruler or central authority
bullIn a market economy individual producers and consumers coordinate economic activity
What are the most important goals of each economic system
bullTraditionalSecurity and
StabilitybullCommand
Equity and Security
bullMARKETEfficiency and
Freedom
Societies differ in the degree of importance they attach to each goal Progress toward one goal can sometimes be achieved only
at the expense of another (TRADEOFFS)
Which economic system does the US use
The American Economic System
bullWe have a mixed market economy
COMMAND MARKET
The US mixed economybull In a mixed economyhellip
Individuals Own the factors of production Possess freedom to produce or consume Must operate under confines of law
Government Protects workers and consumers Regulates business and preserves competition Provide public goodsbenefits
Think backhellip
bullWhat does this remind you of from the beginning of the unit
US Economic System Characteristics 1 Economic freedom (ldquolaissez-fairerdquo)
2 Limited government
3 Equal opportunity
4 Competition
5 Profit motive
6 Property Rights
7 Binding Contracts
Understanding how all parts fit together
Circular Flow of Economic Activity Represents a market economy
2 main ldquomarketsrdquoProduct Market Factor Market
where goods and services where the 4 factors ofare boughtsold production are boughtsold
Shows interdependence between
businesses and individuals
Marriage Vowsbull CONGRATULATIONS The government and the economy
are renewing their marriage vows You are cordially invited to the ceremony but this perfect couple needs your help
bull Using what you have learned this unit and using the textbook
bull You will explain the way government and the economy are connected (made for each other) You will demonstrate this answer in the format of wedding vows
bull You must use at least 5 of the following words Producers Taxes Consumers Restrictions Markets Freedom GoodsServices Limited
bull Look back to US Economic System Characteristics bull Each set of vows must be at least 6 lines
Do you remember
bullWrite the following question downbullWhy does the United States have a
democracy and mixed economy
- Foundations of Government and Economics
- On your blank piece of paperhellip
- Slide 3
- Warm-Up 1 - 9414
- Introductory thoughts hellip
- Slide 6
- 2 How about to your life
- Slide 8
- Slide 9
- Slide 10
- Slide 11
- Warm Up -2a- 9514 The New York Times and CBS News Pollhellip
- Warm up 2bndash In Journal-
- Economist and Politician Assumptions
- Individualism
- Quote activity
- Quote breakdown
- Warm Up 3- Current Event 9814
- Purpose of Government
- Slide 20
- 3 Theorists
- Activity
- Origins of American Government A customized government
- Origins of American Government A customized government (2)
- Origins of American Government A customized government (3)
- With which theory do you agree more Why
- The ldquoOriginal Dilemmardquo
- Warm Up 5 Hobbes and Locke
- Groups Block 2
- Groups Block 4
- Balloon Game
- You will have 10 minutes to get as many filled balloons on the
- Balloon Game Debriefing
- Political Theories
- Social Contract
- Natural Rights
- Democracy
- Concepts of Government
- Warm up 6 ndash 91114
- Warm Up 7
- And after the Constitution
- Activity (2)
- Picture Activity
- Constitutional Convention
- Purpose of the Convention
- VA Plan v NJ Plan
- Virginia Plan ldquoLarge State Planrdquo
- New Jersey Plan ldquoSmall State Planrdquo
- Your Task
- Closure
- States agree
- Quote
- Structure of Constitution
- Structure of Constitution
- 6 Purpose of Government
- Structure of Constitution (2)
- Structure of Constitution (3)
- Principles of Constitution
- Activity
- Slide 60
- Check for Understanding Six Principles
- Question 1
- Question 2
- Question 3
- Question 4
- Question 5
- Question 6
- Question 7
- Question 8
- Groups
- Separation of Powers
- Video
- Checks and Balances
- Slide 74
- Checks and balances
- Basic Principles
- Self- Worth
- Equality
- Compromise
- Individual Freedom
- Write your ownhellip
- Slide 82
- TED Talk
- Closure
- What is Economics
- Economics ishellip
- Back to our assumptionshellip
- Scarcity refers to the limited number of resources (factors of
- For the videohellip
- Slide 90
- Post Videohellip
- Advertisement
- Political Cartoon Analysis
- Factors of Production
- TASK
- The price ofhellip
- Economic efficiency is achieved when all available resources ar
- 1 What to produce
- 2 How to produce it
- 3 For whom to produce it
- Application Activity
- EQs
- Objectives amp Essential Questions
- Group Activity Budget Activity
- Slide 105
- How do we satisfy our economic wants
- How do we make goods amp services
- Economic Interdependence
- Slide 109
- Making Choices to Deal With Scarcity
- Exampleshellip
- Task Reflecting on Personal Trade-offshellip
- Opportunity Cost
- What else influences your choices
- Finallyhellip Why it Matters
- Visualizing the Relationshiphellip
- ObjectivesEssential Questions
- How Can We Measure What We Gain and Lose When Making Choices
- Production Possibilities Frontier
- PPF Assumptions
- Slide 121
- Production Possibilities Curve
- The Choices Nations Make
- Economic Growth
- The Classic Guns and Butter example
- Productivity
- Locations on a PPF
- Slide 128
- BOWED-OUT PPFs VaryingIncreasing OC
- Economic Systems
- Jigsaw activity
- Slide 132
- Economic amp Social Goals of an Economic System
- Review of Economic Systems
- Slide 135
- What are the most important goals of each economic system
- Which economic system does the US use
- The American Economic System
- The US mixed economy
- Slide 140
- Think backhellip
- US Economic System Characteristics
- Slide 143
- Understanding how all parts fit together
- Marriage Vows
- Do you remember
- Slide 147
-
States agreebull States agree to (ratify) the Constitution
only after it was agreed that a Bill of Rights be addedConstitution takes effect in 1788Bill of Rights added in 1791
bullThe Constitution is written in language that is deliberately vague as a result of compromise and to allow for flexibilityWhy
Quote
bullThe United States Constitution has proved itself the most marvelously elastic compilation of rules of government ever written ndash FDR
bullWhat words stick to you in this quote Why
Structure of Constitutionbull Provides basic
framework for US government
bull Outlines basic principles structure and processes
bull Three partsmdashPreambleArticlesAmendments
Structure of Constitution bull Preamble
Introduction to the Constitution Lists ideas that the government should stand for
and states purposes We the people of the United States in Order
to form a more perfect Union establish Justice insure domestic Tranquility provide for the common defense promote the general Welfare and secure the Blessings of Liberty to ourselves and our Prosperity do ordain and establish this Constitution for the United States of Americardquo
6 Purpose of Government bull Form a More Perfect Union
bull Establish Justice bull Insure Domestic Tranquility
bull Provide for the Common Defense
bull Promote the General Welfare
bull Secure the Blessings of Liberty
For each phrase consider the followinghellip
1 Why do you think the Framerrsquos put this phrase in the US Constitution
2 Is this phrase important today
Structure of Constitution bullArticles
Main body of the Constitution Lay out basic structure of the national
governmentFurther broken down into sections and clauses
Article I Legislative branch Article II Executive branch Article III Judicial branch Articles IV Relations among the states Article V Amendment process Article VI Payment of debts Supremacy
Clause oaths of office
Article VII Ratification
Structure of Constitution
bullAmendments Formal changes made to the ConstitutionTwenty-seven in total First ten referred to as the Bill of Rights
Principles of Constitution bull The language and structure of the Constitution reflects the basic principles of the US government system
bull PrinciplesmdashPopular sovereigntyRepresentative government Separation of powers Checks and balancesLimited governmentFederalism
Activity
Activity bull STEP 1 bull Fill in the graphic
organizer in your guided notes packet You have 8 minutes on your own to do this
bull STEP 2 On your own or with a partner create a tri-fold containing visual representations of three different principles of our government On the back explain each principle in 2 sentences
Principle Explanation
Popular Sovereignty Idea that people are the source of all power held by the government
Limited Government Government possesses only the powers the people give itmdashit must obey the Constitution
Separation of Powers Establishes three separate branches that share the governmentrsquos power These branches are the executive the legislative and the judicial
Checks and Balances Ensures that none of the three branches can become too powerful Each branch has ways to limit the power of the other two (ex President veto power)
Judicial Review Power of the courts to decide what the Constitution means The courts also have the power to declare a government action to be against the Constitution (unconstitutional)
Federalism Divides the power between the central government and the States
Check for UnderstandingSix PrinciplesNumber your paper from 1 - 8
Question 1
bullldquoWe the people of the United Stateshellipdo ordain and establish this Constitution for the United States of Americardquo
Popular Sovereignty
Question 2
bullldquoCongress shall make no law respecting an establishment of religion or prohibiting the free exercise thereof or abridging the freedom of speech or of the press or the right of the people to peacefully assemble and to petition the Government for a redress of grievancesrdquo
Limited Government
Question 3
bullDuring the Watergate Scandal prosecutors accused many of President Nixonrsquos closest advisors of breaking the law thus proving the rule of lawmdashNO ONE is above the law
Limited Government
Question 4
bullldquoThe accumulation of all powers legislative executive and judiciary in the same hands whether of one a few or manyhellipmay justly be pronounced the very definition of tyrannyrdquo
SEPARATION OF POWERS
Question 5
bullPresident Bush nominates Miss Dicks to be director of the CIA but the Senate refuses to confirm the appointment
Checks and Balances
Question 6
bullCongress in 2005 passes the Stem Cell Research Bill but President Bush vetos the bill
CHECKS AND BALANCES
Question 7
bullThe Supreme Court in 1954 determined that ldquoseparate but equalrdquo was not constitutional and overturned the Plessy vs Ferguson ruling
JUDICIAL REVIEW
Question 8
bullVA has a law that requires all candidates for a professional cosmeticianrsquos license complete classroom hours an unpaid internship and pass a qualifying test
Federalism
GroupsPopular
SovereigntySeparation of
PowersFederalism
bull bull bull
Judicial Review
Limited Government
Checks and Balances
bull bull bull
Separation of Powers
bull Legislative branchmdashmakes the laws
bull Executive branchmdashenforces the laws
bull Judicial branchmdashinterprets the law
Video
bullhttpwwwbrainpopcomsocialstudiesusgovernmentandlawbranchesofgovernment
Checks and Balances
Checks and balances
bullIn what was do the branches check on one another
bullhttpwwwsheppardsoftwarecomusa_gamegovernmentchecks_and_balanceshtm
Basic Principles
bullThe tenets of democracy are built upon five principlesmdashWorth of the individualEquality of all personsMajority rule minority rightsNecessity of compromiseIndividual freedom
Self- Worth
bull A recognition of the fundamental worth of every person
bull The democratic process reflects the collective set of individuals who make up society
Equality Democratic concept insists that all entitled tobull equality of opportunity bull equality before the law
bull Equality of opportunity suggests that no person should be held back for any arbitrary reason and must be free to develop him- or herself as fully as heshe can (or cares to)
bull Equality before the law suggests that each person should be treated as the equal of all other persons before the law
Compromise
bull A matter of compromise to determine the position most acceptable to the largest number of people
bull Because each individual is important and considered the equal of all others it stands to reason that people can only make public decisions by way of compromise
bullWhy is compromise important
Individual Freedombull Right of the
individual to be free as far as the freedom of all will allow
bull Democracy does not and cannot insist on the absolute freedom of the individual person
Write your ownhellipbull Now that you know what the foundations of
government arehellip Create your own Constitution (Or social contract)
What do you think is important to include What do you think could be taken out
Start with ldquoWe the peoplehelliprdquo and create the ideal contract
Preamble (brief introduction) Articles (what should it include based on what we
learned so far Include and agree on 10 points) Amendments (what do you think it should take to
change it)
bullFor your quiz tomorrowhellip What questions would you expect to seeWrite 5 and the answers on the back of the
paper
TED Talk
bullhttpwwwyoutubecomwatchv=ypqQ3-agpZo
Closure
bullExplain two principles of the constitution and how are they connected
What is Economics
bull Is the study of how people choose to use their limited resources to satisfy their unlimited wants and needs
Important Parts of Economicsndash
CHOICESSCARCITY
Economics ishellip
bullDependent upon assumptions
bullDependent upon simplification of reality
Back to our assumptionshellip
bullHuman Beings are rationalbullAll societies suffer from scarcity bullAll buyers seek to maximize utility
bullAll sellers seek to maximize profits
Scarcity refers to the limited number of resources (factors of production) that can be used to satisfy the unlimited human wants and needs
For the videohellip
bullWrite down 3 things you did not knowbullWrite down 3 things you did know
bullhttpwwwyoutubecomwatchv=TO7UTNS7r0w
Post Videohellip
bullDefine the main idea of the video in 4-5 words
Advertisement
bullKnowing some of the basics about what economics is and why we study ithellip
bullCreate an advertisement for an economics course BE SURE TO INCLUDE
3 images that represent different economic ideas
2 ldquothought bubblesrdquo that represent things yoursquoll learn about in economics
1 slogan that represents why economics is an important course to take
Political Cartoon Analysis
Factors of Production bull LAND
Also called Natural Resources Consider them ldquogifts of naturerdquo such as air
soil minerals water and plants
bull LABOR Also called Human Resources Includes physical and mental activities that go
into producing goodsservices
bull CAPITAL Includes tools machines buildings and
technologies
bull ENTREPRENEUR Risk taker who is responsible for combining
land labor and capital to produce goods and services
TASK
bullTask Why are entrepreneurs the driving force in our economy
bullAnswer in 2-3 sentences
The price ofhellip
bullLand is rentbullCapital is interestbullLabor is wagesbullEntrepreneurship is profit
Economic efficiency is achieved when all available resources are being used
All societies must answer three basic questions to satisfy the needs and wants of their populations
1 What to produce
bullShould it be military or civilian goods
bullFood or clothingbullMedicine or movies
2 How to produce it
bullAutomated or manual labor
bullExpensive or cheap materials
bullDomestic or overseas labor
3 For whom to produce it
bullThe wealthy or the needybullThe sick or the healthy
Application Activity
bull In groups of 2-3 create your own country (name it please)
bull With your countryrsquos name explain the Population geography and general population
information (iehellipbull Choose 5 items for your country to produce and
answer the three societal questions for eachALSO explain why this material would help your
economy thrivereach economic efficiencybull Create an advertisement for your country
withhellip Images representing what you produce and a
slogan for why your country is awesome
EQs
bullHow does scarcity impact decision making
Objectives amp Essential QuestionsbullObjectives
I will be able to create and reflect on a budget given new economics content
I will be able to understand scarcity and our mixed economy
bullEssential QuestionsHow does scarcity impact decision makingHow do we satisfy our economic wants
Group Activity Budget Activity
bullTeacher will break you into groups In your groups you will be creating a budget for a single family
bullYour group has been given an income for a year Given your family situation negotiate with your ldquofamilyrdquo to complete a budget for 1 month (keep in mind your $$ is in a given year)
bullhttpwwwyoutubecomwatchv=yoVc_S_gd_0
How do we satisfy our economic wants
bull We buy goods or services
bull Good ndash a physical object (tangible) that has been produced for salebull Durable ndash last 3+ yearsbull Nondurable ndash last up to 3 years
bull Service ndash work done by someone else for which someone is willing to pay
How do we make goods amp services
bull Use Factors of Production - The productive resources that go into producing goods and services
Production Equation
LAND + LABOR + CAPITAL = GOODSERVICE
inputs output
Economic Interdependence
bullWhat does lsquointerdependencersquo mean
bullIs our world becoming economic interdependent or independent
bullEconomic Interdependence the actions of one part of the
country (world) has an impact on what happens elsewhere
Wants amp Needs gt
Resources
Because of scarcity we
have to make choices
How do we make a choice What do we give up
What does this remind you of from our government unit
Making Choices to Deal With Scarcity
bullPeople seek to maximize their utility when making decisions This requires them to consider tradeoffs
Utility ndash the satisfaction or benefit a person receives from consuming a good or service
Tradeoffs ndash the alternate choices people have when making a decision also the benefitsadvantages of making on
decision over another
ExampleshellipbullSome choices are easy to makehellip
HmmhellipShould I have pizza or a hoagie for lunch today
bullOther decisions are agonizinghellipShould I get out of bed and go to
school today or should I sleep in
Task Reflecting on Personal Trade-offshellip
In the end what helped you decide amongst your choices
Think of ONE decision thatyou had to make in the last weekhellipIdentify your various
tradeoffs for that decision
Be prepared to share
Opportunity Cost
bullWhen comparing the top 2 choices it is the BENEFIT of the next best alternative that must be sacrificed to satisfy a want
bullYou do a cost-benefit analysis to figure out which decision is most beneficial
Opportunity Cost ndash The best thing we give up to get what
we want
What else influences your choices
bullPeople make decisions based on their marginal utility or the extra satisfaction they gain from one additional unit of a goodservice
bullLaw of Diminishing Marginal Utility says that as we get or do more of something the pleasure we derive from it tends to decrease and so does our willingness to buy it or do it
FinallyhellipWhy it Matters
Understanding the opportunity coststradeoffs of different choices in life makes you a
better decision-maker
Todayrsquos Message ndash ldquoTherersquos No Such Thing As a Free Lunchrdquo
You always have to give something uphelliprdquo
ALL Individuals Businesses amp Societies have to consider tradeoffsopportunity costs when making
decisions
Visualizing the Relationshiphellip
Limited Resources amp Unlimited Wants
Scarcity
Trade-offs (choices)
Opportunity Costs
ObjectivesEssential Questions
bullObjectivebullI will be able to understand (and teach)
the three different types of economies
bullEssential Question How do the different types of economies work
How Can We Measure What We Gain and Lose When
Making Choices
Answer With a Production Possibilities Frontier
Production Possibilities Frontier
bullDiagram representing the possible combinations of goods and or services an economy can produce when all resources are being fully employed
PPF Assumptions
bullWe live in a two good worldbullThere are fixed resourcesbullThere is fixed technologybullResources are not specialized
Production Possibilities Curve
CD
E
OU
TP
UT
OF
CO
NS
UM
ER
GO
OD
S
(un
its
per
yea
r)
OUTPUT OF MILITARY GOODS (units per year)
A
BO
XF
G
Limited resources necessitate choices about WHAT to produce
The Choices Nations Make
bullA nation must choose what to do with its scarce resources during war or periods of military buildup
bullProduce military goods or consumer goods
Economic Growth
2000 production possibilities
1900 production possibilities
OU
TP
UT
OF
CO
NS
UM
ER
GO
OD
S(u
nits
per
yea
r)
OUTPUT OF MILITARY GOODS (units per year)
Production possibilities increases with more resources and technology
The Classic Guns and Butter example
Guns
Butter
10000 20000 30000 40000 50000
1000009500085000
70000
5000040000
BA
C
D
E
F
At point A all resources are used for butter
Moving from point A to point B requires shifting resources out of butter and into guns
At point F all resources are used for Guns
Productivitybull A PPF can help us see how efficient our
choices are
bull Productivity - measurement of how efficiently we are utilizing our resources Is this the same as production
bull An economy producing on the curve = using their resources to produce the MAXIMUM amount of goodsservices
Locations on a PPF
bull Efficient Point place where an economy is achieving as much output as possible from a given amount of resources ndash occurs at any point on the curve
bull Inefficient Point ndash place where the economy is not functioning as it could be ndash occurs at any point inside the curve
bull Unattainable Point ndash place where the economy cannot produce given its current resources ndash occurs at any point outside the curve
Food
Computer
4
3
2
1
1 2 3 4
OC between 1 and 2 computers = 1 Food
UnitOC between 3 and 4 computers = 1 Food
Unit
Constantly giving up the same quantity of food to get
additional computers
STRAIGHT-LINE PPFs Constant OC
BOWED-OUT PPFs VaryingIncreasing OC
Principle of Increasing Costs
As a society produces more of one product the OC of producing
that product increases because we are using more resources that are poorly suited to produce it
Economic Systems
An economic system is the way a society coordinates the production and consumption of goods amp services
How a society answers the three basic economic questions determines which type of economic system they are
Three Types of Economic Systems Command Traditional Market
Jigsaw activity
bullYou will be placed in groups of 3 and assigned a type of economy
bullYou will have 7 minutes to read and come up with 4 key components
bullAfter the 7 minuteshellip 1rsquos go to the front of the classroom2rsquos go to the wall nearest the door3rsquos go to the wall nearest the courtyard
Economic amp Social Goals of an Economic System
bull Economic Freedom
bull Economic Efficiency
bull Economic Equity
bull Economic Security
Economic Stability
Economic Growth
Review of Economic Systems
bullA traditional economy relies on custom and tradition to dictate production and consumption
bullIn a command economy decisions about production and consumption are made by a powerful ruler or central authority
bullIn a market economy individual producers and consumers coordinate economic activity
What are the most important goals of each economic system
bullTraditionalSecurity and
StabilitybullCommand
Equity and Security
bullMARKETEfficiency and
Freedom
Societies differ in the degree of importance they attach to each goal Progress toward one goal can sometimes be achieved only
at the expense of another (TRADEOFFS)
Which economic system does the US use
The American Economic System
bullWe have a mixed market economy
COMMAND MARKET
The US mixed economybull In a mixed economyhellip
Individuals Own the factors of production Possess freedom to produce or consume Must operate under confines of law
Government Protects workers and consumers Regulates business and preserves competition Provide public goodsbenefits
Think backhellip
bullWhat does this remind you of from the beginning of the unit
US Economic System Characteristics 1 Economic freedom (ldquolaissez-fairerdquo)
2 Limited government
3 Equal opportunity
4 Competition
5 Profit motive
6 Property Rights
7 Binding Contracts
Understanding how all parts fit together
Circular Flow of Economic Activity Represents a market economy
2 main ldquomarketsrdquoProduct Market Factor Market
where goods and services where the 4 factors ofare boughtsold production are boughtsold
Shows interdependence between
businesses and individuals
Marriage Vowsbull CONGRATULATIONS The government and the economy
are renewing their marriage vows You are cordially invited to the ceremony but this perfect couple needs your help
bull Using what you have learned this unit and using the textbook
bull You will explain the way government and the economy are connected (made for each other) You will demonstrate this answer in the format of wedding vows
bull You must use at least 5 of the following words Producers Taxes Consumers Restrictions Markets Freedom GoodsServices Limited
bull Look back to US Economic System Characteristics bull Each set of vows must be at least 6 lines
Do you remember
bullWrite the following question downbullWhy does the United States have a
democracy and mixed economy
- Foundations of Government and Economics
- On your blank piece of paperhellip
- Slide 3
- Warm-Up 1 - 9414
- Introductory thoughts hellip
- Slide 6
- 2 How about to your life
- Slide 8
- Slide 9
- Slide 10
- Slide 11
- Warm Up -2a- 9514 The New York Times and CBS News Pollhellip
- Warm up 2bndash In Journal-
- Economist and Politician Assumptions
- Individualism
- Quote activity
- Quote breakdown
- Warm Up 3- Current Event 9814
- Purpose of Government
- Slide 20
- 3 Theorists
- Activity
- Origins of American Government A customized government
- Origins of American Government A customized government (2)
- Origins of American Government A customized government (3)
- With which theory do you agree more Why
- The ldquoOriginal Dilemmardquo
- Warm Up 5 Hobbes and Locke
- Groups Block 2
- Groups Block 4
- Balloon Game
- You will have 10 minutes to get as many filled balloons on the
- Balloon Game Debriefing
- Political Theories
- Social Contract
- Natural Rights
- Democracy
- Concepts of Government
- Warm up 6 ndash 91114
- Warm Up 7
- And after the Constitution
- Activity (2)
- Picture Activity
- Constitutional Convention
- Purpose of the Convention
- VA Plan v NJ Plan
- Virginia Plan ldquoLarge State Planrdquo
- New Jersey Plan ldquoSmall State Planrdquo
- Your Task
- Closure
- States agree
- Quote
- Structure of Constitution
- Structure of Constitution
- 6 Purpose of Government
- Structure of Constitution (2)
- Structure of Constitution (3)
- Principles of Constitution
- Activity
- Slide 60
- Check for Understanding Six Principles
- Question 1
- Question 2
- Question 3
- Question 4
- Question 5
- Question 6
- Question 7
- Question 8
- Groups
- Separation of Powers
- Video
- Checks and Balances
- Slide 74
- Checks and balances
- Basic Principles
- Self- Worth
- Equality
- Compromise
- Individual Freedom
- Write your ownhellip
- Slide 82
- TED Talk
- Closure
- What is Economics
- Economics ishellip
- Back to our assumptionshellip
- Scarcity refers to the limited number of resources (factors of
- For the videohellip
- Slide 90
- Post Videohellip
- Advertisement
- Political Cartoon Analysis
- Factors of Production
- TASK
- The price ofhellip
- Economic efficiency is achieved when all available resources ar
- 1 What to produce
- 2 How to produce it
- 3 For whom to produce it
- Application Activity
- EQs
- Objectives amp Essential Questions
- Group Activity Budget Activity
- Slide 105
- How do we satisfy our economic wants
- How do we make goods amp services
- Economic Interdependence
- Slide 109
- Making Choices to Deal With Scarcity
- Exampleshellip
- Task Reflecting on Personal Trade-offshellip
- Opportunity Cost
- What else influences your choices
- Finallyhellip Why it Matters
- Visualizing the Relationshiphellip
- ObjectivesEssential Questions
- How Can We Measure What We Gain and Lose When Making Choices
- Production Possibilities Frontier
- PPF Assumptions
- Slide 121
- Production Possibilities Curve
- The Choices Nations Make
- Economic Growth
- The Classic Guns and Butter example
- Productivity
- Locations on a PPF
- Slide 128
- BOWED-OUT PPFs VaryingIncreasing OC
- Economic Systems
- Jigsaw activity
- Slide 132
- Economic amp Social Goals of an Economic System
- Review of Economic Systems
- Slide 135
- What are the most important goals of each economic system
- Which economic system does the US use
- The American Economic System
- The US mixed economy
- Slide 140
- Think backhellip
- US Economic System Characteristics
- Slide 143
- Understanding how all parts fit together
- Marriage Vows
- Do you remember
- Slide 147
-
Quote
bullThe United States Constitution has proved itself the most marvelously elastic compilation of rules of government ever written ndash FDR
bullWhat words stick to you in this quote Why
Structure of Constitutionbull Provides basic
framework for US government
bull Outlines basic principles structure and processes
bull Three partsmdashPreambleArticlesAmendments
Structure of Constitution bull Preamble
Introduction to the Constitution Lists ideas that the government should stand for
and states purposes We the people of the United States in Order
to form a more perfect Union establish Justice insure domestic Tranquility provide for the common defense promote the general Welfare and secure the Blessings of Liberty to ourselves and our Prosperity do ordain and establish this Constitution for the United States of Americardquo
6 Purpose of Government bull Form a More Perfect Union
bull Establish Justice bull Insure Domestic Tranquility
bull Provide for the Common Defense
bull Promote the General Welfare
bull Secure the Blessings of Liberty
For each phrase consider the followinghellip
1 Why do you think the Framerrsquos put this phrase in the US Constitution
2 Is this phrase important today
Structure of Constitution bullArticles
Main body of the Constitution Lay out basic structure of the national
governmentFurther broken down into sections and clauses
Article I Legislative branch Article II Executive branch Article III Judicial branch Articles IV Relations among the states Article V Amendment process Article VI Payment of debts Supremacy
Clause oaths of office
Article VII Ratification
Structure of Constitution
bullAmendments Formal changes made to the ConstitutionTwenty-seven in total First ten referred to as the Bill of Rights
Principles of Constitution bull The language and structure of the Constitution reflects the basic principles of the US government system
bull PrinciplesmdashPopular sovereigntyRepresentative government Separation of powers Checks and balancesLimited governmentFederalism
Activity
Activity bull STEP 1 bull Fill in the graphic
organizer in your guided notes packet You have 8 minutes on your own to do this
bull STEP 2 On your own or with a partner create a tri-fold containing visual representations of three different principles of our government On the back explain each principle in 2 sentences
Principle Explanation
Popular Sovereignty Idea that people are the source of all power held by the government
Limited Government Government possesses only the powers the people give itmdashit must obey the Constitution
Separation of Powers Establishes three separate branches that share the governmentrsquos power These branches are the executive the legislative and the judicial
Checks and Balances Ensures that none of the three branches can become too powerful Each branch has ways to limit the power of the other two (ex President veto power)
Judicial Review Power of the courts to decide what the Constitution means The courts also have the power to declare a government action to be against the Constitution (unconstitutional)
Federalism Divides the power between the central government and the States
Check for UnderstandingSix PrinciplesNumber your paper from 1 - 8
Question 1
bullldquoWe the people of the United Stateshellipdo ordain and establish this Constitution for the United States of Americardquo
Popular Sovereignty
Question 2
bullldquoCongress shall make no law respecting an establishment of religion or prohibiting the free exercise thereof or abridging the freedom of speech or of the press or the right of the people to peacefully assemble and to petition the Government for a redress of grievancesrdquo
Limited Government
Question 3
bullDuring the Watergate Scandal prosecutors accused many of President Nixonrsquos closest advisors of breaking the law thus proving the rule of lawmdashNO ONE is above the law
Limited Government
Question 4
bullldquoThe accumulation of all powers legislative executive and judiciary in the same hands whether of one a few or manyhellipmay justly be pronounced the very definition of tyrannyrdquo
SEPARATION OF POWERS
Question 5
bullPresident Bush nominates Miss Dicks to be director of the CIA but the Senate refuses to confirm the appointment
Checks and Balances
Question 6
bullCongress in 2005 passes the Stem Cell Research Bill but President Bush vetos the bill
CHECKS AND BALANCES
Question 7
bullThe Supreme Court in 1954 determined that ldquoseparate but equalrdquo was not constitutional and overturned the Plessy vs Ferguson ruling
JUDICIAL REVIEW
Question 8
bullVA has a law that requires all candidates for a professional cosmeticianrsquos license complete classroom hours an unpaid internship and pass a qualifying test
Federalism
GroupsPopular
SovereigntySeparation of
PowersFederalism
bull bull bull
Judicial Review
Limited Government
Checks and Balances
bull bull bull
Separation of Powers
bull Legislative branchmdashmakes the laws
bull Executive branchmdashenforces the laws
bull Judicial branchmdashinterprets the law
Video
bullhttpwwwbrainpopcomsocialstudiesusgovernmentandlawbranchesofgovernment
Checks and Balances
Checks and balances
bullIn what was do the branches check on one another
bullhttpwwwsheppardsoftwarecomusa_gamegovernmentchecks_and_balanceshtm
Basic Principles
bullThe tenets of democracy are built upon five principlesmdashWorth of the individualEquality of all personsMajority rule minority rightsNecessity of compromiseIndividual freedom
Self- Worth
bull A recognition of the fundamental worth of every person
bull The democratic process reflects the collective set of individuals who make up society
Equality Democratic concept insists that all entitled tobull equality of opportunity bull equality before the law
bull Equality of opportunity suggests that no person should be held back for any arbitrary reason and must be free to develop him- or herself as fully as heshe can (or cares to)
bull Equality before the law suggests that each person should be treated as the equal of all other persons before the law
Compromise
bull A matter of compromise to determine the position most acceptable to the largest number of people
bull Because each individual is important and considered the equal of all others it stands to reason that people can only make public decisions by way of compromise
bullWhy is compromise important
Individual Freedombull Right of the
individual to be free as far as the freedom of all will allow
bull Democracy does not and cannot insist on the absolute freedom of the individual person
Write your ownhellipbull Now that you know what the foundations of
government arehellip Create your own Constitution (Or social contract)
What do you think is important to include What do you think could be taken out
Start with ldquoWe the peoplehelliprdquo and create the ideal contract
Preamble (brief introduction) Articles (what should it include based on what we
learned so far Include and agree on 10 points) Amendments (what do you think it should take to
change it)
bullFor your quiz tomorrowhellip What questions would you expect to seeWrite 5 and the answers on the back of the
paper
TED Talk
bullhttpwwwyoutubecomwatchv=ypqQ3-agpZo
Closure
bullExplain two principles of the constitution and how are they connected
What is Economics
bull Is the study of how people choose to use their limited resources to satisfy their unlimited wants and needs
Important Parts of Economicsndash
CHOICESSCARCITY
Economics ishellip
bullDependent upon assumptions
bullDependent upon simplification of reality
Back to our assumptionshellip
bullHuman Beings are rationalbullAll societies suffer from scarcity bullAll buyers seek to maximize utility
bullAll sellers seek to maximize profits
Scarcity refers to the limited number of resources (factors of production) that can be used to satisfy the unlimited human wants and needs
For the videohellip
bullWrite down 3 things you did not knowbullWrite down 3 things you did know
bullhttpwwwyoutubecomwatchv=TO7UTNS7r0w
Post Videohellip
bullDefine the main idea of the video in 4-5 words
Advertisement
bullKnowing some of the basics about what economics is and why we study ithellip
bullCreate an advertisement for an economics course BE SURE TO INCLUDE
3 images that represent different economic ideas
2 ldquothought bubblesrdquo that represent things yoursquoll learn about in economics
1 slogan that represents why economics is an important course to take
Political Cartoon Analysis
Factors of Production bull LAND
Also called Natural Resources Consider them ldquogifts of naturerdquo such as air
soil minerals water and plants
bull LABOR Also called Human Resources Includes physical and mental activities that go
into producing goodsservices
bull CAPITAL Includes tools machines buildings and
technologies
bull ENTREPRENEUR Risk taker who is responsible for combining
land labor and capital to produce goods and services
TASK
bullTask Why are entrepreneurs the driving force in our economy
bullAnswer in 2-3 sentences
The price ofhellip
bullLand is rentbullCapital is interestbullLabor is wagesbullEntrepreneurship is profit
Economic efficiency is achieved when all available resources are being used
All societies must answer three basic questions to satisfy the needs and wants of their populations
1 What to produce
bullShould it be military or civilian goods
bullFood or clothingbullMedicine or movies
2 How to produce it
bullAutomated or manual labor
bullExpensive or cheap materials
bullDomestic or overseas labor
3 For whom to produce it
bullThe wealthy or the needybullThe sick or the healthy
Application Activity
bull In groups of 2-3 create your own country (name it please)
bull With your countryrsquos name explain the Population geography and general population
information (iehellipbull Choose 5 items for your country to produce and
answer the three societal questions for eachALSO explain why this material would help your
economy thrivereach economic efficiencybull Create an advertisement for your country
withhellip Images representing what you produce and a
slogan for why your country is awesome
EQs
bullHow does scarcity impact decision making
Objectives amp Essential QuestionsbullObjectives
I will be able to create and reflect on a budget given new economics content
I will be able to understand scarcity and our mixed economy
bullEssential QuestionsHow does scarcity impact decision makingHow do we satisfy our economic wants
Group Activity Budget Activity
bullTeacher will break you into groups In your groups you will be creating a budget for a single family
bullYour group has been given an income for a year Given your family situation negotiate with your ldquofamilyrdquo to complete a budget for 1 month (keep in mind your $$ is in a given year)
bullhttpwwwyoutubecomwatchv=yoVc_S_gd_0
How do we satisfy our economic wants
bull We buy goods or services
bull Good ndash a physical object (tangible) that has been produced for salebull Durable ndash last 3+ yearsbull Nondurable ndash last up to 3 years
bull Service ndash work done by someone else for which someone is willing to pay
How do we make goods amp services
bull Use Factors of Production - The productive resources that go into producing goods and services
Production Equation
LAND + LABOR + CAPITAL = GOODSERVICE
inputs output
Economic Interdependence
bullWhat does lsquointerdependencersquo mean
bullIs our world becoming economic interdependent or independent
bullEconomic Interdependence the actions of one part of the
country (world) has an impact on what happens elsewhere
Wants amp Needs gt
Resources
Because of scarcity we
have to make choices
How do we make a choice What do we give up
What does this remind you of from our government unit
Making Choices to Deal With Scarcity
bullPeople seek to maximize their utility when making decisions This requires them to consider tradeoffs
Utility ndash the satisfaction or benefit a person receives from consuming a good or service
Tradeoffs ndash the alternate choices people have when making a decision also the benefitsadvantages of making on
decision over another
ExampleshellipbullSome choices are easy to makehellip
HmmhellipShould I have pizza or a hoagie for lunch today
bullOther decisions are agonizinghellipShould I get out of bed and go to
school today or should I sleep in
Task Reflecting on Personal Trade-offshellip
In the end what helped you decide amongst your choices
Think of ONE decision thatyou had to make in the last weekhellipIdentify your various
tradeoffs for that decision
Be prepared to share
Opportunity Cost
bullWhen comparing the top 2 choices it is the BENEFIT of the next best alternative that must be sacrificed to satisfy a want
bullYou do a cost-benefit analysis to figure out which decision is most beneficial
Opportunity Cost ndash The best thing we give up to get what
we want
What else influences your choices
bullPeople make decisions based on their marginal utility or the extra satisfaction they gain from one additional unit of a goodservice
bullLaw of Diminishing Marginal Utility says that as we get or do more of something the pleasure we derive from it tends to decrease and so does our willingness to buy it or do it
FinallyhellipWhy it Matters
Understanding the opportunity coststradeoffs of different choices in life makes you a
better decision-maker
Todayrsquos Message ndash ldquoTherersquos No Such Thing As a Free Lunchrdquo
You always have to give something uphelliprdquo
ALL Individuals Businesses amp Societies have to consider tradeoffsopportunity costs when making
decisions
Visualizing the Relationshiphellip
Limited Resources amp Unlimited Wants
Scarcity
Trade-offs (choices)
Opportunity Costs
ObjectivesEssential Questions
bullObjectivebullI will be able to understand (and teach)
the three different types of economies
bullEssential Question How do the different types of economies work
How Can We Measure What We Gain and Lose When
Making Choices
Answer With a Production Possibilities Frontier
Production Possibilities Frontier
bullDiagram representing the possible combinations of goods and or services an economy can produce when all resources are being fully employed
PPF Assumptions
bullWe live in a two good worldbullThere are fixed resourcesbullThere is fixed technologybullResources are not specialized
Production Possibilities Curve
CD
E
OU
TP
UT
OF
CO
NS
UM
ER
GO
OD
S
(un
its
per
yea
r)
OUTPUT OF MILITARY GOODS (units per year)
A
BO
XF
G
Limited resources necessitate choices about WHAT to produce
The Choices Nations Make
bullA nation must choose what to do with its scarce resources during war or periods of military buildup
bullProduce military goods or consumer goods
Economic Growth
2000 production possibilities
1900 production possibilities
OU
TP
UT
OF
CO
NS
UM
ER
GO
OD
S(u
nits
per
yea
r)
OUTPUT OF MILITARY GOODS (units per year)
Production possibilities increases with more resources and technology
The Classic Guns and Butter example
Guns
Butter
10000 20000 30000 40000 50000
1000009500085000
70000
5000040000
BA
C
D
E
F
At point A all resources are used for butter
Moving from point A to point B requires shifting resources out of butter and into guns
At point F all resources are used for Guns
Productivitybull A PPF can help us see how efficient our
choices are
bull Productivity - measurement of how efficiently we are utilizing our resources Is this the same as production
bull An economy producing on the curve = using their resources to produce the MAXIMUM amount of goodsservices
Locations on a PPF
bull Efficient Point place where an economy is achieving as much output as possible from a given amount of resources ndash occurs at any point on the curve
bull Inefficient Point ndash place where the economy is not functioning as it could be ndash occurs at any point inside the curve
bull Unattainable Point ndash place where the economy cannot produce given its current resources ndash occurs at any point outside the curve
Food
Computer
4
3
2
1
1 2 3 4
OC between 1 and 2 computers = 1 Food
UnitOC between 3 and 4 computers = 1 Food
Unit
Constantly giving up the same quantity of food to get
additional computers
STRAIGHT-LINE PPFs Constant OC
BOWED-OUT PPFs VaryingIncreasing OC
Principle of Increasing Costs
As a society produces more of one product the OC of producing
that product increases because we are using more resources that are poorly suited to produce it
Economic Systems
An economic system is the way a society coordinates the production and consumption of goods amp services
How a society answers the three basic economic questions determines which type of economic system they are
Three Types of Economic Systems Command Traditional Market
Jigsaw activity
bullYou will be placed in groups of 3 and assigned a type of economy
bullYou will have 7 minutes to read and come up with 4 key components
bullAfter the 7 minuteshellip 1rsquos go to the front of the classroom2rsquos go to the wall nearest the door3rsquos go to the wall nearest the courtyard
Economic amp Social Goals of an Economic System
bull Economic Freedom
bull Economic Efficiency
bull Economic Equity
bull Economic Security
Economic Stability
Economic Growth
Review of Economic Systems
bullA traditional economy relies on custom and tradition to dictate production and consumption
bullIn a command economy decisions about production and consumption are made by a powerful ruler or central authority
bullIn a market economy individual producers and consumers coordinate economic activity
What are the most important goals of each economic system
bullTraditionalSecurity and
StabilitybullCommand
Equity and Security
bullMARKETEfficiency and
Freedom
Societies differ in the degree of importance they attach to each goal Progress toward one goal can sometimes be achieved only
at the expense of another (TRADEOFFS)
Which economic system does the US use
The American Economic System
bullWe have a mixed market economy
COMMAND MARKET
The US mixed economybull In a mixed economyhellip
Individuals Own the factors of production Possess freedom to produce or consume Must operate under confines of law
Government Protects workers and consumers Regulates business and preserves competition Provide public goodsbenefits
Think backhellip
bullWhat does this remind you of from the beginning of the unit
US Economic System Characteristics 1 Economic freedom (ldquolaissez-fairerdquo)
2 Limited government
3 Equal opportunity
4 Competition
5 Profit motive
6 Property Rights
7 Binding Contracts
Understanding how all parts fit together
Circular Flow of Economic Activity Represents a market economy
2 main ldquomarketsrdquoProduct Market Factor Market
where goods and services where the 4 factors ofare boughtsold production are boughtsold
Shows interdependence between
businesses and individuals
Marriage Vowsbull CONGRATULATIONS The government and the economy
are renewing their marriage vows You are cordially invited to the ceremony but this perfect couple needs your help
bull Using what you have learned this unit and using the textbook
bull You will explain the way government and the economy are connected (made for each other) You will demonstrate this answer in the format of wedding vows
bull You must use at least 5 of the following words Producers Taxes Consumers Restrictions Markets Freedom GoodsServices Limited
bull Look back to US Economic System Characteristics bull Each set of vows must be at least 6 lines
Do you remember
bullWrite the following question downbullWhy does the United States have a
democracy and mixed economy
- Foundations of Government and Economics
- On your blank piece of paperhellip
- Slide 3
- Warm-Up 1 - 9414
- Introductory thoughts hellip
- Slide 6
- 2 How about to your life
- Slide 8
- Slide 9
- Slide 10
- Slide 11
- Warm Up -2a- 9514 The New York Times and CBS News Pollhellip
- Warm up 2bndash In Journal-
- Economist and Politician Assumptions
- Individualism
- Quote activity
- Quote breakdown
- Warm Up 3- Current Event 9814
- Purpose of Government
- Slide 20
- 3 Theorists
- Activity
- Origins of American Government A customized government
- Origins of American Government A customized government (2)
- Origins of American Government A customized government (3)
- With which theory do you agree more Why
- The ldquoOriginal Dilemmardquo
- Warm Up 5 Hobbes and Locke
- Groups Block 2
- Groups Block 4
- Balloon Game
- You will have 10 minutes to get as many filled balloons on the
- Balloon Game Debriefing
- Political Theories
- Social Contract
- Natural Rights
- Democracy
- Concepts of Government
- Warm up 6 ndash 91114
- Warm Up 7
- And after the Constitution
- Activity (2)
- Picture Activity
- Constitutional Convention
- Purpose of the Convention
- VA Plan v NJ Plan
- Virginia Plan ldquoLarge State Planrdquo
- New Jersey Plan ldquoSmall State Planrdquo
- Your Task
- Closure
- States agree
- Quote
- Structure of Constitution
- Structure of Constitution
- 6 Purpose of Government
- Structure of Constitution (2)
- Structure of Constitution (3)
- Principles of Constitution
- Activity
- Slide 60
- Check for Understanding Six Principles
- Question 1
- Question 2
- Question 3
- Question 4
- Question 5
- Question 6
- Question 7
- Question 8
- Groups
- Separation of Powers
- Video
- Checks and Balances
- Slide 74
- Checks and balances
- Basic Principles
- Self- Worth
- Equality
- Compromise
- Individual Freedom
- Write your ownhellip
- Slide 82
- TED Talk
- Closure
- What is Economics
- Economics ishellip
- Back to our assumptionshellip
- Scarcity refers to the limited number of resources (factors of
- For the videohellip
- Slide 90
- Post Videohellip
- Advertisement
- Political Cartoon Analysis
- Factors of Production
- TASK
- The price ofhellip
- Economic efficiency is achieved when all available resources ar
- 1 What to produce
- 2 How to produce it
- 3 For whom to produce it
- Application Activity
- EQs
- Objectives amp Essential Questions
- Group Activity Budget Activity
- Slide 105
- How do we satisfy our economic wants
- How do we make goods amp services
- Economic Interdependence
- Slide 109
- Making Choices to Deal With Scarcity
- Exampleshellip
- Task Reflecting on Personal Trade-offshellip
- Opportunity Cost
- What else influences your choices
- Finallyhellip Why it Matters
- Visualizing the Relationshiphellip
- ObjectivesEssential Questions
- How Can We Measure What We Gain and Lose When Making Choices
- Production Possibilities Frontier
- PPF Assumptions
- Slide 121
- Production Possibilities Curve
- The Choices Nations Make
- Economic Growth
- The Classic Guns and Butter example
- Productivity
- Locations on a PPF
- Slide 128
- BOWED-OUT PPFs VaryingIncreasing OC
- Economic Systems
- Jigsaw activity
- Slide 132
- Economic amp Social Goals of an Economic System
- Review of Economic Systems
- Slide 135
- What are the most important goals of each economic system
- Which economic system does the US use
- The American Economic System
- The US mixed economy
- Slide 140
- Think backhellip
- US Economic System Characteristics
- Slide 143
- Understanding how all parts fit together
- Marriage Vows
- Do you remember
- Slide 147
-
Structure of Constitutionbull Provides basic
framework for US government
bull Outlines basic principles structure and processes
bull Three partsmdashPreambleArticlesAmendments
Structure of Constitution bull Preamble
Introduction to the Constitution Lists ideas that the government should stand for
and states purposes We the people of the United States in Order
to form a more perfect Union establish Justice insure domestic Tranquility provide for the common defense promote the general Welfare and secure the Blessings of Liberty to ourselves and our Prosperity do ordain and establish this Constitution for the United States of Americardquo
6 Purpose of Government bull Form a More Perfect Union
bull Establish Justice bull Insure Domestic Tranquility
bull Provide for the Common Defense
bull Promote the General Welfare
bull Secure the Blessings of Liberty
For each phrase consider the followinghellip
1 Why do you think the Framerrsquos put this phrase in the US Constitution
2 Is this phrase important today
Structure of Constitution bullArticles
Main body of the Constitution Lay out basic structure of the national
governmentFurther broken down into sections and clauses
Article I Legislative branch Article II Executive branch Article III Judicial branch Articles IV Relations among the states Article V Amendment process Article VI Payment of debts Supremacy
Clause oaths of office
Article VII Ratification
Structure of Constitution
bullAmendments Formal changes made to the ConstitutionTwenty-seven in total First ten referred to as the Bill of Rights
Principles of Constitution bull The language and structure of the Constitution reflects the basic principles of the US government system
bull PrinciplesmdashPopular sovereigntyRepresentative government Separation of powers Checks and balancesLimited governmentFederalism
Activity
Activity bull STEP 1 bull Fill in the graphic
organizer in your guided notes packet You have 8 minutes on your own to do this
bull STEP 2 On your own or with a partner create a tri-fold containing visual representations of three different principles of our government On the back explain each principle in 2 sentences
Principle Explanation
Popular Sovereignty Idea that people are the source of all power held by the government
Limited Government Government possesses only the powers the people give itmdashit must obey the Constitution
Separation of Powers Establishes three separate branches that share the governmentrsquos power These branches are the executive the legislative and the judicial
Checks and Balances Ensures that none of the three branches can become too powerful Each branch has ways to limit the power of the other two (ex President veto power)
Judicial Review Power of the courts to decide what the Constitution means The courts also have the power to declare a government action to be against the Constitution (unconstitutional)
Federalism Divides the power between the central government and the States
Check for UnderstandingSix PrinciplesNumber your paper from 1 - 8
Question 1
bullldquoWe the people of the United Stateshellipdo ordain and establish this Constitution for the United States of Americardquo
Popular Sovereignty
Question 2
bullldquoCongress shall make no law respecting an establishment of religion or prohibiting the free exercise thereof or abridging the freedom of speech or of the press or the right of the people to peacefully assemble and to petition the Government for a redress of grievancesrdquo
Limited Government
Question 3
bullDuring the Watergate Scandal prosecutors accused many of President Nixonrsquos closest advisors of breaking the law thus proving the rule of lawmdashNO ONE is above the law
Limited Government
Question 4
bullldquoThe accumulation of all powers legislative executive and judiciary in the same hands whether of one a few or manyhellipmay justly be pronounced the very definition of tyrannyrdquo
SEPARATION OF POWERS
Question 5
bullPresident Bush nominates Miss Dicks to be director of the CIA but the Senate refuses to confirm the appointment
Checks and Balances
Question 6
bullCongress in 2005 passes the Stem Cell Research Bill but President Bush vetos the bill
CHECKS AND BALANCES
Question 7
bullThe Supreme Court in 1954 determined that ldquoseparate but equalrdquo was not constitutional and overturned the Plessy vs Ferguson ruling
JUDICIAL REVIEW
Question 8
bullVA has a law that requires all candidates for a professional cosmeticianrsquos license complete classroom hours an unpaid internship and pass a qualifying test
Federalism
GroupsPopular
SovereigntySeparation of
PowersFederalism
bull bull bull
Judicial Review
Limited Government
Checks and Balances
bull bull bull
Separation of Powers
bull Legislative branchmdashmakes the laws
bull Executive branchmdashenforces the laws
bull Judicial branchmdashinterprets the law
Video
bullhttpwwwbrainpopcomsocialstudiesusgovernmentandlawbranchesofgovernment
Checks and Balances
Checks and balances
bullIn what was do the branches check on one another
bullhttpwwwsheppardsoftwarecomusa_gamegovernmentchecks_and_balanceshtm
Basic Principles
bullThe tenets of democracy are built upon five principlesmdashWorth of the individualEquality of all personsMajority rule minority rightsNecessity of compromiseIndividual freedom
Self- Worth
bull A recognition of the fundamental worth of every person
bull The democratic process reflects the collective set of individuals who make up society
Equality Democratic concept insists that all entitled tobull equality of opportunity bull equality before the law
bull Equality of opportunity suggests that no person should be held back for any arbitrary reason and must be free to develop him- or herself as fully as heshe can (or cares to)
bull Equality before the law suggests that each person should be treated as the equal of all other persons before the law
Compromise
bull A matter of compromise to determine the position most acceptable to the largest number of people
bull Because each individual is important and considered the equal of all others it stands to reason that people can only make public decisions by way of compromise
bullWhy is compromise important
Individual Freedombull Right of the
individual to be free as far as the freedom of all will allow
bull Democracy does not and cannot insist on the absolute freedom of the individual person
Write your ownhellipbull Now that you know what the foundations of
government arehellip Create your own Constitution (Or social contract)
What do you think is important to include What do you think could be taken out
Start with ldquoWe the peoplehelliprdquo and create the ideal contract
Preamble (brief introduction) Articles (what should it include based on what we
learned so far Include and agree on 10 points) Amendments (what do you think it should take to
change it)
bullFor your quiz tomorrowhellip What questions would you expect to seeWrite 5 and the answers on the back of the
paper
TED Talk
bullhttpwwwyoutubecomwatchv=ypqQ3-agpZo
Closure
bullExplain two principles of the constitution and how are they connected
What is Economics
bull Is the study of how people choose to use their limited resources to satisfy their unlimited wants and needs
Important Parts of Economicsndash
CHOICESSCARCITY
Economics ishellip
bullDependent upon assumptions
bullDependent upon simplification of reality
Back to our assumptionshellip
bullHuman Beings are rationalbullAll societies suffer from scarcity bullAll buyers seek to maximize utility
bullAll sellers seek to maximize profits
Scarcity refers to the limited number of resources (factors of production) that can be used to satisfy the unlimited human wants and needs
For the videohellip
bullWrite down 3 things you did not knowbullWrite down 3 things you did know
bullhttpwwwyoutubecomwatchv=TO7UTNS7r0w
Post Videohellip
bullDefine the main idea of the video in 4-5 words
Advertisement
bullKnowing some of the basics about what economics is and why we study ithellip
bullCreate an advertisement for an economics course BE SURE TO INCLUDE
3 images that represent different economic ideas
2 ldquothought bubblesrdquo that represent things yoursquoll learn about in economics
1 slogan that represents why economics is an important course to take
Political Cartoon Analysis
Factors of Production bull LAND
Also called Natural Resources Consider them ldquogifts of naturerdquo such as air
soil minerals water and plants
bull LABOR Also called Human Resources Includes physical and mental activities that go
into producing goodsservices
bull CAPITAL Includes tools machines buildings and
technologies
bull ENTREPRENEUR Risk taker who is responsible for combining
land labor and capital to produce goods and services
TASK
bullTask Why are entrepreneurs the driving force in our economy
bullAnswer in 2-3 sentences
The price ofhellip
bullLand is rentbullCapital is interestbullLabor is wagesbullEntrepreneurship is profit
Economic efficiency is achieved when all available resources are being used
All societies must answer three basic questions to satisfy the needs and wants of their populations
1 What to produce
bullShould it be military or civilian goods
bullFood or clothingbullMedicine or movies
2 How to produce it
bullAutomated or manual labor
bullExpensive or cheap materials
bullDomestic or overseas labor
3 For whom to produce it
bullThe wealthy or the needybullThe sick or the healthy
Application Activity
bull In groups of 2-3 create your own country (name it please)
bull With your countryrsquos name explain the Population geography and general population
information (iehellipbull Choose 5 items for your country to produce and
answer the three societal questions for eachALSO explain why this material would help your
economy thrivereach economic efficiencybull Create an advertisement for your country
withhellip Images representing what you produce and a
slogan for why your country is awesome
EQs
bullHow does scarcity impact decision making
Objectives amp Essential QuestionsbullObjectives
I will be able to create and reflect on a budget given new economics content
I will be able to understand scarcity and our mixed economy
bullEssential QuestionsHow does scarcity impact decision makingHow do we satisfy our economic wants
Group Activity Budget Activity
bullTeacher will break you into groups In your groups you will be creating a budget for a single family
bullYour group has been given an income for a year Given your family situation negotiate with your ldquofamilyrdquo to complete a budget for 1 month (keep in mind your $$ is in a given year)
bullhttpwwwyoutubecomwatchv=yoVc_S_gd_0
How do we satisfy our economic wants
bull We buy goods or services
bull Good ndash a physical object (tangible) that has been produced for salebull Durable ndash last 3+ yearsbull Nondurable ndash last up to 3 years
bull Service ndash work done by someone else for which someone is willing to pay
How do we make goods amp services
bull Use Factors of Production - The productive resources that go into producing goods and services
Production Equation
LAND + LABOR + CAPITAL = GOODSERVICE
inputs output
Economic Interdependence
bullWhat does lsquointerdependencersquo mean
bullIs our world becoming economic interdependent or independent
bullEconomic Interdependence the actions of one part of the
country (world) has an impact on what happens elsewhere
Wants amp Needs gt
Resources
Because of scarcity we
have to make choices
How do we make a choice What do we give up
What does this remind you of from our government unit
Making Choices to Deal With Scarcity
bullPeople seek to maximize their utility when making decisions This requires them to consider tradeoffs
Utility ndash the satisfaction or benefit a person receives from consuming a good or service
Tradeoffs ndash the alternate choices people have when making a decision also the benefitsadvantages of making on
decision over another
ExampleshellipbullSome choices are easy to makehellip
HmmhellipShould I have pizza or a hoagie for lunch today
bullOther decisions are agonizinghellipShould I get out of bed and go to
school today or should I sleep in
Task Reflecting on Personal Trade-offshellip
In the end what helped you decide amongst your choices
Think of ONE decision thatyou had to make in the last weekhellipIdentify your various
tradeoffs for that decision
Be prepared to share
Opportunity Cost
bullWhen comparing the top 2 choices it is the BENEFIT of the next best alternative that must be sacrificed to satisfy a want
bullYou do a cost-benefit analysis to figure out which decision is most beneficial
Opportunity Cost ndash The best thing we give up to get what
we want
What else influences your choices
bullPeople make decisions based on their marginal utility or the extra satisfaction they gain from one additional unit of a goodservice
bullLaw of Diminishing Marginal Utility says that as we get or do more of something the pleasure we derive from it tends to decrease and so does our willingness to buy it or do it
FinallyhellipWhy it Matters
Understanding the opportunity coststradeoffs of different choices in life makes you a
better decision-maker
Todayrsquos Message ndash ldquoTherersquos No Such Thing As a Free Lunchrdquo
You always have to give something uphelliprdquo
ALL Individuals Businesses amp Societies have to consider tradeoffsopportunity costs when making
decisions
Visualizing the Relationshiphellip
Limited Resources amp Unlimited Wants
Scarcity
Trade-offs (choices)
Opportunity Costs
ObjectivesEssential Questions
bullObjectivebullI will be able to understand (and teach)
the three different types of economies
bullEssential Question How do the different types of economies work
How Can We Measure What We Gain and Lose When
Making Choices
Answer With a Production Possibilities Frontier
Production Possibilities Frontier
bullDiagram representing the possible combinations of goods and or services an economy can produce when all resources are being fully employed
PPF Assumptions
bullWe live in a two good worldbullThere are fixed resourcesbullThere is fixed technologybullResources are not specialized
Production Possibilities Curve
CD
E
OU
TP
UT
OF
CO
NS
UM
ER
GO
OD
S
(un
its
per
yea
r)
OUTPUT OF MILITARY GOODS (units per year)
A
BO
XF
G
Limited resources necessitate choices about WHAT to produce
The Choices Nations Make
bullA nation must choose what to do with its scarce resources during war or periods of military buildup
bullProduce military goods or consumer goods
Economic Growth
2000 production possibilities
1900 production possibilities
OU
TP
UT
OF
CO
NS
UM
ER
GO
OD
S(u
nits
per
yea
r)
OUTPUT OF MILITARY GOODS (units per year)
Production possibilities increases with more resources and technology
The Classic Guns and Butter example
Guns
Butter
10000 20000 30000 40000 50000
1000009500085000
70000
5000040000
BA
C
D
E
F
At point A all resources are used for butter
Moving from point A to point B requires shifting resources out of butter and into guns
At point F all resources are used for Guns
Productivitybull A PPF can help us see how efficient our
choices are
bull Productivity - measurement of how efficiently we are utilizing our resources Is this the same as production
bull An economy producing on the curve = using their resources to produce the MAXIMUM amount of goodsservices
Locations on a PPF
bull Efficient Point place where an economy is achieving as much output as possible from a given amount of resources ndash occurs at any point on the curve
bull Inefficient Point ndash place where the economy is not functioning as it could be ndash occurs at any point inside the curve
bull Unattainable Point ndash place where the economy cannot produce given its current resources ndash occurs at any point outside the curve
Food
Computer
4
3
2
1
1 2 3 4
OC between 1 and 2 computers = 1 Food
UnitOC between 3 and 4 computers = 1 Food
Unit
Constantly giving up the same quantity of food to get
additional computers
STRAIGHT-LINE PPFs Constant OC
BOWED-OUT PPFs VaryingIncreasing OC
Principle of Increasing Costs
As a society produces more of one product the OC of producing
that product increases because we are using more resources that are poorly suited to produce it
Economic Systems
An economic system is the way a society coordinates the production and consumption of goods amp services
How a society answers the three basic economic questions determines which type of economic system they are
Three Types of Economic Systems Command Traditional Market
Jigsaw activity
bullYou will be placed in groups of 3 and assigned a type of economy
bullYou will have 7 minutes to read and come up with 4 key components
bullAfter the 7 minuteshellip 1rsquos go to the front of the classroom2rsquos go to the wall nearest the door3rsquos go to the wall nearest the courtyard
Economic amp Social Goals of an Economic System
bull Economic Freedom
bull Economic Efficiency
bull Economic Equity
bull Economic Security
Economic Stability
Economic Growth
Review of Economic Systems
bullA traditional economy relies on custom and tradition to dictate production and consumption
bullIn a command economy decisions about production and consumption are made by a powerful ruler or central authority
bullIn a market economy individual producers and consumers coordinate economic activity
What are the most important goals of each economic system
bullTraditionalSecurity and
StabilitybullCommand
Equity and Security
bullMARKETEfficiency and
Freedom
Societies differ in the degree of importance they attach to each goal Progress toward one goal can sometimes be achieved only
at the expense of another (TRADEOFFS)
Which economic system does the US use
The American Economic System
bullWe have a mixed market economy
COMMAND MARKET
The US mixed economybull In a mixed economyhellip
Individuals Own the factors of production Possess freedom to produce or consume Must operate under confines of law
Government Protects workers and consumers Regulates business and preserves competition Provide public goodsbenefits
Think backhellip
bullWhat does this remind you of from the beginning of the unit
US Economic System Characteristics 1 Economic freedom (ldquolaissez-fairerdquo)
2 Limited government
3 Equal opportunity
4 Competition
5 Profit motive
6 Property Rights
7 Binding Contracts
Understanding how all parts fit together
Circular Flow of Economic Activity Represents a market economy
2 main ldquomarketsrdquoProduct Market Factor Market
where goods and services where the 4 factors ofare boughtsold production are boughtsold
Shows interdependence between
businesses and individuals
Marriage Vowsbull CONGRATULATIONS The government and the economy
are renewing their marriage vows You are cordially invited to the ceremony but this perfect couple needs your help
bull Using what you have learned this unit and using the textbook
bull You will explain the way government and the economy are connected (made for each other) You will demonstrate this answer in the format of wedding vows
bull You must use at least 5 of the following words Producers Taxes Consumers Restrictions Markets Freedom GoodsServices Limited
bull Look back to US Economic System Characteristics bull Each set of vows must be at least 6 lines
Do you remember
bullWrite the following question downbullWhy does the United States have a
democracy and mixed economy
- Foundations of Government and Economics
- On your blank piece of paperhellip
- Slide 3
- Warm-Up 1 - 9414
- Introductory thoughts hellip
- Slide 6
- 2 How about to your life
- Slide 8
- Slide 9
- Slide 10
- Slide 11
- Warm Up -2a- 9514 The New York Times and CBS News Pollhellip
- Warm up 2bndash In Journal-
- Economist and Politician Assumptions
- Individualism
- Quote activity
- Quote breakdown
- Warm Up 3- Current Event 9814
- Purpose of Government
- Slide 20
- 3 Theorists
- Activity
- Origins of American Government A customized government
- Origins of American Government A customized government (2)
- Origins of American Government A customized government (3)
- With which theory do you agree more Why
- The ldquoOriginal Dilemmardquo
- Warm Up 5 Hobbes and Locke
- Groups Block 2
- Groups Block 4
- Balloon Game
- You will have 10 minutes to get as many filled balloons on the
- Balloon Game Debriefing
- Political Theories
- Social Contract
- Natural Rights
- Democracy
- Concepts of Government
- Warm up 6 ndash 91114
- Warm Up 7
- And after the Constitution
- Activity (2)
- Picture Activity
- Constitutional Convention
- Purpose of the Convention
- VA Plan v NJ Plan
- Virginia Plan ldquoLarge State Planrdquo
- New Jersey Plan ldquoSmall State Planrdquo
- Your Task
- Closure
- States agree
- Quote
- Structure of Constitution
- Structure of Constitution
- 6 Purpose of Government
- Structure of Constitution (2)
- Structure of Constitution (3)
- Principles of Constitution
- Activity
- Slide 60
- Check for Understanding Six Principles
- Question 1
- Question 2
- Question 3
- Question 4
- Question 5
- Question 6
- Question 7
- Question 8
- Groups
- Separation of Powers
- Video
- Checks and Balances
- Slide 74
- Checks and balances
- Basic Principles
- Self- Worth
- Equality
- Compromise
- Individual Freedom
- Write your ownhellip
- Slide 82
- TED Talk
- Closure
- What is Economics
- Economics ishellip
- Back to our assumptionshellip
- Scarcity refers to the limited number of resources (factors of
- For the videohellip
- Slide 90
- Post Videohellip
- Advertisement
- Political Cartoon Analysis
- Factors of Production
- TASK
- The price ofhellip
- Economic efficiency is achieved when all available resources ar
- 1 What to produce
- 2 How to produce it
- 3 For whom to produce it
- Application Activity
- EQs
- Objectives amp Essential Questions
- Group Activity Budget Activity
- Slide 105
- How do we satisfy our economic wants
- How do we make goods amp services
- Economic Interdependence
- Slide 109
- Making Choices to Deal With Scarcity
- Exampleshellip
- Task Reflecting on Personal Trade-offshellip
- Opportunity Cost
- What else influences your choices
- Finallyhellip Why it Matters
- Visualizing the Relationshiphellip
- ObjectivesEssential Questions
- How Can We Measure What We Gain and Lose When Making Choices
- Production Possibilities Frontier
- PPF Assumptions
- Slide 121
- Production Possibilities Curve
- The Choices Nations Make
- Economic Growth
- The Classic Guns and Butter example
- Productivity
- Locations on a PPF
- Slide 128
- BOWED-OUT PPFs VaryingIncreasing OC
- Economic Systems
- Jigsaw activity
- Slide 132
- Economic amp Social Goals of an Economic System
- Review of Economic Systems
- Slide 135
- What are the most important goals of each economic system
- Which economic system does the US use
- The American Economic System
- The US mixed economy
- Slide 140
- Think backhellip
- US Economic System Characteristics
- Slide 143
- Understanding how all parts fit together
- Marriage Vows
- Do you remember
- Slide 147
-
Structure of Constitution bull Preamble
Introduction to the Constitution Lists ideas that the government should stand for
and states purposes We the people of the United States in Order
to form a more perfect Union establish Justice insure domestic Tranquility provide for the common defense promote the general Welfare and secure the Blessings of Liberty to ourselves and our Prosperity do ordain and establish this Constitution for the United States of Americardquo
6 Purpose of Government bull Form a More Perfect Union
bull Establish Justice bull Insure Domestic Tranquility
bull Provide for the Common Defense
bull Promote the General Welfare
bull Secure the Blessings of Liberty
For each phrase consider the followinghellip
1 Why do you think the Framerrsquos put this phrase in the US Constitution
2 Is this phrase important today
Structure of Constitution bullArticles
Main body of the Constitution Lay out basic structure of the national
governmentFurther broken down into sections and clauses
Article I Legislative branch Article II Executive branch Article III Judicial branch Articles IV Relations among the states Article V Amendment process Article VI Payment of debts Supremacy
Clause oaths of office
Article VII Ratification
Structure of Constitution
bullAmendments Formal changes made to the ConstitutionTwenty-seven in total First ten referred to as the Bill of Rights
Principles of Constitution bull The language and structure of the Constitution reflects the basic principles of the US government system
bull PrinciplesmdashPopular sovereigntyRepresentative government Separation of powers Checks and balancesLimited governmentFederalism
Activity
Activity bull STEP 1 bull Fill in the graphic
organizer in your guided notes packet You have 8 minutes on your own to do this
bull STEP 2 On your own or with a partner create a tri-fold containing visual representations of three different principles of our government On the back explain each principle in 2 sentences
Principle Explanation
Popular Sovereignty Idea that people are the source of all power held by the government
Limited Government Government possesses only the powers the people give itmdashit must obey the Constitution
Separation of Powers Establishes three separate branches that share the governmentrsquos power These branches are the executive the legislative and the judicial
Checks and Balances Ensures that none of the three branches can become too powerful Each branch has ways to limit the power of the other two (ex President veto power)
Judicial Review Power of the courts to decide what the Constitution means The courts also have the power to declare a government action to be against the Constitution (unconstitutional)
Federalism Divides the power between the central government and the States
Check for UnderstandingSix PrinciplesNumber your paper from 1 - 8
Question 1
bullldquoWe the people of the United Stateshellipdo ordain and establish this Constitution for the United States of Americardquo
Popular Sovereignty
Question 2
bullldquoCongress shall make no law respecting an establishment of religion or prohibiting the free exercise thereof or abridging the freedom of speech or of the press or the right of the people to peacefully assemble and to petition the Government for a redress of grievancesrdquo
Limited Government
Question 3
bullDuring the Watergate Scandal prosecutors accused many of President Nixonrsquos closest advisors of breaking the law thus proving the rule of lawmdashNO ONE is above the law
Limited Government
Question 4
bullldquoThe accumulation of all powers legislative executive and judiciary in the same hands whether of one a few or manyhellipmay justly be pronounced the very definition of tyrannyrdquo
SEPARATION OF POWERS
Question 5
bullPresident Bush nominates Miss Dicks to be director of the CIA but the Senate refuses to confirm the appointment
Checks and Balances
Question 6
bullCongress in 2005 passes the Stem Cell Research Bill but President Bush vetos the bill
CHECKS AND BALANCES
Question 7
bullThe Supreme Court in 1954 determined that ldquoseparate but equalrdquo was not constitutional and overturned the Plessy vs Ferguson ruling
JUDICIAL REVIEW
Question 8
bullVA has a law that requires all candidates for a professional cosmeticianrsquos license complete classroom hours an unpaid internship and pass a qualifying test
Federalism
GroupsPopular
SovereigntySeparation of
PowersFederalism
bull bull bull
Judicial Review
Limited Government
Checks and Balances
bull bull bull
Separation of Powers
bull Legislative branchmdashmakes the laws
bull Executive branchmdashenforces the laws
bull Judicial branchmdashinterprets the law
Video
bullhttpwwwbrainpopcomsocialstudiesusgovernmentandlawbranchesofgovernment
Checks and Balances
Checks and balances
bullIn what was do the branches check on one another
bullhttpwwwsheppardsoftwarecomusa_gamegovernmentchecks_and_balanceshtm
Basic Principles
bullThe tenets of democracy are built upon five principlesmdashWorth of the individualEquality of all personsMajority rule minority rightsNecessity of compromiseIndividual freedom
Self- Worth
bull A recognition of the fundamental worth of every person
bull The democratic process reflects the collective set of individuals who make up society
Equality Democratic concept insists that all entitled tobull equality of opportunity bull equality before the law
bull Equality of opportunity suggests that no person should be held back for any arbitrary reason and must be free to develop him- or herself as fully as heshe can (or cares to)
bull Equality before the law suggests that each person should be treated as the equal of all other persons before the law
Compromise
bull A matter of compromise to determine the position most acceptable to the largest number of people
bull Because each individual is important and considered the equal of all others it stands to reason that people can only make public decisions by way of compromise
bullWhy is compromise important
Individual Freedombull Right of the
individual to be free as far as the freedom of all will allow
bull Democracy does not and cannot insist on the absolute freedom of the individual person
Write your ownhellipbull Now that you know what the foundations of
government arehellip Create your own Constitution (Or social contract)
What do you think is important to include What do you think could be taken out
Start with ldquoWe the peoplehelliprdquo and create the ideal contract
Preamble (brief introduction) Articles (what should it include based on what we
learned so far Include and agree on 10 points) Amendments (what do you think it should take to
change it)
bullFor your quiz tomorrowhellip What questions would you expect to seeWrite 5 and the answers on the back of the
paper
TED Talk
bullhttpwwwyoutubecomwatchv=ypqQ3-agpZo
Closure
bullExplain two principles of the constitution and how are they connected
What is Economics
bull Is the study of how people choose to use their limited resources to satisfy their unlimited wants and needs
Important Parts of Economicsndash
CHOICESSCARCITY
Economics ishellip
bullDependent upon assumptions
bullDependent upon simplification of reality
Back to our assumptionshellip
bullHuman Beings are rationalbullAll societies suffer from scarcity bullAll buyers seek to maximize utility
bullAll sellers seek to maximize profits
Scarcity refers to the limited number of resources (factors of production) that can be used to satisfy the unlimited human wants and needs
For the videohellip
bullWrite down 3 things you did not knowbullWrite down 3 things you did know
bullhttpwwwyoutubecomwatchv=TO7UTNS7r0w
Post Videohellip
bullDefine the main idea of the video in 4-5 words
Advertisement
bullKnowing some of the basics about what economics is and why we study ithellip
bullCreate an advertisement for an economics course BE SURE TO INCLUDE
3 images that represent different economic ideas
2 ldquothought bubblesrdquo that represent things yoursquoll learn about in economics
1 slogan that represents why economics is an important course to take
Political Cartoon Analysis
Factors of Production bull LAND
Also called Natural Resources Consider them ldquogifts of naturerdquo such as air
soil minerals water and plants
bull LABOR Also called Human Resources Includes physical and mental activities that go
into producing goodsservices
bull CAPITAL Includes tools machines buildings and
technologies
bull ENTREPRENEUR Risk taker who is responsible for combining
land labor and capital to produce goods and services
TASK
bullTask Why are entrepreneurs the driving force in our economy
bullAnswer in 2-3 sentences
The price ofhellip
bullLand is rentbullCapital is interestbullLabor is wagesbullEntrepreneurship is profit
Economic efficiency is achieved when all available resources are being used
All societies must answer three basic questions to satisfy the needs and wants of their populations
1 What to produce
bullShould it be military or civilian goods
bullFood or clothingbullMedicine or movies
2 How to produce it
bullAutomated or manual labor
bullExpensive or cheap materials
bullDomestic or overseas labor
3 For whom to produce it
bullThe wealthy or the needybullThe sick or the healthy
Application Activity
bull In groups of 2-3 create your own country (name it please)
bull With your countryrsquos name explain the Population geography and general population
information (iehellipbull Choose 5 items for your country to produce and
answer the three societal questions for eachALSO explain why this material would help your
economy thrivereach economic efficiencybull Create an advertisement for your country
withhellip Images representing what you produce and a
slogan for why your country is awesome
EQs
bullHow does scarcity impact decision making
Objectives amp Essential QuestionsbullObjectives
I will be able to create and reflect on a budget given new economics content
I will be able to understand scarcity and our mixed economy
bullEssential QuestionsHow does scarcity impact decision makingHow do we satisfy our economic wants
Group Activity Budget Activity
bullTeacher will break you into groups In your groups you will be creating a budget for a single family
bullYour group has been given an income for a year Given your family situation negotiate with your ldquofamilyrdquo to complete a budget for 1 month (keep in mind your $$ is in a given year)
bullhttpwwwyoutubecomwatchv=yoVc_S_gd_0
How do we satisfy our economic wants
bull We buy goods or services
bull Good ndash a physical object (tangible) that has been produced for salebull Durable ndash last 3+ yearsbull Nondurable ndash last up to 3 years
bull Service ndash work done by someone else for which someone is willing to pay
How do we make goods amp services
bull Use Factors of Production - The productive resources that go into producing goods and services
Production Equation
LAND + LABOR + CAPITAL = GOODSERVICE
inputs output
Economic Interdependence
bullWhat does lsquointerdependencersquo mean
bullIs our world becoming economic interdependent or independent
bullEconomic Interdependence the actions of one part of the
country (world) has an impact on what happens elsewhere
Wants amp Needs gt
Resources
Because of scarcity we
have to make choices
How do we make a choice What do we give up
What does this remind you of from our government unit
Making Choices to Deal With Scarcity
bullPeople seek to maximize their utility when making decisions This requires them to consider tradeoffs
Utility ndash the satisfaction or benefit a person receives from consuming a good or service
Tradeoffs ndash the alternate choices people have when making a decision also the benefitsadvantages of making on
decision over another
ExampleshellipbullSome choices are easy to makehellip
HmmhellipShould I have pizza or a hoagie for lunch today
bullOther decisions are agonizinghellipShould I get out of bed and go to
school today or should I sleep in
Task Reflecting on Personal Trade-offshellip
In the end what helped you decide amongst your choices
Think of ONE decision thatyou had to make in the last weekhellipIdentify your various
tradeoffs for that decision
Be prepared to share
Opportunity Cost
bullWhen comparing the top 2 choices it is the BENEFIT of the next best alternative that must be sacrificed to satisfy a want
bullYou do a cost-benefit analysis to figure out which decision is most beneficial
Opportunity Cost ndash The best thing we give up to get what
we want
What else influences your choices
bullPeople make decisions based on their marginal utility or the extra satisfaction they gain from one additional unit of a goodservice
bullLaw of Diminishing Marginal Utility says that as we get or do more of something the pleasure we derive from it tends to decrease and so does our willingness to buy it or do it
FinallyhellipWhy it Matters
Understanding the opportunity coststradeoffs of different choices in life makes you a
better decision-maker
Todayrsquos Message ndash ldquoTherersquos No Such Thing As a Free Lunchrdquo
You always have to give something uphelliprdquo
ALL Individuals Businesses amp Societies have to consider tradeoffsopportunity costs when making
decisions
Visualizing the Relationshiphellip
Limited Resources amp Unlimited Wants
Scarcity
Trade-offs (choices)
Opportunity Costs
ObjectivesEssential Questions
bullObjectivebullI will be able to understand (and teach)
the three different types of economies
bullEssential Question How do the different types of economies work
How Can We Measure What We Gain and Lose When
Making Choices
Answer With a Production Possibilities Frontier
Production Possibilities Frontier
bullDiagram representing the possible combinations of goods and or services an economy can produce when all resources are being fully employed
PPF Assumptions
bullWe live in a two good worldbullThere are fixed resourcesbullThere is fixed technologybullResources are not specialized
Production Possibilities Curve
CD
E
OU
TP
UT
OF
CO
NS
UM
ER
GO
OD
S
(un
its
per
yea
r)
OUTPUT OF MILITARY GOODS (units per year)
A
BO
XF
G
Limited resources necessitate choices about WHAT to produce
The Choices Nations Make
bullA nation must choose what to do with its scarce resources during war or periods of military buildup
bullProduce military goods or consumer goods
Economic Growth
2000 production possibilities
1900 production possibilities
OU
TP
UT
OF
CO
NS
UM
ER
GO
OD
S(u
nits
per
yea
r)
OUTPUT OF MILITARY GOODS (units per year)
Production possibilities increases with more resources and technology
The Classic Guns and Butter example
Guns
Butter
10000 20000 30000 40000 50000
1000009500085000
70000
5000040000
BA
C
D
E
F
At point A all resources are used for butter
Moving from point A to point B requires shifting resources out of butter and into guns
At point F all resources are used for Guns
Productivitybull A PPF can help us see how efficient our
choices are
bull Productivity - measurement of how efficiently we are utilizing our resources Is this the same as production
bull An economy producing on the curve = using their resources to produce the MAXIMUM amount of goodsservices
Locations on a PPF
bull Efficient Point place where an economy is achieving as much output as possible from a given amount of resources ndash occurs at any point on the curve
bull Inefficient Point ndash place where the economy is not functioning as it could be ndash occurs at any point inside the curve
bull Unattainable Point ndash place where the economy cannot produce given its current resources ndash occurs at any point outside the curve
Food
Computer
4
3
2
1
1 2 3 4
OC between 1 and 2 computers = 1 Food
UnitOC between 3 and 4 computers = 1 Food
Unit
Constantly giving up the same quantity of food to get
additional computers
STRAIGHT-LINE PPFs Constant OC
BOWED-OUT PPFs VaryingIncreasing OC
Principle of Increasing Costs
As a society produces more of one product the OC of producing
that product increases because we are using more resources that are poorly suited to produce it
Economic Systems
An economic system is the way a society coordinates the production and consumption of goods amp services
How a society answers the three basic economic questions determines which type of economic system they are
Three Types of Economic Systems Command Traditional Market
Jigsaw activity
bullYou will be placed in groups of 3 and assigned a type of economy
bullYou will have 7 minutes to read and come up with 4 key components
bullAfter the 7 minuteshellip 1rsquos go to the front of the classroom2rsquos go to the wall nearest the door3rsquos go to the wall nearest the courtyard
Economic amp Social Goals of an Economic System
bull Economic Freedom
bull Economic Efficiency
bull Economic Equity
bull Economic Security
Economic Stability
Economic Growth
Review of Economic Systems
bullA traditional economy relies on custom and tradition to dictate production and consumption
bullIn a command economy decisions about production and consumption are made by a powerful ruler or central authority
bullIn a market economy individual producers and consumers coordinate economic activity
What are the most important goals of each economic system
bullTraditionalSecurity and
StabilitybullCommand
Equity and Security
bullMARKETEfficiency and
Freedom
Societies differ in the degree of importance they attach to each goal Progress toward one goal can sometimes be achieved only
at the expense of another (TRADEOFFS)
Which economic system does the US use
The American Economic System
bullWe have a mixed market economy
COMMAND MARKET
The US mixed economybull In a mixed economyhellip
Individuals Own the factors of production Possess freedom to produce or consume Must operate under confines of law
Government Protects workers and consumers Regulates business and preserves competition Provide public goodsbenefits
Think backhellip
bullWhat does this remind you of from the beginning of the unit
US Economic System Characteristics 1 Economic freedom (ldquolaissez-fairerdquo)
2 Limited government
3 Equal opportunity
4 Competition
5 Profit motive
6 Property Rights
7 Binding Contracts
Understanding how all parts fit together
Circular Flow of Economic Activity Represents a market economy
2 main ldquomarketsrdquoProduct Market Factor Market
where goods and services where the 4 factors ofare boughtsold production are boughtsold
Shows interdependence between
businesses and individuals
Marriage Vowsbull CONGRATULATIONS The government and the economy
are renewing their marriage vows You are cordially invited to the ceremony but this perfect couple needs your help
bull Using what you have learned this unit and using the textbook
bull You will explain the way government and the economy are connected (made for each other) You will demonstrate this answer in the format of wedding vows
bull You must use at least 5 of the following words Producers Taxes Consumers Restrictions Markets Freedom GoodsServices Limited
bull Look back to US Economic System Characteristics bull Each set of vows must be at least 6 lines
Do you remember
bullWrite the following question downbullWhy does the United States have a
democracy and mixed economy
- Foundations of Government and Economics
- On your blank piece of paperhellip
- Slide 3
- Warm-Up 1 - 9414
- Introductory thoughts hellip
- Slide 6
- 2 How about to your life
- Slide 8
- Slide 9
- Slide 10
- Slide 11
- Warm Up -2a- 9514 The New York Times and CBS News Pollhellip
- Warm up 2bndash In Journal-
- Economist and Politician Assumptions
- Individualism
- Quote activity
- Quote breakdown
- Warm Up 3- Current Event 9814
- Purpose of Government
- Slide 20
- 3 Theorists
- Activity
- Origins of American Government A customized government
- Origins of American Government A customized government (2)
- Origins of American Government A customized government (3)
- With which theory do you agree more Why
- The ldquoOriginal Dilemmardquo
- Warm Up 5 Hobbes and Locke
- Groups Block 2
- Groups Block 4
- Balloon Game
- You will have 10 minutes to get as many filled balloons on the
- Balloon Game Debriefing
- Political Theories
- Social Contract
- Natural Rights
- Democracy
- Concepts of Government
- Warm up 6 ndash 91114
- Warm Up 7
- And after the Constitution
- Activity (2)
- Picture Activity
- Constitutional Convention
- Purpose of the Convention
- VA Plan v NJ Plan
- Virginia Plan ldquoLarge State Planrdquo
- New Jersey Plan ldquoSmall State Planrdquo
- Your Task
- Closure
- States agree
- Quote
- Structure of Constitution
- Structure of Constitution
- 6 Purpose of Government
- Structure of Constitution (2)
- Structure of Constitution (3)
- Principles of Constitution
- Activity
- Slide 60
- Check for Understanding Six Principles
- Question 1
- Question 2
- Question 3
- Question 4
- Question 5
- Question 6
- Question 7
- Question 8
- Groups
- Separation of Powers
- Video
- Checks and Balances
- Slide 74
- Checks and balances
- Basic Principles
- Self- Worth
- Equality
- Compromise
- Individual Freedom
- Write your ownhellip
- Slide 82
- TED Talk
- Closure
- What is Economics
- Economics ishellip
- Back to our assumptionshellip
- Scarcity refers to the limited number of resources (factors of
- For the videohellip
- Slide 90
- Post Videohellip
- Advertisement
- Political Cartoon Analysis
- Factors of Production
- TASK
- The price ofhellip
- Economic efficiency is achieved when all available resources ar
- 1 What to produce
- 2 How to produce it
- 3 For whom to produce it
- Application Activity
- EQs
- Objectives amp Essential Questions
- Group Activity Budget Activity
- Slide 105
- How do we satisfy our economic wants
- How do we make goods amp services
- Economic Interdependence
- Slide 109
- Making Choices to Deal With Scarcity
- Exampleshellip
- Task Reflecting on Personal Trade-offshellip
- Opportunity Cost
- What else influences your choices
- Finallyhellip Why it Matters
- Visualizing the Relationshiphellip
- ObjectivesEssential Questions
- How Can We Measure What We Gain and Lose When Making Choices
- Production Possibilities Frontier
- PPF Assumptions
- Slide 121
- Production Possibilities Curve
- The Choices Nations Make
- Economic Growth
- The Classic Guns and Butter example
- Productivity
- Locations on a PPF
- Slide 128
- BOWED-OUT PPFs VaryingIncreasing OC
- Economic Systems
- Jigsaw activity
- Slide 132
- Economic amp Social Goals of an Economic System
- Review of Economic Systems
- Slide 135
- What are the most important goals of each economic system
- Which economic system does the US use
- The American Economic System
- The US mixed economy
- Slide 140
- Think backhellip
- US Economic System Characteristics
- Slide 143
- Understanding how all parts fit together
- Marriage Vows
- Do you remember
- Slide 147
-
6 Purpose of Government bull Form a More Perfect Union
bull Establish Justice bull Insure Domestic Tranquility
bull Provide for the Common Defense
bull Promote the General Welfare
bull Secure the Blessings of Liberty
For each phrase consider the followinghellip
1 Why do you think the Framerrsquos put this phrase in the US Constitution
2 Is this phrase important today
Structure of Constitution bullArticles
Main body of the Constitution Lay out basic structure of the national
governmentFurther broken down into sections and clauses
Article I Legislative branch Article II Executive branch Article III Judicial branch Articles IV Relations among the states Article V Amendment process Article VI Payment of debts Supremacy
Clause oaths of office
Article VII Ratification
Structure of Constitution
bullAmendments Formal changes made to the ConstitutionTwenty-seven in total First ten referred to as the Bill of Rights
Principles of Constitution bull The language and structure of the Constitution reflects the basic principles of the US government system
bull PrinciplesmdashPopular sovereigntyRepresentative government Separation of powers Checks and balancesLimited governmentFederalism
Activity
Activity bull STEP 1 bull Fill in the graphic
organizer in your guided notes packet You have 8 minutes on your own to do this
bull STEP 2 On your own or with a partner create a tri-fold containing visual representations of three different principles of our government On the back explain each principle in 2 sentences
Principle Explanation
Popular Sovereignty Idea that people are the source of all power held by the government
Limited Government Government possesses only the powers the people give itmdashit must obey the Constitution
Separation of Powers Establishes three separate branches that share the governmentrsquos power These branches are the executive the legislative and the judicial
Checks and Balances Ensures that none of the three branches can become too powerful Each branch has ways to limit the power of the other two (ex President veto power)
Judicial Review Power of the courts to decide what the Constitution means The courts also have the power to declare a government action to be against the Constitution (unconstitutional)
Federalism Divides the power between the central government and the States
Check for UnderstandingSix PrinciplesNumber your paper from 1 - 8
Question 1
bullldquoWe the people of the United Stateshellipdo ordain and establish this Constitution for the United States of Americardquo
Popular Sovereignty
Question 2
bullldquoCongress shall make no law respecting an establishment of religion or prohibiting the free exercise thereof or abridging the freedom of speech or of the press or the right of the people to peacefully assemble and to petition the Government for a redress of grievancesrdquo
Limited Government
Question 3
bullDuring the Watergate Scandal prosecutors accused many of President Nixonrsquos closest advisors of breaking the law thus proving the rule of lawmdashNO ONE is above the law
Limited Government
Question 4
bullldquoThe accumulation of all powers legislative executive and judiciary in the same hands whether of one a few or manyhellipmay justly be pronounced the very definition of tyrannyrdquo
SEPARATION OF POWERS
Question 5
bullPresident Bush nominates Miss Dicks to be director of the CIA but the Senate refuses to confirm the appointment
Checks and Balances
Question 6
bullCongress in 2005 passes the Stem Cell Research Bill but President Bush vetos the bill
CHECKS AND BALANCES
Question 7
bullThe Supreme Court in 1954 determined that ldquoseparate but equalrdquo was not constitutional and overturned the Plessy vs Ferguson ruling
JUDICIAL REVIEW
Question 8
bullVA has a law that requires all candidates for a professional cosmeticianrsquos license complete classroom hours an unpaid internship and pass a qualifying test
Federalism
GroupsPopular
SovereigntySeparation of
PowersFederalism
bull bull bull
Judicial Review
Limited Government
Checks and Balances
bull bull bull
Separation of Powers
bull Legislative branchmdashmakes the laws
bull Executive branchmdashenforces the laws
bull Judicial branchmdashinterprets the law
Video
bullhttpwwwbrainpopcomsocialstudiesusgovernmentandlawbranchesofgovernment
Checks and Balances
Checks and balances
bullIn what was do the branches check on one another
bullhttpwwwsheppardsoftwarecomusa_gamegovernmentchecks_and_balanceshtm
Basic Principles
bullThe tenets of democracy are built upon five principlesmdashWorth of the individualEquality of all personsMajority rule minority rightsNecessity of compromiseIndividual freedom
Self- Worth
bull A recognition of the fundamental worth of every person
bull The democratic process reflects the collective set of individuals who make up society
Equality Democratic concept insists that all entitled tobull equality of opportunity bull equality before the law
bull Equality of opportunity suggests that no person should be held back for any arbitrary reason and must be free to develop him- or herself as fully as heshe can (or cares to)
bull Equality before the law suggests that each person should be treated as the equal of all other persons before the law
Compromise
bull A matter of compromise to determine the position most acceptable to the largest number of people
bull Because each individual is important and considered the equal of all others it stands to reason that people can only make public decisions by way of compromise
bullWhy is compromise important
Individual Freedombull Right of the
individual to be free as far as the freedom of all will allow
bull Democracy does not and cannot insist on the absolute freedom of the individual person
Write your ownhellipbull Now that you know what the foundations of
government arehellip Create your own Constitution (Or social contract)
What do you think is important to include What do you think could be taken out
Start with ldquoWe the peoplehelliprdquo and create the ideal contract
Preamble (brief introduction) Articles (what should it include based on what we
learned so far Include and agree on 10 points) Amendments (what do you think it should take to
change it)
bullFor your quiz tomorrowhellip What questions would you expect to seeWrite 5 and the answers on the back of the
paper
TED Talk
bullhttpwwwyoutubecomwatchv=ypqQ3-agpZo
Closure
bullExplain two principles of the constitution and how are they connected
What is Economics
bull Is the study of how people choose to use their limited resources to satisfy their unlimited wants and needs
Important Parts of Economicsndash
CHOICESSCARCITY
Economics ishellip
bullDependent upon assumptions
bullDependent upon simplification of reality
Back to our assumptionshellip
bullHuman Beings are rationalbullAll societies suffer from scarcity bullAll buyers seek to maximize utility
bullAll sellers seek to maximize profits
Scarcity refers to the limited number of resources (factors of production) that can be used to satisfy the unlimited human wants and needs
For the videohellip
bullWrite down 3 things you did not knowbullWrite down 3 things you did know
bullhttpwwwyoutubecomwatchv=TO7UTNS7r0w
Post Videohellip
bullDefine the main idea of the video in 4-5 words
Advertisement
bullKnowing some of the basics about what economics is and why we study ithellip
bullCreate an advertisement for an economics course BE SURE TO INCLUDE
3 images that represent different economic ideas
2 ldquothought bubblesrdquo that represent things yoursquoll learn about in economics
1 slogan that represents why economics is an important course to take
Political Cartoon Analysis
Factors of Production bull LAND
Also called Natural Resources Consider them ldquogifts of naturerdquo such as air
soil minerals water and plants
bull LABOR Also called Human Resources Includes physical and mental activities that go
into producing goodsservices
bull CAPITAL Includes tools machines buildings and
technologies
bull ENTREPRENEUR Risk taker who is responsible for combining
land labor and capital to produce goods and services
TASK
bullTask Why are entrepreneurs the driving force in our economy
bullAnswer in 2-3 sentences
The price ofhellip
bullLand is rentbullCapital is interestbullLabor is wagesbullEntrepreneurship is profit
Economic efficiency is achieved when all available resources are being used
All societies must answer three basic questions to satisfy the needs and wants of their populations
1 What to produce
bullShould it be military or civilian goods
bullFood or clothingbullMedicine or movies
2 How to produce it
bullAutomated or manual labor
bullExpensive or cheap materials
bullDomestic or overseas labor
3 For whom to produce it
bullThe wealthy or the needybullThe sick or the healthy
Application Activity
bull In groups of 2-3 create your own country (name it please)
bull With your countryrsquos name explain the Population geography and general population
information (iehellipbull Choose 5 items for your country to produce and
answer the three societal questions for eachALSO explain why this material would help your
economy thrivereach economic efficiencybull Create an advertisement for your country
withhellip Images representing what you produce and a
slogan for why your country is awesome
EQs
bullHow does scarcity impact decision making
Objectives amp Essential QuestionsbullObjectives
I will be able to create and reflect on a budget given new economics content
I will be able to understand scarcity and our mixed economy
bullEssential QuestionsHow does scarcity impact decision makingHow do we satisfy our economic wants
Group Activity Budget Activity
bullTeacher will break you into groups In your groups you will be creating a budget for a single family
bullYour group has been given an income for a year Given your family situation negotiate with your ldquofamilyrdquo to complete a budget for 1 month (keep in mind your $$ is in a given year)
bullhttpwwwyoutubecomwatchv=yoVc_S_gd_0
How do we satisfy our economic wants
bull We buy goods or services
bull Good ndash a physical object (tangible) that has been produced for salebull Durable ndash last 3+ yearsbull Nondurable ndash last up to 3 years
bull Service ndash work done by someone else for which someone is willing to pay
How do we make goods amp services
bull Use Factors of Production - The productive resources that go into producing goods and services
Production Equation
LAND + LABOR + CAPITAL = GOODSERVICE
inputs output
Economic Interdependence
bullWhat does lsquointerdependencersquo mean
bullIs our world becoming economic interdependent or independent
bullEconomic Interdependence the actions of one part of the
country (world) has an impact on what happens elsewhere
Wants amp Needs gt
Resources
Because of scarcity we
have to make choices
How do we make a choice What do we give up
What does this remind you of from our government unit
Making Choices to Deal With Scarcity
bullPeople seek to maximize their utility when making decisions This requires them to consider tradeoffs
Utility ndash the satisfaction or benefit a person receives from consuming a good or service
Tradeoffs ndash the alternate choices people have when making a decision also the benefitsadvantages of making on
decision over another
ExampleshellipbullSome choices are easy to makehellip
HmmhellipShould I have pizza or a hoagie for lunch today
bullOther decisions are agonizinghellipShould I get out of bed and go to
school today or should I sleep in
Task Reflecting on Personal Trade-offshellip
In the end what helped you decide amongst your choices
Think of ONE decision thatyou had to make in the last weekhellipIdentify your various
tradeoffs for that decision
Be prepared to share
Opportunity Cost
bullWhen comparing the top 2 choices it is the BENEFIT of the next best alternative that must be sacrificed to satisfy a want
bullYou do a cost-benefit analysis to figure out which decision is most beneficial
Opportunity Cost ndash The best thing we give up to get what
we want
What else influences your choices
bullPeople make decisions based on their marginal utility or the extra satisfaction they gain from one additional unit of a goodservice
bullLaw of Diminishing Marginal Utility says that as we get or do more of something the pleasure we derive from it tends to decrease and so does our willingness to buy it or do it
FinallyhellipWhy it Matters
Understanding the opportunity coststradeoffs of different choices in life makes you a
better decision-maker
Todayrsquos Message ndash ldquoTherersquos No Such Thing As a Free Lunchrdquo
You always have to give something uphelliprdquo
ALL Individuals Businesses amp Societies have to consider tradeoffsopportunity costs when making
decisions
Visualizing the Relationshiphellip
Limited Resources amp Unlimited Wants
Scarcity
Trade-offs (choices)
Opportunity Costs
ObjectivesEssential Questions
bullObjectivebullI will be able to understand (and teach)
the three different types of economies
bullEssential Question How do the different types of economies work
How Can We Measure What We Gain and Lose When
Making Choices
Answer With a Production Possibilities Frontier
Production Possibilities Frontier
bullDiagram representing the possible combinations of goods and or services an economy can produce when all resources are being fully employed
PPF Assumptions
bullWe live in a two good worldbullThere are fixed resourcesbullThere is fixed technologybullResources are not specialized
Production Possibilities Curve
CD
E
OU
TP
UT
OF
CO
NS
UM
ER
GO
OD
S
(un
its
per
yea
r)
OUTPUT OF MILITARY GOODS (units per year)
A
BO
XF
G
Limited resources necessitate choices about WHAT to produce
The Choices Nations Make
bullA nation must choose what to do with its scarce resources during war or periods of military buildup
bullProduce military goods or consumer goods
Economic Growth
2000 production possibilities
1900 production possibilities
OU
TP
UT
OF
CO
NS
UM
ER
GO
OD
S(u
nits
per
yea
r)
OUTPUT OF MILITARY GOODS (units per year)
Production possibilities increases with more resources and technology
The Classic Guns and Butter example
Guns
Butter
10000 20000 30000 40000 50000
1000009500085000
70000
5000040000
BA
C
D
E
F
At point A all resources are used for butter
Moving from point A to point B requires shifting resources out of butter and into guns
At point F all resources are used for Guns
Productivitybull A PPF can help us see how efficient our
choices are
bull Productivity - measurement of how efficiently we are utilizing our resources Is this the same as production
bull An economy producing on the curve = using their resources to produce the MAXIMUM amount of goodsservices
Locations on a PPF
bull Efficient Point place where an economy is achieving as much output as possible from a given amount of resources ndash occurs at any point on the curve
bull Inefficient Point ndash place where the economy is not functioning as it could be ndash occurs at any point inside the curve
bull Unattainable Point ndash place where the economy cannot produce given its current resources ndash occurs at any point outside the curve
Food
Computer
4
3
2
1
1 2 3 4
OC between 1 and 2 computers = 1 Food
UnitOC between 3 and 4 computers = 1 Food
Unit
Constantly giving up the same quantity of food to get
additional computers
STRAIGHT-LINE PPFs Constant OC
BOWED-OUT PPFs VaryingIncreasing OC
Principle of Increasing Costs
As a society produces more of one product the OC of producing
that product increases because we are using more resources that are poorly suited to produce it
Economic Systems
An economic system is the way a society coordinates the production and consumption of goods amp services
How a society answers the three basic economic questions determines which type of economic system they are
Three Types of Economic Systems Command Traditional Market
Jigsaw activity
bullYou will be placed in groups of 3 and assigned a type of economy
bullYou will have 7 minutes to read and come up with 4 key components
bullAfter the 7 minuteshellip 1rsquos go to the front of the classroom2rsquos go to the wall nearest the door3rsquos go to the wall nearest the courtyard
Economic amp Social Goals of an Economic System
bull Economic Freedom
bull Economic Efficiency
bull Economic Equity
bull Economic Security
Economic Stability
Economic Growth
Review of Economic Systems
bullA traditional economy relies on custom and tradition to dictate production and consumption
bullIn a command economy decisions about production and consumption are made by a powerful ruler or central authority
bullIn a market economy individual producers and consumers coordinate economic activity
What are the most important goals of each economic system
bullTraditionalSecurity and
StabilitybullCommand
Equity and Security
bullMARKETEfficiency and
Freedom
Societies differ in the degree of importance they attach to each goal Progress toward one goal can sometimes be achieved only
at the expense of another (TRADEOFFS)
Which economic system does the US use
The American Economic System
bullWe have a mixed market economy
COMMAND MARKET
The US mixed economybull In a mixed economyhellip
Individuals Own the factors of production Possess freedom to produce or consume Must operate under confines of law
Government Protects workers and consumers Regulates business and preserves competition Provide public goodsbenefits
Think backhellip
bullWhat does this remind you of from the beginning of the unit
US Economic System Characteristics 1 Economic freedom (ldquolaissez-fairerdquo)
2 Limited government
3 Equal opportunity
4 Competition
5 Profit motive
6 Property Rights
7 Binding Contracts
Understanding how all parts fit together
Circular Flow of Economic Activity Represents a market economy
2 main ldquomarketsrdquoProduct Market Factor Market
where goods and services where the 4 factors ofare boughtsold production are boughtsold
Shows interdependence between
businesses and individuals
Marriage Vowsbull CONGRATULATIONS The government and the economy
are renewing their marriage vows You are cordially invited to the ceremony but this perfect couple needs your help
bull Using what you have learned this unit and using the textbook
bull You will explain the way government and the economy are connected (made for each other) You will demonstrate this answer in the format of wedding vows
bull You must use at least 5 of the following words Producers Taxes Consumers Restrictions Markets Freedom GoodsServices Limited
bull Look back to US Economic System Characteristics bull Each set of vows must be at least 6 lines
Do you remember
bullWrite the following question downbullWhy does the United States have a
democracy and mixed economy
- Foundations of Government and Economics
- On your blank piece of paperhellip
- Slide 3
- Warm-Up 1 - 9414
- Introductory thoughts hellip
- Slide 6
- 2 How about to your life
- Slide 8
- Slide 9
- Slide 10
- Slide 11
- Warm Up -2a- 9514 The New York Times and CBS News Pollhellip
- Warm up 2bndash In Journal-
- Economist and Politician Assumptions
- Individualism
- Quote activity
- Quote breakdown
- Warm Up 3- Current Event 9814
- Purpose of Government
- Slide 20
- 3 Theorists
- Activity
- Origins of American Government A customized government
- Origins of American Government A customized government (2)
- Origins of American Government A customized government (3)
- With which theory do you agree more Why
- The ldquoOriginal Dilemmardquo
- Warm Up 5 Hobbes and Locke
- Groups Block 2
- Groups Block 4
- Balloon Game
- You will have 10 minutes to get as many filled balloons on the
- Balloon Game Debriefing
- Political Theories
- Social Contract
- Natural Rights
- Democracy
- Concepts of Government
- Warm up 6 ndash 91114
- Warm Up 7
- And after the Constitution
- Activity (2)
- Picture Activity
- Constitutional Convention
- Purpose of the Convention
- VA Plan v NJ Plan
- Virginia Plan ldquoLarge State Planrdquo
- New Jersey Plan ldquoSmall State Planrdquo
- Your Task
- Closure
- States agree
- Quote
- Structure of Constitution
- Structure of Constitution
- 6 Purpose of Government
- Structure of Constitution (2)
- Structure of Constitution (3)
- Principles of Constitution
- Activity
- Slide 60
- Check for Understanding Six Principles
- Question 1
- Question 2
- Question 3
- Question 4
- Question 5
- Question 6
- Question 7
- Question 8
- Groups
- Separation of Powers
- Video
- Checks and Balances
- Slide 74
- Checks and balances
- Basic Principles
- Self- Worth
- Equality
- Compromise
- Individual Freedom
- Write your ownhellip
- Slide 82
- TED Talk
- Closure
- What is Economics
- Economics ishellip
- Back to our assumptionshellip
- Scarcity refers to the limited number of resources (factors of
- For the videohellip
- Slide 90
- Post Videohellip
- Advertisement
- Political Cartoon Analysis
- Factors of Production
- TASK
- The price ofhellip
- Economic efficiency is achieved when all available resources ar
- 1 What to produce
- 2 How to produce it
- 3 For whom to produce it
- Application Activity
- EQs
- Objectives amp Essential Questions
- Group Activity Budget Activity
- Slide 105
- How do we satisfy our economic wants
- How do we make goods amp services
- Economic Interdependence
- Slide 109
- Making Choices to Deal With Scarcity
- Exampleshellip
- Task Reflecting on Personal Trade-offshellip
- Opportunity Cost
- What else influences your choices
- Finallyhellip Why it Matters
- Visualizing the Relationshiphellip
- ObjectivesEssential Questions
- How Can We Measure What We Gain and Lose When Making Choices
- Production Possibilities Frontier
- PPF Assumptions
- Slide 121
- Production Possibilities Curve
- The Choices Nations Make
- Economic Growth
- The Classic Guns and Butter example
- Productivity
- Locations on a PPF
- Slide 128
- BOWED-OUT PPFs VaryingIncreasing OC
- Economic Systems
- Jigsaw activity
- Slide 132
- Economic amp Social Goals of an Economic System
- Review of Economic Systems
- Slide 135
- What are the most important goals of each economic system
- Which economic system does the US use
- The American Economic System
- The US mixed economy
- Slide 140
- Think backhellip
- US Economic System Characteristics
- Slide 143
- Understanding how all parts fit together
- Marriage Vows
- Do you remember
- Slide 147
-
Structure of Constitution bullArticles
Main body of the Constitution Lay out basic structure of the national
governmentFurther broken down into sections and clauses
Article I Legislative branch Article II Executive branch Article III Judicial branch Articles IV Relations among the states Article V Amendment process Article VI Payment of debts Supremacy
Clause oaths of office
Article VII Ratification
Structure of Constitution
bullAmendments Formal changes made to the ConstitutionTwenty-seven in total First ten referred to as the Bill of Rights
Principles of Constitution bull The language and structure of the Constitution reflects the basic principles of the US government system
bull PrinciplesmdashPopular sovereigntyRepresentative government Separation of powers Checks and balancesLimited governmentFederalism
Activity
Activity bull STEP 1 bull Fill in the graphic
organizer in your guided notes packet You have 8 minutes on your own to do this
bull STEP 2 On your own or with a partner create a tri-fold containing visual representations of three different principles of our government On the back explain each principle in 2 sentences
Principle Explanation
Popular Sovereignty Idea that people are the source of all power held by the government
Limited Government Government possesses only the powers the people give itmdashit must obey the Constitution
Separation of Powers Establishes three separate branches that share the governmentrsquos power These branches are the executive the legislative and the judicial
Checks and Balances Ensures that none of the three branches can become too powerful Each branch has ways to limit the power of the other two (ex President veto power)
Judicial Review Power of the courts to decide what the Constitution means The courts also have the power to declare a government action to be against the Constitution (unconstitutional)
Federalism Divides the power between the central government and the States
Check for UnderstandingSix PrinciplesNumber your paper from 1 - 8
Question 1
bullldquoWe the people of the United Stateshellipdo ordain and establish this Constitution for the United States of Americardquo
Popular Sovereignty
Question 2
bullldquoCongress shall make no law respecting an establishment of religion or prohibiting the free exercise thereof or abridging the freedom of speech or of the press or the right of the people to peacefully assemble and to petition the Government for a redress of grievancesrdquo
Limited Government
Question 3
bullDuring the Watergate Scandal prosecutors accused many of President Nixonrsquos closest advisors of breaking the law thus proving the rule of lawmdashNO ONE is above the law
Limited Government
Question 4
bullldquoThe accumulation of all powers legislative executive and judiciary in the same hands whether of one a few or manyhellipmay justly be pronounced the very definition of tyrannyrdquo
SEPARATION OF POWERS
Question 5
bullPresident Bush nominates Miss Dicks to be director of the CIA but the Senate refuses to confirm the appointment
Checks and Balances
Question 6
bullCongress in 2005 passes the Stem Cell Research Bill but President Bush vetos the bill
CHECKS AND BALANCES
Question 7
bullThe Supreme Court in 1954 determined that ldquoseparate but equalrdquo was not constitutional and overturned the Plessy vs Ferguson ruling
JUDICIAL REVIEW
Question 8
bullVA has a law that requires all candidates for a professional cosmeticianrsquos license complete classroom hours an unpaid internship and pass a qualifying test
Federalism
GroupsPopular
SovereigntySeparation of
PowersFederalism
bull bull bull
Judicial Review
Limited Government
Checks and Balances
bull bull bull
Separation of Powers
bull Legislative branchmdashmakes the laws
bull Executive branchmdashenforces the laws
bull Judicial branchmdashinterprets the law
Video
bullhttpwwwbrainpopcomsocialstudiesusgovernmentandlawbranchesofgovernment
Checks and Balances
Checks and balances
bullIn what was do the branches check on one another
bullhttpwwwsheppardsoftwarecomusa_gamegovernmentchecks_and_balanceshtm
Basic Principles
bullThe tenets of democracy are built upon five principlesmdashWorth of the individualEquality of all personsMajority rule minority rightsNecessity of compromiseIndividual freedom
Self- Worth
bull A recognition of the fundamental worth of every person
bull The democratic process reflects the collective set of individuals who make up society
Equality Democratic concept insists that all entitled tobull equality of opportunity bull equality before the law
bull Equality of opportunity suggests that no person should be held back for any arbitrary reason and must be free to develop him- or herself as fully as heshe can (or cares to)
bull Equality before the law suggests that each person should be treated as the equal of all other persons before the law
Compromise
bull A matter of compromise to determine the position most acceptable to the largest number of people
bull Because each individual is important and considered the equal of all others it stands to reason that people can only make public decisions by way of compromise
bullWhy is compromise important
Individual Freedombull Right of the
individual to be free as far as the freedom of all will allow
bull Democracy does not and cannot insist on the absolute freedom of the individual person
Write your ownhellipbull Now that you know what the foundations of
government arehellip Create your own Constitution (Or social contract)
What do you think is important to include What do you think could be taken out
Start with ldquoWe the peoplehelliprdquo and create the ideal contract
Preamble (brief introduction) Articles (what should it include based on what we
learned so far Include and agree on 10 points) Amendments (what do you think it should take to
change it)
bullFor your quiz tomorrowhellip What questions would you expect to seeWrite 5 and the answers on the back of the
paper
TED Talk
bullhttpwwwyoutubecomwatchv=ypqQ3-agpZo
Closure
bullExplain two principles of the constitution and how are they connected
What is Economics
bull Is the study of how people choose to use their limited resources to satisfy their unlimited wants and needs
Important Parts of Economicsndash
CHOICESSCARCITY
Economics ishellip
bullDependent upon assumptions
bullDependent upon simplification of reality
Back to our assumptionshellip
bullHuman Beings are rationalbullAll societies suffer from scarcity bullAll buyers seek to maximize utility
bullAll sellers seek to maximize profits
Scarcity refers to the limited number of resources (factors of production) that can be used to satisfy the unlimited human wants and needs
For the videohellip
bullWrite down 3 things you did not knowbullWrite down 3 things you did know
bullhttpwwwyoutubecomwatchv=TO7UTNS7r0w
Post Videohellip
bullDefine the main idea of the video in 4-5 words
Advertisement
bullKnowing some of the basics about what economics is and why we study ithellip
bullCreate an advertisement for an economics course BE SURE TO INCLUDE
3 images that represent different economic ideas
2 ldquothought bubblesrdquo that represent things yoursquoll learn about in economics
1 slogan that represents why economics is an important course to take
Political Cartoon Analysis
Factors of Production bull LAND
Also called Natural Resources Consider them ldquogifts of naturerdquo such as air
soil minerals water and plants
bull LABOR Also called Human Resources Includes physical and mental activities that go
into producing goodsservices
bull CAPITAL Includes tools machines buildings and
technologies
bull ENTREPRENEUR Risk taker who is responsible for combining
land labor and capital to produce goods and services
TASK
bullTask Why are entrepreneurs the driving force in our economy
bullAnswer in 2-3 sentences
The price ofhellip
bullLand is rentbullCapital is interestbullLabor is wagesbullEntrepreneurship is profit
Economic efficiency is achieved when all available resources are being used
All societies must answer three basic questions to satisfy the needs and wants of their populations
1 What to produce
bullShould it be military or civilian goods
bullFood or clothingbullMedicine or movies
2 How to produce it
bullAutomated or manual labor
bullExpensive or cheap materials
bullDomestic or overseas labor
3 For whom to produce it
bullThe wealthy or the needybullThe sick or the healthy
Application Activity
bull In groups of 2-3 create your own country (name it please)
bull With your countryrsquos name explain the Population geography and general population
information (iehellipbull Choose 5 items for your country to produce and
answer the three societal questions for eachALSO explain why this material would help your
economy thrivereach economic efficiencybull Create an advertisement for your country
withhellip Images representing what you produce and a
slogan for why your country is awesome
EQs
bullHow does scarcity impact decision making
Objectives amp Essential QuestionsbullObjectives
I will be able to create and reflect on a budget given new economics content
I will be able to understand scarcity and our mixed economy
bullEssential QuestionsHow does scarcity impact decision makingHow do we satisfy our economic wants
Group Activity Budget Activity
bullTeacher will break you into groups In your groups you will be creating a budget for a single family
bullYour group has been given an income for a year Given your family situation negotiate with your ldquofamilyrdquo to complete a budget for 1 month (keep in mind your $$ is in a given year)
bullhttpwwwyoutubecomwatchv=yoVc_S_gd_0
How do we satisfy our economic wants
bull We buy goods or services
bull Good ndash a physical object (tangible) that has been produced for salebull Durable ndash last 3+ yearsbull Nondurable ndash last up to 3 years
bull Service ndash work done by someone else for which someone is willing to pay
How do we make goods amp services
bull Use Factors of Production - The productive resources that go into producing goods and services
Production Equation
LAND + LABOR + CAPITAL = GOODSERVICE
inputs output
Economic Interdependence
bullWhat does lsquointerdependencersquo mean
bullIs our world becoming economic interdependent or independent
bullEconomic Interdependence the actions of one part of the
country (world) has an impact on what happens elsewhere
Wants amp Needs gt
Resources
Because of scarcity we
have to make choices
How do we make a choice What do we give up
What does this remind you of from our government unit
Making Choices to Deal With Scarcity
bullPeople seek to maximize their utility when making decisions This requires them to consider tradeoffs
Utility ndash the satisfaction or benefit a person receives from consuming a good or service
Tradeoffs ndash the alternate choices people have when making a decision also the benefitsadvantages of making on
decision over another
ExampleshellipbullSome choices are easy to makehellip
HmmhellipShould I have pizza or a hoagie for lunch today
bullOther decisions are agonizinghellipShould I get out of bed and go to
school today or should I sleep in
Task Reflecting on Personal Trade-offshellip
In the end what helped you decide amongst your choices
Think of ONE decision thatyou had to make in the last weekhellipIdentify your various
tradeoffs for that decision
Be prepared to share
Opportunity Cost
bullWhen comparing the top 2 choices it is the BENEFIT of the next best alternative that must be sacrificed to satisfy a want
bullYou do a cost-benefit analysis to figure out which decision is most beneficial
Opportunity Cost ndash The best thing we give up to get what
we want
What else influences your choices
bullPeople make decisions based on their marginal utility or the extra satisfaction they gain from one additional unit of a goodservice
bullLaw of Diminishing Marginal Utility says that as we get or do more of something the pleasure we derive from it tends to decrease and so does our willingness to buy it or do it
FinallyhellipWhy it Matters
Understanding the opportunity coststradeoffs of different choices in life makes you a
better decision-maker
Todayrsquos Message ndash ldquoTherersquos No Such Thing As a Free Lunchrdquo
You always have to give something uphelliprdquo
ALL Individuals Businesses amp Societies have to consider tradeoffsopportunity costs when making
decisions
Visualizing the Relationshiphellip
Limited Resources amp Unlimited Wants
Scarcity
Trade-offs (choices)
Opportunity Costs
ObjectivesEssential Questions
bullObjectivebullI will be able to understand (and teach)
the three different types of economies
bullEssential Question How do the different types of economies work
How Can We Measure What We Gain and Lose When
Making Choices
Answer With a Production Possibilities Frontier
Production Possibilities Frontier
bullDiagram representing the possible combinations of goods and or services an economy can produce when all resources are being fully employed
PPF Assumptions
bullWe live in a two good worldbullThere are fixed resourcesbullThere is fixed technologybullResources are not specialized
Production Possibilities Curve
CD
E
OU
TP
UT
OF
CO
NS
UM
ER
GO
OD
S
(un
its
per
yea
r)
OUTPUT OF MILITARY GOODS (units per year)
A
BO
XF
G
Limited resources necessitate choices about WHAT to produce
The Choices Nations Make
bullA nation must choose what to do with its scarce resources during war or periods of military buildup
bullProduce military goods or consumer goods
Economic Growth
2000 production possibilities
1900 production possibilities
OU
TP
UT
OF
CO
NS
UM
ER
GO
OD
S(u
nits
per
yea
r)
OUTPUT OF MILITARY GOODS (units per year)
Production possibilities increases with more resources and technology
The Classic Guns and Butter example
Guns
Butter
10000 20000 30000 40000 50000
1000009500085000
70000
5000040000
BA
C
D
E
F
At point A all resources are used for butter
Moving from point A to point B requires shifting resources out of butter and into guns
At point F all resources are used for Guns
Productivitybull A PPF can help us see how efficient our
choices are
bull Productivity - measurement of how efficiently we are utilizing our resources Is this the same as production
bull An economy producing on the curve = using their resources to produce the MAXIMUM amount of goodsservices
Locations on a PPF
bull Efficient Point place where an economy is achieving as much output as possible from a given amount of resources ndash occurs at any point on the curve
bull Inefficient Point ndash place where the economy is not functioning as it could be ndash occurs at any point inside the curve
bull Unattainable Point ndash place where the economy cannot produce given its current resources ndash occurs at any point outside the curve
Food
Computer
4
3
2
1
1 2 3 4
OC between 1 and 2 computers = 1 Food
UnitOC between 3 and 4 computers = 1 Food
Unit
Constantly giving up the same quantity of food to get
additional computers
STRAIGHT-LINE PPFs Constant OC
BOWED-OUT PPFs VaryingIncreasing OC
Principle of Increasing Costs
As a society produces more of one product the OC of producing
that product increases because we are using more resources that are poorly suited to produce it
Economic Systems
An economic system is the way a society coordinates the production and consumption of goods amp services
How a society answers the three basic economic questions determines which type of economic system they are
Three Types of Economic Systems Command Traditional Market
Jigsaw activity
bullYou will be placed in groups of 3 and assigned a type of economy
bullYou will have 7 minutes to read and come up with 4 key components
bullAfter the 7 minuteshellip 1rsquos go to the front of the classroom2rsquos go to the wall nearest the door3rsquos go to the wall nearest the courtyard
Economic amp Social Goals of an Economic System
bull Economic Freedom
bull Economic Efficiency
bull Economic Equity
bull Economic Security
Economic Stability
Economic Growth
Review of Economic Systems
bullA traditional economy relies on custom and tradition to dictate production and consumption
bullIn a command economy decisions about production and consumption are made by a powerful ruler or central authority
bullIn a market economy individual producers and consumers coordinate economic activity
What are the most important goals of each economic system
bullTraditionalSecurity and
StabilitybullCommand
Equity and Security
bullMARKETEfficiency and
Freedom
Societies differ in the degree of importance they attach to each goal Progress toward one goal can sometimes be achieved only
at the expense of another (TRADEOFFS)
Which economic system does the US use
The American Economic System
bullWe have a mixed market economy
COMMAND MARKET
The US mixed economybull In a mixed economyhellip
Individuals Own the factors of production Possess freedom to produce or consume Must operate under confines of law
Government Protects workers and consumers Regulates business and preserves competition Provide public goodsbenefits
Think backhellip
bullWhat does this remind you of from the beginning of the unit
US Economic System Characteristics 1 Economic freedom (ldquolaissez-fairerdquo)
2 Limited government
3 Equal opportunity
4 Competition
5 Profit motive
6 Property Rights
7 Binding Contracts
Understanding how all parts fit together
Circular Flow of Economic Activity Represents a market economy
2 main ldquomarketsrdquoProduct Market Factor Market
where goods and services where the 4 factors ofare boughtsold production are boughtsold
Shows interdependence between
businesses and individuals
Marriage Vowsbull CONGRATULATIONS The government and the economy
are renewing their marriage vows You are cordially invited to the ceremony but this perfect couple needs your help
bull Using what you have learned this unit and using the textbook
bull You will explain the way government and the economy are connected (made for each other) You will demonstrate this answer in the format of wedding vows
bull You must use at least 5 of the following words Producers Taxes Consumers Restrictions Markets Freedom GoodsServices Limited
bull Look back to US Economic System Characteristics bull Each set of vows must be at least 6 lines
Do you remember
bullWrite the following question downbullWhy does the United States have a
democracy and mixed economy
- Foundations of Government and Economics
- On your blank piece of paperhellip
- Slide 3
- Warm-Up 1 - 9414
- Introductory thoughts hellip
- Slide 6
- 2 How about to your life
- Slide 8
- Slide 9
- Slide 10
- Slide 11
- Warm Up -2a- 9514 The New York Times and CBS News Pollhellip
- Warm up 2bndash In Journal-
- Economist and Politician Assumptions
- Individualism
- Quote activity
- Quote breakdown
- Warm Up 3- Current Event 9814
- Purpose of Government
- Slide 20
- 3 Theorists
- Activity
- Origins of American Government A customized government
- Origins of American Government A customized government (2)
- Origins of American Government A customized government (3)
- With which theory do you agree more Why
- The ldquoOriginal Dilemmardquo
- Warm Up 5 Hobbes and Locke
- Groups Block 2
- Groups Block 4
- Balloon Game
- You will have 10 minutes to get as many filled balloons on the
- Balloon Game Debriefing
- Political Theories
- Social Contract
- Natural Rights
- Democracy
- Concepts of Government
- Warm up 6 ndash 91114
- Warm Up 7
- And after the Constitution
- Activity (2)
- Picture Activity
- Constitutional Convention
- Purpose of the Convention
- VA Plan v NJ Plan
- Virginia Plan ldquoLarge State Planrdquo
- New Jersey Plan ldquoSmall State Planrdquo
- Your Task
- Closure
- States agree
- Quote
- Structure of Constitution
- Structure of Constitution
- 6 Purpose of Government
- Structure of Constitution (2)
- Structure of Constitution (3)
- Principles of Constitution
- Activity
- Slide 60
- Check for Understanding Six Principles
- Question 1
- Question 2
- Question 3
- Question 4
- Question 5
- Question 6
- Question 7
- Question 8
- Groups
- Separation of Powers
- Video
- Checks and Balances
- Slide 74
- Checks and balances
- Basic Principles
- Self- Worth
- Equality
- Compromise
- Individual Freedom
- Write your ownhellip
- Slide 82
- TED Talk
- Closure
- What is Economics
- Economics ishellip
- Back to our assumptionshellip
- Scarcity refers to the limited number of resources (factors of
- For the videohellip
- Slide 90
- Post Videohellip
- Advertisement
- Political Cartoon Analysis
- Factors of Production
- TASK
- The price ofhellip
- Economic efficiency is achieved when all available resources ar
- 1 What to produce
- 2 How to produce it
- 3 For whom to produce it
- Application Activity
- EQs
- Objectives amp Essential Questions
- Group Activity Budget Activity
- Slide 105
- How do we satisfy our economic wants
- How do we make goods amp services
- Economic Interdependence
- Slide 109
- Making Choices to Deal With Scarcity
- Exampleshellip
- Task Reflecting on Personal Trade-offshellip
- Opportunity Cost
- What else influences your choices
- Finallyhellip Why it Matters
- Visualizing the Relationshiphellip
- ObjectivesEssential Questions
- How Can We Measure What We Gain and Lose When Making Choices
- Production Possibilities Frontier
- PPF Assumptions
- Slide 121
- Production Possibilities Curve
- The Choices Nations Make
- Economic Growth
- The Classic Guns and Butter example
- Productivity
- Locations on a PPF
- Slide 128
- BOWED-OUT PPFs VaryingIncreasing OC
- Economic Systems
- Jigsaw activity
- Slide 132
- Economic amp Social Goals of an Economic System
- Review of Economic Systems
- Slide 135
- What are the most important goals of each economic system
- Which economic system does the US use
- The American Economic System
- The US mixed economy
- Slide 140
- Think backhellip
- US Economic System Characteristics
- Slide 143
- Understanding how all parts fit together
- Marriage Vows
- Do you remember
- Slide 147
-
Structure of Constitution
bullAmendments Formal changes made to the ConstitutionTwenty-seven in total First ten referred to as the Bill of Rights
Principles of Constitution bull The language and structure of the Constitution reflects the basic principles of the US government system
bull PrinciplesmdashPopular sovereigntyRepresentative government Separation of powers Checks and balancesLimited governmentFederalism
Activity
Activity bull STEP 1 bull Fill in the graphic
organizer in your guided notes packet You have 8 minutes on your own to do this
bull STEP 2 On your own or with a partner create a tri-fold containing visual representations of three different principles of our government On the back explain each principle in 2 sentences
Principle Explanation
Popular Sovereignty Idea that people are the source of all power held by the government
Limited Government Government possesses only the powers the people give itmdashit must obey the Constitution
Separation of Powers Establishes three separate branches that share the governmentrsquos power These branches are the executive the legislative and the judicial
Checks and Balances Ensures that none of the three branches can become too powerful Each branch has ways to limit the power of the other two (ex President veto power)
Judicial Review Power of the courts to decide what the Constitution means The courts also have the power to declare a government action to be against the Constitution (unconstitutional)
Federalism Divides the power between the central government and the States
Check for UnderstandingSix PrinciplesNumber your paper from 1 - 8
Question 1
bullldquoWe the people of the United Stateshellipdo ordain and establish this Constitution for the United States of Americardquo
Popular Sovereignty
Question 2
bullldquoCongress shall make no law respecting an establishment of religion or prohibiting the free exercise thereof or abridging the freedom of speech or of the press or the right of the people to peacefully assemble and to petition the Government for a redress of grievancesrdquo
Limited Government
Question 3
bullDuring the Watergate Scandal prosecutors accused many of President Nixonrsquos closest advisors of breaking the law thus proving the rule of lawmdashNO ONE is above the law
Limited Government
Question 4
bullldquoThe accumulation of all powers legislative executive and judiciary in the same hands whether of one a few or manyhellipmay justly be pronounced the very definition of tyrannyrdquo
SEPARATION OF POWERS
Question 5
bullPresident Bush nominates Miss Dicks to be director of the CIA but the Senate refuses to confirm the appointment
Checks and Balances
Question 6
bullCongress in 2005 passes the Stem Cell Research Bill but President Bush vetos the bill
CHECKS AND BALANCES
Question 7
bullThe Supreme Court in 1954 determined that ldquoseparate but equalrdquo was not constitutional and overturned the Plessy vs Ferguson ruling
JUDICIAL REVIEW
Question 8
bullVA has a law that requires all candidates for a professional cosmeticianrsquos license complete classroom hours an unpaid internship and pass a qualifying test
Federalism
GroupsPopular
SovereigntySeparation of
PowersFederalism
bull bull bull
Judicial Review
Limited Government
Checks and Balances
bull bull bull
Separation of Powers
bull Legislative branchmdashmakes the laws
bull Executive branchmdashenforces the laws
bull Judicial branchmdashinterprets the law
Video
bullhttpwwwbrainpopcomsocialstudiesusgovernmentandlawbranchesofgovernment
Checks and Balances
Checks and balances
bullIn what was do the branches check on one another
bullhttpwwwsheppardsoftwarecomusa_gamegovernmentchecks_and_balanceshtm
Basic Principles
bullThe tenets of democracy are built upon five principlesmdashWorth of the individualEquality of all personsMajority rule minority rightsNecessity of compromiseIndividual freedom
Self- Worth
bull A recognition of the fundamental worth of every person
bull The democratic process reflects the collective set of individuals who make up society
Equality Democratic concept insists that all entitled tobull equality of opportunity bull equality before the law
bull Equality of opportunity suggests that no person should be held back for any arbitrary reason and must be free to develop him- or herself as fully as heshe can (or cares to)
bull Equality before the law suggests that each person should be treated as the equal of all other persons before the law
Compromise
bull A matter of compromise to determine the position most acceptable to the largest number of people
bull Because each individual is important and considered the equal of all others it stands to reason that people can only make public decisions by way of compromise
bullWhy is compromise important
Individual Freedombull Right of the
individual to be free as far as the freedom of all will allow
bull Democracy does not and cannot insist on the absolute freedom of the individual person
Write your ownhellipbull Now that you know what the foundations of
government arehellip Create your own Constitution (Or social contract)
What do you think is important to include What do you think could be taken out
Start with ldquoWe the peoplehelliprdquo and create the ideal contract
Preamble (brief introduction) Articles (what should it include based on what we
learned so far Include and agree on 10 points) Amendments (what do you think it should take to
change it)
bullFor your quiz tomorrowhellip What questions would you expect to seeWrite 5 and the answers on the back of the
paper
TED Talk
bullhttpwwwyoutubecomwatchv=ypqQ3-agpZo
Closure
bullExplain two principles of the constitution and how are they connected
What is Economics
bull Is the study of how people choose to use their limited resources to satisfy their unlimited wants and needs
Important Parts of Economicsndash
CHOICESSCARCITY
Economics ishellip
bullDependent upon assumptions
bullDependent upon simplification of reality
Back to our assumptionshellip
bullHuman Beings are rationalbullAll societies suffer from scarcity bullAll buyers seek to maximize utility
bullAll sellers seek to maximize profits
Scarcity refers to the limited number of resources (factors of production) that can be used to satisfy the unlimited human wants and needs
For the videohellip
bullWrite down 3 things you did not knowbullWrite down 3 things you did know
bullhttpwwwyoutubecomwatchv=TO7UTNS7r0w
Post Videohellip
bullDefine the main idea of the video in 4-5 words
Advertisement
bullKnowing some of the basics about what economics is and why we study ithellip
bullCreate an advertisement for an economics course BE SURE TO INCLUDE
3 images that represent different economic ideas
2 ldquothought bubblesrdquo that represent things yoursquoll learn about in economics
1 slogan that represents why economics is an important course to take
Political Cartoon Analysis
Factors of Production bull LAND
Also called Natural Resources Consider them ldquogifts of naturerdquo such as air
soil minerals water and plants
bull LABOR Also called Human Resources Includes physical and mental activities that go
into producing goodsservices
bull CAPITAL Includes tools machines buildings and
technologies
bull ENTREPRENEUR Risk taker who is responsible for combining
land labor and capital to produce goods and services
TASK
bullTask Why are entrepreneurs the driving force in our economy
bullAnswer in 2-3 sentences
The price ofhellip
bullLand is rentbullCapital is interestbullLabor is wagesbullEntrepreneurship is profit
Economic efficiency is achieved when all available resources are being used
All societies must answer three basic questions to satisfy the needs and wants of their populations
1 What to produce
bullShould it be military or civilian goods
bullFood or clothingbullMedicine or movies
2 How to produce it
bullAutomated or manual labor
bullExpensive or cheap materials
bullDomestic or overseas labor
3 For whom to produce it
bullThe wealthy or the needybullThe sick or the healthy
Application Activity
bull In groups of 2-3 create your own country (name it please)
bull With your countryrsquos name explain the Population geography and general population
information (iehellipbull Choose 5 items for your country to produce and
answer the three societal questions for eachALSO explain why this material would help your
economy thrivereach economic efficiencybull Create an advertisement for your country
withhellip Images representing what you produce and a
slogan for why your country is awesome
EQs
bullHow does scarcity impact decision making
Objectives amp Essential QuestionsbullObjectives
I will be able to create and reflect on a budget given new economics content
I will be able to understand scarcity and our mixed economy
bullEssential QuestionsHow does scarcity impact decision makingHow do we satisfy our economic wants
Group Activity Budget Activity
bullTeacher will break you into groups In your groups you will be creating a budget for a single family
bullYour group has been given an income for a year Given your family situation negotiate with your ldquofamilyrdquo to complete a budget for 1 month (keep in mind your $$ is in a given year)
bullhttpwwwyoutubecomwatchv=yoVc_S_gd_0
How do we satisfy our economic wants
bull We buy goods or services
bull Good ndash a physical object (tangible) that has been produced for salebull Durable ndash last 3+ yearsbull Nondurable ndash last up to 3 years
bull Service ndash work done by someone else for which someone is willing to pay
How do we make goods amp services
bull Use Factors of Production - The productive resources that go into producing goods and services
Production Equation
LAND + LABOR + CAPITAL = GOODSERVICE
inputs output
Economic Interdependence
bullWhat does lsquointerdependencersquo mean
bullIs our world becoming economic interdependent or independent
bullEconomic Interdependence the actions of one part of the
country (world) has an impact on what happens elsewhere
Wants amp Needs gt
Resources
Because of scarcity we
have to make choices
How do we make a choice What do we give up
What does this remind you of from our government unit
Making Choices to Deal With Scarcity
bullPeople seek to maximize their utility when making decisions This requires them to consider tradeoffs
Utility ndash the satisfaction or benefit a person receives from consuming a good or service
Tradeoffs ndash the alternate choices people have when making a decision also the benefitsadvantages of making on
decision over another
ExampleshellipbullSome choices are easy to makehellip
HmmhellipShould I have pizza or a hoagie for lunch today
bullOther decisions are agonizinghellipShould I get out of bed and go to
school today or should I sleep in
Task Reflecting on Personal Trade-offshellip
In the end what helped you decide amongst your choices
Think of ONE decision thatyou had to make in the last weekhellipIdentify your various
tradeoffs for that decision
Be prepared to share
Opportunity Cost
bullWhen comparing the top 2 choices it is the BENEFIT of the next best alternative that must be sacrificed to satisfy a want
bullYou do a cost-benefit analysis to figure out which decision is most beneficial
Opportunity Cost ndash The best thing we give up to get what
we want
What else influences your choices
bullPeople make decisions based on their marginal utility or the extra satisfaction they gain from one additional unit of a goodservice
bullLaw of Diminishing Marginal Utility says that as we get or do more of something the pleasure we derive from it tends to decrease and so does our willingness to buy it or do it
FinallyhellipWhy it Matters
Understanding the opportunity coststradeoffs of different choices in life makes you a
better decision-maker
Todayrsquos Message ndash ldquoTherersquos No Such Thing As a Free Lunchrdquo
You always have to give something uphelliprdquo
ALL Individuals Businesses amp Societies have to consider tradeoffsopportunity costs when making
decisions
Visualizing the Relationshiphellip
Limited Resources amp Unlimited Wants
Scarcity
Trade-offs (choices)
Opportunity Costs
ObjectivesEssential Questions
bullObjectivebullI will be able to understand (and teach)
the three different types of economies
bullEssential Question How do the different types of economies work
How Can We Measure What We Gain and Lose When
Making Choices
Answer With a Production Possibilities Frontier
Production Possibilities Frontier
bullDiagram representing the possible combinations of goods and or services an economy can produce when all resources are being fully employed
PPF Assumptions
bullWe live in a two good worldbullThere are fixed resourcesbullThere is fixed technologybullResources are not specialized
Production Possibilities Curve
CD
E
OU
TP
UT
OF
CO
NS
UM
ER
GO
OD
S
(un
its
per
yea
r)
OUTPUT OF MILITARY GOODS (units per year)
A
BO
XF
G
Limited resources necessitate choices about WHAT to produce
The Choices Nations Make
bullA nation must choose what to do with its scarce resources during war or periods of military buildup
bullProduce military goods or consumer goods
Economic Growth
2000 production possibilities
1900 production possibilities
OU
TP
UT
OF
CO
NS
UM
ER
GO
OD
S(u
nits
per
yea
r)
OUTPUT OF MILITARY GOODS (units per year)
Production possibilities increases with more resources and technology
The Classic Guns and Butter example
Guns
Butter
10000 20000 30000 40000 50000
1000009500085000
70000
5000040000
BA
C
D
E
F
At point A all resources are used for butter
Moving from point A to point B requires shifting resources out of butter and into guns
At point F all resources are used for Guns
Productivitybull A PPF can help us see how efficient our
choices are
bull Productivity - measurement of how efficiently we are utilizing our resources Is this the same as production
bull An economy producing on the curve = using their resources to produce the MAXIMUM amount of goodsservices
Locations on a PPF
bull Efficient Point place where an economy is achieving as much output as possible from a given amount of resources ndash occurs at any point on the curve
bull Inefficient Point ndash place where the economy is not functioning as it could be ndash occurs at any point inside the curve
bull Unattainable Point ndash place where the economy cannot produce given its current resources ndash occurs at any point outside the curve
Food
Computer
4
3
2
1
1 2 3 4
OC between 1 and 2 computers = 1 Food
UnitOC between 3 and 4 computers = 1 Food
Unit
Constantly giving up the same quantity of food to get
additional computers
STRAIGHT-LINE PPFs Constant OC
BOWED-OUT PPFs VaryingIncreasing OC
Principle of Increasing Costs
As a society produces more of one product the OC of producing
that product increases because we are using more resources that are poorly suited to produce it
Economic Systems
An economic system is the way a society coordinates the production and consumption of goods amp services
How a society answers the three basic economic questions determines which type of economic system they are
Three Types of Economic Systems Command Traditional Market
Jigsaw activity
bullYou will be placed in groups of 3 and assigned a type of economy
bullYou will have 7 minutes to read and come up with 4 key components
bullAfter the 7 minuteshellip 1rsquos go to the front of the classroom2rsquos go to the wall nearest the door3rsquos go to the wall nearest the courtyard
Economic amp Social Goals of an Economic System
bull Economic Freedom
bull Economic Efficiency
bull Economic Equity
bull Economic Security
Economic Stability
Economic Growth
Review of Economic Systems
bullA traditional economy relies on custom and tradition to dictate production and consumption
bullIn a command economy decisions about production and consumption are made by a powerful ruler or central authority
bullIn a market economy individual producers and consumers coordinate economic activity
What are the most important goals of each economic system
bullTraditionalSecurity and
StabilitybullCommand
Equity and Security
bullMARKETEfficiency and
Freedom
Societies differ in the degree of importance they attach to each goal Progress toward one goal can sometimes be achieved only
at the expense of another (TRADEOFFS)
Which economic system does the US use
The American Economic System
bullWe have a mixed market economy
COMMAND MARKET
The US mixed economybull In a mixed economyhellip
Individuals Own the factors of production Possess freedom to produce or consume Must operate under confines of law
Government Protects workers and consumers Regulates business and preserves competition Provide public goodsbenefits
Think backhellip
bullWhat does this remind you of from the beginning of the unit
US Economic System Characteristics 1 Economic freedom (ldquolaissez-fairerdquo)
2 Limited government
3 Equal opportunity
4 Competition
5 Profit motive
6 Property Rights
7 Binding Contracts
Understanding how all parts fit together
Circular Flow of Economic Activity Represents a market economy
2 main ldquomarketsrdquoProduct Market Factor Market
where goods and services where the 4 factors ofare boughtsold production are boughtsold
Shows interdependence between
businesses and individuals
Marriage Vowsbull CONGRATULATIONS The government and the economy
are renewing their marriage vows You are cordially invited to the ceremony but this perfect couple needs your help
bull Using what you have learned this unit and using the textbook
bull You will explain the way government and the economy are connected (made for each other) You will demonstrate this answer in the format of wedding vows
bull You must use at least 5 of the following words Producers Taxes Consumers Restrictions Markets Freedom GoodsServices Limited
bull Look back to US Economic System Characteristics bull Each set of vows must be at least 6 lines
Do you remember
bullWrite the following question downbullWhy does the United States have a
democracy and mixed economy
- Foundations of Government and Economics
- On your blank piece of paperhellip
- Slide 3
- Warm-Up 1 - 9414
- Introductory thoughts hellip
- Slide 6
- 2 How about to your life
- Slide 8
- Slide 9
- Slide 10
- Slide 11
- Warm Up -2a- 9514 The New York Times and CBS News Pollhellip
- Warm up 2bndash In Journal-
- Economist and Politician Assumptions
- Individualism
- Quote activity
- Quote breakdown
- Warm Up 3- Current Event 9814
- Purpose of Government
- Slide 20
- 3 Theorists
- Activity
- Origins of American Government A customized government
- Origins of American Government A customized government (2)
- Origins of American Government A customized government (3)
- With which theory do you agree more Why
- The ldquoOriginal Dilemmardquo
- Warm Up 5 Hobbes and Locke
- Groups Block 2
- Groups Block 4
- Balloon Game
- You will have 10 minutes to get as many filled balloons on the
- Balloon Game Debriefing
- Political Theories
- Social Contract
- Natural Rights
- Democracy
- Concepts of Government
- Warm up 6 ndash 91114
- Warm Up 7
- And after the Constitution
- Activity (2)
- Picture Activity
- Constitutional Convention
- Purpose of the Convention
- VA Plan v NJ Plan
- Virginia Plan ldquoLarge State Planrdquo
- New Jersey Plan ldquoSmall State Planrdquo
- Your Task
- Closure
- States agree
- Quote
- Structure of Constitution
- Structure of Constitution
- 6 Purpose of Government
- Structure of Constitution (2)
- Structure of Constitution (3)
- Principles of Constitution
- Activity
- Slide 60
- Check for Understanding Six Principles
- Question 1
- Question 2
- Question 3
- Question 4
- Question 5
- Question 6
- Question 7
- Question 8
- Groups
- Separation of Powers
- Video
- Checks and Balances
- Slide 74
- Checks and balances
- Basic Principles
- Self- Worth
- Equality
- Compromise
- Individual Freedom
- Write your ownhellip
- Slide 82
- TED Talk
- Closure
- What is Economics
- Economics ishellip
- Back to our assumptionshellip
- Scarcity refers to the limited number of resources (factors of
- For the videohellip
- Slide 90
- Post Videohellip
- Advertisement
- Political Cartoon Analysis
- Factors of Production
- TASK
- The price ofhellip
- Economic efficiency is achieved when all available resources ar
- 1 What to produce
- 2 How to produce it
- 3 For whom to produce it
- Application Activity
- EQs
- Objectives amp Essential Questions
- Group Activity Budget Activity
- Slide 105
- How do we satisfy our economic wants
- How do we make goods amp services
- Economic Interdependence
- Slide 109
- Making Choices to Deal With Scarcity
- Exampleshellip
- Task Reflecting on Personal Trade-offshellip
- Opportunity Cost
- What else influences your choices
- Finallyhellip Why it Matters
- Visualizing the Relationshiphellip
- ObjectivesEssential Questions
- How Can We Measure What We Gain and Lose When Making Choices
- Production Possibilities Frontier
- PPF Assumptions
- Slide 121
- Production Possibilities Curve
- The Choices Nations Make
- Economic Growth
- The Classic Guns and Butter example
- Productivity
- Locations on a PPF
- Slide 128
- BOWED-OUT PPFs VaryingIncreasing OC
- Economic Systems
- Jigsaw activity
- Slide 132
- Economic amp Social Goals of an Economic System
- Review of Economic Systems
- Slide 135
- What are the most important goals of each economic system
- Which economic system does the US use
- The American Economic System
- The US mixed economy
- Slide 140
- Think backhellip
- US Economic System Characteristics
- Slide 143
- Understanding how all parts fit together
- Marriage Vows
- Do you remember
- Slide 147
-
Principles of Constitution bull The language and structure of the Constitution reflects the basic principles of the US government system
bull PrinciplesmdashPopular sovereigntyRepresentative government Separation of powers Checks and balancesLimited governmentFederalism
Activity
Activity bull STEP 1 bull Fill in the graphic
organizer in your guided notes packet You have 8 minutes on your own to do this
bull STEP 2 On your own or with a partner create a tri-fold containing visual representations of three different principles of our government On the back explain each principle in 2 sentences
Principle Explanation
Popular Sovereignty Idea that people are the source of all power held by the government
Limited Government Government possesses only the powers the people give itmdashit must obey the Constitution
Separation of Powers Establishes three separate branches that share the governmentrsquos power These branches are the executive the legislative and the judicial
Checks and Balances Ensures that none of the three branches can become too powerful Each branch has ways to limit the power of the other two (ex President veto power)
Judicial Review Power of the courts to decide what the Constitution means The courts also have the power to declare a government action to be against the Constitution (unconstitutional)
Federalism Divides the power between the central government and the States
Check for UnderstandingSix PrinciplesNumber your paper from 1 - 8
Question 1
bullldquoWe the people of the United Stateshellipdo ordain and establish this Constitution for the United States of Americardquo
Popular Sovereignty
Question 2
bullldquoCongress shall make no law respecting an establishment of religion or prohibiting the free exercise thereof or abridging the freedom of speech or of the press or the right of the people to peacefully assemble and to petition the Government for a redress of grievancesrdquo
Limited Government
Question 3
bullDuring the Watergate Scandal prosecutors accused many of President Nixonrsquos closest advisors of breaking the law thus proving the rule of lawmdashNO ONE is above the law
Limited Government
Question 4
bullldquoThe accumulation of all powers legislative executive and judiciary in the same hands whether of one a few or manyhellipmay justly be pronounced the very definition of tyrannyrdquo
SEPARATION OF POWERS
Question 5
bullPresident Bush nominates Miss Dicks to be director of the CIA but the Senate refuses to confirm the appointment
Checks and Balances
Question 6
bullCongress in 2005 passes the Stem Cell Research Bill but President Bush vetos the bill
CHECKS AND BALANCES
Question 7
bullThe Supreme Court in 1954 determined that ldquoseparate but equalrdquo was not constitutional and overturned the Plessy vs Ferguson ruling
JUDICIAL REVIEW
Question 8
bullVA has a law that requires all candidates for a professional cosmeticianrsquos license complete classroom hours an unpaid internship and pass a qualifying test
Federalism
GroupsPopular
SovereigntySeparation of
PowersFederalism
bull bull bull
Judicial Review
Limited Government
Checks and Balances
bull bull bull
Separation of Powers
bull Legislative branchmdashmakes the laws
bull Executive branchmdashenforces the laws
bull Judicial branchmdashinterprets the law
Video
bullhttpwwwbrainpopcomsocialstudiesusgovernmentandlawbranchesofgovernment
Checks and Balances
Checks and balances
bullIn what was do the branches check on one another
bullhttpwwwsheppardsoftwarecomusa_gamegovernmentchecks_and_balanceshtm
Basic Principles
bullThe tenets of democracy are built upon five principlesmdashWorth of the individualEquality of all personsMajority rule minority rightsNecessity of compromiseIndividual freedom
Self- Worth
bull A recognition of the fundamental worth of every person
bull The democratic process reflects the collective set of individuals who make up society
Equality Democratic concept insists that all entitled tobull equality of opportunity bull equality before the law
bull Equality of opportunity suggests that no person should be held back for any arbitrary reason and must be free to develop him- or herself as fully as heshe can (or cares to)
bull Equality before the law suggests that each person should be treated as the equal of all other persons before the law
Compromise
bull A matter of compromise to determine the position most acceptable to the largest number of people
bull Because each individual is important and considered the equal of all others it stands to reason that people can only make public decisions by way of compromise
bullWhy is compromise important
Individual Freedombull Right of the
individual to be free as far as the freedom of all will allow
bull Democracy does not and cannot insist on the absolute freedom of the individual person
Write your ownhellipbull Now that you know what the foundations of
government arehellip Create your own Constitution (Or social contract)
What do you think is important to include What do you think could be taken out
Start with ldquoWe the peoplehelliprdquo and create the ideal contract
Preamble (brief introduction) Articles (what should it include based on what we
learned so far Include and agree on 10 points) Amendments (what do you think it should take to
change it)
bullFor your quiz tomorrowhellip What questions would you expect to seeWrite 5 and the answers on the back of the
paper
TED Talk
bullhttpwwwyoutubecomwatchv=ypqQ3-agpZo
Closure
bullExplain two principles of the constitution and how are they connected
What is Economics
bull Is the study of how people choose to use their limited resources to satisfy their unlimited wants and needs
Important Parts of Economicsndash
CHOICESSCARCITY
Economics ishellip
bullDependent upon assumptions
bullDependent upon simplification of reality
Back to our assumptionshellip
bullHuman Beings are rationalbullAll societies suffer from scarcity bullAll buyers seek to maximize utility
bullAll sellers seek to maximize profits
Scarcity refers to the limited number of resources (factors of production) that can be used to satisfy the unlimited human wants and needs
For the videohellip
bullWrite down 3 things you did not knowbullWrite down 3 things you did know
bullhttpwwwyoutubecomwatchv=TO7UTNS7r0w
Post Videohellip
bullDefine the main idea of the video in 4-5 words
Advertisement
bullKnowing some of the basics about what economics is and why we study ithellip
bullCreate an advertisement for an economics course BE SURE TO INCLUDE
3 images that represent different economic ideas
2 ldquothought bubblesrdquo that represent things yoursquoll learn about in economics
1 slogan that represents why economics is an important course to take
Political Cartoon Analysis
Factors of Production bull LAND
Also called Natural Resources Consider them ldquogifts of naturerdquo such as air
soil minerals water and plants
bull LABOR Also called Human Resources Includes physical and mental activities that go
into producing goodsservices
bull CAPITAL Includes tools machines buildings and
technologies
bull ENTREPRENEUR Risk taker who is responsible for combining
land labor and capital to produce goods and services
TASK
bullTask Why are entrepreneurs the driving force in our economy
bullAnswer in 2-3 sentences
The price ofhellip
bullLand is rentbullCapital is interestbullLabor is wagesbullEntrepreneurship is profit
Economic efficiency is achieved when all available resources are being used
All societies must answer three basic questions to satisfy the needs and wants of their populations
1 What to produce
bullShould it be military or civilian goods
bullFood or clothingbullMedicine or movies
2 How to produce it
bullAutomated or manual labor
bullExpensive or cheap materials
bullDomestic or overseas labor
3 For whom to produce it
bullThe wealthy or the needybullThe sick or the healthy
Application Activity
bull In groups of 2-3 create your own country (name it please)
bull With your countryrsquos name explain the Population geography and general population
information (iehellipbull Choose 5 items for your country to produce and
answer the three societal questions for eachALSO explain why this material would help your
economy thrivereach economic efficiencybull Create an advertisement for your country
withhellip Images representing what you produce and a
slogan for why your country is awesome
EQs
bullHow does scarcity impact decision making
Objectives amp Essential QuestionsbullObjectives
I will be able to create and reflect on a budget given new economics content
I will be able to understand scarcity and our mixed economy
bullEssential QuestionsHow does scarcity impact decision makingHow do we satisfy our economic wants
Group Activity Budget Activity
bullTeacher will break you into groups In your groups you will be creating a budget for a single family
bullYour group has been given an income for a year Given your family situation negotiate with your ldquofamilyrdquo to complete a budget for 1 month (keep in mind your $$ is in a given year)
bullhttpwwwyoutubecomwatchv=yoVc_S_gd_0
How do we satisfy our economic wants
bull We buy goods or services
bull Good ndash a physical object (tangible) that has been produced for salebull Durable ndash last 3+ yearsbull Nondurable ndash last up to 3 years
bull Service ndash work done by someone else for which someone is willing to pay
How do we make goods amp services
bull Use Factors of Production - The productive resources that go into producing goods and services
Production Equation
LAND + LABOR + CAPITAL = GOODSERVICE
inputs output
Economic Interdependence
bullWhat does lsquointerdependencersquo mean
bullIs our world becoming economic interdependent or independent
bullEconomic Interdependence the actions of one part of the
country (world) has an impact on what happens elsewhere
Wants amp Needs gt
Resources
Because of scarcity we
have to make choices
How do we make a choice What do we give up
What does this remind you of from our government unit
Making Choices to Deal With Scarcity
bullPeople seek to maximize their utility when making decisions This requires them to consider tradeoffs
Utility ndash the satisfaction or benefit a person receives from consuming a good or service
Tradeoffs ndash the alternate choices people have when making a decision also the benefitsadvantages of making on
decision over another
ExampleshellipbullSome choices are easy to makehellip
HmmhellipShould I have pizza or a hoagie for lunch today
bullOther decisions are agonizinghellipShould I get out of bed and go to
school today or should I sleep in
Task Reflecting on Personal Trade-offshellip
In the end what helped you decide amongst your choices
Think of ONE decision thatyou had to make in the last weekhellipIdentify your various
tradeoffs for that decision
Be prepared to share
Opportunity Cost
bullWhen comparing the top 2 choices it is the BENEFIT of the next best alternative that must be sacrificed to satisfy a want
bullYou do a cost-benefit analysis to figure out which decision is most beneficial
Opportunity Cost ndash The best thing we give up to get what
we want
What else influences your choices
bullPeople make decisions based on their marginal utility or the extra satisfaction they gain from one additional unit of a goodservice
bullLaw of Diminishing Marginal Utility says that as we get or do more of something the pleasure we derive from it tends to decrease and so does our willingness to buy it or do it
FinallyhellipWhy it Matters
Understanding the opportunity coststradeoffs of different choices in life makes you a
better decision-maker
Todayrsquos Message ndash ldquoTherersquos No Such Thing As a Free Lunchrdquo
You always have to give something uphelliprdquo
ALL Individuals Businesses amp Societies have to consider tradeoffsopportunity costs when making
decisions
Visualizing the Relationshiphellip
Limited Resources amp Unlimited Wants
Scarcity
Trade-offs (choices)
Opportunity Costs
ObjectivesEssential Questions
bullObjectivebullI will be able to understand (and teach)
the three different types of economies
bullEssential Question How do the different types of economies work
How Can We Measure What We Gain and Lose When
Making Choices
Answer With a Production Possibilities Frontier
Production Possibilities Frontier
bullDiagram representing the possible combinations of goods and or services an economy can produce when all resources are being fully employed
PPF Assumptions
bullWe live in a two good worldbullThere are fixed resourcesbullThere is fixed technologybullResources are not specialized
Production Possibilities Curve
CD
E
OU
TP
UT
OF
CO
NS
UM
ER
GO
OD
S
(un
its
per
yea
r)
OUTPUT OF MILITARY GOODS (units per year)
A
BO
XF
G
Limited resources necessitate choices about WHAT to produce
The Choices Nations Make
bullA nation must choose what to do with its scarce resources during war or periods of military buildup
bullProduce military goods or consumer goods
Economic Growth
2000 production possibilities
1900 production possibilities
OU
TP
UT
OF
CO
NS
UM
ER
GO
OD
S(u
nits
per
yea
r)
OUTPUT OF MILITARY GOODS (units per year)
Production possibilities increases with more resources and technology
The Classic Guns and Butter example
Guns
Butter
10000 20000 30000 40000 50000
1000009500085000
70000
5000040000
BA
C
D
E
F
At point A all resources are used for butter
Moving from point A to point B requires shifting resources out of butter and into guns
At point F all resources are used for Guns
Productivitybull A PPF can help us see how efficient our
choices are
bull Productivity - measurement of how efficiently we are utilizing our resources Is this the same as production
bull An economy producing on the curve = using their resources to produce the MAXIMUM amount of goodsservices
Locations on a PPF
bull Efficient Point place where an economy is achieving as much output as possible from a given amount of resources ndash occurs at any point on the curve
bull Inefficient Point ndash place where the economy is not functioning as it could be ndash occurs at any point inside the curve
bull Unattainable Point ndash place where the economy cannot produce given its current resources ndash occurs at any point outside the curve
Food
Computer
4
3
2
1
1 2 3 4
OC between 1 and 2 computers = 1 Food
UnitOC between 3 and 4 computers = 1 Food
Unit
Constantly giving up the same quantity of food to get
additional computers
STRAIGHT-LINE PPFs Constant OC
BOWED-OUT PPFs VaryingIncreasing OC
Principle of Increasing Costs
As a society produces more of one product the OC of producing
that product increases because we are using more resources that are poorly suited to produce it
Economic Systems
An economic system is the way a society coordinates the production and consumption of goods amp services
How a society answers the three basic economic questions determines which type of economic system they are
Three Types of Economic Systems Command Traditional Market
Jigsaw activity
bullYou will be placed in groups of 3 and assigned a type of economy
bullYou will have 7 minutes to read and come up with 4 key components
bullAfter the 7 minuteshellip 1rsquos go to the front of the classroom2rsquos go to the wall nearest the door3rsquos go to the wall nearest the courtyard
Economic amp Social Goals of an Economic System
bull Economic Freedom
bull Economic Efficiency
bull Economic Equity
bull Economic Security
Economic Stability
Economic Growth
Review of Economic Systems
bullA traditional economy relies on custom and tradition to dictate production and consumption
bullIn a command economy decisions about production and consumption are made by a powerful ruler or central authority
bullIn a market economy individual producers and consumers coordinate economic activity
What are the most important goals of each economic system
bullTraditionalSecurity and
StabilitybullCommand
Equity and Security
bullMARKETEfficiency and
Freedom
Societies differ in the degree of importance they attach to each goal Progress toward one goal can sometimes be achieved only
at the expense of another (TRADEOFFS)
Which economic system does the US use
The American Economic System
bullWe have a mixed market economy
COMMAND MARKET
The US mixed economybull In a mixed economyhellip
Individuals Own the factors of production Possess freedom to produce or consume Must operate under confines of law
Government Protects workers and consumers Regulates business and preserves competition Provide public goodsbenefits
Think backhellip
bullWhat does this remind you of from the beginning of the unit
US Economic System Characteristics 1 Economic freedom (ldquolaissez-fairerdquo)
2 Limited government
3 Equal opportunity
4 Competition
5 Profit motive
6 Property Rights
7 Binding Contracts
Understanding how all parts fit together
Circular Flow of Economic Activity Represents a market economy
2 main ldquomarketsrdquoProduct Market Factor Market
where goods and services where the 4 factors ofare boughtsold production are boughtsold
Shows interdependence between
businesses and individuals
Marriage Vowsbull CONGRATULATIONS The government and the economy
are renewing their marriage vows You are cordially invited to the ceremony but this perfect couple needs your help
bull Using what you have learned this unit and using the textbook
bull You will explain the way government and the economy are connected (made for each other) You will demonstrate this answer in the format of wedding vows
bull You must use at least 5 of the following words Producers Taxes Consumers Restrictions Markets Freedom GoodsServices Limited
bull Look back to US Economic System Characteristics bull Each set of vows must be at least 6 lines
Do you remember
bullWrite the following question downbullWhy does the United States have a
democracy and mixed economy
- Foundations of Government and Economics
- On your blank piece of paperhellip
- Slide 3
- Warm-Up 1 - 9414
- Introductory thoughts hellip
- Slide 6
- 2 How about to your life
- Slide 8
- Slide 9
- Slide 10
- Slide 11
- Warm Up -2a- 9514 The New York Times and CBS News Pollhellip
- Warm up 2bndash In Journal-
- Economist and Politician Assumptions
- Individualism
- Quote activity
- Quote breakdown
- Warm Up 3- Current Event 9814
- Purpose of Government
- Slide 20
- 3 Theorists
- Activity
- Origins of American Government A customized government
- Origins of American Government A customized government (2)
- Origins of American Government A customized government (3)
- With which theory do you agree more Why
- The ldquoOriginal Dilemmardquo
- Warm Up 5 Hobbes and Locke
- Groups Block 2
- Groups Block 4
- Balloon Game
- You will have 10 minutes to get as many filled balloons on the
- Balloon Game Debriefing
- Political Theories
- Social Contract
- Natural Rights
- Democracy
- Concepts of Government
- Warm up 6 ndash 91114
- Warm Up 7
- And after the Constitution
- Activity (2)
- Picture Activity
- Constitutional Convention
- Purpose of the Convention
- VA Plan v NJ Plan
- Virginia Plan ldquoLarge State Planrdquo
- New Jersey Plan ldquoSmall State Planrdquo
- Your Task
- Closure
- States agree
- Quote
- Structure of Constitution
- Structure of Constitution
- 6 Purpose of Government
- Structure of Constitution (2)
- Structure of Constitution (3)
- Principles of Constitution
- Activity
- Slide 60
- Check for Understanding Six Principles
- Question 1
- Question 2
- Question 3
- Question 4
- Question 5
- Question 6
- Question 7
- Question 8
- Groups
- Separation of Powers
- Video
- Checks and Balances
- Slide 74
- Checks and balances
- Basic Principles
- Self- Worth
- Equality
- Compromise
- Individual Freedom
- Write your ownhellip
- Slide 82
- TED Talk
- Closure
- What is Economics
- Economics ishellip
- Back to our assumptionshellip
- Scarcity refers to the limited number of resources (factors of
- For the videohellip
- Slide 90
- Post Videohellip
- Advertisement
- Political Cartoon Analysis
- Factors of Production
- TASK
- The price ofhellip
- Economic efficiency is achieved when all available resources ar
- 1 What to produce
- 2 How to produce it
- 3 For whom to produce it
- Application Activity
- EQs
- Objectives amp Essential Questions
- Group Activity Budget Activity
- Slide 105
- How do we satisfy our economic wants
- How do we make goods amp services
- Economic Interdependence
- Slide 109
- Making Choices to Deal With Scarcity
- Exampleshellip
- Task Reflecting on Personal Trade-offshellip
- Opportunity Cost
- What else influences your choices
- Finallyhellip Why it Matters
- Visualizing the Relationshiphellip
- ObjectivesEssential Questions
- How Can We Measure What We Gain and Lose When Making Choices
- Production Possibilities Frontier
- PPF Assumptions
- Slide 121
- Production Possibilities Curve
- The Choices Nations Make
- Economic Growth
- The Classic Guns and Butter example
- Productivity
- Locations on a PPF
- Slide 128
- BOWED-OUT PPFs VaryingIncreasing OC
- Economic Systems
- Jigsaw activity
- Slide 132
- Economic amp Social Goals of an Economic System
- Review of Economic Systems
- Slide 135
- What are the most important goals of each economic system
- Which economic system does the US use
- The American Economic System
- The US mixed economy
- Slide 140
- Think backhellip
- US Economic System Characteristics
- Slide 143
- Understanding how all parts fit together
- Marriage Vows
- Do you remember
- Slide 147
-
Activity bull STEP 1 bull Fill in the graphic
organizer in your guided notes packet You have 8 minutes on your own to do this
bull STEP 2 On your own or with a partner create a tri-fold containing visual representations of three different principles of our government On the back explain each principle in 2 sentences
Principle Explanation
Popular Sovereignty Idea that people are the source of all power held by the government
Limited Government Government possesses only the powers the people give itmdashit must obey the Constitution
Separation of Powers Establishes three separate branches that share the governmentrsquos power These branches are the executive the legislative and the judicial
Checks and Balances Ensures that none of the three branches can become too powerful Each branch has ways to limit the power of the other two (ex President veto power)
Judicial Review Power of the courts to decide what the Constitution means The courts also have the power to declare a government action to be against the Constitution (unconstitutional)
Federalism Divides the power between the central government and the States
Check for UnderstandingSix PrinciplesNumber your paper from 1 - 8
Question 1
bullldquoWe the people of the United Stateshellipdo ordain and establish this Constitution for the United States of Americardquo
Popular Sovereignty
Question 2
bullldquoCongress shall make no law respecting an establishment of religion or prohibiting the free exercise thereof or abridging the freedom of speech or of the press or the right of the people to peacefully assemble and to petition the Government for a redress of grievancesrdquo
Limited Government
Question 3
bullDuring the Watergate Scandal prosecutors accused many of President Nixonrsquos closest advisors of breaking the law thus proving the rule of lawmdashNO ONE is above the law
Limited Government
Question 4
bullldquoThe accumulation of all powers legislative executive and judiciary in the same hands whether of one a few or manyhellipmay justly be pronounced the very definition of tyrannyrdquo
SEPARATION OF POWERS
Question 5
bullPresident Bush nominates Miss Dicks to be director of the CIA but the Senate refuses to confirm the appointment
Checks and Balances
Question 6
bullCongress in 2005 passes the Stem Cell Research Bill but President Bush vetos the bill
CHECKS AND BALANCES
Question 7
bullThe Supreme Court in 1954 determined that ldquoseparate but equalrdquo was not constitutional and overturned the Plessy vs Ferguson ruling
JUDICIAL REVIEW
Question 8
bullVA has a law that requires all candidates for a professional cosmeticianrsquos license complete classroom hours an unpaid internship and pass a qualifying test
Federalism
GroupsPopular
SovereigntySeparation of
PowersFederalism
bull bull bull
Judicial Review
Limited Government
Checks and Balances
bull bull bull
Separation of Powers
bull Legislative branchmdashmakes the laws
bull Executive branchmdashenforces the laws
bull Judicial branchmdashinterprets the law
Video
bullhttpwwwbrainpopcomsocialstudiesusgovernmentandlawbranchesofgovernment
Checks and Balances
Checks and balances
bullIn what was do the branches check on one another
bullhttpwwwsheppardsoftwarecomusa_gamegovernmentchecks_and_balanceshtm
Basic Principles
bullThe tenets of democracy are built upon five principlesmdashWorth of the individualEquality of all personsMajority rule minority rightsNecessity of compromiseIndividual freedom
Self- Worth
bull A recognition of the fundamental worth of every person
bull The democratic process reflects the collective set of individuals who make up society
Equality Democratic concept insists that all entitled tobull equality of opportunity bull equality before the law
bull Equality of opportunity suggests that no person should be held back for any arbitrary reason and must be free to develop him- or herself as fully as heshe can (or cares to)
bull Equality before the law suggests that each person should be treated as the equal of all other persons before the law
Compromise
bull A matter of compromise to determine the position most acceptable to the largest number of people
bull Because each individual is important and considered the equal of all others it stands to reason that people can only make public decisions by way of compromise
bullWhy is compromise important
Individual Freedombull Right of the
individual to be free as far as the freedom of all will allow
bull Democracy does not and cannot insist on the absolute freedom of the individual person
Write your ownhellipbull Now that you know what the foundations of
government arehellip Create your own Constitution (Or social contract)
What do you think is important to include What do you think could be taken out
Start with ldquoWe the peoplehelliprdquo and create the ideal contract
Preamble (brief introduction) Articles (what should it include based on what we
learned so far Include and agree on 10 points) Amendments (what do you think it should take to
change it)
bullFor your quiz tomorrowhellip What questions would you expect to seeWrite 5 and the answers on the back of the
paper
TED Talk
bullhttpwwwyoutubecomwatchv=ypqQ3-agpZo
Closure
bullExplain two principles of the constitution and how are they connected
What is Economics
bull Is the study of how people choose to use their limited resources to satisfy their unlimited wants and needs
Important Parts of Economicsndash
CHOICESSCARCITY
Economics ishellip
bullDependent upon assumptions
bullDependent upon simplification of reality
Back to our assumptionshellip
bullHuman Beings are rationalbullAll societies suffer from scarcity bullAll buyers seek to maximize utility
bullAll sellers seek to maximize profits
Scarcity refers to the limited number of resources (factors of production) that can be used to satisfy the unlimited human wants and needs
For the videohellip
bullWrite down 3 things you did not knowbullWrite down 3 things you did know
bullhttpwwwyoutubecomwatchv=TO7UTNS7r0w
Post Videohellip
bullDefine the main idea of the video in 4-5 words
Advertisement
bullKnowing some of the basics about what economics is and why we study ithellip
bullCreate an advertisement for an economics course BE SURE TO INCLUDE
3 images that represent different economic ideas
2 ldquothought bubblesrdquo that represent things yoursquoll learn about in economics
1 slogan that represents why economics is an important course to take
Political Cartoon Analysis
Factors of Production bull LAND
Also called Natural Resources Consider them ldquogifts of naturerdquo such as air
soil minerals water and plants
bull LABOR Also called Human Resources Includes physical and mental activities that go
into producing goodsservices
bull CAPITAL Includes tools machines buildings and
technologies
bull ENTREPRENEUR Risk taker who is responsible for combining
land labor and capital to produce goods and services
TASK
bullTask Why are entrepreneurs the driving force in our economy
bullAnswer in 2-3 sentences
The price ofhellip
bullLand is rentbullCapital is interestbullLabor is wagesbullEntrepreneurship is profit
Economic efficiency is achieved when all available resources are being used
All societies must answer three basic questions to satisfy the needs and wants of their populations
1 What to produce
bullShould it be military or civilian goods
bullFood or clothingbullMedicine or movies
2 How to produce it
bullAutomated or manual labor
bullExpensive or cheap materials
bullDomestic or overseas labor
3 For whom to produce it
bullThe wealthy or the needybullThe sick or the healthy
Application Activity
bull In groups of 2-3 create your own country (name it please)
bull With your countryrsquos name explain the Population geography and general population
information (iehellipbull Choose 5 items for your country to produce and
answer the three societal questions for eachALSO explain why this material would help your
economy thrivereach economic efficiencybull Create an advertisement for your country
withhellip Images representing what you produce and a
slogan for why your country is awesome
EQs
bullHow does scarcity impact decision making
Objectives amp Essential QuestionsbullObjectives
I will be able to create and reflect on a budget given new economics content
I will be able to understand scarcity and our mixed economy
bullEssential QuestionsHow does scarcity impact decision makingHow do we satisfy our economic wants
Group Activity Budget Activity
bullTeacher will break you into groups In your groups you will be creating a budget for a single family
bullYour group has been given an income for a year Given your family situation negotiate with your ldquofamilyrdquo to complete a budget for 1 month (keep in mind your $$ is in a given year)
bullhttpwwwyoutubecomwatchv=yoVc_S_gd_0
How do we satisfy our economic wants
bull We buy goods or services
bull Good ndash a physical object (tangible) that has been produced for salebull Durable ndash last 3+ yearsbull Nondurable ndash last up to 3 years
bull Service ndash work done by someone else for which someone is willing to pay
How do we make goods amp services
bull Use Factors of Production - The productive resources that go into producing goods and services
Production Equation
LAND + LABOR + CAPITAL = GOODSERVICE
inputs output
Economic Interdependence
bullWhat does lsquointerdependencersquo mean
bullIs our world becoming economic interdependent or independent
bullEconomic Interdependence the actions of one part of the
country (world) has an impact on what happens elsewhere
Wants amp Needs gt
Resources
Because of scarcity we
have to make choices
How do we make a choice What do we give up
What does this remind you of from our government unit
Making Choices to Deal With Scarcity
bullPeople seek to maximize their utility when making decisions This requires them to consider tradeoffs
Utility ndash the satisfaction or benefit a person receives from consuming a good or service
Tradeoffs ndash the alternate choices people have when making a decision also the benefitsadvantages of making on
decision over another
ExampleshellipbullSome choices are easy to makehellip
HmmhellipShould I have pizza or a hoagie for lunch today
bullOther decisions are agonizinghellipShould I get out of bed and go to
school today or should I sleep in
Task Reflecting on Personal Trade-offshellip
In the end what helped you decide amongst your choices
Think of ONE decision thatyou had to make in the last weekhellipIdentify your various
tradeoffs for that decision
Be prepared to share
Opportunity Cost
bullWhen comparing the top 2 choices it is the BENEFIT of the next best alternative that must be sacrificed to satisfy a want
bullYou do a cost-benefit analysis to figure out which decision is most beneficial
Opportunity Cost ndash The best thing we give up to get what
we want
What else influences your choices
bullPeople make decisions based on their marginal utility or the extra satisfaction they gain from one additional unit of a goodservice
bullLaw of Diminishing Marginal Utility says that as we get or do more of something the pleasure we derive from it tends to decrease and so does our willingness to buy it or do it
FinallyhellipWhy it Matters
Understanding the opportunity coststradeoffs of different choices in life makes you a
better decision-maker
Todayrsquos Message ndash ldquoTherersquos No Such Thing As a Free Lunchrdquo
You always have to give something uphelliprdquo
ALL Individuals Businesses amp Societies have to consider tradeoffsopportunity costs when making
decisions
Visualizing the Relationshiphellip
Limited Resources amp Unlimited Wants
Scarcity
Trade-offs (choices)
Opportunity Costs
ObjectivesEssential Questions
bullObjectivebullI will be able to understand (and teach)
the three different types of economies
bullEssential Question How do the different types of economies work
How Can We Measure What We Gain and Lose When
Making Choices
Answer With a Production Possibilities Frontier
Production Possibilities Frontier
bullDiagram representing the possible combinations of goods and or services an economy can produce when all resources are being fully employed
PPF Assumptions
bullWe live in a two good worldbullThere are fixed resourcesbullThere is fixed technologybullResources are not specialized
Production Possibilities Curve
CD
E
OU
TP
UT
OF
CO
NS
UM
ER
GO
OD
S
(un
its
per
yea
r)
OUTPUT OF MILITARY GOODS (units per year)
A
BO
XF
G
Limited resources necessitate choices about WHAT to produce
The Choices Nations Make
bullA nation must choose what to do with its scarce resources during war or periods of military buildup
bullProduce military goods or consumer goods
Economic Growth
2000 production possibilities
1900 production possibilities
OU
TP
UT
OF
CO
NS
UM
ER
GO
OD
S(u
nits
per
yea
r)
OUTPUT OF MILITARY GOODS (units per year)
Production possibilities increases with more resources and technology
The Classic Guns and Butter example
Guns
Butter
10000 20000 30000 40000 50000
1000009500085000
70000
5000040000
BA
C
D
E
F
At point A all resources are used for butter
Moving from point A to point B requires shifting resources out of butter and into guns
At point F all resources are used for Guns
Productivitybull A PPF can help us see how efficient our
choices are
bull Productivity - measurement of how efficiently we are utilizing our resources Is this the same as production
bull An economy producing on the curve = using their resources to produce the MAXIMUM amount of goodsservices
Locations on a PPF
bull Efficient Point place where an economy is achieving as much output as possible from a given amount of resources ndash occurs at any point on the curve
bull Inefficient Point ndash place where the economy is not functioning as it could be ndash occurs at any point inside the curve
bull Unattainable Point ndash place where the economy cannot produce given its current resources ndash occurs at any point outside the curve
Food
Computer
4
3
2
1
1 2 3 4
OC between 1 and 2 computers = 1 Food
UnitOC between 3 and 4 computers = 1 Food
Unit
Constantly giving up the same quantity of food to get
additional computers
STRAIGHT-LINE PPFs Constant OC
BOWED-OUT PPFs VaryingIncreasing OC
Principle of Increasing Costs
As a society produces more of one product the OC of producing
that product increases because we are using more resources that are poorly suited to produce it
Economic Systems
An economic system is the way a society coordinates the production and consumption of goods amp services
How a society answers the three basic economic questions determines which type of economic system they are
Three Types of Economic Systems Command Traditional Market
Jigsaw activity
bullYou will be placed in groups of 3 and assigned a type of economy
bullYou will have 7 minutes to read and come up with 4 key components
bullAfter the 7 minuteshellip 1rsquos go to the front of the classroom2rsquos go to the wall nearest the door3rsquos go to the wall nearest the courtyard
Economic amp Social Goals of an Economic System
bull Economic Freedom
bull Economic Efficiency
bull Economic Equity
bull Economic Security
Economic Stability
Economic Growth
Review of Economic Systems
bullA traditional economy relies on custom and tradition to dictate production and consumption
bullIn a command economy decisions about production and consumption are made by a powerful ruler or central authority
bullIn a market economy individual producers and consumers coordinate economic activity
What are the most important goals of each economic system
bullTraditionalSecurity and
StabilitybullCommand
Equity and Security
bullMARKETEfficiency and
Freedom
Societies differ in the degree of importance they attach to each goal Progress toward one goal can sometimes be achieved only
at the expense of another (TRADEOFFS)
Which economic system does the US use
The American Economic System
bullWe have a mixed market economy
COMMAND MARKET
The US mixed economybull In a mixed economyhellip
Individuals Own the factors of production Possess freedom to produce or consume Must operate under confines of law
Government Protects workers and consumers Regulates business and preserves competition Provide public goodsbenefits
Think backhellip
bullWhat does this remind you of from the beginning of the unit
US Economic System Characteristics 1 Economic freedom (ldquolaissez-fairerdquo)
2 Limited government
3 Equal opportunity
4 Competition
5 Profit motive
6 Property Rights
7 Binding Contracts
Understanding how all parts fit together
Circular Flow of Economic Activity Represents a market economy
2 main ldquomarketsrdquoProduct Market Factor Market
where goods and services where the 4 factors ofare boughtsold production are boughtsold
Shows interdependence between
businesses and individuals
Marriage Vowsbull CONGRATULATIONS The government and the economy
are renewing their marriage vows You are cordially invited to the ceremony but this perfect couple needs your help
bull Using what you have learned this unit and using the textbook
bull You will explain the way government and the economy are connected (made for each other) You will demonstrate this answer in the format of wedding vows
bull You must use at least 5 of the following words Producers Taxes Consumers Restrictions Markets Freedom GoodsServices Limited
bull Look back to US Economic System Characteristics bull Each set of vows must be at least 6 lines
Do you remember
bullWrite the following question downbullWhy does the United States have a
democracy and mixed economy
- Foundations of Government and Economics
- On your blank piece of paperhellip
- Slide 3
- Warm-Up 1 - 9414
- Introductory thoughts hellip
- Slide 6
- 2 How about to your life
- Slide 8
- Slide 9
- Slide 10
- Slide 11
- Warm Up -2a- 9514 The New York Times and CBS News Pollhellip
- Warm up 2bndash In Journal-
- Economist and Politician Assumptions
- Individualism
- Quote activity
- Quote breakdown
- Warm Up 3- Current Event 9814
- Purpose of Government
- Slide 20
- 3 Theorists
- Activity
- Origins of American Government A customized government
- Origins of American Government A customized government (2)
- Origins of American Government A customized government (3)
- With which theory do you agree more Why
- The ldquoOriginal Dilemmardquo
- Warm Up 5 Hobbes and Locke
- Groups Block 2
- Groups Block 4
- Balloon Game
- You will have 10 minutes to get as many filled balloons on the
- Balloon Game Debriefing
- Political Theories
- Social Contract
- Natural Rights
- Democracy
- Concepts of Government
- Warm up 6 ndash 91114
- Warm Up 7
- And after the Constitution
- Activity (2)
- Picture Activity
- Constitutional Convention
- Purpose of the Convention
- VA Plan v NJ Plan
- Virginia Plan ldquoLarge State Planrdquo
- New Jersey Plan ldquoSmall State Planrdquo
- Your Task
- Closure
- States agree
- Quote
- Structure of Constitution
- Structure of Constitution
- 6 Purpose of Government
- Structure of Constitution (2)
- Structure of Constitution (3)
- Principles of Constitution
- Activity
- Slide 60
- Check for Understanding Six Principles
- Question 1
- Question 2
- Question 3
- Question 4
- Question 5
- Question 6
- Question 7
- Question 8
- Groups
- Separation of Powers
- Video
- Checks and Balances
- Slide 74
- Checks and balances
- Basic Principles
- Self- Worth
- Equality
- Compromise
- Individual Freedom
- Write your ownhellip
- Slide 82
- TED Talk
- Closure
- What is Economics
- Economics ishellip
- Back to our assumptionshellip
- Scarcity refers to the limited number of resources (factors of
- For the videohellip
- Slide 90
- Post Videohellip
- Advertisement
- Political Cartoon Analysis
- Factors of Production
- TASK
- The price ofhellip
- Economic efficiency is achieved when all available resources ar
- 1 What to produce
- 2 How to produce it
- 3 For whom to produce it
- Application Activity
- EQs
- Objectives amp Essential Questions
- Group Activity Budget Activity
- Slide 105
- How do we satisfy our economic wants
- How do we make goods amp services
- Economic Interdependence
- Slide 109
- Making Choices to Deal With Scarcity
- Exampleshellip
- Task Reflecting on Personal Trade-offshellip
- Opportunity Cost
- What else influences your choices
- Finallyhellip Why it Matters
- Visualizing the Relationshiphellip
- ObjectivesEssential Questions
- How Can We Measure What We Gain and Lose When Making Choices
- Production Possibilities Frontier
- PPF Assumptions
- Slide 121
- Production Possibilities Curve
- The Choices Nations Make
- Economic Growth
- The Classic Guns and Butter example
- Productivity
- Locations on a PPF
- Slide 128
- BOWED-OUT PPFs VaryingIncreasing OC
- Economic Systems
- Jigsaw activity
- Slide 132
- Economic amp Social Goals of an Economic System
- Review of Economic Systems
- Slide 135
- What are the most important goals of each economic system
- Which economic system does the US use
- The American Economic System
- The US mixed economy
- Slide 140
- Think backhellip
- US Economic System Characteristics
- Slide 143
- Understanding how all parts fit together
- Marriage Vows
- Do you remember
- Slide 147
-
Principle Explanation
Popular Sovereignty Idea that people are the source of all power held by the government
Limited Government Government possesses only the powers the people give itmdashit must obey the Constitution
Separation of Powers Establishes three separate branches that share the governmentrsquos power These branches are the executive the legislative and the judicial
Checks and Balances Ensures that none of the three branches can become too powerful Each branch has ways to limit the power of the other two (ex President veto power)
Judicial Review Power of the courts to decide what the Constitution means The courts also have the power to declare a government action to be against the Constitution (unconstitutional)
Federalism Divides the power between the central government and the States
Check for UnderstandingSix PrinciplesNumber your paper from 1 - 8
Question 1
bullldquoWe the people of the United Stateshellipdo ordain and establish this Constitution for the United States of Americardquo
Popular Sovereignty
Question 2
bullldquoCongress shall make no law respecting an establishment of religion or prohibiting the free exercise thereof or abridging the freedom of speech or of the press or the right of the people to peacefully assemble and to petition the Government for a redress of grievancesrdquo
Limited Government
Question 3
bullDuring the Watergate Scandal prosecutors accused many of President Nixonrsquos closest advisors of breaking the law thus proving the rule of lawmdashNO ONE is above the law
Limited Government
Question 4
bullldquoThe accumulation of all powers legislative executive and judiciary in the same hands whether of one a few or manyhellipmay justly be pronounced the very definition of tyrannyrdquo
SEPARATION OF POWERS
Question 5
bullPresident Bush nominates Miss Dicks to be director of the CIA but the Senate refuses to confirm the appointment
Checks and Balances
Question 6
bullCongress in 2005 passes the Stem Cell Research Bill but President Bush vetos the bill
CHECKS AND BALANCES
Question 7
bullThe Supreme Court in 1954 determined that ldquoseparate but equalrdquo was not constitutional and overturned the Plessy vs Ferguson ruling
JUDICIAL REVIEW
Question 8
bullVA has a law that requires all candidates for a professional cosmeticianrsquos license complete classroom hours an unpaid internship and pass a qualifying test
Federalism
GroupsPopular
SovereigntySeparation of
PowersFederalism
bull bull bull
Judicial Review
Limited Government
Checks and Balances
bull bull bull
Separation of Powers
bull Legislative branchmdashmakes the laws
bull Executive branchmdashenforces the laws
bull Judicial branchmdashinterprets the law
Video
bullhttpwwwbrainpopcomsocialstudiesusgovernmentandlawbranchesofgovernment
Checks and Balances
Checks and balances
bullIn what was do the branches check on one another
bullhttpwwwsheppardsoftwarecomusa_gamegovernmentchecks_and_balanceshtm
Basic Principles
bullThe tenets of democracy are built upon five principlesmdashWorth of the individualEquality of all personsMajority rule minority rightsNecessity of compromiseIndividual freedom
Self- Worth
bull A recognition of the fundamental worth of every person
bull The democratic process reflects the collective set of individuals who make up society
Equality Democratic concept insists that all entitled tobull equality of opportunity bull equality before the law
bull Equality of opportunity suggests that no person should be held back for any arbitrary reason and must be free to develop him- or herself as fully as heshe can (or cares to)
bull Equality before the law suggests that each person should be treated as the equal of all other persons before the law
Compromise
bull A matter of compromise to determine the position most acceptable to the largest number of people
bull Because each individual is important and considered the equal of all others it stands to reason that people can only make public decisions by way of compromise
bullWhy is compromise important
Individual Freedombull Right of the
individual to be free as far as the freedom of all will allow
bull Democracy does not and cannot insist on the absolute freedom of the individual person
Write your ownhellipbull Now that you know what the foundations of
government arehellip Create your own Constitution (Or social contract)
What do you think is important to include What do you think could be taken out
Start with ldquoWe the peoplehelliprdquo and create the ideal contract
Preamble (brief introduction) Articles (what should it include based on what we
learned so far Include and agree on 10 points) Amendments (what do you think it should take to
change it)
bullFor your quiz tomorrowhellip What questions would you expect to seeWrite 5 and the answers on the back of the
paper
TED Talk
bullhttpwwwyoutubecomwatchv=ypqQ3-agpZo
Closure
bullExplain two principles of the constitution and how are they connected
What is Economics
bull Is the study of how people choose to use their limited resources to satisfy their unlimited wants and needs
Important Parts of Economicsndash
CHOICESSCARCITY
Economics ishellip
bullDependent upon assumptions
bullDependent upon simplification of reality
Back to our assumptionshellip
bullHuman Beings are rationalbullAll societies suffer from scarcity bullAll buyers seek to maximize utility
bullAll sellers seek to maximize profits
Scarcity refers to the limited number of resources (factors of production) that can be used to satisfy the unlimited human wants and needs
For the videohellip
bullWrite down 3 things you did not knowbullWrite down 3 things you did know
bullhttpwwwyoutubecomwatchv=TO7UTNS7r0w
Post Videohellip
bullDefine the main idea of the video in 4-5 words
Advertisement
bullKnowing some of the basics about what economics is and why we study ithellip
bullCreate an advertisement for an economics course BE SURE TO INCLUDE
3 images that represent different economic ideas
2 ldquothought bubblesrdquo that represent things yoursquoll learn about in economics
1 slogan that represents why economics is an important course to take
Political Cartoon Analysis
Factors of Production bull LAND
Also called Natural Resources Consider them ldquogifts of naturerdquo such as air
soil minerals water and plants
bull LABOR Also called Human Resources Includes physical and mental activities that go
into producing goodsservices
bull CAPITAL Includes tools machines buildings and
technologies
bull ENTREPRENEUR Risk taker who is responsible for combining
land labor and capital to produce goods and services
TASK
bullTask Why are entrepreneurs the driving force in our economy
bullAnswer in 2-3 sentences
The price ofhellip
bullLand is rentbullCapital is interestbullLabor is wagesbullEntrepreneurship is profit
Economic efficiency is achieved when all available resources are being used
All societies must answer three basic questions to satisfy the needs and wants of their populations
1 What to produce
bullShould it be military or civilian goods
bullFood or clothingbullMedicine or movies
2 How to produce it
bullAutomated or manual labor
bullExpensive or cheap materials
bullDomestic or overseas labor
3 For whom to produce it
bullThe wealthy or the needybullThe sick or the healthy
Application Activity
bull In groups of 2-3 create your own country (name it please)
bull With your countryrsquos name explain the Population geography and general population
information (iehellipbull Choose 5 items for your country to produce and
answer the three societal questions for eachALSO explain why this material would help your
economy thrivereach economic efficiencybull Create an advertisement for your country
withhellip Images representing what you produce and a
slogan for why your country is awesome
EQs
bullHow does scarcity impact decision making
Objectives amp Essential QuestionsbullObjectives
I will be able to create and reflect on a budget given new economics content
I will be able to understand scarcity and our mixed economy
bullEssential QuestionsHow does scarcity impact decision makingHow do we satisfy our economic wants
Group Activity Budget Activity
bullTeacher will break you into groups In your groups you will be creating a budget for a single family
bullYour group has been given an income for a year Given your family situation negotiate with your ldquofamilyrdquo to complete a budget for 1 month (keep in mind your $$ is in a given year)
bullhttpwwwyoutubecomwatchv=yoVc_S_gd_0
How do we satisfy our economic wants
bull We buy goods or services
bull Good ndash a physical object (tangible) that has been produced for salebull Durable ndash last 3+ yearsbull Nondurable ndash last up to 3 years
bull Service ndash work done by someone else for which someone is willing to pay
How do we make goods amp services
bull Use Factors of Production - The productive resources that go into producing goods and services
Production Equation
LAND + LABOR + CAPITAL = GOODSERVICE
inputs output
Economic Interdependence
bullWhat does lsquointerdependencersquo mean
bullIs our world becoming economic interdependent or independent
bullEconomic Interdependence the actions of one part of the
country (world) has an impact on what happens elsewhere
Wants amp Needs gt
Resources
Because of scarcity we
have to make choices
How do we make a choice What do we give up
What does this remind you of from our government unit
Making Choices to Deal With Scarcity
bullPeople seek to maximize their utility when making decisions This requires them to consider tradeoffs
Utility ndash the satisfaction or benefit a person receives from consuming a good or service
Tradeoffs ndash the alternate choices people have when making a decision also the benefitsadvantages of making on
decision over another
ExampleshellipbullSome choices are easy to makehellip
HmmhellipShould I have pizza or a hoagie for lunch today
bullOther decisions are agonizinghellipShould I get out of bed and go to
school today or should I sleep in
Task Reflecting on Personal Trade-offshellip
In the end what helped you decide amongst your choices
Think of ONE decision thatyou had to make in the last weekhellipIdentify your various
tradeoffs for that decision
Be prepared to share
Opportunity Cost
bullWhen comparing the top 2 choices it is the BENEFIT of the next best alternative that must be sacrificed to satisfy a want
bullYou do a cost-benefit analysis to figure out which decision is most beneficial
Opportunity Cost ndash The best thing we give up to get what
we want
What else influences your choices
bullPeople make decisions based on their marginal utility or the extra satisfaction they gain from one additional unit of a goodservice
bullLaw of Diminishing Marginal Utility says that as we get or do more of something the pleasure we derive from it tends to decrease and so does our willingness to buy it or do it
FinallyhellipWhy it Matters
Understanding the opportunity coststradeoffs of different choices in life makes you a
better decision-maker
Todayrsquos Message ndash ldquoTherersquos No Such Thing As a Free Lunchrdquo
You always have to give something uphelliprdquo
ALL Individuals Businesses amp Societies have to consider tradeoffsopportunity costs when making
decisions
Visualizing the Relationshiphellip
Limited Resources amp Unlimited Wants
Scarcity
Trade-offs (choices)
Opportunity Costs
ObjectivesEssential Questions
bullObjectivebullI will be able to understand (and teach)
the three different types of economies
bullEssential Question How do the different types of economies work
How Can We Measure What We Gain and Lose When
Making Choices
Answer With a Production Possibilities Frontier
Production Possibilities Frontier
bullDiagram representing the possible combinations of goods and or services an economy can produce when all resources are being fully employed
PPF Assumptions
bullWe live in a two good worldbullThere are fixed resourcesbullThere is fixed technologybullResources are not specialized
Production Possibilities Curve
CD
E
OU
TP
UT
OF
CO
NS
UM
ER
GO
OD
S
(un
its
per
yea
r)
OUTPUT OF MILITARY GOODS (units per year)
A
BO
XF
G
Limited resources necessitate choices about WHAT to produce
The Choices Nations Make
bullA nation must choose what to do with its scarce resources during war or periods of military buildup
bullProduce military goods or consumer goods
Economic Growth
2000 production possibilities
1900 production possibilities
OU
TP
UT
OF
CO
NS
UM
ER
GO
OD
S(u
nits
per
yea
r)
OUTPUT OF MILITARY GOODS (units per year)
Production possibilities increases with more resources and technology
The Classic Guns and Butter example
Guns
Butter
10000 20000 30000 40000 50000
1000009500085000
70000
5000040000
BA
C
D
E
F
At point A all resources are used for butter
Moving from point A to point B requires shifting resources out of butter and into guns
At point F all resources are used for Guns
Productivitybull A PPF can help us see how efficient our
choices are
bull Productivity - measurement of how efficiently we are utilizing our resources Is this the same as production
bull An economy producing on the curve = using their resources to produce the MAXIMUM amount of goodsservices
Locations on a PPF
bull Efficient Point place where an economy is achieving as much output as possible from a given amount of resources ndash occurs at any point on the curve
bull Inefficient Point ndash place where the economy is not functioning as it could be ndash occurs at any point inside the curve
bull Unattainable Point ndash place where the economy cannot produce given its current resources ndash occurs at any point outside the curve
Food
Computer
4
3
2
1
1 2 3 4
OC between 1 and 2 computers = 1 Food
UnitOC between 3 and 4 computers = 1 Food
Unit
Constantly giving up the same quantity of food to get
additional computers
STRAIGHT-LINE PPFs Constant OC
BOWED-OUT PPFs VaryingIncreasing OC
Principle of Increasing Costs
As a society produces more of one product the OC of producing
that product increases because we are using more resources that are poorly suited to produce it
Economic Systems
An economic system is the way a society coordinates the production and consumption of goods amp services
How a society answers the three basic economic questions determines which type of economic system they are
Three Types of Economic Systems Command Traditional Market
Jigsaw activity
bullYou will be placed in groups of 3 and assigned a type of economy
bullYou will have 7 minutes to read and come up with 4 key components
bullAfter the 7 minuteshellip 1rsquos go to the front of the classroom2rsquos go to the wall nearest the door3rsquos go to the wall nearest the courtyard
Economic amp Social Goals of an Economic System
bull Economic Freedom
bull Economic Efficiency
bull Economic Equity
bull Economic Security
Economic Stability
Economic Growth
Review of Economic Systems
bullA traditional economy relies on custom and tradition to dictate production and consumption
bullIn a command economy decisions about production and consumption are made by a powerful ruler or central authority
bullIn a market economy individual producers and consumers coordinate economic activity
What are the most important goals of each economic system
bullTraditionalSecurity and
StabilitybullCommand
Equity and Security
bullMARKETEfficiency and
Freedom
Societies differ in the degree of importance they attach to each goal Progress toward one goal can sometimes be achieved only
at the expense of another (TRADEOFFS)
Which economic system does the US use
The American Economic System
bullWe have a mixed market economy
COMMAND MARKET
The US mixed economybull In a mixed economyhellip
Individuals Own the factors of production Possess freedom to produce or consume Must operate under confines of law
Government Protects workers and consumers Regulates business and preserves competition Provide public goodsbenefits
Think backhellip
bullWhat does this remind you of from the beginning of the unit
US Economic System Characteristics 1 Economic freedom (ldquolaissez-fairerdquo)
2 Limited government
3 Equal opportunity
4 Competition
5 Profit motive
6 Property Rights
7 Binding Contracts
Understanding how all parts fit together
Circular Flow of Economic Activity Represents a market economy
2 main ldquomarketsrdquoProduct Market Factor Market
where goods and services where the 4 factors ofare boughtsold production are boughtsold
Shows interdependence between
businesses and individuals
Marriage Vowsbull CONGRATULATIONS The government and the economy
are renewing their marriage vows You are cordially invited to the ceremony but this perfect couple needs your help
bull Using what you have learned this unit and using the textbook
bull You will explain the way government and the economy are connected (made for each other) You will demonstrate this answer in the format of wedding vows
bull You must use at least 5 of the following words Producers Taxes Consumers Restrictions Markets Freedom GoodsServices Limited
bull Look back to US Economic System Characteristics bull Each set of vows must be at least 6 lines
Do you remember
bullWrite the following question downbullWhy does the United States have a
democracy and mixed economy
- Foundations of Government and Economics
- On your blank piece of paperhellip
- Slide 3
- Warm-Up 1 - 9414
- Introductory thoughts hellip
- Slide 6
- 2 How about to your life
- Slide 8
- Slide 9
- Slide 10
- Slide 11
- Warm Up -2a- 9514 The New York Times and CBS News Pollhellip
- Warm up 2bndash In Journal-
- Economist and Politician Assumptions
- Individualism
- Quote activity
- Quote breakdown
- Warm Up 3- Current Event 9814
- Purpose of Government
- Slide 20
- 3 Theorists
- Activity
- Origins of American Government A customized government
- Origins of American Government A customized government (2)
- Origins of American Government A customized government (3)
- With which theory do you agree more Why
- The ldquoOriginal Dilemmardquo
- Warm Up 5 Hobbes and Locke
- Groups Block 2
- Groups Block 4
- Balloon Game
- You will have 10 minutes to get as many filled balloons on the
- Balloon Game Debriefing
- Political Theories
- Social Contract
- Natural Rights
- Democracy
- Concepts of Government
- Warm up 6 ndash 91114
- Warm Up 7
- And after the Constitution
- Activity (2)
- Picture Activity
- Constitutional Convention
- Purpose of the Convention
- VA Plan v NJ Plan
- Virginia Plan ldquoLarge State Planrdquo
- New Jersey Plan ldquoSmall State Planrdquo
- Your Task
- Closure
- States agree
- Quote
- Structure of Constitution
- Structure of Constitution
- 6 Purpose of Government
- Structure of Constitution (2)
- Structure of Constitution (3)
- Principles of Constitution
- Activity
- Slide 60
- Check for Understanding Six Principles
- Question 1
- Question 2
- Question 3
- Question 4
- Question 5
- Question 6
- Question 7
- Question 8
- Groups
- Separation of Powers
- Video
- Checks and Balances
- Slide 74
- Checks and balances
- Basic Principles
- Self- Worth
- Equality
- Compromise
- Individual Freedom
- Write your ownhellip
- Slide 82
- TED Talk
- Closure
- What is Economics
- Economics ishellip
- Back to our assumptionshellip
- Scarcity refers to the limited number of resources (factors of
- For the videohellip
- Slide 90
- Post Videohellip
- Advertisement
- Political Cartoon Analysis
- Factors of Production
- TASK
- The price ofhellip
- Economic efficiency is achieved when all available resources ar
- 1 What to produce
- 2 How to produce it
- 3 For whom to produce it
- Application Activity
- EQs
- Objectives amp Essential Questions
- Group Activity Budget Activity
- Slide 105
- How do we satisfy our economic wants
- How do we make goods amp services
- Economic Interdependence
- Slide 109
- Making Choices to Deal With Scarcity
- Exampleshellip
- Task Reflecting on Personal Trade-offshellip
- Opportunity Cost
- What else influences your choices
- Finallyhellip Why it Matters
- Visualizing the Relationshiphellip
- ObjectivesEssential Questions
- How Can We Measure What We Gain and Lose When Making Choices
- Production Possibilities Frontier
- PPF Assumptions
- Slide 121
- Production Possibilities Curve
- The Choices Nations Make
- Economic Growth
- The Classic Guns and Butter example
- Productivity
- Locations on a PPF
- Slide 128
- BOWED-OUT PPFs VaryingIncreasing OC
- Economic Systems
- Jigsaw activity
- Slide 132
- Economic amp Social Goals of an Economic System
- Review of Economic Systems
- Slide 135
- What are the most important goals of each economic system
- Which economic system does the US use
- The American Economic System
- The US mixed economy
- Slide 140
- Think backhellip
- US Economic System Characteristics
- Slide 143
- Understanding how all parts fit together
- Marriage Vows
- Do you remember
- Slide 147
-
Check for UnderstandingSix PrinciplesNumber your paper from 1 - 8
Question 1
bullldquoWe the people of the United Stateshellipdo ordain and establish this Constitution for the United States of Americardquo
Popular Sovereignty
Question 2
bullldquoCongress shall make no law respecting an establishment of religion or prohibiting the free exercise thereof or abridging the freedom of speech or of the press or the right of the people to peacefully assemble and to petition the Government for a redress of grievancesrdquo
Limited Government
Question 3
bullDuring the Watergate Scandal prosecutors accused many of President Nixonrsquos closest advisors of breaking the law thus proving the rule of lawmdashNO ONE is above the law
Limited Government
Question 4
bullldquoThe accumulation of all powers legislative executive and judiciary in the same hands whether of one a few or manyhellipmay justly be pronounced the very definition of tyrannyrdquo
SEPARATION OF POWERS
Question 5
bullPresident Bush nominates Miss Dicks to be director of the CIA but the Senate refuses to confirm the appointment
Checks and Balances
Question 6
bullCongress in 2005 passes the Stem Cell Research Bill but President Bush vetos the bill
CHECKS AND BALANCES
Question 7
bullThe Supreme Court in 1954 determined that ldquoseparate but equalrdquo was not constitutional and overturned the Plessy vs Ferguson ruling
JUDICIAL REVIEW
Question 8
bullVA has a law that requires all candidates for a professional cosmeticianrsquos license complete classroom hours an unpaid internship and pass a qualifying test
Federalism
GroupsPopular
SovereigntySeparation of
PowersFederalism
bull bull bull
Judicial Review
Limited Government
Checks and Balances
bull bull bull
Separation of Powers
bull Legislative branchmdashmakes the laws
bull Executive branchmdashenforces the laws
bull Judicial branchmdashinterprets the law
Video
bullhttpwwwbrainpopcomsocialstudiesusgovernmentandlawbranchesofgovernment
Checks and Balances
Checks and balances
bullIn what was do the branches check on one another
bullhttpwwwsheppardsoftwarecomusa_gamegovernmentchecks_and_balanceshtm
Basic Principles
bullThe tenets of democracy are built upon five principlesmdashWorth of the individualEquality of all personsMajority rule minority rightsNecessity of compromiseIndividual freedom
Self- Worth
bull A recognition of the fundamental worth of every person
bull The democratic process reflects the collective set of individuals who make up society
Equality Democratic concept insists that all entitled tobull equality of opportunity bull equality before the law
bull Equality of opportunity suggests that no person should be held back for any arbitrary reason and must be free to develop him- or herself as fully as heshe can (or cares to)
bull Equality before the law suggests that each person should be treated as the equal of all other persons before the law
Compromise
bull A matter of compromise to determine the position most acceptable to the largest number of people
bull Because each individual is important and considered the equal of all others it stands to reason that people can only make public decisions by way of compromise
bullWhy is compromise important
Individual Freedombull Right of the
individual to be free as far as the freedom of all will allow
bull Democracy does not and cannot insist on the absolute freedom of the individual person
Write your ownhellipbull Now that you know what the foundations of
government arehellip Create your own Constitution (Or social contract)
What do you think is important to include What do you think could be taken out
Start with ldquoWe the peoplehelliprdquo and create the ideal contract
Preamble (brief introduction) Articles (what should it include based on what we
learned so far Include and agree on 10 points) Amendments (what do you think it should take to
change it)
bullFor your quiz tomorrowhellip What questions would you expect to seeWrite 5 and the answers on the back of the
paper
TED Talk
bullhttpwwwyoutubecomwatchv=ypqQ3-agpZo
Closure
bullExplain two principles of the constitution and how are they connected
What is Economics
bull Is the study of how people choose to use their limited resources to satisfy their unlimited wants and needs
Important Parts of Economicsndash
CHOICESSCARCITY
Economics ishellip
bullDependent upon assumptions
bullDependent upon simplification of reality
Back to our assumptionshellip
bullHuman Beings are rationalbullAll societies suffer from scarcity bullAll buyers seek to maximize utility
bullAll sellers seek to maximize profits
Scarcity refers to the limited number of resources (factors of production) that can be used to satisfy the unlimited human wants and needs
For the videohellip
bullWrite down 3 things you did not knowbullWrite down 3 things you did know
bullhttpwwwyoutubecomwatchv=TO7UTNS7r0w
Post Videohellip
bullDefine the main idea of the video in 4-5 words
Advertisement
bullKnowing some of the basics about what economics is and why we study ithellip
bullCreate an advertisement for an economics course BE SURE TO INCLUDE
3 images that represent different economic ideas
2 ldquothought bubblesrdquo that represent things yoursquoll learn about in economics
1 slogan that represents why economics is an important course to take
Political Cartoon Analysis
Factors of Production bull LAND
Also called Natural Resources Consider them ldquogifts of naturerdquo such as air
soil minerals water and plants
bull LABOR Also called Human Resources Includes physical and mental activities that go
into producing goodsservices
bull CAPITAL Includes tools machines buildings and
technologies
bull ENTREPRENEUR Risk taker who is responsible for combining
land labor and capital to produce goods and services
TASK
bullTask Why are entrepreneurs the driving force in our economy
bullAnswer in 2-3 sentences
The price ofhellip
bullLand is rentbullCapital is interestbullLabor is wagesbullEntrepreneurship is profit
Economic efficiency is achieved when all available resources are being used
All societies must answer three basic questions to satisfy the needs and wants of their populations
1 What to produce
bullShould it be military or civilian goods
bullFood or clothingbullMedicine or movies
2 How to produce it
bullAutomated or manual labor
bullExpensive or cheap materials
bullDomestic or overseas labor
3 For whom to produce it
bullThe wealthy or the needybullThe sick or the healthy
Application Activity
bull In groups of 2-3 create your own country (name it please)
bull With your countryrsquos name explain the Population geography and general population
information (iehellipbull Choose 5 items for your country to produce and
answer the three societal questions for eachALSO explain why this material would help your
economy thrivereach economic efficiencybull Create an advertisement for your country
withhellip Images representing what you produce and a
slogan for why your country is awesome
EQs
bullHow does scarcity impact decision making
Objectives amp Essential QuestionsbullObjectives
I will be able to create and reflect on a budget given new economics content
I will be able to understand scarcity and our mixed economy
bullEssential QuestionsHow does scarcity impact decision makingHow do we satisfy our economic wants
Group Activity Budget Activity
bullTeacher will break you into groups In your groups you will be creating a budget for a single family
bullYour group has been given an income for a year Given your family situation negotiate with your ldquofamilyrdquo to complete a budget for 1 month (keep in mind your $$ is in a given year)
bullhttpwwwyoutubecomwatchv=yoVc_S_gd_0
How do we satisfy our economic wants
bull We buy goods or services
bull Good ndash a physical object (tangible) that has been produced for salebull Durable ndash last 3+ yearsbull Nondurable ndash last up to 3 years
bull Service ndash work done by someone else for which someone is willing to pay
How do we make goods amp services
bull Use Factors of Production - The productive resources that go into producing goods and services
Production Equation
LAND + LABOR + CAPITAL = GOODSERVICE
inputs output
Economic Interdependence
bullWhat does lsquointerdependencersquo mean
bullIs our world becoming economic interdependent or independent
bullEconomic Interdependence the actions of one part of the
country (world) has an impact on what happens elsewhere
Wants amp Needs gt
Resources
Because of scarcity we
have to make choices
How do we make a choice What do we give up
What does this remind you of from our government unit
Making Choices to Deal With Scarcity
bullPeople seek to maximize their utility when making decisions This requires them to consider tradeoffs
Utility ndash the satisfaction or benefit a person receives from consuming a good or service
Tradeoffs ndash the alternate choices people have when making a decision also the benefitsadvantages of making on
decision over another
ExampleshellipbullSome choices are easy to makehellip
HmmhellipShould I have pizza or a hoagie for lunch today
bullOther decisions are agonizinghellipShould I get out of bed and go to
school today or should I sleep in
Task Reflecting on Personal Trade-offshellip
In the end what helped you decide amongst your choices
Think of ONE decision thatyou had to make in the last weekhellipIdentify your various
tradeoffs for that decision
Be prepared to share
Opportunity Cost
bullWhen comparing the top 2 choices it is the BENEFIT of the next best alternative that must be sacrificed to satisfy a want
bullYou do a cost-benefit analysis to figure out which decision is most beneficial
Opportunity Cost ndash The best thing we give up to get what
we want
What else influences your choices
bullPeople make decisions based on their marginal utility or the extra satisfaction they gain from one additional unit of a goodservice
bullLaw of Diminishing Marginal Utility says that as we get or do more of something the pleasure we derive from it tends to decrease and so does our willingness to buy it or do it
FinallyhellipWhy it Matters
Understanding the opportunity coststradeoffs of different choices in life makes you a
better decision-maker
Todayrsquos Message ndash ldquoTherersquos No Such Thing As a Free Lunchrdquo
You always have to give something uphelliprdquo
ALL Individuals Businesses amp Societies have to consider tradeoffsopportunity costs when making
decisions
Visualizing the Relationshiphellip
Limited Resources amp Unlimited Wants
Scarcity
Trade-offs (choices)
Opportunity Costs
ObjectivesEssential Questions
bullObjectivebullI will be able to understand (and teach)
the three different types of economies
bullEssential Question How do the different types of economies work
How Can We Measure What We Gain and Lose When
Making Choices
Answer With a Production Possibilities Frontier
Production Possibilities Frontier
bullDiagram representing the possible combinations of goods and or services an economy can produce when all resources are being fully employed
PPF Assumptions
bullWe live in a two good worldbullThere are fixed resourcesbullThere is fixed technologybullResources are not specialized
Production Possibilities Curve
CD
E
OU
TP
UT
OF
CO
NS
UM
ER
GO
OD
S
(un
its
per
yea
r)
OUTPUT OF MILITARY GOODS (units per year)
A
BO
XF
G
Limited resources necessitate choices about WHAT to produce
The Choices Nations Make
bullA nation must choose what to do with its scarce resources during war or periods of military buildup
bullProduce military goods or consumer goods
Economic Growth
2000 production possibilities
1900 production possibilities
OU
TP
UT
OF
CO
NS
UM
ER
GO
OD
S(u
nits
per
yea
r)
OUTPUT OF MILITARY GOODS (units per year)
Production possibilities increases with more resources and technology
The Classic Guns and Butter example
Guns
Butter
10000 20000 30000 40000 50000
1000009500085000
70000
5000040000
BA
C
D
E
F
At point A all resources are used for butter
Moving from point A to point B requires shifting resources out of butter and into guns
At point F all resources are used for Guns
Productivitybull A PPF can help us see how efficient our
choices are
bull Productivity - measurement of how efficiently we are utilizing our resources Is this the same as production
bull An economy producing on the curve = using their resources to produce the MAXIMUM amount of goodsservices
Locations on a PPF
bull Efficient Point place where an economy is achieving as much output as possible from a given amount of resources ndash occurs at any point on the curve
bull Inefficient Point ndash place where the economy is not functioning as it could be ndash occurs at any point inside the curve
bull Unattainable Point ndash place where the economy cannot produce given its current resources ndash occurs at any point outside the curve
Food
Computer
4
3
2
1
1 2 3 4
OC between 1 and 2 computers = 1 Food
UnitOC between 3 and 4 computers = 1 Food
Unit
Constantly giving up the same quantity of food to get
additional computers
STRAIGHT-LINE PPFs Constant OC
BOWED-OUT PPFs VaryingIncreasing OC
Principle of Increasing Costs
As a society produces more of one product the OC of producing
that product increases because we are using more resources that are poorly suited to produce it
Economic Systems
An economic system is the way a society coordinates the production and consumption of goods amp services
How a society answers the three basic economic questions determines which type of economic system they are
Three Types of Economic Systems Command Traditional Market
Jigsaw activity
bullYou will be placed in groups of 3 and assigned a type of economy
bullYou will have 7 minutes to read and come up with 4 key components
bullAfter the 7 minuteshellip 1rsquos go to the front of the classroom2rsquos go to the wall nearest the door3rsquos go to the wall nearest the courtyard
Economic amp Social Goals of an Economic System
bull Economic Freedom
bull Economic Efficiency
bull Economic Equity
bull Economic Security
Economic Stability
Economic Growth
Review of Economic Systems
bullA traditional economy relies on custom and tradition to dictate production and consumption
bullIn a command economy decisions about production and consumption are made by a powerful ruler or central authority
bullIn a market economy individual producers and consumers coordinate economic activity
What are the most important goals of each economic system
bullTraditionalSecurity and
StabilitybullCommand
Equity and Security
bullMARKETEfficiency and
Freedom
Societies differ in the degree of importance they attach to each goal Progress toward one goal can sometimes be achieved only
at the expense of another (TRADEOFFS)
Which economic system does the US use
The American Economic System
bullWe have a mixed market economy
COMMAND MARKET
The US mixed economybull In a mixed economyhellip
Individuals Own the factors of production Possess freedom to produce or consume Must operate under confines of law
Government Protects workers and consumers Regulates business and preserves competition Provide public goodsbenefits
Think backhellip
bullWhat does this remind you of from the beginning of the unit
US Economic System Characteristics 1 Economic freedom (ldquolaissez-fairerdquo)
2 Limited government
3 Equal opportunity
4 Competition
5 Profit motive
6 Property Rights
7 Binding Contracts
Understanding how all parts fit together
Circular Flow of Economic Activity Represents a market economy
2 main ldquomarketsrdquoProduct Market Factor Market
where goods and services where the 4 factors ofare boughtsold production are boughtsold
Shows interdependence between
businesses and individuals
Marriage Vowsbull CONGRATULATIONS The government and the economy
are renewing their marriage vows You are cordially invited to the ceremony but this perfect couple needs your help
bull Using what you have learned this unit and using the textbook
bull You will explain the way government and the economy are connected (made for each other) You will demonstrate this answer in the format of wedding vows
bull You must use at least 5 of the following words Producers Taxes Consumers Restrictions Markets Freedom GoodsServices Limited
bull Look back to US Economic System Characteristics bull Each set of vows must be at least 6 lines
Do you remember
bullWrite the following question downbullWhy does the United States have a
democracy and mixed economy
- Foundations of Government and Economics
- On your blank piece of paperhellip
- Slide 3
- Warm-Up 1 - 9414
- Introductory thoughts hellip
- Slide 6
- 2 How about to your life
- Slide 8
- Slide 9
- Slide 10
- Slide 11
- Warm Up -2a- 9514 The New York Times and CBS News Pollhellip
- Warm up 2bndash In Journal-
- Economist and Politician Assumptions
- Individualism
- Quote activity
- Quote breakdown
- Warm Up 3- Current Event 9814
- Purpose of Government
- Slide 20
- 3 Theorists
- Activity
- Origins of American Government A customized government
- Origins of American Government A customized government (2)
- Origins of American Government A customized government (3)
- With which theory do you agree more Why
- The ldquoOriginal Dilemmardquo
- Warm Up 5 Hobbes and Locke
- Groups Block 2
- Groups Block 4
- Balloon Game
- You will have 10 minutes to get as many filled balloons on the
- Balloon Game Debriefing
- Political Theories
- Social Contract
- Natural Rights
- Democracy
- Concepts of Government
- Warm up 6 ndash 91114
- Warm Up 7
- And after the Constitution
- Activity (2)
- Picture Activity
- Constitutional Convention
- Purpose of the Convention
- VA Plan v NJ Plan
- Virginia Plan ldquoLarge State Planrdquo
- New Jersey Plan ldquoSmall State Planrdquo
- Your Task
- Closure
- States agree
- Quote
- Structure of Constitution
- Structure of Constitution
- 6 Purpose of Government
- Structure of Constitution (2)
- Structure of Constitution (3)
- Principles of Constitution
- Activity
- Slide 60
- Check for Understanding Six Principles
- Question 1
- Question 2
- Question 3
- Question 4
- Question 5
- Question 6
- Question 7
- Question 8
- Groups
- Separation of Powers
- Video
- Checks and Balances
- Slide 74
- Checks and balances
- Basic Principles
- Self- Worth
- Equality
- Compromise
- Individual Freedom
- Write your ownhellip
- Slide 82
- TED Talk
- Closure
- What is Economics
- Economics ishellip
- Back to our assumptionshellip
- Scarcity refers to the limited number of resources (factors of
- For the videohellip
- Slide 90
- Post Videohellip
- Advertisement
- Political Cartoon Analysis
- Factors of Production
- TASK
- The price ofhellip
- Economic efficiency is achieved when all available resources ar
- 1 What to produce
- 2 How to produce it
- 3 For whom to produce it
- Application Activity
- EQs
- Objectives amp Essential Questions
- Group Activity Budget Activity
- Slide 105
- How do we satisfy our economic wants
- How do we make goods amp services
- Economic Interdependence
- Slide 109
- Making Choices to Deal With Scarcity
- Exampleshellip
- Task Reflecting on Personal Trade-offshellip
- Opportunity Cost
- What else influences your choices
- Finallyhellip Why it Matters
- Visualizing the Relationshiphellip
- ObjectivesEssential Questions
- How Can We Measure What We Gain and Lose When Making Choices
- Production Possibilities Frontier
- PPF Assumptions
- Slide 121
- Production Possibilities Curve
- The Choices Nations Make
- Economic Growth
- The Classic Guns and Butter example
- Productivity
- Locations on a PPF
- Slide 128
- BOWED-OUT PPFs VaryingIncreasing OC
- Economic Systems
- Jigsaw activity
- Slide 132
- Economic amp Social Goals of an Economic System
- Review of Economic Systems
- Slide 135
- What are the most important goals of each economic system
- Which economic system does the US use
- The American Economic System
- The US mixed economy
- Slide 140
- Think backhellip
- US Economic System Characteristics
- Slide 143
- Understanding how all parts fit together
- Marriage Vows
- Do you remember
- Slide 147
-
Question 1
bullldquoWe the people of the United Stateshellipdo ordain and establish this Constitution for the United States of Americardquo
Popular Sovereignty
Question 2
bullldquoCongress shall make no law respecting an establishment of religion or prohibiting the free exercise thereof or abridging the freedom of speech or of the press or the right of the people to peacefully assemble and to petition the Government for a redress of grievancesrdquo
Limited Government
Question 3
bullDuring the Watergate Scandal prosecutors accused many of President Nixonrsquos closest advisors of breaking the law thus proving the rule of lawmdashNO ONE is above the law
Limited Government
Question 4
bullldquoThe accumulation of all powers legislative executive and judiciary in the same hands whether of one a few or manyhellipmay justly be pronounced the very definition of tyrannyrdquo
SEPARATION OF POWERS
Question 5
bullPresident Bush nominates Miss Dicks to be director of the CIA but the Senate refuses to confirm the appointment
Checks and Balances
Question 6
bullCongress in 2005 passes the Stem Cell Research Bill but President Bush vetos the bill
CHECKS AND BALANCES
Question 7
bullThe Supreme Court in 1954 determined that ldquoseparate but equalrdquo was not constitutional and overturned the Plessy vs Ferguson ruling
JUDICIAL REVIEW
Question 8
bullVA has a law that requires all candidates for a professional cosmeticianrsquos license complete classroom hours an unpaid internship and pass a qualifying test
Federalism
GroupsPopular
SovereigntySeparation of
PowersFederalism
bull bull bull
Judicial Review
Limited Government
Checks and Balances
bull bull bull
Separation of Powers
bull Legislative branchmdashmakes the laws
bull Executive branchmdashenforces the laws
bull Judicial branchmdashinterprets the law
Video
bullhttpwwwbrainpopcomsocialstudiesusgovernmentandlawbranchesofgovernment
Checks and Balances
Checks and balances
bullIn what was do the branches check on one another
bullhttpwwwsheppardsoftwarecomusa_gamegovernmentchecks_and_balanceshtm
Basic Principles
bullThe tenets of democracy are built upon five principlesmdashWorth of the individualEquality of all personsMajority rule minority rightsNecessity of compromiseIndividual freedom
Self- Worth
bull A recognition of the fundamental worth of every person
bull The democratic process reflects the collective set of individuals who make up society
Equality Democratic concept insists that all entitled tobull equality of opportunity bull equality before the law
bull Equality of opportunity suggests that no person should be held back for any arbitrary reason and must be free to develop him- or herself as fully as heshe can (or cares to)
bull Equality before the law suggests that each person should be treated as the equal of all other persons before the law
Compromise
bull A matter of compromise to determine the position most acceptable to the largest number of people
bull Because each individual is important and considered the equal of all others it stands to reason that people can only make public decisions by way of compromise
bullWhy is compromise important
Individual Freedombull Right of the
individual to be free as far as the freedom of all will allow
bull Democracy does not and cannot insist on the absolute freedom of the individual person
Write your ownhellipbull Now that you know what the foundations of
government arehellip Create your own Constitution (Or social contract)
What do you think is important to include What do you think could be taken out
Start with ldquoWe the peoplehelliprdquo and create the ideal contract
Preamble (brief introduction) Articles (what should it include based on what we
learned so far Include and agree on 10 points) Amendments (what do you think it should take to
change it)
bullFor your quiz tomorrowhellip What questions would you expect to seeWrite 5 and the answers on the back of the
paper
TED Talk
bullhttpwwwyoutubecomwatchv=ypqQ3-agpZo
Closure
bullExplain two principles of the constitution and how are they connected
What is Economics
bull Is the study of how people choose to use their limited resources to satisfy their unlimited wants and needs
Important Parts of Economicsndash
CHOICESSCARCITY
Economics ishellip
bullDependent upon assumptions
bullDependent upon simplification of reality
Back to our assumptionshellip
bullHuman Beings are rationalbullAll societies suffer from scarcity bullAll buyers seek to maximize utility
bullAll sellers seek to maximize profits
Scarcity refers to the limited number of resources (factors of production) that can be used to satisfy the unlimited human wants and needs
For the videohellip
bullWrite down 3 things you did not knowbullWrite down 3 things you did know
bullhttpwwwyoutubecomwatchv=TO7UTNS7r0w
Post Videohellip
bullDefine the main idea of the video in 4-5 words
Advertisement
bullKnowing some of the basics about what economics is and why we study ithellip
bullCreate an advertisement for an economics course BE SURE TO INCLUDE
3 images that represent different economic ideas
2 ldquothought bubblesrdquo that represent things yoursquoll learn about in economics
1 slogan that represents why economics is an important course to take
Political Cartoon Analysis
Factors of Production bull LAND
Also called Natural Resources Consider them ldquogifts of naturerdquo such as air
soil minerals water and plants
bull LABOR Also called Human Resources Includes physical and mental activities that go
into producing goodsservices
bull CAPITAL Includes tools machines buildings and
technologies
bull ENTREPRENEUR Risk taker who is responsible for combining
land labor and capital to produce goods and services
TASK
bullTask Why are entrepreneurs the driving force in our economy
bullAnswer in 2-3 sentences
The price ofhellip
bullLand is rentbullCapital is interestbullLabor is wagesbullEntrepreneurship is profit
Economic efficiency is achieved when all available resources are being used
All societies must answer three basic questions to satisfy the needs and wants of their populations
1 What to produce
bullShould it be military or civilian goods
bullFood or clothingbullMedicine or movies
2 How to produce it
bullAutomated or manual labor
bullExpensive or cheap materials
bullDomestic or overseas labor
3 For whom to produce it
bullThe wealthy or the needybullThe sick or the healthy
Application Activity
bull In groups of 2-3 create your own country (name it please)
bull With your countryrsquos name explain the Population geography and general population
information (iehellipbull Choose 5 items for your country to produce and
answer the three societal questions for eachALSO explain why this material would help your
economy thrivereach economic efficiencybull Create an advertisement for your country
withhellip Images representing what you produce and a
slogan for why your country is awesome
EQs
bullHow does scarcity impact decision making
Objectives amp Essential QuestionsbullObjectives
I will be able to create and reflect on a budget given new economics content
I will be able to understand scarcity and our mixed economy
bullEssential QuestionsHow does scarcity impact decision makingHow do we satisfy our economic wants
Group Activity Budget Activity
bullTeacher will break you into groups In your groups you will be creating a budget for a single family
bullYour group has been given an income for a year Given your family situation negotiate with your ldquofamilyrdquo to complete a budget for 1 month (keep in mind your $$ is in a given year)
bullhttpwwwyoutubecomwatchv=yoVc_S_gd_0
How do we satisfy our economic wants
bull We buy goods or services
bull Good ndash a physical object (tangible) that has been produced for salebull Durable ndash last 3+ yearsbull Nondurable ndash last up to 3 years
bull Service ndash work done by someone else for which someone is willing to pay
How do we make goods amp services
bull Use Factors of Production - The productive resources that go into producing goods and services
Production Equation
LAND + LABOR + CAPITAL = GOODSERVICE
inputs output
Economic Interdependence
bullWhat does lsquointerdependencersquo mean
bullIs our world becoming economic interdependent or independent
bullEconomic Interdependence the actions of one part of the
country (world) has an impact on what happens elsewhere
Wants amp Needs gt
Resources
Because of scarcity we
have to make choices
How do we make a choice What do we give up
What does this remind you of from our government unit
Making Choices to Deal With Scarcity
bullPeople seek to maximize their utility when making decisions This requires them to consider tradeoffs
Utility ndash the satisfaction or benefit a person receives from consuming a good or service
Tradeoffs ndash the alternate choices people have when making a decision also the benefitsadvantages of making on
decision over another
ExampleshellipbullSome choices are easy to makehellip
HmmhellipShould I have pizza or a hoagie for lunch today
bullOther decisions are agonizinghellipShould I get out of bed and go to
school today or should I sleep in
Task Reflecting on Personal Trade-offshellip
In the end what helped you decide amongst your choices
Think of ONE decision thatyou had to make in the last weekhellipIdentify your various
tradeoffs for that decision
Be prepared to share
Opportunity Cost
bullWhen comparing the top 2 choices it is the BENEFIT of the next best alternative that must be sacrificed to satisfy a want
bullYou do a cost-benefit analysis to figure out which decision is most beneficial
Opportunity Cost ndash The best thing we give up to get what
we want
What else influences your choices
bullPeople make decisions based on their marginal utility or the extra satisfaction they gain from one additional unit of a goodservice
bullLaw of Diminishing Marginal Utility says that as we get or do more of something the pleasure we derive from it tends to decrease and so does our willingness to buy it or do it
FinallyhellipWhy it Matters
Understanding the opportunity coststradeoffs of different choices in life makes you a
better decision-maker
Todayrsquos Message ndash ldquoTherersquos No Such Thing As a Free Lunchrdquo
You always have to give something uphelliprdquo
ALL Individuals Businesses amp Societies have to consider tradeoffsopportunity costs when making
decisions
Visualizing the Relationshiphellip
Limited Resources amp Unlimited Wants
Scarcity
Trade-offs (choices)
Opportunity Costs
ObjectivesEssential Questions
bullObjectivebullI will be able to understand (and teach)
the three different types of economies
bullEssential Question How do the different types of economies work
How Can We Measure What We Gain and Lose When
Making Choices
Answer With a Production Possibilities Frontier
Production Possibilities Frontier
bullDiagram representing the possible combinations of goods and or services an economy can produce when all resources are being fully employed
PPF Assumptions
bullWe live in a two good worldbullThere are fixed resourcesbullThere is fixed technologybullResources are not specialized
Production Possibilities Curve
CD
E
OU
TP
UT
OF
CO
NS
UM
ER
GO
OD
S
(un
its
per
yea
r)
OUTPUT OF MILITARY GOODS (units per year)
A
BO
XF
G
Limited resources necessitate choices about WHAT to produce
The Choices Nations Make
bullA nation must choose what to do with its scarce resources during war or periods of military buildup
bullProduce military goods or consumer goods
Economic Growth
2000 production possibilities
1900 production possibilities
OU
TP
UT
OF
CO
NS
UM
ER
GO
OD
S(u
nits
per
yea
r)
OUTPUT OF MILITARY GOODS (units per year)
Production possibilities increases with more resources and technology
The Classic Guns and Butter example
Guns
Butter
10000 20000 30000 40000 50000
1000009500085000
70000
5000040000
BA
C
D
E
F
At point A all resources are used for butter
Moving from point A to point B requires shifting resources out of butter and into guns
At point F all resources are used for Guns
Productivitybull A PPF can help us see how efficient our
choices are
bull Productivity - measurement of how efficiently we are utilizing our resources Is this the same as production
bull An economy producing on the curve = using their resources to produce the MAXIMUM amount of goodsservices
Locations on a PPF
bull Efficient Point place where an economy is achieving as much output as possible from a given amount of resources ndash occurs at any point on the curve
bull Inefficient Point ndash place where the economy is not functioning as it could be ndash occurs at any point inside the curve
bull Unattainable Point ndash place where the economy cannot produce given its current resources ndash occurs at any point outside the curve
Food
Computer
4
3
2
1
1 2 3 4
OC between 1 and 2 computers = 1 Food
UnitOC between 3 and 4 computers = 1 Food
Unit
Constantly giving up the same quantity of food to get
additional computers
STRAIGHT-LINE PPFs Constant OC
BOWED-OUT PPFs VaryingIncreasing OC
Principle of Increasing Costs
As a society produces more of one product the OC of producing
that product increases because we are using more resources that are poorly suited to produce it
Economic Systems
An economic system is the way a society coordinates the production and consumption of goods amp services
How a society answers the three basic economic questions determines which type of economic system they are
Three Types of Economic Systems Command Traditional Market
Jigsaw activity
bullYou will be placed in groups of 3 and assigned a type of economy
bullYou will have 7 minutes to read and come up with 4 key components
bullAfter the 7 minuteshellip 1rsquos go to the front of the classroom2rsquos go to the wall nearest the door3rsquos go to the wall nearest the courtyard
Economic amp Social Goals of an Economic System
bull Economic Freedom
bull Economic Efficiency
bull Economic Equity
bull Economic Security
Economic Stability
Economic Growth
Review of Economic Systems
bullA traditional economy relies on custom and tradition to dictate production and consumption
bullIn a command economy decisions about production and consumption are made by a powerful ruler or central authority
bullIn a market economy individual producers and consumers coordinate economic activity
What are the most important goals of each economic system
bullTraditionalSecurity and
StabilitybullCommand
Equity and Security
bullMARKETEfficiency and
Freedom
Societies differ in the degree of importance they attach to each goal Progress toward one goal can sometimes be achieved only
at the expense of another (TRADEOFFS)
Which economic system does the US use
The American Economic System
bullWe have a mixed market economy
COMMAND MARKET
The US mixed economybull In a mixed economyhellip
Individuals Own the factors of production Possess freedom to produce or consume Must operate under confines of law
Government Protects workers and consumers Regulates business and preserves competition Provide public goodsbenefits
Think backhellip
bullWhat does this remind you of from the beginning of the unit
US Economic System Characteristics 1 Economic freedom (ldquolaissez-fairerdquo)
2 Limited government
3 Equal opportunity
4 Competition
5 Profit motive
6 Property Rights
7 Binding Contracts
Understanding how all parts fit together
Circular Flow of Economic Activity Represents a market economy
2 main ldquomarketsrdquoProduct Market Factor Market
where goods and services where the 4 factors ofare boughtsold production are boughtsold
Shows interdependence between
businesses and individuals
Marriage Vowsbull CONGRATULATIONS The government and the economy
are renewing their marriage vows You are cordially invited to the ceremony but this perfect couple needs your help
bull Using what you have learned this unit and using the textbook
bull You will explain the way government and the economy are connected (made for each other) You will demonstrate this answer in the format of wedding vows
bull You must use at least 5 of the following words Producers Taxes Consumers Restrictions Markets Freedom GoodsServices Limited
bull Look back to US Economic System Characteristics bull Each set of vows must be at least 6 lines
Do you remember
bullWrite the following question downbullWhy does the United States have a
democracy and mixed economy
- Foundations of Government and Economics
- On your blank piece of paperhellip
- Slide 3
- Warm-Up 1 - 9414
- Introductory thoughts hellip
- Slide 6
- 2 How about to your life
- Slide 8
- Slide 9
- Slide 10
- Slide 11
- Warm Up -2a- 9514 The New York Times and CBS News Pollhellip
- Warm up 2bndash In Journal-
- Economist and Politician Assumptions
- Individualism
- Quote activity
- Quote breakdown
- Warm Up 3- Current Event 9814
- Purpose of Government
- Slide 20
- 3 Theorists
- Activity
- Origins of American Government A customized government
- Origins of American Government A customized government (2)
- Origins of American Government A customized government (3)
- With which theory do you agree more Why
- The ldquoOriginal Dilemmardquo
- Warm Up 5 Hobbes and Locke
- Groups Block 2
- Groups Block 4
- Balloon Game
- You will have 10 minutes to get as many filled balloons on the
- Balloon Game Debriefing
- Political Theories
- Social Contract
- Natural Rights
- Democracy
- Concepts of Government
- Warm up 6 ndash 91114
- Warm Up 7
- And after the Constitution
- Activity (2)
- Picture Activity
- Constitutional Convention
- Purpose of the Convention
- VA Plan v NJ Plan
- Virginia Plan ldquoLarge State Planrdquo
- New Jersey Plan ldquoSmall State Planrdquo
- Your Task
- Closure
- States agree
- Quote
- Structure of Constitution
- Structure of Constitution
- 6 Purpose of Government
- Structure of Constitution (2)
- Structure of Constitution (3)
- Principles of Constitution
- Activity
- Slide 60
- Check for Understanding Six Principles
- Question 1
- Question 2
- Question 3
- Question 4
- Question 5
- Question 6
- Question 7
- Question 8
- Groups
- Separation of Powers
- Video
- Checks and Balances
- Slide 74
- Checks and balances
- Basic Principles
- Self- Worth
- Equality
- Compromise
- Individual Freedom
- Write your ownhellip
- Slide 82
- TED Talk
- Closure
- What is Economics
- Economics ishellip
- Back to our assumptionshellip
- Scarcity refers to the limited number of resources (factors of
- For the videohellip
- Slide 90
- Post Videohellip
- Advertisement
- Political Cartoon Analysis
- Factors of Production
- TASK
- The price ofhellip
- Economic efficiency is achieved when all available resources ar
- 1 What to produce
- 2 How to produce it
- 3 For whom to produce it
- Application Activity
- EQs
- Objectives amp Essential Questions
- Group Activity Budget Activity
- Slide 105
- How do we satisfy our economic wants
- How do we make goods amp services
- Economic Interdependence
- Slide 109
- Making Choices to Deal With Scarcity
- Exampleshellip
- Task Reflecting on Personal Trade-offshellip
- Opportunity Cost
- What else influences your choices
- Finallyhellip Why it Matters
- Visualizing the Relationshiphellip
- ObjectivesEssential Questions
- How Can We Measure What We Gain and Lose When Making Choices
- Production Possibilities Frontier
- PPF Assumptions
- Slide 121
- Production Possibilities Curve
- The Choices Nations Make
- Economic Growth
- The Classic Guns and Butter example
- Productivity
- Locations on a PPF
- Slide 128
- BOWED-OUT PPFs VaryingIncreasing OC
- Economic Systems
- Jigsaw activity
- Slide 132
- Economic amp Social Goals of an Economic System
- Review of Economic Systems
- Slide 135
- What are the most important goals of each economic system
- Which economic system does the US use
- The American Economic System
- The US mixed economy
- Slide 140
- Think backhellip
- US Economic System Characteristics
- Slide 143
- Understanding how all parts fit together
- Marriage Vows
- Do you remember
- Slide 147
-
Question 2
bullldquoCongress shall make no law respecting an establishment of religion or prohibiting the free exercise thereof or abridging the freedom of speech or of the press or the right of the people to peacefully assemble and to petition the Government for a redress of grievancesrdquo
Limited Government
Question 3
bullDuring the Watergate Scandal prosecutors accused many of President Nixonrsquos closest advisors of breaking the law thus proving the rule of lawmdashNO ONE is above the law
Limited Government
Question 4
bullldquoThe accumulation of all powers legislative executive and judiciary in the same hands whether of one a few or manyhellipmay justly be pronounced the very definition of tyrannyrdquo
SEPARATION OF POWERS
Question 5
bullPresident Bush nominates Miss Dicks to be director of the CIA but the Senate refuses to confirm the appointment
Checks and Balances
Question 6
bullCongress in 2005 passes the Stem Cell Research Bill but President Bush vetos the bill
CHECKS AND BALANCES
Question 7
bullThe Supreme Court in 1954 determined that ldquoseparate but equalrdquo was not constitutional and overturned the Plessy vs Ferguson ruling
JUDICIAL REVIEW
Question 8
bullVA has a law that requires all candidates for a professional cosmeticianrsquos license complete classroom hours an unpaid internship and pass a qualifying test
Federalism
GroupsPopular
SovereigntySeparation of
PowersFederalism
bull bull bull
Judicial Review
Limited Government
Checks and Balances
bull bull bull
Separation of Powers
bull Legislative branchmdashmakes the laws
bull Executive branchmdashenforces the laws
bull Judicial branchmdashinterprets the law
Video
bullhttpwwwbrainpopcomsocialstudiesusgovernmentandlawbranchesofgovernment
Checks and Balances
Checks and balances
bullIn what was do the branches check on one another
bullhttpwwwsheppardsoftwarecomusa_gamegovernmentchecks_and_balanceshtm
Basic Principles
bullThe tenets of democracy are built upon five principlesmdashWorth of the individualEquality of all personsMajority rule minority rightsNecessity of compromiseIndividual freedom
Self- Worth
bull A recognition of the fundamental worth of every person
bull The democratic process reflects the collective set of individuals who make up society
Equality Democratic concept insists that all entitled tobull equality of opportunity bull equality before the law
bull Equality of opportunity suggests that no person should be held back for any arbitrary reason and must be free to develop him- or herself as fully as heshe can (or cares to)
bull Equality before the law suggests that each person should be treated as the equal of all other persons before the law
Compromise
bull A matter of compromise to determine the position most acceptable to the largest number of people
bull Because each individual is important and considered the equal of all others it stands to reason that people can only make public decisions by way of compromise
bullWhy is compromise important
Individual Freedombull Right of the
individual to be free as far as the freedom of all will allow
bull Democracy does not and cannot insist on the absolute freedom of the individual person
Write your ownhellipbull Now that you know what the foundations of
government arehellip Create your own Constitution (Or social contract)
What do you think is important to include What do you think could be taken out
Start with ldquoWe the peoplehelliprdquo and create the ideal contract
Preamble (brief introduction) Articles (what should it include based on what we
learned so far Include and agree on 10 points) Amendments (what do you think it should take to
change it)
bullFor your quiz tomorrowhellip What questions would you expect to seeWrite 5 and the answers on the back of the
paper
TED Talk
bullhttpwwwyoutubecomwatchv=ypqQ3-agpZo
Closure
bullExplain two principles of the constitution and how are they connected
What is Economics
bull Is the study of how people choose to use their limited resources to satisfy their unlimited wants and needs
Important Parts of Economicsndash
CHOICESSCARCITY
Economics ishellip
bullDependent upon assumptions
bullDependent upon simplification of reality
Back to our assumptionshellip
bullHuman Beings are rationalbullAll societies suffer from scarcity bullAll buyers seek to maximize utility
bullAll sellers seek to maximize profits
Scarcity refers to the limited number of resources (factors of production) that can be used to satisfy the unlimited human wants and needs
For the videohellip
bullWrite down 3 things you did not knowbullWrite down 3 things you did know
bullhttpwwwyoutubecomwatchv=TO7UTNS7r0w
Post Videohellip
bullDefine the main idea of the video in 4-5 words
Advertisement
bullKnowing some of the basics about what economics is and why we study ithellip
bullCreate an advertisement for an economics course BE SURE TO INCLUDE
3 images that represent different economic ideas
2 ldquothought bubblesrdquo that represent things yoursquoll learn about in economics
1 slogan that represents why economics is an important course to take
Political Cartoon Analysis
Factors of Production bull LAND
Also called Natural Resources Consider them ldquogifts of naturerdquo such as air
soil minerals water and plants
bull LABOR Also called Human Resources Includes physical and mental activities that go
into producing goodsservices
bull CAPITAL Includes tools machines buildings and
technologies
bull ENTREPRENEUR Risk taker who is responsible for combining
land labor and capital to produce goods and services
TASK
bullTask Why are entrepreneurs the driving force in our economy
bullAnswer in 2-3 sentences
The price ofhellip
bullLand is rentbullCapital is interestbullLabor is wagesbullEntrepreneurship is profit
Economic efficiency is achieved when all available resources are being used
All societies must answer three basic questions to satisfy the needs and wants of their populations
1 What to produce
bullShould it be military or civilian goods
bullFood or clothingbullMedicine or movies
2 How to produce it
bullAutomated or manual labor
bullExpensive or cheap materials
bullDomestic or overseas labor
3 For whom to produce it
bullThe wealthy or the needybullThe sick or the healthy
Application Activity
bull In groups of 2-3 create your own country (name it please)
bull With your countryrsquos name explain the Population geography and general population
information (iehellipbull Choose 5 items for your country to produce and
answer the three societal questions for eachALSO explain why this material would help your
economy thrivereach economic efficiencybull Create an advertisement for your country
withhellip Images representing what you produce and a
slogan for why your country is awesome
EQs
bullHow does scarcity impact decision making
Objectives amp Essential QuestionsbullObjectives
I will be able to create and reflect on a budget given new economics content
I will be able to understand scarcity and our mixed economy
bullEssential QuestionsHow does scarcity impact decision makingHow do we satisfy our economic wants
Group Activity Budget Activity
bullTeacher will break you into groups In your groups you will be creating a budget for a single family
bullYour group has been given an income for a year Given your family situation negotiate with your ldquofamilyrdquo to complete a budget for 1 month (keep in mind your $$ is in a given year)
bullhttpwwwyoutubecomwatchv=yoVc_S_gd_0
How do we satisfy our economic wants
bull We buy goods or services
bull Good ndash a physical object (tangible) that has been produced for salebull Durable ndash last 3+ yearsbull Nondurable ndash last up to 3 years
bull Service ndash work done by someone else for which someone is willing to pay
How do we make goods amp services
bull Use Factors of Production - The productive resources that go into producing goods and services
Production Equation
LAND + LABOR + CAPITAL = GOODSERVICE
inputs output
Economic Interdependence
bullWhat does lsquointerdependencersquo mean
bullIs our world becoming economic interdependent or independent
bullEconomic Interdependence the actions of one part of the
country (world) has an impact on what happens elsewhere
Wants amp Needs gt
Resources
Because of scarcity we
have to make choices
How do we make a choice What do we give up
What does this remind you of from our government unit
Making Choices to Deal With Scarcity
bullPeople seek to maximize their utility when making decisions This requires them to consider tradeoffs
Utility ndash the satisfaction or benefit a person receives from consuming a good or service
Tradeoffs ndash the alternate choices people have when making a decision also the benefitsadvantages of making on
decision over another
ExampleshellipbullSome choices are easy to makehellip
HmmhellipShould I have pizza or a hoagie for lunch today
bullOther decisions are agonizinghellipShould I get out of bed and go to
school today or should I sleep in
Task Reflecting on Personal Trade-offshellip
In the end what helped you decide amongst your choices
Think of ONE decision thatyou had to make in the last weekhellipIdentify your various
tradeoffs for that decision
Be prepared to share
Opportunity Cost
bullWhen comparing the top 2 choices it is the BENEFIT of the next best alternative that must be sacrificed to satisfy a want
bullYou do a cost-benefit analysis to figure out which decision is most beneficial
Opportunity Cost ndash The best thing we give up to get what
we want
What else influences your choices
bullPeople make decisions based on their marginal utility or the extra satisfaction they gain from one additional unit of a goodservice
bullLaw of Diminishing Marginal Utility says that as we get or do more of something the pleasure we derive from it tends to decrease and so does our willingness to buy it or do it
FinallyhellipWhy it Matters
Understanding the opportunity coststradeoffs of different choices in life makes you a
better decision-maker
Todayrsquos Message ndash ldquoTherersquos No Such Thing As a Free Lunchrdquo
You always have to give something uphelliprdquo
ALL Individuals Businesses amp Societies have to consider tradeoffsopportunity costs when making
decisions
Visualizing the Relationshiphellip
Limited Resources amp Unlimited Wants
Scarcity
Trade-offs (choices)
Opportunity Costs
ObjectivesEssential Questions
bullObjectivebullI will be able to understand (and teach)
the three different types of economies
bullEssential Question How do the different types of economies work
How Can We Measure What We Gain and Lose When
Making Choices
Answer With a Production Possibilities Frontier
Production Possibilities Frontier
bullDiagram representing the possible combinations of goods and or services an economy can produce when all resources are being fully employed
PPF Assumptions
bullWe live in a two good worldbullThere are fixed resourcesbullThere is fixed technologybullResources are not specialized
Production Possibilities Curve
CD
E
OU
TP
UT
OF
CO
NS
UM
ER
GO
OD
S
(un
its
per
yea
r)
OUTPUT OF MILITARY GOODS (units per year)
A
BO
XF
G
Limited resources necessitate choices about WHAT to produce
The Choices Nations Make
bullA nation must choose what to do with its scarce resources during war or periods of military buildup
bullProduce military goods or consumer goods
Economic Growth
2000 production possibilities
1900 production possibilities
OU
TP
UT
OF
CO
NS
UM
ER
GO
OD
S(u
nits
per
yea
r)
OUTPUT OF MILITARY GOODS (units per year)
Production possibilities increases with more resources and technology
The Classic Guns and Butter example
Guns
Butter
10000 20000 30000 40000 50000
1000009500085000
70000
5000040000
BA
C
D
E
F
At point A all resources are used for butter
Moving from point A to point B requires shifting resources out of butter and into guns
At point F all resources are used for Guns
Productivitybull A PPF can help us see how efficient our
choices are
bull Productivity - measurement of how efficiently we are utilizing our resources Is this the same as production
bull An economy producing on the curve = using their resources to produce the MAXIMUM amount of goodsservices
Locations on a PPF
bull Efficient Point place where an economy is achieving as much output as possible from a given amount of resources ndash occurs at any point on the curve
bull Inefficient Point ndash place where the economy is not functioning as it could be ndash occurs at any point inside the curve
bull Unattainable Point ndash place where the economy cannot produce given its current resources ndash occurs at any point outside the curve
Food
Computer
4
3
2
1
1 2 3 4
OC between 1 and 2 computers = 1 Food
UnitOC between 3 and 4 computers = 1 Food
Unit
Constantly giving up the same quantity of food to get
additional computers
STRAIGHT-LINE PPFs Constant OC
BOWED-OUT PPFs VaryingIncreasing OC
Principle of Increasing Costs
As a society produces more of one product the OC of producing
that product increases because we are using more resources that are poorly suited to produce it
Economic Systems
An economic system is the way a society coordinates the production and consumption of goods amp services
How a society answers the three basic economic questions determines which type of economic system they are
Three Types of Economic Systems Command Traditional Market
Jigsaw activity
bullYou will be placed in groups of 3 and assigned a type of economy
bullYou will have 7 minutes to read and come up with 4 key components
bullAfter the 7 minuteshellip 1rsquos go to the front of the classroom2rsquos go to the wall nearest the door3rsquos go to the wall nearest the courtyard
Economic amp Social Goals of an Economic System
bull Economic Freedom
bull Economic Efficiency
bull Economic Equity
bull Economic Security
Economic Stability
Economic Growth
Review of Economic Systems
bullA traditional economy relies on custom and tradition to dictate production and consumption
bullIn a command economy decisions about production and consumption are made by a powerful ruler or central authority
bullIn a market economy individual producers and consumers coordinate economic activity
What are the most important goals of each economic system
bullTraditionalSecurity and
StabilitybullCommand
Equity and Security
bullMARKETEfficiency and
Freedom
Societies differ in the degree of importance they attach to each goal Progress toward one goal can sometimes be achieved only
at the expense of another (TRADEOFFS)
Which economic system does the US use
The American Economic System
bullWe have a mixed market economy
COMMAND MARKET
The US mixed economybull In a mixed economyhellip
Individuals Own the factors of production Possess freedom to produce or consume Must operate under confines of law
Government Protects workers and consumers Regulates business and preserves competition Provide public goodsbenefits
Think backhellip
bullWhat does this remind you of from the beginning of the unit
US Economic System Characteristics 1 Economic freedom (ldquolaissez-fairerdquo)
2 Limited government
3 Equal opportunity
4 Competition
5 Profit motive
6 Property Rights
7 Binding Contracts
Understanding how all parts fit together
Circular Flow of Economic Activity Represents a market economy
2 main ldquomarketsrdquoProduct Market Factor Market
where goods and services where the 4 factors ofare boughtsold production are boughtsold
Shows interdependence between
businesses and individuals
Marriage Vowsbull CONGRATULATIONS The government and the economy
are renewing their marriage vows You are cordially invited to the ceremony but this perfect couple needs your help
bull Using what you have learned this unit and using the textbook
bull You will explain the way government and the economy are connected (made for each other) You will demonstrate this answer in the format of wedding vows
bull You must use at least 5 of the following words Producers Taxes Consumers Restrictions Markets Freedom GoodsServices Limited
bull Look back to US Economic System Characteristics bull Each set of vows must be at least 6 lines
Do you remember
bullWrite the following question downbullWhy does the United States have a
democracy and mixed economy
- Foundations of Government and Economics
- On your blank piece of paperhellip
- Slide 3
- Warm-Up 1 - 9414
- Introductory thoughts hellip
- Slide 6
- 2 How about to your life
- Slide 8
- Slide 9
- Slide 10
- Slide 11
- Warm Up -2a- 9514 The New York Times and CBS News Pollhellip
- Warm up 2bndash In Journal-
- Economist and Politician Assumptions
- Individualism
- Quote activity
- Quote breakdown
- Warm Up 3- Current Event 9814
- Purpose of Government
- Slide 20
- 3 Theorists
- Activity
- Origins of American Government A customized government
- Origins of American Government A customized government (2)
- Origins of American Government A customized government (3)
- With which theory do you agree more Why
- The ldquoOriginal Dilemmardquo
- Warm Up 5 Hobbes and Locke
- Groups Block 2
- Groups Block 4
- Balloon Game
- You will have 10 minutes to get as many filled balloons on the
- Balloon Game Debriefing
- Political Theories
- Social Contract
- Natural Rights
- Democracy
- Concepts of Government
- Warm up 6 ndash 91114
- Warm Up 7
- And after the Constitution
- Activity (2)
- Picture Activity
- Constitutional Convention
- Purpose of the Convention
- VA Plan v NJ Plan
- Virginia Plan ldquoLarge State Planrdquo
- New Jersey Plan ldquoSmall State Planrdquo
- Your Task
- Closure
- States agree
- Quote
- Structure of Constitution
- Structure of Constitution
- 6 Purpose of Government
- Structure of Constitution (2)
- Structure of Constitution (3)
- Principles of Constitution
- Activity
- Slide 60
- Check for Understanding Six Principles
- Question 1
- Question 2
- Question 3
- Question 4
- Question 5
- Question 6
- Question 7
- Question 8
- Groups
- Separation of Powers
- Video
- Checks and Balances
- Slide 74
- Checks and balances
- Basic Principles
- Self- Worth
- Equality
- Compromise
- Individual Freedom
- Write your ownhellip
- Slide 82
- TED Talk
- Closure
- What is Economics
- Economics ishellip
- Back to our assumptionshellip
- Scarcity refers to the limited number of resources (factors of
- For the videohellip
- Slide 90
- Post Videohellip
- Advertisement
- Political Cartoon Analysis
- Factors of Production
- TASK
- The price ofhellip
- Economic efficiency is achieved when all available resources ar
- 1 What to produce
- 2 How to produce it
- 3 For whom to produce it
- Application Activity
- EQs
- Objectives amp Essential Questions
- Group Activity Budget Activity
- Slide 105
- How do we satisfy our economic wants
- How do we make goods amp services
- Economic Interdependence
- Slide 109
- Making Choices to Deal With Scarcity
- Exampleshellip
- Task Reflecting on Personal Trade-offshellip
- Opportunity Cost
- What else influences your choices
- Finallyhellip Why it Matters
- Visualizing the Relationshiphellip
- ObjectivesEssential Questions
- How Can We Measure What We Gain and Lose When Making Choices
- Production Possibilities Frontier
- PPF Assumptions
- Slide 121
- Production Possibilities Curve
- The Choices Nations Make
- Economic Growth
- The Classic Guns and Butter example
- Productivity
- Locations on a PPF
- Slide 128
- BOWED-OUT PPFs VaryingIncreasing OC
- Economic Systems
- Jigsaw activity
- Slide 132
- Economic amp Social Goals of an Economic System
- Review of Economic Systems
- Slide 135
- What are the most important goals of each economic system
- Which economic system does the US use
- The American Economic System
- The US mixed economy
- Slide 140
- Think backhellip
- US Economic System Characteristics
- Slide 143
- Understanding how all parts fit together
- Marriage Vows
- Do you remember
- Slide 147
-
Question 3
bullDuring the Watergate Scandal prosecutors accused many of President Nixonrsquos closest advisors of breaking the law thus proving the rule of lawmdashNO ONE is above the law
Limited Government
Question 4
bullldquoThe accumulation of all powers legislative executive and judiciary in the same hands whether of one a few or manyhellipmay justly be pronounced the very definition of tyrannyrdquo
SEPARATION OF POWERS
Question 5
bullPresident Bush nominates Miss Dicks to be director of the CIA but the Senate refuses to confirm the appointment
Checks and Balances
Question 6
bullCongress in 2005 passes the Stem Cell Research Bill but President Bush vetos the bill
CHECKS AND BALANCES
Question 7
bullThe Supreme Court in 1954 determined that ldquoseparate but equalrdquo was not constitutional and overturned the Plessy vs Ferguson ruling
JUDICIAL REVIEW
Question 8
bullVA has a law that requires all candidates for a professional cosmeticianrsquos license complete classroom hours an unpaid internship and pass a qualifying test
Federalism
GroupsPopular
SovereigntySeparation of
PowersFederalism
bull bull bull
Judicial Review
Limited Government
Checks and Balances
bull bull bull
Separation of Powers
bull Legislative branchmdashmakes the laws
bull Executive branchmdashenforces the laws
bull Judicial branchmdashinterprets the law
Video
bullhttpwwwbrainpopcomsocialstudiesusgovernmentandlawbranchesofgovernment
Checks and Balances
Checks and balances
bullIn what was do the branches check on one another
bullhttpwwwsheppardsoftwarecomusa_gamegovernmentchecks_and_balanceshtm
Basic Principles
bullThe tenets of democracy are built upon five principlesmdashWorth of the individualEquality of all personsMajority rule minority rightsNecessity of compromiseIndividual freedom
Self- Worth
bull A recognition of the fundamental worth of every person
bull The democratic process reflects the collective set of individuals who make up society
Equality Democratic concept insists that all entitled tobull equality of opportunity bull equality before the law
bull Equality of opportunity suggests that no person should be held back for any arbitrary reason and must be free to develop him- or herself as fully as heshe can (or cares to)
bull Equality before the law suggests that each person should be treated as the equal of all other persons before the law
Compromise
bull A matter of compromise to determine the position most acceptable to the largest number of people
bull Because each individual is important and considered the equal of all others it stands to reason that people can only make public decisions by way of compromise
bullWhy is compromise important
Individual Freedombull Right of the
individual to be free as far as the freedom of all will allow
bull Democracy does not and cannot insist on the absolute freedom of the individual person
Write your ownhellipbull Now that you know what the foundations of
government arehellip Create your own Constitution (Or social contract)
What do you think is important to include What do you think could be taken out
Start with ldquoWe the peoplehelliprdquo and create the ideal contract
Preamble (brief introduction) Articles (what should it include based on what we
learned so far Include and agree on 10 points) Amendments (what do you think it should take to
change it)
bullFor your quiz tomorrowhellip What questions would you expect to seeWrite 5 and the answers on the back of the
paper
TED Talk
bullhttpwwwyoutubecomwatchv=ypqQ3-agpZo
Closure
bullExplain two principles of the constitution and how are they connected
What is Economics
bull Is the study of how people choose to use their limited resources to satisfy their unlimited wants and needs
Important Parts of Economicsndash
CHOICESSCARCITY
Economics ishellip
bullDependent upon assumptions
bullDependent upon simplification of reality
Back to our assumptionshellip
bullHuman Beings are rationalbullAll societies suffer from scarcity bullAll buyers seek to maximize utility
bullAll sellers seek to maximize profits
Scarcity refers to the limited number of resources (factors of production) that can be used to satisfy the unlimited human wants and needs
For the videohellip
bullWrite down 3 things you did not knowbullWrite down 3 things you did know
bullhttpwwwyoutubecomwatchv=TO7UTNS7r0w
Post Videohellip
bullDefine the main idea of the video in 4-5 words
Advertisement
bullKnowing some of the basics about what economics is and why we study ithellip
bullCreate an advertisement for an economics course BE SURE TO INCLUDE
3 images that represent different economic ideas
2 ldquothought bubblesrdquo that represent things yoursquoll learn about in economics
1 slogan that represents why economics is an important course to take
Political Cartoon Analysis
Factors of Production bull LAND
Also called Natural Resources Consider them ldquogifts of naturerdquo such as air
soil minerals water and plants
bull LABOR Also called Human Resources Includes physical and mental activities that go
into producing goodsservices
bull CAPITAL Includes tools machines buildings and
technologies
bull ENTREPRENEUR Risk taker who is responsible for combining
land labor and capital to produce goods and services
TASK
bullTask Why are entrepreneurs the driving force in our economy
bullAnswer in 2-3 sentences
The price ofhellip
bullLand is rentbullCapital is interestbullLabor is wagesbullEntrepreneurship is profit
Economic efficiency is achieved when all available resources are being used
All societies must answer three basic questions to satisfy the needs and wants of their populations
1 What to produce
bullShould it be military or civilian goods
bullFood or clothingbullMedicine or movies
2 How to produce it
bullAutomated or manual labor
bullExpensive or cheap materials
bullDomestic or overseas labor
3 For whom to produce it
bullThe wealthy or the needybullThe sick or the healthy
Application Activity
bull In groups of 2-3 create your own country (name it please)
bull With your countryrsquos name explain the Population geography and general population
information (iehellipbull Choose 5 items for your country to produce and
answer the three societal questions for eachALSO explain why this material would help your
economy thrivereach economic efficiencybull Create an advertisement for your country
withhellip Images representing what you produce and a
slogan for why your country is awesome
EQs
bullHow does scarcity impact decision making
Objectives amp Essential QuestionsbullObjectives
I will be able to create and reflect on a budget given new economics content
I will be able to understand scarcity and our mixed economy
bullEssential QuestionsHow does scarcity impact decision makingHow do we satisfy our economic wants
Group Activity Budget Activity
bullTeacher will break you into groups In your groups you will be creating a budget for a single family
bullYour group has been given an income for a year Given your family situation negotiate with your ldquofamilyrdquo to complete a budget for 1 month (keep in mind your $$ is in a given year)
bullhttpwwwyoutubecomwatchv=yoVc_S_gd_0
How do we satisfy our economic wants
bull We buy goods or services
bull Good ndash a physical object (tangible) that has been produced for salebull Durable ndash last 3+ yearsbull Nondurable ndash last up to 3 years
bull Service ndash work done by someone else for which someone is willing to pay
How do we make goods amp services
bull Use Factors of Production - The productive resources that go into producing goods and services
Production Equation
LAND + LABOR + CAPITAL = GOODSERVICE
inputs output
Economic Interdependence
bullWhat does lsquointerdependencersquo mean
bullIs our world becoming economic interdependent or independent
bullEconomic Interdependence the actions of one part of the
country (world) has an impact on what happens elsewhere
Wants amp Needs gt
Resources
Because of scarcity we
have to make choices
How do we make a choice What do we give up
What does this remind you of from our government unit
Making Choices to Deal With Scarcity
bullPeople seek to maximize their utility when making decisions This requires them to consider tradeoffs
Utility ndash the satisfaction or benefit a person receives from consuming a good or service
Tradeoffs ndash the alternate choices people have when making a decision also the benefitsadvantages of making on
decision over another
ExampleshellipbullSome choices are easy to makehellip
HmmhellipShould I have pizza or a hoagie for lunch today
bullOther decisions are agonizinghellipShould I get out of bed and go to
school today or should I sleep in
Task Reflecting on Personal Trade-offshellip
In the end what helped you decide amongst your choices
Think of ONE decision thatyou had to make in the last weekhellipIdentify your various
tradeoffs for that decision
Be prepared to share
Opportunity Cost
bullWhen comparing the top 2 choices it is the BENEFIT of the next best alternative that must be sacrificed to satisfy a want
bullYou do a cost-benefit analysis to figure out which decision is most beneficial
Opportunity Cost ndash The best thing we give up to get what
we want
What else influences your choices
bullPeople make decisions based on their marginal utility or the extra satisfaction they gain from one additional unit of a goodservice
bullLaw of Diminishing Marginal Utility says that as we get or do more of something the pleasure we derive from it tends to decrease and so does our willingness to buy it or do it
FinallyhellipWhy it Matters
Understanding the opportunity coststradeoffs of different choices in life makes you a
better decision-maker
Todayrsquos Message ndash ldquoTherersquos No Such Thing As a Free Lunchrdquo
You always have to give something uphelliprdquo
ALL Individuals Businesses amp Societies have to consider tradeoffsopportunity costs when making
decisions
Visualizing the Relationshiphellip
Limited Resources amp Unlimited Wants
Scarcity
Trade-offs (choices)
Opportunity Costs
ObjectivesEssential Questions
bullObjectivebullI will be able to understand (and teach)
the three different types of economies
bullEssential Question How do the different types of economies work
How Can We Measure What We Gain and Lose When
Making Choices
Answer With a Production Possibilities Frontier
Production Possibilities Frontier
bullDiagram representing the possible combinations of goods and or services an economy can produce when all resources are being fully employed
PPF Assumptions
bullWe live in a two good worldbullThere are fixed resourcesbullThere is fixed technologybullResources are not specialized
Production Possibilities Curve
CD
E
OU
TP
UT
OF
CO
NS
UM
ER
GO
OD
S
(un
its
per
yea
r)
OUTPUT OF MILITARY GOODS (units per year)
A
BO
XF
G
Limited resources necessitate choices about WHAT to produce
The Choices Nations Make
bullA nation must choose what to do with its scarce resources during war or periods of military buildup
bullProduce military goods or consumer goods
Economic Growth
2000 production possibilities
1900 production possibilities
OU
TP
UT
OF
CO
NS
UM
ER
GO
OD
S(u
nits
per
yea
r)
OUTPUT OF MILITARY GOODS (units per year)
Production possibilities increases with more resources and technology
The Classic Guns and Butter example
Guns
Butter
10000 20000 30000 40000 50000
1000009500085000
70000
5000040000
BA
C
D
E
F
At point A all resources are used for butter
Moving from point A to point B requires shifting resources out of butter and into guns
At point F all resources are used for Guns
Productivitybull A PPF can help us see how efficient our
choices are
bull Productivity - measurement of how efficiently we are utilizing our resources Is this the same as production
bull An economy producing on the curve = using their resources to produce the MAXIMUM amount of goodsservices
Locations on a PPF
bull Efficient Point place where an economy is achieving as much output as possible from a given amount of resources ndash occurs at any point on the curve
bull Inefficient Point ndash place where the economy is not functioning as it could be ndash occurs at any point inside the curve
bull Unattainable Point ndash place where the economy cannot produce given its current resources ndash occurs at any point outside the curve
Food
Computer
4
3
2
1
1 2 3 4
OC between 1 and 2 computers = 1 Food
UnitOC between 3 and 4 computers = 1 Food
Unit
Constantly giving up the same quantity of food to get
additional computers
STRAIGHT-LINE PPFs Constant OC
BOWED-OUT PPFs VaryingIncreasing OC
Principle of Increasing Costs
As a society produces more of one product the OC of producing
that product increases because we are using more resources that are poorly suited to produce it
Economic Systems
An economic system is the way a society coordinates the production and consumption of goods amp services
How a society answers the three basic economic questions determines which type of economic system they are
Three Types of Economic Systems Command Traditional Market
Jigsaw activity
bullYou will be placed in groups of 3 and assigned a type of economy
bullYou will have 7 minutes to read and come up with 4 key components
bullAfter the 7 minuteshellip 1rsquos go to the front of the classroom2rsquos go to the wall nearest the door3rsquos go to the wall nearest the courtyard
Economic amp Social Goals of an Economic System
bull Economic Freedom
bull Economic Efficiency
bull Economic Equity
bull Economic Security
Economic Stability
Economic Growth
Review of Economic Systems
bullA traditional economy relies on custom and tradition to dictate production and consumption
bullIn a command economy decisions about production and consumption are made by a powerful ruler or central authority
bullIn a market economy individual producers and consumers coordinate economic activity
What are the most important goals of each economic system
bullTraditionalSecurity and
StabilitybullCommand
Equity and Security
bullMARKETEfficiency and
Freedom
Societies differ in the degree of importance they attach to each goal Progress toward one goal can sometimes be achieved only
at the expense of another (TRADEOFFS)
Which economic system does the US use
The American Economic System
bullWe have a mixed market economy
COMMAND MARKET
The US mixed economybull In a mixed economyhellip
Individuals Own the factors of production Possess freedom to produce or consume Must operate under confines of law
Government Protects workers and consumers Regulates business and preserves competition Provide public goodsbenefits
Think backhellip
bullWhat does this remind you of from the beginning of the unit
US Economic System Characteristics 1 Economic freedom (ldquolaissez-fairerdquo)
2 Limited government
3 Equal opportunity
4 Competition
5 Profit motive
6 Property Rights
7 Binding Contracts
Understanding how all parts fit together
Circular Flow of Economic Activity Represents a market economy
2 main ldquomarketsrdquoProduct Market Factor Market
where goods and services where the 4 factors ofare boughtsold production are boughtsold
Shows interdependence between
businesses and individuals
Marriage Vowsbull CONGRATULATIONS The government and the economy
are renewing their marriage vows You are cordially invited to the ceremony but this perfect couple needs your help
bull Using what you have learned this unit and using the textbook
bull You will explain the way government and the economy are connected (made for each other) You will demonstrate this answer in the format of wedding vows
bull You must use at least 5 of the following words Producers Taxes Consumers Restrictions Markets Freedom GoodsServices Limited
bull Look back to US Economic System Characteristics bull Each set of vows must be at least 6 lines
Do you remember
bullWrite the following question downbullWhy does the United States have a
democracy and mixed economy
- Foundations of Government and Economics
- On your blank piece of paperhellip
- Slide 3
- Warm-Up 1 - 9414
- Introductory thoughts hellip
- Slide 6
- 2 How about to your life
- Slide 8
- Slide 9
- Slide 10
- Slide 11
- Warm Up -2a- 9514 The New York Times and CBS News Pollhellip
- Warm up 2bndash In Journal-
- Economist and Politician Assumptions
- Individualism
- Quote activity
- Quote breakdown
- Warm Up 3- Current Event 9814
- Purpose of Government
- Slide 20
- 3 Theorists
- Activity
- Origins of American Government A customized government
- Origins of American Government A customized government (2)
- Origins of American Government A customized government (3)
- With which theory do you agree more Why
- The ldquoOriginal Dilemmardquo
- Warm Up 5 Hobbes and Locke
- Groups Block 2
- Groups Block 4
- Balloon Game
- You will have 10 minutes to get as many filled balloons on the
- Balloon Game Debriefing
- Political Theories
- Social Contract
- Natural Rights
- Democracy
- Concepts of Government
- Warm up 6 ndash 91114
- Warm Up 7
- And after the Constitution
- Activity (2)
- Picture Activity
- Constitutional Convention
- Purpose of the Convention
- VA Plan v NJ Plan
- Virginia Plan ldquoLarge State Planrdquo
- New Jersey Plan ldquoSmall State Planrdquo
- Your Task
- Closure
- States agree
- Quote
- Structure of Constitution
- Structure of Constitution
- 6 Purpose of Government
- Structure of Constitution (2)
- Structure of Constitution (3)
- Principles of Constitution
- Activity
- Slide 60
- Check for Understanding Six Principles
- Question 1
- Question 2
- Question 3
- Question 4
- Question 5
- Question 6
- Question 7
- Question 8
- Groups
- Separation of Powers
- Video
- Checks and Balances
- Slide 74
- Checks and balances
- Basic Principles
- Self- Worth
- Equality
- Compromise
- Individual Freedom
- Write your ownhellip
- Slide 82
- TED Talk
- Closure
- What is Economics
- Economics ishellip
- Back to our assumptionshellip
- Scarcity refers to the limited number of resources (factors of
- For the videohellip
- Slide 90
- Post Videohellip
- Advertisement
- Political Cartoon Analysis
- Factors of Production
- TASK
- The price ofhellip
- Economic efficiency is achieved when all available resources ar
- 1 What to produce
- 2 How to produce it
- 3 For whom to produce it
- Application Activity
- EQs
- Objectives amp Essential Questions
- Group Activity Budget Activity
- Slide 105
- How do we satisfy our economic wants
- How do we make goods amp services
- Economic Interdependence
- Slide 109
- Making Choices to Deal With Scarcity
- Exampleshellip
- Task Reflecting on Personal Trade-offshellip
- Opportunity Cost
- What else influences your choices
- Finallyhellip Why it Matters
- Visualizing the Relationshiphellip
- ObjectivesEssential Questions
- How Can We Measure What We Gain and Lose When Making Choices
- Production Possibilities Frontier
- PPF Assumptions
- Slide 121
- Production Possibilities Curve
- The Choices Nations Make
- Economic Growth
- The Classic Guns and Butter example
- Productivity
- Locations on a PPF
- Slide 128
- BOWED-OUT PPFs VaryingIncreasing OC
- Economic Systems
- Jigsaw activity
- Slide 132
- Economic amp Social Goals of an Economic System
- Review of Economic Systems
- Slide 135
- What are the most important goals of each economic system
- Which economic system does the US use
- The American Economic System
- The US mixed economy
- Slide 140
- Think backhellip
- US Economic System Characteristics
- Slide 143
- Understanding how all parts fit together
- Marriage Vows
- Do you remember
- Slide 147
-
Question 4
bullldquoThe accumulation of all powers legislative executive and judiciary in the same hands whether of one a few or manyhellipmay justly be pronounced the very definition of tyrannyrdquo
SEPARATION OF POWERS
Question 5
bullPresident Bush nominates Miss Dicks to be director of the CIA but the Senate refuses to confirm the appointment
Checks and Balances
Question 6
bullCongress in 2005 passes the Stem Cell Research Bill but President Bush vetos the bill
CHECKS AND BALANCES
Question 7
bullThe Supreme Court in 1954 determined that ldquoseparate but equalrdquo was not constitutional and overturned the Plessy vs Ferguson ruling
JUDICIAL REVIEW
Question 8
bullVA has a law that requires all candidates for a professional cosmeticianrsquos license complete classroom hours an unpaid internship and pass a qualifying test
Federalism
GroupsPopular
SovereigntySeparation of
PowersFederalism
bull bull bull
Judicial Review
Limited Government
Checks and Balances
bull bull bull
Separation of Powers
bull Legislative branchmdashmakes the laws
bull Executive branchmdashenforces the laws
bull Judicial branchmdashinterprets the law
Video
bullhttpwwwbrainpopcomsocialstudiesusgovernmentandlawbranchesofgovernment
Checks and Balances
Checks and balances
bullIn what was do the branches check on one another
bullhttpwwwsheppardsoftwarecomusa_gamegovernmentchecks_and_balanceshtm
Basic Principles
bullThe tenets of democracy are built upon five principlesmdashWorth of the individualEquality of all personsMajority rule minority rightsNecessity of compromiseIndividual freedom
Self- Worth
bull A recognition of the fundamental worth of every person
bull The democratic process reflects the collective set of individuals who make up society
Equality Democratic concept insists that all entitled tobull equality of opportunity bull equality before the law
bull Equality of opportunity suggests that no person should be held back for any arbitrary reason and must be free to develop him- or herself as fully as heshe can (or cares to)
bull Equality before the law suggests that each person should be treated as the equal of all other persons before the law
Compromise
bull A matter of compromise to determine the position most acceptable to the largest number of people
bull Because each individual is important and considered the equal of all others it stands to reason that people can only make public decisions by way of compromise
bullWhy is compromise important
Individual Freedombull Right of the
individual to be free as far as the freedom of all will allow
bull Democracy does not and cannot insist on the absolute freedom of the individual person
Write your ownhellipbull Now that you know what the foundations of
government arehellip Create your own Constitution (Or social contract)
What do you think is important to include What do you think could be taken out
Start with ldquoWe the peoplehelliprdquo and create the ideal contract
Preamble (brief introduction) Articles (what should it include based on what we
learned so far Include and agree on 10 points) Amendments (what do you think it should take to
change it)
bullFor your quiz tomorrowhellip What questions would you expect to seeWrite 5 and the answers on the back of the
paper
TED Talk
bullhttpwwwyoutubecomwatchv=ypqQ3-agpZo
Closure
bullExplain two principles of the constitution and how are they connected
What is Economics
bull Is the study of how people choose to use their limited resources to satisfy their unlimited wants and needs
Important Parts of Economicsndash
CHOICESSCARCITY
Economics ishellip
bullDependent upon assumptions
bullDependent upon simplification of reality
Back to our assumptionshellip
bullHuman Beings are rationalbullAll societies suffer from scarcity bullAll buyers seek to maximize utility
bullAll sellers seek to maximize profits
Scarcity refers to the limited number of resources (factors of production) that can be used to satisfy the unlimited human wants and needs
For the videohellip
bullWrite down 3 things you did not knowbullWrite down 3 things you did know
bullhttpwwwyoutubecomwatchv=TO7UTNS7r0w
Post Videohellip
bullDefine the main idea of the video in 4-5 words
Advertisement
bullKnowing some of the basics about what economics is and why we study ithellip
bullCreate an advertisement for an economics course BE SURE TO INCLUDE
3 images that represent different economic ideas
2 ldquothought bubblesrdquo that represent things yoursquoll learn about in economics
1 slogan that represents why economics is an important course to take
Political Cartoon Analysis
Factors of Production bull LAND
Also called Natural Resources Consider them ldquogifts of naturerdquo such as air
soil minerals water and plants
bull LABOR Also called Human Resources Includes physical and mental activities that go
into producing goodsservices
bull CAPITAL Includes tools machines buildings and
technologies
bull ENTREPRENEUR Risk taker who is responsible for combining
land labor and capital to produce goods and services
TASK
bullTask Why are entrepreneurs the driving force in our economy
bullAnswer in 2-3 sentences
The price ofhellip
bullLand is rentbullCapital is interestbullLabor is wagesbullEntrepreneurship is profit
Economic efficiency is achieved when all available resources are being used
All societies must answer three basic questions to satisfy the needs and wants of their populations
1 What to produce
bullShould it be military or civilian goods
bullFood or clothingbullMedicine or movies
2 How to produce it
bullAutomated or manual labor
bullExpensive or cheap materials
bullDomestic or overseas labor
3 For whom to produce it
bullThe wealthy or the needybullThe sick or the healthy
Application Activity
bull In groups of 2-3 create your own country (name it please)
bull With your countryrsquos name explain the Population geography and general population
information (iehellipbull Choose 5 items for your country to produce and
answer the three societal questions for eachALSO explain why this material would help your
economy thrivereach economic efficiencybull Create an advertisement for your country
withhellip Images representing what you produce and a
slogan for why your country is awesome
EQs
bullHow does scarcity impact decision making
Objectives amp Essential QuestionsbullObjectives
I will be able to create and reflect on a budget given new economics content
I will be able to understand scarcity and our mixed economy
bullEssential QuestionsHow does scarcity impact decision makingHow do we satisfy our economic wants
Group Activity Budget Activity
bullTeacher will break you into groups In your groups you will be creating a budget for a single family
bullYour group has been given an income for a year Given your family situation negotiate with your ldquofamilyrdquo to complete a budget for 1 month (keep in mind your $$ is in a given year)
bullhttpwwwyoutubecomwatchv=yoVc_S_gd_0
How do we satisfy our economic wants
bull We buy goods or services
bull Good ndash a physical object (tangible) that has been produced for salebull Durable ndash last 3+ yearsbull Nondurable ndash last up to 3 years
bull Service ndash work done by someone else for which someone is willing to pay
How do we make goods amp services
bull Use Factors of Production - The productive resources that go into producing goods and services
Production Equation
LAND + LABOR + CAPITAL = GOODSERVICE
inputs output
Economic Interdependence
bullWhat does lsquointerdependencersquo mean
bullIs our world becoming economic interdependent or independent
bullEconomic Interdependence the actions of one part of the
country (world) has an impact on what happens elsewhere
Wants amp Needs gt
Resources
Because of scarcity we
have to make choices
How do we make a choice What do we give up
What does this remind you of from our government unit
Making Choices to Deal With Scarcity
bullPeople seek to maximize their utility when making decisions This requires them to consider tradeoffs
Utility ndash the satisfaction or benefit a person receives from consuming a good or service
Tradeoffs ndash the alternate choices people have when making a decision also the benefitsadvantages of making on
decision over another
ExampleshellipbullSome choices are easy to makehellip
HmmhellipShould I have pizza or a hoagie for lunch today
bullOther decisions are agonizinghellipShould I get out of bed and go to
school today or should I sleep in
Task Reflecting on Personal Trade-offshellip
In the end what helped you decide amongst your choices
Think of ONE decision thatyou had to make in the last weekhellipIdentify your various
tradeoffs for that decision
Be prepared to share
Opportunity Cost
bullWhen comparing the top 2 choices it is the BENEFIT of the next best alternative that must be sacrificed to satisfy a want
bullYou do a cost-benefit analysis to figure out which decision is most beneficial
Opportunity Cost ndash The best thing we give up to get what
we want
What else influences your choices
bullPeople make decisions based on their marginal utility or the extra satisfaction they gain from one additional unit of a goodservice
bullLaw of Diminishing Marginal Utility says that as we get or do more of something the pleasure we derive from it tends to decrease and so does our willingness to buy it or do it
FinallyhellipWhy it Matters
Understanding the opportunity coststradeoffs of different choices in life makes you a
better decision-maker
Todayrsquos Message ndash ldquoTherersquos No Such Thing As a Free Lunchrdquo
You always have to give something uphelliprdquo
ALL Individuals Businesses amp Societies have to consider tradeoffsopportunity costs when making
decisions
Visualizing the Relationshiphellip
Limited Resources amp Unlimited Wants
Scarcity
Trade-offs (choices)
Opportunity Costs
ObjectivesEssential Questions
bullObjectivebullI will be able to understand (and teach)
the three different types of economies
bullEssential Question How do the different types of economies work
How Can We Measure What We Gain and Lose When
Making Choices
Answer With a Production Possibilities Frontier
Production Possibilities Frontier
bullDiagram representing the possible combinations of goods and or services an economy can produce when all resources are being fully employed
PPF Assumptions
bullWe live in a two good worldbullThere are fixed resourcesbullThere is fixed technologybullResources are not specialized
Production Possibilities Curve
CD
E
OU
TP
UT
OF
CO
NS
UM
ER
GO
OD
S
(un
its
per
yea
r)
OUTPUT OF MILITARY GOODS (units per year)
A
BO
XF
G
Limited resources necessitate choices about WHAT to produce
The Choices Nations Make
bullA nation must choose what to do with its scarce resources during war or periods of military buildup
bullProduce military goods or consumer goods
Economic Growth
2000 production possibilities
1900 production possibilities
OU
TP
UT
OF
CO
NS
UM
ER
GO
OD
S(u
nits
per
yea
r)
OUTPUT OF MILITARY GOODS (units per year)
Production possibilities increases with more resources and technology
The Classic Guns and Butter example
Guns
Butter
10000 20000 30000 40000 50000
1000009500085000
70000
5000040000
BA
C
D
E
F
At point A all resources are used for butter
Moving from point A to point B requires shifting resources out of butter and into guns
At point F all resources are used for Guns
Productivitybull A PPF can help us see how efficient our
choices are
bull Productivity - measurement of how efficiently we are utilizing our resources Is this the same as production
bull An economy producing on the curve = using their resources to produce the MAXIMUM amount of goodsservices
Locations on a PPF
bull Efficient Point place where an economy is achieving as much output as possible from a given amount of resources ndash occurs at any point on the curve
bull Inefficient Point ndash place where the economy is not functioning as it could be ndash occurs at any point inside the curve
bull Unattainable Point ndash place where the economy cannot produce given its current resources ndash occurs at any point outside the curve
Food
Computer
4
3
2
1
1 2 3 4
OC between 1 and 2 computers = 1 Food
UnitOC between 3 and 4 computers = 1 Food
Unit
Constantly giving up the same quantity of food to get
additional computers
STRAIGHT-LINE PPFs Constant OC
BOWED-OUT PPFs VaryingIncreasing OC
Principle of Increasing Costs
As a society produces more of one product the OC of producing
that product increases because we are using more resources that are poorly suited to produce it
Economic Systems
An economic system is the way a society coordinates the production and consumption of goods amp services
How a society answers the three basic economic questions determines which type of economic system they are
Three Types of Economic Systems Command Traditional Market
Jigsaw activity
bullYou will be placed in groups of 3 and assigned a type of economy
bullYou will have 7 minutes to read and come up with 4 key components
bullAfter the 7 minuteshellip 1rsquos go to the front of the classroom2rsquos go to the wall nearest the door3rsquos go to the wall nearest the courtyard
Economic amp Social Goals of an Economic System
bull Economic Freedom
bull Economic Efficiency
bull Economic Equity
bull Economic Security
Economic Stability
Economic Growth
Review of Economic Systems
bullA traditional economy relies on custom and tradition to dictate production and consumption
bullIn a command economy decisions about production and consumption are made by a powerful ruler or central authority
bullIn a market economy individual producers and consumers coordinate economic activity
What are the most important goals of each economic system
bullTraditionalSecurity and
StabilitybullCommand
Equity and Security
bullMARKETEfficiency and
Freedom
Societies differ in the degree of importance they attach to each goal Progress toward one goal can sometimes be achieved only
at the expense of another (TRADEOFFS)
Which economic system does the US use
The American Economic System
bullWe have a mixed market economy
COMMAND MARKET
The US mixed economybull In a mixed economyhellip
Individuals Own the factors of production Possess freedom to produce or consume Must operate under confines of law
Government Protects workers and consumers Regulates business and preserves competition Provide public goodsbenefits
Think backhellip
bullWhat does this remind you of from the beginning of the unit
US Economic System Characteristics 1 Economic freedom (ldquolaissez-fairerdquo)
2 Limited government
3 Equal opportunity
4 Competition
5 Profit motive
6 Property Rights
7 Binding Contracts
Understanding how all parts fit together
Circular Flow of Economic Activity Represents a market economy
2 main ldquomarketsrdquoProduct Market Factor Market
where goods and services where the 4 factors ofare boughtsold production are boughtsold
Shows interdependence between
businesses and individuals
Marriage Vowsbull CONGRATULATIONS The government and the economy
are renewing their marriage vows You are cordially invited to the ceremony but this perfect couple needs your help
bull Using what you have learned this unit and using the textbook
bull You will explain the way government and the economy are connected (made for each other) You will demonstrate this answer in the format of wedding vows
bull You must use at least 5 of the following words Producers Taxes Consumers Restrictions Markets Freedom GoodsServices Limited
bull Look back to US Economic System Characteristics bull Each set of vows must be at least 6 lines
Do you remember
bullWrite the following question downbullWhy does the United States have a
democracy and mixed economy
- Foundations of Government and Economics
- On your blank piece of paperhellip
- Slide 3
- Warm-Up 1 - 9414
- Introductory thoughts hellip
- Slide 6
- 2 How about to your life
- Slide 8
- Slide 9
- Slide 10
- Slide 11
- Warm Up -2a- 9514 The New York Times and CBS News Pollhellip
- Warm up 2bndash In Journal-
- Economist and Politician Assumptions
- Individualism
- Quote activity
- Quote breakdown
- Warm Up 3- Current Event 9814
- Purpose of Government
- Slide 20
- 3 Theorists
- Activity
- Origins of American Government A customized government
- Origins of American Government A customized government (2)
- Origins of American Government A customized government (3)
- With which theory do you agree more Why
- The ldquoOriginal Dilemmardquo
- Warm Up 5 Hobbes and Locke
- Groups Block 2
- Groups Block 4
- Balloon Game
- You will have 10 minutes to get as many filled balloons on the
- Balloon Game Debriefing
- Political Theories
- Social Contract
- Natural Rights
- Democracy
- Concepts of Government
- Warm up 6 ndash 91114
- Warm Up 7
- And after the Constitution
- Activity (2)
- Picture Activity
- Constitutional Convention
- Purpose of the Convention
- VA Plan v NJ Plan
- Virginia Plan ldquoLarge State Planrdquo
- New Jersey Plan ldquoSmall State Planrdquo
- Your Task
- Closure
- States agree
- Quote
- Structure of Constitution
- Structure of Constitution
- 6 Purpose of Government
- Structure of Constitution (2)
- Structure of Constitution (3)
- Principles of Constitution
- Activity
- Slide 60
- Check for Understanding Six Principles
- Question 1
- Question 2
- Question 3
- Question 4
- Question 5
- Question 6
- Question 7
- Question 8
- Groups
- Separation of Powers
- Video
- Checks and Balances
- Slide 74
- Checks and balances
- Basic Principles
- Self- Worth
- Equality
- Compromise
- Individual Freedom
- Write your ownhellip
- Slide 82
- TED Talk
- Closure
- What is Economics
- Economics ishellip
- Back to our assumptionshellip
- Scarcity refers to the limited number of resources (factors of
- For the videohellip
- Slide 90
- Post Videohellip
- Advertisement
- Political Cartoon Analysis
- Factors of Production
- TASK
- The price ofhellip
- Economic efficiency is achieved when all available resources ar
- 1 What to produce
- 2 How to produce it
- 3 For whom to produce it
- Application Activity
- EQs
- Objectives amp Essential Questions
- Group Activity Budget Activity
- Slide 105
- How do we satisfy our economic wants
- How do we make goods amp services
- Economic Interdependence
- Slide 109
- Making Choices to Deal With Scarcity
- Exampleshellip
- Task Reflecting on Personal Trade-offshellip
- Opportunity Cost
- What else influences your choices
- Finallyhellip Why it Matters
- Visualizing the Relationshiphellip
- ObjectivesEssential Questions
- How Can We Measure What We Gain and Lose When Making Choices
- Production Possibilities Frontier
- PPF Assumptions
- Slide 121
- Production Possibilities Curve
- The Choices Nations Make
- Economic Growth
- The Classic Guns and Butter example
- Productivity
- Locations on a PPF
- Slide 128
- BOWED-OUT PPFs VaryingIncreasing OC
- Economic Systems
- Jigsaw activity
- Slide 132
- Economic amp Social Goals of an Economic System
- Review of Economic Systems
- Slide 135
- What are the most important goals of each economic system
- Which economic system does the US use
- The American Economic System
- The US mixed economy
- Slide 140
- Think backhellip
- US Economic System Characteristics
- Slide 143
- Understanding how all parts fit together
- Marriage Vows
- Do you remember
- Slide 147
-
Question 5
bullPresident Bush nominates Miss Dicks to be director of the CIA but the Senate refuses to confirm the appointment
Checks and Balances
Question 6
bullCongress in 2005 passes the Stem Cell Research Bill but President Bush vetos the bill
CHECKS AND BALANCES
Question 7
bullThe Supreme Court in 1954 determined that ldquoseparate but equalrdquo was not constitutional and overturned the Plessy vs Ferguson ruling
JUDICIAL REVIEW
Question 8
bullVA has a law that requires all candidates for a professional cosmeticianrsquos license complete classroom hours an unpaid internship and pass a qualifying test
Federalism
GroupsPopular
SovereigntySeparation of
PowersFederalism
bull bull bull
Judicial Review
Limited Government
Checks and Balances
bull bull bull
Separation of Powers
bull Legislative branchmdashmakes the laws
bull Executive branchmdashenforces the laws
bull Judicial branchmdashinterprets the law
Video
bullhttpwwwbrainpopcomsocialstudiesusgovernmentandlawbranchesofgovernment
Checks and Balances
Checks and balances
bullIn what was do the branches check on one another
bullhttpwwwsheppardsoftwarecomusa_gamegovernmentchecks_and_balanceshtm
Basic Principles
bullThe tenets of democracy are built upon five principlesmdashWorth of the individualEquality of all personsMajority rule minority rightsNecessity of compromiseIndividual freedom
Self- Worth
bull A recognition of the fundamental worth of every person
bull The democratic process reflects the collective set of individuals who make up society
Equality Democratic concept insists that all entitled tobull equality of opportunity bull equality before the law
bull Equality of opportunity suggests that no person should be held back for any arbitrary reason and must be free to develop him- or herself as fully as heshe can (or cares to)
bull Equality before the law suggests that each person should be treated as the equal of all other persons before the law
Compromise
bull A matter of compromise to determine the position most acceptable to the largest number of people
bull Because each individual is important and considered the equal of all others it stands to reason that people can only make public decisions by way of compromise
bullWhy is compromise important
Individual Freedombull Right of the
individual to be free as far as the freedom of all will allow
bull Democracy does not and cannot insist on the absolute freedom of the individual person
Write your ownhellipbull Now that you know what the foundations of
government arehellip Create your own Constitution (Or social contract)
What do you think is important to include What do you think could be taken out
Start with ldquoWe the peoplehelliprdquo and create the ideal contract
Preamble (brief introduction) Articles (what should it include based on what we
learned so far Include and agree on 10 points) Amendments (what do you think it should take to
change it)
bullFor your quiz tomorrowhellip What questions would you expect to seeWrite 5 and the answers on the back of the
paper
TED Talk
bullhttpwwwyoutubecomwatchv=ypqQ3-agpZo
Closure
bullExplain two principles of the constitution and how are they connected
What is Economics
bull Is the study of how people choose to use their limited resources to satisfy their unlimited wants and needs
Important Parts of Economicsndash
CHOICESSCARCITY
Economics ishellip
bullDependent upon assumptions
bullDependent upon simplification of reality
Back to our assumptionshellip
bullHuman Beings are rationalbullAll societies suffer from scarcity bullAll buyers seek to maximize utility
bullAll sellers seek to maximize profits
Scarcity refers to the limited number of resources (factors of production) that can be used to satisfy the unlimited human wants and needs
For the videohellip
bullWrite down 3 things you did not knowbullWrite down 3 things you did know
bullhttpwwwyoutubecomwatchv=TO7UTNS7r0w
Post Videohellip
bullDefine the main idea of the video in 4-5 words
Advertisement
bullKnowing some of the basics about what economics is and why we study ithellip
bullCreate an advertisement for an economics course BE SURE TO INCLUDE
3 images that represent different economic ideas
2 ldquothought bubblesrdquo that represent things yoursquoll learn about in economics
1 slogan that represents why economics is an important course to take
Political Cartoon Analysis
Factors of Production bull LAND
Also called Natural Resources Consider them ldquogifts of naturerdquo such as air
soil minerals water and plants
bull LABOR Also called Human Resources Includes physical and mental activities that go
into producing goodsservices
bull CAPITAL Includes tools machines buildings and
technologies
bull ENTREPRENEUR Risk taker who is responsible for combining
land labor and capital to produce goods and services
TASK
bullTask Why are entrepreneurs the driving force in our economy
bullAnswer in 2-3 sentences
The price ofhellip
bullLand is rentbullCapital is interestbullLabor is wagesbullEntrepreneurship is profit
Economic efficiency is achieved when all available resources are being used
All societies must answer three basic questions to satisfy the needs and wants of their populations
1 What to produce
bullShould it be military or civilian goods
bullFood or clothingbullMedicine or movies
2 How to produce it
bullAutomated or manual labor
bullExpensive or cheap materials
bullDomestic or overseas labor
3 For whom to produce it
bullThe wealthy or the needybullThe sick or the healthy
Application Activity
bull In groups of 2-3 create your own country (name it please)
bull With your countryrsquos name explain the Population geography and general population
information (iehellipbull Choose 5 items for your country to produce and
answer the three societal questions for eachALSO explain why this material would help your
economy thrivereach economic efficiencybull Create an advertisement for your country
withhellip Images representing what you produce and a
slogan for why your country is awesome
EQs
bullHow does scarcity impact decision making
Objectives amp Essential QuestionsbullObjectives
I will be able to create and reflect on a budget given new economics content
I will be able to understand scarcity and our mixed economy
bullEssential QuestionsHow does scarcity impact decision makingHow do we satisfy our economic wants
Group Activity Budget Activity
bullTeacher will break you into groups In your groups you will be creating a budget for a single family
bullYour group has been given an income for a year Given your family situation negotiate with your ldquofamilyrdquo to complete a budget for 1 month (keep in mind your $$ is in a given year)
bullhttpwwwyoutubecomwatchv=yoVc_S_gd_0
How do we satisfy our economic wants
bull We buy goods or services
bull Good ndash a physical object (tangible) that has been produced for salebull Durable ndash last 3+ yearsbull Nondurable ndash last up to 3 years
bull Service ndash work done by someone else for which someone is willing to pay
How do we make goods amp services
bull Use Factors of Production - The productive resources that go into producing goods and services
Production Equation
LAND + LABOR + CAPITAL = GOODSERVICE
inputs output
Economic Interdependence
bullWhat does lsquointerdependencersquo mean
bullIs our world becoming economic interdependent or independent
bullEconomic Interdependence the actions of one part of the
country (world) has an impact on what happens elsewhere
Wants amp Needs gt
Resources
Because of scarcity we
have to make choices
How do we make a choice What do we give up
What does this remind you of from our government unit
Making Choices to Deal With Scarcity
bullPeople seek to maximize their utility when making decisions This requires them to consider tradeoffs
Utility ndash the satisfaction or benefit a person receives from consuming a good or service
Tradeoffs ndash the alternate choices people have when making a decision also the benefitsadvantages of making on
decision over another
ExampleshellipbullSome choices are easy to makehellip
HmmhellipShould I have pizza or a hoagie for lunch today
bullOther decisions are agonizinghellipShould I get out of bed and go to
school today or should I sleep in
Task Reflecting on Personal Trade-offshellip
In the end what helped you decide amongst your choices
Think of ONE decision thatyou had to make in the last weekhellipIdentify your various
tradeoffs for that decision
Be prepared to share
Opportunity Cost
bullWhen comparing the top 2 choices it is the BENEFIT of the next best alternative that must be sacrificed to satisfy a want
bullYou do a cost-benefit analysis to figure out which decision is most beneficial
Opportunity Cost ndash The best thing we give up to get what
we want
What else influences your choices
bullPeople make decisions based on their marginal utility or the extra satisfaction they gain from one additional unit of a goodservice
bullLaw of Diminishing Marginal Utility says that as we get or do more of something the pleasure we derive from it tends to decrease and so does our willingness to buy it or do it
FinallyhellipWhy it Matters
Understanding the opportunity coststradeoffs of different choices in life makes you a
better decision-maker
Todayrsquos Message ndash ldquoTherersquos No Such Thing As a Free Lunchrdquo
You always have to give something uphelliprdquo
ALL Individuals Businesses amp Societies have to consider tradeoffsopportunity costs when making
decisions
Visualizing the Relationshiphellip
Limited Resources amp Unlimited Wants
Scarcity
Trade-offs (choices)
Opportunity Costs
ObjectivesEssential Questions
bullObjectivebullI will be able to understand (and teach)
the three different types of economies
bullEssential Question How do the different types of economies work
How Can We Measure What We Gain and Lose When
Making Choices
Answer With a Production Possibilities Frontier
Production Possibilities Frontier
bullDiagram representing the possible combinations of goods and or services an economy can produce when all resources are being fully employed
PPF Assumptions
bullWe live in a two good worldbullThere are fixed resourcesbullThere is fixed technologybullResources are not specialized
Production Possibilities Curve
CD
E
OU
TP
UT
OF
CO
NS
UM
ER
GO
OD
S
(un
its
per
yea
r)
OUTPUT OF MILITARY GOODS (units per year)
A
BO
XF
G
Limited resources necessitate choices about WHAT to produce
The Choices Nations Make
bullA nation must choose what to do with its scarce resources during war or periods of military buildup
bullProduce military goods or consumer goods
Economic Growth
2000 production possibilities
1900 production possibilities
OU
TP
UT
OF
CO
NS
UM
ER
GO
OD
S(u
nits
per
yea
r)
OUTPUT OF MILITARY GOODS (units per year)
Production possibilities increases with more resources and technology
The Classic Guns and Butter example
Guns
Butter
10000 20000 30000 40000 50000
1000009500085000
70000
5000040000
BA
C
D
E
F
At point A all resources are used for butter
Moving from point A to point B requires shifting resources out of butter and into guns
At point F all resources are used for Guns
Productivitybull A PPF can help us see how efficient our
choices are
bull Productivity - measurement of how efficiently we are utilizing our resources Is this the same as production
bull An economy producing on the curve = using their resources to produce the MAXIMUM amount of goodsservices
Locations on a PPF
bull Efficient Point place where an economy is achieving as much output as possible from a given amount of resources ndash occurs at any point on the curve
bull Inefficient Point ndash place where the economy is not functioning as it could be ndash occurs at any point inside the curve
bull Unattainable Point ndash place where the economy cannot produce given its current resources ndash occurs at any point outside the curve
Food
Computer
4
3
2
1
1 2 3 4
OC between 1 and 2 computers = 1 Food
UnitOC between 3 and 4 computers = 1 Food
Unit
Constantly giving up the same quantity of food to get
additional computers
STRAIGHT-LINE PPFs Constant OC
BOWED-OUT PPFs VaryingIncreasing OC
Principle of Increasing Costs
As a society produces more of one product the OC of producing
that product increases because we are using more resources that are poorly suited to produce it
Economic Systems
An economic system is the way a society coordinates the production and consumption of goods amp services
How a society answers the three basic economic questions determines which type of economic system they are
Three Types of Economic Systems Command Traditional Market
Jigsaw activity
bullYou will be placed in groups of 3 and assigned a type of economy
bullYou will have 7 minutes to read and come up with 4 key components
bullAfter the 7 minuteshellip 1rsquos go to the front of the classroom2rsquos go to the wall nearest the door3rsquos go to the wall nearest the courtyard
Economic amp Social Goals of an Economic System
bull Economic Freedom
bull Economic Efficiency
bull Economic Equity
bull Economic Security
Economic Stability
Economic Growth
Review of Economic Systems
bullA traditional economy relies on custom and tradition to dictate production and consumption
bullIn a command economy decisions about production and consumption are made by a powerful ruler or central authority
bullIn a market economy individual producers and consumers coordinate economic activity
What are the most important goals of each economic system
bullTraditionalSecurity and
StabilitybullCommand
Equity and Security
bullMARKETEfficiency and
Freedom
Societies differ in the degree of importance they attach to each goal Progress toward one goal can sometimes be achieved only
at the expense of another (TRADEOFFS)
Which economic system does the US use
The American Economic System
bullWe have a mixed market economy
COMMAND MARKET
The US mixed economybull In a mixed economyhellip
Individuals Own the factors of production Possess freedom to produce or consume Must operate under confines of law
Government Protects workers and consumers Regulates business and preserves competition Provide public goodsbenefits
Think backhellip
bullWhat does this remind you of from the beginning of the unit
US Economic System Characteristics 1 Economic freedom (ldquolaissez-fairerdquo)
2 Limited government
3 Equal opportunity
4 Competition
5 Profit motive
6 Property Rights
7 Binding Contracts
Understanding how all parts fit together
Circular Flow of Economic Activity Represents a market economy
2 main ldquomarketsrdquoProduct Market Factor Market
where goods and services where the 4 factors ofare boughtsold production are boughtsold
Shows interdependence between
businesses and individuals
Marriage Vowsbull CONGRATULATIONS The government and the economy
are renewing their marriage vows You are cordially invited to the ceremony but this perfect couple needs your help
bull Using what you have learned this unit and using the textbook
bull You will explain the way government and the economy are connected (made for each other) You will demonstrate this answer in the format of wedding vows
bull You must use at least 5 of the following words Producers Taxes Consumers Restrictions Markets Freedom GoodsServices Limited
bull Look back to US Economic System Characteristics bull Each set of vows must be at least 6 lines
Do you remember
bullWrite the following question downbullWhy does the United States have a
democracy and mixed economy
- Foundations of Government and Economics
- On your blank piece of paperhellip
- Slide 3
- Warm-Up 1 - 9414
- Introductory thoughts hellip
- Slide 6
- 2 How about to your life
- Slide 8
- Slide 9
- Slide 10
- Slide 11
- Warm Up -2a- 9514 The New York Times and CBS News Pollhellip
- Warm up 2bndash In Journal-
- Economist and Politician Assumptions
- Individualism
- Quote activity
- Quote breakdown
- Warm Up 3- Current Event 9814
- Purpose of Government
- Slide 20
- 3 Theorists
- Activity
- Origins of American Government A customized government
- Origins of American Government A customized government (2)
- Origins of American Government A customized government (3)
- With which theory do you agree more Why
- The ldquoOriginal Dilemmardquo
- Warm Up 5 Hobbes and Locke
- Groups Block 2
- Groups Block 4
- Balloon Game
- You will have 10 minutes to get as many filled balloons on the
- Balloon Game Debriefing
- Political Theories
- Social Contract
- Natural Rights
- Democracy
- Concepts of Government
- Warm up 6 ndash 91114
- Warm Up 7
- And after the Constitution
- Activity (2)
- Picture Activity
- Constitutional Convention
- Purpose of the Convention
- VA Plan v NJ Plan
- Virginia Plan ldquoLarge State Planrdquo
- New Jersey Plan ldquoSmall State Planrdquo
- Your Task
- Closure
- States agree
- Quote
- Structure of Constitution
- Structure of Constitution
- 6 Purpose of Government
- Structure of Constitution (2)
- Structure of Constitution (3)
- Principles of Constitution
- Activity
- Slide 60
- Check for Understanding Six Principles
- Question 1
- Question 2
- Question 3
- Question 4
- Question 5
- Question 6
- Question 7
- Question 8
- Groups
- Separation of Powers
- Video
- Checks and Balances
- Slide 74
- Checks and balances
- Basic Principles
- Self- Worth
- Equality
- Compromise
- Individual Freedom
- Write your ownhellip
- Slide 82
- TED Talk
- Closure
- What is Economics
- Economics ishellip
- Back to our assumptionshellip
- Scarcity refers to the limited number of resources (factors of
- For the videohellip
- Slide 90
- Post Videohellip
- Advertisement
- Political Cartoon Analysis
- Factors of Production
- TASK
- The price ofhellip
- Economic efficiency is achieved when all available resources ar
- 1 What to produce
- 2 How to produce it
- 3 For whom to produce it
- Application Activity
- EQs
- Objectives amp Essential Questions
- Group Activity Budget Activity
- Slide 105
- How do we satisfy our economic wants
- How do we make goods amp services
- Economic Interdependence
- Slide 109
- Making Choices to Deal With Scarcity
- Exampleshellip
- Task Reflecting on Personal Trade-offshellip
- Opportunity Cost
- What else influences your choices
- Finallyhellip Why it Matters
- Visualizing the Relationshiphellip
- ObjectivesEssential Questions
- How Can We Measure What We Gain and Lose When Making Choices
- Production Possibilities Frontier
- PPF Assumptions
- Slide 121
- Production Possibilities Curve
- The Choices Nations Make
- Economic Growth
- The Classic Guns and Butter example
- Productivity
- Locations on a PPF
- Slide 128
- BOWED-OUT PPFs VaryingIncreasing OC
- Economic Systems
- Jigsaw activity
- Slide 132
- Economic amp Social Goals of an Economic System
- Review of Economic Systems
- Slide 135
- What are the most important goals of each economic system
- Which economic system does the US use
- The American Economic System
- The US mixed economy
- Slide 140
- Think backhellip
- US Economic System Characteristics
- Slide 143
- Understanding how all parts fit together
- Marriage Vows
- Do you remember
- Slide 147
-
Question 6
bullCongress in 2005 passes the Stem Cell Research Bill but President Bush vetos the bill
CHECKS AND BALANCES
Question 7
bullThe Supreme Court in 1954 determined that ldquoseparate but equalrdquo was not constitutional and overturned the Plessy vs Ferguson ruling
JUDICIAL REVIEW
Question 8
bullVA has a law that requires all candidates for a professional cosmeticianrsquos license complete classroom hours an unpaid internship and pass a qualifying test
Federalism
GroupsPopular
SovereigntySeparation of
PowersFederalism
bull bull bull
Judicial Review
Limited Government
Checks and Balances
bull bull bull
Separation of Powers
bull Legislative branchmdashmakes the laws
bull Executive branchmdashenforces the laws
bull Judicial branchmdashinterprets the law
Video
bullhttpwwwbrainpopcomsocialstudiesusgovernmentandlawbranchesofgovernment
Checks and Balances
Checks and balances
bullIn what was do the branches check on one another
bullhttpwwwsheppardsoftwarecomusa_gamegovernmentchecks_and_balanceshtm
Basic Principles
bullThe tenets of democracy are built upon five principlesmdashWorth of the individualEquality of all personsMajority rule minority rightsNecessity of compromiseIndividual freedom
Self- Worth
bull A recognition of the fundamental worth of every person
bull The democratic process reflects the collective set of individuals who make up society
Equality Democratic concept insists that all entitled tobull equality of opportunity bull equality before the law
bull Equality of opportunity suggests that no person should be held back for any arbitrary reason and must be free to develop him- or herself as fully as heshe can (or cares to)
bull Equality before the law suggests that each person should be treated as the equal of all other persons before the law
Compromise
bull A matter of compromise to determine the position most acceptable to the largest number of people
bull Because each individual is important and considered the equal of all others it stands to reason that people can only make public decisions by way of compromise
bullWhy is compromise important
Individual Freedombull Right of the
individual to be free as far as the freedom of all will allow
bull Democracy does not and cannot insist on the absolute freedom of the individual person
Write your ownhellipbull Now that you know what the foundations of
government arehellip Create your own Constitution (Or social contract)
What do you think is important to include What do you think could be taken out
Start with ldquoWe the peoplehelliprdquo and create the ideal contract
Preamble (brief introduction) Articles (what should it include based on what we
learned so far Include and agree on 10 points) Amendments (what do you think it should take to
change it)
bullFor your quiz tomorrowhellip What questions would you expect to seeWrite 5 and the answers on the back of the
paper
TED Talk
bullhttpwwwyoutubecomwatchv=ypqQ3-agpZo
Closure
bullExplain two principles of the constitution and how are they connected
What is Economics
bull Is the study of how people choose to use their limited resources to satisfy their unlimited wants and needs
Important Parts of Economicsndash
CHOICESSCARCITY
Economics ishellip
bullDependent upon assumptions
bullDependent upon simplification of reality
Back to our assumptionshellip
bullHuman Beings are rationalbullAll societies suffer from scarcity bullAll buyers seek to maximize utility
bullAll sellers seek to maximize profits
Scarcity refers to the limited number of resources (factors of production) that can be used to satisfy the unlimited human wants and needs
For the videohellip
bullWrite down 3 things you did not knowbullWrite down 3 things you did know
bullhttpwwwyoutubecomwatchv=TO7UTNS7r0w
Post Videohellip
bullDefine the main idea of the video in 4-5 words
Advertisement
bullKnowing some of the basics about what economics is and why we study ithellip
bullCreate an advertisement for an economics course BE SURE TO INCLUDE
3 images that represent different economic ideas
2 ldquothought bubblesrdquo that represent things yoursquoll learn about in economics
1 slogan that represents why economics is an important course to take
Political Cartoon Analysis
Factors of Production bull LAND
Also called Natural Resources Consider them ldquogifts of naturerdquo such as air
soil minerals water and plants
bull LABOR Also called Human Resources Includes physical and mental activities that go
into producing goodsservices
bull CAPITAL Includes tools machines buildings and
technologies
bull ENTREPRENEUR Risk taker who is responsible for combining
land labor and capital to produce goods and services
TASK
bullTask Why are entrepreneurs the driving force in our economy
bullAnswer in 2-3 sentences
The price ofhellip
bullLand is rentbullCapital is interestbullLabor is wagesbullEntrepreneurship is profit
Economic efficiency is achieved when all available resources are being used
All societies must answer three basic questions to satisfy the needs and wants of their populations
1 What to produce
bullShould it be military or civilian goods
bullFood or clothingbullMedicine or movies
2 How to produce it
bullAutomated or manual labor
bullExpensive or cheap materials
bullDomestic or overseas labor
3 For whom to produce it
bullThe wealthy or the needybullThe sick or the healthy
Application Activity
bull In groups of 2-3 create your own country (name it please)
bull With your countryrsquos name explain the Population geography and general population
information (iehellipbull Choose 5 items for your country to produce and
answer the three societal questions for eachALSO explain why this material would help your
economy thrivereach economic efficiencybull Create an advertisement for your country
withhellip Images representing what you produce and a
slogan for why your country is awesome
EQs
bullHow does scarcity impact decision making
Objectives amp Essential QuestionsbullObjectives
I will be able to create and reflect on a budget given new economics content
I will be able to understand scarcity and our mixed economy
bullEssential QuestionsHow does scarcity impact decision makingHow do we satisfy our economic wants
Group Activity Budget Activity
bullTeacher will break you into groups In your groups you will be creating a budget for a single family
bullYour group has been given an income for a year Given your family situation negotiate with your ldquofamilyrdquo to complete a budget for 1 month (keep in mind your $$ is in a given year)
bullhttpwwwyoutubecomwatchv=yoVc_S_gd_0
How do we satisfy our economic wants
bull We buy goods or services
bull Good ndash a physical object (tangible) that has been produced for salebull Durable ndash last 3+ yearsbull Nondurable ndash last up to 3 years
bull Service ndash work done by someone else for which someone is willing to pay
How do we make goods amp services
bull Use Factors of Production - The productive resources that go into producing goods and services
Production Equation
LAND + LABOR + CAPITAL = GOODSERVICE
inputs output
Economic Interdependence
bullWhat does lsquointerdependencersquo mean
bullIs our world becoming economic interdependent or independent
bullEconomic Interdependence the actions of one part of the
country (world) has an impact on what happens elsewhere
Wants amp Needs gt
Resources
Because of scarcity we
have to make choices
How do we make a choice What do we give up
What does this remind you of from our government unit
Making Choices to Deal With Scarcity
bullPeople seek to maximize their utility when making decisions This requires them to consider tradeoffs
Utility ndash the satisfaction or benefit a person receives from consuming a good or service
Tradeoffs ndash the alternate choices people have when making a decision also the benefitsadvantages of making on
decision over another
ExampleshellipbullSome choices are easy to makehellip
HmmhellipShould I have pizza or a hoagie for lunch today
bullOther decisions are agonizinghellipShould I get out of bed and go to
school today or should I sleep in
Task Reflecting on Personal Trade-offshellip
In the end what helped you decide amongst your choices
Think of ONE decision thatyou had to make in the last weekhellipIdentify your various
tradeoffs for that decision
Be prepared to share
Opportunity Cost
bullWhen comparing the top 2 choices it is the BENEFIT of the next best alternative that must be sacrificed to satisfy a want
bullYou do a cost-benefit analysis to figure out which decision is most beneficial
Opportunity Cost ndash The best thing we give up to get what
we want
What else influences your choices
bullPeople make decisions based on their marginal utility or the extra satisfaction they gain from one additional unit of a goodservice
bullLaw of Diminishing Marginal Utility says that as we get or do more of something the pleasure we derive from it tends to decrease and so does our willingness to buy it or do it
FinallyhellipWhy it Matters
Understanding the opportunity coststradeoffs of different choices in life makes you a
better decision-maker
Todayrsquos Message ndash ldquoTherersquos No Such Thing As a Free Lunchrdquo
You always have to give something uphelliprdquo
ALL Individuals Businesses amp Societies have to consider tradeoffsopportunity costs when making
decisions
Visualizing the Relationshiphellip
Limited Resources amp Unlimited Wants
Scarcity
Trade-offs (choices)
Opportunity Costs
ObjectivesEssential Questions
bullObjectivebullI will be able to understand (and teach)
the three different types of economies
bullEssential Question How do the different types of economies work
How Can We Measure What We Gain and Lose When
Making Choices
Answer With a Production Possibilities Frontier
Production Possibilities Frontier
bullDiagram representing the possible combinations of goods and or services an economy can produce when all resources are being fully employed
PPF Assumptions
bullWe live in a two good worldbullThere are fixed resourcesbullThere is fixed technologybullResources are not specialized
Production Possibilities Curve
CD
E
OU
TP
UT
OF
CO
NS
UM
ER
GO
OD
S
(un
its
per
yea
r)
OUTPUT OF MILITARY GOODS (units per year)
A
BO
XF
G
Limited resources necessitate choices about WHAT to produce
The Choices Nations Make
bullA nation must choose what to do with its scarce resources during war or periods of military buildup
bullProduce military goods or consumer goods
Economic Growth
2000 production possibilities
1900 production possibilities
OU
TP
UT
OF
CO
NS
UM
ER
GO
OD
S(u
nits
per
yea
r)
OUTPUT OF MILITARY GOODS (units per year)
Production possibilities increases with more resources and technology
The Classic Guns and Butter example
Guns
Butter
10000 20000 30000 40000 50000
1000009500085000
70000
5000040000
BA
C
D
E
F
At point A all resources are used for butter
Moving from point A to point B requires shifting resources out of butter and into guns
At point F all resources are used for Guns
Productivitybull A PPF can help us see how efficient our
choices are
bull Productivity - measurement of how efficiently we are utilizing our resources Is this the same as production
bull An economy producing on the curve = using their resources to produce the MAXIMUM amount of goodsservices
Locations on a PPF
bull Efficient Point place where an economy is achieving as much output as possible from a given amount of resources ndash occurs at any point on the curve
bull Inefficient Point ndash place where the economy is not functioning as it could be ndash occurs at any point inside the curve
bull Unattainable Point ndash place where the economy cannot produce given its current resources ndash occurs at any point outside the curve
Food
Computer
4
3
2
1
1 2 3 4
OC between 1 and 2 computers = 1 Food
UnitOC between 3 and 4 computers = 1 Food
Unit
Constantly giving up the same quantity of food to get
additional computers
STRAIGHT-LINE PPFs Constant OC
BOWED-OUT PPFs VaryingIncreasing OC
Principle of Increasing Costs
As a society produces more of one product the OC of producing
that product increases because we are using more resources that are poorly suited to produce it
Economic Systems
An economic system is the way a society coordinates the production and consumption of goods amp services
How a society answers the three basic economic questions determines which type of economic system they are
Three Types of Economic Systems Command Traditional Market
Jigsaw activity
bullYou will be placed in groups of 3 and assigned a type of economy
bullYou will have 7 minutes to read and come up with 4 key components
bullAfter the 7 minuteshellip 1rsquos go to the front of the classroom2rsquos go to the wall nearest the door3rsquos go to the wall nearest the courtyard
Economic amp Social Goals of an Economic System
bull Economic Freedom
bull Economic Efficiency
bull Economic Equity
bull Economic Security
Economic Stability
Economic Growth
Review of Economic Systems
bullA traditional economy relies on custom and tradition to dictate production and consumption
bullIn a command economy decisions about production and consumption are made by a powerful ruler or central authority
bullIn a market economy individual producers and consumers coordinate economic activity
What are the most important goals of each economic system
bullTraditionalSecurity and
StabilitybullCommand
Equity and Security
bullMARKETEfficiency and
Freedom
Societies differ in the degree of importance they attach to each goal Progress toward one goal can sometimes be achieved only
at the expense of another (TRADEOFFS)
Which economic system does the US use
The American Economic System
bullWe have a mixed market economy
COMMAND MARKET
The US mixed economybull In a mixed economyhellip
Individuals Own the factors of production Possess freedom to produce or consume Must operate under confines of law
Government Protects workers and consumers Regulates business and preserves competition Provide public goodsbenefits
Think backhellip
bullWhat does this remind you of from the beginning of the unit
US Economic System Characteristics 1 Economic freedom (ldquolaissez-fairerdquo)
2 Limited government
3 Equal opportunity
4 Competition
5 Profit motive
6 Property Rights
7 Binding Contracts
Understanding how all parts fit together
Circular Flow of Economic Activity Represents a market economy
2 main ldquomarketsrdquoProduct Market Factor Market
where goods and services where the 4 factors ofare boughtsold production are boughtsold
Shows interdependence between
businesses and individuals
Marriage Vowsbull CONGRATULATIONS The government and the economy
are renewing their marriage vows You are cordially invited to the ceremony but this perfect couple needs your help
bull Using what you have learned this unit and using the textbook
bull You will explain the way government and the economy are connected (made for each other) You will demonstrate this answer in the format of wedding vows
bull You must use at least 5 of the following words Producers Taxes Consumers Restrictions Markets Freedom GoodsServices Limited
bull Look back to US Economic System Characteristics bull Each set of vows must be at least 6 lines
Do you remember
bullWrite the following question downbullWhy does the United States have a
democracy and mixed economy
- Foundations of Government and Economics
- On your blank piece of paperhellip
- Slide 3
- Warm-Up 1 - 9414
- Introductory thoughts hellip
- Slide 6
- 2 How about to your life
- Slide 8
- Slide 9
- Slide 10
- Slide 11
- Warm Up -2a- 9514 The New York Times and CBS News Pollhellip
- Warm up 2bndash In Journal-
- Economist and Politician Assumptions
- Individualism
- Quote activity
- Quote breakdown
- Warm Up 3- Current Event 9814
- Purpose of Government
- Slide 20
- 3 Theorists
- Activity
- Origins of American Government A customized government
- Origins of American Government A customized government (2)
- Origins of American Government A customized government (3)
- With which theory do you agree more Why
- The ldquoOriginal Dilemmardquo
- Warm Up 5 Hobbes and Locke
- Groups Block 2
- Groups Block 4
- Balloon Game
- You will have 10 minutes to get as many filled balloons on the
- Balloon Game Debriefing
- Political Theories
- Social Contract
- Natural Rights
- Democracy
- Concepts of Government
- Warm up 6 ndash 91114
- Warm Up 7
- And after the Constitution
- Activity (2)
- Picture Activity
- Constitutional Convention
- Purpose of the Convention
- VA Plan v NJ Plan
- Virginia Plan ldquoLarge State Planrdquo
- New Jersey Plan ldquoSmall State Planrdquo
- Your Task
- Closure
- States agree
- Quote
- Structure of Constitution
- Structure of Constitution
- 6 Purpose of Government
- Structure of Constitution (2)
- Structure of Constitution (3)
- Principles of Constitution
- Activity
- Slide 60
- Check for Understanding Six Principles
- Question 1
- Question 2
- Question 3
- Question 4
- Question 5
- Question 6
- Question 7
- Question 8
- Groups
- Separation of Powers
- Video
- Checks and Balances
- Slide 74
- Checks and balances
- Basic Principles
- Self- Worth
- Equality
- Compromise
- Individual Freedom
- Write your ownhellip
- Slide 82
- TED Talk
- Closure
- What is Economics
- Economics ishellip
- Back to our assumptionshellip
- Scarcity refers to the limited number of resources (factors of
- For the videohellip
- Slide 90
- Post Videohellip
- Advertisement
- Political Cartoon Analysis
- Factors of Production
- TASK
- The price ofhellip
- Economic efficiency is achieved when all available resources ar
- 1 What to produce
- 2 How to produce it
- 3 For whom to produce it
- Application Activity
- EQs
- Objectives amp Essential Questions
- Group Activity Budget Activity
- Slide 105
- How do we satisfy our economic wants
- How do we make goods amp services
- Economic Interdependence
- Slide 109
- Making Choices to Deal With Scarcity
- Exampleshellip
- Task Reflecting on Personal Trade-offshellip
- Opportunity Cost
- What else influences your choices
- Finallyhellip Why it Matters
- Visualizing the Relationshiphellip
- ObjectivesEssential Questions
- How Can We Measure What We Gain and Lose When Making Choices
- Production Possibilities Frontier
- PPF Assumptions
- Slide 121
- Production Possibilities Curve
- The Choices Nations Make
- Economic Growth
- The Classic Guns and Butter example
- Productivity
- Locations on a PPF
- Slide 128
- BOWED-OUT PPFs VaryingIncreasing OC
- Economic Systems
- Jigsaw activity
- Slide 132
- Economic amp Social Goals of an Economic System
- Review of Economic Systems
- Slide 135
- What are the most important goals of each economic system
- Which economic system does the US use
- The American Economic System
- The US mixed economy
- Slide 140
- Think backhellip
- US Economic System Characteristics
- Slide 143
- Understanding how all parts fit together
- Marriage Vows
- Do you remember
- Slide 147
-
Question 7
bullThe Supreme Court in 1954 determined that ldquoseparate but equalrdquo was not constitutional and overturned the Plessy vs Ferguson ruling
JUDICIAL REVIEW
Question 8
bullVA has a law that requires all candidates for a professional cosmeticianrsquos license complete classroom hours an unpaid internship and pass a qualifying test
Federalism
GroupsPopular
SovereigntySeparation of
PowersFederalism
bull bull bull
Judicial Review
Limited Government
Checks and Balances
bull bull bull
Separation of Powers
bull Legislative branchmdashmakes the laws
bull Executive branchmdashenforces the laws
bull Judicial branchmdashinterprets the law
Video
bullhttpwwwbrainpopcomsocialstudiesusgovernmentandlawbranchesofgovernment
Checks and Balances
Checks and balances
bullIn what was do the branches check on one another
bullhttpwwwsheppardsoftwarecomusa_gamegovernmentchecks_and_balanceshtm
Basic Principles
bullThe tenets of democracy are built upon five principlesmdashWorth of the individualEquality of all personsMajority rule minority rightsNecessity of compromiseIndividual freedom
Self- Worth
bull A recognition of the fundamental worth of every person
bull The democratic process reflects the collective set of individuals who make up society
Equality Democratic concept insists that all entitled tobull equality of opportunity bull equality before the law
bull Equality of opportunity suggests that no person should be held back for any arbitrary reason and must be free to develop him- or herself as fully as heshe can (or cares to)
bull Equality before the law suggests that each person should be treated as the equal of all other persons before the law
Compromise
bull A matter of compromise to determine the position most acceptable to the largest number of people
bull Because each individual is important and considered the equal of all others it stands to reason that people can only make public decisions by way of compromise
bullWhy is compromise important
Individual Freedombull Right of the
individual to be free as far as the freedom of all will allow
bull Democracy does not and cannot insist on the absolute freedom of the individual person
Write your ownhellipbull Now that you know what the foundations of
government arehellip Create your own Constitution (Or social contract)
What do you think is important to include What do you think could be taken out
Start with ldquoWe the peoplehelliprdquo and create the ideal contract
Preamble (brief introduction) Articles (what should it include based on what we
learned so far Include and agree on 10 points) Amendments (what do you think it should take to
change it)
bullFor your quiz tomorrowhellip What questions would you expect to seeWrite 5 and the answers on the back of the
paper
TED Talk
bullhttpwwwyoutubecomwatchv=ypqQ3-agpZo
Closure
bullExplain two principles of the constitution and how are they connected
What is Economics
bull Is the study of how people choose to use their limited resources to satisfy their unlimited wants and needs
Important Parts of Economicsndash
CHOICESSCARCITY
Economics ishellip
bullDependent upon assumptions
bullDependent upon simplification of reality
Back to our assumptionshellip
bullHuman Beings are rationalbullAll societies suffer from scarcity bullAll buyers seek to maximize utility
bullAll sellers seek to maximize profits
Scarcity refers to the limited number of resources (factors of production) that can be used to satisfy the unlimited human wants and needs
For the videohellip
bullWrite down 3 things you did not knowbullWrite down 3 things you did know
bullhttpwwwyoutubecomwatchv=TO7UTNS7r0w
Post Videohellip
bullDefine the main idea of the video in 4-5 words
Advertisement
bullKnowing some of the basics about what economics is and why we study ithellip
bullCreate an advertisement for an economics course BE SURE TO INCLUDE
3 images that represent different economic ideas
2 ldquothought bubblesrdquo that represent things yoursquoll learn about in economics
1 slogan that represents why economics is an important course to take
Political Cartoon Analysis
Factors of Production bull LAND
Also called Natural Resources Consider them ldquogifts of naturerdquo such as air
soil minerals water and plants
bull LABOR Also called Human Resources Includes physical and mental activities that go
into producing goodsservices
bull CAPITAL Includes tools machines buildings and
technologies
bull ENTREPRENEUR Risk taker who is responsible for combining
land labor and capital to produce goods and services
TASK
bullTask Why are entrepreneurs the driving force in our economy
bullAnswer in 2-3 sentences
The price ofhellip
bullLand is rentbullCapital is interestbullLabor is wagesbullEntrepreneurship is profit
Economic efficiency is achieved when all available resources are being used
All societies must answer three basic questions to satisfy the needs and wants of their populations
1 What to produce
bullShould it be military or civilian goods
bullFood or clothingbullMedicine or movies
2 How to produce it
bullAutomated or manual labor
bullExpensive or cheap materials
bullDomestic or overseas labor
3 For whom to produce it
bullThe wealthy or the needybullThe sick or the healthy
Application Activity
bull In groups of 2-3 create your own country (name it please)
bull With your countryrsquos name explain the Population geography and general population
information (iehellipbull Choose 5 items for your country to produce and
answer the three societal questions for eachALSO explain why this material would help your
economy thrivereach economic efficiencybull Create an advertisement for your country
withhellip Images representing what you produce and a
slogan for why your country is awesome
EQs
bullHow does scarcity impact decision making
Objectives amp Essential QuestionsbullObjectives
I will be able to create and reflect on a budget given new economics content
I will be able to understand scarcity and our mixed economy
bullEssential QuestionsHow does scarcity impact decision makingHow do we satisfy our economic wants
Group Activity Budget Activity
bullTeacher will break you into groups In your groups you will be creating a budget for a single family
bullYour group has been given an income for a year Given your family situation negotiate with your ldquofamilyrdquo to complete a budget for 1 month (keep in mind your $$ is in a given year)
bullhttpwwwyoutubecomwatchv=yoVc_S_gd_0
How do we satisfy our economic wants
bull We buy goods or services
bull Good ndash a physical object (tangible) that has been produced for salebull Durable ndash last 3+ yearsbull Nondurable ndash last up to 3 years
bull Service ndash work done by someone else for which someone is willing to pay
How do we make goods amp services
bull Use Factors of Production - The productive resources that go into producing goods and services
Production Equation
LAND + LABOR + CAPITAL = GOODSERVICE
inputs output
Economic Interdependence
bullWhat does lsquointerdependencersquo mean
bullIs our world becoming economic interdependent or independent
bullEconomic Interdependence the actions of one part of the
country (world) has an impact on what happens elsewhere
Wants amp Needs gt
Resources
Because of scarcity we
have to make choices
How do we make a choice What do we give up
What does this remind you of from our government unit
Making Choices to Deal With Scarcity
bullPeople seek to maximize their utility when making decisions This requires them to consider tradeoffs
Utility ndash the satisfaction or benefit a person receives from consuming a good or service
Tradeoffs ndash the alternate choices people have when making a decision also the benefitsadvantages of making on
decision over another
ExampleshellipbullSome choices are easy to makehellip
HmmhellipShould I have pizza or a hoagie for lunch today
bullOther decisions are agonizinghellipShould I get out of bed and go to
school today or should I sleep in
Task Reflecting on Personal Trade-offshellip
In the end what helped you decide amongst your choices
Think of ONE decision thatyou had to make in the last weekhellipIdentify your various
tradeoffs for that decision
Be prepared to share
Opportunity Cost
bullWhen comparing the top 2 choices it is the BENEFIT of the next best alternative that must be sacrificed to satisfy a want
bullYou do a cost-benefit analysis to figure out which decision is most beneficial
Opportunity Cost ndash The best thing we give up to get what
we want
What else influences your choices
bullPeople make decisions based on their marginal utility or the extra satisfaction they gain from one additional unit of a goodservice
bullLaw of Diminishing Marginal Utility says that as we get or do more of something the pleasure we derive from it tends to decrease and so does our willingness to buy it or do it
FinallyhellipWhy it Matters
Understanding the opportunity coststradeoffs of different choices in life makes you a
better decision-maker
Todayrsquos Message ndash ldquoTherersquos No Such Thing As a Free Lunchrdquo
You always have to give something uphelliprdquo
ALL Individuals Businesses amp Societies have to consider tradeoffsopportunity costs when making
decisions
Visualizing the Relationshiphellip
Limited Resources amp Unlimited Wants
Scarcity
Trade-offs (choices)
Opportunity Costs
ObjectivesEssential Questions
bullObjectivebullI will be able to understand (and teach)
the three different types of economies
bullEssential Question How do the different types of economies work
How Can We Measure What We Gain and Lose When
Making Choices
Answer With a Production Possibilities Frontier
Production Possibilities Frontier
bullDiagram representing the possible combinations of goods and or services an economy can produce when all resources are being fully employed
PPF Assumptions
bullWe live in a two good worldbullThere are fixed resourcesbullThere is fixed technologybullResources are not specialized
Production Possibilities Curve
CD
E
OU
TP
UT
OF
CO
NS
UM
ER
GO
OD
S
(un
its
per
yea
r)
OUTPUT OF MILITARY GOODS (units per year)
A
BO
XF
G
Limited resources necessitate choices about WHAT to produce
The Choices Nations Make
bullA nation must choose what to do with its scarce resources during war or periods of military buildup
bullProduce military goods or consumer goods
Economic Growth
2000 production possibilities
1900 production possibilities
OU
TP
UT
OF
CO
NS
UM
ER
GO
OD
S(u
nits
per
yea
r)
OUTPUT OF MILITARY GOODS (units per year)
Production possibilities increases with more resources and technology
The Classic Guns and Butter example
Guns
Butter
10000 20000 30000 40000 50000
1000009500085000
70000
5000040000
BA
C
D
E
F
At point A all resources are used for butter
Moving from point A to point B requires shifting resources out of butter and into guns
At point F all resources are used for Guns
Productivitybull A PPF can help us see how efficient our
choices are
bull Productivity - measurement of how efficiently we are utilizing our resources Is this the same as production
bull An economy producing on the curve = using their resources to produce the MAXIMUM amount of goodsservices
Locations on a PPF
bull Efficient Point place where an economy is achieving as much output as possible from a given amount of resources ndash occurs at any point on the curve
bull Inefficient Point ndash place where the economy is not functioning as it could be ndash occurs at any point inside the curve
bull Unattainable Point ndash place where the economy cannot produce given its current resources ndash occurs at any point outside the curve
Food
Computer
4
3
2
1
1 2 3 4
OC between 1 and 2 computers = 1 Food
UnitOC between 3 and 4 computers = 1 Food
Unit
Constantly giving up the same quantity of food to get
additional computers
STRAIGHT-LINE PPFs Constant OC
BOWED-OUT PPFs VaryingIncreasing OC
Principle of Increasing Costs
As a society produces more of one product the OC of producing
that product increases because we are using more resources that are poorly suited to produce it
Economic Systems
An economic system is the way a society coordinates the production and consumption of goods amp services
How a society answers the three basic economic questions determines which type of economic system they are
Three Types of Economic Systems Command Traditional Market
Jigsaw activity
bullYou will be placed in groups of 3 and assigned a type of economy
bullYou will have 7 minutes to read and come up with 4 key components
bullAfter the 7 minuteshellip 1rsquos go to the front of the classroom2rsquos go to the wall nearest the door3rsquos go to the wall nearest the courtyard
Economic amp Social Goals of an Economic System
bull Economic Freedom
bull Economic Efficiency
bull Economic Equity
bull Economic Security
Economic Stability
Economic Growth
Review of Economic Systems
bullA traditional economy relies on custom and tradition to dictate production and consumption
bullIn a command economy decisions about production and consumption are made by a powerful ruler or central authority
bullIn a market economy individual producers and consumers coordinate economic activity
What are the most important goals of each economic system
bullTraditionalSecurity and
StabilitybullCommand
Equity and Security
bullMARKETEfficiency and
Freedom
Societies differ in the degree of importance they attach to each goal Progress toward one goal can sometimes be achieved only
at the expense of another (TRADEOFFS)
Which economic system does the US use
The American Economic System
bullWe have a mixed market economy
COMMAND MARKET
The US mixed economybull In a mixed economyhellip
Individuals Own the factors of production Possess freedom to produce or consume Must operate under confines of law
Government Protects workers and consumers Regulates business and preserves competition Provide public goodsbenefits
Think backhellip
bullWhat does this remind you of from the beginning of the unit
US Economic System Characteristics 1 Economic freedom (ldquolaissez-fairerdquo)
2 Limited government
3 Equal opportunity
4 Competition
5 Profit motive
6 Property Rights
7 Binding Contracts
Understanding how all parts fit together
Circular Flow of Economic Activity Represents a market economy
2 main ldquomarketsrdquoProduct Market Factor Market
where goods and services where the 4 factors ofare boughtsold production are boughtsold
Shows interdependence between
businesses and individuals
Marriage Vowsbull CONGRATULATIONS The government and the economy
are renewing their marriage vows You are cordially invited to the ceremony but this perfect couple needs your help
bull Using what you have learned this unit and using the textbook
bull You will explain the way government and the economy are connected (made for each other) You will demonstrate this answer in the format of wedding vows
bull You must use at least 5 of the following words Producers Taxes Consumers Restrictions Markets Freedom GoodsServices Limited
bull Look back to US Economic System Characteristics bull Each set of vows must be at least 6 lines
Do you remember
bullWrite the following question downbullWhy does the United States have a
democracy and mixed economy
- Foundations of Government and Economics
- On your blank piece of paperhellip
- Slide 3
- Warm-Up 1 - 9414
- Introductory thoughts hellip
- Slide 6
- 2 How about to your life
- Slide 8
- Slide 9
- Slide 10
- Slide 11
- Warm Up -2a- 9514 The New York Times and CBS News Pollhellip
- Warm up 2bndash In Journal-
- Economist and Politician Assumptions
- Individualism
- Quote activity
- Quote breakdown
- Warm Up 3- Current Event 9814
- Purpose of Government
- Slide 20
- 3 Theorists
- Activity
- Origins of American Government A customized government
- Origins of American Government A customized government (2)
- Origins of American Government A customized government (3)
- With which theory do you agree more Why
- The ldquoOriginal Dilemmardquo
- Warm Up 5 Hobbes and Locke
- Groups Block 2
- Groups Block 4
- Balloon Game
- You will have 10 minutes to get as many filled balloons on the
- Balloon Game Debriefing
- Political Theories
- Social Contract
- Natural Rights
- Democracy
- Concepts of Government
- Warm up 6 ndash 91114
- Warm Up 7
- And after the Constitution
- Activity (2)
- Picture Activity
- Constitutional Convention
- Purpose of the Convention
- VA Plan v NJ Plan
- Virginia Plan ldquoLarge State Planrdquo
- New Jersey Plan ldquoSmall State Planrdquo
- Your Task
- Closure
- States agree
- Quote
- Structure of Constitution
- Structure of Constitution
- 6 Purpose of Government
- Structure of Constitution (2)
- Structure of Constitution (3)
- Principles of Constitution
- Activity
- Slide 60
- Check for Understanding Six Principles
- Question 1
- Question 2
- Question 3
- Question 4
- Question 5
- Question 6
- Question 7
- Question 8
- Groups
- Separation of Powers
- Video
- Checks and Balances
- Slide 74
- Checks and balances
- Basic Principles
- Self- Worth
- Equality
- Compromise
- Individual Freedom
- Write your ownhellip
- Slide 82
- TED Talk
- Closure
- What is Economics
- Economics ishellip
- Back to our assumptionshellip
- Scarcity refers to the limited number of resources (factors of
- For the videohellip
- Slide 90
- Post Videohellip
- Advertisement
- Political Cartoon Analysis
- Factors of Production
- TASK
- The price ofhellip
- Economic efficiency is achieved when all available resources ar
- 1 What to produce
- 2 How to produce it
- 3 For whom to produce it
- Application Activity
- EQs
- Objectives amp Essential Questions
- Group Activity Budget Activity
- Slide 105
- How do we satisfy our economic wants
- How do we make goods amp services
- Economic Interdependence
- Slide 109
- Making Choices to Deal With Scarcity
- Exampleshellip
- Task Reflecting on Personal Trade-offshellip
- Opportunity Cost
- What else influences your choices
- Finallyhellip Why it Matters
- Visualizing the Relationshiphellip
- ObjectivesEssential Questions
- How Can We Measure What We Gain and Lose When Making Choices
- Production Possibilities Frontier
- PPF Assumptions
- Slide 121
- Production Possibilities Curve
- The Choices Nations Make
- Economic Growth
- The Classic Guns and Butter example
- Productivity
- Locations on a PPF
- Slide 128
- BOWED-OUT PPFs VaryingIncreasing OC
- Economic Systems
- Jigsaw activity
- Slide 132
- Economic amp Social Goals of an Economic System
- Review of Economic Systems
- Slide 135
- What are the most important goals of each economic system
- Which economic system does the US use
- The American Economic System
- The US mixed economy
- Slide 140
- Think backhellip
- US Economic System Characteristics
- Slide 143
- Understanding how all parts fit together
- Marriage Vows
- Do you remember
- Slide 147
-
Question 8
bullVA has a law that requires all candidates for a professional cosmeticianrsquos license complete classroom hours an unpaid internship and pass a qualifying test
Federalism
GroupsPopular
SovereigntySeparation of
PowersFederalism
bull bull bull
Judicial Review
Limited Government
Checks and Balances
bull bull bull
Separation of Powers
bull Legislative branchmdashmakes the laws
bull Executive branchmdashenforces the laws
bull Judicial branchmdashinterprets the law
Video
bullhttpwwwbrainpopcomsocialstudiesusgovernmentandlawbranchesofgovernment
Checks and Balances
Checks and balances
bullIn what was do the branches check on one another
bullhttpwwwsheppardsoftwarecomusa_gamegovernmentchecks_and_balanceshtm
Basic Principles
bullThe tenets of democracy are built upon five principlesmdashWorth of the individualEquality of all personsMajority rule minority rightsNecessity of compromiseIndividual freedom
Self- Worth
bull A recognition of the fundamental worth of every person
bull The democratic process reflects the collective set of individuals who make up society
Equality Democratic concept insists that all entitled tobull equality of opportunity bull equality before the law
bull Equality of opportunity suggests that no person should be held back for any arbitrary reason and must be free to develop him- or herself as fully as heshe can (or cares to)
bull Equality before the law suggests that each person should be treated as the equal of all other persons before the law
Compromise
bull A matter of compromise to determine the position most acceptable to the largest number of people
bull Because each individual is important and considered the equal of all others it stands to reason that people can only make public decisions by way of compromise
bullWhy is compromise important
Individual Freedombull Right of the
individual to be free as far as the freedom of all will allow
bull Democracy does not and cannot insist on the absolute freedom of the individual person
Write your ownhellipbull Now that you know what the foundations of
government arehellip Create your own Constitution (Or social contract)
What do you think is important to include What do you think could be taken out
Start with ldquoWe the peoplehelliprdquo and create the ideal contract
Preamble (brief introduction) Articles (what should it include based on what we
learned so far Include and agree on 10 points) Amendments (what do you think it should take to
change it)
bullFor your quiz tomorrowhellip What questions would you expect to seeWrite 5 and the answers on the back of the
paper
TED Talk
bullhttpwwwyoutubecomwatchv=ypqQ3-agpZo
Closure
bullExplain two principles of the constitution and how are they connected
What is Economics
bull Is the study of how people choose to use their limited resources to satisfy their unlimited wants and needs
Important Parts of Economicsndash
CHOICESSCARCITY
Economics ishellip
bullDependent upon assumptions
bullDependent upon simplification of reality
Back to our assumptionshellip
bullHuman Beings are rationalbullAll societies suffer from scarcity bullAll buyers seek to maximize utility
bullAll sellers seek to maximize profits
Scarcity refers to the limited number of resources (factors of production) that can be used to satisfy the unlimited human wants and needs
For the videohellip
bullWrite down 3 things you did not knowbullWrite down 3 things you did know
bullhttpwwwyoutubecomwatchv=TO7UTNS7r0w
Post Videohellip
bullDefine the main idea of the video in 4-5 words
Advertisement
bullKnowing some of the basics about what economics is and why we study ithellip
bullCreate an advertisement for an economics course BE SURE TO INCLUDE
3 images that represent different economic ideas
2 ldquothought bubblesrdquo that represent things yoursquoll learn about in economics
1 slogan that represents why economics is an important course to take
Political Cartoon Analysis
Factors of Production bull LAND
Also called Natural Resources Consider them ldquogifts of naturerdquo such as air
soil minerals water and plants
bull LABOR Also called Human Resources Includes physical and mental activities that go
into producing goodsservices
bull CAPITAL Includes tools machines buildings and
technologies
bull ENTREPRENEUR Risk taker who is responsible for combining
land labor and capital to produce goods and services
TASK
bullTask Why are entrepreneurs the driving force in our economy
bullAnswer in 2-3 sentences
The price ofhellip
bullLand is rentbullCapital is interestbullLabor is wagesbullEntrepreneurship is profit
Economic efficiency is achieved when all available resources are being used
All societies must answer three basic questions to satisfy the needs and wants of their populations
1 What to produce
bullShould it be military or civilian goods
bullFood or clothingbullMedicine or movies
2 How to produce it
bullAutomated or manual labor
bullExpensive or cheap materials
bullDomestic or overseas labor
3 For whom to produce it
bullThe wealthy or the needybullThe sick or the healthy
Application Activity
bull In groups of 2-3 create your own country (name it please)
bull With your countryrsquos name explain the Population geography and general population
information (iehellipbull Choose 5 items for your country to produce and
answer the three societal questions for eachALSO explain why this material would help your
economy thrivereach economic efficiencybull Create an advertisement for your country
withhellip Images representing what you produce and a
slogan for why your country is awesome
EQs
bullHow does scarcity impact decision making
Objectives amp Essential QuestionsbullObjectives
I will be able to create and reflect on a budget given new economics content
I will be able to understand scarcity and our mixed economy
bullEssential QuestionsHow does scarcity impact decision makingHow do we satisfy our economic wants
Group Activity Budget Activity
bullTeacher will break you into groups In your groups you will be creating a budget for a single family
bullYour group has been given an income for a year Given your family situation negotiate with your ldquofamilyrdquo to complete a budget for 1 month (keep in mind your $$ is in a given year)
bullhttpwwwyoutubecomwatchv=yoVc_S_gd_0
How do we satisfy our economic wants
bull We buy goods or services
bull Good ndash a physical object (tangible) that has been produced for salebull Durable ndash last 3+ yearsbull Nondurable ndash last up to 3 years
bull Service ndash work done by someone else for which someone is willing to pay
How do we make goods amp services
bull Use Factors of Production - The productive resources that go into producing goods and services
Production Equation
LAND + LABOR + CAPITAL = GOODSERVICE
inputs output
Economic Interdependence
bullWhat does lsquointerdependencersquo mean
bullIs our world becoming economic interdependent or independent
bullEconomic Interdependence the actions of one part of the
country (world) has an impact on what happens elsewhere
Wants amp Needs gt
Resources
Because of scarcity we
have to make choices
How do we make a choice What do we give up
What does this remind you of from our government unit
Making Choices to Deal With Scarcity
bullPeople seek to maximize their utility when making decisions This requires them to consider tradeoffs
Utility ndash the satisfaction or benefit a person receives from consuming a good or service
Tradeoffs ndash the alternate choices people have when making a decision also the benefitsadvantages of making on
decision over another
ExampleshellipbullSome choices are easy to makehellip
HmmhellipShould I have pizza or a hoagie for lunch today
bullOther decisions are agonizinghellipShould I get out of bed and go to
school today or should I sleep in
Task Reflecting on Personal Trade-offshellip
In the end what helped you decide amongst your choices
Think of ONE decision thatyou had to make in the last weekhellipIdentify your various
tradeoffs for that decision
Be prepared to share
Opportunity Cost
bullWhen comparing the top 2 choices it is the BENEFIT of the next best alternative that must be sacrificed to satisfy a want
bullYou do a cost-benefit analysis to figure out which decision is most beneficial
Opportunity Cost ndash The best thing we give up to get what
we want
What else influences your choices
bullPeople make decisions based on their marginal utility or the extra satisfaction they gain from one additional unit of a goodservice
bullLaw of Diminishing Marginal Utility says that as we get or do more of something the pleasure we derive from it tends to decrease and so does our willingness to buy it or do it
FinallyhellipWhy it Matters
Understanding the opportunity coststradeoffs of different choices in life makes you a
better decision-maker
Todayrsquos Message ndash ldquoTherersquos No Such Thing As a Free Lunchrdquo
You always have to give something uphelliprdquo
ALL Individuals Businesses amp Societies have to consider tradeoffsopportunity costs when making
decisions
Visualizing the Relationshiphellip
Limited Resources amp Unlimited Wants
Scarcity
Trade-offs (choices)
Opportunity Costs
ObjectivesEssential Questions
bullObjectivebullI will be able to understand (and teach)
the three different types of economies
bullEssential Question How do the different types of economies work
How Can We Measure What We Gain and Lose When
Making Choices
Answer With a Production Possibilities Frontier
Production Possibilities Frontier
bullDiagram representing the possible combinations of goods and or services an economy can produce when all resources are being fully employed
PPF Assumptions
bullWe live in a two good worldbullThere are fixed resourcesbullThere is fixed technologybullResources are not specialized
Production Possibilities Curve
CD
E
OU
TP
UT
OF
CO
NS
UM
ER
GO
OD
S
(un
its
per
yea
r)
OUTPUT OF MILITARY GOODS (units per year)
A
BO
XF
G
Limited resources necessitate choices about WHAT to produce
The Choices Nations Make
bullA nation must choose what to do with its scarce resources during war or periods of military buildup
bullProduce military goods or consumer goods
Economic Growth
2000 production possibilities
1900 production possibilities
OU
TP
UT
OF
CO
NS
UM
ER
GO
OD
S(u
nits
per
yea
r)
OUTPUT OF MILITARY GOODS (units per year)
Production possibilities increases with more resources and technology
The Classic Guns and Butter example
Guns
Butter
10000 20000 30000 40000 50000
1000009500085000
70000
5000040000
BA
C
D
E
F
At point A all resources are used for butter
Moving from point A to point B requires shifting resources out of butter and into guns
At point F all resources are used for Guns
Productivitybull A PPF can help us see how efficient our
choices are
bull Productivity - measurement of how efficiently we are utilizing our resources Is this the same as production
bull An economy producing on the curve = using their resources to produce the MAXIMUM amount of goodsservices
Locations on a PPF
bull Efficient Point place where an economy is achieving as much output as possible from a given amount of resources ndash occurs at any point on the curve
bull Inefficient Point ndash place where the economy is not functioning as it could be ndash occurs at any point inside the curve
bull Unattainable Point ndash place where the economy cannot produce given its current resources ndash occurs at any point outside the curve
Food
Computer
4
3
2
1
1 2 3 4
OC between 1 and 2 computers = 1 Food
UnitOC between 3 and 4 computers = 1 Food
Unit
Constantly giving up the same quantity of food to get
additional computers
STRAIGHT-LINE PPFs Constant OC
BOWED-OUT PPFs VaryingIncreasing OC
Principle of Increasing Costs
As a society produces more of one product the OC of producing
that product increases because we are using more resources that are poorly suited to produce it
Economic Systems
An economic system is the way a society coordinates the production and consumption of goods amp services
How a society answers the three basic economic questions determines which type of economic system they are
Three Types of Economic Systems Command Traditional Market
Jigsaw activity
bullYou will be placed in groups of 3 and assigned a type of economy
bullYou will have 7 minutes to read and come up with 4 key components
bullAfter the 7 minuteshellip 1rsquos go to the front of the classroom2rsquos go to the wall nearest the door3rsquos go to the wall nearest the courtyard
Economic amp Social Goals of an Economic System
bull Economic Freedom
bull Economic Efficiency
bull Economic Equity
bull Economic Security
Economic Stability
Economic Growth
Review of Economic Systems
bullA traditional economy relies on custom and tradition to dictate production and consumption
bullIn a command economy decisions about production and consumption are made by a powerful ruler or central authority
bullIn a market economy individual producers and consumers coordinate economic activity
What are the most important goals of each economic system
bullTraditionalSecurity and
StabilitybullCommand
Equity and Security
bullMARKETEfficiency and
Freedom
Societies differ in the degree of importance they attach to each goal Progress toward one goal can sometimes be achieved only
at the expense of another (TRADEOFFS)
Which economic system does the US use
The American Economic System
bullWe have a mixed market economy
COMMAND MARKET
The US mixed economybull In a mixed economyhellip
Individuals Own the factors of production Possess freedom to produce or consume Must operate under confines of law
Government Protects workers and consumers Regulates business and preserves competition Provide public goodsbenefits
Think backhellip
bullWhat does this remind you of from the beginning of the unit
US Economic System Characteristics 1 Economic freedom (ldquolaissez-fairerdquo)
2 Limited government
3 Equal opportunity
4 Competition
5 Profit motive
6 Property Rights
7 Binding Contracts
Understanding how all parts fit together
Circular Flow of Economic Activity Represents a market economy
2 main ldquomarketsrdquoProduct Market Factor Market
where goods and services where the 4 factors ofare boughtsold production are boughtsold
Shows interdependence between
businesses and individuals
Marriage Vowsbull CONGRATULATIONS The government and the economy
are renewing their marriage vows You are cordially invited to the ceremony but this perfect couple needs your help
bull Using what you have learned this unit and using the textbook
bull You will explain the way government and the economy are connected (made for each other) You will demonstrate this answer in the format of wedding vows
bull You must use at least 5 of the following words Producers Taxes Consumers Restrictions Markets Freedom GoodsServices Limited
bull Look back to US Economic System Characteristics bull Each set of vows must be at least 6 lines
Do you remember
bullWrite the following question downbullWhy does the United States have a
democracy and mixed economy
- Foundations of Government and Economics
- On your blank piece of paperhellip
- Slide 3
- Warm-Up 1 - 9414
- Introductory thoughts hellip
- Slide 6
- 2 How about to your life
- Slide 8
- Slide 9
- Slide 10
- Slide 11
- Warm Up -2a- 9514 The New York Times and CBS News Pollhellip
- Warm up 2bndash In Journal-
- Economist and Politician Assumptions
- Individualism
- Quote activity
- Quote breakdown
- Warm Up 3- Current Event 9814
- Purpose of Government
- Slide 20
- 3 Theorists
- Activity
- Origins of American Government A customized government
- Origins of American Government A customized government (2)
- Origins of American Government A customized government (3)
- With which theory do you agree more Why
- The ldquoOriginal Dilemmardquo
- Warm Up 5 Hobbes and Locke
- Groups Block 2
- Groups Block 4
- Balloon Game
- You will have 10 minutes to get as many filled balloons on the
- Balloon Game Debriefing
- Political Theories
- Social Contract
- Natural Rights
- Democracy
- Concepts of Government
- Warm up 6 ndash 91114
- Warm Up 7
- And after the Constitution
- Activity (2)
- Picture Activity
- Constitutional Convention
- Purpose of the Convention
- VA Plan v NJ Plan
- Virginia Plan ldquoLarge State Planrdquo
- New Jersey Plan ldquoSmall State Planrdquo
- Your Task
- Closure
- States agree
- Quote
- Structure of Constitution
- Structure of Constitution
- 6 Purpose of Government
- Structure of Constitution (2)
- Structure of Constitution (3)
- Principles of Constitution
- Activity
- Slide 60
- Check for Understanding Six Principles
- Question 1
- Question 2
- Question 3
- Question 4
- Question 5
- Question 6
- Question 7
- Question 8
- Groups
- Separation of Powers
- Video
- Checks and Balances
- Slide 74
- Checks and balances
- Basic Principles
- Self- Worth
- Equality
- Compromise
- Individual Freedom
- Write your ownhellip
- Slide 82
- TED Talk
- Closure
- What is Economics
- Economics ishellip
- Back to our assumptionshellip
- Scarcity refers to the limited number of resources (factors of
- For the videohellip
- Slide 90
- Post Videohellip
- Advertisement
- Political Cartoon Analysis
- Factors of Production
- TASK
- The price ofhellip
- Economic efficiency is achieved when all available resources ar
- 1 What to produce
- 2 How to produce it
- 3 For whom to produce it
- Application Activity
- EQs
- Objectives amp Essential Questions
- Group Activity Budget Activity
- Slide 105
- How do we satisfy our economic wants
- How do we make goods amp services
- Economic Interdependence
- Slide 109
- Making Choices to Deal With Scarcity
- Exampleshellip
- Task Reflecting on Personal Trade-offshellip
- Opportunity Cost
- What else influences your choices
- Finallyhellip Why it Matters
- Visualizing the Relationshiphellip
- ObjectivesEssential Questions
- How Can We Measure What We Gain and Lose When Making Choices
- Production Possibilities Frontier
- PPF Assumptions
- Slide 121
- Production Possibilities Curve
- The Choices Nations Make
- Economic Growth
- The Classic Guns and Butter example
- Productivity
- Locations on a PPF
- Slide 128
- BOWED-OUT PPFs VaryingIncreasing OC
- Economic Systems
- Jigsaw activity
- Slide 132
- Economic amp Social Goals of an Economic System
- Review of Economic Systems
- Slide 135
- What are the most important goals of each economic system
- Which economic system does the US use
- The American Economic System
- The US mixed economy
- Slide 140
- Think backhellip
- US Economic System Characteristics
- Slide 143
- Understanding how all parts fit together
- Marriage Vows
- Do you remember
- Slide 147
-
GroupsPopular
SovereigntySeparation of
PowersFederalism
bull bull bull
Judicial Review
Limited Government
Checks and Balances
bull bull bull
Separation of Powers
bull Legislative branchmdashmakes the laws
bull Executive branchmdashenforces the laws
bull Judicial branchmdashinterprets the law
Video
bullhttpwwwbrainpopcomsocialstudiesusgovernmentandlawbranchesofgovernment
Checks and Balances
Checks and balances
bullIn what was do the branches check on one another
bullhttpwwwsheppardsoftwarecomusa_gamegovernmentchecks_and_balanceshtm
Basic Principles
bullThe tenets of democracy are built upon five principlesmdashWorth of the individualEquality of all personsMajority rule minority rightsNecessity of compromiseIndividual freedom
Self- Worth
bull A recognition of the fundamental worth of every person
bull The democratic process reflects the collective set of individuals who make up society
Equality Democratic concept insists that all entitled tobull equality of opportunity bull equality before the law
bull Equality of opportunity suggests that no person should be held back for any arbitrary reason and must be free to develop him- or herself as fully as heshe can (or cares to)
bull Equality before the law suggests that each person should be treated as the equal of all other persons before the law
Compromise
bull A matter of compromise to determine the position most acceptable to the largest number of people
bull Because each individual is important and considered the equal of all others it stands to reason that people can only make public decisions by way of compromise
bullWhy is compromise important
Individual Freedombull Right of the
individual to be free as far as the freedom of all will allow
bull Democracy does not and cannot insist on the absolute freedom of the individual person
Write your ownhellipbull Now that you know what the foundations of
government arehellip Create your own Constitution (Or social contract)
What do you think is important to include What do you think could be taken out
Start with ldquoWe the peoplehelliprdquo and create the ideal contract
Preamble (brief introduction) Articles (what should it include based on what we
learned so far Include and agree on 10 points) Amendments (what do you think it should take to
change it)
bullFor your quiz tomorrowhellip What questions would you expect to seeWrite 5 and the answers on the back of the
paper
TED Talk
bullhttpwwwyoutubecomwatchv=ypqQ3-agpZo
Closure
bullExplain two principles of the constitution and how are they connected
What is Economics
bull Is the study of how people choose to use their limited resources to satisfy their unlimited wants and needs
Important Parts of Economicsndash
CHOICESSCARCITY
Economics ishellip
bullDependent upon assumptions
bullDependent upon simplification of reality
Back to our assumptionshellip
bullHuman Beings are rationalbullAll societies suffer from scarcity bullAll buyers seek to maximize utility
bullAll sellers seek to maximize profits
Scarcity refers to the limited number of resources (factors of production) that can be used to satisfy the unlimited human wants and needs
For the videohellip
bullWrite down 3 things you did not knowbullWrite down 3 things you did know
bullhttpwwwyoutubecomwatchv=TO7UTNS7r0w
Post Videohellip
bullDefine the main idea of the video in 4-5 words
Advertisement
bullKnowing some of the basics about what economics is and why we study ithellip
bullCreate an advertisement for an economics course BE SURE TO INCLUDE
3 images that represent different economic ideas
2 ldquothought bubblesrdquo that represent things yoursquoll learn about in economics
1 slogan that represents why economics is an important course to take
Political Cartoon Analysis
Factors of Production bull LAND
Also called Natural Resources Consider them ldquogifts of naturerdquo such as air
soil minerals water and plants
bull LABOR Also called Human Resources Includes physical and mental activities that go
into producing goodsservices
bull CAPITAL Includes tools machines buildings and
technologies
bull ENTREPRENEUR Risk taker who is responsible for combining
land labor and capital to produce goods and services
TASK
bullTask Why are entrepreneurs the driving force in our economy
bullAnswer in 2-3 sentences
The price ofhellip
bullLand is rentbullCapital is interestbullLabor is wagesbullEntrepreneurship is profit
Economic efficiency is achieved when all available resources are being used
All societies must answer three basic questions to satisfy the needs and wants of their populations
1 What to produce
bullShould it be military or civilian goods
bullFood or clothingbullMedicine or movies
2 How to produce it
bullAutomated or manual labor
bullExpensive or cheap materials
bullDomestic or overseas labor
3 For whom to produce it
bullThe wealthy or the needybullThe sick or the healthy
Application Activity
bull In groups of 2-3 create your own country (name it please)
bull With your countryrsquos name explain the Population geography and general population
information (iehellipbull Choose 5 items for your country to produce and
answer the three societal questions for eachALSO explain why this material would help your
economy thrivereach economic efficiencybull Create an advertisement for your country
withhellip Images representing what you produce and a
slogan for why your country is awesome
EQs
bullHow does scarcity impact decision making
Objectives amp Essential QuestionsbullObjectives
I will be able to create and reflect on a budget given new economics content
I will be able to understand scarcity and our mixed economy
bullEssential QuestionsHow does scarcity impact decision makingHow do we satisfy our economic wants
Group Activity Budget Activity
bullTeacher will break you into groups In your groups you will be creating a budget for a single family
bullYour group has been given an income for a year Given your family situation negotiate with your ldquofamilyrdquo to complete a budget for 1 month (keep in mind your $$ is in a given year)
bullhttpwwwyoutubecomwatchv=yoVc_S_gd_0
How do we satisfy our economic wants
bull We buy goods or services
bull Good ndash a physical object (tangible) that has been produced for salebull Durable ndash last 3+ yearsbull Nondurable ndash last up to 3 years
bull Service ndash work done by someone else for which someone is willing to pay
How do we make goods amp services
bull Use Factors of Production - The productive resources that go into producing goods and services
Production Equation
LAND + LABOR + CAPITAL = GOODSERVICE
inputs output
Economic Interdependence
bullWhat does lsquointerdependencersquo mean
bullIs our world becoming economic interdependent or independent
bullEconomic Interdependence the actions of one part of the
country (world) has an impact on what happens elsewhere
Wants amp Needs gt
Resources
Because of scarcity we
have to make choices
How do we make a choice What do we give up
What does this remind you of from our government unit
Making Choices to Deal With Scarcity
bullPeople seek to maximize their utility when making decisions This requires them to consider tradeoffs
Utility ndash the satisfaction or benefit a person receives from consuming a good or service
Tradeoffs ndash the alternate choices people have when making a decision also the benefitsadvantages of making on
decision over another
ExampleshellipbullSome choices are easy to makehellip
HmmhellipShould I have pizza or a hoagie for lunch today
bullOther decisions are agonizinghellipShould I get out of bed and go to
school today or should I sleep in
Task Reflecting on Personal Trade-offshellip
In the end what helped you decide amongst your choices
Think of ONE decision thatyou had to make in the last weekhellipIdentify your various
tradeoffs for that decision
Be prepared to share
Opportunity Cost
bullWhen comparing the top 2 choices it is the BENEFIT of the next best alternative that must be sacrificed to satisfy a want
bullYou do a cost-benefit analysis to figure out which decision is most beneficial
Opportunity Cost ndash The best thing we give up to get what
we want
What else influences your choices
bullPeople make decisions based on their marginal utility or the extra satisfaction they gain from one additional unit of a goodservice
bullLaw of Diminishing Marginal Utility says that as we get or do more of something the pleasure we derive from it tends to decrease and so does our willingness to buy it or do it
FinallyhellipWhy it Matters
Understanding the opportunity coststradeoffs of different choices in life makes you a
better decision-maker
Todayrsquos Message ndash ldquoTherersquos No Such Thing As a Free Lunchrdquo
You always have to give something uphelliprdquo
ALL Individuals Businesses amp Societies have to consider tradeoffsopportunity costs when making
decisions
Visualizing the Relationshiphellip
Limited Resources amp Unlimited Wants
Scarcity
Trade-offs (choices)
Opportunity Costs
ObjectivesEssential Questions
bullObjectivebullI will be able to understand (and teach)
the three different types of economies
bullEssential Question How do the different types of economies work
How Can We Measure What We Gain and Lose When
Making Choices
Answer With a Production Possibilities Frontier
Production Possibilities Frontier
bullDiagram representing the possible combinations of goods and or services an economy can produce when all resources are being fully employed
PPF Assumptions
bullWe live in a two good worldbullThere are fixed resourcesbullThere is fixed technologybullResources are not specialized
Production Possibilities Curve
CD
E
OU
TP
UT
OF
CO
NS
UM
ER
GO
OD
S
(un
its
per
yea
r)
OUTPUT OF MILITARY GOODS (units per year)
A
BO
XF
G
Limited resources necessitate choices about WHAT to produce
The Choices Nations Make
bullA nation must choose what to do with its scarce resources during war or periods of military buildup
bullProduce military goods or consumer goods
Economic Growth
2000 production possibilities
1900 production possibilities
OU
TP
UT
OF
CO
NS
UM
ER
GO
OD
S(u
nits
per
yea
r)
OUTPUT OF MILITARY GOODS (units per year)
Production possibilities increases with more resources and technology
The Classic Guns and Butter example
Guns
Butter
10000 20000 30000 40000 50000
1000009500085000
70000
5000040000
BA
C
D
E
F
At point A all resources are used for butter
Moving from point A to point B requires shifting resources out of butter and into guns
At point F all resources are used for Guns
Productivitybull A PPF can help us see how efficient our
choices are
bull Productivity - measurement of how efficiently we are utilizing our resources Is this the same as production
bull An economy producing on the curve = using their resources to produce the MAXIMUM amount of goodsservices
Locations on a PPF
bull Efficient Point place where an economy is achieving as much output as possible from a given amount of resources ndash occurs at any point on the curve
bull Inefficient Point ndash place where the economy is not functioning as it could be ndash occurs at any point inside the curve
bull Unattainable Point ndash place where the economy cannot produce given its current resources ndash occurs at any point outside the curve
Food
Computer
4
3
2
1
1 2 3 4
OC between 1 and 2 computers = 1 Food
UnitOC between 3 and 4 computers = 1 Food
Unit
Constantly giving up the same quantity of food to get
additional computers
STRAIGHT-LINE PPFs Constant OC
BOWED-OUT PPFs VaryingIncreasing OC
Principle of Increasing Costs
As a society produces more of one product the OC of producing
that product increases because we are using more resources that are poorly suited to produce it
Economic Systems
An economic system is the way a society coordinates the production and consumption of goods amp services
How a society answers the three basic economic questions determines which type of economic system they are
Three Types of Economic Systems Command Traditional Market
Jigsaw activity
bullYou will be placed in groups of 3 and assigned a type of economy
bullYou will have 7 minutes to read and come up with 4 key components
bullAfter the 7 minuteshellip 1rsquos go to the front of the classroom2rsquos go to the wall nearest the door3rsquos go to the wall nearest the courtyard
Economic amp Social Goals of an Economic System
bull Economic Freedom
bull Economic Efficiency
bull Economic Equity
bull Economic Security
Economic Stability
Economic Growth
Review of Economic Systems
bullA traditional economy relies on custom and tradition to dictate production and consumption
bullIn a command economy decisions about production and consumption are made by a powerful ruler or central authority
bullIn a market economy individual producers and consumers coordinate economic activity
What are the most important goals of each economic system
bullTraditionalSecurity and
StabilitybullCommand
Equity and Security
bullMARKETEfficiency and
Freedom
Societies differ in the degree of importance they attach to each goal Progress toward one goal can sometimes be achieved only
at the expense of another (TRADEOFFS)
Which economic system does the US use
The American Economic System
bullWe have a mixed market economy
COMMAND MARKET
The US mixed economybull In a mixed economyhellip
Individuals Own the factors of production Possess freedom to produce or consume Must operate under confines of law
Government Protects workers and consumers Regulates business and preserves competition Provide public goodsbenefits
Think backhellip
bullWhat does this remind you of from the beginning of the unit
US Economic System Characteristics 1 Economic freedom (ldquolaissez-fairerdquo)
2 Limited government
3 Equal opportunity
4 Competition
5 Profit motive
6 Property Rights
7 Binding Contracts
Understanding how all parts fit together
Circular Flow of Economic Activity Represents a market economy
2 main ldquomarketsrdquoProduct Market Factor Market
where goods and services where the 4 factors ofare boughtsold production are boughtsold
Shows interdependence between
businesses and individuals
Marriage Vowsbull CONGRATULATIONS The government and the economy
are renewing their marriage vows You are cordially invited to the ceremony but this perfect couple needs your help
bull Using what you have learned this unit and using the textbook
bull You will explain the way government and the economy are connected (made for each other) You will demonstrate this answer in the format of wedding vows
bull You must use at least 5 of the following words Producers Taxes Consumers Restrictions Markets Freedom GoodsServices Limited
bull Look back to US Economic System Characteristics bull Each set of vows must be at least 6 lines
Do you remember
bullWrite the following question downbullWhy does the United States have a
democracy and mixed economy
- Foundations of Government and Economics
- On your blank piece of paperhellip
- Slide 3
- Warm-Up 1 - 9414
- Introductory thoughts hellip
- Slide 6
- 2 How about to your life
- Slide 8
- Slide 9
- Slide 10
- Slide 11
- Warm Up -2a- 9514 The New York Times and CBS News Pollhellip
- Warm up 2bndash In Journal-
- Economist and Politician Assumptions
- Individualism
- Quote activity
- Quote breakdown
- Warm Up 3- Current Event 9814
- Purpose of Government
- Slide 20
- 3 Theorists
- Activity
- Origins of American Government A customized government
- Origins of American Government A customized government (2)
- Origins of American Government A customized government (3)
- With which theory do you agree more Why
- The ldquoOriginal Dilemmardquo
- Warm Up 5 Hobbes and Locke
- Groups Block 2
- Groups Block 4
- Balloon Game
- You will have 10 minutes to get as many filled balloons on the
- Balloon Game Debriefing
- Political Theories
- Social Contract
- Natural Rights
- Democracy
- Concepts of Government
- Warm up 6 ndash 91114
- Warm Up 7
- And after the Constitution
- Activity (2)
- Picture Activity
- Constitutional Convention
- Purpose of the Convention
- VA Plan v NJ Plan
- Virginia Plan ldquoLarge State Planrdquo
- New Jersey Plan ldquoSmall State Planrdquo
- Your Task
- Closure
- States agree
- Quote
- Structure of Constitution
- Structure of Constitution
- 6 Purpose of Government
- Structure of Constitution (2)
- Structure of Constitution (3)
- Principles of Constitution
- Activity
- Slide 60
- Check for Understanding Six Principles
- Question 1
- Question 2
- Question 3
- Question 4
- Question 5
- Question 6
- Question 7
- Question 8
- Groups
- Separation of Powers
- Video
- Checks and Balances
- Slide 74
- Checks and balances
- Basic Principles
- Self- Worth
- Equality
- Compromise
- Individual Freedom
- Write your ownhellip
- Slide 82
- TED Talk
- Closure
- What is Economics
- Economics ishellip
- Back to our assumptionshellip
- Scarcity refers to the limited number of resources (factors of
- For the videohellip
- Slide 90
- Post Videohellip
- Advertisement
- Political Cartoon Analysis
- Factors of Production
- TASK
- The price ofhellip
- Economic efficiency is achieved when all available resources ar
- 1 What to produce
- 2 How to produce it
- 3 For whom to produce it
- Application Activity
- EQs
- Objectives amp Essential Questions
- Group Activity Budget Activity
- Slide 105
- How do we satisfy our economic wants
- How do we make goods amp services
- Economic Interdependence
- Slide 109
- Making Choices to Deal With Scarcity
- Exampleshellip
- Task Reflecting on Personal Trade-offshellip
- Opportunity Cost
- What else influences your choices
- Finallyhellip Why it Matters
- Visualizing the Relationshiphellip
- ObjectivesEssential Questions
- How Can We Measure What We Gain and Lose When Making Choices
- Production Possibilities Frontier
- PPF Assumptions
- Slide 121
- Production Possibilities Curve
- The Choices Nations Make
- Economic Growth
- The Classic Guns and Butter example
- Productivity
- Locations on a PPF
- Slide 128
- BOWED-OUT PPFs VaryingIncreasing OC
- Economic Systems
- Jigsaw activity
- Slide 132
- Economic amp Social Goals of an Economic System
- Review of Economic Systems
- Slide 135
- What are the most important goals of each economic system
- Which economic system does the US use
- The American Economic System
- The US mixed economy
- Slide 140
- Think backhellip
- US Economic System Characteristics
- Slide 143
- Understanding how all parts fit together
- Marriage Vows
- Do you remember
- Slide 147
-
Separation of Powers
bull Legislative branchmdashmakes the laws
bull Executive branchmdashenforces the laws
bull Judicial branchmdashinterprets the law
Video
bullhttpwwwbrainpopcomsocialstudiesusgovernmentandlawbranchesofgovernment
Checks and Balances
Checks and balances
bullIn what was do the branches check on one another
bullhttpwwwsheppardsoftwarecomusa_gamegovernmentchecks_and_balanceshtm
Basic Principles
bullThe tenets of democracy are built upon five principlesmdashWorth of the individualEquality of all personsMajority rule minority rightsNecessity of compromiseIndividual freedom
Self- Worth
bull A recognition of the fundamental worth of every person
bull The democratic process reflects the collective set of individuals who make up society
Equality Democratic concept insists that all entitled tobull equality of opportunity bull equality before the law
bull Equality of opportunity suggests that no person should be held back for any arbitrary reason and must be free to develop him- or herself as fully as heshe can (or cares to)
bull Equality before the law suggests that each person should be treated as the equal of all other persons before the law
Compromise
bull A matter of compromise to determine the position most acceptable to the largest number of people
bull Because each individual is important and considered the equal of all others it stands to reason that people can only make public decisions by way of compromise
bullWhy is compromise important
Individual Freedombull Right of the
individual to be free as far as the freedom of all will allow
bull Democracy does not and cannot insist on the absolute freedom of the individual person
Write your ownhellipbull Now that you know what the foundations of
government arehellip Create your own Constitution (Or social contract)
What do you think is important to include What do you think could be taken out
Start with ldquoWe the peoplehelliprdquo and create the ideal contract
Preamble (brief introduction) Articles (what should it include based on what we
learned so far Include and agree on 10 points) Amendments (what do you think it should take to
change it)
bullFor your quiz tomorrowhellip What questions would you expect to seeWrite 5 and the answers on the back of the
paper
TED Talk
bullhttpwwwyoutubecomwatchv=ypqQ3-agpZo
Closure
bullExplain two principles of the constitution and how are they connected
What is Economics
bull Is the study of how people choose to use their limited resources to satisfy their unlimited wants and needs
Important Parts of Economicsndash
CHOICESSCARCITY
Economics ishellip
bullDependent upon assumptions
bullDependent upon simplification of reality
Back to our assumptionshellip
bullHuman Beings are rationalbullAll societies suffer from scarcity bullAll buyers seek to maximize utility
bullAll sellers seek to maximize profits
Scarcity refers to the limited number of resources (factors of production) that can be used to satisfy the unlimited human wants and needs
For the videohellip
bullWrite down 3 things you did not knowbullWrite down 3 things you did know
bullhttpwwwyoutubecomwatchv=TO7UTNS7r0w
Post Videohellip
bullDefine the main idea of the video in 4-5 words
Advertisement
bullKnowing some of the basics about what economics is and why we study ithellip
bullCreate an advertisement for an economics course BE SURE TO INCLUDE
3 images that represent different economic ideas
2 ldquothought bubblesrdquo that represent things yoursquoll learn about in economics
1 slogan that represents why economics is an important course to take
Political Cartoon Analysis
Factors of Production bull LAND
Also called Natural Resources Consider them ldquogifts of naturerdquo such as air
soil minerals water and plants
bull LABOR Also called Human Resources Includes physical and mental activities that go
into producing goodsservices
bull CAPITAL Includes tools machines buildings and
technologies
bull ENTREPRENEUR Risk taker who is responsible for combining
land labor and capital to produce goods and services
TASK
bullTask Why are entrepreneurs the driving force in our economy
bullAnswer in 2-3 sentences
The price ofhellip
bullLand is rentbullCapital is interestbullLabor is wagesbullEntrepreneurship is profit
Economic efficiency is achieved when all available resources are being used
All societies must answer three basic questions to satisfy the needs and wants of their populations
1 What to produce
bullShould it be military or civilian goods
bullFood or clothingbullMedicine or movies
2 How to produce it
bullAutomated or manual labor
bullExpensive or cheap materials
bullDomestic or overseas labor
3 For whom to produce it
bullThe wealthy or the needybullThe sick or the healthy
Application Activity
bull In groups of 2-3 create your own country (name it please)
bull With your countryrsquos name explain the Population geography and general population
information (iehellipbull Choose 5 items for your country to produce and
answer the three societal questions for eachALSO explain why this material would help your
economy thrivereach economic efficiencybull Create an advertisement for your country
withhellip Images representing what you produce and a
slogan for why your country is awesome
EQs
bullHow does scarcity impact decision making
Objectives amp Essential QuestionsbullObjectives
I will be able to create and reflect on a budget given new economics content
I will be able to understand scarcity and our mixed economy
bullEssential QuestionsHow does scarcity impact decision makingHow do we satisfy our economic wants
Group Activity Budget Activity
bullTeacher will break you into groups In your groups you will be creating a budget for a single family
bullYour group has been given an income for a year Given your family situation negotiate with your ldquofamilyrdquo to complete a budget for 1 month (keep in mind your $$ is in a given year)
bullhttpwwwyoutubecomwatchv=yoVc_S_gd_0
How do we satisfy our economic wants
bull We buy goods or services
bull Good ndash a physical object (tangible) that has been produced for salebull Durable ndash last 3+ yearsbull Nondurable ndash last up to 3 years
bull Service ndash work done by someone else for which someone is willing to pay
How do we make goods amp services
bull Use Factors of Production - The productive resources that go into producing goods and services
Production Equation
LAND + LABOR + CAPITAL = GOODSERVICE
inputs output
Economic Interdependence
bullWhat does lsquointerdependencersquo mean
bullIs our world becoming economic interdependent or independent
bullEconomic Interdependence the actions of one part of the
country (world) has an impact on what happens elsewhere
Wants amp Needs gt
Resources
Because of scarcity we
have to make choices
How do we make a choice What do we give up
What does this remind you of from our government unit
Making Choices to Deal With Scarcity
bullPeople seek to maximize their utility when making decisions This requires them to consider tradeoffs
Utility ndash the satisfaction or benefit a person receives from consuming a good or service
Tradeoffs ndash the alternate choices people have when making a decision also the benefitsadvantages of making on
decision over another
ExampleshellipbullSome choices are easy to makehellip
HmmhellipShould I have pizza or a hoagie for lunch today
bullOther decisions are agonizinghellipShould I get out of bed and go to
school today or should I sleep in
Task Reflecting on Personal Trade-offshellip
In the end what helped you decide amongst your choices
Think of ONE decision thatyou had to make in the last weekhellipIdentify your various
tradeoffs for that decision
Be prepared to share
Opportunity Cost
bullWhen comparing the top 2 choices it is the BENEFIT of the next best alternative that must be sacrificed to satisfy a want
bullYou do a cost-benefit analysis to figure out which decision is most beneficial
Opportunity Cost ndash The best thing we give up to get what
we want
What else influences your choices
bullPeople make decisions based on their marginal utility or the extra satisfaction they gain from one additional unit of a goodservice
bullLaw of Diminishing Marginal Utility says that as we get or do more of something the pleasure we derive from it tends to decrease and so does our willingness to buy it or do it
FinallyhellipWhy it Matters
Understanding the opportunity coststradeoffs of different choices in life makes you a
better decision-maker
Todayrsquos Message ndash ldquoTherersquos No Such Thing As a Free Lunchrdquo
You always have to give something uphelliprdquo
ALL Individuals Businesses amp Societies have to consider tradeoffsopportunity costs when making
decisions
Visualizing the Relationshiphellip
Limited Resources amp Unlimited Wants
Scarcity
Trade-offs (choices)
Opportunity Costs
ObjectivesEssential Questions
bullObjectivebullI will be able to understand (and teach)
the three different types of economies
bullEssential Question How do the different types of economies work
How Can We Measure What We Gain and Lose When
Making Choices
Answer With a Production Possibilities Frontier
Production Possibilities Frontier
bullDiagram representing the possible combinations of goods and or services an economy can produce when all resources are being fully employed
PPF Assumptions
bullWe live in a two good worldbullThere are fixed resourcesbullThere is fixed technologybullResources are not specialized
Production Possibilities Curve
CD
E
OU
TP
UT
OF
CO
NS
UM
ER
GO
OD
S
(un
its
per
yea
r)
OUTPUT OF MILITARY GOODS (units per year)
A
BO
XF
G
Limited resources necessitate choices about WHAT to produce
The Choices Nations Make
bullA nation must choose what to do with its scarce resources during war or periods of military buildup
bullProduce military goods or consumer goods
Economic Growth
2000 production possibilities
1900 production possibilities
OU
TP
UT
OF
CO
NS
UM
ER
GO
OD
S(u
nits
per
yea
r)
OUTPUT OF MILITARY GOODS (units per year)
Production possibilities increases with more resources and technology
The Classic Guns and Butter example
Guns
Butter
10000 20000 30000 40000 50000
1000009500085000
70000
5000040000
BA
C
D
E
F
At point A all resources are used for butter
Moving from point A to point B requires shifting resources out of butter and into guns
At point F all resources are used for Guns
Productivitybull A PPF can help us see how efficient our
choices are
bull Productivity - measurement of how efficiently we are utilizing our resources Is this the same as production
bull An economy producing on the curve = using their resources to produce the MAXIMUM amount of goodsservices
Locations on a PPF
bull Efficient Point place where an economy is achieving as much output as possible from a given amount of resources ndash occurs at any point on the curve
bull Inefficient Point ndash place where the economy is not functioning as it could be ndash occurs at any point inside the curve
bull Unattainable Point ndash place where the economy cannot produce given its current resources ndash occurs at any point outside the curve
Food
Computer
4
3
2
1
1 2 3 4
OC between 1 and 2 computers = 1 Food
UnitOC between 3 and 4 computers = 1 Food
Unit
Constantly giving up the same quantity of food to get
additional computers
STRAIGHT-LINE PPFs Constant OC
BOWED-OUT PPFs VaryingIncreasing OC
Principle of Increasing Costs
As a society produces more of one product the OC of producing
that product increases because we are using more resources that are poorly suited to produce it
Economic Systems
An economic system is the way a society coordinates the production and consumption of goods amp services
How a society answers the three basic economic questions determines which type of economic system they are
Three Types of Economic Systems Command Traditional Market
Jigsaw activity
bullYou will be placed in groups of 3 and assigned a type of economy
bullYou will have 7 minutes to read and come up with 4 key components
bullAfter the 7 minuteshellip 1rsquos go to the front of the classroom2rsquos go to the wall nearest the door3rsquos go to the wall nearest the courtyard
Economic amp Social Goals of an Economic System
bull Economic Freedom
bull Economic Efficiency
bull Economic Equity
bull Economic Security
Economic Stability
Economic Growth
Review of Economic Systems
bullA traditional economy relies on custom and tradition to dictate production and consumption
bullIn a command economy decisions about production and consumption are made by a powerful ruler or central authority
bullIn a market economy individual producers and consumers coordinate economic activity
What are the most important goals of each economic system
bullTraditionalSecurity and
StabilitybullCommand
Equity and Security
bullMARKETEfficiency and
Freedom
Societies differ in the degree of importance they attach to each goal Progress toward one goal can sometimes be achieved only
at the expense of another (TRADEOFFS)
Which economic system does the US use
The American Economic System
bullWe have a mixed market economy
COMMAND MARKET
The US mixed economybull In a mixed economyhellip
Individuals Own the factors of production Possess freedom to produce or consume Must operate under confines of law
Government Protects workers and consumers Regulates business and preserves competition Provide public goodsbenefits
Think backhellip
bullWhat does this remind you of from the beginning of the unit
US Economic System Characteristics 1 Economic freedom (ldquolaissez-fairerdquo)
2 Limited government
3 Equal opportunity
4 Competition
5 Profit motive
6 Property Rights
7 Binding Contracts
Understanding how all parts fit together
Circular Flow of Economic Activity Represents a market economy
2 main ldquomarketsrdquoProduct Market Factor Market
where goods and services where the 4 factors ofare boughtsold production are boughtsold
Shows interdependence between
businesses and individuals
Marriage Vowsbull CONGRATULATIONS The government and the economy
are renewing their marriage vows You are cordially invited to the ceremony but this perfect couple needs your help
bull Using what you have learned this unit and using the textbook
bull You will explain the way government and the economy are connected (made for each other) You will demonstrate this answer in the format of wedding vows
bull You must use at least 5 of the following words Producers Taxes Consumers Restrictions Markets Freedom GoodsServices Limited
bull Look back to US Economic System Characteristics bull Each set of vows must be at least 6 lines
Do you remember
bullWrite the following question downbullWhy does the United States have a
democracy and mixed economy
- Foundations of Government and Economics
- On your blank piece of paperhellip
- Slide 3
- Warm-Up 1 - 9414
- Introductory thoughts hellip
- Slide 6
- 2 How about to your life
- Slide 8
- Slide 9
- Slide 10
- Slide 11
- Warm Up -2a- 9514 The New York Times and CBS News Pollhellip
- Warm up 2bndash In Journal-
- Economist and Politician Assumptions
- Individualism
- Quote activity
- Quote breakdown
- Warm Up 3- Current Event 9814
- Purpose of Government
- Slide 20
- 3 Theorists
- Activity
- Origins of American Government A customized government
- Origins of American Government A customized government (2)
- Origins of American Government A customized government (3)
- With which theory do you agree more Why
- The ldquoOriginal Dilemmardquo
- Warm Up 5 Hobbes and Locke
- Groups Block 2
- Groups Block 4
- Balloon Game
- You will have 10 minutes to get as many filled balloons on the
- Balloon Game Debriefing
- Political Theories
- Social Contract
- Natural Rights
- Democracy
- Concepts of Government
- Warm up 6 ndash 91114
- Warm Up 7
- And after the Constitution
- Activity (2)
- Picture Activity
- Constitutional Convention
- Purpose of the Convention
- VA Plan v NJ Plan
- Virginia Plan ldquoLarge State Planrdquo
- New Jersey Plan ldquoSmall State Planrdquo
- Your Task
- Closure
- States agree
- Quote
- Structure of Constitution
- Structure of Constitution
- 6 Purpose of Government
- Structure of Constitution (2)
- Structure of Constitution (3)
- Principles of Constitution
- Activity
- Slide 60
- Check for Understanding Six Principles
- Question 1
- Question 2
- Question 3
- Question 4
- Question 5
- Question 6
- Question 7
- Question 8
- Groups
- Separation of Powers
- Video
- Checks and Balances
- Slide 74
- Checks and balances
- Basic Principles
- Self- Worth
- Equality
- Compromise
- Individual Freedom
- Write your ownhellip
- Slide 82
- TED Talk
- Closure
- What is Economics
- Economics ishellip
- Back to our assumptionshellip
- Scarcity refers to the limited number of resources (factors of
- For the videohellip
- Slide 90
- Post Videohellip
- Advertisement
- Political Cartoon Analysis
- Factors of Production
- TASK
- The price ofhellip
- Economic efficiency is achieved when all available resources ar
- 1 What to produce
- 2 How to produce it
- 3 For whom to produce it
- Application Activity
- EQs
- Objectives amp Essential Questions
- Group Activity Budget Activity
- Slide 105
- How do we satisfy our economic wants
- How do we make goods amp services
- Economic Interdependence
- Slide 109
- Making Choices to Deal With Scarcity
- Exampleshellip
- Task Reflecting on Personal Trade-offshellip
- Opportunity Cost
- What else influences your choices
- Finallyhellip Why it Matters
- Visualizing the Relationshiphellip
- ObjectivesEssential Questions
- How Can We Measure What We Gain and Lose When Making Choices
- Production Possibilities Frontier
- PPF Assumptions
- Slide 121
- Production Possibilities Curve
- The Choices Nations Make
- Economic Growth
- The Classic Guns and Butter example
- Productivity
- Locations on a PPF
- Slide 128
- BOWED-OUT PPFs VaryingIncreasing OC
- Economic Systems
- Jigsaw activity
- Slide 132
- Economic amp Social Goals of an Economic System
- Review of Economic Systems
- Slide 135
- What are the most important goals of each economic system
- Which economic system does the US use
- The American Economic System
- The US mixed economy
- Slide 140
- Think backhellip
- US Economic System Characteristics
- Slide 143
- Understanding how all parts fit together
- Marriage Vows
- Do you remember
- Slide 147
-
Video
bullhttpwwwbrainpopcomsocialstudiesusgovernmentandlawbranchesofgovernment
Checks and Balances
Checks and balances
bullIn what was do the branches check on one another
bullhttpwwwsheppardsoftwarecomusa_gamegovernmentchecks_and_balanceshtm
Basic Principles
bullThe tenets of democracy are built upon five principlesmdashWorth of the individualEquality of all personsMajority rule minority rightsNecessity of compromiseIndividual freedom
Self- Worth
bull A recognition of the fundamental worth of every person
bull The democratic process reflects the collective set of individuals who make up society
Equality Democratic concept insists that all entitled tobull equality of opportunity bull equality before the law
bull Equality of opportunity suggests that no person should be held back for any arbitrary reason and must be free to develop him- or herself as fully as heshe can (or cares to)
bull Equality before the law suggests that each person should be treated as the equal of all other persons before the law
Compromise
bull A matter of compromise to determine the position most acceptable to the largest number of people
bull Because each individual is important and considered the equal of all others it stands to reason that people can only make public decisions by way of compromise
bullWhy is compromise important
Individual Freedombull Right of the
individual to be free as far as the freedom of all will allow
bull Democracy does not and cannot insist on the absolute freedom of the individual person
Write your ownhellipbull Now that you know what the foundations of
government arehellip Create your own Constitution (Or social contract)
What do you think is important to include What do you think could be taken out
Start with ldquoWe the peoplehelliprdquo and create the ideal contract
Preamble (brief introduction) Articles (what should it include based on what we
learned so far Include and agree on 10 points) Amendments (what do you think it should take to
change it)
bullFor your quiz tomorrowhellip What questions would you expect to seeWrite 5 and the answers on the back of the
paper
TED Talk
bullhttpwwwyoutubecomwatchv=ypqQ3-agpZo
Closure
bullExplain two principles of the constitution and how are they connected
What is Economics
bull Is the study of how people choose to use their limited resources to satisfy their unlimited wants and needs
Important Parts of Economicsndash
CHOICESSCARCITY
Economics ishellip
bullDependent upon assumptions
bullDependent upon simplification of reality
Back to our assumptionshellip
bullHuman Beings are rationalbullAll societies suffer from scarcity bullAll buyers seek to maximize utility
bullAll sellers seek to maximize profits
Scarcity refers to the limited number of resources (factors of production) that can be used to satisfy the unlimited human wants and needs
For the videohellip
bullWrite down 3 things you did not knowbullWrite down 3 things you did know
bullhttpwwwyoutubecomwatchv=TO7UTNS7r0w
Post Videohellip
bullDefine the main idea of the video in 4-5 words
Advertisement
bullKnowing some of the basics about what economics is and why we study ithellip
bullCreate an advertisement for an economics course BE SURE TO INCLUDE
3 images that represent different economic ideas
2 ldquothought bubblesrdquo that represent things yoursquoll learn about in economics
1 slogan that represents why economics is an important course to take
Political Cartoon Analysis
Factors of Production bull LAND
Also called Natural Resources Consider them ldquogifts of naturerdquo such as air
soil minerals water and plants
bull LABOR Also called Human Resources Includes physical and mental activities that go
into producing goodsservices
bull CAPITAL Includes tools machines buildings and
technologies
bull ENTREPRENEUR Risk taker who is responsible for combining
land labor and capital to produce goods and services
TASK
bullTask Why are entrepreneurs the driving force in our economy
bullAnswer in 2-3 sentences
The price ofhellip
bullLand is rentbullCapital is interestbullLabor is wagesbullEntrepreneurship is profit
Economic efficiency is achieved when all available resources are being used
All societies must answer three basic questions to satisfy the needs and wants of their populations
1 What to produce
bullShould it be military or civilian goods
bullFood or clothingbullMedicine or movies
2 How to produce it
bullAutomated or manual labor
bullExpensive or cheap materials
bullDomestic or overseas labor
3 For whom to produce it
bullThe wealthy or the needybullThe sick or the healthy
Application Activity
bull In groups of 2-3 create your own country (name it please)
bull With your countryrsquos name explain the Population geography and general population
information (iehellipbull Choose 5 items for your country to produce and
answer the three societal questions for eachALSO explain why this material would help your
economy thrivereach economic efficiencybull Create an advertisement for your country
withhellip Images representing what you produce and a
slogan for why your country is awesome
EQs
bullHow does scarcity impact decision making
Objectives amp Essential QuestionsbullObjectives
I will be able to create and reflect on a budget given new economics content
I will be able to understand scarcity and our mixed economy
bullEssential QuestionsHow does scarcity impact decision makingHow do we satisfy our economic wants
Group Activity Budget Activity
bullTeacher will break you into groups In your groups you will be creating a budget for a single family
bullYour group has been given an income for a year Given your family situation negotiate with your ldquofamilyrdquo to complete a budget for 1 month (keep in mind your $$ is in a given year)
bullhttpwwwyoutubecomwatchv=yoVc_S_gd_0
How do we satisfy our economic wants
bull We buy goods or services
bull Good ndash a physical object (tangible) that has been produced for salebull Durable ndash last 3+ yearsbull Nondurable ndash last up to 3 years
bull Service ndash work done by someone else for which someone is willing to pay
How do we make goods amp services
bull Use Factors of Production - The productive resources that go into producing goods and services
Production Equation
LAND + LABOR + CAPITAL = GOODSERVICE
inputs output
Economic Interdependence
bullWhat does lsquointerdependencersquo mean
bullIs our world becoming economic interdependent or independent
bullEconomic Interdependence the actions of one part of the
country (world) has an impact on what happens elsewhere
Wants amp Needs gt
Resources
Because of scarcity we
have to make choices
How do we make a choice What do we give up
What does this remind you of from our government unit
Making Choices to Deal With Scarcity
bullPeople seek to maximize their utility when making decisions This requires them to consider tradeoffs
Utility ndash the satisfaction or benefit a person receives from consuming a good or service
Tradeoffs ndash the alternate choices people have when making a decision also the benefitsadvantages of making on
decision over another
ExampleshellipbullSome choices are easy to makehellip
HmmhellipShould I have pizza or a hoagie for lunch today
bullOther decisions are agonizinghellipShould I get out of bed and go to
school today or should I sleep in
Task Reflecting on Personal Trade-offshellip
In the end what helped you decide amongst your choices
Think of ONE decision thatyou had to make in the last weekhellipIdentify your various
tradeoffs for that decision
Be prepared to share
Opportunity Cost
bullWhen comparing the top 2 choices it is the BENEFIT of the next best alternative that must be sacrificed to satisfy a want
bullYou do a cost-benefit analysis to figure out which decision is most beneficial
Opportunity Cost ndash The best thing we give up to get what
we want
What else influences your choices
bullPeople make decisions based on their marginal utility or the extra satisfaction they gain from one additional unit of a goodservice
bullLaw of Diminishing Marginal Utility says that as we get or do more of something the pleasure we derive from it tends to decrease and so does our willingness to buy it or do it
FinallyhellipWhy it Matters
Understanding the opportunity coststradeoffs of different choices in life makes you a
better decision-maker
Todayrsquos Message ndash ldquoTherersquos No Such Thing As a Free Lunchrdquo
You always have to give something uphelliprdquo
ALL Individuals Businesses amp Societies have to consider tradeoffsopportunity costs when making
decisions
Visualizing the Relationshiphellip
Limited Resources amp Unlimited Wants
Scarcity
Trade-offs (choices)
Opportunity Costs
ObjectivesEssential Questions
bullObjectivebullI will be able to understand (and teach)
the three different types of economies
bullEssential Question How do the different types of economies work
How Can We Measure What We Gain and Lose When
Making Choices
Answer With a Production Possibilities Frontier
Production Possibilities Frontier
bullDiagram representing the possible combinations of goods and or services an economy can produce when all resources are being fully employed
PPF Assumptions
bullWe live in a two good worldbullThere are fixed resourcesbullThere is fixed technologybullResources are not specialized
Production Possibilities Curve
CD
E
OU
TP
UT
OF
CO
NS
UM
ER
GO
OD
S
(un
its
per
yea
r)
OUTPUT OF MILITARY GOODS (units per year)
A
BO
XF
G
Limited resources necessitate choices about WHAT to produce
The Choices Nations Make
bullA nation must choose what to do with its scarce resources during war or periods of military buildup
bullProduce military goods or consumer goods
Economic Growth
2000 production possibilities
1900 production possibilities
OU
TP
UT
OF
CO
NS
UM
ER
GO
OD
S(u
nits
per
yea
r)
OUTPUT OF MILITARY GOODS (units per year)
Production possibilities increases with more resources and technology
The Classic Guns and Butter example
Guns
Butter
10000 20000 30000 40000 50000
1000009500085000
70000
5000040000
BA
C
D
E
F
At point A all resources are used for butter
Moving from point A to point B requires shifting resources out of butter and into guns
At point F all resources are used for Guns
Productivitybull A PPF can help us see how efficient our
choices are
bull Productivity - measurement of how efficiently we are utilizing our resources Is this the same as production
bull An economy producing on the curve = using their resources to produce the MAXIMUM amount of goodsservices
Locations on a PPF
bull Efficient Point place where an economy is achieving as much output as possible from a given amount of resources ndash occurs at any point on the curve
bull Inefficient Point ndash place where the economy is not functioning as it could be ndash occurs at any point inside the curve
bull Unattainable Point ndash place where the economy cannot produce given its current resources ndash occurs at any point outside the curve
Food
Computer
4
3
2
1
1 2 3 4
OC between 1 and 2 computers = 1 Food
UnitOC between 3 and 4 computers = 1 Food
Unit
Constantly giving up the same quantity of food to get
additional computers
STRAIGHT-LINE PPFs Constant OC
BOWED-OUT PPFs VaryingIncreasing OC
Principle of Increasing Costs
As a society produces more of one product the OC of producing
that product increases because we are using more resources that are poorly suited to produce it
Economic Systems
An economic system is the way a society coordinates the production and consumption of goods amp services
How a society answers the three basic economic questions determines which type of economic system they are
Three Types of Economic Systems Command Traditional Market
Jigsaw activity
bullYou will be placed in groups of 3 and assigned a type of economy
bullYou will have 7 minutes to read and come up with 4 key components
bullAfter the 7 minuteshellip 1rsquos go to the front of the classroom2rsquos go to the wall nearest the door3rsquos go to the wall nearest the courtyard
Economic amp Social Goals of an Economic System
bull Economic Freedom
bull Economic Efficiency
bull Economic Equity
bull Economic Security
Economic Stability
Economic Growth
Review of Economic Systems
bullA traditional economy relies on custom and tradition to dictate production and consumption
bullIn a command economy decisions about production and consumption are made by a powerful ruler or central authority
bullIn a market economy individual producers and consumers coordinate economic activity
What are the most important goals of each economic system
bullTraditionalSecurity and
StabilitybullCommand
Equity and Security
bullMARKETEfficiency and
Freedom
Societies differ in the degree of importance they attach to each goal Progress toward one goal can sometimes be achieved only
at the expense of another (TRADEOFFS)
Which economic system does the US use
The American Economic System
bullWe have a mixed market economy
COMMAND MARKET
The US mixed economybull In a mixed economyhellip
Individuals Own the factors of production Possess freedom to produce or consume Must operate under confines of law
Government Protects workers and consumers Regulates business and preserves competition Provide public goodsbenefits
Think backhellip
bullWhat does this remind you of from the beginning of the unit
US Economic System Characteristics 1 Economic freedom (ldquolaissez-fairerdquo)
2 Limited government
3 Equal opportunity
4 Competition
5 Profit motive
6 Property Rights
7 Binding Contracts
Understanding how all parts fit together
Circular Flow of Economic Activity Represents a market economy
2 main ldquomarketsrdquoProduct Market Factor Market
where goods and services where the 4 factors ofare boughtsold production are boughtsold
Shows interdependence between
businesses and individuals
Marriage Vowsbull CONGRATULATIONS The government and the economy
are renewing their marriage vows You are cordially invited to the ceremony but this perfect couple needs your help
bull Using what you have learned this unit and using the textbook
bull You will explain the way government and the economy are connected (made for each other) You will demonstrate this answer in the format of wedding vows
bull You must use at least 5 of the following words Producers Taxes Consumers Restrictions Markets Freedom GoodsServices Limited
bull Look back to US Economic System Characteristics bull Each set of vows must be at least 6 lines
Do you remember
bullWrite the following question downbullWhy does the United States have a
democracy and mixed economy
- Foundations of Government and Economics
- On your blank piece of paperhellip
- Slide 3
- Warm-Up 1 - 9414
- Introductory thoughts hellip
- Slide 6
- 2 How about to your life
- Slide 8
- Slide 9
- Slide 10
- Slide 11
- Warm Up -2a- 9514 The New York Times and CBS News Pollhellip
- Warm up 2bndash In Journal-
- Economist and Politician Assumptions
- Individualism
- Quote activity
- Quote breakdown
- Warm Up 3- Current Event 9814
- Purpose of Government
- Slide 20
- 3 Theorists
- Activity
- Origins of American Government A customized government
- Origins of American Government A customized government (2)
- Origins of American Government A customized government (3)
- With which theory do you agree more Why
- The ldquoOriginal Dilemmardquo
- Warm Up 5 Hobbes and Locke
- Groups Block 2
- Groups Block 4
- Balloon Game
- You will have 10 minutes to get as many filled balloons on the
- Balloon Game Debriefing
- Political Theories
- Social Contract
- Natural Rights
- Democracy
- Concepts of Government
- Warm up 6 ndash 91114
- Warm Up 7
- And after the Constitution
- Activity (2)
- Picture Activity
- Constitutional Convention
- Purpose of the Convention
- VA Plan v NJ Plan
- Virginia Plan ldquoLarge State Planrdquo
- New Jersey Plan ldquoSmall State Planrdquo
- Your Task
- Closure
- States agree
- Quote
- Structure of Constitution
- Structure of Constitution
- 6 Purpose of Government
- Structure of Constitution (2)
- Structure of Constitution (3)
- Principles of Constitution
- Activity
- Slide 60
- Check for Understanding Six Principles
- Question 1
- Question 2
- Question 3
- Question 4
- Question 5
- Question 6
- Question 7
- Question 8
- Groups
- Separation of Powers
- Video
- Checks and Balances
- Slide 74
- Checks and balances
- Basic Principles
- Self- Worth
- Equality
- Compromise
- Individual Freedom
- Write your ownhellip
- Slide 82
- TED Talk
- Closure
- What is Economics
- Economics ishellip
- Back to our assumptionshellip
- Scarcity refers to the limited number of resources (factors of
- For the videohellip
- Slide 90
- Post Videohellip
- Advertisement
- Political Cartoon Analysis
- Factors of Production
- TASK
- The price ofhellip
- Economic efficiency is achieved when all available resources ar
- 1 What to produce
- 2 How to produce it
- 3 For whom to produce it
- Application Activity
- EQs
- Objectives amp Essential Questions
- Group Activity Budget Activity
- Slide 105
- How do we satisfy our economic wants
- How do we make goods amp services
- Economic Interdependence
- Slide 109
- Making Choices to Deal With Scarcity
- Exampleshellip
- Task Reflecting on Personal Trade-offshellip
- Opportunity Cost
- What else influences your choices
- Finallyhellip Why it Matters
- Visualizing the Relationshiphellip
- ObjectivesEssential Questions
- How Can We Measure What We Gain and Lose When Making Choices
- Production Possibilities Frontier
- PPF Assumptions
- Slide 121
- Production Possibilities Curve
- The Choices Nations Make
- Economic Growth
- The Classic Guns and Butter example
- Productivity
- Locations on a PPF
- Slide 128
- BOWED-OUT PPFs VaryingIncreasing OC
- Economic Systems
- Jigsaw activity
- Slide 132
- Economic amp Social Goals of an Economic System
- Review of Economic Systems
- Slide 135
- What are the most important goals of each economic system
- Which economic system does the US use
- The American Economic System
- The US mixed economy
- Slide 140
- Think backhellip
- US Economic System Characteristics
- Slide 143
- Understanding how all parts fit together
- Marriage Vows
- Do you remember
- Slide 147
-
Checks and Balances
Checks and balances
bullIn what was do the branches check on one another
bullhttpwwwsheppardsoftwarecomusa_gamegovernmentchecks_and_balanceshtm
Basic Principles
bullThe tenets of democracy are built upon five principlesmdashWorth of the individualEquality of all personsMajority rule minority rightsNecessity of compromiseIndividual freedom
Self- Worth
bull A recognition of the fundamental worth of every person
bull The democratic process reflects the collective set of individuals who make up society
Equality Democratic concept insists that all entitled tobull equality of opportunity bull equality before the law
bull Equality of opportunity suggests that no person should be held back for any arbitrary reason and must be free to develop him- or herself as fully as heshe can (or cares to)
bull Equality before the law suggests that each person should be treated as the equal of all other persons before the law
Compromise
bull A matter of compromise to determine the position most acceptable to the largest number of people
bull Because each individual is important and considered the equal of all others it stands to reason that people can only make public decisions by way of compromise
bullWhy is compromise important
Individual Freedombull Right of the
individual to be free as far as the freedom of all will allow
bull Democracy does not and cannot insist on the absolute freedom of the individual person
Write your ownhellipbull Now that you know what the foundations of
government arehellip Create your own Constitution (Or social contract)
What do you think is important to include What do you think could be taken out
Start with ldquoWe the peoplehelliprdquo and create the ideal contract
Preamble (brief introduction) Articles (what should it include based on what we
learned so far Include and agree on 10 points) Amendments (what do you think it should take to
change it)
bullFor your quiz tomorrowhellip What questions would you expect to seeWrite 5 and the answers on the back of the
paper
TED Talk
bullhttpwwwyoutubecomwatchv=ypqQ3-agpZo
Closure
bullExplain two principles of the constitution and how are they connected
What is Economics
bull Is the study of how people choose to use their limited resources to satisfy their unlimited wants and needs
Important Parts of Economicsndash
CHOICESSCARCITY
Economics ishellip
bullDependent upon assumptions
bullDependent upon simplification of reality
Back to our assumptionshellip
bullHuman Beings are rationalbullAll societies suffer from scarcity bullAll buyers seek to maximize utility
bullAll sellers seek to maximize profits
Scarcity refers to the limited number of resources (factors of production) that can be used to satisfy the unlimited human wants and needs
For the videohellip
bullWrite down 3 things you did not knowbullWrite down 3 things you did know
bullhttpwwwyoutubecomwatchv=TO7UTNS7r0w
Post Videohellip
bullDefine the main idea of the video in 4-5 words
Advertisement
bullKnowing some of the basics about what economics is and why we study ithellip
bullCreate an advertisement for an economics course BE SURE TO INCLUDE
3 images that represent different economic ideas
2 ldquothought bubblesrdquo that represent things yoursquoll learn about in economics
1 slogan that represents why economics is an important course to take
Political Cartoon Analysis
Factors of Production bull LAND
Also called Natural Resources Consider them ldquogifts of naturerdquo such as air
soil minerals water and plants
bull LABOR Also called Human Resources Includes physical and mental activities that go
into producing goodsservices
bull CAPITAL Includes tools machines buildings and
technologies
bull ENTREPRENEUR Risk taker who is responsible for combining
land labor and capital to produce goods and services
TASK
bullTask Why are entrepreneurs the driving force in our economy
bullAnswer in 2-3 sentences
The price ofhellip
bullLand is rentbullCapital is interestbullLabor is wagesbullEntrepreneurship is profit
Economic efficiency is achieved when all available resources are being used
All societies must answer three basic questions to satisfy the needs and wants of their populations
1 What to produce
bullShould it be military or civilian goods
bullFood or clothingbullMedicine or movies
2 How to produce it
bullAutomated or manual labor
bullExpensive or cheap materials
bullDomestic or overseas labor
3 For whom to produce it
bullThe wealthy or the needybullThe sick or the healthy
Application Activity
bull In groups of 2-3 create your own country (name it please)
bull With your countryrsquos name explain the Population geography and general population
information (iehellipbull Choose 5 items for your country to produce and
answer the three societal questions for eachALSO explain why this material would help your
economy thrivereach economic efficiencybull Create an advertisement for your country
withhellip Images representing what you produce and a
slogan for why your country is awesome
EQs
bullHow does scarcity impact decision making
Objectives amp Essential QuestionsbullObjectives
I will be able to create and reflect on a budget given new economics content
I will be able to understand scarcity and our mixed economy
bullEssential QuestionsHow does scarcity impact decision makingHow do we satisfy our economic wants
Group Activity Budget Activity
bullTeacher will break you into groups In your groups you will be creating a budget for a single family
bullYour group has been given an income for a year Given your family situation negotiate with your ldquofamilyrdquo to complete a budget for 1 month (keep in mind your $$ is in a given year)
bullhttpwwwyoutubecomwatchv=yoVc_S_gd_0
How do we satisfy our economic wants
bull We buy goods or services
bull Good ndash a physical object (tangible) that has been produced for salebull Durable ndash last 3+ yearsbull Nondurable ndash last up to 3 years
bull Service ndash work done by someone else for which someone is willing to pay
How do we make goods amp services
bull Use Factors of Production - The productive resources that go into producing goods and services
Production Equation
LAND + LABOR + CAPITAL = GOODSERVICE
inputs output
Economic Interdependence
bullWhat does lsquointerdependencersquo mean
bullIs our world becoming economic interdependent or independent
bullEconomic Interdependence the actions of one part of the
country (world) has an impact on what happens elsewhere
Wants amp Needs gt
Resources
Because of scarcity we
have to make choices
How do we make a choice What do we give up
What does this remind you of from our government unit
Making Choices to Deal With Scarcity
bullPeople seek to maximize their utility when making decisions This requires them to consider tradeoffs
Utility ndash the satisfaction or benefit a person receives from consuming a good or service
Tradeoffs ndash the alternate choices people have when making a decision also the benefitsadvantages of making on
decision over another
ExampleshellipbullSome choices are easy to makehellip
HmmhellipShould I have pizza or a hoagie for lunch today
bullOther decisions are agonizinghellipShould I get out of bed and go to
school today or should I sleep in
Task Reflecting on Personal Trade-offshellip
In the end what helped you decide amongst your choices
Think of ONE decision thatyou had to make in the last weekhellipIdentify your various
tradeoffs for that decision
Be prepared to share
Opportunity Cost
bullWhen comparing the top 2 choices it is the BENEFIT of the next best alternative that must be sacrificed to satisfy a want
bullYou do a cost-benefit analysis to figure out which decision is most beneficial
Opportunity Cost ndash The best thing we give up to get what
we want
What else influences your choices
bullPeople make decisions based on their marginal utility or the extra satisfaction they gain from one additional unit of a goodservice
bullLaw of Diminishing Marginal Utility says that as we get or do more of something the pleasure we derive from it tends to decrease and so does our willingness to buy it or do it
FinallyhellipWhy it Matters
Understanding the opportunity coststradeoffs of different choices in life makes you a
better decision-maker
Todayrsquos Message ndash ldquoTherersquos No Such Thing As a Free Lunchrdquo
You always have to give something uphelliprdquo
ALL Individuals Businesses amp Societies have to consider tradeoffsopportunity costs when making
decisions
Visualizing the Relationshiphellip
Limited Resources amp Unlimited Wants
Scarcity
Trade-offs (choices)
Opportunity Costs
ObjectivesEssential Questions
bullObjectivebullI will be able to understand (and teach)
the three different types of economies
bullEssential Question How do the different types of economies work
How Can We Measure What We Gain and Lose When
Making Choices
Answer With a Production Possibilities Frontier
Production Possibilities Frontier
bullDiagram representing the possible combinations of goods and or services an economy can produce when all resources are being fully employed
PPF Assumptions
bullWe live in a two good worldbullThere are fixed resourcesbullThere is fixed technologybullResources are not specialized
Production Possibilities Curve
CD
E
OU
TP
UT
OF
CO
NS
UM
ER
GO
OD
S
(un
its
per
yea
r)
OUTPUT OF MILITARY GOODS (units per year)
A
BO
XF
G
Limited resources necessitate choices about WHAT to produce
The Choices Nations Make
bullA nation must choose what to do with its scarce resources during war or periods of military buildup
bullProduce military goods or consumer goods
Economic Growth
2000 production possibilities
1900 production possibilities
OU
TP
UT
OF
CO
NS
UM
ER
GO
OD
S(u
nits
per
yea
r)
OUTPUT OF MILITARY GOODS (units per year)
Production possibilities increases with more resources and technology
The Classic Guns and Butter example
Guns
Butter
10000 20000 30000 40000 50000
1000009500085000
70000
5000040000
BA
C
D
E
F
At point A all resources are used for butter
Moving from point A to point B requires shifting resources out of butter and into guns
At point F all resources are used for Guns
Productivitybull A PPF can help us see how efficient our
choices are
bull Productivity - measurement of how efficiently we are utilizing our resources Is this the same as production
bull An economy producing on the curve = using their resources to produce the MAXIMUM amount of goodsservices
Locations on a PPF
bull Efficient Point place where an economy is achieving as much output as possible from a given amount of resources ndash occurs at any point on the curve
bull Inefficient Point ndash place where the economy is not functioning as it could be ndash occurs at any point inside the curve
bull Unattainable Point ndash place where the economy cannot produce given its current resources ndash occurs at any point outside the curve
Food
Computer
4
3
2
1
1 2 3 4
OC between 1 and 2 computers = 1 Food
UnitOC between 3 and 4 computers = 1 Food
Unit
Constantly giving up the same quantity of food to get
additional computers
STRAIGHT-LINE PPFs Constant OC
BOWED-OUT PPFs VaryingIncreasing OC
Principle of Increasing Costs
As a society produces more of one product the OC of producing
that product increases because we are using more resources that are poorly suited to produce it
Economic Systems
An economic system is the way a society coordinates the production and consumption of goods amp services
How a society answers the three basic economic questions determines which type of economic system they are
Three Types of Economic Systems Command Traditional Market
Jigsaw activity
bullYou will be placed in groups of 3 and assigned a type of economy
bullYou will have 7 minutes to read and come up with 4 key components
bullAfter the 7 minuteshellip 1rsquos go to the front of the classroom2rsquos go to the wall nearest the door3rsquos go to the wall nearest the courtyard
Economic amp Social Goals of an Economic System
bull Economic Freedom
bull Economic Efficiency
bull Economic Equity
bull Economic Security
Economic Stability
Economic Growth
Review of Economic Systems
bullA traditional economy relies on custom and tradition to dictate production and consumption
bullIn a command economy decisions about production and consumption are made by a powerful ruler or central authority
bullIn a market economy individual producers and consumers coordinate economic activity
What are the most important goals of each economic system
bullTraditionalSecurity and
StabilitybullCommand
Equity and Security
bullMARKETEfficiency and
Freedom
Societies differ in the degree of importance they attach to each goal Progress toward one goal can sometimes be achieved only
at the expense of another (TRADEOFFS)
Which economic system does the US use
The American Economic System
bullWe have a mixed market economy
COMMAND MARKET
The US mixed economybull In a mixed economyhellip
Individuals Own the factors of production Possess freedom to produce or consume Must operate under confines of law
Government Protects workers and consumers Regulates business and preserves competition Provide public goodsbenefits
Think backhellip
bullWhat does this remind you of from the beginning of the unit
US Economic System Characteristics 1 Economic freedom (ldquolaissez-fairerdquo)
2 Limited government
3 Equal opportunity
4 Competition
5 Profit motive
6 Property Rights
7 Binding Contracts
Understanding how all parts fit together
Circular Flow of Economic Activity Represents a market economy
2 main ldquomarketsrdquoProduct Market Factor Market
where goods and services where the 4 factors ofare boughtsold production are boughtsold
Shows interdependence between
businesses and individuals
Marriage Vowsbull CONGRATULATIONS The government and the economy
are renewing their marriage vows You are cordially invited to the ceremony but this perfect couple needs your help
bull Using what you have learned this unit and using the textbook
bull You will explain the way government and the economy are connected (made for each other) You will demonstrate this answer in the format of wedding vows
bull You must use at least 5 of the following words Producers Taxes Consumers Restrictions Markets Freedom GoodsServices Limited
bull Look back to US Economic System Characteristics bull Each set of vows must be at least 6 lines
Do you remember
bullWrite the following question downbullWhy does the United States have a
democracy and mixed economy
- Foundations of Government and Economics
- On your blank piece of paperhellip
- Slide 3
- Warm-Up 1 - 9414
- Introductory thoughts hellip
- Slide 6
- 2 How about to your life
- Slide 8
- Slide 9
- Slide 10
- Slide 11
- Warm Up -2a- 9514 The New York Times and CBS News Pollhellip
- Warm up 2bndash In Journal-
- Economist and Politician Assumptions
- Individualism
- Quote activity
- Quote breakdown
- Warm Up 3- Current Event 9814
- Purpose of Government
- Slide 20
- 3 Theorists
- Activity
- Origins of American Government A customized government
- Origins of American Government A customized government (2)
- Origins of American Government A customized government (3)
- With which theory do you agree more Why
- The ldquoOriginal Dilemmardquo
- Warm Up 5 Hobbes and Locke
- Groups Block 2
- Groups Block 4
- Balloon Game
- You will have 10 minutes to get as many filled balloons on the
- Balloon Game Debriefing
- Political Theories
- Social Contract
- Natural Rights
- Democracy
- Concepts of Government
- Warm up 6 ndash 91114
- Warm Up 7
- And after the Constitution
- Activity (2)
- Picture Activity
- Constitutional Convention
- Purpose of the Convention
- VA Plan v NJ Plan
- Virginia Plan ldquoLarge State Planrdquo
- New Jersey Plan ldquoSmall State Planrdquo
- Your Task
- Closure
- States agree
- Quote
- Structure of Constitution
- Structure of Constitution
- 6 Purpose of Government
- Structure of Constitution (2)
- Structure of Constitution (3)
- Principles of Constitution
- Activity
- Slide 60
- Check for Understanding Six Principles
- Question 1
- Question 2
- Question 3
- Question 4
- Question 5
- Question 6
- Question 7
- Question 8
- Groups
- Separation of Powers
- Video
- Checks and Balances
- Slide 74
- Checks and balances
- Basic Principles
- Self- Worth
- Equality
- Compromise
- Individual Freedom
- Write your ownhellip
- Slide 82
- TED Talk
- Closure
- What is Economics
- Economics ishellip
- Back to our assumptionshellip
- Scarcity refers to the limited number of resources (factors of
- For the videohellip
- Slide 90
- Post Videohellip
- Advertisement
- Political Cartoon Analysis
- Factors of Production
- TASK
- The price ofhellip
- Economic efficiency is achieved when all available resources ar
- 1 What to produce
- 2 How to produce it
- 3 For whom to produce it
- Application Activity
- EQs
- Objectives amp Essential Questions
- Group Activity Budget Activity
- Slide 105
- How do we satisfy our economic wants
- How do we make goods amp services
- Economic Interdependence
- Slide 109
- Making Choices to Deal With Scarcity
- Exampleshellip
- Task Reflecting on Personal Trade-offshellip
- Opportunity Cost
- What else influences your choices
- Finallyhellip Why it Matters
- Visualizing the Relationshiphellip
- ObjectivesEssential Questions
- How Can We Measure What We Gain and Lose When Making Choices
- Production Possibilities Frontier
- PPF Assumptions
- Slide 121
- Production Possibilities Curve
- The Choices Nations Make
- Economic Growth
- The Classic Guns and Butter example
- Productivity
- Locations on a PPF
- Slide 128
- BOWED-OUT PPFs VaryingIncreasing OC
- Economic Systems
- Jigsaw activity
- Slide 132
- Economic amp Social Goals of an Economic System
- Review of Economic Systems
- Slide 135
- What are the most important goals of each economic system
- Which economic system does the US use
- The American Economic System
- The US mixed economy
- Slide 140
- Think backhellip
- US Economic System Characteristics
- Slide 143
- Understanding how all parts fit together
- Marriage Vows
- Do you remember
- Slide 147
-
Checks and balances
bullIn what was do the branches check on one another
bullhttpwwwsheppardsoftwarecomusa_gamegovernmentchecks_and_balanceshtm
Basic Principles
bullThe tenets of democracy are built upon five principlesmdashWorth of the individualEquality of all personsMajority rule minority rightsNecessity of compromiseIndividual freedom
Self- Worth
bull A recognition of the fundamental worth of every person
bull The democratic process reflects the collective set of individuals who make up society
Equality Democratic concept insists that all entitled tobull equality of opportunity bull equality before the law
bull Equality of opportunity suggests that no person should be held back for any arbitrary reason and must be free to develop him- or herself as fully as heshe can (or cares to)
bull Equality before the law suggests that each person should be treated as the equal of all other persons before the law
Compromise
bull A matter of compromise to determine the position most acceptable to the largest number of people
bull Because each individual is important and considered the equal of all others it stands to reason that people can only make public decisions by way of compromise
bullWhy is compromise important
Individual Freedombull Right of the
individual to be free as far as the freedom of all will allow
bull Democracy does not and cannot insist on the absolute freedom of the individual person
Write your ownhellipbull Now that you know what the foundations of
government arehellip Create your own Constitution (Or social contract)
What do you think is important to include What do you think could be taken out
Start with ldquoWe the peoplehelliprdquo and create the ideal contract
Preamble (brief introduction) Articles (what should it include based on what we
learned so far Include and agree on 10 points) Amendments (what do you think it should take to
change it)
bullFor your quiz tomorrowhellip What questions would you expect to seeWrite 5 and the answers on the back of the
paper
TED Talk
bullhttpwwwyoutubecomwatchv=ypqQ3-agpZo
Closure
bullExplain two principles of the constitution and how are they connected
What is Economics
bull Is the study of how people choose to use their limited resources to satisfy their unlimited wants and needs
Important Parts of Economicsndash
CHOICESSCARCITY
Economics ishellip
bullDependent upon assumptions
bullDependent upon simplification of reality
Back to our assumptionshellip
bullHuman Beings are rationalbullAll societies suffer from scarcity bullAll buyers seek to maximize utility
bullAll sellers seek to maximize profits
Scarcity refers to the limited number of resources (factors of production) that can be used to satisfy the unlimited human wants and needs
For the videohellip
bullWrite down 3 things you did not knowbullWrite down 3 things you did know
bullhttpwwwyoutubecomwatchv=TO7UTNS7r0w
Post Videohellip
bullDefine the main idea of the video in 4-5 words
Advertisement
bullKnowing some of the basics about what economics is and why we study ithellip
bullCreate an advertisement for an economics course BE SURE TO INCLUDE
3 images that represent different economic ideas
2 ldquothought bubblesrdquo that represent things yoursquoll learn about in economics
1 slogan that represents why economics is an important course to take
Political Cartoon Analysis
Factors of Production bull LAND
Also called Natural Resources Consider them ldquogifts of naturerdquo such as air
soil minerals water and plants
bull LABOR Also called Human Resources Includes physical and mental activities that go
into producing goodsservices
bull CAPITAL Includes tools machines buildings and
technologies
bull ENTREPRENEUR Risk taker who is responsible for combining
land labor and capital to produce goods and services
TASK
bullTask Why are entrepreneurs the driving force in our economy
bullAnswer in 2-3 sentences
The price ofhellip
bullLand is rentbullCapital is interestbullLabor is wagesbullEntrepreneurship is profit
Economic efficiency is achieved when all available resources are being used
All societies must answer three basic questions to satisfy the needs and wants of their populations
1 What to produce
bullShould it be military or civilian goods
bullFood or clothingbullMedicine or movies
2 How to produce it
bullAutomated or manual labor
bullExpensive or cheap materials
bullDomestic or overseas labor
3 For whom to produce it
bullThe wealthy or the needybullThe sick or the healthy
Application Activity
bull In groups of 2-3 create your own country (name it please)
bull With your countryrsquos name explain the Population geography and general population
information (iehellipbull Choose 5 items for your country to produce and
answer the three societal questions for eachALSO explain why this material would help your
economy thrivereach economic efficiencybull Create an advertisement for your country
withhellip Images representing what you produce and a
slogan for why your country is awesome
EQs
bullHow does scarcity impact decision making
Objectives amp Essential QuestionsbullObjectives
I will be able to create and reflect on a budget given new economics content
I will be able to understand scarcity and our mixed economy
bullEssential QuestionsHow does scarcity impact decision makingHow do we satisfy our economic wants
Group Activity Budget Activity
bullTeacher will break you into groups In your groups you will be creating a budget for a single family
bullYour group has been given an income for a year Given your family situation negotiate with your ldquofamilyrdquo to complete a budget for 1 month (keep in mind your $$ is in a given year)
bullhttpwwwyoutubecomwatchv=yoVc_S_gd_0
How do we satisfy our economic wants
bull We buy goods or services
bull Good ndash a physical object (tangible) that has been produced for salebull Durable ndash last 3+ yearsbull Nondurable ndash last up to 3 years
bull Service ndash work done by someone else for which someone is willing to pay
How do we make goods amp services
bull Use Factors of Production - The productive resources that go into producing goods and services
Production Equation
LAND + LABOR + CAPITAL = GOODSERVICE
inputs output
Economic Interdependence
bullWhat does lsquointerdependencersquo mean
bullIs our world becoming economic interdependent or independent
bullEconomic Interdependence the actions of one part of the
country (world) has an impact on what happens elsewhere
Wants amp Needs gt
Resources
Because of scarcity we
have to make choices
How do we make a choice What do we give up
What does this remind you of from our government unit
Making Choices to Deal With Scarcity
bullPeople seek to maximize their utility when making decisions This requires them to consider tradeoffs
Utility ndash the satisfaction or benefit a person receives from consuming a good or service
Tradeoffs ndash the alternate choices people have when making a decision also the benefitsadvantages of making on
decision over another
ExampleshellipbullSome choices are easy to makehellip
HmmhellipShould I have pizza or a hoagie for lunch today
bullOther decisions are agonizinghellipShould I get out of bed and go to
school today or should I sleep in
Task Reflecting on Personal Trade-offshellip
In the end what helped you decide amongst your choices
Think of ONE decision thatyou had to make in the last weekhellipIdentify your various
tradeoffs for that decision
Be prepared to share
Opportunity Cost
bullWhen comparing the top 2 choices it is the BENEFIT of the next best alternative that must be sacrificed to satisfy a want
bullYou do a cost-benefit analysis to figure out which decision is most beneficial
Opportunity Cost ndash The best thing we give up to get what
we want
What else influences your choices
bullPeople make decisions based on their marginal utility or the extra satisfaction they gain from one additional unit of a goodservice
bullLaw of Diminishing Marginal Utility says that as we get or do more of something the pleasure we derive from it tends to decrease and so does our willingness to buy it or do it
FinallyhellipWhy it Matters
Understanding the opportunity coststradeoffs of different choices in life makes you a
better decision-maker
Todayrsquos Message ndash ldquoTherersquos No Such Thing As a Free Lunchrdquo
You always have to give something uphelliprdquo
ALL Individuals Businesses amp Societies have to consider tradeoffsopportunity costs when making
decisions
Visualizing the Relationshiphellip
Limited Resources amp Unlimited Wants
Scarcity
Trade-offs (choices)
Opportunity Costs
ObjectivesEssential Questions
bullObjectivebullI will be able to understand (and teach)
the three different types of economies
bullEssential Question How do the different types of economies work
How Can We Measure What We Gain and Lose When
Making Choices
Answer With a Production Possibilities Frontier
Production Possibilities Frontier
bullDiagram representing the possible combinations of goods and or services an economy can produce when all resources are being fully employed
PPF Assumptions
bullWe live in a two good worldbullThere are fixed resourcesbullThere is fixed technologybullResources are not specialized
Production Possibilities Curve
CD
E
OU
TP
UT
OF
CO
NS
UM
ER
GO
OD
S
(un
its
per
yea
r)
OUTPUT OF MILITARY GOODS (units per year)
A
BO
XF
G
Limited resources necessitate choices about WHAT to produce
The Choices Nations Make
bullA nation must choose what to do with its scarce resources during war or periods of military buildup
bullProduce military goods or consumer goods
Economic Growth
2000 production possibilities
1900 production possibilities
OU
TP
UT
OF
CO
NS
UM
ER
GO
OD
S(u
nits
per
yea
r)
OUTPUT OF MILITARY GOODS (units per year)
Production possibilities increases with more resources and technology
The Classic Guns and Butter example
Guns
Butter
10000 20000 30000 40000 50000
1000009500085000
70000
5000040000
BA
C
D
E
F
At point A all resources are used for butter
Moving from point A to point B requires shifting resources out of butter and into guns
At point F all resources are used for Guns
Productivitybull A PPF can help us see how efficient our
choices are
bull Productivity - measurement of how efficiently we are utilizing our resources Is this the same as production
bull An economy producing on the curve = using their resources to produce the MAXIMUM amount of goodsservices
Locations on a PPF
bull Efficient Point place where an economy is achieving as much output as possible from a given amount of resources ndash occurs at any point on the curve
bull Inefficient Point ndash place where the economy is not functioning as it could be ndash occurs at any point inside the curve
bull Unattainable Point ndash place where the economy cannot produce given its current resources ndash occurs at any point outside the curve
Food
Computer
4
3
2
1
1 2 3 4
OC between 1 and 2 computers = 1 Food
UnitOC between 3 and 4 computers = 1 Food
Unit
Constantly giving up the same quantity of food to get
additional computers
STRAIGHT-LINE PPFs Constant OC
BOWED-OUT PPFs VaryingIncreasing OC
Principle of Increasing Costs
As a society produces more of one product the OC of producing
that product increases because we are using more resources that are poorly suited to produce it
Economic Systems
An economic system is the way a society coordinates the production and consumption of goods amp services
How a society answers the three basic economic questions determines which type of economic system they are
Three Types of Economic Systems Command Traditional Market
Jigsaw activity
bullYou will be placed in groups of 3 and assigned a type of economy
bullYou will have 7 minutes to read and come up with 4 key components
bullAfter the 7 minuteshellip 1rsquos go to the front of the classroom2rsquos go to the wall nearest the door3rsquos go to the wall nearest the courtyard
Economic amp Social Goals of an Economic System
bull Economic Freedom
bull Economic Efficiency
bull Economic Equity
bull Economic Security
Economic Stability
Economic Growth
Review of Economic Systems
bullA traditional economy relies on custom and tradition to dictate production and consumption
bullIn a command economy decisions about production and consumption are made by a powerful ruler or central authority
bullIn a market economy individual producers and consumers coordinate economic activity
What are the most important goals of each economic system
bullTraditionalSecurity and
StabilitybullCommand
Equity and Security
bullMARKETEfficiency and
Freedom
Societies differ in the degree of importance they attach to each goal Progress toward one goal can sometimes be achieved only
at the expense of another (TRADEOFFS)
Which economic system does the US use
The American Economic System
bullWe have a mixed market economy
COMMAND MARKET
The US mixed economybull In a mixed economyhellip
Individuals Own the factors of production Possess freedom to produce or consume Must operate under confines of law
Government Protects workers and consumers Regulates business and preserves competition Provide public goodsbenefits
Think backhellip
bullWhat does this remind you of from the beginning of the unit
US Economic System Characteristics 1 Economic freedom (ldquolaissez-fairerdquo)
2 Limited government
3 Equal opportunity
4 Competition
5 Profit motive
6 Property Rights
7 Binding Contracts
Understanding how all parts fit together
Circular Flow of Economic Activity Represents a market economy
2 main ldquomarketsrdquoProduct Market Factor Market
where goods and services where the 4 factors ofare boughtsold production are boughtsold
Shows interdependence between
businesses and individuals
Marriage Vowsbull CONGRATULATIONS The government and the economy
are renewing their marriage vows You are cordially invited to the ceremony but this perfect couple needs your help
bull Using what you have learned this unit and using the textbook
bull You will explain the way government and the economy are connected (made for each other) You will demonstrate this answer in the format of wedding vows
bull You must use at least 5 of the following words Producers Taxes Consumers Restrictions Markets Freedom GoodsServices Limited
bull Look back to US Economic System Characteristics bull Each set of vows must be at least 6 lines
Do you remember
bullWrite the following question downbullWhy does the United States have a
democracy and mixed economy
- Foundations of Government and Economics
- On your blank piece of paperhellip
- Slide 3
- Warm-Up 1 - 9414
- Introductory thoughts hellip
- Slide 6
- 2 How about to your life
- Slide 8
- Slide 9
- Slide 10
- Slide 11
- Warm Up -2a- 9514 The New York Times and CBS News Pollhellip
- Warm up 2bndash In Journal-
- Economist and Politician Assumptions
- Individualism
- Quote activity
- Quote breakdown
- Warm Up 3- Current Event 9814
- Purpose of Government
- Slide 20
- 3 Theorists
- Activity
- Origins of American Government A customized government
- Origins of American Government A customized government (2)
- Origins of American Government A customized government (3)
- With which theory do you agree more Why
- The ldquoOriginal Dilemmardquo
- Warm Up 5 Hobbes and Locke
- Groups Block 2
- Groups Block 4
- Balloon Game
- You will have 10 minutes to get as many filled balloons on the
- Balloon Game Debriefing
- Political Theories
- Social Contract
- Natural Rights
- Democracy
- Concepts of Government
- Warm up 6 ndash 91114
- Warm Up 7
- And after the Constitution
- Activity (2)
- Picture Activity
- Constitutional Convention
- Purpose of the Convention
- VA Plan v NJ Plan
- Virginia Plan ldquoLarge State Planrdquo
- New Jersey Plan ldquoSmall State Planrdquo
- Your Task
- Closure
- States agree
- Quote
- Structure of Constitution
- Structure of Constitution
- 6 Purpose of Government
- Structure of Constitution (2)
- Structure of Constitution (3)
- Principles of Constitution
- Activity
- Slide 60
- Check for Understanding Six Principles
- Question 1
- Question 2
- Question 3
- Question 4
- Question 5
- Question 6
- Question 7
- Question 8
- Groups
- Separation of Powers
- Video
- Checks and Balances
- Slide 74
- Checks and balances
- Basic Principles
- Self- Worth
- Equality
- Compromise
- Individual Freedom
- Write your ownhellip
- Slide 82
- TED Talk
- Closure
- What is Economics
- Economics ishellip
- Back to our assumptionshellip
- Scarcity refers to the limited number of resources (factors of
- For the videohellip
- Slide 90
- Post Videohellip
- Advertisement
- Political Cartoon Analysis
- Factors of Production
- TASK
- The price ofhellip
- Economic efficiency is achieved when all available resources ar
- 1 What to produce
- 2 How to produce it
- 3 For whom to produce it
- Application Activity
- EQs
- Objectives amp Essential Questions
- Group Activity Budget Activity
- Slide 105
- How do we satisfy our economic wants
- How do we make goods amp services
- Economic Interdependence
- Slide 109
- Making Choices to Deal With Scarcity
- Exampleshellip
- Task Reflecting on Personal Trade-offshellip
- Opportunity Cost
- What else influences your choices
- Finallyhellip Why it Matters
- Visualizing the Relationshiphellip
- ObjectivesEssential Questions
- How Can We Measure What We Gain and Lose When Making Choices
- Production Possibilities Frontier
- PPF Assumptions
- Slide 121
- Production Possibilities Curve
- The Choices Nations Make
- Economic Growth
- The Classic Guns and Butter example
- Productivity
- Locations on a PPF
- Slide 128
- BOWED-OUT PPFs VaryingIncreasing OC
- Economic Systems
- Jigsaw activity
- Slide 132
- Economic amp Social Goals of an Economic System
- Review of Economic Systems
- Slide 135
- What are the most important goals of each economic system
- Which economic system does the US use
- The American Economic System
- The US mixed economy
- Slide 140
- Think backhellip
- US Economic System Characteristics
- Slide 143
- Understanding how all parts fit together
- Marriage Vows
- Do you remember
- Slide 147
-
Basic Principles
bullThe tenets of democracy are built upon five principlesmdashWorth of the individualEquality of all personsMajority rule minority rightsNecessity of compromiseIndividual freedom
Self- Worth
bull A recognition of the fundamental worth of every person
bull The democratic process reflects the collective set of individuals who make up society
Equality Democratic concept insists that all entitled tobull equality of opportunity bull equality before the law
bull Equality of opportunity suggests that no person should be held back for any arbitrary reason and must be free to develop him- or herself as fully as heshe can (or cares to)
bull Equality before the law suggests that each person should be treated as the equal of all other persons before the law
Compromise
bull A matter of compromise to determine the position most acceptable to the largest number of people
bull Because each individual is important and considered the equal of all others it stands to reason that people can only make public decisions by way of compromise
bullWhy is compromise important
Individual Freedombull Right of the
individual to be free as far as the freedom of all will allow
bull Democracy does not and cannot insist on the absolute freedom of the individual person
Write your ownhellipbull Now that you know what the foundations of
government arehellip Create your own Constitution (Or social contract)
What do you think is important to include What do you think could be taken out
Start with ldquoWe the peoplehelliprdquo and create the ideal contract
Preamble (brief introduction) Articles (what should it include based on what we
learned so far Include and agree on 10 points) Amendments (what do you think it should take to
change it)
bullFor your quiz tomorrowhellip What questions would you expect to seeWrite 5 and the answers on the back of the
paper
TED Talk
bullhttpwwwyoutubecomwatchv=ypqQ3-agpZo
Closure
bullExplain two principles of the constitution and how are they connected
What is Economics
bull Is the study of how people choose to use their limited resources to satisfy their unlimited wants and needs
Important Parts of Economicsndash
CHOICESSCARCITY
Economics ishellip
bullDependent upon assumptions
bullDependent upon simplification of reality
Back to our assumptionshellip
bullHuman Beings are rationalbullAll societies suffer from scarcity bullAll buyers seek to maximize utility
bullAll sellers seek to maximize profits
Scarcity refers to the limited number of resources (factors of production) that can be used to satisfy the unlimited human wants and needs
For the videohellip
bullWrite down 3 things you did not knowbullWrite down 3 things you did know
bullhttpwwwyoutubecomwatchv=TO7UTNS7r0w
Post Videohellip
bullDefine the main idea of the video in 4-5 words
Advertisement
bullKnowing some of the basics about what economics is and why we study ithellip
bullCreate an advertisement for an economics course BE SURE TO INCLUDE
3 images that represent different economic ideas
2 ldquothought bubblesrdquo that represent things yoursquoll learn about in economics
1 slogan that represents why economics is an important course to take
Political Cartoon Analysis
Factors of Production bull LAND
Also called Natural Resources Consider them ldquogifts of naturerdquo such as air
soil minerals water and plants
bull LABOR Also called Human Resources Includes physical and mental activities that go
into producing goodsservices
bull CAPITAL Includes tools machines buildings and
technologies
bull ENTREPRENEUR Risk taker who is responsible for combining
land labor and capital to produce goods and services
TASK
bullTask Why are entrepreneurs the driving force in our economy
bullAnswer in 2-3 sentences
The price ofhellip
bullLand is rentbullCapital is interestbullLabor is wagesbullEntrepreneurship is profit
Economic efficiency is achieved when all available resources are being used
All societies must answer three basic questions to satisfy the needs and wants of their populations
1 What to produce
bullShould it be military or civilian goods
bullFood or clothingbullMedicine or movies
2 How to produce it
bullAutomated or manual labor
bullExpensive or cheap materials
bullDomestic or overseas labor
3 For whom to produce it
bullThe wealthy or the needybullThe sick or the healthy
Application Activity
bull In groups of 2-3 create your own country (name it please)
bull With your countryrsquos name explain the Population geography and general population
information (iehellipbull Choose 5 items for your country to produce and
answer the three societal questions for eachALSO explain why this material would help your
economy thrivereach economic efficiencybull Create an advertisement for your country
withhellip Images representing what you produce and a
slogan for why your country is awesome
EQs
bullHow does scarcity impact decision making
Objectives amp Essential QuestionsbullObjectives
I will be able to create and reflect on a budget given new economics content
I will be able to understand scarcity and our mixed economy
bullEssential QuestionsHow does scarcity impact decision makingHow do we satisfy our economic wants
Group Activity Budget Activity
bullTeacher will break you into groups In your groups you will be creating a budget for a single family
bullYour group has been given an income for a year Given your family situation negotiate with your ldquofamilyrdquo to complete a budget for 1 month (keep in mind your $$ is in a given year)
bullhttpwwwyoutubecomwatchv=yoVc_S_gd_0
How do we satisfy our economic wants
bull We buy goods or services
bull Good ndash a physical object (tangible) that has been produced for salebull Durable ndash last 3+ yearsbull Nondurable ndash last up to 3 years
bull Service ndash work done by someone else for which someone is willing to pay
How do we make goods amp services
bull Use Factors of Production - The productive resources that go into producing goods and services
Production Equation
LAND + LABOR + CAPITAL = GOODSERVICE
inputs output
Economic Interdependence
bullWhat does lsquointerdependencersquo mean
bullIs our world becoming economic interdependent or independent
bullEconomic Interdependence the actions of one part of the
country (world) has an impact on what happens elsewhere
Wants amp Needs gt
Resources
Because of scarcity we
have to make choices
How do we make a choice What do we give up
What does this remind you of from our government unit
Making Choices to Deal With Scarcity
bullPeople seek to maximize their utility when making decisions This requires them to consider tradeoffs
Utility ndash the satisfaction or benefit a person receives from consuming a good or service
Tradeoffs ndash the alternate choices people have when making a decision also the benefitsadvantages of making on
decision over another
ExampleshellipbullSome choices are easy to makehellip
HmmhellipShould I have pizza or a hoagie for lunch today
bullOther decisions are agonizinghellipShould I get out of bed and go to
school today or should I sleep in
Task Reflecting on Personal Trade-offshellip
In the end what helped you decide amongst your choices
Think of ONE decision thatyou had to make in the last weekhellipIdentify your various
tradeoffs for that decision
Be prepared to share
Opportunity Cost
bullWhen comparing the top 2 choices it is the BENEFIT of the next best alternative that must be sacrificed to satisfy a want
bullYou do a cost-benefit analysis to figure out which decision is most beneficial
Opportunity Cost ndash The best thing we give up to get what
we want
What else influences your choices
bullPeople make decisions based on their marginal utility or the extra satisfaction they gain from one additional unit of a goodservice
bullLaw of Diminishing Marginal Utility says that as we get or do more of something the pleasure we derive from it tends to decrease and so does our willingness to buy it or do it
FinallyhellipWhy it Matters
Understanding the opportunity coststradeoffs of different choices in life makes you a
better decision-maker
Todayrsquos Message ndash ldquoTherersquos No Such Thing As a Free Lunchrdquo
You always have to give something uphelliprdquo
ALL Individuals Businesses amp Societies have to consider tradeoffsopportunity costs when making
decisions
Visualizing the Relationshiphellip
Limited Resources amp Unlimited Wants
Scarcity
Trade-offs (choices)
Opportunity Costs
ObjectivesEssential Questions
bullObjectivebullI will be able to understand (and teach)
the three different types of economies
bullEssential Question How do the different types of economies work
How Can We Measure What We Gain and Lose When
Making Choices
Answer With a Production Possibilities Frontier
Production Possibilities Frontier
bullDiagram representing the possible combinations of goods and or services an economy can produce when all resources are being fully employed
PPF Assumptions
bullWe live in a two good worldbullThere are fixed resourcesbullThere is fixed technologybullResources are not specialized
Production Possibilities Curve
CD
E
OU
TP
UT
OF
CO
NS
UM
ER
GO
OD
S
(un
its
per
yea
r)
OUTPUT OF MILITARY GOODS (units per year)
A
BO
XF
G
Limited resources necessitate choices about WHAT to produce
The Choices Nations Make
bullA nation must choose what to do with its scarce resources during war or periods of military buildup
bullProduce military goods or consumer goods
Economic Growth
2000 production possibilities
1900 production possibilities
OU
TP
UT
OF
CO
NS
UM
ER
GO
OD
S(u
nits
per
yea
r)
OUTPUT OF MILITARY GOODS (units per year)
Production possibilities increases with more resources and technology
The Classic Guns and Butter example
Guns
Butter
10000 20000 30000 40000 50000
1000009500085000
70000
5000040000
BA
C
D
E
F
At point A all resources are used for butter
Moving from point A to point B requires shifting resources out of butter and into guns
At point F all resources are used for Guns
Productivitybull A PPF can help us see how efficient our
choices are
bull Productivity - measurement of how efficiently we are utilizing our resources Is this the same as production
bull An economy producing on the curve = using their resources to produce the MAXIMUM amount of goodsservices
Locations on a PPF
bull Efficient Point place where an economy is achieving as much output as possible from a given amount of resources ndash occurs at any point on the curve
bull Inefficient Point ndash place where the economy is not functioning as it could be ndash occurs at any point inside the curve
bull Unattainable Point ndash place where the economy cannot produce given its current resources ndash occurs at any point outside the curve
Food
Computer
4
3
2
1
1 2 3 4
OC between 1 and 2 computers = 1 Food
UnitOC between 3 and 4 computers = 1 Food
Unit
Constantly giving up the same quantity of food to get
additional computers
STRAIGHT-LINE PPFs Constant OC
BOWED-OUT PPFs VaryingIncreasing OC
Principle of Increasing Costs
As a society produces more of one product the OC of producing
that product increases because we are using more resources that are poorly suited to produce it
Economic Systems
An economic system is the way a society coordinates the production and consumption of goods amp services
How a society answers the three basic economic questions determines which type of economic system they are
Three Types of Economic Systems Command Traditional Market
Jigsaw activity
bullYou will be placed in groups of 3 and assigned a type of economy
bullYou will have 7 minutes to read and come up with 4 key components
bullAfter the 7 minuteshellip 1rsquos go to the front of the classroom2rsquos go to the wall nearest the door3rsquos go to the wall nearest the courtyard
Economic amp Social Goals of an Economic System
bull Economic Freedom
bull Economic Efficiency
bull Economic Equity
bull Economic Security
Economic Stability
Economic Growth
Review of Economic Systems
bullA traditional economy relies on custom and tradition to dictate production and consumption
bullIn a command economy decisions about production and consumption are made by a powerful ruler or central authority
bullIn a market economy individual producers and consumers coordinate economic activity
What are the most important goals of each economic system
bullTraditionalSecurity and
StabilitybullCommand
Equity and Security
bullMARKETEfficiency and
Freedom
Societies differ in the degree of importance they attach to each goal Progress toward one goal can sometimes be achieved only
at the expense of another (TRADEOFFS)
Which economic system does the US use
The American Economic System
bullWe have a mixed market economy
COMMAND MARKET
The US mixed economybull In a mixed economyhellip
Individuals Own the factors of production Possess freedom to produce or consume Must operate under confines of law
Government Protects workers and consumers Regulates business and preserves competition Provide public goodsbenefits
Think backhellip
bullWhat does this remind you of from the beginning of the unit
US Economic System Characteristics 1 Economic freedom (ldquolaissez-fairerdquo)
2 Limited government
3 Equal opportunity
4 Competition
5 Profit motive
6 Property Rights
7 Binding Contracts
Understanding how all parts fit together
Circular Flow of Economic Activity Represents a market economy
2 main ldquomarketsrdquoProduct Market Factor Market
where goods and services where the 4 factors ofare boughtsold production are boughtsold
Shows interdependence between
businesses and individuals
Marriage Vowsbull CONGRATULATIONS The government and the economy
are renewing their marriage vows You are cordially invited to the ceremony but this perfect couple needs your help
bull Using what you have learned this unit and using the textbook
bull You will explain the way government and the economy are connected (made for each other) You will demonstrate this answer in the format of wedding vows
bull You must use at least 5 of the following words Producers Taxes Consumers Restrictions Markets Freedom GoodsServices Limited
bull Look back to US Economic System Characteristics bull Each set of vows must be at least 6 lines
Do you remember
bullWrite the following question downbullWhy does the United States have a
democracy and mixed economy
- Foundations of Government and Economics
- On your blank piece of paperhellip
- Slide 3
- Warm-Up 1 - 9414
- Introductory thoughts hellip
- Slide 6
- 2 How about to your life
- Slide 8
- Slide 9
- Slide 10
- Slide 11
- Warm Up -2a- 9514 The New York Times and CBS News Pollhellip
- Warm up 2bndash In Journal-
- Economist and Politician Assumptions
- Individualism
- Quote activity
- Quote breakdown
- Warm Up 3- Current Event 9814
- Purpose of Government
- Slide 20
- 3 Theorists
- Activity
- Origins of American Government A customized government
- Origins of American Government A customized government (2)
- Origins of American Government A customized government (3)
- With which theory do you agree more Why
- The ldquoOriginal Dilemmardquo
- Warm Up 5 Hobbes and Locke
- Groups Block 2
- Groups Block 4
- Balloon Game
- You will have 10 minutes to get as many filled balloons on the
- Balloon Game Debriefing
- Political Theories
- Social Contract
- Natural Rights
- Democracy
- Concepts of Government
- Warm up 6 ndash 91114
- Warm Up 7
- And after the Constitution
- Activity (2)
- Picture Activity
- Constitutional Convention
- Purpose of the Convention
- VA Plan v NJ Plan
- Virginia Plan ldquoLarge State Planrdquo
- New Jersey Plan ldquoSmall State Planrdquo
- Your Task
- Closure
- States agree
- Quote
- Structure of Constitution
- Structure of Constitution
- 6 Purpose of Government
- Structure of Constitution (2)
- Structure of Constitution (3)
- Principles of Constitution
- Activity
- Slide 60
- Check for Understanding Six Principles
- Question 1
- Question 2
- Question 3
- Question 4
- Question 5
- Question 6
- Question 7
- Question 8
- Groups
- Separation of Powers
- Video
- Checks and Balances
- Slide 74
- Checks and balances
- Basic Principles
- Self- Worth
- Equality
- Compromise
- Individual Freedom
- Write your ownhellip
- Slide 82
- TED Talk
- Closure
- What is Economics
- Economics ishellip
- Back to our assumptionshellip
- Scarcity refers to the limited number of resources (factors of
- For the videohellip
- Slide 90
- Post Videohellip
- Advertisement
- Political Cartoon Analysis
- Factors of Production
- TASK
- The price ofhellip
- Economic efficiency is achieved when all available resources ar
- 1 What to produce
- 2 How to produce it
- 3 For whom to produce it
- Application Activity
- EQs
- Objectives amp Essential Questions
- Group Activity Budget Activity
- Slide 105
- How do we satisfy our economic wants
- How do we make goods amp services
- Economic Interdependence
- Slide 109
- Making Choices to Deal With Scarcity
- Exampleshellip
- Task Reflecting on Personal Trade-offshellip
- Opportunity Cost
- What else influences your choices
- Finallyhellip Why it Matters
- Visualizing the Relationshiphellip
- ObjectivesEssential Questions
- How Can We Measure What We Gain and Lose When Making Choices
- Production Possibilities Frontier
- PPF Assumptions
- Slide 121
- Production Possibilities Curve
- The Choices Nations Make
- Economic Growth
- The Classic Guns and Butter example
- Productivity
- Locations on a PPF
- Slide 128
- BOWED-OUT PPFs VaryingIncreasing OC
- Economic Systems
- Jigsaw activity
- Slide 132
- Economic amp Social Goals of an Economic System
- Review of Economic Systems
- Slide 135
- What are the most important goals of each economic system
- Which economic system does the US use
- The American Economic System
- The US mixed economy
- Slide 140
- Think backhellip
- US Economic System Characteristics
- Slide 143
- Understanding how all parts fit together
- Marriage Vows
- Do you remember
- Slide 147
-
Self- Worth
bull A recognition of the fundamental worth of every person
bull The democratic process reflects the collective set of individuals who make up society
Equality Democratic concept insists that all entitled tobull equality of opportunity bull equality before the law
bull Equality of opportunity suggests that no person should be held back for any arbitrary reason and must be free to develop him- or herself as fully as heshe can (or cares to)
bull Equality before the law suggests that each person should be treated as the equal of all other persons before the law
Compromise
bull A matter of compromise to determine the position most acceptable to the largest number of people
bull Because each individual is important and considered the equal of all others it stands to reason that people can only make public decisions by way of compromise
bullWhy is compromise important
Individual Freedombull Right of the
individual to be free as far as the freedom of all will allow
bull Democracy does not and cannot insist on the absolute freedom of the individual person
Write your ownhellipbull Now that you know what the foundations of
government arehellip Create your own Constitution (Or social contract)
What do you think is important to include What do you think could be taken out
Start with ldquoWe the peoplehelliprdquo and create the ideal contract
Preamble (brief introduction) Articles (what should it include based on what we
learned so far Include and agree on 10 points) Amendments (what do you think it should take to
change it)
bullFor your quiz tomorrowhellip What questions would you expect to seeWrite 5 and the answers on the back of the
paper
TED Talk
bullhttpwwwyoutubecomwatchv=ypqQ3-agpZo
Closure
bullExplain two principles of the constitution and how are they connected
What is Economics
bull Is the study of how people choose to use their limited resources to satisfy their unlimited wants and needs
Important Parts of Economicsndash
CHOICESSCARCITY
Economics ishellip
bullDependent upon assumptions
bullDependent upon simplification of reality
Back to our assumptionshellip
bullHuman Beings are rationalbullAll societies suffer from scarcity bullAll buyers seek to maximize utility
bullAll sellers seek to maximize profits
Scarcity refers to the limited number of resources (factors of production) that can be used to satisfy the unlimited human wants and needs
For the videohellip
bullWrite down 3 things you did not knowbullWrite down 3 things you did know
bullhttpwwwyoutubecomwatchv=TO7UTNS7r0w
Post Videohellip
bullDefine the main idea of the video in 4-5 words
Advertisement
bullKnowing some of the basics about what economics is and why we study ithellip
bullCreate an advertisement for an economics course BE SURE TO INCLUDE
3 images that represent different economic ideas
2 ldquothought bubblesrdquo that represent things yoursquoll learn about in economics
1 slogan that represents why economics is an important course to take
Political Cartoon Analysis
Factors of Production bull LAND
Also called Natural Resources Consider them ldquogifts of naturerdquo such as air
soil minerals water and plants
bull LABOR Also called Human Resources Includes physical and mental activities that go
into producing goodsservices
bull CAPITAL Includes tools machines buildings and
technologies
bull ENTREPRENEUR Risk taker who is responsible for combining
land labor and capital to produce goods and services
TASK
bullTask Why are entrepreneurs the driving force in our economy
bullAnswer in 2-3 sentences
The price ofhellip
bullLand is rentbullCapital is interestbullLabor is wagesbullEntrepreneurship is profit
Economic efficiency is achieved when all available resources are being used
All societies must answer three basic questions to satisfy the needs and wants of their populations
1 What to produce
bullShould it be military or civilian goods
bullFood or clothingbullMedicine or movies
2 How to produce it
bullAutomated or manual labor
bullExpensive or cheap materials
bullDomestic or overseas labor
3 For whom to produce it
bullThe wealthy or the needybullThe sick or the healthy
Application Activity
bull In groups of 2-3 create your own country (name it please)
bull With your countryrsquos name explain the Population geography and general population
information (iehellipbull Choose 5 items for your country to produce and
answer the three societal questions for eachALSO explain why this material would help your
economy thrivereach economic efficiencybull Create an advertisement for your country
withhellip Images representing what you produce and a
slogan for why your country is awesome
EQs
bullHow does scarcity impact decision making
Objectives amp Essential QuestionsbullObjectives
I will be able to create and reflect on a budget given new economics content
I will be able to understand scarcity and our mixed economy
bullEssential QuestionsHow does scarcity impact decision makingHow do we satisfy our economic wants
Group Activity Budget Activity
bullTeacher will break you into groups In your groups you will be creating a budget for a single family
bullYour group has been given an income for a year Given your family situation negotiate with your ldquofamilyrdquo to complete a budget for 1 month (keep in mind your $$ is in a given year)
bullhttpwwwyoutubecomwatchv=yoVc_S_gd_0
How do we satisfy our economic wants
bull We buy goods or services
bull Good ndash a physical object (tangible) that has been produced for salebull Durable ndash last 3+ yearsbull Nondurable ndash last up to 3 years
bull Service ndash work done by someone else for which someone is willing to pay
How do we make goods amp services
bull Use Factors of Production - The productive resources that go into producing goods and services
Production Equation
LAND + LABOR + CAPITAL = GOODSERVICE
inputs output
Economic Interdependence
bullWhat does lsquointerdependencersquo mean
bullIs our world becoming economic interdependent or independent
bullEconomic Interdependence the actions of one part of the
country (world) has an impact on what happens elsewhere
Wants amp Needs gt
Resources
Because of scarcity we
have to make choices
How do we make a choice What do we give up
What does this remind you of from our government unit
Making Choices to Deal With Scarcity
bullPeople seek to maximize their utility when making decisions This requires them to consider tradeoffs
Utility ndash the satisfaction or benefit a person receives from consuming a good or service
Tradeoffs ndash the alternate choices people have when making a decision also the benefitsadvantages of making on
decision over another
ExampleshellipbullSome choices are easy to makehellip
HmmhellipShould I have pizza or a hoagie for lunch today
bullOther decisions are agonizinghellipShould I get out of bed and go to
school today or should I sleep in
Task Reflecting on Personal Trade-offshellip
In the end what helped you decide amongst your choices
Think of ONE decision thatyou had to make in the last weekhellipIdentify your various
tradeoffs for that decision
Be prepared to share
Opportunity Cost
bullWhen comparing the top 2 choices it is the BENEFIT of the next best alternative that must be sacrificed to satisfy a want
bullYou do a cost-benefit analysis to figure out which decision is most beneficial
Opportunity Cost ndash The best thing we give up to get what
we want
What else influences your choices
bullPeople make decisions based on their marginal utility or the extra satisfaction they gain from one additional unit of a goodservice
bullLaw of Diminishing Marginal Utility says that as we get or do more of something the pleasure we derive from it tends to decrease and so does our willingness to buy it or do it
FinallyhellipWhy it Matters
Understanding the opportunity coststradeoffs of different choices in life makes you a
better decision-maker
Todayrsquos Message ndash ldquoTherersquos No Such Thing As a Free Lunchrdquo
You always have to give something uphelliprdquo
ALL Individuals Businesses amp Societies have to consider tradeoffsopportunity costs when making
decisions
Visualizing the Relationshiphellip
Limited Resources amp Unlimited Wants
Scarcity
Trade-offs (choices)
Opportunity Costs
ObjectivesEssential Questions
bullObjectivebullI will be able to understand (and teach)
the three different types of economies
bullEssential Question How do the different types of economies work
How Can We Measure What We Gain and Lose When
Making Choices
Answer With a Production Possibilities Frontier
Production Possibilities Frontier
bullDiagram representing the possible combinations of goods and or services an economy can produce when all resources are being fully employed
PPF Assumptions
bullWe live in a two good worldbullThere are fixed resourcesbullThere is fixed technologybullResources are not specialized
Production Possibilities Curve
CD
E
OU
TP
UT
OF
CO
NS
UM
ER
GO
OD
S
(un
its
per
yea
r)
OUTPUT OF MILITARY GOODS (units per year)
A
BO
XF
G
Limited resources necessitate choices about WHAT to produce
The Choices Nations Make
bullA nation must choose what to do with its scarce resources during war or periods of military buildup
bullProduce military goods or consumer goods
Economic Growth
2000 production possibilities
1900 production possibilities
OU
TP
UT
OF
CO
NS
UM
ER
GO
OD
S(u
nits
per
yea
r)
OUTPUT OF MILITARY GOODS (units per year)
Production possibilities increases with more resources and technology
The Classic Guns and Butter example
Guns
Butter
10000 20000 30000 40000 50000
1000009500085000
70000
5000040000
BA
C
D
E
F
At point A all resources are used for butter
Moving from point A to point B requires shifting resources out of butter and into guns
At point F all resources are used for Guns
Productivitybull A PPF can help us see how efficient our
choices are
bull Productivity - measurement of how efficiently we are utilizing our resources Is this the same as production
bull An economy producing on the curve = using their resources to produce the MAXIMUM amount of goodsservices
Locations on a PPF
bull Efficient Point place where an economy is achieving as much output as possible from a given amount of resources ndash occurs at any point on the curve
bull Inefficient Point ndash place where the economy is not functioning as it could be ndash occurs at any point inside the curve
bull Unattainable Point ndash place where the economy cannot produce given its current resources ndash occurs at any point outside the curve
Food
Computer
4
3
2
1
1 2 3 4
OC between 1 and 2 computers = 1 Food
UnitOC between 3 and 4 computers = 1 Food
Unit
Constantly giving up the same quantity of food to get
additional computers
STRAIGHT-LINE PPFs Constant OC
BOWED-OUT PPFs VaryingIncreasing OC
Principle of Increasing Costs
As a society produces more of one product the OC of producing
that product increases because we are using more resources that are poorly suited to produce it
Economic Systems
An economic system is the way a society coordinates the production and consumption of goods amp services
How a society answers the three basic economic questions determines which type of economic system they are
Three Types of Economic Systems Command Traditional Market
Jigsaw activity
bullYou will be placed in groups of 3 and assigned a type of economy
bullYou will have 7 minutes to read and come up with 4 key components
bullAfter the 7 minuteshellip 1rsquos go to the front of the classroom2rsquos go to the wall nearest the door3rsquos go to the wall nearest the courtyard
Economic amp Social Goals of an Economic System
bull Economic Freedom
bull Economic Efficiency
bull Economic Equity
bull Economic Security
Economic Stability
Economic Growth
Review of Economic Systems
bullA traditional economy relies on custom and tradition to dictate production and consumption
bullIn a command economy decisions about production and consumption are made by a powerful ruler or central authority
bullIn a market economy individual producers and consumers coordinate economic activity
What are the most important goals of each economic system
bullTraditionalSecurity and
StabilitybullCommand
Equity and Security
bullMARKETEfficiency and
Freedom
Societies differ in the degree of importance they attach to each goal Progress toward one goal can sometimes be achieved only
at the expense of another (TRADEOFFS)
Which economic system does the US use
The American Economic System
bullWe have a mixed market economy
COMMAND MARKET
The US mixed economybull In a mixed economyhellip
Individuals Own the factors of production Possess freedom to produce or consume Must operate under confines of law
Government Protects workers and consumers Regulates business and preserves competition Provide public goodsbenefits
Think backhellip
bullWhat does this remind you of from the beginning of the unit
US Economic System Characteristics 1 Economic freedom (ldquolaissez-fairerdquo)
2 Limited government
3 Equal opportunity
4 Competition
5 Profit motive
6 Property Rights
7 Binding Contracts
Understanding how all parts fit together
Circular Flow of Economic Activity Represents a market economy
2 main ldquomarketsrdquoProduct Market Factor Market
where goods and services where the 4 factors ofare boughtsold production are boughtsold
Shows interdependence between
businesses and individuals
Marriage Vowsbull CONGRATULATIONS The government and the economy
are renewing their marriage vows You are cordially invited to the ceremony but this perfect couple needs your help
bull Using what you have learned this unit and using the textbook
bull You will explain the way government and the economy are connected (made for each other) You will demonstrate this answer in the format of wedding vows
bull You must use at least 5 of the following words Producers Taxes Consumers Restrictions Markets Freedom GoodsServices Limited
bull Look back to US Economic System Characteristics bull Each set of vows must be at least 6 lines
Do you remember
bullWrite the following question downbullWhy does the United States have a
democracy and mixed economy
- Foundations of Government and Economics
- On your blank piece of paperhellip
- Slide 3
- Warm-Up 1 - 9414
- Introductory thoughts hellip
- Slide 6
- 2 How about to your life
- Slide 8
- Slide 9
- Slide 10
- Slide 11
- Warm Up -2a- 9514 The New York Times and CBS News Pollhellip
- Warm up 2bndash In Journal-
- Economist and Politician Assumptions
- Individualism
- Quote activity
- Quote breakdown
- Warm Up 3- Current Event 9814
- Purpose of Government
- Slide 20
- 3 Theorists
- Activity
- Origins of American Government A customized government
- Origins of American Government A customized government (2)
- Origins of American Government A customized government (3)
- With which theory do you agree more Why
- The ldquoOriginal Dilemmardquo
- Warm Up 5 Hobbes and Locke
- Groups Block 2
- Groups Block 4
- Balloon Game
- You will have 10 minutes to get as many filled balloons on the
- Balloon Game Debriefing
- Political Theories
- Social Contract
- Natural Rights
- Democracy
- Concepts of Government
- Warm up 6 ndash 91114
- Warm Up 7
- And after the Constitution
- Activity (2)
- Picture Activity
- Constitutional Convention
- Purpose of the Convention
- VA Plan v NJ Plan
- Virginia Plan ldquoLarge State Planrdquo
- New Jersey Plan ldquoSmall State Planrdquo
- Your Task
- Closure
- States agree
- Quote
- Structure of Constitution
- Structure of Constitution
- 6 Purpose of Government
- Structure of Constitution (2)
- Structure of Constitution (3)
- Principles of Constitution
- Activity
- Slide 60
- Check for Understanding Six Principles
- Question 1
- Question 2
- Question 3
- Question 4
- Question 5
- Question 6
- Question 7
- Question 8
- Groups
- Separation of Powers
- Video
- Checks and Balances
- Slide 74
- Checks and balances
- Basic Principles
- Self- Worth
- Equality
- Compromise
- Individual Freedom
- Write your ownhellip
- Slide 82
- TED Talk
- Closure
- What is Economics
- Economics ishellip
- Back to our assumptionshellip
- Scarcity refers to the limited number of resources (factors of
- For the videohellip
- Slide 90
- Post Videohellip
- Advertisement
- Political Cartoon Analysis
- Factors of Production
- TASK
- The price ofhellip
- Economic efficiency is achieved when all available resources ar
- 1 What to produce
- 2 How to produce it
- 3 For whom to produce it
- Application Activity
- EQs
- Objectives amp Essential Questions
- Group Activity Budget Activity
- Slide 105
- How do we satisfy our economic wants
- How do we make goods amp services
- Economic Interdependence
- Slide 109
- Making Choices to Deal With Scarcity
- Exampleshellip
- Task Reflecting on Personal Trade-offshellip
- Opportunity Cost
- What else influences your choices
- Finallyhellip Why it Matters
- Visualizing the Relationshiphellip
- ObjectivesEssential Questions
- How Can We Measure What We Gain and Lose When Making Choices
- Production Possibilities Frontier
- PPF Assumptions
- Slide 121
- Production Possibilities Curve
- The Choices Nations Make
- Economic Growth
- The Classic Guns and Butter example
- Productivity
- Locations on a PPF
- Slide 128
- BOWED-OUT PPFs VaryingIncreasing OC
- Economic Systems
- Jigsaw activity
- Slide 132
- Economic amp Social Goals of an Economic System
- Review of Economic Systems
- Slide 135
- What are the most important goals of each economic system
- Which economic system does the US use
- The American Economic System
- The US mixed economy
- Slide 140
- Think backhellip
- US Economic System Characteristics
- Slide 143
- Understanding how all parts fit together
- Marriage Vows
- Do you remember
- Slide 147
-
Equality Democratic concept insists that all entitled tobull equality of opportunity bull equality before the law
bull Equality of opportunity suggests that no person should be held back for any arbitrary reason and must be free to develop him- or herself as fully as heshe can (or cares to)
bull Equality before the law suggests that each person should be treated as the equal of all other persons before the law
Compromise
bull A matter of compromise to determine the position most acceptable to the largest number of people
bull Because each individual is important and considered the equal of all others it stands to reason that people can only make public decisions by way of compromise
bullWhy is compromise important
Individual Freedombull Right of the
individual to be free as far as the freedom of all will allow
bull Democracy does not and cannot insist on the absolute freedom of the individual person
Write your ownhellipbull Now that you know what the foundations of
government arehellip Create your own Constitution (Or social contract)
What do you think is important to include What do you think could be taken out
Start with ldquoWe the peoplehelliprdquo and create the ideal contract
Preamble (brief introduction) Articles (what should it include based on what we
learned so far Include and agree on 10 points) Amendments (what do you think it should take to
change it)
bullFor your quiz tomorrowhellip What questions would you expect to seeWrite 5 and the answers on the back of the
paper
TED Talk
bullhttpwwwyoutubecomwatchv=ypqQ3-agpZo
Closure
bullExplain two principles of the constitution and how are they connected
What is Economics
bull Is the study of how people choose to use their limited resources to satisfy their unlimited wants and needs
Important Parts of Economicsndash
CHOICESSCARCITY
Economics ishellip
bullDependent upon assumptions
bullDependent upon simplification of reality
Back to our assumptionshellip
bullHuman Beings are rationalbullAll societies suffer from scarcity bullAll buyers seek to maximize utility
bullAll sellers seek to maximize profits
Scarcity refers to the limited number of resources (factors of production) that can be used to satisfy the unlimited human wants and needs
For the videohellip
bullWrite down 3 things you did not knowbullWrite down 3 things you did know
bullhttpwwwyoutubecomwatchv=TO7UTNS7r0w
Post Videohellip
bullDefine the main idea of the video in 4-5 words
Advertisement
bullKnowing some of the basics about what economics is and why we study ithellip
bullCreate an advertisement for an economics course BE SURE TO INCLUDE
3 images that represent different economic ideas
2 ldquothought bubblesrdquo that represent things yoursquoll learn about in economics
1 slogan that represents why economics is an important course to take
Political Cartoon Analysis
Factors of Production bull LAND
Also called Natural Resources Consider them ldquogifts of naturerdquo such as air
soil minerals water and plants
bull LABOR Also called Human Resources Includes physical and mental activities that go
into producing goodsservices
bull CAPITAL Includes tools machines buildings and
technologies
bull ENTREPRENEUR Risk taker who is responsible for combining
land labor and capital to produce goods and services
TASK
bullTask Why are entrepreneurs the driving force in our economy
bullAnswer in 2-3 sentences
The price ofhellip
bullLand is rentbullCapital is interestbullLabor is wagesbullEntrepreneurship is profit
Economic efficiency is achieved when all available resources are being used
All societies must answer three basic questions to satisfy the needs and wants of their populations
1 What to produce
bullShould it be military or civilian goods
bullFood or clothingbullMedicine or movies
2 How to produce it
bullAutomated or manual labor
bullExpensive or cheap materials
bullDomestic or overseas labor
3 For whom to produce it
bullThe wealthy or the needybullThe sick or the healthy
Application Activity
bull In groups of 2-3 create your own country (name it please)
bull With your countryrsquos name explain the Population geography and general population
information (iehellipbull Choose 5 items for your country to produce and
answer the three societal questions for eachALSO explain why this material would help your
economy thrivereach economic efficiencybull Create an advertisement for your country
withhellip Images representing what you produce and a
slogan for why your country is awesome
EQs
bullHow does scarcity impact decision making
Objectives amp Essential QuestionsbullObjectives
I will be able to create and reflect on a budget given new economics content
I will be able to understand scarcity and our mixed economy
bullEssential QuestionsHow does scarcity impact decision makingHow do we satisfy our economic wants
Group Activity Budget Activity
bullTeacher will break you into groups In your groups you will be creating a budget for a single family
bullYour group has been given an income for a year Given your family situation negotiate with your ldquofamilyrdquo to complete a budget for 1 month (keep in mind your $$ is in a given year)
bullhttpwwwyoutubecomwatchv=yoVc_S_gd_0
How do we satisfy our economic wants
bull We buy goods or services
bull Good ndash a physical object (tangible) that has been produced for salebull Durable ndash last 3+ yearsbull Nondurable ndash last up to 3 years
bull Service ndash work done by someone else for which someone is willing to pay
How do we make goods amp services
bull Use Factors of Production - The productive resources that go into producing goods and services
Production Equation
LAND + LABOR + CAPITAL = GOODSERVICE
inputs output
Economic Interdependence
bullWhat does lsquointerdependencersquo mean
bullIs our world becoming economic interdependent or independent
bullEconomic Interdependence the actions of one part of the
country (world) has an impact on what happens elsewhere
Wants amp Needs gt
Resources
Because of scarcity we
have to make choices
How do we make a choice What do we give up
What does this remind you of from our government unit
Making Choices to Deal With Scarcity
bullPeople seek to maximize their utility when making decisions This requires them to consider tradeoffs
Utility ndash the satisfaction or benefit a person receives from consuming a good or service
Tradeoffs ndash the alternate choices people have when making a decision also the benefitsadvantages of making on
decision over another
ExampleshellipbullSome choices are easy to makehellip
HmmhellipShould I have pizza or a hoagie for lunch today
bullOther decisions are agonizinghellipShould I get out of bed and go to
school today or should I sleep in
Task Reflecting on Personal Trade-offshellip
In the end what helped you decide amongst your choices
Think of ONE decision thatyou had to make in the last weekhellipIdentify your various
tradeoffs for that decision
Be prepared to share
Opportunity Cost
bullWhen comparing the top 2 choices it is the BENEFIT of the next best alternative that must be sacrificed to satisfy a want
bullYou do a cost-benefit analysis to figure out which decision is most beneficial
Opportunity Cost ndash The best thing we give up to get what
we want
What else influences your choices
bullPeople make decisions based on their marginal utility or the extra satisfaction they gain from one additional unit of a goodservice
bullLaw of Diminishing Marginal Utility says that as we get or do more of something the pleasure we derive from it tends to decrease and so does our willingness to buy it or do it
FinallyhellipWhy it Matters
Understanding the opportunity coststradeoffs of different choices in life makes you a
better decision-maker
Todayrsquos Message ndash ldquoTherersquos No Such Thing As a Free Lunchrdquo
You always have to give something uphelliprdquo
ALL Individuals Businesses amp Societies have to consider tradeoffsopportunity costs when making
decisions
Visualizing the Relationshiphellip
Limited Resources amp Unlimited Wants
Scarcity
Trade-offs (choices)
Opportunity Costs
ObjectivesEssential Questions
bullObjectivebullI will be able to understand (and teach)
the three different types of economies
bullEssential Question How do the different types of economies work
How Can We Measure What We Gain and Lose When
Making Choices
Answer With a Production Possibilities Frontier
Production Possibilities Frontier
bullDiagram representing the possible combinations of goods and or services an economy can produce when all resources are being fully employed
PPF Assumptions
bullWe live in a two good worldbullThere are fixed resourcesbullThere is fixed technologybullResources are not specialized
Production Possibilities Curve
CD
E
OU
TP
UT
OF
CO
NS
UM
ER
GO
OD
S
(un
its
per
yea
r)
OUTPUT OF MILITARY GOODS (units per year)
A
BO
XF
G
Limited resources necessitate choices about WHAT to produce
The Choices Nations Make
bullA nation must choose what to do with its scarce resources during war or periods of military buildup
bullProduce military goods or consumer goods
Economic Growth
2000 production possibilities
1900 production possibilities
OU
TP
UT
OF
CO
NS
UM
ER
GO
OD
S(u
nits
per
yea
r)
OUTPUT OF MILITARY GOODS (units per year)
Production possibilities increases with more resources and technology
The Classic Guns and Butter example
Guns
Butter
10000 20000 30000 40000 50000
1000009500085000
70000
5000040000
BA
C
D
E
F
At point A all resources are used for butter
Moving from point A to point B requires shifting resources out of butter and into guns
At point F all resources are used for Guns
Productivitybull A PPF can help us see how efficient our
choices are
bull Productivity - measurement of how efficiently we are utilizing our resources Is this the same as production
bull An economy producing on the curve = using their resources to produce the MAXIMUM amount of goodsservices
Locations on a PPF
bull Efficient Point place where an economy is achieving as much output as possible from a given amount of resources ndash occurs at any point on the curve
bull Inefficient Point ndash place where the economy is not functioning as it could be ndash occurs at any point inside the curve
bull Unattainable Point ndash place where the economy cannot produce given its current resources ndash occurs at any point outside the curve
Food
Computer
4
3
2
1
1 2 3 4
OC between 1 and 2 computers = 1 Food
UnitOC between 3 and 4 computers = 1 Food
Unit
Constantly giving up the same quantity of food to get
additional computers
STRAIGHT-LINE PPFs Constant OC
BOWED-OUT PPFs VaryingIncreasing OC
Principle of Increasing Costs
As a society produces more of one product the OC of producing
that product increases because we are using more resources that are poorly suited to produce it
Economic Systems
An economic system is the way a society coordinates the production and consumption of goods amp services
How a society answers the three basic economic questions determines which type of economic system they are
Three Types of Economic Systems Command Traditional Market
Jigsaw activity
bullYou will be placed in groups of 3 and assigned a type of economy
bullYou will have 7 minutes to read and come up with 4 key components
bullAfter the 7 minuteshellip 1rsquos go to the front of the classroom2rsquos go to the wall nearest the door3rsquos go to the wall nearest the courtyard
Economic amp Social Goals of an Economic System
bull Economic Freedom
bull Economic Efficiency
bull Economic Equity
bull Economic Security
Economic Stability
Economic Growth
Review of Economic Systems
bullA traditional economy relies on custom and tradition to dictate production and consumption
bullIn a command economy decisions about production and consumption are made by a powerful ruler or central authority
bullIn a market economy individual producers and consumers coordinate economic activity
What are the most important goals of each economic system
bullTraditionalSecurity and
StabilitybullCommand
Equity and Security
bullMARKETEfficiency and
Freedom
Societies differ in the degree of importance they attach to each goal Progress toward one goal can sometimes be achieved only
at the expense of another (TRADEOFFS)
Which economic system does the US use
The American Economic System
bullWe have a mixed market economy
COMMAND MARKET
The US mixed economybull In a mixed economyhellip
Individuals Own the factors of production Possess freedom to produce or consume Must operate under confines of law
Government Protects workers and consumers Regulates business and preserves competition Provide public goodsbenefits
Think backhellip
bullWhat does this remind you of from the beginning of the unit
US Economic System Characteristics 1 Economic freedom (ldquolaissez-fairerdquo)
2 Limited government
3 Equal opportunity
4 Competition
5 Profit motive
6 Property Rights
7 Binding Contracts
Understanding how all parts fit together
Circular Flow of Economic Activity Represents a market economy
2 main ldquomarketsrdquoProduct Market Factor Market
where goods and services where the 4 factors ofare boughtsold production are boughtsold
Shows interdependence between
businesses and individuals
Marriage Vowsbull CONGRATULATIONS The government and the economy
are renewing their marriage vows You are cordially invited to the ceremony but this perfect couple needs your help
bull Using what you have learned this unit and using the textbook
bull You will explain the way government and the economy are connected (made for each other) You will demonstrate this answer in the format of wedding vows
bull You must use at least 5 of the following words Producers Taxes Consumers Restrictions Markets Freedom GoodsServices Limited
bull Look back to US Economic System Characteristics bull Each set of vows must be at least 6 lines
Do you remember
bullWrite the following question downbullWhy does the United States have a
democracy and mixed economy
- Foundations of Government and Economics
- On your blank piece of paperhellip
- Slide 3
- Warm-Up 1 - 9414
- Introductory thoughts hellip
- Slide 6
- 2 How about to your life
- Slide 8
- Slide 9
- Slide 10
- Slide 11
- Warm Up -2a- 9514 The New York Times and CBS News Pollhellip
- Warm up 2bndash In Journal-
- Economist and Politician Assumptions
- Individualism
- Quote activity
- Quote breakdown
- Warm Up 3- Current Event 9814
- Purpose of Government
- Slide 20
- 3 Theorists
- Activity
- Origins of American Government A customized government
- Origins of American Government A customized government (2)
- Origins of American Government A customized government (3)
- With which theory do you agree more Why
- The ldquoOriginal Dilemmardquo
- Warm Up 5 Hobbes and Locke
- Groups Block 2
- Groups Block 4
- Balloon Game
- You will have 10 minutes to get as many filled balloons on the
- Balloon Game Debriefing
- Political Theories
- Social Contract
- Natural Rights
- Democracy
- Concepts of Government
- Warm up 6 ndash 91114
- Warm Up 7
- And after the Constitution
- Activity (2)
- Picture Activity
- Constitutional Convention
- Purpose of the Convention
- VA Plan v NJ Plan
- Virginia Plan ldquoLarge State Planrdquo
- New Jersey Plan ldquoSmall State Planrdquo
- Your Task
- Closure
- States agree
- Quote
- Structure of Constitution
- Structure of Constitution
- 6 Purpose of Government
- Structure of Constitution (2)
- Structure of Constitution (3)
- Principles of Constitution
- Activity
- Slide 60
- Check for Understanding Six Principles
- Question 1
- Question 2
- Question 3
- Question 4
- Question 5
- Question 6
- Question 7
- Question 8
- Groups
- Separation of Powers
- Video
- Checks and Balances
- Slide 74
- Checks and balances
- Basic Principles
- Self- Worth
- Equality
- Compromise
- Individual Freedom
- Write your ownhellip
- Slide 82
- TED Talk
- Closure
- What is Economics
- Economics ishellip
- Back to our assumptionshellip
- Scarcity refers to the limited number of resources (factors of
- For the videohellip
- Slide 90
- Post Videohellip
- Advertisement
- Political Cartoon Analysis
- Factors of Production
- TASK
- The price ofhellip
- Economic efficiency is achieved when all available resources ar
- 1 What to produce
- 2 How to produce it
- 3 For whom to produce it
- Application Activity
- EQs
- Objectives amp Essential Questions
- Group Activity Budget Activity
- Slide 105
- How do we satisfy our economic wants
- How do we make goods amp services
- Economic Interdependence
- Slide 109
- Making Choices to Deal With Scarcity
- Exampleshellip
- Task Reflecting on Personal Trade-offshellip
- Opportunity Cost
- What else influences your choices
- Finallyhellip Why it Matters
- Visualizing the Relationshiphellip
- ObjectivesEssential Questions
- How Can We Measure What We Gain and Lose When Making Choices
- Production Possibilities Frontier
- PPF Assumptions
- Slide 121
- Production Possibilities Curve
- The Choices Nations Make
- Economic Growth
- The Classic Guns and Butter example
- Productivity
- Locations on a PPF
- Slide 128
- BOWED-OUT PPFs VaryingIncreasing OC
- Economic Systems
- Jigsaw activity
- Slide 132
- Economic amp Social Goals of an Economic System
- Review of Economic Systems
- Slide 135
- What are the most important goals of each economic system
- Which economic system does the US use
- The American Economic System
- The US mixed economy
- Slide 140
- Think backhellip
- US Economic System Characteristics
- Slide 143
- Understanding how all parts fit together
- Marriage Vows
- Do you remember
- Slide 147
-
Compromise
bull A matter of compromise to determine the position most acceptable to the largest number of people
bull Because each individual is important and considered the equal of all others it stands to reason that people can only make public decisions by way of compromise
bullWhy is compromise important
Individual Freedombull Right of the
individual to be free as far as the freedom of all will allow
bull Democracy does not and cannot insist on the absolute freedom of the individual person
Write your ownhellipbull Now that you know what the foundations of
government arehellip Create your own Constitution (Or social contract)
What do you think is important to include What do you think could be taken out
Start with ldquoWe the peoplehelliprdquo and create the ideal contract
Preamble (brief introduction) Articles (what should it include based on what we
learned so far Include and agree on 10 points) Amendments (what do you think it should take to
change it)
bullFor your quiz tomorrowhellip What questions would you expect to seeWrite 5 and the answers on the back of the
paper
TED Talk
bullhttpwwwyoutubecomwatchv=ypqQ3-agpZo
Closure
bullExplain two principles of the constitution and how are they connected
What is Economics
bull Is the study of how people choose to use their limited resources to satisfy their unlimited wants and needs
Important Parts of Economicsndash
CHOICESSCARCITY
Economics ishellip
bullDependent upon assumptions
bullDependent upon simplification of reality
Back to our assumptionshellip
bullHuman Beings are rationalbullAll societies suffer from scarcity bullAll buyers seek to maximize utility
bullAll sellers seek to maximize profits
Scarcity refers to the limited number of resources (factors of production) that can be used to satisfy the unlimited human wants and needs
For the videohellip
bullWrite down 3 things you did not knowbullWrite down 3 things you did know
bullhttpwwwyoutubecomwatchv=TO7UTNS7r0w
Post Videohellip
bullDefine the main idea of the video in 4-5 words
Advertisement
bullKnowing some of the basics about what economics is and why we study ithellip
bullCreate an advertisement for an economics course BE SURE TO INCLUDE
3 images that represent different economic ideas
2 ldquothought bubblesrdquo that represent things yoursquoll learn about in economics
1 slogan that represents why economics is an important course to take
Political Cartoon Analysis
Factors of Production bull LAND
Also called Natural Resources Consider them ldquogifts of naturerdquo such as air
soil minerals water and plants
bull LABOR Also called Human Resources Includes physical and mental activities that go
into producing goodsservices
bull CAPITAL Includes tools machines buildings and
technologies
bull ENTREPRENEUR Risk taker who is responsible for combining
land labor and capital to produce goods and services
TASK
bullTask Why are entrepreneurs the driving force in our economy
bullAnswer in 2-3 sentences
The price ofhellip
bullLand is rentbullCapital is interestbullLabor is wagesbullEntrepreneurship is profit
Economic efficiency is achieved when all available resources are being used
All societies must answer three basic questions to satisfy the needs and wants of their populations
1 What to produce
bullShould it be military or civilian goods
bullFood or clothingbullMedicine or movies
2 How to produce it
bullAutomated or manual labor
bullExpensive or cheap materials
bullDomestic or overseas labor
3 For whom to produce it
bullThe wealthy or the needybullThe sick or the healthy
Application Activity
bull In groups of 2-3 create your own country (name it please)
bull With your countryrsquos name explain the Population geography and general population
information (iehellipbull Choose 5 items for your country to produce and
answer the three societal questions for eachALSO explain why this material would help your
economy thrivereach economic efficiencybull Create an advertisement for your country
withhellip Images representing what you produce and a
slogan for why your country is awesome
EQs
bullHow does scarcity impact decision making
Objectives amp Essential QuestionsbullObjectives
I will be able to create and reflect on a budget given new economics content
I will be able to understand scarcity and our mixed economy
bullEssential QuestionsHow does scarcity impact decision makingHow do we satisfy our economic wants
Group Activity Budget Activity
bullTeacher will break you into groups In your groups you will be creating a budget for a single family
bullYour group has been given an income for a year Given your family situation negotiate with your ldquofamilyrdquo to complete a budget for 1 month (keep in mind your $$ is in a given year)
bullhttpwwwyoutubecomwatchv=yoVc_S_gd_0
How do we satisfy our economic wants
bull We buy goods or services
bull Good ndash a physical object (tangible) that has been produced for salebull Durable ndash last 3+ yearsbull Nondurable ndash last up to 3 years
bull Service ndash work done by someone else for which someone is willing to pay
How do we make goods amp services
bull Use Factors of Production - The productive resources that go into producing goods and services
Production Equation
LAND + LABOR + CAPITAL = GOODSERVICE
inputs output
Economic Interdependence
bullWhat does lsquointerdependencersquo mean
bullIs our world becoming economic interdependent or independent
bullEconomic Interdependence the actions of one part of the
country (world) has an impact on what happens elsewhere
Wants amp Needs gt
Resources
Because of scarcity we
have to make choices
How do we make a choice What do we give up
What does this remind you of from our government unit
Making Choices to Deal With Scarcity
bullPeople seek to maximize their utility when making decisions This requires them to consider tradeoffs
Utility ndash the satisfaction or benefit a person receives from consuming a good or service
Tradeoffs ndash the alternate choices people have when making a decision also the benefitsadvantages of making on
decision over another
ExampleshellipbullSome choices are easy to makehellip
HmmhellipShould I have pizza or a hoagie for lunch today
bullOther decisions are agonizinghellipShould I get out of bed and go to
school today or should I sleep in
Task Reflecting on Personal Trade-offshellip
In the end what helped you decide amongst your choices
Think of ONE decision thatyou had to make in the last weekhellipIdentify your various
tradeoffs for that decision
Be prepared to share
Opportunity Cost
bullWhen comparing the top 2 choices it is the BENEFIT of the next best alternative that must be sacrificed to satisfy a want
bullYou do a cost-benefit analysis to figure out which decision is most beneficial
Opportunity Cost ndash The best thing we give up to get what
we want
What else influences your choices
bullPeople make decisions based on their marginal utility or the extra satisfaction they gain from one additional unit of a goodservice
bullLaw of Diminishing Marginal Utility says that as we get or do more of something the pleasure we derive from it tends to decrease and so does our willingness to buy it or do it
FinallyhellipWhy it Matters
Understanding the opportunity coststradeoffs of different choices in life makes you a
better decision-maker
Todayrsquos Message ndash ldquoTherersquos No Such Thing As a Free Lunchrdquo
You always have to give something uphelliprdquo
ALL Individuals Businesses amp Societies have to consider tradeoffsopportunity costs when making
decisions
Visualizing the Relationshiphellip
Limited Resources amp Unlimited Wants
Scarcity
Trade-offs (choices)
Opportunity Costs
ObjectivesEssential Questions
bullObjectivebullI will be able to understand (and teach)
the three different types of economies
bullEssential Question How do the different types of economies work
How Can We Measure What We Gain and Lose When
Making Choices
Answer With a Production Possibilities Frontier
Production Possibilities Frontier
bullDiagram representing the possible combinations of goods and or services an economy can produce when all resources are being fully employed
PPF Assumptions
bullWe live in a two good worldbullThere are fixed resourcesbullThere is fixed technologybullResources are not specialized
Production Possibilities Curve
CD
E
OU
TP
UT
OF
CO
NS
UM
ER
GO
OD
S
(un
its
per
yea
r)
OUTPUT OF MILITARY GOODS (units per year)
A
BO
XF
G
Limited resources necessitate choices about WHAT to produce
The Choices Nations Make
bullA nation must choose what to do with its scarce resources during war or periods of military buildup
bullProduce military goods or consumer goods
Economic Growth
2000 production possibilities
1900 production possibilities
OU
TP
UT
OF
CO
NS
UM
ER
GO
OD
S(u
nits
per
yea
r)
OUTPUT OF MILITARY GOODS (units per year)
Production possibilities increases with more resources and technology
The Classic Guns and Butter example
Guns
Butter
10000 20000 30000 40000 50000
1000009500085000
70000
5000040000
BA
C
D
E
F
At point A all resources are used for butter
Moving from point A to point B requires shifting resources out of butter and into guns
At point F all resources are used for Guns
Productivitybull A PPF can help us see how efficient our
choices are
bull Productivity - measurement of how efficiently we are utilizing our resources Is this the same as production
bull An economy producing on the curve = using their resources to produce the MAXIMUM amount of goodsservices
Locations on a PPF
bull Efficient Point place where an economy is achieving as much output as possible from a given amount of resources ndash occurs at any point on the curve
bull Inefficient Point ndash place where the economy is not functioning as it could be ndash occurs at any point inside the curve
bull Unattainable Point ndash place where the economy cannot produce given its current resources ndash occurs at any point outside the curve
Food
Computer
4
3
2
1
1 2 3 4
OC between 1 and 2 computers = 1 Food
UnitOC between 3 and 4 computers = 1 Food
Unit
Constantly giving up the same quantity of food to get
additional computers
STRAIGHT-LINE PPFs Constant OC
BOWED-OUT PPFs VaryingIncreasing OC
Principle of Increasing Costs
As a society produces more of one product the OC of producing
that product increases because we are using more resources that are poorly suited to produce it
Economic Systems
An economic system is the way a society coordinates the production and consumption of goods amp services
How a society answers the three basic economic questions determines which type of economic system they are
Three Types of Economic Systems Command Traditional Market
Jigsaw activity
bullYou will be placed in groups of 3 and assigned a type of economy
bullYou will have 7 minutes to read and come up with 4 key components
bullAfter the 7 minuteshellip 1rsquos go to the front of the classroom2rsquos go to the wall nearest the door3rsquos go to the wall nearest the courtyard
Economic amp Social Goals of an Economic System
bull Economic Freedom
bull Economic Efficiency
bull Economic Equity
bull Economic Security
Economic Stability
Economic Growth
Review of Economic Systems
bullA traditional economy relies on custom and tradition to dictate production and consumption
bullIn a command economy decisions about production and consumption are made by a powerful ruler or central authority
bullIn a market economy individual producers and consumers coordinate economic activity
What are the most important goals of each economic system
bullTraditionalSecurity and
StabilitybullCommand
Equity and Security
bullMARKETEfficiency and
Freedom
Societies differ in the degree of importance they attach to each goal Progress toward one goal can sometimes be achieved only
at the expense of another (TRADEOFFS)
Which economic system does the US use
The American Economic System
bullWe have a mixed market economy
COMMAND MARKET
The US mixed economybull In a mixed economyhellip
Individuals Own the factors of production Possess freedom to produce or consume Must operate under confines of law
Government Protects workers and consumers Regulates business and preserves competition Provide public goodsbenefits
Think backhellip
bullWhat does this remind you of from the beginning of the unit
US Economic System Characteristics 1 Economic freedom (ldquolaissez-fairerdquo)
2 Limited government
3 Equal opportunity
4 Competition
5 Profit motive
6 Property Rights
7 Binding Contracts
Understanding how all parts fit together
Circular Flow of Economic Activity Represents a market economy
2 main ldquomarketsrdquoProduct Market Factor Market
where goods and services where the 4 factors ofare boughtsold production are boughtsold
Shows interdependence between
businesses and individuals
Marriage Vowsbull CONGRATULATIONS The government and the economy
are renewing their marriage vows You are cordially invited to the ceremony but this perfect couple needs your help
bull Using what you have learned this unit and using the textbook
bull You will explain the way government and the economy are connected (made for each other) You will demonstrate this answer in the format of wedding vows
bull You must use at least 5 of the following words Producers Taxes Consumers Restrictions Markets Freedom GoodsServices Limited
bull Look back to US Economic System Characteristics bull Each set of vows must be at least 6 lines
Do you remember
bullWrite the following question downbullWhy does the United States have a
democracy and mixed economy
- Foundations of Government and Economics
- On your blank piece of paperhellip
- Slide 3
- Warm-Up 1 - 9414
- Introductory thoughts hellip
- Slide 6
- 2 How about to your life
- Slide 8
- Slide 9
- Slide 10
- Slide 11
- Warm Up -2a- 9514 The New York Times and CBS News Pollhellip
- Warm up 2bndash In Journal-
- Economist and Politician Assumptions
- Individualism
- Quote activity
- Quote breakdown
- Warm Up 3- Current Event 9814
- Purpose of Government
- Slide 20
- 3 Theorists
- Activity
- Origins of American Government A customized government
- Origins of American Government A customized government (2)
- Origins of American Government A customized government (3)
- With which theory do you agree more Why
- The ldquoOriginal Dilemmardquo
- Warm Up 5 Hobbes and Locke
- Groups Block 2
- Groups Block 4
- Balloon Game
- You will have 10 minutes to get as many filled balloons on the
- Balloon Game Debriefing
- Political Theories
- Social Contract
- Natural Rights
- Democracy
- Concepts of Government
- Warm up 6 ndash 91114
- Warm Up 7
- And after the Constitution
- Activity (2)
- Picture Activity
- Constitutional Convention
- Purpose of the Convention
- VA Plan v NJ Plan
- Virginia Plan ldquoLarge State Planrdquo
- New Jersey Plan ldquoSmall State Planrdquo
- Your Task
- Closure
- States agree
- Quote
- Structure of Constitution
- Structure of Constitution
- 6 Purpose of Government
- Structure of Constitution (2)
- Structure of Constitution (3)
- Principles of Constitution
- Activity
- Slide 60
- Check for Understanding Six Principles
- Question 1
- Question 2
- Question 3
- Question 4
- Question 5
- Question 6
- Question 7
- Question 8
- Groups
- Separation of Powers
- Video
- Checks and Balances
- Slide 74
- Checks and balances
- Basic Principles
- Self- Worth
- Equality
- Compromise
- Individual Freedom
- Write your ownhellip
- Slide 82
- TED Talk
- Closure
- What is Economics
- Economics ishellip
- Back to our assumptionshellip
- Scarcity refers to the limited number of resources (factors of
- For the videohellip
- Slide 90
- Post Videohellip
- Advertisement
- Political Cartoon Analysis
- Factors of Production
- TASK
- The price ofhellip
- Economic efficiency is achieved when all available resources ar
- 1 What to produce
- 2 How to produce it
- 3 For whom to produce it
- Application Activity
- EQs
- Objectives amp Essential Questions
- Group Activity Budget Activity
- Slide 105
- How do we satisfy our economic wants
- How do we make goods amp services
- Economic Interdependence
- Slide 109
- Making Choices to Deal With Scarcity
- Exampleshellip
- Task Reflecting on Personal Trade-offshellip
- Opportunity Cost
- What else influences your choices
- Finallyhellip Why it Matters
- Visualizing the Relationshiphellip
- ObjectivesEssential Questions
- How Can We Measure What We Gain and Lose When Making Choices
- Production Possibilities Frontier
- PPF Assumptions
- Slide 121
- Production Possibilities Curve
- The Choices Nations Make
- Economic Growth
- The Classic Guns and Butter example
- Productivity
- Locations on a PPF
- Slide 128
- BOWED-OUT PPFs VaryingIncreasing OC
- Economic Systems
- Jigsaw activity
- Slide 132
- Economic amp Social Goals of an Economic System
- Review of Economic Systems
- Slide 135
- What are the most important goals of each economic system
- Which economic system does the US use
- The American Economic System
- The US mixed economy
- Slide 140
- Think backhellip
- US Economic System Characteristics
- Slide 143
- Understanding how all parts fit together
- Marriage Vows
- Do you remember
- Slide 147
-
Individual Freedombull Right of the
individual to be free as far as the freedom of all will allow
bull Democracy does not and cannot insist on the absolute freedom of the individual person
Write your ownhellipbull Now that you know what the foundations of
government arehellip Create your own Constitution (Or social contract)
What do you think is important to include What do you think could be taken out
Start with ldquoWe the peoplehelliprdquo and create the ideal contract
Preamble (brief introduction) Articles (what should it include based on what we
learned so far Include and agree on 10 points) Amendments (what do you think it should take to
change it)
bullFor your quiz tomorrowhellip What questions would you expect to seeWrite 5 and the answers on the back of the
paper
TED Talk
bullhttpwwwyoutubecomwatchv=ypqQ3-agpZo
Closure
bullExplain two principles of the constitution and how are they connected
What is Economics
bull Is the study of how people choose to use their limited resources to satisfy their unlimited wants and needs
Important Parts of Economicsndash
CHOICESSCARCITY
Economics ishellip
bullDependent upon assumptions
bullDependent upon simplification of reality
Back to our assumptionshellip
bullHuman Beings are rationalbullAll societies suffer from scarcity bullAll buyers seek to maximize utility
bullAll sellers seek to maximize profits
Scarcity refers to the limited number of resources (factors of production) that can be used to satisfy the unlimited human wants and needs
For the videohellip
bullWrite down 3 things you did not knowbullWrite down 3 things you did know
bullhttpwwwyoutubecomwatchv=TO7UTNS7r0w
Post Videohellip
bullDefine the main idea of the video in 4-5 words
Advertisement
bullKnowing some of the basics about what economics is and why we study ithellip
bullCreate an advertisement for an economics course BE SURE TO INCLUDE
3 images that represent different economic ideas
2 ldquothought bubblesrdquo that represent things yoursquoll learn about in economics
1 slogan that represents why economics is an important course to take
Political Cartoon Analysis
Factors of Production bull LAND
Also called Natural Resources Consider them ldquogifts of naturerdquo such as air
soil minerals water and plants
bull LABOR Also called Human Resources Includes physical and mental activities that go
into producing goodsservices
bull CAPITAL Includes tools machines buildings and
technologies
bull ENTREPRENEUR Risk taker who is responsible for combining
land labor and capital to produce goods and services
TASK
bullTask Why are entrepreneurs the driving force in our economy
bullAnswer in 2-3 sentences
The price ofhellip
bullLand is rentbullCapital is interestbullLabor is wagesbullEntrepreneurship is profit
Economic efficiency is achieved when all available resources are being used
All societies must answer three basic questions to satisfy the needs and wants of their populations
1 What to produce
bullShould it be military or civilian goods
bullFood or clothingbullMedicine or movies
2 How to produce it
bullAutomated or manual labor
bullExpensive or cheap materials
bullDomestic or overseas labor
3 For whom to produce it
bullThe wealthy or the needybullThe sick or the healthy
Application Activity
bull In groups of 2-3 create your own country (name it please)
bull With your countryrsquos name explain the Population geography and general population
information (iehellipbull Choose 5 items for your country to produce and
answer the three societal questions for eachALSO explain why this material would help your
economy thrivereach economic efficiencybull Create an advertisement for your country
withhellip Images representing what you produce and a
slogan for why your country is awesome
EQs
bullHow does scarcity impact decision making
Objectives amp Essential QuestionsbullObjectives
I will be able to create and reflect on a budget given new economics content
I will be able to understand scarcity and our mixed economy
bullEssential QuestionsHow does scarcity impact decision makingHow do we satisfy our economic wants
Group Activity Budget Activity
bullTeacher will break you into groups In your groups you will be creating a budget for a single family
bullYour group has been given an income for a year Given your family situation negotiate with your ldquofamilyrdquo to complete a budget for 1 month (keep in mind your $$ is in a given year)
bullhttpwwwyoutubecomwatchv=yoVc_S_gd_0
How do we satisfy our economic wants
bull We buy goods or services
bull Good ndash a physical object (tangible) that has been produced for salebull Durable ndash last 3+ yearsbull Nondurable ndash last up to 3 years
bull Service ndash work done by someone else for which someone is willing to pay
How do we make goods amp services
bull Use Factors of Production - The productive resources that go into producing goods and services
Production Equation
LAND + LABOR + CAPITAL = GOODSERVICE
inputs output
Economic Interdependence
bullWhat does lsquointerdependencersquo mean
bullIs our world becoming economic interdependent or independent
bullEconomic Interdependence the actions of one part of the
country (world) has an impact on what happens elsewhere
Wants amp Needs gt
Resources
Because of scarcity we
have to make choices
How do we make a choice What do we give up
What does this remind you of from our government unit
Making Choices to Deal With Scarcity
bullPeople seek to maximize their utility when making decisions This requires them to consider tradeoffs
Utility ndash the satisfaction or benefit a person receives from consuming a good or service
Tradeoffs ndash the alternate choices people have when making a decision also the benefitsadvantages of making on
decision over another
ExampleshellipbullSome choices are easy to makehellip
HmmhellipShould I have pizza or a hoagie for lunch today
bullOther decisions are agonizinghellipShould I get out of bed and go to
school today or should I sleep in
Task Reflecting on Personal Trade-offshellip
In the end what helped you decide amongst your choices
Think of ONE decision thatyou had to make in the last weekhellipIdentify your various
tradeoffs for that decision
Be prepared to share
Opportunity Cost
bullWhen comparing the top 2 choices it is the BENEFIT of the next best alternative that must be sacrificed to satisfy a want
bullYou do a cost-benefit analysis to figure out which decision is most beneficial
Opportunity Cost ndash The best thing we give up to get what
we want
What else influences your choices
bullPeople make decisions based on their marginal utility or the extra satisfaction they gain from one additional unit of a goodservice
bullLaw of Diminishing Marginal Utility says that as we get or do more of something the pleasure we derive from it tends to decrease and so does our willingness to buy it or do it
FinallyhellipWhy it Matters
Understanding the opportunity coststradeoffs of different choices in life makes you a
better decision-maker
Todayrsquos Message ndash ldquoTherersquos No Such Thing As a Free Lunchrdquo
You always have to give something uphelliprdquo
ALL Individuals Businesses amp Societies have to consider tradeoffsopportunity costs when making
decisions
Visualizing the Relationshiphellip
Limited Resources amp Unlimited Wants
Scarcity
Trade-offs (choices)
Opportunity Costs
ObjectivesEssential Questions
bullObjectivebullI will be able to understand (and teach)
the three different types of economies
bullEssential Question How do the different types of economies work
How Can We Measure What We Gain and Lose When
Making Choices
Answer With a Production Possibilities Frontier
Production Possibilities Frontier
bullDiagram representing the possible combinations of goods and or services an economy can produce when all resources are being fully employed
PPF Assumptions
bullWe live in a two good worldbullThere are fixed resourcesbullThere is fixed technologybullResources are not specialized
Production Possibilities Curve
CD
E
OU
TP
UT
OF
CO
NS
UM
ER
GO
OD
S
(un
its
per
yea
r)
OUTPUT OF MILITARY GOODS (units per year)
A
BO
XF
G
Limited resources necessitate choices about WHAT to produce
The Choices Nations Make
bullA nation must choose what to do with its scarce resources during war or periods of military buildup
bullProduce military goods or consumer goods
Economic Growth
2000 production possibilities
1900 production possibilities
OU
TP
UT
OF
CO
NS
UM
ER
GO
OD
S(u
nits
per
yea
r)
OUTPUT OF MILITARY GOODS (units per year)
Production possibilities increases with more resources and technology
The Classic Guns and Butter example
Guns
Butter
10000 20000 30000 40000 50000
1000009500085000
70000
5000040000
BA
C
D
E
F
At point A all resources are used for butter
Moving from point A to point B requires shifting resources out of butter and into guns
At point F all resources are used for Guns
Productivitybull A PPF can help us see how efficient our
choices are
bull Productivity - measurement of how efficiently we are utilizing our resources Is this the same as production
bull An economy producing on the curve = using their resources to produce the MAXIMUM amount of goodsservices
Locations on a PPF
bull Efficient Point place where an economy is achieving as much output as possible from a given amount of resources ndash occurs at any point on the curve
bull Inefficient Point ndash place where the economy is not functioning as it could be ndash occurs at any point inside the curve
bull Unattainable Point ndash place where the economy cannot produce given its current resources ndash occurs at any point outside the curve
Food
Computer
4
3
2
1
1 2 3 4
OC between 1 and 2 computers = 1 Food
UnitOC between 3 and 4 computers = 1 Food
Unit
Constantly giving up the same quantity of food to get
additional computers
STRAIGHT-LINE PPFs Constant OC
BOWED-OUT PPFs VaryingIncreasing OC
Principle of Increasing Costs
As a society produces more of one product the OC of producing
that product increases because we are using more resources that are poorly suited to produce it
Economic Systems
An economic system is the way a society coordinates the production and consumption of goods amp services
How a society answers the three basic economic questions determines which type of economic system they are
Three Types of Economic Systems Command Traditional Market
Jigsaw activity
bullYou will be placed in groups of 3 and assigned a type of economy
bullYou will have 7 minutes to read and come up with 4 key components
bullAfter the 7 minuteshellip 1rsquos go to the front of the classroom2rsquos go to the wall nearest the door3rsquos go to the wall nearest the courtyard
Economic amp Social Goals of an Economic System
bull Economic Freedom
bull Economic Efficiency
bull Economic Equity
bull Economic Security
Economic Stability
Economic Growth
Review of Economic Systems
bullA traditional economy relies on custom and tradition to dictate production and consumption
bullIn a command economy decisions about production and consumption are made by a powerful ruler or central authority
bullIn a market economy individual producers and consumers coordinate economic activity
What are the most important goals of each economic system
bullTraditionalSecurity and
StabilitybullCommand
Equity and Security
bullMARKETEfficiency and
Freedom
Societies differ in the degree of importance they attach to each goal Progress toward one goal can sometimes be achieved only
at the expense of another (TRADEOFFS)
Which economic system does the US use
The American Economic System
bullWe have a mixed market economy
COMMAND MARKET
The US mixed economybull In a mixed economyhellip
Individuals Own the factors of production Possess freedom to produce or consume Must operate under confines of law
Government Protects workers and consumers Regulates business and preserves competition Provide public goodsbenefits
Think backhellip
bullWhat does this remind you of from the beginning of the unit
US Economic System Characteristics 1 Economic freedom (ldquolaissez-fairerdquo)
2 Limited government
3 Equal opportunity
4 Competition
5 Profit motive
6 Property Rights
7 Binding Contracts
Understanding how all parts fit together
Circular Flow of Economic Activity Represents a market economy
2 main ldquomarketsrdquoProduct Market Factor Market
where goods and services where the 4 factors ofare boughtsold production are boughtsold
Shows interdependence between
businesses and individuals
Marriage Vowsbull CONGRATULATIONS The government and the economy
are renewing their marriage vows You are cordially invited to the ceremony but this perfect couple needs your help
bull Using what you have learned this unit and using the textbook
bull You will explain the way government and the economy are connected (made for each other) You will demonstrate this answer in the format of wedding vows
bull You must use at least 5 of the following words Producers Taxes Consumers Restrictions Markets Freedom GoodsServices Limited
bull Look back to US Economic System Characteristics bull Each set of vows must be at least 6 lines
Do you remember
bullWrite the following question downbullWhy does the United States have a
democracy and mixed economy
- Foundations of Government and Economics
- On your blank piece of paperhellip
- Slide 3
- Warm-Up 1 - 9414
- Introductory thoughts hellip
- Slide 6
- 2 How about to your life
- Slide 8
- Slide 9
- Slide 10
- Slide 11
- Warm Up -2a- 9514 The New York Times and CBS News Pollhellip
- Warm up 2bndash In Journal-
- Economist and Politician Assumptions
- Individualism
- Quote activity
- Quote breakdown
- Warm Up 3- Current Event 9814
- Purpose of Government
- Slide 20
- 3 Theorists
- Activity
- Origins of American Government A customized government
- Origins of American Government A customized government (2)
- Origins of American Government A customized government (3)
- With which theory do you agree more Why
- The ldquoOriginal Dilemmardquo
- Warm Up 5 Hobbes and Locke
- Groups Block 2
- Groups Block 4
- Balloon Game
- You will have 10 minutes to get as many filled balloons on the
- Balloon Game Debriefing
- Political Theories
- Social Contract
- Natural Rights
- Democracy
- Concepts of Government
- Warm up 6 ndash 91114
- Warm Up 7
- And after the Constitution
- Activity (2)
- Picture Activity
- Constitutional Convention
- Purpose of the Convention
- VA Plan v NJ Plan
- Virginia Plan ldquoLarge State Planrdquo
- New Jersey Plan ldquoSmall State Planrdquo
- Your Task
- Closure
- States agree
- Quote
- Structure of Constitution
- Structure of Constitution
- 6 Purpose of Government
- Structure of Constitution (2)
- Structure of Constitution (3)
- Principles of Constitution
- Activity
- Slide 60
- Check for Understanding Six Principles
- Question 1
- Question 2
- Question 3
- Question 4
- Question 5
- Question 6
- Question 7
- Question 8
- Groups
- Separation of Powers
- Video
- Checks and Balances
- Slide 74
- Checks and balances
- Basic Principles
- Self- Worth
- Equality
- Compromise
- Individual Freedom
- Write your ownhellip
- Slide 82
- TED Talk
- Closure
- What is Economics
- Economics ishellip
- Back to our assumptionshellip
- Scarcity refers to the limited number of resources (factors of
- For the videohellip
- Slide 90
- Post Videohellip
- Advertisement
- Political Cartoon Analysis
- Factors of Production
- TASK
- The price ofhellip
- Economic efficiency is achieved when all available resources ar
- 1 What to produce
- 2 How to produce it
- 3 For whom to produce it
- Application Activity
- EQs
- Objectives amp Essential Questions
- Group Activity Budget Activity
- Slide 105
- How do we satisfy our economic wants
- How do we make goods amp services
- Economic Interdependence
- Slide 109
- Making Choices to Deal With Scarcity
- Exampleshellip
- Task Reflecting on Personal Trade-offshellip
- Opportunity Cost
- What else influences your choices
- Finallyhellip Why it Matters
- Visualizing the Relationshiphellip
- ObjectivesEssential Questions
- How Can We Measure What We Gain and Lose When Making Choices
- Production Possibilities Frontier
- PPF Assumptions
- Slide 121
- Production Possibilities Curve
- The Choices Nations Make
- Economic Growth
- The Classic Guns and Butter example
- Productivity
- Locations on a PPF
- Slide 128
- BOWED-OUT PPFs VaryingIncreasing OC
- Economic Systems
- Jigsaw activity
- Slide 132
- Economic amp Social Goals of an Economic System
- Review of Economic Systems
- Slide 135
- What are the most important goals of each economic system
- Which economic system does the US use
- The American Economic System
- The US mixed economy
- Slide 140
- Think backhellip
- US Economic System Characteristics
- Slide 143
- Understanding how all parts fit together
- Marriage Vows
- Do you remember
- Slide 147
-
Write your ownhellipbull Now that you know what the foundations of
government arehellip Create your own Constitution (Or social contract)
What do you think is important to include What do you think could be taken out
Start with ldquoWe the peoplehelliprdquo and create the ideal contract
Preamble (brief introduction) Articles (what should it include based on what we
learned so far Include and agree on 10 points) Amendments (what do you think it should take to
change it)
bullFor your quiz tomorrowhellip What questions would you expect to seeWrite 5 and the answers on the back of the
paper
TED Talk
bullhttpwwwyoutubecomwatchv=ypqQ3-agpZo
Closure
bullExplain two principles of the constitution and how are they connected
What is Economics
bull Is the study of how people choose to use their limited resources to satisfy their unlimited wants and needs
Important Parts of Economicsndash
CHOICESSCARCITY
Economics ishellip
bullDependent upon assumptions
bullDependent upon simplification of reality
Back to our assumptionshellip
bullHuman Beings are rationalbullAll societies suffer from scarcity bullAll buyers seek to maximize utility
bullAll sellers seek to maximize profits
Scarcity refers to the limited number of resources (factors of production) that can be used to satisfy the unlimited human wants and needs
For the videohellip
bullWrite down 3 things you did not knowbullWrite down 3 things you did know
bullhttpwwwyoutubecomwatchv=TO7UTNS7r0w
Post Videohellip
bullDefine the main idea of the video in 4-5 words
Advertisement
bullKnowing some of the basics about what economics is and why we study ithellip
bullCreate an advertisement for an economics course BE SURE TO INCLUDE
3 images that represent different economic ideas
2 ldquothought bubblesrdquo that represent things yoursquoll learn about in economics
1 slogan that represents why economics is an important course to take
Political Cartoon Analysis
Factors of Production bull LAND
Also called Natural Resources Consider them ldquogifts of naturerdquo such as air
soil minerals water and plants
bull LABOR Also called Human Resources Includes physical and mental activities that go
into producing goodsservices
bull CAPITAL Includes tools machines buildings and
technologies
bull ENTREPRENEUR Risk taker who is responsible for combining
land labor and capital to produce goods and services
TASK
bullTask Why are entrepreneurs the driving force in our economy
bullAnswer in 2-3 sentences
The price ofhellip
bullLand is rentbullCapital is interestbullLabor is wagesbullEntrepreneurship is profit
Economic efficiency is achieved when all available resources are being used
All societies must answer three basic questions to satisfy the needs and wants of their populations
1 What to produce
bullShould it be military or civilian goods
bullFood or clothingbullMedicine or movies
2 How to produce it
bullAutomated or manual labor
bullExpensive or cheap materials
bullDomestic or overseas labor
3 For whom to produce it
bullThe wealthy or the needybullThe sick or the healthy
Application Activity
bull In groups of 2-3 create your own country (name it please)
bull With your countryrsquos name explain the Population geography and general population
information (iehellipbull Choose 5 items for your country to produce and
answer the three societal questions for eachALSO explain why this material would help your
economy thrivereach economic efficiencybull Create an advertisement for your country
withhellip Images representing what you produce and a
slogan for why your country is awesome
EQs
bullHow does scarcity impact decision making
Objectives amp Essential QuestionsbullObjectives
I will be able to create and reflect on a budget given new economics content
I will be able to understand scarcity and our mixed economy
bullEssential QuestionsHow does scarcity impact decision makingHow do we satisfy our economic wants
Group Activity Budget Activity
bullTeacher will break you into groups In your groups you will be creating a budget for a single family
bullYour group has been given an income for a year Given your family situation negotiate with your ldquofamilyrdquo to complete a budget for 1 month (keep in mind your $$ is in a given year)
bullhttpwwwyoutubecomwatchv=yoVc_S_gd_0
How do we satisfy our economic wants
bull We buy goods or services
bull Good ndash a physical object (tangible) that has been produced for salebull Durable ndash last 3+ yearsbull Nondurable ndash last up to 3 years
bull Service ndash work done by someone else for which someone is willing to pay
How do we make goods amp services
bull Use Factors of Production - The productive resources that go into producing goods and services
Production Equation
LAND + LABOR + CAPITAL = GOODSERVICE
inputs output
Economic Interdependence
bullWhat does lsquointerdependencersquo mean
bullIs our world becoming economic interdependent or independent
bullEconomic Interdependence the actions of one part of the
country (world) has an impact on what happens elsewhere
Wants amp Needs gt
Resources
Because of scarcity we
have to make choices
How do we make a choice What do we give up
What does this remind you of from our government unit
Making Choices to Deal With Scarcity
bullPeople seek to maximize their utility when making decisions This requires them to consider tradeoffs
Utility ndash the satisfaction or benefit a person receives from consuming a good or service
Tradeoffs ndash the alternate choices people have when making a decision also the benefitsadvantages of making on
decision over another
ExampleshellipbullSome choices are easy to makehellip
HmmhellipShould I have pizza or a hoagie for lunch today
bullOther decisions are agonizinghellipShould I get out of bed and go to
school today or should I sleep in
Task Reflecting on Personal Trade-offshellip
In the end what helped you decide amongst your choices
Think of ONE decision thatyou had to make in the last weekhellipIdentify your various
tradeoffs for that decision
Be prepared to share
Opportunity Cost
bullWhen comparing the top 2 choices it is the BENEFIT of the next best alternative that must be sacrificed to satisfy a want
bullYou do a cost-benefit analysis to figure out which decision is most beneficial
Opportunity Cost ndash The best thing we give up to get what
we want
What else influences your choices
bullPeople make decisions based on their marginal utility or the extra satisfaction they gain from one additional unit of a goodservice
bullLaw of Diminishing Marginal Utility says that as we get or do more of something the pleasure we derive from it tends to decrease and so does our willingness to buy it or do it
FinallyhellipWhy it Matters
Understanding the opportunity coststradeoffs of different choices in life makes you a
better decision-maker
Todayrsquos Message ndash ldquoTherersquos No Such Thing As a Free Lunchrdquo
You always have to give something uphelliprdquo
ALL Individuals Businesses amp Societies have to consider tradeoffsopportunity costs when making
decisions
Visualizing the Relationshiphellip
Limited Resources amp Unlimited Wants
Scarcity
Trade-offs (choices)
Opportunity Costs
ObjectivesEssential Questions
bullObjectivebullI will be able to understand (and teach)
the three different types of economies
bullEssential Question How do the different types of economies work
How Can We Measure What We Gain and Lose When
Making Choices
Answer With a Production Possibilities Frontier
Production Possibilities Frontier
bullDiagram representing the possible combinations of goods and or services an economy can produce when all resources are being fully employed
PPF Assumptions
bullWe live in a two good worldbullThere are fixed resourcesbullThere is fixed technologybullResources are not specialized
Production Possibilities Curve
CD
E
OU
TP
UT
OF
CO
NS
UM
ER
GO
OD
S
(un
its
per
yea
r)
OUTPUT OF MILITARY GOODS (units per year)
A
BO
XF
G
Limited resources necessitate choices about WHAT to produce
The Choices Nations Make
bullA nation must choose what to do with its scarce resources during war or periods of military buildup
bullProduce military goods or consumer goods
Economic Growth
2000 production possibilities
1900 production possibilities
OU
TP
UT
OF
CO
NS
UM
ER
GO
OD
S(u
nits
per
yea
r)
OUTPUT OF MILITARY GOODS (units per year)
Production possibilities increases with more resources and technology
The Classic Guns and Butter example
Guns
Butter
10000 20000 30000 40000 50000
1000009500085000
70000
5000040000
BA
C
D
E
F
At point A all resources are used for butter
Moving from point A to point B requires shifting resources out of butter and into guns
At point F all resources are used for Guns
Productivitybull A PPF can help us see how efficient our
choices are
bull Productivity - measurement of how efficiently we are utilizing our resources Is this the same as production
bull An economy producing on the curve = using their resources to produce the MAXIMUM amount of goodsservices
Locations on a PPF
bull Efficient Point place where an economy is achieving as much output as possible from a given amount of resources ndash occurs at any point on the curve
bull Inefficient Point ndash place where the economy is not functioning as it could be ndash occurs at any point inside the curve
bull Unattainable Point ndash place where the economy cannot produce given its current resources ndash occurs at any point outside the curve
Food
Computer
4
3
2
1
1 2 3 4
OC between 1 and 2 computers = 1 Food
UnitOC between 3 and 4 computers = 1 Food
Unit
Constantly giving up the same quantity of food to get
additional computers
STRAIGHT-LINE PPFs Constant OC
BOWED-OUT PPFs VaryingIncreasing OC
Principle of Increasing Costs
As a society produces more of one product the OC of producing
that product increases because we are using more resources that are poorly suited to produce it
Economic Systems
An economic system is the way a society coordinates the production and consumption of goods amp services
How a society answers the three basic economic questions determines which type of economic system they are
Three Types of Economic Systems Command Traditional Market
Jigsaw activity
bullYou will be placed in groups of 3 and assigned a type of economy
bullYou will have 7 minutes to read and come up with 4 key components
bullAfter the 7 minuteshellip 1rsquos go to the front of the classroom2rsquos go to the wall nearest the door3rsquos go to the wall nearest the courtyard
Economic amp Social Goals of an Economic System
bull Economic Freedom
bull Economic Efficiency
bull Economic Equity
bull Economic Security
Economic Stability
Economic Growth
Review of Economic Systems
bullA traditional economy relies on custom and tradition to dictate production and consumption
bullIn a command economy decisions about production and consumption are made by a powerful ruler or central authority
bullIn a market economy individual producers and consumers coordinate economic activity
What are the most important goals of each economic system
bullTraditionalSecurity and
StabilitybullCommand
Equity and Security
bullMARKETEfficiency and
Freedom
Societies differ in the degree of importance they attach to each goal Progress toward one goal can sometimes be achieved only
at the expense of another (TRADEOFFS)
Which economic system does the US use
The American Economic System
bullWe have a mixed market economy
COMMAND MARKET
The US mixed economybull In a mixed economyhellip
Individuals Own the factors of production Possess freedom to produce or consume Must operate under confines of law
Government Protects workers and consumers Regulates business and preserves competition Provide public goodsbenefits
Think backhellip
bullWhat does this remind you of from the beginning of the unit
US Economic System Characteristics 1 Economic freedom (ldquolaissez-fairerdquo)
2 Limited government
3 Equal opportunity
4 Competition
5 Profit motive
6 Property Rights
7 Binding Contracts
Understanding how all parts fit together
Circular Flow of Economic Activity Represents a market economy
2 main ldquomarketsrdquoProduct Market Factor Market
where goods and services where the 4 factors ofare boughtsold production are boughtsold
Shows interdependence between
businesses and individuals
Marriage Vowsbull CONGRATULATIONS The government and the economy
are renewing their marriage vows You are cordially invited to the ceremony but this perfect couple needs your help
bull Using what you have learned this unit and using the textbook
bull You will explain the way government and the economy are connected (made for each other) You will demonstrate this answer in the format of wedding vows
bull You must use at least 5 of the following words Producers Taxes Consumers Restrictions Markets Freedom GoodsServices Limited
bull Look back to US Economic System Characteristics bull Each set of vows must be at least 6 lines
Do you remember
bullWrite the following question downbullWhy does the United States have a
democracy and mixed economy
- Foundations of Government and Economics
- On your blank piece of paperhellip
- Slide 3
- Warm-Up 1 - 9414
- Introductory thoughts hellip
- Slide 6
- 2 How about to your life
- Slide 8
- Slide 9
- Slide 10
- Slide 11
- Warm Up -2a- 9514 The New York Times and CBS News Pollhellip
- Warm up 2bndash In Journal-
- Economist and Politician Assumptions
- Individualism
- Quote activity
- Quote breakdown
- Warm Up 3- Current Event 9814
- Purpose of Government
- Slide 20
- 3 Theorists
- Activity
- Origins of American Government A customized government
- Origins of American Government A customized government (2)
- Origins of American Government A customized government (3)
- With which theory do you agree more Why
- The ldquoOriginal Dilemmardquo
- Warm Up 5 Hobbes and Locke
- Groups Block 2
- Groups Block 4
- Balloon Game
- You will have 10 minutes to get as many filled balloons on the
- Balloon Game Debriefing
- Political Theories
- Social Contract
- Natural Rights
- Democracy
- Concepts of Government
- Warm up 6 ndash 91114
- Warm Up 7
- And after the Constitution
- Activity (2)
- Picture Activity
- Constitutional Convention
- Purpose of the Convention
- VA Plan v NJ Plan
- Virginia Plan ldquoLarge State Planrdquo
- New Jersey Plan ldquoSmall State Planrdquo
- Your Task
- Closure
- States agree
- Quote
- Structure of Constitution
- Structure of Constitution
- 6 Purpose of Government
- Structure of Constitution (2)
- Structure of Constitution (3)
- Principles of Constitution
- Activity
- Slide 60
- Check for Understanding Six Principles
- Question 1
- Question 2
- Question 3
- Question 4
- Question 5
- Question 6
- Question 7
- Question 8
- Groups
- Separation of Powers
- Video
- Checks and Balances
- Slide 74
- Checks and balances
- Basic Principles
- Self- Worth
- Equality
- Compromise
- Individual Freedom
- Write your ownhellip
- Slide 82
- TED Talk
- Closure
- What is Economics
- Economics ishellip
- Back to our assumptionshellip
- Scarcity refers to the limited number of resources (factors of
- For the videohellip
- Slide 90
- Post Videohellip
- Advertisement
- Political Cartoon Analysis
- Factors of Production
- TASK
- The price ofhellip
- Economic efficiency is achieved when all available resources ar
- 1 What to produce
- 2 How to produce it
- 3 For whom to produce it
- Application Activity
- EQs
- Objectives amp Essential Questions
- Group Activity Budget Activity
- Slide 105
- How do we satisfy our economic wants
- How do we make goods amp services
- Economic Interdependence
- Slide 109
- Making Choices to Deal With Scarcity
- Exampleshellip
- Task Reflecting on Personal Trade-offshellip
- Opportunity Cost
- What else influences your choices
- Finallyhellip Why it Matters
- Visualizing the Relationshiphellip
- ObjectivesEssential Questions
- How Can We Measure What We Gain and Lose When Making Choices
- Production Possibilities Frontier
- PPF Assumptions
- Slide 121
- Production Possibilities Curve
- The Choices Nations Make
- Economic Growth
- The Classic Guns and Butter example
- Productivity
- Locations on a PPF
- Slide 128
- BOWED-OUT PPFs VaryingIncreasing OC
- Economic Systems
- Jigsaw activity
- Slide 132
- Economic amp Social Goals of an Economic System
- Review of Economic Systems
- Slide 135
- What are the most important goals of each economic system
- Which economic system does the US use
- The American Economic System
- The US mixed economy
- Slide 140
- Think backhellip
- US Economic System Characteristics
- Slide 143
- Understanding how all parts fit together
- Marriage Vows
- Do you remember
- Slide 147
-
bullFor your quiz tomorrowhellip What questions would you expect to seeWrite 5 and the answers on the back of the
paper
TED Talk
bullhttpwwwyoutubecomwatchv=ypqQ3-agpZo
Closure
bullExplain two principles of the constitution and how are they connected
What is Economics
bull Is the study of how people choose to use their limited resources to satisfy their unlimited wants and needs
Important Parts of Economicsndash
CHOICESSCARCITY
Economics ishellip
bullDependent upon assumptions
bullDependent upon simplification of reality
Back to our assumptionshellip
bullHuman Beings are rationalbullAll societies suffer from scarcity bullAll buyers seek to maximize utility
bullAll sellers seek to maximize profits
Scarcity refers to the limited number of resources (factors of production) that can be used to satisfy the unlimited human wants and needs
For the videohellip
bullWrite down 3 things you did not knowbullWrite down 3 things you did know
bullhttpwwwyoutubecomwatchv=TO7UTNS7r0w
Post Videohellip
bullDefine the main idea of the video in 4-5 words
Advertisement
bullKnowing some of the basics about what economics is and why we study ithellip
bullCreate an advertisement for an economics course BE SURE TO INCLUDE
3 images that represent different economic ideas
2 ldquothought bubblesrdquo that represent things yoursquoll learn about in economics
1 slogan that represents why economics is an important course to take
Political Cartoon Analysis
Factors of Production bull LAND
Also called Natural Resources Consider them ldquogifts of naturerdquo such as air
soil minerals water and plants
bull LABOR Also called Human Resources Includes physical and mental activities that go
into producing goodsservices
bull CAPITAL Includes tools machines buildings and
technologies
bull ENTREPRENEUR Risk taker who is responsible for combining
land labor and capital to produce goods and services
TASK
bullTask Why are entrepreneurs the driving force in our economy
bullAnswer in 2-3 sentences
The price ofhellip
bullLand is rentbullCapital is interestbullLabor is wagesbullEntrepreneurship is profit
Economic efficiency is achieved when all available resources are being used
All societies must answer three basic questions to satisfy the needs and wants of their populations
1 What to produce
bullShould it be military or civilian goods
bullFood or clothingbullMedicine or movies
2 How to produce it
bullAutomated or manual labor
bullExpensive or cheap materials
bullDomestic or overseas labor
3 For whom to produce it
bullThe wealthy or the needybullThe sick or the healthy
Application Activity
bull In groups of 2-3 create your own country (name it please)
bull With your countryrsquos name explain the Population geography and general population
information (iehellipbull Choose 5 items for your country to produce and
answer the three societal questions for eachALSO explain why this material would help your
economy thrivereach economic efficiencybull Create an advertisement for your country
withhellip Images representing what you produce and a
slogan for why your country is awesome
EQs
bullHow does scarcity impact decision making
Objectives amp Essential QuestionsbullObjectives
I will be able to create and reflect on a budget given new economics content
I will be able to understand scarcity and our mixed economy
bullEssential QuestionsHow does scarcity impact decision makingHow do we satisfy our economic wants
Group Activity Budget Activity
bullTeacher will break you into groups In your groups you will be creating a budget for a single family
bullYour group has been given an income for a year Given your family situation negotiate with your ldquofamilyrdquo to complete a budget for 1 month (keep in mind your $$ is in a given year)
bullhttpwwwyoutubecomwatchv=yoVc_S_gd_0
How do we satisfy our economic wants
bull We buy goods or services
bull Good ndash a physical object (tangible) that has been produced for salebull Durable ndash last 3+ yearsbull Nondurable ndash last up to 3 years
bull Service ndash work done by someone else for which someone is willing to pay
How do we make goods amp services
bull Use Factors of Production - The productive resources that go into producing goods and services
Production Equation
LAND + LABOR + CAPITAL = GOODSERVICE
inputs output
Economic Interdependence
bullWhat does lsquointerdependencersquo mean
bullIs our world becoming economic interdependent or independent
bullEconomic Interdependence the actions of one part of the
country (world) has an impact on what happens elsewhere
Wants amp Needs gt
Resources
Because of scarcity we
have to make choices
How do we make a choice What do we give up
What does this remind you of from our government unit
Making Choices to Deal With Scarcity
bullPeople seek to maximize their utility when making decisions This requires them to consider tradeoffs
Utility ndash the satisfaction or benefit a person receives from consuming a good or service
Tradeoffs ndash the alternate choices people have when making a decision also the benefitsadvantages of making on
decision over another
ExampleshellipbullSome choices are easy to makehellip
HmmhellipShould I have pizza or a hoagie for lunch today
bullOther decisions are agonizinghellipShould I get out of bed and go to
school today or should I sleep in
Task Reflecting on Personal Trade-offshellip
In the end what helped you decide amongst your choices
Think of ONE decision thatyou had to make in the last weekhellipIdentify your various
tradeoffs for that decision
Be prepared to share
Opportunity Cost
bullWhen comparing the top 2 choices it is the BENEFIT of the next best alternative that must be sacrificed to satisfy a want
bullYou do a cost-benefit analysis to figure out which decision is most beneficial
Opportunity Cost ndash The best thing we give up to get what
we want
What else influences your choices
bullPeople make decisions based on their marginal utility or the extra satisfaction they gain from one additional unit of a goodservice
bullLaw of Diminishing Marginal Utility says that as we get or do more of something the pleasure we derive from it tends to decrease and so does our willingness to buy it or do it
FinallyhellipWhy it Matters
Understanding the opportunity coststradeoffs of different choices in life makes you a
better decision-maker
Todayrsquos Message ndash ldquoTherersquos No Such Thing As a Free Lunchrdquo
You always have to give something uphelliprdquo
ALL Individuals Businesses amp Societies have to consider tradeoffsopportunity costs when making
decisions
Visualizing the Relationshiphellip
Limited Resources amp Unlimited Wants
Scarcity
Trade-offs (choices)
Opportunity Costs
ObjectivesEssential Questions
bullObjectivebullI will be able to understand (and teach)
the three different types of economies
bullEssential Question How do the different types of economies work
How Can We Measure What We Gain and Lose When
Making Choices
Answer With a Production Possibilities Frontier
Production Possibilities Frontier
bullDiagram representing the possible combinations of goods and or services an economy can produce when all resources are being fully employed
PPF Assumptions
bullWe live in a two good worldbullThere are fixed resourcesbullThere is fixed technologybullResources are not specialized
Production Possibilities Curve
CD
E
OU
TP
UT
OF
CO
NS
UM
ER
GO
OD
S
(un
its
per
yea
r)
OUTPUT OF MILITARY GOODS (units per year)
A
BO
XF
G
Limited resources necessitate choices about WHAT to produce
The Choices Nations Make
bullA nation must choose what to do with its scarce resources during war or periods of military buildup
bullProduce military goods or consumer goods
Economic Growth
2000 production possibilities
1900 production possibilities
OU
TP
UT
OF
CO
NS
UM
ER
GO
OD
S(u
nits
per
yea
r)
OUTPUT OF MILITARY GOODS (units per year)
Production possibilities increases with more resources and technology
The Classic Guns and Butter example
Guns
Butter
10000 20000 30000 40000 50000
1000009500085000
70000
5000040000
BA
C
D
E
F
At point A all resources are used for butter
Moving from point A to point B requires shifting resources out of butter and into guns
At point F all resources are used for Guns
Productivitybull A PPF can help us see how efficient our
choices are
bull Productivity - measurement of how efficiently we are utilizing our resources Is this the same as production
bull An economy producing on the curve = using their resources to produce the MAXIMUM amount of goodsservices
Locations on a PPF
bull Efficient Point place where an economy is achieving as much output as possible from a given amount of resources ndash occurs at any point on the curve
bull Inefficient Point ndash place where the economy is not functioning as it could be ndash occurs at any point inside the curve
bull Unattainable Point ndash place where the economy cannot produce given its current resources ndash occurs at any point outside the curve
Food
Computer
4
3
2
1
1 2 3 4
OC between 1 and 2 computers = 1 Food
UnitOC between 3 and 4 computers = 1 Food
Unit
Constantly giving up the same quantity of food to get
additional computers
STRAIGHT-LINE PPFs Constant OC
BOWED-OUT PPFs VaryingIncreasing OC
Principle of Increasing Costs
As a society produces more of one product the OC of producing
that product increases because we are using more resources that are poorly suited to produce it
Economic Systems
An economic system is the way a society coordinates the production and consumption of goods amp services
How a society answers the three basic economic questions determines which type of economic system they are
Three Types of Economic Systems Command Traditional Market
Jigsaw activity
bullYou will be placed in groups of 3 and assigned a type of economy
bullYou will have 7 minutes to read and come up with 4 key components
bullAfter the 7 minuteshellip 1rsquos go to the front of the classroom2rsquos go to the wall nearest the door3rsquos go to the wall nearest the courtyard
Economic amp Social Goals of an Economic System
bull Economic Freedom
bull Economic Efficiency
bull Economic Equity
bull Economic Security
Economic Stability
Economic Growth
Review of Economic Systems
bullA traditional economy relies on custom and tradition to dictate production and consumption
bullIn a command economy decisions about production and consumption are made by a powerful ruler or central authority
bullIn a market economy individual producers and consumers coordinate economic activity
What are the most important goals of each economic system
bullTraditionalSecurity and
StabilitybullCommand
Equity and Security
bullMARKETEfficiency and
Freedom
Societies differ in the degree of importance they attach to each goal Progress toward one goal can sometimes be achieved only
at the expense of another (TRADEOFFS)
Which economic system does the US use
The American Economic System
bullWe have a mixed market economy
COMMAND MARKET
The US mixed economybull In a mixed economyhellip
Individuals Own the factors of production Possess freedom to produce or consume Must operate under confines of law
Government Protects workers and consumers Regulates business and preserves competition Provide public goodsbenefits
Think backhellip
bullWhat does this remind you of from the beginning of the unit
US Economic System Characteristics 1 Economic freedom (ldquolaissez-fairerdquo)
2 Limited government
3 Equal opportunity
4 Competition
5 Profit motive
6 Property Rights
7 Binding Contracts
Understanding how all parts fit together
Circular Flow of Economic Activity Represents a market economy
2 main ldquomarketsrdquoProduct Market Factor Market
where goods and services where the 4 factors ofare boughtsold production are boughtsold
Shows interdependence between
businesses and individuals
Marriage Vowsbull CONGRATULATIONS The government and the economy
are renewing their marriage vows You are cordially invited to the ceremony but this perfect couple needs your help
bull Using what you have learned this unit and using the textbook
bull You will explain the way government and the economy are connected (made for each other) You will demonstrate this answer in the format of wedding vows
bull You must use at least 5 of the following words Producers Taxes Consumers Restrictions Markets Freedom GoodsServices Limited
bull Look back to US Economic System Characteristics bull Each set of vows must be at least 6 lines
Do you remember
bullWrite the following question downbullWhy does the United States have a
democracy and mixed economy
- Foundations of Government and Economics
- On your blank piece of paperhellip
- Slide 3
- Warm-Up 1 - 9414
- Introductory thoughts hellip
- Slide 6
- 2 How about to your life
- Slide 8
- Slide 9
- Slide 10
- Slide 11
- Warm Up -2a- 9514 The New York Times and CBS News Pollhellip
- Warm up 2bndash In Journal-
- Economist and Politician Assumptions
- Individualism
- Quote activity
- Quote breakdown
- Warm Up 3- Current Event 9814
- Purpose of Government
- Slide 20
- 3 Theorists
- Activity
- Origins of American Government A customized government
- Origins of American Government A customized government (2)
- Origins of American Government A customized government (3)
- With which theory do you agree more Why
- The ldquoOriginal Dilemmardquo
- Warm Up 5 Hobbes and Locke
- Groups Block 2
- Groups Block 4
- Balloon Game
- You will have 10 minutes to get as many filled balloons on the
- Balloon Game Debriefing
- Political Theories
- Social Contract
- Natural Rights
- Democracy
- Concepts of Government
- Warm up 6 ndash 91114
- Warm Up 7
- And after the Constitution
- Activity (2)
- Picture Activity
- Constitutional Convention
- Purpose of the Convention
- VA Plan v NJ Plan
- Virginia Plan ldquoLarge State Planrdquo
- New Jersey Plan ldquoSmall State Planrdquo
- Your Task
- Closure
- States agree
- Quote
- Structure of Constitution
- Structure of Constitution
- 6 Purpose of Government
- Structure of Constitution (2)
- Structure of Constitution (3)
- Principles of Constitution
- Activity
- Slide 60
- Check for Understanding Six Principles
- Question 1
- Question 2
- Question 3
- Question 4
- Question 5
- Question 6
- Question 7
- Question 8
- Groups
- Separation of Powers
- Video
- Checks and Balances
- Slide 74
- Checks and balances
- Basic Principles
- Self- Worth
- Equality
- Compromise
- Individual Freedom
- Write your ownhellip
- Slide 82
- TED Talk
- Closure
- What is Economics
- Economics ishellip
- Back to our assumptionshellip
- Scarcity refers to the limited number of resources (factors of
- For the videohellip
- Slide 90
- Post Videohellip
- Advertisement
- Political Cartoon Analysis
- Factors of Production
- TASK
- The price ofhellip
- Economic efficiency is achieved when all available resources ar
- 1 What to produce
- 2 How to produce it
- 3 For whom to produce it
- Application Activity
- EQs
- Objectives amp Essential Questions
- Group Activity Budget Activity
- Slide 105
- How do we satisfy our economic wants
- How do we make goods amp services
- Economic Interdependence
- Slide 109
- Making Choices to Deal With Scarcity
- Exampleshellip
- Task Reflecting on Personal Trade-offshellip
- Opportunity Cost
- What else influences your choices
- Finallyhellip Why it Matters
- Visualizing the Relationshiphellip
- ObjectivesEssential Questions
- How Can We Measure What We Gain and Lose When Making Choices
- Production Possibilities Frontier
- PPF Assumptions
- Slide 121
- Production Possibilities Curve
- The Choices Nations Make
- Economic Growth
- The Classic Guns and Butter example
- Productivity
- Locations on a PPF
- Slide 128
- BOWED-OUT PPFs VaryingIncreasing OC
- Economic Systems
- Jigsaw activity
- Slide 132
- Economic amp Social Goals of an Economic System
- Review of Economic Systems
- Slide 135
- What are the most important goals of each economic system
- Which economic system does the US use
- The American Economic System
- The US mixed economy
- Slide 140
- Think backhellip
- US Economic System Characteristics
- Slide 143
- Understanding how all parts fit together
- Marriage Vows
- Do you remember
- Slide 147
-
TED Talk
bullhttpwwwyoutubecomwatchv=ypqQ3-agpZo
Closure
bullExplain two principles of the constitution and how are they connected
What is Economics
bull Is the study of how people choose to use their limited resources to satisfy their unlimited wants and needs
Important Parts of Economicsndash
CHOICESSCARCITY
Economics ishellip
bullDependent upon assumptions
bullDependent upon simplification of reality
Back to our assumptionshellip
bullHuman Beings are rationalbullAll societies suffer from scarcity bullAll buyers seek to maximize utility
bullAll sellers seek to maximize profits
Scarcity refers to the limited number of resources (factors of production) that can be used to satisfy the unlimited human wants and needs
For the videohellip
bullWrite down 3 things you did not knowbullWrite down 3 things you did know
bullhttpwwwyoutubecomwatchv=TO7UTNS7r0w
Post Videohellip
bullDefine the main idea of the video in 4-5 words
Advertisement
bullKnowing some of the basics about what economics is and why we study ithellip
bullCreate an advertisement for an economics course BE SURE TO INCLUDE
3 images that represent different economic ideas
2 ldquothought bubblesrdquo that represent things yoursquoll learn about in economics
1 slogan that represents why economics is an important course to take
Political Cartoon Analysis
Factors of Production bull LAND
Also called Natural Resources Consider them ldquogifts of naturerdquo such as air
soil minerals water and plants
bull LABOR Also called Human Resources Includes physical and mental activities that go
into producing goodsservices
bull CAPITAL Includes tools machines buildings and
technologies
bull ENTREPRENEUR Risk taker who is responsible for combining
land labor and capital to produce goods and services
TASK
bullTask Why are entrepreneurs the driving force in our economy
bullAnswer in 2-3 sentences
The price ofhellip
bullLand is rentbullCapital is interestbullLabor is wagesbullEntrepreneurship is profit
Economic efficiency is achieved when all available resources are being used
All societies must answer three basic questions to satisfy the needs and wants of their populations
1 What to produce
bullShould it be military or civilian goods
bullFood or clothingbullMedicine or movies
2 How to produce it
bullAutomated or manual labor
bullExpensive or cheap materials
bullDomestic or overseas labor
3 For whom to produce it
bullThe wealthy or the needybullThe sick or the healthy
Application Activity
bull In groups of 2-3 create your own country (name it please)
bull With your countryrsquos name explain the Population geography and general population
information (iehellipbull Choose 5 items for your country to produce and
answer the three societal questions for eachALSO explain why this material would help your
economy thrivereach economic efficiencybull Create an advertisement for your country
withhellip Images representing what you produce and a
slogan for why your country is awesome
EQs
bullHow does scarcity impact decision making
Objectives amp Essential QuestionsbullObjectives
I will be able to create and reflect on a budget given new economics content
I will be able to understand scarcity and our mixed economy
bullEssential QuestionsHow does scarcity impact decision makingHow do we satisfy our economic wants
Group Activity Budget Activity
bullTeacher will break you into groups In your groups you will be creating a budget for a single family
bullYour group has been given an income for a year Given your family situation negotiate with your ldquofamilyrdquo to complete a budget for 1 month (keep in mind your $$ is in a given year)
bullhttpwwwyoutubecomwatchv=yoVc_S_gd_0
How do we satisfy our economic wants
bull We buy goods or services
bull Good ndash a physical object (tangible) that has been produced for salebull Durable ndash last 3+ yearsbull Nondurable ndash last up to 3 years
bull Service ndash work done by someone else for which someone is willing to pay
How do we make goods amp services
bull Use Factors of Production - The productive resources that go into producing goods and services
Production Equation
LAND + LABOR + CAPITAL = GOODSERVICE
inputs output
Economic Interdependence
bullWhat does lsquointerdependencersquo mean
bullIs our world becoming economic interdependent or independent
bullEconomic Interdependence the actions of one part of the
country (world) has an impact on what happens elsewhere
Wants amp Needs gt
Resources
Because of scarcity we
have to make choices
How do we make a choice What do we give up
What does this remind you of from our government unit
Making Choices to Deal With Scarcity
bullPeople seek to maximize their utility when making decisions This requires them to consider tradeoffs
Utility ndash the satisfaction or benefit a person receives from consuming a good or service
Tradeoffs ndash the alternate choices people have when making a decision also the benefitsadvantages of making on
decision over another
ExampleshellipbullSome choices are easy to makehellip
HmmhellipShould I have pizza or a hoagie for lunch today
bullOther decisions are agonizinghellipShould I get out of bed and go to
school today or should I sleep in
Task Reflecting on Personal Trade-offshellip
In the end what helped you decide amongst your choices
Think of ONE decision thatyou had to make in the last weekhellipIdentify your various
tradeoffs for that decision
Be prepared to share
Opportunity Cost
bullWhen comparing the top 2 choices it is the BENEFIT of the next best alternative that must be sacrificed to satisfy a want
bullYou do a cost-benefit analysis to figure out which decision is most beneficial
Opportunity Cost ndash The best thing we give up to get what
we want
What else influences your choices
bullPeople make decisions based on their marginal utility or the extra satisfaction they gain from one additional unit of a goodservice
bullLaw of Diminishing Marginal Utility says that as we get or do more of something the pleasure we derive from it tends to decrease and so does our willingness to buy it or do it
FinallyhellipWhy it Matters
Understanding the opportunity coststradeoffs of different choices in life makes you a
better decision-maker
Todayrsquos Message ndash ldquoTherersquos No Such Thing As a Free Lunchrdquo
You always have to give something uphelliprdquo
ALL Individuals Businesses amp Societies have to consider tradeoffsopportunity costs when making
decisions
Visualizing the Relationshiphellip
Limited Resources amp Unlimited Wants
Scarcity
Trade-offs (choices)
Opportunity Costs
ObjectivesEssential Questions
bullObjectivebullI will be able to understand (and teach)
the three different types of economies
bullEssential Question How do the different types of economies work
How Can We Measure What We Gain and Lose When
Making Choices
Answer With a Production Possibilities Frontier
Production Possibilities Frontier
bullDiagram representing the possible combinations of goods and or services an economy can produce when all resources are being fully employed
PPF Assumptions
bullWe live in a two good worldbullThere are fixed resourcesbullThere is fixed technologybullResources are not specialized
Production Possibilities Curve
CD
E
OU
TP
UT
OF
CO
NS
UM
ER
GO
OD
S
(un
its
per
yea
r)
OUTPUT OF MILITARY GOODS (units per year)
A
BO
XF
G
Limited resources necessitate choices about WHAT to produce
The Choices Nations Make
bullA nation must choose what to do with its scarce resources during war or periods of military buildup
bullProduce military goods or consumer goods
Economic Growth
2000 production possibilities
1900 production possibilities
OU
TP
UT
OF
CO
NS
UM
ER
GO
OD
S(u
nits
per
yea
r)
OUTPUT OF MILITARY GOODS (units per year)
Production possibilities increases with more resources and technology
The Classic Guns and Butter example
Guns
Butter
10000 20000 30000 40000 50000
1000009500085000
70000
5000040000
BA
C
D
E
F
At point A all resources are used for butter
Moving from point A to point B requires shifting resources out of butter and into guns
At point F all resources are used for Guns
Productivitybull A PPF can help us see how efficient our
choices are
bull Productivity - measurement of how efficiently we are utilizing our resources Is this the same as production
bull An economy producing on the curve = using their resources to produce the MAXIMUM amount of goodsservices
Locations on a PPF
bull Efficient Point place where an economy is achieving as much output as possible from a given amount of resources ndash occurs at any point on the curve
bull Inefficient Point ndash place where the economy is not functioning as it could be ndash occurs at any point inside the curve
bull Unattainable Point ndash place where the economy cannot produce given its current resources ndash occurs at any point outside the curve
Food
Computer
4
3
2
1
1 2 3 4
OC between 1 and 2 computers = 1 Food
UnitOC between 3 and 4 computers = 1 Food
Unit
Constantly giving up the same quantity of food to get
additional computers
STRAIGHT-LINE PPFs Constant OC
BOWED-OUT PPFs VaryingIncreasing OC
Principle of Increasing Costs
As a society produces more of one product the OC of producing
that product increases because we are using more resources that are poorly suited to produce it
Economic Systems
An economic system is the way a society coordinates the production and consumption of goods amp services
How a society answers the three basic economic questions determines which type of economic system they are
Three Types of Economic Systems Command Traditional Market
Jigsaw activity
bullYou will be placed in groups of 3 and assigned a type of economy
bullYou will have 7 minutes to read and come up with 4 key components
bullAfter the 7 minuteshellip 1rsquos go to the front of the classroom2rsquos go to the wall nearest the door3rsquos go to the wall nearest the courtyard
Economic amp Social Goals of an Economic System
bull Economic Freedom
bull Economic Efficiency
bull Economic Equity
bull Economic Security
Economic Stability
Economic Growth
Review of Economic Systems
bullA traditional economy relies on custom and tradition to dictate production and consumption
bullIn a command economy decisions about production and consumption are made by a powerful ruler or central authority
bullIn a market economy individual producers and consumers coordinate economic activity
What are the most important goals of each economic system
bullTraditionalSecurity and
StabilitybullCommand
Equity and Security
bullMARKETEfficiency and
Freedom
Societies differ in the degree of importance they attach to each goal Progress toward one goal can sometimes be achieved only
at the expense of another (TRADEOFFS)
Which economic system does the US use
The American Economic System
bullWe have a mixed market economy
COMMAND MARKET
The US mixed economybull In a mixed economyhellip
Individuals Own the factors of production Possess freedom to produce or consume Must operate under confines of law
Government Protects workers and consumers Regulates business and preserves competition Provide public goodsbenefits
Think backhellip
bullWhat does this remind you of from the beginning of the unit
US Economic System Characteristics 1 Economic freedom (ldquolaissez-fairerdquo)
2 Limited government
3 Equal opportunity
4 Competition
5 Profit motive
6 Property Rights
7 Binding Contracts
Understanding how all parts fit together
Circular Flow of Economic Activity Represents a market economy
2 main ldquomarketsrdquoProduct Market Factor Market
where goods and services where the 4 factors ofare boughtsold production are boughtsold
Shows interdependence between
businesses and individuals
Marriage Vowsbull CONGRATULATIONS The government and the economy
are renewing their marriage vows You are cordially invited to the ceremony but this perfect couple needs your help
bull Using what you have learned this unit and using the textbook
bull You will explain the way government and the economy are connected (made for each other) You will demonstrate this answer in the format of wedding vows
bull You must use at least 5 of the following words Producers Taxes Consumers Restrictions Markets Freedom GoodsServices Limited
bull Look back to US Economic System Characteristics bull Each set of vows must be at least 6 lines
Do you remember
bullWrite the following question downbullWhy does the United States have a
democracy and mixed economy
- Foundations of Government and Economics
- On your blank piece of paperhellip
- Slide 3
- Warm-Up 1 - 9414
- Introductory thoughts hellip
- Slide 6
- 2 How about to your life
- Slide 8
- Slide 9
- Slide 10
- Slide 11
- Warm Up -2a- 9514 The New York Times and CBS News Pollhellip
- Warm up 2bndash In Journal-
- Economist and Politician Assumptions
- Individualism
- Quote activity
- Quote breakdown
- Warm Up 3- Current Event 9814
- Purpose of Government
- Slide 20
- 3 Theorists
- Activity
- Origins of American Government A customized government
- Origins of American Government A customized government (2)
- Origins of American Government A customized government (3)
- With which theory do you agree more Why
- The ldquoOriginal Dilemmardquo
- Warm Up 5 Hobbes and Locke
- Groups Block 2
- Groups Block 4
- Balloon Game
- You will have 10 minutes to get as many filled balloons on the
- Balloon Game Debriefing
- Political Theories
- Social Contract
- Natural Rights
- Democracy
- Concepts of Government
- Warm up 6 ndash 91114
- Warm Up 7
- And after the Constitution
- Activity (2)
- Picture Activity
- Constitutional Convention
- Purpose of the Convention
- VA Plan v NJ Plan
- Virginia Plan ldquoLarge State Planrdquo
- New Jersey Plan ldquoSmall State Planrdquo
- Your Task
- Closure
- States agree
- Quote
- Structure of Constitution
- Structure of Constitution
- 6 Purpose of Government
- Structure of Constitution (2)
- Structure of Constitution (3)
- Principles of Constitution
- Activity
- Slide 60
- Check for Understanding Six Principles
- Question 1
- Question 2
- Question 3
- Question 4
- Question 5
- Question 6
- Question 7
- Question 8
- Groups
- Separation of Powers
- Video
- Checks and Balances
- Slide 74
- Checks and balances
- Basic Principles
- Self- Worth
- Equality
- Compromise
- Individual Freedom
- Write your ownhellip
- Slide 82
- TED Talk
- Closure
- What is Economics
- Economics ishellip
- Back to our assumptionshellip
- Scarcity refers to the limited number of resources (factors of
- For the videohellip
- Slide 90
- Post Videohellip
- Advertisement
- Political Cartoon Analysis
- Factors of Production
- TASK
- The price ofhellip
- Economic efficiency is achieved when all available resources ar
- 1 What to produce
- 2 How to produce it
- 3 For whom to produce it
- Application Activity
- EQs
- Objectives amp Essential Questions
- Group Activity Budget Activity
- Slide 105
- How do we satisfy our economic wants
- How do we make goods amp services
- Economic Interdependence
- Slide 109
- Making Choices to Deal With Scarcity
- Exampleshellip
- Task Reflecting on Personal Trade-offshellip
- Opportunity Cost
- What else influences your choices
- Finallyhellip Why it Matters
- Visualizing the Relationshiphellip
- ObjectivesEssential Questions
- How Can We Measure What We Gain and Lose When Making Choices
- Production Possibilities Frontier
- PPF Assumptions
- Slide 121
- Production Possibilities Curve
- The Choices Nations Make
- Economic Growth
- The Classic Guns and Butter example
- Productivity
- Locations on a PPF
- Slide 128
- BOWED-OUT PPFs VaryingIncreasing OC
- Economic Systems
- Jigsaw activity
- Slide 132
- Economic amp Social Goals of an Economic System
- Review of Economic Systems
- Slide 135
- What are the most important goals of each economic system
- Which economic system does the US use
- The American Economic System
- The US mixed economy
- Slide 140
- Think backhellip
- US Economic System Characteristics
- Slide 143
- Understanding how all parts fit together
- Marriage Vows
- Do you remember
- Slide 147
-
Closure
bullExplain two principles of the constitution and how are they connected
What is Economics
bull Is the study of how people choose to use their limited resources to satisfy their unlimited wants and needs
Important Parts of Economicsndash
CHOICESSCARCITY
Economics ishellip
bullDependent upon assumptions
bullDependent upon simplification of reality
Back to our assumptionshellip
bullHuman Beings are rationalbullAll societies suffer from scarcity bullAll buyers seek to maximize utility
bullAll sellers seek to maximize profits
Scarcity refers to the limited number of resources (factors of production) that can be used to satisfy the unlimited human wants and needs
For the videohellip
bullWrite down 3 things you did not knowbullWrite down 3 things you did know
bullhttpwwwyoutubecomwatchv=TO7UTNS7r0w
Post Videohellip
bullDefine the main idea of the video in 4-5 words
Advertisement
bullKnowing some of the basics about what economics is and why we study ithellip
bullCreate an advertisement for an economics course BE SURE TO INCLUDE
3 images that represent different economic ideas
2 ldquothought bubblesrdquo that represent things yoursquoll learn about in economics
1 slogan that represents why economics is an important course to take
Political Cartoon Analysis
Factors of Production bull LAND
Also called Natural Resources Consider them ldquogifts of naturerdquo such as air
soil minerals water and plants
bull LABOR Also called Human Resources Includes physical and mental activities that go
into producing goodsservices
bull CAPITAL Includes tools machines buildings and
technologies
bull ENTREPRENEUR Risk taker who is responsible for combining
land labor and capital to produce goods and services
TASK
bullTask Why are entrepreneurs the driving force in our economy
bullAnswer in 2-3 sentences
The price ofhellip
bullLand is rentbullCapital is interestbullLabor is wagesbullEntrepreneurship is profit
Economic efficiency is achieved when all available resources are being used
All societies must answer three basic questions to satisfy the needs and wants of their populations
1 What to produce
bullShould it be military or civilian goods
bullFood or clothingbullMedicine or movies
2 How to produce it
bullAutomated or manual labor
bullExpensive or cheap materials
bullDomestic or overseas labor
3 For whom to produce it
bullThe wealthy or the needybullThe sick or the healthy
Application Activity
bull In groups of 2-3 create your own country (name it please)
bull With your countryrsquos name explain the Population geography and general population
information (iehellipbull Choose 5 items for your country to produce and
answer the three societal questions for eachALSO explain why this material would help your
economy thrivereach economic efficiencybull Create an advertisement for your country
withhellip Images representing what you produce and a
slogan for why your country is awesome
EQs
bullHow does scarcity impact decision making
Objectives amp Essential QuestionsbullObjectives
I will be able to create and reflect on a budget given new economics content
I will be able to understand scarcity and our mixed economy
bullEssential QuestionsHow does scarcity impact decision makingHow do we satisfy our economic wants
Group Activity Budget Activity
bullTeacher will break you into groups In your groups you will be creating a budget for a single family
bullYour group has been given an income for a year Given your family situation negotiate with your ldquofamilyrdquo to complete a budget for 1 month (keep in mind your $$ is in a given year)
bullhttpwwwyoutubecomwatchv=yoVc_S_gd_0
How do we satisfy our economic wants
bull We buy goods or services
bull Good ndash a physical object (tangible) that has been produced for salebull Durable ndash last 3+ yearsbull Nondurable ndash last up to 3 years
bull Service ndash work done by someone else for which someone is willing to pay
How do we make goods amp services
bull Use Factors of Production - The productive resources that go into producing goods and services
Production Equation
LAND + LABOR + CAPITAL = GOODSERVICE
inputs output
Economic Interdependence
bullWhat does lsquointerdependencersquo mean
bullIs our world becoming economic interdependent or independent
bullEconomic Interdependence the actions of one part of the
country (world) has an impact on what happens elsewhere
Wants amp Needs gt
Resources
Because of scarcity we
have to make choices
How do we make a choice What do we give up
What does this remind you of from our government unit
Making Choices to Deal With Scarcity
bullPeople seek to maximize their utility when making decisions This requires them to consider tradeoffs
Utility ndash the satisfaction or benefit a person receives from consuming a good or service
Tradeoffs ndash the alternate choices people have when making a decision also the benefitsadvantages of making on
decision over another
ExampleshellipbullSome choices are easy to makehellip
HmmhellipShould I have pizza or a hoagie for lunch today
bullOther decisions are agonizinghellipShould I get out of bed and go to
school today or should I sleep in
Task Reflecting on Personal Trade-offshellip
In the end what helped you decide amongst your choices
Think of ONE decision thatyou had to make in the last weekhellipIdentify your various
tradeoffs for that decision
Be prepared to share
Opportunity Cost
bullWhen comparing the top 2 choices it is the BENEFIT of the next best alternative that must be sacrificed to satisfy a want
bullYou do a cost-benefit analysis to figure out which decision is most beneficial
Opportunity Cost ndash The best thing we give up to get what
we want
What else influences your choices
bullPeople make decisions based on their marginal utility or the extra satisfaction they gain from one additional unit of a goodservice
bullLaw of Diminishing Marginal Utility says that as we get or do more of something the pleasure we derive from it tends to decrease and so does our willingness to buy it or do it
FinallyhellipWhy it Matters
Understanding the opportunity coststradeoffs of different choices in life makes you a
better decision-maker
Todayrsquos Message ndash ldquoTherersquos No Such Thing As a Free Lunchrdquo
You always have to give something uphelliprdquo
ALL Individuals Businesses amp Societies have to consider tradeoffsopportunity costs when making
decisions
Visualizing the Relationshiphellip
Limited Resources amp Unlimited Wants
Scarcity
Trade-offs (choices)
Opportunity Costs
ObjectivesEssential Questions
bullObjectivebullI will be able to understand (and teach)
the three different types of economies
bullEssential Question How do the different types of economies work
How Can We Measure What We Gain and Lose When
Making Choices
Answer With a Production Possibilities Frontier
Production Possibilities Frontier
bullDiagram representing the possible combinations of goods and or services an economy can produce when all resources are being fully employed
PPF Assumptions
bullWe live in a two good worldbullThere are fixed resourcesbullThere is fixed technologybullResources are not specialized
Production Possibilities Curve
CD
E
OU
TP
UT
OF
CO
NS
UM
ER
GO
OD
S
(un
its
per
yea
r)
OUTPUT OF MILITARY GOODS (units per year)
A
BO
XF
G
Limited resources necessitate choices about WHAT to produce
The Choices Nations Make
bullA nation must choose what to do with its scarce resources during war or periods of military buildup
bullProduce military goods or consumer goods
Economic Growth
2000 production possibilities
1900 production possibilities
OU
TP
UT
OF
CO
NS
UM
ER
GO
OD
S(u
nits
per
yea
r)
OUTPUT OF MILITARY GOODS (units per year)
Production possibilities increases with more resources and technology
The Classic Guns and Butter example
Guns
Butter
10000 20000 30000 40000 50000
1000009500085000
70000
5000040000
BA
C
D
E
F
At point A all resources are used for butter
Moving from point A to point B requires shifting resources out of butter and into guns
At point F all resources are used for Guns
Productivitybull A PPF can help us see how efficient our
choices are
bull Productivity - measurement of how efficiently we are utilizing our resources Is this the same as production
bull An economy producing on the curve = using their resources to produce the MAXIMUM amount of goodsservices
Locations on a PPF
bull Efficient Point place where an economy is achieving as much output as possible from a given amount of resources ndash occurs at any point on the curve
bull Inefficient Point ndash place where the economy is not functioning as it could be ndash occurs at any point inside the curve
bull Unattainable Point ndash place where the economy cannot produce given its current resources ndash occurs at any point outside the curve
Food
Computer
4
3
2
1
1 2 3 4
OC between 1 and 2 computers = 1 Food
UnitOC between 3 and 4 computers = 1 Food
Unit
Constantly giving up the same quantity of food to get
additional computers
STRAIGHT-LINE PPFs Constant OC
BOWED-OUT PPFs VaryingIncreasing OC
Principle of Increasing Costs
As a society produces more of one product the OC of producing
that product increases because we are using more resources that are poorly suited to produce it
Economic Systems
An economic system is the way a society coordinates the production and consumption of goods amp services
How a society answers the three basic economic questions determines which type of economic system they are
Three Types of Economic Systems Command Traditional Market
Jigsaw activity
bullYou will be placed in groups of 3 and assigned a type of economy
bullYou will have 7 minutes to read and come up with 4 key components
bullAfter the 7 minuteshellip 1rsquos go to the front of the classroom2rsquos go to the wall nearest the door3rsquos go to the wall nearest the courtyard
Economic amp Social Goals of an Economic System
bull Economic Freedom
bull Economic Efficiency
bull Economic Equity
bull Economic Security
Economic Stability
Economic Growth
Review of Economic Systems
bullA traditional economy relies on custom and tradition to dictate production and consumption
bullIn a command economy decisions about production and consumption are made by a powerful ruler or central authority
bullIn a market economy individual producers and consumers coordinate economic activity
What are the most important goals of each economic system
bullTraditionalSecurity and
StabilitybullCommand
Equity and Security
bullMARKETEfficiency and
Freedom
Societies differ in the degree of importance they attach to each goal Progress toward one goal can sometimes be achieved only
at the expense of another (TRADEOFFS)
Which economic system does the US use
The American Economic System
bullWe have a mixed market economy
COMMAND MARKET
The US mixed economybull In a mixed economyhellip
Individuals Own the factors of production Possess freedom to produce or consume Must operate under confines of law
Government Protects workers and consumers Regulates business and preserves competition Provide public goodsbenefits
Think backhellip
bullWhat does this remind you of from the beginning of the unit
US Economic System Characteristics 1 Economic freedom (ldquolaissez-fairerdquo)
2 Limited government
3 Equal opportunity
4 Competition
5 Profit motive
6 Property Rights
7 Binding Contracts
Understanding how all parts fit together
Circular Flow of Economic Activity Represents a market economy
2 main ldquomarketsrdquoProduct Market Factor Market
where goods and services where the 4 factors ofare boughtsold production are boughtsold
Shows interdependence between
businesses and individuals
Marriage Vowsbull CONGRATULATIONS The government and the economy
are renewing their marriage vows You are cordially invited to the ceremony but this perfect couple needs your help
bull Using what you have learned this unit and using the textbook
bull You will explain the way government and the economy are connected (made for each other) You will demonstrate this answer in the format of wedding vows
bull You must use at least 5 of the following words Producers Taxes Consumers Restrictions Markets Freedom GoodsServices Limited
bull Look back to US Economic System Characteristics bull Each set of vows must be at least 6 lines
Do you remember
bullWrite the following question downbullWhy does the United States have a
democracy and mixed economy
- Foundations of Government and Economics
- On your blank piece of paperhellip
- Slide 3
- Warm-Up 1 - 9414
- Introductory thoughts hellip
- Slide 6
- 2 How about to your life
- Slide 8
- Slide 9
- Slide 10
- Slide 11
- Warm Up -2a- 9514 The New York Times and CBS News Pollhellip
- Warm up 2bndash In Journal-
- Economist and Politician Assumptions
- Individualism
- Quote activity
- Quote breakdown
- Warm Up 3- Current Event 9814
- Purpose of Government
- Slide 20
- 3 Theorists
- Activity
- Origins of American Government A customized government
- Origins of American Government A customized government (2)
- Origins of American Government A customized government (3)
- With which theory do you agree more Why
- The ldquoOriginal Dilemmardquo
- Warm Up 5 Hobbes and Locke
- Groups Block 2
- Groups Block 4
- Balloon Game
- You will have 10 minutes to get as many filled balloons on the
- Balloon Game Debriefing
- Political Theories
- Social Contract
- Natural Rights
- Democracy
- Concepts of Government
- Warm up 6 ndash 91114
- Warm Up 7
- And after the Constitution
- Activity (2)
- Picture Activity
- Constitutional Convention
- Purpose of the Convention
- VA Plan v NJ Plan
- Virginia Plan ldquoLarge State Planrdquo
- New Jersey Plan ldquoSmall State Planrdquo
- Your Task
- Closure
- States agree
- Quote
- Structure of Constitution
- Structure of Constitution
- 6 Purpose of Government
- Structure of Constitution (2)
- Structure of Constitution (3)
- Principles of Constitution
- Activity
- Slide 60
- Check for Understanding Six Principles
- Question 1
- Question 2
- Question 3
- Question 4
- Question 5
- Question 6
- Question 7
- Question 8
- Groups
- Separation of Powers
- Video
- Checks and Balances
- Slide 74
- Checks and balances
- Basic Principles
- Self- Worth
- Equality
- Compromise
- Individual Freedom
- Write your ownhellip
- Slide 82
- TED Talk
- Closure
- What is Economics
- Economics ishellip
- Back to our assumptionshellip
- Scarcity refers to the limited number of resources (factors of
- For the videohellip
- Slide 90
- Post Videohellip
- Advertisement
- Political Cartoon Analysis
- Factors of Production
- TASK
- The price ofhellip
- Economic efficiency is achieved when all available resources ar
- 1 What to produce
- 2 How to produce it
- 3 For whom to produce it
- Application Activity
- EQs
- Objectives amp Essential Questions
- Group Activity Budget Activity
- Slide 105
- How do we satisfy our economic wants
- How do we make goods amp services
- Economic Interdependence
- Slide 109
- Making Choices to Deal With Scarcity
- Exampleshellip
- Task Reflecting on Personal Trade-offshellip
- Opportunity Cost
- What else influences your choices
- Finallyhellip Why it Matters
- Visualizing the Relationshiphellip
- ObjectivesEssential Questions
- How Can We Measure What We Gain and Lose When Making Choices
- Production Possibilities Frontier
- PPF Assumptions
- Slide 121
- Production Possibilities Curve
- The Choices Nations Make
- Economic Growth
- The Classic Guns and Butter example
- Productivity
- Locations on a PPF
- Slide 128
- BOWED-OUT PPFs VaryingIncreasing OC
- Economic Systems
- Jigsaw activity
- Slide 132
- Economic amp Social Goals of an Economic System
- Review of Economic Systems
- Slide 135
- What are the most important goals of each economic system
- Which economic system does the US use
- The American Economic System
- The US mixed economy
- Slide 140
- Think backhellip
- US Economic System Characteristics
- Slide 143
- Understanding how all parts fit together
- Marriage Vows
- Do you remember
- Slide 147
-
What is Economics
bull Is the study of how people choose to use their limited resources to satisfy their unlimited wants and needs
Important Parts of Economicsndash
CHOICESSCARCITY
Economics ishellip
bullDependent upon assumptions
bullDependent upon simplification of reality
Back to our assumptionshellip
bullHuman Beings are rationalbullAll societies suffer from scarcity bullAll buyers seek to maximize utility
bullAll sellers seek to maximize profits
Scarcity refers to the limited number of resources (factors of production) that can be used to satisfy the unlimited human wants and needs
For the videohellip
bullWrite down 3 things you did not knowbullWrite down 3 things you did know
bullhttpwwwyoutubecomwatchv=TO7UTNS7r0w
Post Videohellip
bullDefine the main idea of the video in 4-5 words
Advertisement
bullKnowing some of the basics about what economics is and why we study ithellip
bullCreate an advertisement for an economics course BE SURE TO INCLUDE
3 images that represent different economic ideas
2 ldquothought bubblesrdquo that represent things yoursquoll learn about in economics
1 slogan that represents why economics is an important course to take
Political Cartoon Analysis
Factors of Production bull LAND
Also called Natural Resources Consider them ldquogifts of naturerdquo such as air
soil minerals water and plants
bull LABOR Also called Human Resources Includes physical and mental activities that go
into producing goodsservices
bull CAPITAL Includes tools machines buildings and
technologies
bull ENTREPRENEUR Risk taker who is responsible for combining
land labor and capital to produce goods and services
TASK
bullTask Why are entrepreneurs the driving force in our economy
bullAnswer in 2-3 sentences
The price ofhellip
bullLand is rentbullCapital is interestbullLabor is wagesbullEntrepreneurship is profit
Economic efficiency is achieved when all available resources are being used
All societies must answer three basic questions to satisfy the needs and wants of their populations
1 What to produce
bullShould it be military or civilian goods
bullFood or clothingbullMedicine or movies
2 How to produce it
bullAutomated or manual labor
bullExpensive or cheap materials
bullDomestic or overseas labor
3 For whom to produce it
bullThe wealthy or the needybullThe sick or the healthy
Application Activity
bull In groups of 2-3 create your own country (name it please)
bull With your countryrsquos name explain the Population geography and general population
information (iehellipbull Choose 5 items for your country to produce and
answer the three societal questions for eachALSO explain why this material would help your
economy thrivereach economic efficiencybull Create an advertisement for your country
withhellip Images representing what you produce and a
slogan for why your country is awesome
EQs
bullHow does scarcity impact decision making
Objectives amp Essential QuestionsbullObjectives
I will be able to create and reflect on a budget given new economics content
I will be able to understand scarcity and our mixed economy
bullEssential QuestionsHow does scarcity impact decision makingHow do we satisfy our economic wants
Group Activity Budget Activity
bullTeacher will break you into groups In your groups you will be creating a budget for a single family
bullYour group has been given an income for a year Given your family situation negotiate with your ldquofamilyrdquo to complete a budget for 1 month (keep in mind your $$ is in a given year)
bullhttpwwwyoutubecomwatchv=yoVc_S_gd_0
How do we satisfy our economic wants
bull We buy goods or services
bull Good ndash a physical object (tangible) that has been produced for salebull Durable ndash last 3+ yearsbull Nondurable ndash last up to 3 years
bull Service ndash work done by someone else for which someone is willing to pay
How do we make goods amp services
bull Use Factors of Production - The productive resources that go into producing goods and services
Production Equation
LAND + LABOR + CAPITAL = GOODSERVICE
inputs output
Economic Interdependence
bullWhat does lsquointerdependencersquo mean
bullIs our world becoming economic interdependent or independent
bullEconomic Interdependence the actions of one part of the
country (world) has an impact on what happens elsewhere
Wants amp Needs gt
Resources
Because of scarcity we
have to make choices
How do we make a choice What do we give up
What does this remind you of from our government unit
Making Choices to Deal With Scarcity
bullPeople seek to maximize their utility when making decisions This requires them to consider tradeoffs
Utility ndash the satisfaction or benefit a person receives from consuming a good or service
Tradeoffs ndash the alternate choices people have when making a decision also the benefitsadvantages of making on
decision over another
ExampleshellipbullSome choices are easy to makehellip
HmmhellipShould I have pizza or a hoagie for lunch today
bullOther decisions are agonizinghellipShould I get out of bed and go to
school today or should I sleep in
Task Reflecting on Personal Trade-offshellip
In the end what helped you decide amongst your choices
Think of ONE decision thatyou had to make in the last weekhellipIdentify your various
tradeoffs for that decision
Be prepared to share
Opportunity Cost
bullWhen comparing the top 2 choices it is the BENEFIT of the next best alternative that must be sacrificed to satisfy a want
bullYou do a cost-benefit analysis to figure out which decision is most beneficial
Opportunity Cost ndash The best thing we give up to get what
we want
What else influences your choices
bullPeople make decisions based on their marginal utility or the extra satisfaction they gain from one additional unit of a goodservice
bullLaw of Diminishing Marginal Utility says that as we get or do more of something the pleasure we derive from it tends to decrease and so does our willingness to buy it or do it
FinallyhellipWhy it Matters
Understanding the opportunity coststradeoffs of different choices in life makes you a
better decision-maker
Todayrsquos Message ndash ldquoTherersquos No Such Thing As a Free Lunchrdquo
You always have to give something uphelliprdquo
ALL Individuals Businesses amp Societies have to consider tradeoffsopportunity costs when making
decisions
Visualizing the Relationshiphellip
Limited Resources amp Unlimited Wants
Scarcity
Trade-offs (choices)
Opportunity Costs
ObjectivesEssential Questions
bullObjectivebullI will be able to understand (and teach)
the three different types of economies
bullEssential Question How do the different types of economies work
How Can We Measure What We Gain and Lose When
Making Choices
Answer With a Production Possibilities Frontier
Production Possibilities Frontier
bullDiagram representing the possible combinations of goods and or services an economy can produce when all resources are being fully employed
PPF Assumptions
bullWe live in a two good worldbullThere are fixed resourcesbullThere is fixed technologybullResources are not specialized
Production Possibilities Curve
CD
E
OU
TP
UT
OF
CO
NS
UM
ER
GO
OD
S
(un
its
per
yea
r)
OUTPUT OF MILITARY GOODS (units per year)
A
BO
XF
G
Limited resources necessitate choices about WHAT to produce
The Choices Nations Make
bullA nation must choose what to do with its scarce resources during war or periods of military buildup
bullProduce military goods or consumer goods
Economic Growth
2000 production possibilities
1900 production possibilities
OU
TP
UT
OF
CO
NS
UM
ER
GO
OD
S(u
nits
per
yea
r)
OUTPUT OF MILITARY GOODS (units per year)
Production possibilities increases with more resources and technology
The Classic Guns and Butter example
Guns
Butter
10000 20000 30000 40000 50000
1000009500085000
70000
5000040000
BA
C
D
E
F
At point A all resources are used for butter
Moving from point A to point B requires shifting resources out of butter and into guns
At point F all resources are used for Guns
Productivitybull A PPF can help us see how efficient our
choices are
bull Productivity - measurement of how efficiently we are utilizing our resources Is this the same as production
bull An economy producing on the curve = using their resources to produce the MAXIMUM amount of goodsservices
Locations on a PPF
bull Efficient Point place where an economy is achieving as much output as possible from a given amount of resources ndash occurs at any point on the curve
bull Inefficient Point ndash place where the economy is not functioning as it could be ndash occurs at any point inside the curve
bull Unattainable Point ndash place where the economy cannot produce given its current resources ndash occurs at any point outside the curve
Food
Computer
4
3
2
1
1 2 3 4
OC between 1 and 2 computers = 1 Food
UnitOC between 3 and 4 computers = 1 Food
Unit
Constantly giving up the same quantity of food to get
additional computers
STRAIGHT-LINE PPFs Constant OC
BOWED-OUT PPFs VaryingIncreasing OC
Principle of Increasing Costs
As a society produces more of one product the OC of producing
that product increases because we are using more resources that are poorly suited to produce it
Economic Systems
An economic system is the way a society coordinates the production and consumption of goods amp services
How a society answers the three basic economic questions determines which type of economic system they are
Three Types of Economic Systems Command Traditional Market
Jigsaw activity
bullYou will be placed in groups of 3 and assigned a type of economy
bullYou will have 7 minutes to read and come up with 4 key components
bullAfter the 7 minuteshellip 1rsquos go to the front of the classroom2rsquos go to the wall nearest the door3rsquos go to the wall nearest the courtyard
Economic amp Social Goals of an Economic System
bull Economic Freedom
bull Economic Efficiency
bull Economic Equity
bull Economic Security
Economic Stability
Economic Growth
Review of Economic Systems
bullA traditional economy relies on custom and tradition to dictate production and consumption
bullIn a command economy decisions about production and consumption are made by a powerful ruler or central authority
bullIn a market economy individual producers and consumers coordinate economic activity
What are the most important goals of each economic system
bullTraditionalSecurity and
StabilitybullCommand
Equity and Security
bullMARKETEfficiency and
Freedom
Societies differ in the degree of importance they attach to each goal Progress toward one goal can sometimes be achieved only
at the expense of another (TRADEOFFS)
Which economic system does the US use
The American Economic System
bullWe have a mixed market economy
COMMAND MARKET
The US mixed economybull In a mixed economyhellip
Individuals Own the factors of production Possess freedom to produce or consume Must operate under confines of law
Government Protects workers and consumers Regulates business and preserves competition Provide public goodsbenefits
Think backhellip
bullWhat does this remind you of from the beginning of the unit
US Economic System Characteristics 1 Economic freedom (ldquolaissez-fairerdquo)
2 Limited government
3 Equal opportunity
4 Competition
5 Profit motive
6 Property Rights
7 Binding Contracts
Understanding how all parts fit together
Circular Flow of Economic Activity Represents a market economy
2 main ldquomarketsrdquoProduct Market Factor Market
where goods and services where the 4 factors ofare boughtsold production are boughtsold
Shows interdependence between
businesses and individuals
Marriage Vowsbull CONGRATULATIONS The government and the economy
are renewing their marriage vows You are cordially invited to the ceremony but this perfect couple needs your help
bull Using what you have learned this unit and using the textbook
bull You will explain the way government and the economy are connected (made for each other) You will demonstrate this answer in the format of wedding vows
bull You must use at least 5 of the following words Producers Taxes Consumers Restrictions Markets Freedom GoodsServices Limited
bull Look back to US Economic System Characteristics bull Each set of vows must be at least 6 lines
Do you remember
bullWrite the following question downbullWhy does the United States have a
democracy and mixed economy
- Foundations of Government and Economics
- On your blank piece of paperhellip
- Slide 3
- Warm-Up 1 - 9414
- Introductory thoughts hellip
- Slide 6
- 2 How about to your life
- Slide 8
- Slide 9
- Slide 10
- Slide 11
- Warm Up -2a- 9514 The New York Times and CBS News Pollhellip
- Warm up 2bndash In Journal-
- Economist and Politician Assumptions
- Individualism
- Quote activity
- Quote breakdown
- Warm Up 3- Current Event 9814
- Purpose of Government
- Slide 20
- 3 Theorists
- Activity
- Origins of American Government A customized government
- Origins of American Government A customized government (2)
- Origins of American Government A customized government (3)
- With which theory do you agree more Why
- The ldquoOriginal Dilemmardquo
- Warm Up 5 Hobbes and Locke
- Groups Block 2
- Groups Block 4
- Balloon Game
- You will have 10 minutes to get as many filled balloons on the
- Balloon Game Debriefing
- Political Theories
- Social Contract
- Natural Rights
- Democracy
- Concepts of Government
- Warm up 6 ndash 91114
- Warm Up 7
- And after the Constitution
- Activity (2)
- Picture Activity
- Constitutional Convention
- Purpose of the Convention
- VA Plan v NJ Plan
- Virginia Plan ldquoLarge State Planrdquo
- New Jersey Plan ldquoSmall State Planrdquo
- Your Task
- Closure
- States agree
- Quote
- Structure of Constitution
- Structure of Constitution
- 6 Purpose of Government
- Structure of Constitution (2)
- Structure of Constitution (3)
- Principles of Constitution
- Activity
- Slide 60
- Check for Understanding Six Principles
- Question 1
- Question 2
- Question 3
- Question 4
- Question 5
- Question 6
- Question 7
- Question 8
- Groups
- Separation of Powers
- Video
- Checks and Balances
- Slide 74
- Checks and balances
- Basic Principles
- Self- Worth
- Equality
- Compromise
- Individual Freedom
- Write your ownhellip
- Slide 82
- TED Talk
- Closure
- What is Economics
- Economics ishellip
- Back to our assumptionshellip
- Scarcity refers to the limited number of resources (factors of
- For the videohellip
- Slide 90
- Post Videohellip
- Advertisement
- Political Cartoon Analysis
- Factors of Production
- TASK
- The price ofhellip
- Economic efficiency is achieved when all available resources ar
- 1 What to produce
- 2 How to produce it
- 3 For whom to produce it
- Application Activity
- EQs
- Objectives amp Essential Questions
- Group Activity Budget Activity
- Slide 105
- How do we satisfy our economic wants
- How do we make goods amp services
- Economic Interdependence
- Slide 109
- Making Choices to Deal With Scarcity
- Exampleshellip
- Task Reflecting on Personal Trade-offshellip
- Opportunity Cost
- What else influences your choices
- Finallyhellip Why it Matters
- Visualizing the Relationshiphellip
- ObjectivesEssential Questions
- How Can We Measure What We Gain and Lose When Making Choices
- Production Possibilities Frontier
- PPF Assumptions
- Slide 121
- Production Possibilities Curve
- The Choices Nations Make
- Economic Growth
- The Classic Guns and Butter example
- Productivity
- Locations on a PPF
- Slide 128
- BOWED-OUT PPFs VaryingIncreasing OC
- Economic Systems
- Jigsaw activity
- Slide 132
- Economic amp Social Goals of an Economic System
- Review of Economic Systems
- Slide 135
- What are the most important goals of each economic system
- Which economic system does the US use
- The American Economic System
- The US mixed economy
- Slide 140
- Think backhellip
- US Economic System Characteristics
- Slide 143
- Understanding how all parts fit together
- Marriage Vows
- Do you remember
- Slide 147
-
Economics ishellip
bullDependent upon assumptions
bullDependent upon simplification of reality
Back to our assumptionshellip
bullHuman Beings are rationalbullAll societies suffer from scarcity bullAll buyers seek to maximize utility
bullAll sellers seek to maximize profits
Scarcity refers to the limited number of resources (factors of production) that can be used to satisfy the unlimited human wants and needs
For the videohellip
bullWrite down 3 things you did not knowbullWrite down 3 things you did know
bullhttpwwwyoutubecomwatchv=TO7UTNS7r0w
Post Videohellip
bullDefine the main idea of the video in 4-5 words
Advertisement
bullKnowing some of the basics about what economics is and why we study ithellip
bullCreate an advertisement for an economics course BE SURE TO INCLUDE
3 images that represent different economic ideas
2 ldquothought bubblesrdquo that represent things yoursquoll learn about in economics
1 slogan that represents why economics is an important course to take
Political Cartoon Analysis
Factors of Production bull LAND
Also called Natural Resources Consider them ldquogifts of naturerdquo such as air
soil minerals water and plants
bull LABOR Also called Human Resources Includes physical and mental activities that go
into producing goodsservices
bull CAPITAL Includes tools machines buildings and
technologies
bull ENTREPRENEUR Risk taker who is responsible for combining
land labor and capital to produce goods and services
TASK
bullTask Why are entrepreneurs the driving force in our economy
bullAnswer in 2-3 sentences
The price ofhellip
bullLand is rentbullCapital is interestbullLabor is wagesbullEntrepreneurship is profit
Economic efficiency is achieved when all available resources are being used
All societies must answer three basic questions to satisfy the needs and wants of their populations
1 What to produce
bullShould it be military or civilian goods
bullFood or clothingbullMedicine or movies
2 How to produce it
bullAutomated or manual labor
bullExpensive or cheap materials
bullDomestic or overseas labor
3 For whom to produce it
bullThe wealthy or the needybullThe sick or the healthy
Application Activity
bull In groups of 2-3 create your own country (name it please)
bull With your countryrsquos name explain the Population geography and general population
information (iehellipbull Choose 5 items for your country to produce and
answer the three societal questions for eachALSO explain why this material would help your
economy thrivereach economic efficiencybull Create an advertisement for your country
withhellip Images representing what you produce and a
slogan for why your country is awesome
EQs
bullHow does scarcity impact decision making
Objectives amp Essential QuestionsbullObjectives
I will be able to create and reflect on a budget given new economics content
I will be able to understand scarcity and our mixed economy
bullEssential QuestionsHow does scarcity impact decision makingHow do we satisfy our economic wants
Group Activity Budget Activity
bullTeacher will break you into groups In your groups you will be creating a budget for a single family
bullYour group has been given an income for a year Given your family situation negotiate with your ldquofamilyrdquo to complete a budget for 1 month (keep in mind your $$ is in a given year)
bullhttpwwwyoutubecomwatchv=yoVc_S_gd_0
How do we satisfy our economic wants
bull We buy goods or services
bull Good ndash a physical object (tangible) that has been produced for salebull Durable ndash last 3+ yearsbull Nondurable ndash last up to 3 years
bull Service ndash work done by someone else for which someone is willing to pay
How do we make goods amp services
bull Use Factors of Production - The productive resources that go into producing goods and services
Production Equation
LAND + LABOR + CAPITAL = GOODSERVICE
inputs output
Economic Interdependence
bullWhat does lsquointerdependencersquo mean
bullIs our world becoming economic interdependent or independent
bullEconomic Interdependence the actions of one part of the
country (world) has an impact on what happens elsewhere
Wants amp Needs gt
Resources
Because of scarcity we
have to make choices
How do we make a choice What do we give up
What does this remind you of from our government unit
Making Choices to Deal With Scarcity
bullPeople seek to maximize their utility when making decisions This requires them to consider tradeoffs
Utility ndash the satisfaction or benefit a person receives from consuming a good or service
Tradeoffs ndash the alternate choices people have when making a decision also the benefitsadvantages of making on
decision over another
ExampleshellipbullSome choices are easy to makehellip
HmmhellipShould I have pizza or a hoagie for lunch today
bullOther decisions are agonizinghellipShould I get out of bed and go to
school today or should I sleep in
Task Reflecting on Personal Trade-offshellip
In the end what helped you decide amongst your choices
Think of ONE decision thatyou had to make in the last weekhellipIdentify your various
tradeoffs for that decision
Be prepared to share
Opportunity Cost
bullWhen comparing the top 2 choices it is the BENEFIT of the next best alternative that must be sacrificed to satisfy a want
bullYou do a cost-benefit analysis to figure out which decision is most beneficial
Opportunity Cost ndash The best thing we give up to get what
we want
What else influences your choices
bullPeople make decisions based on their marginal utility or the extra satisfaction they gain from one additional unit of a goodservice
bullLaw of Diminishing Marginal Utility says that as we get or do more of something the pleasure we derive from it tends to decrease and so does our willingness to buy it or do it
FinallyhellipWhy it Matters
Understanding the opportunity coststradeoffs of different choices in life makes you a
better decision-maker
Todayrsquos Message ndash ldquoTherersquos No Such Thing As a Free Lunchrdquo
You always have to give something uphelliprdquo
ALL Individuals Businesses amp Societies have to consider tradeoffsopportunity costs when making
decisions
Visualizing the Relationshiphellip
Limited Resources amp Unlimited Wants
Scarcity
Trade-offs (choices)
Opportunity Costs
ObjectivesEssential Questions
bullObjectivebullI will be able to understand (and teach)
the three different types of economies
bullEssential Question How do the different types of economies work
How Can We Measure What We Gain and Lose When
Making Choices
Answer With a Production Possibilities Frontier
Production Possibilities Frontier
bullDiagram representing the possible combinations of goods and or services an economy can produce when all resources are being fully employed
PPF Assumptions
bullWe live in a two good worldbullThere are fixed resourcesbullThere is fixed technologybullResources are not specialized
Production Possibilities Curve
CD
E
OU
TP
UT
OF
CO
NS
UM
ER
GO
OD
S
(un
its
per
yea
r)
OUTPUT OF MILITARY GOODS (units per year)
A
BO
XF
G
Limited resources necessitate choices about WHAT to produce
The Choices Nations Make
bullA nation must choose what to do with its scarce resources during war or periods of military buildup
bullProduce military goods or consumer goods
Economic Growth
2000 production possibilities
1900 production possibilities
OU
TP
UT
OF
CO
NS
UM
ER
GO
OD
S(u
nits
per
yea
r)
OUTPUT OF MILITARY GOODS (units per year)
Production possibilities increases with more resources and technology
The Classic Guns and Butter example
Guns
Butter
10000 20000 30000 40000 50000
1000009500085000
70000
5000040000
BA
C
D
E
F
At point A all resources are used for butter
Moving from point A to point B requires shifting resources out of butter and into guns
At point F all resources are used for Guns
Productivitybull A PPF can help us see how efficient our
choices are
bull Productivity - measurement of how efficiently we are utilizing our resources Is this the same as production
bull An economy producing on the curve = using their resources to produce the MAXIMUM amount of goodsservices
Locations on a PPF
bull Efficient Point place where an economy is achieving as much output as possible from a given amount of resources ndash occurs at any point on the curve
bull Inefficient Point ndash place where the economy is not functioning as it could be ndash occurs at any point inside the curve
bull Unattainable Point ndash place where the economy cannot produce given its current resources ndash occurs at any point outside the curve
Food
Computer
4
3
2
1
1 2 3 4
OC between 1 and 2 computers = 1 Food
UnitOC between 3 and 4 computers = 1 Food
Unit
Constantly giving up the same quantity of food to get
additional computers
STRAIGHT-LINE PPFs Constant OC
BOWED-OUT PPFs VaryingIncreasing OC
Principle of Increasing Costs
As a society produces more of one product the OC of producing
that product increases because we are using more resources that are poorly suited to produce it
Economic Systems
An economic system is the way a society coordinates the production and consumption of goods amp services
How a society answers the three basic economic questions determines which type of economic system they are
Three Types of Economic Systems Command Traditional Market
Jigsaw activity
bullYou will be placed in groups of 3 and assigned a type of economy
bullYou will have 7 minutes to read and come up with 4 key components
bullAfter the 7 minuteshellip 1rsquos go to the front of the classroom2rsquos go to the wall nearest the door3rsquos go to the wall nearest the courtyard
Economic amp Social Goals of an Economic System
bull Economic Freedom
bull Economic Efficiency
bull Economic Equity
bull Economic Security
Economic Stability
Economic Growth
Review of Economic Systems
bullA traditional economy relies on custom and tradition to dictate production and consumption
bullIn a command economy decisions about production and consumption are made by a powerful ruler or central authority
bullIn a market economy individual producers and consumers coordinate economic activity
What are the most important goals of each economic system
bullTraditionalSecurity and
StabilitybullCommand
Equity and Security
bullMARKETEfficiency and
Freedom
Societies differ in the degree of importance they attach to each goal Progress toward one goal can sometimes be achieved only
at the expense of another (TRADEOFFS)
Which economic system does the US use
The American Economic System
bullWe have a mixed market economy
COMMAND MARKET
The US mixed economybull In a mixed economyhellip
Individuals Own the factors of production Possess freedom to produce or consume Must operate under confines of law
Government Protects workers and consumers Regulates business and preserves competition Provide public goodsbenefits
Think backhellip
bullWhat does this remind you of from the beginning of the unit
US Economic System Characteristics 1 Economic freedom (ldquolaissez-fairerdquo)
2 Limited government
3 Equal opportunity
4 Competition
5 Profit motive
6 Property Rights
7 Binding Contracts
Understanding how all parts fit together
Circular Flow of Economic Activity Represents a market economy
2 main ldquomarketsrdquoProduct Market Factor Market
where goods and services where the 4 factors ofare boughtsold production are boughtsold
Shows interdependence between
businesses and individuals
Marriage Vowsbull CONGRATULATIONS The government and the economy
are renewing their marriage vows You are cordially invited to the ceremony but this perfect couple needs your help
bull Using what you have learned this unit and using the textbook
bull You will explain the way government and the economy are connected (made for each other) You will demonstrate this answer in the format of wedding vows
bull You must use at least 5 of the following words Producers Taxes Consumers Restrictions Markets Freedom GoodsServices Limited
bull Look back to US Economic System Characteristics bull Each set of vows must be at least 6 lines
Do you remember
bullWrite the following question downbullWhy does the United States have a
democracy and mixed economy
- Foundations of Government and Economics
- On your blank piece of paperhellip
- Slide 3
- Warm-Up 1 - 9414
- Introductory thoughts hellip
- Slide 6
- 2 How about to your life
- Slide 8
- Slide 9
- Slide 10
- Slide 11
- Warm Up -2a- 9514 The New York Times and CBS News Pollhellip
- Warm up 2bndash In Journal-
- Economist and Politician Assumptions
- Individualism
- Quote activity
- Quote breakdown
- Warm Up 3- Current Event 9814
- Purpose of Government
- Slide 20
- 3 Theorists
- Activity
- Origins of American Government A customized government
- Origins of American Government A customized government (2)
- Origins of American Government A customized government (3)
- With which theory do you agree more Why
- The ldquoOriginal Dilemmardquo
- Warm Up 5 Hobbes and Locke
- Groups Block 2
- Groups Block 4
- Balloon Game
- You will have 10 minutes to get as many filled balloons on the
- Balloon Game Debriefing
- Political Theories
- Social Contract
- Natural Rights
- Democracy
- Concepts of Government
- Warm up 6 ndash 91114
- Warm Up 7
- And after the Constitution
- Activity (2)
- Picture Activity
- Constitutional Convention
- Purpose of the Convention
- VA Plan v NJ Plan
- Virginia Plan ldquoLarge State Planrdquo
- New Jersey Plan ldquoSmall State Planrdquo
- Your Task
- Closure
- States agree
- Quote
- Structure of Constitution
- Structure of Constitution
- 6 Purpose of Government
- Structure of Constitution (2)
- Structure of Constitution (3)
- Principles of Constitution
- Activity
- Slide 60
- Check for Understanding Six Principles
- Question 1
- Question 2
- Question 3
- Question 4
- Question 5
- Question 6
- Question 7
- Question 8
- Groups
- Separation of Powers
- Video
- Checks and Balances
- Slide 74
- Checks and balances
- Basic Principles
- Self- Worth
- Equality
- Compromise
- Individual Freedom
- Write your ownhellip
- Slide 82
- TED Talk
- Closure
- What is Economics
- Economics ishellip
- Back to our assumptionshellip
- Scarcity refers to the limited number of resources (factors of
- For the videohellip
- Slide 90
- Post Videohellip
- Advertisement
- Political Cartoon Analysis
- Factors of Production
- TASK
- The price ofhellip
- Economic efficiency is achieved when all available resources ar
- 1 What to produce
- 2 How to produce it
- 3 For whom to produce it
- Application Activity
- EQs
- Objectives amp Essential Questions
- Group Activity Budget Activity
- Slide 105
- How do we satisfy our economic wants
- How do we make goods amp services
- Economic Interdependence
- Slide 109
- Making Choices to Deal With Scarcity
- Exampleshellip
- Task Reflecting on Personal Trade-offshellip
- Opportunity Cost
- What else influences your choices
- Finallyhellip Why it Matters
- Visualizing the Relationshiphellip
- ObjectivesEssential Questions
- How Can We Measure What We Gain and Lose When Making Choices
- Production Possibilities Frontier
- PPF Assumptions
- Slide 121
- Production Possibilities Curve
- The Choices Nations Make
- Economic Growth
- The Classic Guns and Butter example
- Productivity
- Locations on a PPF
- Slide 128
- BOWED-OUT PPFs VaryingIncreasing OC
- Economic Systems
- Jigsaw activity
- Slide 132
- Economic amp Social Goals of an Economic System
- Review of Economic Systems
- Slide 135
- What are the most important goals of each economic system
- Which economic system does the US use
- The American Economic System
- The US mixed economy
- Slide 140
- Think backhellip
- US Economic System Characteristics
- Slide 143
- Understanding how all parts fit together
- Marriage Vows
- Do you remember
- Slide 147
-
Back to our assumptionshellip
bullHuman Beings are rationalbullAll societies suffer from scarcity bullAll buyers seek to maximize utility
bullAll sellers seek to maximize profits
Scarcity refers to the limited number of resources (factors of production) that can be used to satisfy the unlimited human wants and needs
For the videohellip
bullWrite down 3 things you did not knowbullWrite down 3 things you did know
bullhttpwwwyoutubecomwatchv=TO7UTNS7r0w
Post Videohellip
bullDefine the main idea of the video in 4-5 words
Advertisement
bullKnowing some of the basics about what economics is and why we study ithellip
bullCreate an advertisement for an economics course BE SURE TO INCLUDE
3 images that represent different economic ideas
2 ldquothought bubblesrdquo that represent things yoursquoll learn about in economics
1 slogan that represents why economics is an important course to take
Political Cartoon Analysis
Factors of Production bull LAND
Also called Natural Resources Consider them ldquogifts of naturerdquo such as air
soil minerals water and plants
bull LABOR Also called Human Resources Includes physical and mental activities that go
into producing goodsservices
bull CAPITAL Includes tools machines buildings and
technologies
bull ENTREPRENEUR Risk taker who is responsible for combining
land labor and capital to produce goods and services
TASK
bullTask Why are entrepreneurs the driving force in our economy
bullAnswer in 2-3 sentences
The price ofhellip
bullLand is rentbullCapital is interestbullLabor is wagesbullEntrepreneurship is profit
Economic efficiency is achieved when all available resources are being used
All societies must answer three basic questions to satisfy the needs and wants of their populations
1 What to produce
bullShould it be military or civilian goods
bullFood or clothingbullMedicine or movies
2 How to produce it
bullAutomated or manual labor
bullExpensive or cheap materials
bullDomestic or overseas labor
3 For whom to produce it
bullThe wealthy or the needybullThe sick or the healthy
Application Activity
bull In groups of 2-3 create your own country (name it please)
bull With your countryrsquos name explain the Population geography and general population
information (iehellipbull Choose 5 items for your country to produce and
answer the three societal questions for eachALSO explain why this material would help your
economy thrivereach economic efficiencybull Create an advertisement for your country
withhellip Images representing what you produce and a
slogan for why your country is awesome
EQs
bullHow does scarcity impact decision making
Objectives amp Essential QuestionsbullObjectives
I will be able to create and reflect on a budget given new economics content
I will be able to understand scarcity and our mixed economy
bullEssential QuestionsHow does scarcity impact decision makingHow do we satisfy our economic wants
Group Activity Budget Activity
bullTeacher will break you into groups In your groups you will be creating a budget for a single family
bullYour group has been given an income for a year Given your family situation negotiate with your ldquofamilyrdquo to complete a budget for 1 month (keep in mind your $$ is in a given year)
bullhttpwwwyoutubecomwatchv=yoVc_S_gd_0
How do we satisfy our economic wants
bull We buy goods or services
bull Good ndash a physical object (tangible) that has been produced for salebull Durable ndash last 3+ yearsbull Nondurable ndash last up to 3 years
bull Service ndash work done by someone else for which someone is willing to pay
How do we make goods amp services
bull Use Factors of Production - The productive resources that go into producing goods and services
Production Equation
LAND + LABOR + CAPITAL = GOODSERVICE
inputs output
Economic Interdependence
bullWhat does lsquointerdependencersquo mean
bullIs our world becoming economic interdependent or independent
bullEconomic Interdependence the actions of one part of the
country (world) has an impact on what happens elsewhere
Wants amp Needs gt
Resources
Because of scarcity we
have to make choices
How do we make a choice What do we give up
What does this remind you of from our government unit
Making Choices to Deal With Scarcity
bullPeople seek to maximize their utility when making decisions This requires them to consider tradeoffs
Utility ndash the satisfaction or benefit a person receives from consuming a good or service
Tradeoffs ndash the alternate choices people have when making a decision also the benefitsadvantages of making on
decision over another
ExampleshellipbullSome choices are easy to makehellip
HmmhellipShould I have pizza or a hoagie for lunch today
bullOther decisions are agonizinghellipShould I get out of bed and go to
school today or should I sleep in
Task Reflecting on Personal Trade-offshellip
In the end what helped you decide amongst your choices
Think of ONE decision thatyou had to make in the last weekhellipIdentify your various
tradeoffs for that decision
Be prepared to share
Opportunity Cost
bullWhen comparing the top 2 choices it is the BENEFIT of the next best alternative that must be sacrificed to satisfy a want
bullYou do a cost-benefit analysis to figure out which decision is most beneficial
Opportunity Cost ndash The best thing we give up to get what
we want
What else influences your choices
bullPeople make decisions based on their marginal utility or the extra satisfaction they gain from one additional unit of a goodservice
bullLaw of Diminishing Marginal Utility says that as we get or do more of something the pleasure we derive from it tends to decrease and so does our willingness to buy it or do it
FinallyhellipWhy it Matters
Understanding the opportunity coststradeoffs of different choices in life makes you a
better decision-maker
Todayrsquos Message ndash ldquoTherersquos No Such Thing As a Free Lunchrdquo
You always have to give something uphelliprdquo
ALL Individuals Businesses amp Societies have to consider tradeoffsopportunity costs when making
decisions
Visualizing the Relationshiphellip
Limited Resources amp Unlimited Wants
Scarcity
Trade-offs (choices)
Opportunity Costs
ObjectivesEssential Questions
bullObjectivebullI will be able to understand (and teach)
the three different types of economies
bullEssential Question How do the different types of economies work
How Can We Measure What We Gain and Lose When
Making Choices
Answer With a Production Possibilities Frontier
Production Possibilities Frontier
bullDiagram representing the possible combinations of goods and or services an economy can produce when all resources are being fully employed
PPF Assumptions
bullWe live in a two good worldbullThere are fixed resourcesbullThere is fixed technologybullResources are not specialized
Production Possibilities Curve
CD
E
OU
TP
UT
OF
CO
NS
UM
ER
GO
OD
S
(un
its
per
yea
r)
OUTPUT OF MILITARY GOODS (units per year)
A
BO
XF
G
Limited resources necessitate choices about WHAT to produce
The Choices Nations Make
bullA nation must choose what to do with its scarce resources during war or periods of military buildup
bullProduce military goods or consumer goods
Economic Growth
2000 production possibilities
1900 production possibilities
OU
TP
UT
OF
CO
NS
UM
ER
GO
OD
S(u
nits
per
yea
r)
OUTPUT OF MILITARY GOODS (units per year)
Production possibilities increases with more resources and technology
The Classic Guns and Butter example
Guns
Butter
10000 20000 30000 40000 50000
1000009500085000
70000
5000040000
BA
C
D
E
F
At point A all resources are used for butter
Moving from point A to point B requires shifting resources out of butter and into guns
At point F all resources are used for Guns
Productivitybull A PPF can help us see how efficient our
choices are
bull Productivity - measurement of how efficiently we are utilizing our resources Is this the same as production
bull An economy producing on the curve = using their resources to produce the MAXIMUM amount of goodsservices
Locations on a PPF
bull Efficient Point place where an economy is achieving as much output as possible from a given amount of resources ndash occurs at any point on the curve
bull Inefficient Point ndash place where the economy is not functioning as it could be ndash occurs at any point inside the curve
bull Unattainable Point ndash place where the economy cannot produce given its current resources ndash occurs at any point outside the curve
Food
Computer
4
3
2
1
1 2 3 4
OC between 1 and 2 computers = 1 Food
UnitOC between 3 and 4 computers = 1 Food
Unit
Constantly giving up the same quantity of food to get
additional computers
STRAIGHT-LINE PPFs Constant OC
BOWED-OUT PPFs VaryingIncreasing OC
Principle of Increasing Costs
As a society produces more of one product the OC of producing
that product increases because we are using more resources that are poorly suited to produce it
Economic Systems
An economic system is the way a society coordinates the production and consumption of goods amp services
How a society answers the three basic economic questions determines which type of economic system they are
Three Types of Economic Systems Command Traditional Market
Jigsaw activity
bullYou will be placed in groups of 3 and assigned a type of economy
bullYou will have 7 minutes to read and come up with 4 key components
bullAfter the 7 minuteshellip 1rsquos go to the front of the classroom2rsquos go to the wall nearest the door3rsquos go to the wall nearest the courtyard
Economic amp Social Goals of an Economic System
bull Economic Freedom
bull Economic Efficiency
bull Economic Equity
bull Economic Security
Economic Stability
Economic Growth
Review of Economic Systems
bullA traditional economy relies on custom and tradition to dictate production and consumption
bullIn a command economy decisions about production and consumption are made by a powerful ruler or central authority
bullIn a market economy individual producers and consumers coordinate economic activity
What are the most important goals of each economic system
bullTraditionalSecurity and
StabilitybullCommand
Equity and Security
bullMARKETEfficiency and
Freedom
Societies differ in the degree of importance they attach to each goal Progress toward one goal can sometimes be achieved only
at the expense of another (TRADEOFFS)
Which economic system does the US use
The American Economic System
bullWe have a mixed market economy
COMMAND MARKET
The US mixed economybull In a mixed economyhellip
Individuals Own the factors of production Possess freedom to produce or consume Must operate under confines of law
Government Protects workers and consumers Regulates business and preserves competition Provide public goodsbenefits
Think backhellip
bullWhat does this remind you of from the beginning of the unit
US Economic System Characteristics 1 Economic freedom (ldquolaissez-fairerdquo)
2 Limited government
3 Equal opportunity
4 Competition
5 Profit motive
6 Property Rights
7 Binding Contracts
Understanding how all parts fit together
Circular Flow of Economic Activity Represents a market economy
2 main ldquomarketsrdquoProduct Market Factor Market
where goods and services where the 4 factors ofare boughtsold production are boughtsold
Shows interdependence between
businesses and individuals
Marriage Vowsbull CONGRATULATIONS The government and the economy
are renewing their marriage vows You are cordially invited to the ceremony but this perfect couple needs your help
bull Using what you have learned this unit and using the textbook
bull You will explain the way government and the economy are connected (made for each other) You will demonstrate this answer in the format of wedding vows
bull You must use at least 5 of the following words Producers Taxes Consumers Restrictions Markets Freedom GoodsServices Limited
bull Look back to US Economic System Characteristics bull Each set of vows must be at least 6 lines
Do you remember
bullWrite the following question downbullWhy does the United States have a
democracy and mixed economy
- Foundations of Government and Economics
- On your blank piece of paperhellip
- Slide 3
- Warm-Up 1 - 9414
- Introductory thoughts hellip
- Slide 6
- 2 How about to your life
- Slide 8
- Slide 9
- Slide 10
- Slide 11
- Warm Up -2a- 9514 The New York Times and CBS News Pollhellip
- Warm up 2bndash In Journal-
- Economist and Politician Assumptions
- Individualism
- Quote activity
- Quote breakdown
- Warm Up 3- Current Event 9814
- Purpose of Government
- Slide 20
- 3 Theorists
- Activity
- Origins of American Government A customized government
- Origins of American Government A customized government (2)
- Origins of American Government A customized government (3)
- With which theory do you agree more Why
- The ldquoOriginal Dilemmardquo
- Warm Up 5 Hobbes and Locke
- Groups Block 2
- Groups Block 4
- Balloon Game
- You will have 10 minutes to get as many filled balloons on the
- Balloon Game Debriefing
- Political Theories
- Social Contract
- Natural Rights
- Democracy
- Concepts of Government
- Warm up 6 ndash 91114
- Warm Up 7
- And after the Constitution
- Activity (2)
- Picture Activity
- Constitutional Convention
- Purpose of the Convention
- VA Plan v NJ Plan
- Virginia Plan ldquoLarge State Planrdquo
- New Jersey Plan ldquoSmall State Planrdquo
- Your Task
- Closure
- States agree
- Quote
- Structure of Constitution
- Structure of Constitution
- 6 Purpose of Government
- Structure of Constitution (2)
- Structure of Constitution (3)
- Principles of Constitution
- Activity
- Slide 60
- Check for Understanding Six Principles
- Question 1
- Question 2
- Question 3
- Question 4
- Question 5
- Question 6
- Question 7
- Question 8
- Groups
- Separation of Powers
- Video
- Checks and Balances
- Slide 74
- Checks and balances
- Basic Principles
- Self- Worth
- Equality
- Compromise
- Individual Freedom
- Write your ownhellip
- Slide 82
- TED Talk
- Closure
- What is Economics
- Economics ishellip
- Back to our assumptionshellip
- Scarcity refers to the limited number of resources (factors of
- For the videohellip
- Slide 90
- Post Videohellip
- Advertisement
- Political Cartoon Analysis
- Factors of Production
- TASK
- The price ofhellip
- Economic efficiency is achieved when all available resources ar
- 1 What to produce
- 2 How to produce it
- 3 For whom to produce it
- Application Activity
- EQs
- Objectives amp Essential Questions
- Group Activity Budget Activity
- Slide 105
- How do we satisfy our economic wants
- How do we make goods amp services
- Economic Interdependence
- Slide 109
- Making Choices to Deal With Scarcity
- Exampleshellip
- Task Reflecting on Personal Trade-offshellip
- Opportunity Cost
- What else influences your choices
- Finallyhellip Why it Matters
- Visualizing the Relationshiphellip
- ObjectivesEssential Questions
- How Can We Measure What We Gain and Lose When Making Choices
- Production Possibilities Frontier
- PPF Assumptions
- Slide 121
- Production Possibilities Curve
- The Choices Nations Make
- Economic Growth
- The Classic Guns and Butter example
- Productivity
- Locations on a PPF
- Slide 128
- BOWED-OUT PPFs VaryingIncreasing OC
- Economic Systems
- Jigsaw activity
- Slide 132
- Economic amp Social Goals of an Economic System
- Review of Economic Systems
- Slide 135
- What are the most important goals of each economic system
- Which economic system does the US use
- The American Economic System
- The US mixed economy
- Slide 140
- Think backhellip
- US Economic System Characteristics
- Slide 143
- Understanding how all parts fit together
- Marriage Vows
- Do you remember
- Slide 147
-
Scarcity refers to the limited number of resources (factors of production) that can be used to satisfy the unlimited human wants and needs
For the videohellip
bullWrite down 3 things you did not knowbullWrite down 3 things you did know
bullhttpwwwyoutubecomwatchv=TO7UTNS7r0w
Post Videohellip
bullDefine the main idea of the video in 4-5 words
Advertisement
bullKnowing some of the basics about what economics is and why we study ithellip
bullCreate an advertisement for an economics course BE SURE TO INCLUDE
3 images that represent different economic ideas
2 ldquothought bubblesrdquo that represent things yoursquoll learn about in economics
1 slogan that represents why economics is an important course to take
Political Cartoon Analysis
Factors of Production bull LAND
Also called Natural Resources Consider them ldquogifts of naturerdquo such as air
soil minerals water and plants
bull LABOR Also called Human Resources Includes physical and mental activities that go
into producing goodsservices
bull CAPITAL Includes tools machines buildings and
technologies
bull ENTREPRENEUR Risk taker who is responsible for combining
land labor and capital to produce goods and services
TASK
bullTask Why are entrepreneurs the driving force in our economy
bullAnswer in 2-3 sentences
The price ofhellip
bullLand is rentbullCapital is interestbullLabor is wagesbullEntrepreneurship is profit
Economic efficiency is achieved when all available resources are being used
All societies must answer three basic questions to satisfy the needs and wants of their populations
1 What to produce
bullShould it be military or civilian goods
bullFood or clothingbullMedicine or movies
2 How to produce it
bullAutomated or manual labor
bullExpensive or cheap materials
bullDomestic or overseas labor
3 For whom to produce it
bullThe wealthy or the needybullThe sick or the healthy
Application Activity
bull In groups of 2-3 create your own country (name it please)
bull With your countryrsquos name explain the Population geography and general population
information (iehellipbull Choose 5 items for your country to produce and
answer the three societal questions for eachALSO explain why this material would help your
economy thrivereach economic efficiencybull Create an advertisement for your country
withhellip Images representing what you produce and a
slogan for why your country is awesome
EQs
bullHow does scarcity impact decision making
Objectives amp Essential QuestionsbullObjectives
I will be able to create and reflect on a budget given new economics content
I will be able to understand scarcity and our mixed economy
bullEssential QuestionsHow does scarcity impact decision makingHow do we satisfy our economic wants
Group Activity Budget Activity
bullTeacher will break you into groups In your groups you will be creating a budget for a single family
bullYour group has been given an income for a year Given your family situation negotiate with your ldquofamilyrdquo to complete a budget for 1 month (keep in mind your $$ is in a given year)
bullhttpwwwyoutubecomwatchv=yoVc_S_gd_0
How do we satisfy our economic wants
bull We buy goods or services
bull Good ndash a physical object (tangible) that has been produced for salebull Durable ndash last 3+ yearsbull Nondurable ndash last up to 3 years
bull Service ndash work done by someone else for which someone is willing to pay
How do we make goods amp services
bull Use Factors of Production - The productive resources that go into producing goods and services
Production Equation
LAND + LABOR + CAPITAL = GOODSERVICE
inputs output
Economic Interdependence
bullWhat does lsquointerdependencersquo mean
bullIs our world becoming economic interdependent or independent
bullEconomic Interdependence the actions of one part of the
country (world) has an impact on what happens elsewhere
Wants amp Needs gt
Resources
Because of scarcity we
have to make choices
How do we make a choice What do we give up
What does this remind you of from our government unit
Making Choices to Deal With Scarcity
bullPeople seek to maximize their utility when making decisions This requires them to consider tradeoffs
Utility ndash the satisfaction or benefit a person receives from consuming a good or service
Tradeoffs ndash the alternate choices people have when making a decision also the benefitsadvantages of making on
decision over another
ExampleshellipbullSome choices are easy to makehellip
HmmhellipShould I have pizza or a hoagie for lunch today
bullOther decisions are agonizinghellipShould I get out of bed and go to
school today or should I sleep in
Task Reflecting on Personal Trade-offshellip
In the end what helped you decide amongst your choices
Think of ONE decision thatyou had to make in the last weekhellipIdentify your various
tradeoffs for that decision
Be prepared to share
Opportunity Cost
bullWhen comparing the top 2 choices it is the BENEFIT of the next best alternative that must be sacrificed to satisfy a want
bullYou do a cost-benefit analysis to figure out which decision is most beneficial
Opportunity Cost ndash The best thing we give up to get what
we want
What else influences your choices
bullPeople make decisions based on their marginal utility or the extra satisfaction they gain from one additional unit of a goodservice
bullLaw of Diminishing Marginal Utility says that as we get or do more of something the pleasure we derive from it tends to decrease and so does our willingness to buy it or do it
FinallyhellipWhy it Matters
Understanding the opportunity coststradeoffs of different choices in life makes you a
better decision-maker
Todayrsquos Message ndash ldquoTherersquos No Such Thing As a Free Lunchrdquo
You always have to give something uphelliprdquo
ALL Individuals Businesses amp Societies have to consider tradeoffsopportunity costs when making
decisions
Visualizing the Relationshiphellip
Limited Resources amp Unlimited Wants
Scarcity
Trade-offs (choices)
Opportunity Costs
ObjectivesEssential Questions
bullObjectivebullI will be able to understand (and teach)
the three different types of economies
bullEssential Question How do the different types of economies work
How Can We Measure What We Gain and Lose When
Making Choices
Answer With a Production Possibilities Frontier
Production Possibilities Frontier
bullDiagram representing the possible combinations of goods and or services an economy can produce when all resources are being fully employed
PPF Assumptions
bullWe live in a two good worldbullThere are fixed resourcesbullThere is fixed technologybullResources are not specialized
Production Possibilities Curve
CD
E
OU
TP
UT
OF
CO
NS
UM
ER
GO
OD
S
(un
its
per
yea
r)
OUTPUT OF MILITARY GOODS (units per year)
A
BO
XF
G
Limited resources necessitate choices about WHAT to produce
The Choices Nations Make
bullA nation must choose what to do with its scarce resources during war or periods of military buildup
bullProduce military goods or consumer goods
Economic Growth
2000 production possibilities
1900 production possibilities
OU
TP
UT
OF
CO
NS
UM
ER
GO
OD
S(u
nits
per
yea
r)
OUTPUT OF MILITARY GOODS (units per year)
Production possibilities increases with more resources and technology
The Classic Guns and Butter example
Guns
Butter
10000 20000 30000 40000 50000
1000009500085000
70000
5000040000
BA
C
D
E
F
At point A all resources are used for butter
Moving from point A to point B requires shifting resources out of butter and into guns
At point F all resources are used for Guns
Productivitybull A PPF can help us see how efficient our
choices are
bull Productivity - measurement of how efficiently we are utilizing our resources Is this the same as production
bull An economy producing on the curve = using their resources to produce the MAXIMUM amount of goodsservices
Locations on a PPF
bull Efficient Point place where an economy is achieving as much output as possible from a given amount of resources ndash occurs at any point on the curve
bull Inefficient Point ndash place where the economy is not functioning as it could be ndash occurs at any point inside the curve
bull Unattainable Point ndash place where the economy cannot produce given its current resources ndash occurs at any point outside the curve
Food
Computer
4
3
2
1
1 2 3 4
OC between 1 and 2 computers = 1 Food
UnitOC between 3 and 4 computers = 1 Food
Unit
Constantly giving up the same quantity of food to get
additional computers
STRAIGHT-LINE PPFs Constant OC
BOWED-OUT PPFs VaryingIncreasing OC
Principle of Increasing Costs
As a society produces more of one product the OC of producing
that product increases because we are using more resources that are poorly suited to produce it
Economic Systems
An economic system is the way a society coordinates the production and consumption of goods amp services
How a society answers the three basic economic questions determines which type of economic system they are
Three Types of Economic Systems Command Traditional Market
Jigsaw activity
bullYou will be placed in groups of 3 and assigned a type of economy
bullYou will have 7 minutes to read and come up with 4 key components
bullAfter the 7 minuteshellip 1rsquos go to the front of the classroom2rsquos go to the wall nearest the door3rsquos go to the wall nearest the courtyard
Economic amp Social Goals of an Economic System
bull Economic Freedom
bull Economic Efficiency
bull Economic Equity
bull Economic Security
Economic Stability
Economic Growth
Review of Economic Systems
bullA traditional economy relies on custom and tradition to dictate production and consumption
bullIn a command economy decisions about production and consumption are made by a powerful ruler or central authority
bullIn a market economy individual producers and consumers coordinate economic activity
What are the most important goals of each economic system
bullTraditionalSecurity and
StabilitybullCommand
Equity and Security
bullMARKETEfficiency and
Freedom
Societies differ in the degree of importance they attach to each goal Progress toward one goal can sometimes be achieved only
at the expense of another (TRADEOFFS)
Which economic system does the US use
The American Economic System
bullWe have a mixed market economy
COMMAND MARKET
The US mixed economybull In a mixed economyhellip
Individuals Own the factors of production Possess freedom to produce or consume Must operate under confines of law
Government Protects workers and consumers Regulates business and preserves competition Provide public goodsbenefits
Think backhellip
bullWhat does this remind you of from the beginning of the unit
US Economic System Characteristics 1 Economic freedom (ldquolaissez-fairerdquo)
2 Limited government
3 Equal opportunity
4 Competition
5 Profit motive
6 Property Rights
7 Binding Contracts
Understanding how all parts fit together
Circular Flow of Economic Activity Represents a market economy
2 main ldquomarketsrdquoProduct Market Factor Market
where goods and services where the 4 factors ofare boughtsold production are boughtsold
Shows interdependence between
businesses and individuals
Marriage Vowsbull CONGRATULATIONS The government and the economy
are renewing their marriage vows You are cordially invited to the ceremony but this perfect couple needs your help
bull Using what you have learned this unit and using the textbook
bull You will explain the way government and the economy are connected (made for each other) You will demonstrate this answer in the format of wedding vows
bull You must use at least 5 of the following words Producers Taxes Consumers Restrictions Markets Freedom GoodsServices Limited
bull Look back to US Economic System Characteristics bull Each set of vows must be at least 6 lines
Do you remember
bullWrite the following question downbullWhy does the United States have a
democracy and mixed economy
- Foundations of Government and Economics
- On your blank piece of paperhellip
- Slide 3
- Warm-Up 1 - 9414
- Introductory thoughts hellip
- Slide 6
- 2 How about to your life
- Slide 8
- Slide 9
- Slide 10
- Slide 11
- Warm Up -2a- 9514 The New York Times and CBS News Pollhellip
- Warm up 2bndash In Journal-
- Economist and Politician Assumptions
- Individualism
- Quote activity
- Quote breakdown
- Warm Up 3- Current Event 9814
- Purpose of Government
- Slide 20
- 3 Theorists
- Activity
- Origins of American Government A customized government
- Origins of American Government A customized government (2)
- Origins of American Government A customized government (3)
- With which theory do you agree more Why
- The ldquoOriginal Dilemmardquo
- Warm Up 5 Hobbes and Locke
- Groups Block 2
- Groups Block 4
- Balloon Game
- You will have 10 minutes to get as many filled balloons on the
- Balloon Game Debriefing
- Political Theories
- Social Contract
- Natural Rights
- Democracy
- Concepts of Government
- Warm up 6 ndash 91114
- Warm Up 7
- And after the Constitution
- Activity (2)
- Picture Activity
- Constitutional Convention
- Purpose of the Convention
- VA Plan v NJ Plan
- Virginia Plan ldquoLarge State Planrdquo
- New Jersey Plan ldquoSmall State Planrdquo
- Your Task
- Closure
- States agree
- Quote
- Structure of Constitution
- Structure of Constitution
- 6 Purpose of Government
- Structure of Constitution (2)
- Structure of Constitution (3)
- Principles of Constitution
- Activity
- Slide 60
- Check for Understanding Six Principles
- Question 1
- Question 2
- Question 3
- Question 4
- Question 5
- Question 6
- Question 7
- Question 8
- Groups
- Separation of Powers
- Video
- Checks and Balances
- Slide 74
- Checks and balances
- Basic Principles
- Self- Worth
- Equality
- Compromise
- Individual Freedom
- Write your ownhellip
- Slide 82
- TED Talk
- Closure
- What is Economics
- Economics ishellip
- Back to our assumptionshellip
- Scarcity refers to the limited number of resources (factors of
- For the videohellip
- Slide 90
- Post Videohellip
- Advertisement
- Political Cartoon Analysis
- Factors of Production
- TASK
- The price ofhellip
- Economic efficiency is achieved when all available resources ar
- 1 What to produce
- 2 How to produce it
- 3 For whom to produce it
- Application Activity
- EQs
- Objectives amp Essential Questions
- Group Activity Budget Activity
- Slide 105
- How do we satisfy our economic wants
- How do we make goods amp services
- Economic Interdependence
- Slide 109
- Making Choices to Deal With Scarcity
- Exampleshellip
- Task Reflecting on Personal Trade-offshellip
- Opportunity Cost
- What else influences your choices
- Finallyhellip Why it Matters
- Visualizing the Relationshiphellip
- ObjectivesEssential Questions
- How Can We Measure What We Gain and Lose When Making Choices
- Production Possibilities Frontier
- PPF Assumptions
- Slide 121
- Production Possibilities Curve
- The Choices Nations Make
- Economic Growth
- The Classic Guns and Butter example
- Productivity
- Locations on a PPF
- Slide 128
- BOWED-OUT PPFs VaryingIncreasing OC
- Economic Systems
- Jigsaw activity
- Slide 132
- Economic amp Social Goals of an Economic System
- Review of Economic Systems
- Slide 135
- What are the most important goals of each economic system
- Which economic system does the US use
- The American Economic System
- The US mixed economy
- Slide 140
- Think backhellip
- US Economic System Characteristics
- Slide 143
- Understanding how all parts fit together
- Marriage Vows
- Do you remember
- Slide 147
-
For the videohellip
bullWrite down 3 things you did not knowbullWrite down 3 things you did know
bullhttpwwwyoutubecomwatchv=TO7UTNS7r0w
Post Videohellip
bullDefine the main idea of the video in 4-5 words
Advertisement
bullKnowing some of the basics about what economics is and why we study ithellip
bullCreate an advertisement for an economics course BE SURE TO INCLUDE
3 images that represent different economic ideas
2 ldquothought bubblesrdquo that represent things yoursquoll learn about in economics
1 slogan that represents why economics is an important course to take
Political Cartoon Analysis
Factors of Production bull LAND
Also called Natural Resources Consider them ldquogifts of naturerdquo such as air
soil minerals water and plants
bull LABOR Also called Human Resources Includes physical and mental activities that go
into producing goodsservices
bull CAPITAL Includes tools machines buildings and
technologies
bull ENTREPRENEUR Risk taker who is responsible for combining
land labor and capital to produce goods and services
TASK
bullTask Why are entrepreneurs the driving force in our economy
bullAnswer in 2-3 sentences
The price ofhellip
bullLand is rentbullCapital is interestbullLabor is wagesbullEntrepreneurship is profit
Economic efficiency is achieved when all available resources are being used
All societies must answer three basic questions to satisfy the needs and wants of their populations
1 What to produce
bullShould it be military or civilian goods
bullFood or clothingbullMedicine or movies
2 How to produce it
bullAutomated or manual labor
bullExpensive or cheap materials
bullDomestic or overseas labor
3 For whom to produce it
bullThe wealthy or the needybullThe sick or the healthy
Application Activity
bull In groups of 2-3 create your own country (name it please)
bull With your countryrsquos name explain the Population geography and general population
information (iehellipbull Choose 5 items for your country to produce and
answer the three societal questions for eachALSO explain why this material would help your
economy thrivereach economic efficiencybull Create an advertisement for your country
withhellip Images representing what you produce and a
slogan for why your country is awesome
EQs
bullHow does scarcity impact decision making
Objectives amp Essential QuestionsbullObjectives
I will be able to create and reflect on a budget given new economics content
I will be able to understand scarcity and our mixed economy
bullEssential QuestionsHow does scarcity impact decision makingHow do we satisfy our economic wants
Group Activity Budget Activity
bullTeacher will break you into groups In your groups you will be creating a budget for a single family
bullYour group has been given an income for a year Given your family situation negotiate with your ldquofamilyrdquo to complete a budget for 1 month (keep in mind your $$ is in a given year)
bullhttpwwwyoutubecomwatchv=yoVc_S_gd_0
How do we satisfy our economic wants
bull We buy goods or services
bull Good ndash a physical object (tangible) that has been produced for salebull Durable ndash last 3+ yearsbull Nondurable ndash last up to 3 years
bull Service ndash work done by someone else for which someone is willing to pay
How do we make goods amp services
bull Use Factors of Production - The productive resources that go into producing goods and services
Production Equation
LAND + LABOR + CAPITAL = GOODSERVICE
inputs output
Economic Interdependence
bullWhat does lsquointerdependencersquo mean
bullIs our world becoming economic interdependent or independent
bullEconomic Interdependence the actions of one part of the
country (world) has an impact on what happens elsewhere
Wants amp Needs gt
Resources
Because of scarcity we
have to make choices
How do we make a choice What do we give up
What does this remind you of from our government unit
Making Choices to Deal With Scarcity
bullPeople seek to maximize their utility when making decisions This requires them to consider tradeoffs
Utility ndash the satisfaction or benefit a person receives from consuming a good or service
Tradeoffs ndash the alternate choices people have when making a decision also the benefitsadvantages of making on
decision over another
ExampleshellipbullSome choices are easy to makehellip
HmmhellipShould I have pizza or a hoagie for lunch today
bullOther decisions are agonizinghellipShould I get out of bed and go to
school today or should I sleep in
Task Reflecting on Personal Trade-offshellip
In the end what helped you decide amongst your choices
Think of ONE decision thatyou had to make in the last weekhellipIdentify your various
tradeoffs for that decision
Be prepared to share
Opportunity Cost
bullWhen comparing the top 2 choices it is the BENEFIT of the next best alternative that must be sacrificed to satisfy a want
bullYou do a cost-benefit analysis to figure out which decision is most beneficial
Opportunity Cost ndash The best thing we give up to get what
we want
What else influences your choices
bullPeople make decisions based on their marginal utility or the extra satisfaction they gain from one additional unit of a goodservice
bullLaw of Diminishing Marginal Utility says that as we get or do more of something the pleasure we derive from it tends to decrease and so does our willingness to buy it or do it
FinallyhellipWhy it Matters
Understanding the opportunity coststradeoffs of different choices in life makes you a
better decision-maker
Todayrsquos Message ndash ldquoTherersquos No Such Thing As a Free Lunchrdquo
You always have to give something uphelliprdquo
ALL Individuals Businesses amp Societies have to consider tradeoffsopportunity costs when making
decisions
Visualizing the Relationshiphellip
Limited Resources amp Unlimited Wants
Scarcity
Trade-offs (choices)
Opportunity Costs
ObjectivesEssential Questions
bullObjectivebullI will be able to understand (and teach)
the three different types of economies
bullEssential Question How do the different types of economies work
How Can We Measure What We Gain and Lose When
Making Choices
Answer With a Production Possibilities Frontier
Production Possibilities Frontier
bullDiagram representing the possible combinations of goods and or services an economy can produce when all resources are being fully employed
PPF Assumptions
bullWe live in a two good worldbullThere are fixed resourcesbullThere is fixed technologybullResources are not specialized
Production Possibilities Curve
CD
E
OU
TP
UT
OF
CO
NS
UM
ER
GO
OD
S
(un
its
per
yea
r)
OUTPUT OF MILITARY GOODS (units per year)
A
BO
XF
G
Limited resources necessitate choices about WHAT to produce
The Choices Nations Make
bullA nation must choose what to do with its scarce resources during war or periods of military buildup
bullProduce military goods or consumer goods
Economic Growth
2000 production possibilities
1900 production possibilities
OU
TP
UT
OF
CO
NS
UM
ER
GO
OD
S(u
nits
per
yea
r)
OUTPUT OF MILITARY GOODS (units per year)
Production possibilities increases with more resources and technology
The Classic Guns and Butter example
Guns
Butter
10000 20000 30000 40000 50000
1000009500085000
70000
5000040000
BA
C
D
E
F
At point A all resources are used for butter
Moving from point A to point B requires shifting resources out of butter and into guns
At point F all resources are used for Guns
Productivitybull A PPF can help us see how efficient our
choices are
bull Productivity - measurement of how efficiently we are utilizing our resources Is this the same as production
bull An economy producing on the curve = using their resources to produce the MAXIMUM amount of goodsservices
Locations on a PPF
bull Efficient Point place where an economy is achieving as much output as possible from a given amount of resources ndash occurs at any point on the curve
bull Inefficient Point ndash place where the economy is not functioning as it could be ndash occurs at any point inside the curve
bull Unattainable Point ndash place where the economy cannot produce given its current resources ndash occurs at any point outside the curve
Food
Computer
4
3
2
1
1 2 3 4
OC between 1 and 2 computers = 1 Food
UnitOC between 3 and 4 computers = 1 Food
Unit
Constantly giving up the same quantity of food to get
additional computers
STRAIGHT-LINE PPFs Constant OC
BOWED-OUT PPFs VaryingIncreasing OC
Principle of Increasing Costs
As a society produces more of one product the OC of producing
that product increases because we are using more resources that are poorly suited to produce it
Economic Systems
An economic system is the way a society coordinates the production and consumption of goods amp services
How a society answers the three basic economic questions determines which type of economic system they are
Three Types of Economic Systems Command Traditional Market
Jigsaw activity
bullYou will be placed in groups of 3 and assigned a type of economy
bullYou will have 7 minutes to read and come up with 4 key components
bullAfter the 7 minuteshellip 1rsquos go to the front of the classroom2rsquos go to the wall nearest the door3rsquos go to the wall nearest the courtyard
Economic amp Social Goals of an Economic System
bull Economic Freedom
bull Economic Efficiency
bull Economic Equity
bull Economic Security
Economic Stability
Economic Growth
Review of Economic Systems
bullA traditional economy relies on custom and tradition to dictate production and consumption
bullIn a command economy decisions about production and consumption are made by a powerful ruler or central authority
bullIn a market economy individual producers and consumers coordinate economic activity
What are the most important goals of each economic system
bullTraditionalSecurity and
StabilitybullCommand
Equity and Security
bullMARKETEfficiency and
Freedom
Societies differ in the degree of importance they attach to each goal Progress toward one goal can sometimes be achieved only
at the expense of another (TRADEOFFS)
Which economic system does the US use
The American Economic System
bullWe have a mixed market economy
COMMAND MARKET
The US mixed economybull In a mixed economyhellip
Individuals Own the factors of production Possess freedom to produce or consume Must operate under confines of law
Government Protects workers and consumers Regulates business and preserves competition Provide public goodsbenefits
Think backhellip
bullWhat does this remind you of from the beginning of the unit
US Economic System Characteristics 1 Economic freedom (ldquolaissez-fairerdquo)
2 Limited government
3 Equal opportunity
4 Competition
5 Profit motive
6 Property Rights
7 Binding Contracts
Understanding how all parts fit together
Circular Flow of Economic Activity Represents a market economy
2 main ldquomarketsrdquoProduct Market Factor Market
where goods and services where the 4 factors ofare boughtsold production are boughtsold
Shows interdependence between
businesses and individuals
Marriage Vowsbull CONGRATULATIONS The government and the economy
are renewing their marriage vows You are cordially invited to the ceremony but this perfect couple needs your help
bull Using what you have learned this unit and using the textbook
bull You will explain the way government and the economy are connected (made for each other) You will demonstrate this answer in the format of wedding vows
bull You must use at least 5 of the following words Producers Taxes Consumers Restrictions Markets Freedom GoodsServices Limited
bull Look back to US Economic System Characteristics bull Each set of vows must be at least 6 lines
Do you remember
bullWrite the following question downbullWhy does the United States have a
democracy and mixed economy
- Foundations of Government and Economics
- On your blank piece of paperhellip
- Slide 3
- Warm-Up 1 - 9414
- Introductory thoughts hellip
- Slide 6
- 2 How about to your life
- Slide 8
- Slide 9
- Slide 10
- Slide 11
- Warm Up -2a- 9514 The New York Times and CBS News Pollhellip
- Warm up 2bndash In Journal-
- Economist and Politician Assumptions
- Individualism
- Quote activity
- Quote breakdown
- Warm Up 3- Current Event 9814
- Purpose of Government
- Slide 20
- 3 Theorists
- Activity
- Origins of American Government A customized government
- Origins of American Government A customized government (2)
- Origins of American Government A customized government (3)
- With which theory do you agree more Why
- The ldquoOriginal Dilemmardquo
- Warm Up 5 Hobbes and Locke
- Groups Block 2
- Groups Block 4
- Balloon Game
- You will have 10 minutes to get as many filled balloons on the
- Balloon Game Debriefing
- Political Theories
- Social Contract
- Natural Rights
- Democracy
- Concepts of Government
- Warm up 6 ndash 91114
- Warm Up 7
- And after the Constitution
- Activity (2)
- Picture Activity
- Constitutional Convention
- Purpose of the Convention
- VA Plan v NJ Plan
- Virginia Plan ldquoLarge State Planrdquo
- New Jersey Plan ldquoSmall State Planrdquo
- Your Task
- Closure
- States agree
- Quote
- Structure of Constitution
- Structure of Constitution
- 6 Purpose of Government
- Structure of Constitution (2)
- Structure of Constitution (3)
- Principles of Constitution
- Activity
- Slide 60
- Check for Understanding Six Principles
- Question 1
- Question 2
- Question 3
- Question 4
- Question 5
- Question 6
- Question 7
- Question 8
- Groups
- Separation of Powers
- Video
- Checks and Balances
- Slide 74
- Checks and balances
- Basic Principles
- Self- Worth
- Equality
- Compromise
- Individual Freedom
- Write your ownhellip
- Slide 82
- TED Talk
- Closure
- What is Economics
- Economics ishellip
- Back to our assumptionshellip
- Scarcity refers to the limited number of resources (factors of
- For the videohellip
- Slide 90
- Post Videohellip
- Advertisement
- Political Cartoon Analysis
- Factors of Production
- TASK
- The price ofhellip
- Economic efficiency is achieved when all available resources ar
- 1 What to produce
- 2 How to produce it
- 3 For whom to produce it
- Application Activity
- EQs
- Objectives amp Essential Questions
- Group Activity Budget Activity
- Slide 105
- How do we satisfy our economic wants
- How do we make goods amp services
- Economic Interdependence
- Slide 109
- Making Choices to Deal With Scarcity
- Exampleshellip
- Task Reflecting on Personal Trade-offshellip
- Opportunity Cost
- What else influences your choices
- Finallyhellip Why it Matters
- Visualizing the Relationshiphellip
- ObjectivesEssential Questions
- How Can We Measure What We Gain and Lose When Making Choices
- Production Possibilities Frontier
- PPF Assumptions
- Slide 121
- Production Possibilities Curve
- The Choices Nations Make
- Economic Growth
- The Classic Guns and Butter example
- Productivity
- Locations on a PPF
- Slide 128
- BOWED-OUT PPFs VaryingIncreasing OC
- Economic Systems
- Jigsaw activity
- Slide 132
- Economic amp Social Goals of an Economic System
- Review of Economic Systems
- Slide 135
- What are the most important goals of each economic system
- Which economic system does the US use
- The American Economic System
- The US mixed economy
- Slide 140
- Think backhellip
- US Economic System Characteristics
- Slide 143
- Understanding how all parts fit together
- Marriage Vows
- Do you remember
- Slide 147
-
bullhttpwwwyoutubecomwatchv=TO7UTNS7r0w
Post Videohellip
bullDefine the main idea of the video in 4-5 words
Advertisement
bullKnowing some of the basics about what economics is and why we study ithellip
bullCreate an advertisement for an economics course BE SURE TO INCLUDE
3 images that represent different economic ideas
2 ldquothought bubblesrdquo that represent things yoursquoll learn about in economics
1 slogan that represents why economics is an important course to take
Political Cartoon Analysis
Factors of Production bull LAND
Also called Natural Resources Consider them ldquogifts of naturerdquo such as air
soil minerals water and plants
bull LABOR Also called Human Resources Includes physical and mental activities that go
into producing goodsservices
bull CAPITAL Includes tools machines buildings and
technologies
bull ENTREPRENEUR Risk taker who is responsible for combining
land labor and capital to produce goods and services
TASK
bullTask Why are entrepreneurs the driving force in our economy
bullAnswer in 2-3 sentences
The price ofhellip
bullLand is rentbullCapital is interestbullLabor is wagesbullEntrepreneurship is profit
Economic efficiency is achieved when all available resources are being used
All societies must answer three basic questions to satisfy the needs and wants of their populations
1 What to produce
bullShould it be military or civilian goods
bullFood or clothingbullMedicine or movies
2 How to produce it
bullAutomated or manual labor
bullExpensive or cheap materials
bullDomestic or overseas labor
3 For whom to produce it
bullThe wealthy or the needybullThe sick or the healthy
Application Activity
bull In groups of 2-3 create your own country (name it please)
bull With your countryrsquos name explain the Population geography and general population
information (iehellipbull Choose 5 items for your country to produce and
answer the three societal questions for eachALSO explain why this material would help your
economy thrivereach economic efficiencybull Create an advertisement for your country
withhellip Images representing what you produce and a
slogan for why your country is awesome
EQs
bullHow does scarcity impact decision making
Objectives amp Essential QuestionsbullObjectives
I will be able to create and reflect on a budget given new economics content
I will be able to understand scarcity and our mixed economy
bullEssential QuestionsHow does scarcity impact decision makingHow do we satisfy our economic wants
Group Activity Budget Activity
bullTeacher will break you into groups In your groups you will be creating a budget for a single family
bullYour group has been given an income for a year Given your family situation negotiate with your ldquofamilyrdquo to complete a budget for 1 month (keep in mind your $$ is in a given year)
bullhttpwwwyoutubecomwatchv=yoVc_S_gd_0
How do we satisfy our economic wants
bull We buy goods or services
bull Good ndash a physical object (tangible) that has been produced for salebull Durable ndash last 3+ yearsbull Nondurable ndash last up to 3 years
bull Service ndash work done by someone else for which someone is willing to pay
How do we make goods amp services
bull Use Factors of Production - The productive resources that go into producing goods and services
Production Equation
LAND + LABOR + CAPITAL = GOODSERVICE
inputs output
Economic Interdependence
bullWhat does lsquointerdependencersquo mean
bullIs our world becoming economic interdependent or independent
bullEconomic Interdependence the actions of one part of the
country (world) has an impact on what happens elsewhere
Wants amp Needs gt
Resources
Because of scarcity we
have to make choices
How do we make a choice What do we give up
What does this remind you of from our government unit
Making Choices to Deal With Scarcity
bullPeople seek to maximize their utility when making decisions This requires them to consider tradeoffs
Utility ndash the satisfaction or benefit a person receives from consuming a good or service
Tradeoffs ndash the alternate choices people have when making a decision also the benefitsadvantages of making on
decision over another
ExampleshellipbullSome choices are easy to makehellip
HmmhellipShould I have pizza or a hoagie for lunch today
bullOther decisions are agonizinghellipShould I get out of bed and go to
school today or should I sleep in
Task Reflecting on Personal Trade-offshellip
In the end what helped you decide amongst your choices
Think of ONE decision thatyou had to make in the last weekhellipIdentify your various
tradeoffs for that decision
Be prepared to share
Opportunity Cost
bullWhen comparing the top 2 choices it is the BENEFIT of the next best alternative that must be sacrificed to satisfy a want
bullYou do a cost-benefit analysis to figure out which decision is most beneficial
Opportunity Cost ndash The best thing we give up to get what
we want
What else influences your choices
bullPeople make decisions based on their marginal utility or the extra satisfaction they gain from one additional unit of a goodservice
bullLaw of Diminishing Marginal Utility says that as we get or do more of something the pleasure we derive from it tends to decrease and so does our willingness to buy it or do it
FinallyhellipWhy it Matters
Understanding the opportunity coststradeoffs of different choices in life makes you a
better decision-maker
Todayrsquos Message ndash ldquoTherersquos No Such Thing As a Free Lunchrdquo
You always have to give something uphelliprdquo
ALL Individuals Businesses amp Societies have to consider tradeoffsopportunity costs when making
decisions
Visualizing the Relationshiphellip
Limited Resources amp Unlimited Wants
Scarcity
Trade-offs (choices)
Opportunity Costs
ObjectivesEssential Questions
bullObjectivebullI will be able to understand (and teach)
the three different types of economies
bullEssential Question How do the different types of economies work
How Can We Measure What We Gain and Lose When
Making Choices
Answer With a Production Possibilities Frontier
Production Possibilities Frontier
bullDiagram representing the possible combinations of goods and or services an economy can produce when all resources are being fully employed
PPF Assumptions
bullWe live in a two good worldbullThere are fixed resourcesbullThere is fixed technologybullResources are not specialized
Production Possibilities Curve
CD
E
OU
TP
UT
OF
CO
NS
UM
ER
GO
OD
S
(un
its
per
yea
r)
OUTPUT OF MILITARY GOODS (units per year)
A
BO
XF
G
Limited resources necessitate choices about WHAT to produce
The Choices Nations Make
bullA nation must choose what to do with its scarce resources during war or periods of military buildup
bullProduce military goods or consumer goods
Economic Growth
2000 production possibilities
1900 production possibilities
OU
TP
UT
OF
CO
NS
UM
ER
GO
OD
S(u
nits
per
yea
r)
OUTPUT OF MILITARY GOODS (units per year)
Production possibilities increases with more resources and technology
The Classic Guns and Butter example
Guns
Butter
10000 20000 30000 40000 50000
1000009500085000
70000
5000040000
BA
C
D
E
F
At point A all resources are used for butter
Moving from point A to point B requires shifting resources out of butter and into guns
At point F all resources are used for Guns
Productivitybull A PPF can help us see how efficient our
choices are
bull Productivity - measurement of how efficiently we are utilizing our resources Is this the same as production
bull An economy producing on the curve = using their resources to produce the MAXIMUM amount of goodsservices
Locations on a PPF
bull Efficient Point place where an economy is achieving as much output as possible from a given amount of resources ndash occurs at any point on the curve
bull Inefficient Point ndash place where the economy is not functioning as it could be ndash occurs at any point inside the curve
bull Unattainable Point ndash place where the economy cannot produce given its current resources ndash occurs at any point outside the curve
Food
Computer
4
3
2
1
1 2 3 4
OC between 1 and 2 computers = 1 Food
UnitOC between 3 and 4 computers = 1 Food
Unit
Constantly giving up the same quantity of food to get
additional computers
STRAIGHT-LINE PPFs Constant OC
BOWED-OUT PPFs VaryingIncreasing OC
Principle of Increasing Costs
As a society produces more of one product the OC of producing
that product increases because we are using more resources that are poorly suited to produce it
Economic Systems
An economic system is the way a society coordinates the production and consumption of goods amp services
How a society answers the three basic economic questions determines which type of economic system they are
Three Types of Economic Systems Command Traditional Market
Jigsaw activity
bullYou will be placed in groups of 3 and assigned a type of economy
bullYou will have 7 minutes to read and come up with 4 key components
bullAfter the 7 minuteshellip 1rsquos go to the front of the classroom2rsquos go to the wall nearest the door3rsquos go to the wall nearest the courtyard
Economic amp Social Goals of an Economic System
bull Economic Freedom
bull Economic Efficiency
bull Economic Equity
bull Economic Security
Economic Stability
Economic Growth
Review of Economic Systems
bullA traditional economy relies on custom and tradition to dictate production and consumption
bullIn a command economy decisions about production and consumption are made by a powerful ruler or central authority
bullIn a market economy individual producers and consumers coordinate economic activity
What are the most important goals of each economic system
bullTraditionalSecurity and
StabilitybullCommand
Equity and Security
bullMARKETEfficiency and
Freedom
Societies differ in the degree of importance they attach to each goal Progress toward one goal can sometimes be achieved only
at the expense of another (TRADEOFFS)
Which economic system does the US use
The American Economic System
bullWe have a mixed market economy
COMMAND MARKET
The US mixed economybull In a mixed economyhellip
Individuals Own the factors of production Possess freedom to produce or consume Must operate under confines of law
Government Protects workers and consumers Regulates business and preserves competition Provide public goodsbenefits
Think backhellip
bullWhat does this remind you of from the beginning of the unit
US Economic System Characteristics 1 Economic freedom (ldquolaissez-fairerdquo)
2 Limited government
3 Equal opportunity
4 Competition
5 Profit motive
6 Property Rights
7 Binding Contracts
Understanding how all parts fit together
Circular Flow of Economic Activity Represents a market economy
2 main ldquomarketsrdquoProduct Market Factor Market
where goods and services where the 4 factors ofare boughtsold production are boughtsold
Shows interdependence between
businesses and individuals
Marriage Vowsbull CONGRATULATIONS The government and the economy
are renewing their marriage vows You are cordially invited to the ceremony but this perfect couple needs your help
bull Using what you have learned this unit and using the textbook
bull You will explain the way government and the economy are connected (made for each other) You will demonstrate this answer in the format of wedding vows
bull You must use at least 5 of the following words Producers Taxes Consumers Restrictions Markets Freedom GoodsServices Limited
bull Look back to US Economic System Characteristics bull Each set of vows must be at least 6 lines
Do you remember
bullWrite the following question downbullWhy does the United States have a
democracy and mixed economy
- Foundations of Government and Economics
- On your blank piece of paperhellip
- Slide 3
- Warm-Up 1 - 9414
- Introductory thoughts hellip
- Slide 6
- 2 How about to your life
- Slide 8
- Slide 9
- Slide 10
- Slide 11
- Warm Up -2a- 9514 The New York Times and CBS News Pollhellip
- Warm up 2bndash In Journal-
- Economist and Politician Assumptions
- Individualism
- Quote activity
- Quote breakdown
- Warm Up 3- Current Event 9814
- Purpose of Government
- Slide 20
- 3 Theorists
- Activity
- Origins of American Government A customized government
- Origins of American Government A customized government (2)
- Origins of American Government A customized government (3)
- With which theory do you agree more Why
- The ldquoOriginal Dilemmardquo
- Warm Up 5 Hobbes and Locke
- Groups Block 2
- Groups Block 4
- Balloon Game
- You will have 10 minutes to get as many filled balloons on the
- Balloon Game Debriefing
- Political Theories
- Social Contract
- Natural Rights
- Democracy
- Concepts of Government
- Warm up 6 ndash 91114
- Warm Up 7
- And after the Constitution
- Activity (2)
- Picture Activity
- Constitutional Convention
- Purpose of the Convention
- VA Plan v NJ Plan
- Virginia Plan ldquoLarge State Planrdquo
- New Jersey Plan ldquoSmall State Planrdquo
- Your Task
- Closure
- States agree
- Quote
- Structure of Constitution
- Structure of Constitution
- 6 Purpose of Government
- Structure of Constitution (2)
- Structure of Constitution (3)
- Principles of Constitution
- Activity
- Slide 60
- Check for Understanding Six Principles
- Question 1
- Question 2
- Question 3
- Question 4
- Question 5
- Question 6
- Question 7
- Question 8
- Groups
- Separation of Powers
- Video
- Checks and Balances
- Slide 74
- Checks and balances
- Basic Principles
- Self- Worth
- Equality
- Compromise
- Individual Freedom
- Write your ownhellip
- Slide 82
- TED Talk
- Closure
- What is Economics
- Economics ishellip
- Back to our assumptionshellip
- Scarcity refers to the limited number of resources (factors of
- For the videohellip
- Slide 90
- Post Videohellip
- Advertisement
- Political Cartoon Analysis
- Factors of Production
- TASK
- The price ofhellip
- Economic efficiency is achieved when all available resources ar
- 1 What to produce
- 2 How to produce it
- 3 For whom to produce it
- Application Activity
- EQs
- Objectives amp Essential Questions
- Group Activity Budget Activity
- Slide 105
- How do we satisfy our economic wants
- How do we make goods amp services
- Economic Interdependence
- Slide 109
- Making Choices to Deal With Scarcity
- Exampleshellip
- Task Reflecting on Personal Trade-offshellip
- Opportunity Cost
- What else influences your choices
- Finallyhellip Why it Matters
- Visualizing the Relationshiphellip
- ObjectivesEssential Questions
- How Can We Measure What We Gain and Lose When Making Choices
- Production Possibilities Frontier
- PPF Assumptions
- Slide 121
- Production Possibilities Curve
- The Choices Nations Make
- Economic Growth
- The Classic Guns and Butter example
- Productivity
- Locations on a PPF
- Slide 128
- BOWED-OUT PPFs VaryingIncreasing OC
- Economic Systems
- Jigsaw activity
- Slide 132
- Economic amp Social Goals of an Economic System
- Review of Economic Systems
- Slide 135
- What are the most important goals of each economic system
- Which economic system does the US use
- The American Economic System
- The US mixed economy
- Slide 140
- Think backhellip
- US Economic System Characteristics
- Slide 143
- Understanding how all parts fit together
- Marriage Vows
- Do you remember
- Slide 147
-
Post Videohellip
bullDefine the main idea of the video in 4-5 words
Advertisement
bullKnowing some of the basics about what economics is and why we study ithellip
bullCreate an advertisement for an economics course BE SURE TO INCLUDE
3 images that represent different economic ideas
2 ldquothought bubblesrdquo that represent things yoursquoll learn about in economics
1 slogan that represents why economics is an important course to take
Political Cartoon Analysis
Factors of Production bull LAND
Also called Natural Resources Consider them ldquogifts of naturerdquo such as air
soil minerals water and plants
bull LABOR Also called Human Resources Includes physical and mental activities that go
into producing goodsservices
bull CAPITAL Includes tools machines buildings and
technologies
bull ENTREPRENEUR Risk taker who is responsible for combining
land labor and capital to produce goods and services
TASK
bullTask Why are entrepreneurs the driving force in our economy
bullAnswer in 2-3 sentences
The price ofhellip
bullLand is rentbullCapital is interestbullLabor is wagesbullEntrepreneurship is profit
Economic efficiency is achieved when all available resources are being used
All societies must answer three basic questions to satisfy the needs and wants of their populations
1 What to produce
bullShould it be military or civilian goods
bullFood or clothingbullMedicine or movies
2 How to produce it
bullAutomated or manual labor
bullExpensive or cheap materials
bullDomestic or overseas labor
3 For whom to produce it
bullThe wealthy or the needybullThe sick or the healthy
Application Activity
bull In groups of 2-3 create your own country (name it please)
bull With your countryrsquos name explain the Population geography and general population
information (iehellipbull Choose 5 items for your country to produce and
answer the three societal questions for eachALSO explain why this material would help your
economy thrivereach economic efficiencybull Create an advertisement for your country
withhellip Images representing what you produce and a
slogan for why your country is awesome
EQs
bullHow does scarcity impact decision making
Objectives amp Essential QuestionsbullObjectives
I will be able to create and reflect on a budget given new economics content
I will be able to understand scarcity and our mixed economy
bullEssential QuestionsHow does scarcity impact decision makingHow do we satisfy our economic wants
Group Activity Budget Activity
bullTeacher will break you into groups In your groups you will be creating a budget for a single family
bullYour group has been given an income for a year Given your family situation negotiate with your ldquofamilyrdquo to complete a budget for 1 month (keep in mind your $$ is in a given year)
bullhttpwwwyoutubecomwatchv=yoVc_S_gd_0
How do we satisfy our economic wants
bull We buy goods or services
bull Good ndash a physical object (tangible) that has been produced for salebull Durable ndash last 3+ yearsbull Nondurable ndash last up to 3 years
bull Service ndash work done by someone else for which someone is willing to pay
How do we make goods amp services
bull Use Factors of Production - The productive resources that go into producing goods and services
Production Equation
LAND + LABOR + CAPITAL = GOODSERVICE
inputs output
Economic Interdependence
bullWhat does lsquointerdependencersquo mean
bullIs our world becoming economic interdependent or independent
bullEconomic Interdependence the actions of one part of the
country (world) has an impact on what happens elsewhere
Wants amp Needs gt
Resources
Because of scarcity we
have to make choices
How do we make a choice What do we give up
What does this remind you of from our government unit
Making Choices to Deal With Scarcity
bullPeople seek to maximize their utility when making decisions This requires them to consider tradeoffs
Utility ndash the satisfaction or benefit a person receives from consuming a good or service
Tradeoffs ndash the alternate choices people have when making a decision also the benefitsadvantages of making on
decision over another
ExampleshellipbullSome choices are easy to makehellip
HmmhellipShould I have pizza or a hoagie for lunch today
bullOther decisions are agonizinghellipShould I get out of bed and go to
school today or should I sleep in
Task Reflecting on Personal Trade-offshellip
In the end what helped you decide amongst your choices
Think of ONE decision thatyou had to make in the last weekhellipIdentify your various
tradeoffs for that decision
Be prepared to share
Opportunity Cost
bullWhen comparing the top 2 choices it is the BENEFIT of the next best alternative that must be sacrificed to satisfy a want
bullYou do a cost-benefit analysis to figure out which decision is most beneficial
Opportunity Cost ndash The best thing we give up to get what
we want
What else influences your choices
bullPeople make decisions based on their marginal utility or the extra satisfaction they gain from one additional unit of a goodservice
bullLaw of Diminishing Marginal Utility says that as we get or do more of something the pleasure we derive from it tends to decrease and so does our willingness to buy it or do it
FinallyhellipWhy it Matters
Understanding the opportunity coststradeoffs of different choices in life makes you a
better decision-maker
Todayrsquos Message ndash ldquoTherersquos No Such Thing As a Free Lunchrdquo
You always have to give something uphelliprdquo
ALL Individuals Businesses amp Societies have to consider tradeoffsopportunity costs when making
decisions
Visualizing the Relationshiphellip
Limited Resources amp Unlimited Wants
Scarcity
Trade-offs (choices)
Opportunity Costs
ObjectivesEssential Questions
bullObjectivebullI will be able to understand (and teach)
the three different types of economies
bullEssential Question How do the different types of economies work
How Can We Measure What We Gain and Lose When
Making Choices
Answer With a Production Possibilities Frontier
Production Possibilities Frontier
bullDiagram representing the possible combinations of goods and or services an economy can produce when all resources are being fully employed
PPF Assumptions
bullWe live in a two good worldbullThere are fixed resourcesbullThere is fixed technologybullResources are not specialized
Production Possibilities Curve
CD
E
OU
TP
UT
OF
CO
NS
UM
ER
GO
OD
S
(un
its
per
yea
r)
OUTPUT OF MILITARY GOODS (units per year)
A
BO
XF
G
Limited resources necessitate choices about WHAT to produce
The Choices Nations Make
bullA nation must choose what to do with its scarce resources during war or periods of military buildup
bullProduce military goods or consumer goods
Economic Growth
2000 production possibilities
1900 production possibilities
OU
TP
UT
OF
CO
NS
UM
ER
GO
OD
S(u
nits
per
yea
r)
OUTPUT OF MILITARY GOODS (units per year)
Production possibilities increases with more resources and technology
The Classic Guns and Butter example
Guns
Butter
10000 20000 30000 40000 50000
1000009500085000
70000
5000040000
BA
C
D
E
F
At point A all resources are used for butter
Moving from point A to point B requires shifting resources out of butter and into guns
At point F all resources are used for Guns
Productivitybull A PPF can help us see how efficient our
choices are
bull Productivity - measurement of how efficiently we are utilizing our resources Is this the same as production
bull An economy producing on the curve = using their resources to produce the MAXIMUM amount of goodsservices
Locations on a PPF
bull Efficient Point place where an economy is achieving as much output as possible from a given amount of resources ndash occurs at any point on the curve
bull Inefficient Point ndash place where the economy is not functioning as it could be ndash occurs at any point inside the curve
bull Unattainable Point ndash place where the economy cannot produce given its current resources ndash occurs at any point outside the curve
Food
Computer
4
3
2
1
1 2 3 4
OC between 1 and 2 computers = 1 Food
UnitOC between 3 and 4 computers = 1 Food
Unit
Constantly giving up the same quantity of food to get
additional computers
STRAIGHT-LINE PPFs Constant OC
BOWED-OUT PPFs VaryingIncreasing OC
Principle of Increasing Costs
As a society produces more of one product the OC of producing
that product increases because we are using more resources that are poorly suited to produce it
Economic Systems
An economic system is the way a society coordinates the production and consumption of goods amp services
How a society answers the three basic economic questions determines which type of economic system they are
Three Types of Economic Systems Command Traditional Market
Jigsaw activity
bullYou will be placed in groups of 3 and assigned a type of economy
bullYou will have 7 minutes to read and come up with 4 key components
bullAfter the 7 minuteshellip 1rsquos go to the front of the classroom2rsquos go to the wall nearest the door3rsquos go to the wall nearest the courtyard
Economic amp Social Goals of an Economic System
bull Economic Freedom
bull Economic Efficiency
bull Economic Equity
bull Economic Security
Economic Stability
Economic Growth
Review of Economic Systems
bullA traditional economy relies on custom and tradition to dictate production and consumption
bullIn a command economy decisions about production and consumption are made by a powerful ruler or central authority
bullIn a market economy individual producers and consumers coordinate economic activity
What are the most important goals of each economic system
bullTraditionalSecurity and
StabilitybullCommand
Equity and Security
bullMARKETEfficiency and
Freedom
Societies differ in the degree of importance they attach to each goal Progress toward one goal can sometimes be achieved only
at the expense of another (TRADEOFFS)
Which economic system does the US use
The American Economic System
bullWe have a mixed market economy
COMMAND MARKET
The US mixed economybull In a mixed economyhellip
Individuals Own the factors of production Possess freedom to produce or consume Must operate under confines of law
Government Protects workers and consumers Regulates business and preserves competition Provide public goodsbenefits
Think backhellip
bullWhat does this remind you of from the beginning of the unit
US Economic System Characteristics 1 Economic freedom (ldquolaissez-fairerdquo)
2 Limited government
3 Equal opportunity
4 Competition
5 Profit motive
6 Property Rights
7 Binding Contracts
Understanding how all parts fit together
Circular Flow of Economic Activity Represents a market economy
2 main ldquomarketsrdquoProduct Market Factor Market
where goods and services where the 4 factors ofare boughtsold production are boughtsold
Shows interdependence between
businesses and individuals
Marriage Vowsbull CONGRATULATIONS The government and the economy
are renewing their marriage vows You are cordially invited to the ceremony but this perfect couple needs your help
bull Using what you have learned this unit and using the textbook
bull You will explain the way government and the economy are connected (made for each other) You will demonstrate this answer in the format of wedding vows
bull You must use at least 5 of the following words Producers Taxes Consumers Restrictions Markets Freedom GoodsServices Limited
bull Look back to US Economic System Characteristics bull Each set of vows must be at least 6 lines
Do you remember
bullWrite the following question downbullWhy does the United States have a
democracy and mixed economy
- Foundations of Government and Economics
- On your blank piece of paperhellip
- Slide 3
- Warm-Up 1 - 9414
- Introductory thoughts hellip
- Slide 6
- 2 How about to your life
- Slide 8
- Slide 9
- Slide 10
- Slide 11
- Warm Up -2a- 9514 The New York Times and CBS News Pollhellip
- Warm up 2bndash In Journal-
- Economist and Politician Assumptions
- Individualism
- Quote activity
- Quote breakdown
- Warm Up 3- Current Event 9814
- Purpose of Government
- Slide 20
- 3 Theorists
- Activity
- Origins of American Government A customized government
- Origins of American Government A customized government (2)
- Origins of American Government A customized government (3)
- With which theory do you agree more Why
- The ldquoOriginal Dilemmardquo
- Warm Up 5 Hobbes and Locke
- Groups Block 2
- Groups Block 4
- Balloon Game
- You will have 10 minutes to get as many filled balloons on the
- Balloon Game Debriefing
- Political Theories
- Social Contract
- Natural Rights
- Democracy
- Concepts of Government
- Warm up 6 ndash 91114
- Warm Up 7
- And after the Constitution
- Activity (2)
- Picture Activity
- Constitutional Convention
- Purpose of the Convention
- VA Plan v NJ Plan
- Virginia Plan ldquoLarge State Planrdquo
- New Jersey Plan ldquoSmall State Planrdquo
- Your Task
- Closure
- States agree
- Quote
- Structure of Constitution
- Structure of Constitution
- 6 Purpose of Government
- Structure of Constitution (2)
- Structure of Constitution (3)
- Principles of Constitution
- Activity
- Slide 60
- Check for Understanding Six Principles
- Question 1
- Question 2
- Question 3
- Question 4
- Question 5
- Question 6
- Question 7
- Question 8
- Groups
- Separation of Powers
- Video
- Checks and Balances
- Slide 74
- Checks and balances
- Basic Principles
- Self- Worth
- Equality
- Compromise
- Individual Freedom
- Write your ownhellip
- Slide 82
- TED Talk
- Closure
- What is Economics
- Economics ishellip
- Back to our assumptionshellip
- Scarcity refers to the limited number of resources (factors of
- For the videohellip
- Slide 90
- Post Videohellip
- Advertisement
- Political Cartoon Analysis
- Factors of Production
- TASK
- The price ofhellip
- Economic efficiency is achieved when all available resources ar
- 1 What to produce
- 2 How to produce it
- 3 For whom to produce it
- Application Activity
- EQs
- Objectives amp Essential Questions
- Group Activity Budget Activity
- Slide 105
- How do we satisfy our economic wants
- How do we make goods amp services
- Economic Interdependence
- Slide 109
- Making Choices to Deal With Scarcity
- Exampleshellip
- Task Reflecting on Personal Trade-offshellip
- Opportunity Cost
- What else influences your choices
- Finallyhellip Why it Matters
- Visualizing the Relationshiphellip
- ObjectivesEssential Questions
- How Can We Measure What We Gain and Lose When Making Choices
- Production Possibilities Frontier
- PPF Assumptions
- Slide 121
- Production Possibilities Curve
- The Choices Nations Make
- Economic Growth
- The Classic Guns and Butter example
- Productivity
- Locations on a PPF
- Slide 128
- BOWED-OUT PPFs VaryingIncreasing OC
- Economic Systems
- Jigsaw activity
- Slide 132
- Economic amp Social Goals of an Economic System
- Review of Economic Systems
- Slide 135
- What are the most important goals of each economic system
- Which economic system does the US use
- The American Economic System
- The US mixed economy
- Slide 140
- Think backhellip
- US Economic System Characteristics
- Slide 143
- Understanding how all parts fit together
- Marriage Vows
- Do you remember
- Slide 147
-
Advertisement
bullKnowing some of the basics about what economics is and why we study ithellip
bullCreate an advertisement for an economics course BE SURE TO INCLUDE
3 images that represent different economic ideas
2 ldquothought bubblesrdquo that represent things yoursquoll learn about in economics
1 slogan that represents why economics is an important course to take
Political Cartoon Analysis
Factors of Production bull LAND
Also called Natural Resources Consider them ldquogifts of naturerdquo such as air
soil minerals water and plants
bull LABOR Also called Human Resources Includes physical and mental activities that go
into producing goodsservices
bull CAPITAL Includes tools machines buildings and
technologies
bull ENTREPRENEUR Risk taker who is responsible for combining
land labor and capital to produce goods and services
TASK
bullTask Why are entrepreneurs the driving force in our economy
bullAnswer in 2-3 sentences
The price ofhellip
bullLand is rentbullCapital is interestbullLabor is wagesbullEntrepreneurship is profit
Economic efficiency is achieved when all available resources are being used
All societies must answer three basic questions to satisfy the needs and wants of their populations
1 What to produce
bullShould it be military or civilian goods
bullFood or clothingbullMedicine or movies
2 How to produce it
bullAutomated or manual labor
bullExpensive or cheap materials
bullDomestic or overseas labor
3 For whom to produce it
bullThe wealthy or the needybullThe sick or the healthy
Application Activity
bull In groups of 2-3 create your own country (name it please)
bull With your countryrsquos name explain the Population geography and general population
information (iehellipbull Choose 5 items for your country to produce and
answer the three societal questions for eachALSO explain why this material would help your
economy thrivereach economic efficiencybull Create an advertisement for your country
withhellip Images representing what you produce and a
slogan for why your country is awesome
EQs
bullHow does scarcity impact decision making
Objectives amp Essential QuestionsbullObjectives
I will be able to create and reflect on a budget given new economics content
I will be able to understand scarcity and our mixed economy
bullEssential QuestionsHow does scarcity impact decision makingHow do we satisfy our economic wants
Group Activity Budget Activity
bullTeacher will break you into groups In your groups you will be creating a budget for a single family
bullYour group has been given an income for a year Given your family situation negotiate with your ldquofamilyrdquo to complete a budget for 1 month (keep in mind your $$ is in a given year)
bullhttpwwwyoutubecomwatchv=yoVc_S_gd_0
How do we satisfy our economic wants
bull We buy goods or services
bull Good ndash a physical object (tangible) that has been produced for salebull Durable ndash last 3+ yearsbull Nondurable ndash last up to 3 years
bull Service ndash work done by someone else for which someone is willing to pay
How do we make goods amp services
bull Use Factors of Production - The productive resources that go into producing goods and services
Production Equation
LAND + LABOR + CAPITAL = GOODSERVICE
inputs output
Economic Interdependence
bullWhat does lsquointerdependencersquo mean
bullIs our world becoming economic interdependent or independent
bullEconomic Interdependence the actions of one part of the
country (world) has an impact on what happens elsewhere
Wants amp Needs gt
Resources
Because of scarcity we
have to make choices
How do we make a choice What do we give up
What does this remind you of from our government unit
Making Choices to Deal With Scarcity
bullPeople seek to maximize their utility when making decisions This requires them to consider tradeoffs
Utility ndash the satisfaction or benefit a person receives from consuming a good or service
Tradeoffs ndash the alternate choices people have when making a decision also the benefitsadvantages of making on
decision over another
ExampleshellipbullSome choices are easy to makehellip
HmmhellipShould I have pizza or a hoagie for lunch today
bullOther decisions are agonizinghellipShould I get out of bed and go to
school today or should I sleep in
Task Reflecting on Personal Trade-offshellip
In the end what helped you decide amongst your choices
Think of ONE decision thatyou had to make in the last weekhellipIdentify your various
tradeoffs for that decision
Be prepared to share
Opportunity Cost
bullWhen comparing the top 2 choices it is the BENEFIT of the next best alternative that must be sacrificed to satisfy a want
bullYou do a cost-benefit analysis to figure out which decision is most beneficial
Opportunity Cost ndash The best thing we give up to get what
we want
What else influences your choices
bullPeople make decisions based on their marginal utility or the extra satisfaction they gain from one additional unit of a goodservice
bullLaw of Diminishing Marginal Utility says that as we get or do more of something the pleasure we derive from it tends to decrease and so does our willingness to buy it or do it
FinallyhellipWhy it Matters
Understanding the opportunity coststradeoffs of different choices in life makes you a
better decision-maker
Todayrsquos Message ndash ldquoTherersquos No Such Thing As a Free Lunchrdquo
You always have to give something uphelliprdquo
ALL Individuals Businesses amp Societies have to consider tradeoffsopportunity costs when making
decisions
Visualizing the Relationshiphellip
Limited Resources amp Unlimited Wants
Scarcity
Trade-offs (choices)
Opportunity Costs
ObjectivesEssential Questions
bullObjectivebullI will be able to understand (and teach)
the three different types of economies
bullEssential Question How do the different types of economies work
How Can We Measure What We Gain and Lose When
Making Choices
Answer With a Production Possibilities Frontier
Production Possibilities Frontier
bullDiagram representing the possible combinations of goods and or services an economy can produce when all resources are being fully employed
PPF Assumptions
bullWe live in a two good worldbullThere are fixed resourcesbullThere is fixed technologybullResources are not specialized
Production Possibilities Curve
CD
E
OU
TP
UT
OF
CO
NS
UM
ER
GO
OD
S
(un
its
per
yea
r)
OUTPUT OF MILITARY GOODS (units per year)
A
BO
XF
G
Limited resources necessitate choices about WHAT to produce
The Choices Nations Make
bullA nation must choose what to do with its scarce resources during war or periods of military buildup
bullProduce military goods or consumer goods
Economic Growth
2000 production possibilities
1900 production possibilities
OU
TP
UT
OF
CO
NS
UM
ER
GO
OD
S(u
nits
per
yea
r)
OUTPUT OF MILITARY GOODS (units per year)
Production possibilities increases with more resources and technology
The Classic Guns and Butter example
Guns
Butter
10000 20000 30000 40000 50000
1000009500085000
70000
5000040000
BA
C
D
E
F
At point A all resources are used for butter
Moving from point A to point B requires shifting resources out of butter and into guns
At point F all resources are used for Guns
Productivitybull A PPF can help us see how efficient our
choices are
bull Productivity - measurement of how efficiently we are utilizing our resources Is this the same as production
bull An economy producing on the curve = using their resources to produce the MAXIMUM amount of goodsservices
Locations on a PPF
bull Efficient Point place where an economy is achieving as much output as possible from a given amount of resources ndash occurs at any point on the curve
bull Inefficient Point ndash place where the economy is not functioning as it could be ndash occurs at any point inside the curve
bull Unattainable Point ndash place where the economy cannot produce given its current resources ndash occurs at any point outside the curve
Food
Computer
4
3
2
1
1 2 3 4
OC between 1 and 2 computers = 1 Food
UnitOC between 3 and 4 computers = 1 Food
Unit
Constantly giving up the same quantity of food to get
additional computers
STRAIGHT-LINE PPFs Constant OC
BOWED-OUT PPFs VaryingIncreasing OC
Principle of Increasing Costs
As a society produces more of one product the OC of producing
that product increases because we are using more resources that are poorly suited to produce it
Economic Systems
An economic system is the way a society coordinates the production and consumption of goods amp services
How a society answers the three basic economic questions determines which type of economic system they are
Three Types of Economic Systems Command Traditional Market
Jigsaw activity
bullYou will be placed in groups of 3 and assigned a type of economy
bullYou will have 7 minutes to read and come up with 4 key components
bullAfter the 7 minuteshellip 1rsquos go to the front of the classroom2rsquos go to the wall nearest the door3rsquos go to the wall nearest the courtyard
Economic amp Social Goals of an Economic System
bull Economic Freedom
bull Economic Efficiency
bull Economic Equity
bull Economic Security
Economic Stability
Economic Growth
Review of Economic Systems
bullA traditional economy relies on custom and tradition to dictate production and consumption
bullIn a command economy decisions about production and consumption are made by a powerful ruler or central authority
bullIn a market economy individual producers and consumers coordinate economic activity
What are the most important goals of each economic system
bullTraditionalSecurity and
StabilitybullCommand
Equity and Security
bullMARKETEfficiency and
Freedom
Societies differ in the degree of importance they attach to each goal Progress toward one goal can sometimes be achieved only
at the expense of another (TRADEOFFS)
Which economic system does the US use
The American Economic System
bullWe have a mixed market economy
COMMAND MARKET
The US mixed economybull In a mixed economyhellip
Individuals Own the factors of production Possess freedom to produce or consume Must operate under confines of law
Government Protects workers and consumers Regulates business and preserves competition Provide public goodsbenefits
Think backhellip
bullWhat does this remind you of from the beginning of the unit
US Economic System Characteristics 1 Economic freedom (ldquolaissez-fairerdquo)
2 Limited government
3 Equal opportunity
4 Competition
5 Profit motive
6 Property Rights
7 Binding Contracts
Understanding how all parts fit together
Circular Flow of Economic Activity Represents a market economy
2 main ldquomarketsrdquoProduct Market Factor Market
where goods and services where the 4 factors ofare boughtsold production are boughtsold
Shows interdependence between
businesses and individuals
Marriage Vowsbull CONGRATULATIONS The government and the economy
are renewing their marriage vows You are cordially invited to the ceremony but this perfect couple needs your help
bull Using what you have learned this unit and using the textbook
bull You will explain the way government and the economy are connected (made for each other) You will demonstrate this answer in the format of wedding vows
bull You must use at least 5 of the following words Producers Taxes Consumers Restrictions Markets Freedom GoodsServices Limited
bull Look back to US Economic System Characteristics bull Each set of vows must be at least 6 lines
Do you remember
bullWrite the following question downbullWhy does the United States have a
democracy and mixed economy
- Foundations of Government and Economics
- On your blank piece of paperhellip
- Slide 3
- Warm-Up 1 - 9414
- Introductory thoughts hellip
- Slide 6
- 2 How about to your life
- Slide 8
- Slide 9
- Slide 10
- Slide 11
- Warm Up -2a- 9514 The New York Times and CBS News Pollhellip
- Warm up 2bndash In Journal-
- Economist and Politician Assumptions
- Individualism
- Quote activity
- Quote breakdown
- Warm Up 3- Current Event 9814
- Purpose of Government
- Slide 20
- 3 Theorists
- Activity
- Origins of American Government A customized government
- Origins of American Government A customized government (2)
- Origins of American Government A customized government (3)
- With which theory do you agree more Why
- The ldquoOriginal Dilemmardquo
- Warm Up 5 Hobbes and Locke
- Groups Block 2
- Groups Block 4
- Balloon Game
- You will have 10 minutes to get as many filled balloons on the
- Balloon Game Debriefing
- Political Theories
- Social Contract
- Natural Rights
- Democracy
- Concepts of Government
- Warm up 6 ndash 91114
- Warm Up 7
- And after the Constitution
- Activity (2)
- Picture Activity
- Constitutional Convention
- Purpose of the Convention
- VA Plan v NJ Plan
- Virginia Plan ldquoLarge State Planrdquo
- New Jersey Plan ldquoSmall State Planrdquo
- Your Task
- Closure
- States agree
- Quote
- Structure of Constitution
- Structure of Constitution
- 6 Purpose of Government
- Structure of Constitution (2)
- Structure of Constitution (3)
- Principles of Constitution
- Activity
- Slide 60
- Check for Understanding Six Principles
- Question 1
- Question 2
- Question 3
- Question 4
- Question 5
- Question 6
- Question 7
- Question 8
- Groups
- Separation of Powers
- Video
- Checks and Balances
- Slide 74
- Checks and balances
- Basic Principles
- Self- Worth
- Equality
- Compromise
- Individual Freedom
- Write your ownhellip
- Slide 82
- TED Talk
- Closure
- What is Economics
- Economics ishellip
- Back to our assumptionshellip
- Scarcity refers to the limited number of resources (factors of
- For the videohellip
- Slide 90
- Post Videohellip
- Advertisement
- Political Cartoon Analysis
- Factors of Production
- TASK
- The price ofhellip
- Economic efficiency is achieved when all available resources ar
- 1 What to produce
- 2 How to produce it
- 3 For whom to produce it
- Application Activity
- EQs
- Objectives amp Essential Questions
- Group Activity Budget Activity
- Slide 105
- How do we satisfy our economic wants
- How do we make goods amp services
- Economic Interdependence
- Slide 109
- Making Choices to Deal With Scarcity
- Exampleshellip
- Task Reflecting on Personal Trade-offshellip
- Opportunity Cost
- What else influences your choices
- Finallyhellip Why it Matters
- Visualizing the Relationshiphellip
- ObjectivesEssential Questions
- How Can We Measure What We Gain and Lose When Making Choices
- Production Possibilities Frontier
- PPF Assumptions
- Slide 121
- Production Possibilities Curve
- The Choices Nations Make
- Economic Growth
- The Classic Guns and Butter example
- Productivity
- Locations on a PPF
- Slide 128
- BOWED-OUT PPFs VaryingIncreasing OC
- Economic Systems
- Jigsaw activity
- Slide 132
- Economic amp Social Goals of an Economic System
- Review of Economic Systems
- Slide 135
- What are the most important goals of each economic system
- Which economic system does the US use
- The American Economic System
- The US mixed economy
- Slide 140
- Think backhellip
- US Economic System Characteristics
- Slide 143
- Understanding how all parts fit together
- Marriage Vows
- Do you remember
- Slide 147
-
Political Cartoon Analysis
Factors of Production bull LAND
Also called Natural Resources Consider them ldquogifts of naturerdquo such as air
soil minerals water and plants
bull LABOR Also called Human Resources Includes physical and mental activities that go
into producing goodsservices
bull CAPITAL Includes tools machines buildings and
technologies
bull ENTREPRENEUR Risk taker who is responsible for combining
land labor and capital to produce goods and services
TASK
bullTask Why are entrepreneurs the driving force in our economy
bullAnswer in 2-3 sentences
The price ofhellip
bullLand is rentbullCapital is interestbullLabor is wagesbullEntrepreneurship is profit
Economic efficiency is achieved when all available resources are being used
All societies must answer three basic questions to satisfy the needs and wants of their populations
1 What to produce
bullShould it be military or civilian goods
bullFood or clothingbullMedicine or movies
2 How to produce it
bullAutomated or manual labor
bullExpensive or cheap materials
bullDomestic or overseas labor
3 For whom to produce it
bullThe wealthy or the needybullThe sick or the healthy
Application Activity
bull In groups of 2-3 create your own country (name it please)
bull With your countryrsquos name explain the Population geography and general population
information (iehellipbull Choose 5 items for your country to produce and
answer the three societal questions for eachALSO explain why this material would help your
economy thrivereach economic efficiencybull Create an advertisement for your country
withhellip Images representing what you produce and a
slogan for why your country is awesome
EQs
bullHow does scarcity impact decision making
Objectives amp Essential QuestionsbullObjectives
I will be able to create and reflect on a budget given new economics content
I will be able to understand scarcity and our mixed economy
bullEssential QuestionsHow does scarcity impact decision makingHow do we satisfy our economic wants
Group Activity Budget Activity
bullTeacher will break you into groups In your groups you will be creating a budget for a single family
bullYour group has been given an income for a year Given your family situation negotiate with your ldquofamilyrdquo to complete a budget for 1 month (keep in mind your $$ is in a given year)
bullhttpwwwyoutubecomwatchv=yoVc_S_gd_0
How do we satisfy our economic wants
bull We buy goods or services
bull Good ndash a physical object (tangible) that has been produced for salebull Durable ndash last 3+ yearsbull Nondurable ndash last up to 3 years
bull Service ndash work done by someone else for which someone is willing to pay
How do we make goods amp services
bull Use Factors of Production - The productive resources that go into producing goods and services
Production Equation
LAND + LABOR + CAPITAL = GOODSERVICE
inputs output
Economic Interdependence
bullWhat does lsquointerdependencersquo mean
bullIs our world becoming economic interdependent or independent
bullEconomic Interdependence the actions of one part of the
country (world) has an impact on what happens elsewhere
Wants amp Needs gt
Resources
Because of scarcity we
have to make choices
How do we make a choice What do we give up
What does this remind you of from our government unit
Making Choices to Deal With Scarcity
bullPeople seek to maximize their utility when making decisions This requires them to consider tradeoffs
Utility ndash the satisfaction or benefit a person receives from consuming a good or service
Tradeoffs ndash the alternate choices people have when making a decision also the benefitsadvantages of making on
decision over another
ExampleshellipbullSome choices are easy to makehellip
HmmhellipShould I have pizza or a hoagie for lunch today
bullOther decisions are agonizinghellipShould I get out of bed and go to
school today or should I sleep in
Task Reflecting on Personal Trade-offshellip
In the end what helped you decide amongst your choices
Think of ONE decision thatyou had to make in the last weekhellipIdentify your various
tradeoffs for that decision
Be prepared to share
Opportunity Cost
bullWhen comparing the top 2 choices it is the BENEFIT of the next best alternative that must be sacrificed to satisfy a want
bullYou do a cost-benefit analysis to figure out which decision is most beneficial
Opportunity Cost ndash The best thing we give up to get what
we want
What else influences your choices
bullPeople make decisions based on their marginal utility or the extra satisfaction they gain from one additional unit of a goodservice
bullLaw of Diminishing Marginal Utility says that as we get or do more of something the pleasure we derive from it tends to decrease and so does our willingness to buy it or do it
FinallyhellipWhy it Matters
Understanding the opportunity coststradeoffs of different choices in life makes you a
better decision-maker
Todayrsquos Message ndash ldquoTherersquos No Such Thing As a Free Lunchrdquo
You always have to give something uphelliprdquo
ALL Individuals Businesses amp Societies have to consider tradeoffsopportunity costs when making
decisions
Visualizing the Relationshiphellip
Limited Resources amp Unlimited Wants
Scarcity
Trade-offs (choices)
Opportunity Costs
ObjectivesEssential Questions
bullObjectivebullI will be able to understand (and teach)
the three different types of economies
bullEssential Question How do the different types of economies work
How Can We Measure What We Gain and Lose When
Making Choices
Answer With a Production Possibilities Frontier
Production Possibilities Frontier
bullDiagram representing the possible combinations of goods and or services an economy can produce when all resources are being fully employed
PPF Assumptions
bullWe live in a two good worldbullThere are fixed resourcesbullThere is fixed technologybullResources are not specialized
Production Possibilities Curve
CD
E
OU
TP
UT
OF
CO
NS
UM
ER
GO
OD
S
(un
its
per
yea
r)
OUTPUT OF MILITARY GOODS (units per year)
A
BO
XF
G
Limited resources necessitate choices about WHAT to produce
The Choices Nations Make
bullA nation must choose what to do with its scarce resources during war or periods of military buildup
bullProduce military goods or consumer goods
Economic Growth
2000 production possibilities
1900 production possibilities
OU
TP
UT
OF
CO
NS
UM
ER
GO
OD
S(u
nits
per
yea
r)
OUTPUT OF MILITARY GOODS (units per year)
Production possibilities increases with more resources and technology
The Classic Guns and Butter example
Guns
Butter
10000 20000 30000 40000 50000
1000009500085000
70000
5000040000
BA
C
D
E
F
At point A all resources are used for butter
Moving from point A to point B requires shifting resources out of butter and into guns
At point F all resources are used for Guns
Productivitybull A PPF can help us see how efficient our
choices are
bull Productivity - measurement of how efficiently we are utilizing our resources Is this the same as production
bull An economy producing on the curve = using their resources to produce the MAXIMUM amount of goodsservices
Locations on a PPF
bull Efficient Point place where an economy is achieving as much output as possible from a given amount of resources ndash occurs at any point on the curve
bull Inefficient Point ndash place where the economy is not functioning as it could be ndash occurs at any point inside the curve
bull Unattainable Point ndash place where the economy cannot produce given its current resources ndash occurs at any point outside the curve
Food
Computer
4
3
2
1
1 2 3 4
OC between 1 and 2 computers = 1 Food
UnitOC between 3 and 4 computers = 1 Food
Unit
Constantly giving up the same quantity of food to get
additional computers
STRAIGHT-LINE PPFs Constant OC
BOWED-OUT PPFs VaryingIncreasing OC
Principle of Increasing Costs
As a society produces more of one product the OC of producing
that product increases because we are using more resources that are poorly suited to produce it
Economic Systems
An economic system is the way a society coordinates the production and consumption of goods amp services
How a society answers the three basic economic questions determines which type of economic system they are
Three Types of Economic Systems Command Traditional Market
Jigsaw activity
bullYou will be placed in groups of 3 and assigned a type of economy
bullYou will have 7 minutes to read and come up with 4 key components
bullAfter the 7 minuteshellip 1rsquos go to the front of the classroom2rsquos go to the wall nearest the door3rsquos go to the wall nearest the courtyard
Economic amp Social Goals of an Economic System
bull Economic Freedom
bull Economic Efficiency
bull Economic Equity
bull Economic Security
Economic Stability
Economic Growth
Review of Economic Systems
bullA traditional economy relies on custom and tradition to dictate production and consumption
bullIn a command economy decisions about production and consumption are made by a powerful ruler or central authority
bullIn a market economy individual producers and consumers coordinate economic activity
What are the most important goals of each economic system
bullTraditionalSecurity and
StabilitybullCommand
Equity and Security
bullMARKETEfficiency and
Freedom
Societies differ in the degree of importance they attach to each goal Progress toward one goal can sometimes be achieved only
at the expense of another (TRADEOFFS)
Which economic system does the US use
The American Economic System
bullWe have a mixed market economy
COMMAND MARKET
The US mixed economybull In a mixed economyhellip
Individuals Own the factors of production Possess freedom to produce or consume Must operate under confines of law
Government Protects workers and consumers Regulates business and preserves competition Provide public goodsbenefits
Think backhellip
bullWhat does this remind you of from the beginning of the unit
US Economic System Characteristics 1 Economic freedom (ldquolaissez-fairerdquo)
2 Limited government
3 Equal opportunity
4 Competition
5 Profit motive
6 Property Rights
7 Binding Contracts
Understanding how all parts fit together
Circular Flow of Economic Activity Represents a market economy
2 main ldquomarketsrdquoProduct Market Factor Market
where goods and services where the 4 factors ofare boughtsold production are boughtsold
Shows interdependence between
businesses and individuals
Marriage Vowsbull CONGRATULATIONS The government and the economy
are renewing their marriage vows You are cordially invited to the ceremony but this perfect couple needs your help
bull Using what you have learned this unit and using the textbook
bull You will explain the way government and the economy are connected (made for each other) You will demonstrate this answer in the format of wedding vows
bull You must use at least 5 of the following words Producers Taxes Consumers Restrictions Markets Freedom GoodsServices Limited
bull Look back to US Economic System Characteristics bull Each set of vows must be at least 6 lines
Do you remember
bullWrite the following question downbullWhy does the United States have a
democracy and mixed economy
- Foundations of Government and Economics
- On your blank piece of paperhellip
- Slide 3
- Warm-Up 1 - 9414
- Introductory thoughts hellip
- Slide 6
- 2 How about to your life
- Slide 8
- Slide 9
- Slide 10
- Slide 11
- Warm Up -2a- 9514 The New York Times and CBS News Pollhellip
- Warm up 2bndash In Journal-
- Economist and Politician Assumptions
- Individualism
- Quote activity
- Quote breakdown
- Warm Up 3- Current Event 9814
- Purpose of Government
- Slide 20
- 3 Theorists
- Activity
- Origins of American Government A customized government
- Origins of American Government A customized government (2)
- Origins of American Government A customized government (3)
- With which theory do you agree more Why
- The ldquoOriginal Dilemmardquo
- Warm Up 5 Hobbes and Locke
- Groups Block 2
- Groups Block 4
- Balloon Game
- You will have 10 minutes to get as many filled balloons on the
- Balloon Game Debriefing
- Political Theories
- Social Contract
- Natural Rights
- Democracy
- Concepts of Government
- Warm up 6 ndash 91114
- Warm Up 7
- And after the Constitution
- Activity (2)
- Picture Activity
- Constitutional Convention
- Purpose of the Convention
- VA Plan v NJ Plan
- Virginia Plan ldquoLarge State Planrdquo
- New Jersey Plan ldquoSmall State Planrdquo
- Your Task
- Closure
- States agree
- Quote
- Structure of Constitution
- Structure of Constitution
- 6 Purpose of Government
- Structure of Constitution (2)
- Structure of Constitution (3)
- Principles of Constitution
- Activity
- Slide 60
- Check for Understanding Six Principles
- Question 1
- Question 2
- Question 3
- Question 4
- Question 5
- Question 6
- Question 7
- Question 8
- Groups
- Separation of Powers
- Video
- Checks and Balances
- Slide 74
- Checks and balances
- Basic Principles
- Self- Worth
- Equality
- Compromise
- Individual Freedom
- Write your ownhellip
- Slide 82
- TED Talk
- Closure
- What is Economics
- Economics ishellip
- Back to our assumptionshellip
- Scarcity refers to the limited number of resources (factors of
- For the videohellip
- Slide 90
- Post Videohellip
- Advertisement
- Political Cartoon Analysis
- Factors of Production
- TASK
- The price ofhellip
- Economic efficiency is achieved when all available resources ar
- 1 What to produce
- 2 How to produce it
- 3 For whom to produce it
- Application Activity
- EQs
- Objectives amp Essential Questions
- Group Activity Budget Activity
- Slide 105
- How do we satisfy our economic wants
- How do we make goods amp services
- Economic Interdependence
- Slide 109
- Making Choices to Deal With Scarcity
- Exampleshellip
- Task Reflecting on Personal Trade-offshellip
- Opportunity Cost
- What else influences your choices
- Finallyhellip Why it Matters
- Visualizing the Relationshiphellip
- ObjectivesEssential Questions
- How Can We Measure What We Gain and Lose When Making Choices
- Production Possibilities Frontier
- PPF Assumptions
- Slide 121
- Production Possibilities Curve
- The Choices Nations Make
- Economic Growth
- The Classic Guns and Butter example
- Productivity
- Locations on a PPF
- Slide 128
- BOWED-OUT PPFs VaryingIncreasing OC
- Economic Systems
- Jigsaw activity
- Slide 132
- Economic amp Social Goals of an Economic System
- Review of Economic Systems
- Slide 135
- What are the most important goals of each economic system
- Which economic system does the US use
- The American Economic System
- The US mixed economy
- Slide 140
- Think backhellip
- US Economic System Characteristics
- Slide 143
- Understanding how all parts fit together
- Marriage Vows
- Do you remember
- Slide 147
-
Factors of Production bull LAND
Also called Natural Resources Consider them ldquogifts of naturerdquo such as air
soil minerals water and plants
bull LABOR Also called Human Resources Includes physical and mental activities that go
into producing goodsservices
bull CAPITAL Includes tools machines buildings and
technologies
bull ENTREPRENEUR Risk taker who is responsible for combining
land labor and capital to produce goods and services
TASK
bullTask Why are entrepreneurs the driving force in our economy
bullAnswer in 2-3 sentences
The price ofhellip
bullLand is rentbullCapital is interestbullLabor is wagesbullEntrepreneurship is profit
Economic efficiency is achieved when all available resources are being used
All societies must answer three basic questions to satisfy the needs and wants of their populations
1 What to produce
bullShould it be military or civilian goods
bullFood or clothingbullMedicine or movies
2 How to produce it
bullAutomated or manual labor
bullExpensive or cheap materials
bullDomestic or overseas labor
3 For whom to produce it
bullThe wealthy or the needybullThe sick or the healthy
Application Activity
bull In groups of 2-3 create your own country (name it please)
bull With your countryrsquos name explain the Population geography and general population
information (iehellipbull Choose 5 items for your country to produce and
answer the three societal questions for eachALSO explain why this material would help your
economy thrivereach economic efficiencybull Create an advertisement for your country
withhellip Images representing what you produce and a
slogan for why your country is awesome
EQs
bullHow does scarcity impact decision making
Objectives amp Essential QuestionsbullObjectives
I will be able to create and reflect on a budget given new economics content
I will be able to understand scarcity and our mixed economy
bullEssential QuestionsHow does scarcity impact decision makingHow do we satisfy our economic wants
Group Activity Budget Activity
bullTeacher will break you into groups In your groups you will be creating a budget for a single family
bullYour group has been given an income for a year Given your family situation negotiate with your ldquofamilyrdquo to complete a budget for 1 month (keep in mind your $$ is in a given year)
bullhttpwwwyoutubecomwatchv=yoVc_S_gd_0
How do we satisfy our economic wants
bull We buy goods or services
bull Good ndash a physical object (tangible) that has been produced for salebull Durable ndash last 3+ yearsbull Nondurable ndash last up to 3 years
bull Service ndash work done by someone else for which someone is willing to pay
How do we make goods amp services
bull Use Factors of Production - The productive resources that go into producing goods and services
Production Equation
LAND + LABOR + CAPITAL = GOODSERVICE
inputs output
Economic Interdependence
bullWhat does lsquointerdependencersquo mean
bullIs our world becoming economic interdependent or independent
bullEconomic Interdependence the actions of one part of the
country (world) has an impact on what happens elsewhere
Wants amp Needs gt
Resources
Because of scarcity we
have to make choices
How do we make a choice What do we give up
What does this remind you of from our government unit
Making Choices to Deal With Scarcity
bullPeople seek to maximize their utility when making decisions This requires them to consider tradeoffs
Utility ndash the satisfaction or benefit a person receives from consuming a good or service
Tradeoffs ndash the alternate choices people have when making a decision also the benefitsadvantages of making on
decision over another
ExampleshellipbullSome choices are easy to makehellip
HmmhellipShould I have pizza or a hoagie for lunch today
bullOther decisions are agonizinghellipShould I get out of bed and go to
school today or should I sleep in
Task Reflecting on Personal Trade-offshellip
In the end what helped you decide amongst your choices
Think of ONE decision thatyou had to make in the last weekhellipIdentify your various
tradeoffs for that decision
Be prepared to share
Opportunity Cost
bullWhen comparing the top 2 choices it is the BENEFIT of the next best alternative that must be sacrificed to satisfy a want
bullYou do a cost-benefit analysis to figure out which decision is most beneficial
Opportunity Cost ndash The best thing we give up to get what
we want
What else influences your choices
bullPeople make decisions based on their marginal utility or the extra satisfaction they gain from one additional unit of a goodservice
bullLaw of Diminishing Marginal Utility says that as we get or do more of something the pleasure we derive from it tends to decrease and so does our willingness to buy it or do it
FinallyhellipWhy it Matters
Understanding the opportunity coststradeoffs of different choices in life makes you a
better decision-maker
Todayrsquos Message ndash ldquoTherersquos No Such Thing As a Free Lunchrdquo
You always have to give something uphelliprdquo
ALL Individuals Businesses amp Societies have to consider tradeoffsopportunity costs when making
decisions
Visualizing the Relationshiphellip
Limited Resources amp Unlimited Wants
Scarcity
Trade-offs (choices)
Opportunity Costs
ObjectivesEssential Questions
bullObjectivebullI will be able to understand (and teach)
the three different types of economies
bullEssential Question How do the different types of economies work
How Can We Measure What We Gain and Lose When
Making Choices
Answer With a Production Possibilities Frontier
Production Possibilities Frontier
bullDiagram representing the possible combinations of goods and or services an economy can produce when all resources are being fully employed
PPF Assumptions
bullWe live in a two good worldbullThere are fixed resourcesbullThere is fixed technologybullResources are not specialized
Production Possibilities Curve
CD
E
OU
TP
UT
OF
CO
NS
UM
ER
GO
OD
S
(un
its
per
yea
r)
OUTPUT OF MILITARY GOODS (units per year)
A
BO
XF
G
Limited resources necessitate choices about WHAT to produce
The Choices Nations Make
bullA nation must choose what to do with its scarce resources during war or periods of military buildup
bullProduce military goods or consumer goods
Economic Growth
2000 production possibilities
1900 production possibilities
OU
TP
UT
OF
CO
NS
UM
ER
GO
OD
S(u
nits
per
yea
r)
OUTPUT OF MILITARY GOODS (units per year)
Production possibilities increases with more resources and technology
The Classic Guns and Butter example
Guns
Butter
10000 20000 30000 40000 50000
1000009500085000
70000
5000040000
BA
C
D
E
F
At point A all resources are used for butter
Moving from point A to point B requires shifting resources out of butter and into guns
At point F all resources are used for Guns
Productivitybull A PPF can help us see how efficient our
choices are
bull Productivity - measurement of how efficiently we are utilizing our resources Is this the same as production
bull An economy producing on the curve = using their resources to produce the MAXIMUM amount of goodsservices
Locations on a PPF
bull Efficient Point place where an economy is achieving as much output as possible from a given amount of resources ndash occurs at any point on the curve
bull Inefficient Point ndash place where the economy is not functioning as it could be ndash occurs at any point inside the curve
bull Unattainable Point ndash place where the economy cannot produce given its current resources ndash occurs at any point outside the curve
Food
Computer
4
3
2
1
1 2 3 4
OC between 1 and 2 computers = 1 Food
UnitOC between 3 and 4 computers = 1 Food
Unit
Constantly giving up the same quantity of food to get
additional computers
STRAIGHT-LINE PPFs Constant OC
BOWED-OUT PPFs VaryingIncreasing OC
Principle of Increasing Costs
As a society produces more of one product the OC of producing
that product increases because we are using more resources that are poorly suited to produce it
Economic Systems
An economic system is the way a society coordinates the production and consumption of goods amp services
How a society answers the three basic economic questions determines which type of economic system they are
Three Types of Economic Systems Command Traditional Market
Jigsaw activity
bullYou will be placed in groups of 3 and assigned a type of economy
bullYou will have 7 minutes to read and come up with 4 key components
bullAfter the 7 minuteshellip 1rsquos go to the front of the classroom2rsquos go to the wall nearest the door3rsquos go to the wall nearest the courtyard
Economic amp Social Goals of an Economic System
bull Economic Freedom
bull Economic Efficiency
bull Economic Equity
bull Economic Security
Economic Stability
Economic Growth
Review of Economic Systems
bullA traditional economy relies on custom and tradition to dictate production and consumption
bullIn a command economy decisions about production and consumption are made by a powerful ruler or central authority
bullIn a market economy individual producers and consumers coordinate economic activity
What are the most important goals of each economic system
bullTraditionalSecurity and
StabilitybullCommand
Equity and Security
bullMARKETEfficiency and
Freedom
Societies differ in the degree of importance they attach to each goal Progress toward one goal can sometimes be achieved only
at the expense of another (TRADEOFFS)
Which economic system does the US use
The American Economic System
bullWe have a mixed market economy
COMMAND MARKET
The US mixed economybull In a mixed economyhellip
Individuals Own the factors of production Possess freedom to produce or consume Must operate under confines of law
Government Protects workers and consumers Regulates business and preserves competition Provide public goodsbenefits
Think backhellip
bullWhat does this remind you of from the beginning of the unit
US Economic System Characteristics 1 Economic freedom (ldquolaissez-fairerdquo)
2 Limited government
3 Equal opportunity
4 Competition
5 Profit motive
6 Property Rights
7 Binding Contracts
Understanding how all parts fit together
Circular Flow of Economic Activity Represents a market economy
2 main ldquomarketsrdquoProduct Market Factor Market
where goods and services where the 4 factors ofare boughtsold production are boughtsold
Shows interdependence between
businesses and individuals
Marriage Vowsbull CONGRATULATIONS The government and the economy
are renewing their marriage vows You are cordially invited to the ceremony but this perfect couple needs your help
bull Using what you have learned this unit and using the textbook
bull You will explain the way government and the economy are connected (made for each other) You will demonstrate this answer in the format of wedding vows
bull You must use at least 5 of the following words Producers Taxes Consumers Restrictions Markets Freedom GoodsServices Limited
bull Look back to US Economic System Characteristics bull Each set of vows must be at least 6 lines
Do you remember
bullWrite the following question downbullWhy does the United States have a
democracy and mixed economy
- Foundations of Government and Economics
- On your blank piece of paperhellip
- Slide 3
- Warm-Up 1 - 9414
- Introductory thoughts hellip
- Slide 6
- 2 How about to your life
- Slide 8
- Slide 9
- Slide 10
- Slide 11
- Warm Up -2a- 9514 The New York Times and CBS News Pollhellip
- Warm up 2bndash In Journal-
- Economist and Politician Assumptions
- Individualism
- Quote activity
- Quote breakdown
- Warm Up 3- Current Event 9814
- Purpose of Government
- Slide 20
- 3 Theorists
- Activity
- Origins of American Government A customized government
- Origins of American Government A customized government (2)
- Origins of American Government A customized government (3)
- With which theory do you agree more Why
- The ldquoOriginal Dilemmardquo
- Warm Up 5 Hobbes and Locke
- Groups Block 2
- Groups Block 4
- Balloon Game
- You will have 10 minutes to get as many filled balloons on the
- Balloon Game Debriefing
- Political Theories
- Social Contract
- Natural Rights
- Democracy
- Concepts of Government
- Warm up 6 ndash 91114
- Warm Up 7
- And after the Constitution
- Activity (2)
- Picture Activity
- Constitutional Convention
- Purpose of the Convention
- VA Plan v NJ Plan
- Virginia Plan ldquoLarge State Planrdquo
- New Jersey Plan ldquoSmall State Planrdquo
- Your Task
- Closure
- States agree
- Quote
- Structure of Constitution
- Structure of Constitution
- 6 Purpose of Government
- Structure of Constitution (2)
- Structure of Constitution (3)
- Principles of Constitution
- Activity
- Slide 60
- Check for Understanding Six Principles
- Question 1
- Question 2
- Question 3
- Question 4
- Question 5
- Question 6
- Question 7
- Question 8
- Groups
- Separation of Powers
- Video
- Checks and Balances
- Slide 74
- Checks and balances
- Basic Principles
- Self- Worth
- Equality
- Compromise
- Individual Freedom
- Write your ownhellip
- Slide 82
- TED Talk
- Closure
- What is Economics
- Economics ishellip
- Back to our assumptionshellip
- Scarcity refers to the limited number of resources (factors of
- For the videohellip
- Slide 90
- Post Videohellip
- Advertisement
- Political Cartoon Analysis
- Factors of Production
- TASK
- The price ofhellip
- Economic efficiency is achieved when all available resources ar
- 1 What to produce
- 2 How to produce it
- 3 For whom to produce it
- Application Activity
- EQs
- Objectives amp Essential Questions
- Group Activity Budget Activity
- Slide 105
- How do we satisfy our economic wants
- How do we make goods amp services
- Economic Interdependence
- Slide 109
- Making Choices to Deal With Scarcity
- Exampleshellip
- Task Reflecting on Personal Trade-offshellip
- Opportunity Cost
- What else influences your choices
- Finallyhellip Why it Matters
- Visualizing the Relationshiphellip
- ObjectivesEssential Questions
- How Can We Measure What We Gain and Lose When Making Choices
- Production Possibilities Frontier
- PPF Assumptions
- Slide 121
- Production Possibilities Curve
- The Choices Nations Make
- Economic Growth
- The Classic Guns and Butter example
- Productivity
- Locations on a PPF
- Slide 128
- BOWED-OUT PPFs VaryingIncreasing OC
- Economic Systems
- Jigsaw activity
- Slide 132
- Economic amp Social Goals of an Economic System
- Review of Economic Systems
- Slide 135
- What are the most important goals of each economic system
- Which economic system does the US use
- The American Economic System
- The US mixed economy
- Slide 140
- Think backhellip
- US Economic System Characteristics
- Slide 143
- Understanding how all parts fit together
- Marriage Vows
- Do you remember
- Slide 147
-
TASK
bullTask Why are entrepreneurs the driving force in our economy
bullAnswer in 2-3 sentences
The price ofhellip
bullLand is rentbullCapital is interestbullLabor is wagesbullEntrepreneurship is profit
Economic efficiency is achieved when all available resources are being used
All societies must answer three basic questions to satisfy the needs and wants of their populations
1 What to produce
bullShould it be military or civilian goods
bullFood or clothingbullMedicine or movies
2 How to produce it
bullAutomated or manual labor
bullExpensive or cheap materials
bullDomestic or overseas labor
3 For whom to produce it
bullThe wealthy or the needybullThe sick or the healthy
Application Activity
bull In groups of 2-3 create your own country (name it please)
bull With your countryrsquos name explain the Population geography and general population
information (iehellipbull Choose 5 items for your country to produce and
answer the three societal questions for eachALSO explain why this material would help your
economy thrivereach economic efficiencybull Create an advertisement for your country
withhellip Images representing what you produce and a
slogan for why your country is awesome
EQs
bullHow does scarcity impact decision making
Objectives amp Essential QuestionsbullObjectives
I will be able to create and reflect on a budget given new economics content
I will be able to understand scarcity and our mixed economy
bullEssential QuestionsHow does scarcity impact decision makingHow do we satisfy our economic wants
Group Activity Budget Activity
bullTeacher will break you into groups In your groups you will be creating a budget for a single family
bullYour group has been given an income for a year Given your family situation negotiate with your ldquofamilyrdquo to complete a budget for 1 month (keep in mind your $$ is in a given year)
bullhttpwwwyoutubecomwatchv=yoVc_S_gd_0
How do we satisfy our economic wants
bull We buy goods or services
bull Good ndash a physical object (tangible) that has been produced for salebull Durable ndash last 3+ yearsbull Nondurable ndash last up to 3 years
bull Service ndash work done by someone else for which someone is willing to pay
How do we make goods amp services
bull Use Factors of Production - The productive resources that go into producing goods and services
Production Equation
LAND + LABOR + CAPITAL = GOODSERVICE
inputs output
Economic Interdependence
bullWhat does lsquointerdependencersquo mean
bullIs our world becoming economic interdependent or independent
bullEconomic Interdependence the actions of one part of the
country (world) has an impact on what happens elsewhere
Wants amp Needs gt
Resources
Because of scarcity we
have to make choices
How do we make a choice What do we give up
What does this remind you of from our government unit
Making Choices to Deal With Scarcity
bullPeople seek to maximize their utility when making decisions This requires them to consider tradeoffs
Utility ndash the satisfaction or benefit a person receives from consuming a good or service
Tradeoffs ndash the alternate choices people have when making a decision also the benefitsadvantages of making on
decision over another
ExampleshellipbullSome choices are easy to makehellip
HmmhellipShould I have pizza or a hoagie for lunch today
bullOther decisions are agonizinghellipShould I get out of bed and go to
school today or should I sleep in
Task Reflecting on Personal Trade-offshellip
In the end what helped you decide amongst your choices
Think of ONE decision thatyou had to make in the last weekhellipIdentify your various
tradeoffs for that decision
Be prepared to share
Opportunity Cost
bullWhen comparing the top 2 choices it is the BENEFIT of the next best alternative that must be sacrificed to satisfy a want
bullYou do a cost-benefit analysis to figure out which decision is most beneficial
Opportunity Cost ndash The best thing we give up to get what
we want
What else influences your choices
bullPeople make decisions based on their marginal utility or the extra satisfaction they gain from one additional unit of a goodservice
bullLaw of Diminishing Marginal Utility says that as we get or do more of something the pleasure we derive from it tends to decrease and so does our willingness to buy it or do it
FinallyhellipWhy it Matters
Understanding the opportunity coststradeoffs of different choices in life makes you a
better decision-maker
Todayrsquos Message ndash ldquoTherersquos No Such Thing As a Free Lunchrdquo
You always have to give something uphelliprdquo
ALL Individuals Businesses amp Societies have to consider tradeoffsopportunity costs when making
decisions
Visualizing the Relationshiphellip
Limited Resources amp Unlimited Wants
Scarcity
Trade-offs (choices)
Opportunity Costs
ObjectivesEssential Questions
bullObjectivebullI will be able to understand (and teach)
the three different types of economies
bullEssential Question How do the different types of economies work
How Can We Measure What We Gain and Lose When
Making Choices
Answer With a Production Possibilities Frontier
Production Possibilities Frontier
bullDiagram representing the possible combinations of goods and or services an economy can produce when all resources are being fully employed
PPF Assumptions
bullWe live in a two good worldbullThere are fixed resourcesbullThere is fixed technologybullResources are not specialized
Production Possibilities Curve
CD
E
OU
TP
UT
OF
CO
NS
UM
ER
GO
OD
S
(un
its
per
yea
r)
OUTPUT OF MILITARY GOODS (units per year)
A
BO
XF
G
Limited resources necessitate choices about WHAT to produce
The Choices Nations Make
bullA nation must choose what to do with its scarce resources during war or periods of military buildup
bullProduce military goods or consumer goods
Economic Growth
2000 production possibilities
1900 production possibilities
OU
TP
UT
OF
CO
NS
UM
ER
GO
OD
S(u
nits
per
yea
r)
OUTPUT OF MILITARY GOODS (units per year)
Production possibilities increases with more resources and technology
The Classic Guns and Butter example
Guns
Butter
10000 20000 30000 40000 50000
1000009500085000
70000
5000040000
BA
C
D
E
F
At point A all resources are used for butter
Moving from point A to point B requires shifting resources out of butter and into guns
At point F all resources are used for Guns
Productivitybull A PPF can help us see how efficient our
choices are
bull Productivity - measurement of how efficiently we are utilizing our resources Is this the same as production
bull An economy producing on the curve = using their resources to produce the MAXIMUM amount of goodsservices
Locations on a PPF
bull Efficient Point place where an economy is achieving as much output as possible from a given amount of resources ndash occurs at any point on the curve
bull Inefficient Point ndash place where the economy is not functioning as it could be ndash occurs at any point inside the curve
bull Unattainable Point ndash place where the economy cannot produce given its current resources ndash occurs at any point outside the curve
Food
Computer
4
3
2
1
1 2 3 4
OC between 1 and 2 computers = 1 Food
UnitOC between 3 and 4 computers = 1 Food
Unit
Constantly giving up the same quantity of food to get
additional computers
STRAIGHT-LINE PPFs Constant OC
BOWED-OUT PPFs VaryingIncreasing OC
Principle of Increasing Costs
As a society produces more of one product the OC of producing
that product increases because we are using more resources that are poorly suited to produce it
Economic Systems
An economic system is the way a society coordinates the production and consumption of goods amp services
How a society answers the three basic economic questions determines which type of economic system they are
Three Types of Economic Systems Command Traditional Market
Jigsaw activity
bullYou will be placed in groups of 3 and assigned a type of economy
bullYou will have 7 minutes to read and come up with 4 key components
bullAfter the 7 minuteshellip 1rsquos go to the front of the classroom2rsquos go to the wall nearest the door3rsquos go to the wall nearest the courtyard
Economic amp Social Goals of an Economic System
bull Economic Freedom
bull Economic Efficiency
bull Economic Equity
bull Economic Security
Economic Stability
Economic Growth
Review of Economic Systems
bullA traditional economy relies on custom and tradition to dictate production and consumption
bullIn a command economy decisions about production and consumption are made by a powerful ruler or central authority
bullIn a market economy individual producers and consumers coordinate economic activity
What are the most important goals of each economic system
bullTraditionalSecurity and
StabilitybullCommand
Equity and Security
bullMARKETEfficiency and
Freedom
Societies differ in the degree of importance they attach to each goal Progress toward one goal can sometimes be achieved only
at the expense of another (TRADEOFFS)
Which economic system does the US use
The American Economic System
bullWe have a mixed market economy
COMMAND MARKET
The US mixed economybull In a mixed economyhellip
Individuals Own the factors of production Possess freedom to produce or consume Must operate under confines of law
Government Protects workers and consumers Regulates business and preserves competition Provide public goodsbenefits
Think backhellip
bullWhat does this remind you of from the beginning of the unit
US Economic System Characteristics 1 Economic freedom (ldquolaissez-fairerdquo)
2 Limited government
3 Equal opportunity
4 Competition
5 Profit motive
6 Property Rights
7 Binding Contracts
Understanding how all parts fit together
Circular Flow of Economic Activity Represents a market economy
2 main ldquomarketsrdquoProduct Market Factor Market
where goods and services where the 4 factors ofare boughtsold production are boughtsold
Shows interdependence between
businesses and individuals
Marriage Vowsbull CONGRATULATIONS The government and the economy
are renewing their marriage vows You are cordially invited to the ceremony but this perfect couple needs your help
bull Using what you have learned this unit and using the textbook
bull You will explain the way government and the economy are connected (made for each other) You will demonstrate this answer in the format of wedding vows
bull You must use at least 5 of the following words Producers Taxes Consumers Restrictions Markets Freedom GoodsServices Limited
bull Look back to US Economic System Characteristics bull Each set of vows must be at least 6 lines
Do you remember
bullWrite the following question downbullWhy does the United States have a
democracy and mixed economy
- Foundations of Government and Economics
- On your blank piece of paperhellip
- Slide 3
- Warm-Up 1 - 9414
- Introductory thoughts hellip
- Slide 6
- 2 How about to your life
- Slide 8
- Slide 9
- Slide 10
- Slide 11
- Warm Up -2a- 9514 The New York Times and CBS News Pollhellip
- Warm up 2bndash In Journal-
- Economist and Politician Assumptions
- Individualism
- Quote activity
- Quote breakdown
- Warm Up 3- Current Event 9814
- Purpose of Government
- Slide 20
- 3 Theorists
- Activity
- Origins of American Government A customized government
- Origins of American Government A customized government (2)
- Origins of American Government A customized government (3)
- With which theory do you agree more Why
- The ldquoOriginal Dilemmardquo
- Warm Up 5 Hobbes and Locke
- Groups Block 2
- Groups Block 4
- Balloon Game
- You will have 10 minutes to get as many filled balloons on the
- Balloon Game Debriefing
- Political Theories
- Social Contract
- Natural Rights
- Democracy
- Concepts of Government
- Warm up 6 ndash 91114
- Warm Up 7
- And after the Constitution
- Activity (2)
- Picture Activity
- Constitutional Convention
- Purpose of the Convention
- VA Plan v NJ Plan
- Virginia Plan ldquoLarge State Planrdquo
- New Jersey Plan ldquoSmall State Planrdquo
- Your Task
- Closure
- States agree
- Quote
- Structure of Constitution
- Structure of Constitution
- 6 Purpose of Government
- Structure of Constitution (2)
- Structure of Constitution (3)
- Principles of Constitution
- Activity
- Slide 60
- Check for Understanding Six Principles
- Question 1
- Question 2
- Question 3
- Question 4
- Question 5
- Question 6
- Question 7
- Question 8
- Groups
- Separation of Powers
- Video
- Checks and Balances
- Slide 74
- Checks and balances
- Basic Principles
- Self- Worth
- Equality
- Compromise
- Individual Freedom
- Write your ownhellip
- Slide 82
- TED Talk
- Closure
- What is Economics
- Economics ishellip
- Back to our assumptionshellip
- Scarcity refers to the limited number of resources (factors of
- For the videohellip
- Slide 90
- Post Videohellip
- Advertisement
- Political Cartoon Analysis
- Factors of Production
- TASK
- The price ofhellip
- Economic efficiency is achieved when all available resources ar
- 1 What to produce
- 2 How to produce it
- 3 For whom to produce it
- Application Activity
- EQs
- Objectives amp Essential Questions
- Group Activity Budget Activity
- Slide 105
- How do we satisfy our economic wants
- How do we make goods amp services
- Economic Interdependence
- Slide 109
- Making Choices to Deal With Scarcity
- Exampleshellip
- Task Reflecting on Personal Trade-offshellip
- Opportunity Cost
- What else influences your choices
- Finallyhellip Why it Matters
- Visualizing the Relationshiphellip
- ObjectivesEssential Questions
- How Can We Measure What We Gain and Lose When Making Choices
- Production Possibilities Frontier
- PPF Assumptions
- Slide 121
- Production Possibilities Curve
- The Choices Nations Make
- Economic Growth
- The Classic Guns and Butter example
- Productivity
- Locations on a PPF
- Slide 128
- BOWED-OUT PPFs VaryingIncreasing OC
- Economic Systems
- Jigsaw activity
- Slide 132
- Economic amp Social Goals of an Economic System
- Review of Economic Systems
- Slide 135
- What are the most important goals of each economic system
- Which economic system does the US use
- The American Economic System
- The US mixed economy
- Slide 140
- Think backhellip
- US Economic System Characteristics
- Slide 143
- Understanding how all parts fit together
- Marriage Vows
- Do you remember
- Slide 147
-
The price ofhellip
bullLand is rentbullCapital is interestbullLabor is wagesbullEntrepreneurship is profit
Economic efficiency is achieved when all available resources are being used
All societies must answer three basic questions to satisfy the needs and wants of their populations
1 What to produce
bullShould it be military or civilian goods
bullFood or clothingbullMedicine or movies
2 How to produce it
bullAutomated or manual labor
bullExpensive or cheap materials
bullDomestic or overseas labor
3 For whom to produce it
bullThe wealthy or the needybullThe sick or the healthy
Application Activity
bull In groups of 2-3 create your own country (name it please)
bull With your countryrsquos name explain the Population geography and general population
information (iehellipbull Choose 5 items for your country to produce and
answer the three societal questions for eachALSO explain why this material would help your
economy thrivereach economic efficiencybull Create an advertisement for your country
withhellip Images representing what you produce and a
slogan for why your country is awesome
EQs
bullHow does scarcity impact decision making
Objectives amp Essential QuestionsbullObjectives
I will be able to create and reflect on a budget given new economics content
I will be able to understand scarcity and our mixed economy
bullEssential QuestionsHow does scarcity impact decision makingHow do we satisfy our economic wants
Group Activity Budget Activity
bullTeacher will break you into groups In your groups you will be creating a budget for a single family
bullYour group has been given an income for a year Given your family situation negotiate with your ldquofamilyrdquo to complete a budget for 1 month (keep in mind your $$ is in a given year)
bullhttpwwwyoutubecomwatchv=yoVc_S_gd_0
How do we satisfy our economic wants
bull We buy goods or services
bull Good ndash a physical object (tangible) that has been produced for salebull Durable ndash last 3+ yearsbull Nondurable ndash last up to 3 years
bull Service ndash work done by someone else for which someone is willing to pay
How do we make goods amp services
bull Use Factors of Production - The productive resources that go into producing goods and services
Production Equation
LAND + LABOR + CAPITAL = GOODSERVICE
inputs output
Economic Interdependence
bullWhat does lsquointerdependencersquo mean
bullIs our world becoming economic interdependent or independent
bullEconomic Interdependence the actions of one part of the
country (world) has an impact on what happens elsewhere
Wants amp Needs gt
Resources
Because of scarcity we
have to make choices
How do we make a choice What do we give up
What does this remind you of from our government unit
Making Choices to Deal With Scarcity
bullPeople seek to maximize their utility when making decisions This requires them to consider tradeoffs
Utility ndash the satisfaction or benefit a person receives from consuming a good or service
Tradeoffs ndash the alternate choices people have when making a decision also the benefitsadvantages of making on
decision over another
ExampleshellipbullSome choices are easy to makehellip
HmmhellipShould I have pizza or a hoagie for lunch today
bullOther decisions are agonizinghellipShould I get out of bed and go to
school today or should I sleep in
Task Reflecting on Personal Trade-offshellip
In the end what helped you decide amongst your choices
Think of ONE decision thatyou had to make in the last weekhellipIdentify your various
tradeoffs for that decision
Be prepared to share
Opportunity Cost
bullWhen comparing the top 2 choices it is the BENEFIT of the next best alternative that must be sacrificed to satisfy a want
bullYou do a cost-benefit analysis to figure out which decision is most beneficial
Opportunity Cost ndash The best thing we give up to get what
we want
What else influences your choices
bullPeople make decisions based on their marginal utility or the extra satisfaction they gain from one additional unit of a goodservice
bullLaw of Diminishing Marginal Utility says that as we get or do more of something the pleasure we derive from it tends to decrease and so does our willingness to buy it or do it
FinallyhellipWhy it Matters
Understanding the opportunity coststradeoffs of different choices in life makes you a
better decision-maker
Todayrsquos Message ndash ldquoTherersquos No Such Thing As a Free Lunchrdquo
You always have to give something uphelliprdquo
ALL Individuals Businesses amp Societies have to consider tradeoffsopportunity costs when making
decisions
Visualizing the Relationshiphellip
Limited Resources amp Unlimited Wants
Scarcity
Trade-offs (choices)
Opportunity Costs
ObjectivesEssential Questions
bullObjectivebullI will be able to understand (and teach)
the three different types of economies
bullEssential Question How do the different types of economies work
How Can We Measure What We Gain and Lose When
Making Choices
Answer With a Production Possibilities Frontier
Production Possibilities Frontier
bullDiagram representing the possible combinations of goods and or services an economy can produce when all resources are being fully employed
PPF Assumptions
bullWe live in a two good worldbullThere are fixed resourcesbullThere is fixed technologybullResources are not specialized
Production Possibilities Curve
CD
E
OU
TP
UT
OF
CO
NS
UM
ER
GO
OD
S
(un
its
per
yea
r)
OUTPUT OF MILITARY GOODS (units per year)
A
BO
XF
G
Limited resources necessitate choices about WHAT to produce
The Choices Nations Make
bullA nation must choose what to do with its scarce resources during war or periods of military buildup
bullProduce military goods or consumer goods
Economic Growth
2000 production possibilities
1900 production possibilities
OU
TP
UT
OF
CO
NS
UM
ER
GO
OD
S(u
nits
per
yea
r)
OUTPUT OF MILITARY GOODS (units per year)
Production possibilities increases with more resources and technology
The Classic Guns and Butter example
Guns
Butter
10000 20000 30000 40000 50000
1000009500085000
70000
5000040000
BA
C
D
E
F
At point A all resources are used for butter
Moving from point A to point B requires shifting resources out of butter and into guns
At point F all resources are used for Guns
Productivitybull A PPF can help us see how efficient our
choices are
bull Productivity - measurement of how efficiently we are utilizing our resources Is this the same as production
bull An economy producing on the curve = using their resources to produce the MAXIMUM amount of goodsservices
Locations on a PPF
bull Efficient Point place where an economy is achieving as much output as possible from a given amount of resources ndash occurs at any point on the curve
bull Inefficient Point ndash place where the economy is not functioning as it could be ndash occurs at any point inside the curve
bull Unattainable Point ndash place where the economy cannot produce given its current resources ndash occurs at any point outside the curve
Food
Computer
4
3
2
1
1 2 3 4
OC between 1 and 2 computers = 1 Food
UnitOC between 3 and 4 computers = 1 Food
Unit
Constantly giving up the same quantity of food to get
additional computers
STRAIGHT-LINE PPFs Constant OC
BOWED-OUT PPFs VaryingIncreasing OC
Principle of Increasing Costs
As a society produces more of one product the OC of producing
that product increases because we are using more resources that are poorly suited to produce it
Economic Systems
An economic system is the way a society coordinates the production and consumption of goods amp services
How a society answers the three basic economic questions determines which type of economic system they are
Three Types of Economic Systems Command Traditional Market
Jigsaw activity
bullYou will be placed in groups of 3 and assigned a type of economy
bullYou will have 7 minutes to read and come up with 4 key components
bullAfter the 7 minuteshellip 1rsquos go to the front of the classroom2rsquos go to the wall nearest the door3rsquos go to the wall nearest the courtyard
Economic amp Social Goals of an Economic System
bull Economic Freedom
bull Economic Efficiency
bull Economic Equity
bull Economic Security
Economic Stability
Economic Growth
Review of Economic Systems
bullA traditional economy relies on custom and tradition to dictate production and consumption
bullIn a command economy decisions about production and consumption are made by a powerful ruler or central authority
bullIn a market economy individual producers and consumers coordinate economic activity
What are the most important goals of each economic system
bullTraditionalSecurity and
StabilitybullCommand
Equity and Security
bullMARKETEfficiency and
Freedom
Societies differ in the degree of importance they attach to each goal Progress toward one goal can sometimes be achieved only
at the expense of another (TRADEOFFS)
Which economic system does the US use
The American Economic System
bullWe have a mixed market economy
COMMAND MARKET
The US mixed economybull In a mixed economyhellip
Individuals Own the factors of production Possess freedom to produce or consume Must operate under confines of law
Government Protects workers and consumers Regulates business and preserves competition Provide public goodsbenefits
Think backhellip
bullWhat does this remind you of from the beginning of the unit
US Economic System Characteristics 1 Economic freedom (ldquolaissez-fairerdquo)
2 Limited government
3 Equal opportunity
4 Competition
5 Profit motive
6 Property Rights
7 Binding Contracts
Understanding how all parts fit together
Circular Flow of Economic Activity Represents a market economy
2 main ldquomarketsrdquoProduct Market Factor Market
where goods and services where the 4 factors ofare boughtsold production are boughtsold
Shows interdependence between
businesses and individuals
Marriage Vowsbull CONGRATULATIONS The government and the economy
are renewing their marriage vows You are cordially invited to the ceremony but this perfect couple needs your help
bull Using what you have learned this unit and using the textbook
bull You will explain the way government and the economy are connected (made for each other) You will demonstrate this answer in the format of wedding vows
bull You must use at least 5 of the following words Producers Taxes Consumers Restrictions Markets Freedom GoodsServices Limited
bull Look back to US Economic System Characteristics bull Each set of vows must be at least 6 lines
Do you remember
bullWrite the following question downbullWhy does the United States have a
democracy and mixed economy
- Foundations of Government and Economics
- On your blank piece of paperhellip
- Slide 3
- Warm-Up 1 - 9414
- Introductory thoughts hellip
- Slide 6
- 2 How about to your life
- Slide 8
- Slide 9
- Slide 10
- Slide 11
- Warm Up -2a- 9514 The New York Times and CBS News Pollhellip
- Warm up 2bndash In Journal-
- Economist and Politician Assumptions
- Individualism
- Quote activity
- Quote breakdown
- Warm Up 3- Current Event 9814
- Purpose of Government
- Slide 20
- 3 Theorists
- Activity
- Origins of American Government A customized government
- Origins of American Government A customized government (2)
- Origins of American Government A customized government (3)
- With which theory do you agree more Why
- The ldquoOriginal Dilemmardquo
- Warm Up 5 Hobbes and Locke
- Groups Block 2
- Groups Block 4
- Balloon Game
- You will have 10 minutes to get as many filled balloons on the
- Balloon Game Debriefing
- Political Theories
- Social Contract
- Natural Rights
- Democracy
- Concepts of Government
- Warm up 6 ndash 91114
- Warm Up 7
- And after the Constitution
- Activity (2)
- Picture Activity
- Constitutional Convention
- Purpose of the Convention
- VA Plan v NJ Plan
- Virginia Plan ldquoLarge State Planrdquo
- New Jersey Plan ldquoSmall State Planrdquo
- Your Task
- Closure
- States agree
- Quote
- Structure of Constitution
- Structure of Constitution
- 6 Purpose of Government
- Structure of Constitution (2)
- Structure of Constitution (3)
- Principles of Constitution
- Activity
- Slide 60
- Check for Understanding Six Principles
- Question 1
- Question 2
- Question 3
- Question 4
- Question 5
- Question 6
- Question 7
- Question 8
- Groups
- Separation of Powers
- Video
- Checks and Balances
- Slide 74
- Checks and balances
- Basic Principles
- Self- Worth
- Equality
- Compromise
- Individual Freedom
- Write your ownhellip
- Slide 82
- TED Talk
- Closure
- What is Economics
- Economics ishellip
- Back to our assumptionshellip
- Scarcity refers to the limited number of resources (factors of
- For the videohellip
- Slide 90
- Post Videohellip
- Advertisement
- Political Cartoon Analysis
- Factors of Production
- TASK
- The price ofhellip
- Economic efficiency is achieved when all available resources ar
- 1 What to produce
- 2 How to produce it
- 3 For whom to produce it
- Application Activity
- EQs
- Objectives amp Essential Questions
- Group Activity Budget Activity
- Slide 105
- How do we satisfy our economic wants
- How do we make goods amp services
- Economic Interdependence
- Slide 109
- Making Choices to Deal With Scarcity
- Exampleshellip
- Task Reflecting on Personal Trade-offshellip
- Opportunity Cost
- What else influences your choices
- Finallyhellip Why it Matters
- Visualizing the Relationshiphellip
- ObjectivesEssential Questions
- How Can We Measure What We Gain and Lose When Making Choices
- Production Possibilities Frontier
- PPF Assumptions
- Slide 121
- Production Possibilities Curve
- The Choices Nations Make
- Economic Growth
- The Classic Guns and Butter example
- Productivity
- Locations on a PPF
- Slide 128
- BOWED-OUT PPFs VaryingIncreasing OC
- Economic Systems
- Jigsaw activity
- Slide 132
- Economic amp Social Goals of an Economic System
- Review of Economic Systems
- Slide 135
- What are the most important goals of each economic system
- Which economic system does the US use
- The American Economic System
- The US mixed economy
- Slide 140
- Think backhellip
- US Economic System Characteristics
- Slide 143
- Understanding how all parts fit together
- Marriage Vows
- Do you remember
- Slide 147
-
Economic efficiency is achieved when all available resources are being used
All societies must answer three basic questions to satisfy the needs and wants of their populations
1 What to produce
bullShould it be military or civilian goods
bullFood or clothingbullMedicine or movies
2 How to produce it
bullAutomated or manual labor
bullExpensive or cheap materials
bullDomestic or overseas labor
3 For whom to produce it
bullThe wealthy or the needybullThe sick or the healthy
Application Activity
bull In groups of 2-3 create your own country (name it please)
bull With your countryrsquos name explain the Population geography and general population
information (iehellipbull Choose 5 items for your country to produce and
answer the three societal questions for eachALSO explain why this material would help your
economy thrivereach economic efficiencybull Create an advertisement for your country
withhellip Images representing what you produce and a
slogan for why your country is awesome
EQs
bullHow does scarcity impact decision making
Objectives amp Essential QuestionsbullObjectives
I will be able to create and reflect on a budget given new economics content
I will be able to understand scarcity and our mixed economy
bullEssential QuestionsHow does scarcity impact decision makingHow do we satisfy our economic wants
Group Activity Budget Activity
bullTeacher will break you into groups In your groups you will be creating a budget for a single family
bullYour group has been given an income for a year Given your family situation negotiate with your ldquofamilyrdquo to complete a budget for 1 month (keep in mind your $$ is in a given year)
bullhttpwwwyoutubecomwatchv=yoVc_S_gd_0
How do we satisfy our economic wants
bull We buy goods or services
bull Good ndash a physical object (tangible) that has been produced for salebull Durable ndash last 3+ yearsbull Nondurable ndash last up to 3 years
bull Service ndash work done by someone else for which someone is willing to pay
How do we make goods amp services
bull Use Factors of Production - The productive resources that go into producing goods and services
Production Equation
LAND + LABOR + CAPITAL = GOODSERVICE
inputs output
Economic Interdependence
bullWhat does lsquointerdependencersquo mean
bullIs our world becoming economic interdependent or independent
bullEconomic Interdependence the actions of one part of the
country (world) has an impact on what happens elsewhere
Wants amp Needs gt
Resources
Because of scarcity we
have to make choices
How do we make a choice What do we give up
What does this remind you of from our government unit
Making Choices to Deal With Scarcity
bullPeople seek to maximize their utility when making decisions This requires them to consider tradeoffs
Utility ndash the satisfaction or benefit a person receives from consuming a good or service
Tradeoffs ndash the alternate choices people have when making a decision also the benefitsadvantages of making on
decision over another
ExampleshellipbullSome choices are easy to makehellip
HmmhellipShould I have pizza or a hoagie for lunch today
bullOther decisions are agonizinghellipShould I get out of bed and go to
school today or should I sleep in
Task Reflecting on Personal Trade-offshellip
In the end what helped you decide amongst your choices
Think of ONE decision thatyou had to make in the last weekhellipIdentify your various
tradeoffs for that decision
Be prepared to share
Opportunity Cost
bullWhen comparing the top 2 choices it is the BENEFIT of the next best alternative that must be sacrificed to satisfy a want
bullYou do a cost-benefit analysis to figure out which decision is most beneficial
Opportunity Cost ndash The best thing we give up to get what
we want
What else influences your choices
bullPeople make decisions based on their marginal utility or the extra satisfaction they gain from one additional unit of a goodservice
bullLaw of Diminishing Marginal Utility says that as we get or do more of something the pleasure we derive from it tends to decrease and so does our willingness to buy it or do it
FinallyhellipWhy it Matters
Understanding the opportunity coststradeoffs of different choices in life makes you a
better decision-maker
Todayrsquos Message ndash ldquoTherersquos No Such Thing As a Free Lunchrdquo
You always have to give something uphelliprdquo
ALL Individuals Businesses amp Societies have to consider tradeoffsopportunity costs when making
decisions
Visualizing the Relationshiphellip
Limited Resources amp Unlimited Wants
Scarcity
Trade-offs (choices)
Opportunity Costs
ObjectivesEssential Questions
bullObjectivebullI will be able to understand (and teach)
the three different types of economies
bullEssential Question How do the different types of economies work
How Can We Measure What We Gain and Lose When
Making Choices
Answer With a Production Possibilities Frontier
Production Possibilities Frontier
bullDiagram representing the possible combinations of goods and or services an economy can produce when all resources are being fully employed
PPF Assumptions
bullWe live in a two good worldbullThere are fixed resourcesbullThere is fixed technologybullResources are not specialized
Production Possibilities Curve
CD
E
OU
TP
UT
OF
CO
NS
UM
ER
GO
OD
S
(un
its
per
yea
r)
OUTPUT OF MILITARY GOODS (units per year)
A
BO
XF
G
Limited resources necessitate choices about WHAT to produce
The Choices Nations Make
bullA nation must choose what to do with its scarce resources during war or periods of military buildup
bullProduce military goods or consumer goods
Economic Growth
2000 production possibilities
1900 production possibilities
OU
TP
UT
OF
CO
NS
UM
ER
GO
OD
S(u
nits
per
yea
r)
OUTPUT OF MILITARY GOODS (units per year)
Production possibilities increases with more resources and technology
The Classic Guns and Butter example
Guns
Butter
10000 20000 30000 40000 50000
1000009500085000
70000
5000040000
BA
C
D
E
F
At point A all resources are used for butter
Moving from point A to point B requires shifting resources out of butter and into guns
At point F all resources are used for Guns
Productivitybull A PPF can help us see how efficient our
choices are
bull Productivity - measurement of how efficiently we are utilizing our resources Is this the same as production
bull An economy producing on the curve = using their resources to produce the MAXIMUM amount of goodsservices
Locations on a PPF
bull Efficient Point place where an economy is achieving as much output as possible from a given amount of resources ndash occurs at any point on the curve
bull Inefficient Point ndash place where the economy is not functioning as it could be ndash occurs at any point inside the curve
bull Unattainable Point ndash place where the economy cannot produce given its current resources ndash occurs at any point outside the curve
Food
Computer
4
3
2
1
1 2 3 4
OC between 1 and 2 computers = 1 Food
UnitOC between 3 and 4 computers = 1 Food
Unit
Constantly giving up the same quantity of food to get
additional computers
STRAIGHT-LINE PPFs Constant OC
BOWED-OUT PPFs VaryingIncreasing OC
Principle of Increasing Costs
As a society produces more of one product the OC of producing
that product increases because we are using more resources that are poorly suited to produce it
Economic Systems
An economic system is the way a society coordinates the production and consumption of goods amp services
How a society answers the three basic economic questions determines which type of economic system they are
Three Types of Economic Systems Command Traditional Market
Jigsaw activity
bullYou will be placed in groups of 3 and assigned a type of economy
bullYou will have 7 minutes to read and come up with 4 key components
bullAfter the 7 minuteshellip 1rsquos go to the front of the classroom2rsquos go to the wall nearest the door3rsquos go to the wall nearest the courtyard
Economic amp Social Goals of an Economic System
bull Economic Freedom
bull Economic Efficiency
bull Economic Equity
bull Economic Security
Economic Stability
Economic Growth
Review of Economic Systems
bullA traditional economy relies on custom and tradition to dictate production and consumption
bullIn a command economy decisions about production and consumption are made by a powerful ruler or central authority
bullIn a market economy individual producers and consumers coordinate economic activity
What are the most important goals of each economic system
bullTraditionalSecurity and
StabilitybullCommand
Equity and Security
bullMARKETEfficiency and
Freedom
Societies differ in the degree of importance they attach to each goal Progress toward one goal can sometimes be achieved only
at the expense of another (TRADEOFFS)
Which economic system does the US use
The American Economic System
bullWe have a mixed market economy
COMMAND MARKET
The US mixed economybull In a mixed economyhellip
Individuals Own the factors of production Possess freedom to produce or consume Must operate under confines of law
Government Protects workers and consumers Regulates business and preserves competition Provide public goodsbenefits
Think backhellip
bullWhat does this remind you of from the beginning of the unit
US Economic System Characteristics 1 Economic freedom (ldquolaissez-fairerdquo)
2 Limited government
3 Equal opportunity
4 Competition
5 Profit motive
6 Property Rights
7 Binding Contracts
Understanding how all parts fit together
Circular Flow of Economic Activity Represents a market economy
2 main ldquomarketsrdquoProduct Market Factor Market
where goods and services where the 4 factors ofare boughtsold production are boughtsold
Shows interdependence between
businesses and individuals
Marriage Vowsbull CONGRATULATIONS The government and the economy
are renewing their marriage vows You are cordially invited to the ceremony but this perfect couple needs your help
bull Using what you have learned this unit and using the textbook
bull You will explain the way government and the economy are connected (made for each other) You will demonstrate this answer in the format of wedding vows
bull You must use at least 5 of the following words Producers Taxes Consumers Restrictions Markets Freedom GoodsServices Limited
bull Look back to US Economic System Characteristics bull Each set of vows must be at least 6 lines
Do you remember
bullWrite the following question downbullWhy does the United States have a
democracy and mixed economy
- Foundations of Government and Economics
- On your blank piece of paperhellip
- Slide 3
- Warm-Up 1 - 9414
- Introductory thoughts hellip
- Slide 6
- 2 How about to your life
- Slide 8
- Slide 9
- Slide 10
- Slide 11
- Warm Up -2a- 9514 The New York Times and CBS News Pollhellip
- Warm up 2bndash In Journal-
- Economist and Politician Assumptions
- Individualism
- Quote activity
- Quote breakdown
- Warm Up 3- Current Event 9814
- Purpose of Government
- Slide 20
- 3 Theorists
- Activity
- Origins of American Government A customized government
- Origins of American Government A customized government (2)
- Origins of American Government A customized government (3)
- With which theory do you agree more Why
- The ldquoOriginal Dilemmardquo
- Warm Up 5 Hobbes and Locke
- Groups Block 2
- Groups Block 4
- Balloon Game
- You will have 10 minutes to get as many filled balloons on the
- Balloon Game Debriefing
- Political Theories
- Social Contract
- Natural Rights
- Democracy
- Concepts of Government
- Warm up 6 ndash 91114
- Warm Up 7
- And after the Constitution
- Activity (2)
- Picture Activity
- Constitutional Convention
- Purpose of the Convention
- VA Plan v NJ Plan
- Virginia Plan ldquoLarge State Planrdquo
- New Jersey Plan ldquoSmall State Planrdquo
- Your Task
- Closure
- States agree
- Quote
- Structure of Constitution
- Structure of Constitution
- 6 Purpose of Government
- Structure of Constitution (2)
- Structure of Constitution (3)
- Principles of Constitution
- Activity
- Slide 60
- Check for Understanding Six Principles
- Question 1
- Question 2
- Question 3
- Question 4
- Question 5
- Question 6
- Question 7
- Question 8
- Groups
- Separation of Powers
- Video
- Checks and Balances
- Slide 74
- Checks and balances
- Basic Principles
- Self- Worth
- Equality
- Compromise
- Individual Freedom
- Write your ownhellip
- Slide 82
- TED Talk
- Closure
- What is Economics
- Economics ishellip
- Back to our assumptionshellip
- Scarcity refers to the limited number of resources (factors of
- For the videohellip
- Slide 90
- Post Videohellip
- Advertisement
- Political Cartoon Analysis
- Factors of Production
- TASK
- The price ofhellip
- Economic efficiency is achieved when all available resources ar
- 1 What to produce
- 2 How to produce it
- 3 For whom to produce it
- Application Activity
- EQs
- Objectives amp Essential Questions
- Group Activity Budget Activity
- Slide 105
- How do we satisfy our economic wants
- How do we make goods amp services
- Economic Interdependence
- Slide 109
- Making Choices to Deal With Scarcity
- Exampleshellip
- Task Reflecting on Personal Trade-offshellip
- Opportunity Cost
- What else influences your choices
- Finallyhellip Why it Matters
- Visualizing the Relationshiphellip
- ObjectivesEssential Questions
- How Can We Measure What We Gain and Lose When Making Choices
- Production Possibilities Frontier
- PPF Assumptions
- Slide 121
- Production Possibilities Curve
- The Choices Nations Make
- Economic Growth
- The Classic Guns and Butter example
- Productivity
- Locations on a PPF
- Slide 128
- BOWED-OUT PPFs VaryingIncreasing OC
- Economic Systems
- Jigsaw activity
- Slide 132
- Economic amp Social Goals of an Economic System
- Review of Economic Systems
- Slide 135
- What are the most important goals of each economic system
- Which economic system does the US use
- The American Economic System
- The US mixed economy
- Slide 140
- Think backhellip
- US Economic System Characteristics
- Slide 143
- Understanding how all parts fit together
- Marriage Vows
- Do you remember
- Slide 147
-
1 What to produce
bullShould it be military or civilian goods
bullFood or clothingbullMedicine or movies
2 How to produce it
bullAutomated or manual labor
bullExpensive or cheap materials
bullDomestic or overseas labor
3 For whom to produce it
bullThe wealthy or the needybullThe sick or the healthy
Application Activity
bull In groups of 2-3 create your own country (name it please)
bull With your countryrsquos name explain the Population geography and general population
information (iehellipbull Choose 5 items for your country to produce and
answer the three societal questions for eachALSO explain why this material would help your
economy thrivereach economic efficiencybull Create an advertisement for your country
withhellip Images representing what you produce and a
slogan for why your country is awesome
EQs
bullHow does scarcity impact decision making
Objectives amp Essential QuestionsbullObjectives
I will be able to create and reflect on a budget given new economics content
I will be able to understand scarcity and our mixed economy
bullEssential QuestionsHow does scarcity impact decision makingHow do we satisfy our economic wants
Group Activity Budget Activity
bullTeacher will break you into groups In your groups you will be creating a budget for a single family
bullYour group has been given an income for a year Given your family situation negotiate with your ldquofamilyrdquo to complete a budget for 1 month (keep in mind your $$ is in a given year)
bullhttpwwwyoutubecomwatchv=yoVc_S_gd_0
How do we satisfy our economic wants
bull We buy goods or services
bull Good ndash a physical object (tangible) that has been produced for salebull Durable ndash last 3+ yearsbull Nondurable ndash last up to 3 years
bull Service ndash work done by someone else for which someone is willing to pay
How do we make goods amp services
bull Use Factors of Production - The productive resources that go into producing goods and services
Production Equation
LAND + LABOR + CAPITAL = GOODSERVICE
inputs output
Economic Interdependence
bullWhat does lsquointerdependencersquo mean
bullIs our world becoming economic interdependent or independent
bullEconomic Interdependence the actions of one part of the
country (world) has an impact on what happens elsewhere
Wants amp Needs gt
Resources
Because of scarcity we
have to make choices
How do we make a choice What do we give up
What does this remind you of from our government unit
Making Choices to Deal With Scarcity
bullPeople seek to maximize their utility when making decisions This requires them to consider tradeoffs
Utility ndash the satisfaction or benefit a person receives from consuming a good or service
Tradeoffs ndash the alternate choices people have when making a decision also the benefitsadvantages of making on
decision over another
ExampleshellipbullSome choices are easy to makehellip
HmmhellipShould I have pizza or a hoagie for lunch today
bullOther decisions are agonizinghellipShould I get out of bed and go to
school today or should I sleep in
Task Reflecting on Personal Trade-offshellip
In the end what helped you decide amongst your choices
Think of ONE decision thatyou had to make in the last weekhellipIdentify your various
tradeoffs for that decision
Be prepared to share
Opportunity Cost
bullWhen comparing the top 2 choices it is the BENEFIT of the next best alternative that must be sacrificed to satisfy a want
bullYou do a cost-benefit analysis to figure out which decision is most beneficial
Opportunity Cost ndash The best thing we give up to get what
we want
What else influences your choices
bullPeople make decisions based on their marginal utility or the extra satisfaction they gain from one additional unit of a goodservice
bullLaw of Diminishing Marginal Utility says that as we get or do more of something the pleasure we derive from it tends to decrease and so does our willingness to buy it or do it
FinallyhellipWhy it Matters
Understanding the opportunity coststradeoffs of different choices in life makes you a
better decision-maker
Todayrsquos Message ndash ldquoTherersquos No Such Thing As a Free Lunchrdquo
You always have to give something uphelliprdquo
ALL Individuals Businesses amp Societies have to consider tradeoffsopportunity costs when making
decisions
Visualizing the Relationshiphellip
Limited Resources amp Unlimited Wants
Scarcity
Trade-offs (choices)
Opportunity Costs
ObjectivesEssential Questions
bullObjectivebullI will be able to understand (and teach)
the three different types of economies
bullEssential Question How do the different types of economies work
How Can We Measure What We Gain and Lose When
Making Choices
Answer With a Production Possibilities Frontier
Production Possibilities Frontier
bullDiagram representing the possible combinations of goods and or services an economy can produce when all resources are being fully employed
PPF Assumptions
bullWe live in a two good worldbullThere are fixed resourcesbullThere is fixed technologybullResources are not specialized
Production Possibilities Curve
CD
E
OU
TP
UT
OF
CO
NS
UM
ER
GO
OD
S
(un
its
per
yea
r)
OUTPUT OF MILITARY GOODS (units per year)
A
BO
XF
G
Limited resources necessitate choices about WHAT to produce
The Choices Nations Make
bullA nation must choose what to do with its scarce resources during war or periods of military buildup
bullProduce military goods or consumer goods
Economic Growth
2000 production possibilities
1900 production possibilities
OU
TP
UT
OF
CO
NS
UM
ER
GO
OD
S(u
nits
per
yea
r)
OUTPUT OF MILITARY GOODS (units per year)
Production possibilities increases with more resources and technology
The Classic Guns and Butter example
Guns
Butter
10000 20000 30000 40000 50000
1000009500085000
70000
5000040000
BA
C
D
E
F
At point A all resources are used for butter
Moving from point A to point B requires shifting resources out of butter and into guns
At point F all resources are used for Guns
Productivitybull A PPF can help us see how efficient our
choices are
bull Productivity - measurement of how efficiently we are utilizing our resources Is this the same as production
bull An economy producing on the curve = using their resources to produce the MAXIMUM amount of goodsservices
Locations on a PPF
bull Efficient Point place where an economy is achieving as much output as possible from a given amount of resources ndash occurs at any point on the curve
bull Inefficient Point ndash place where the economy is not functioning as it could be ndash occurs at any point inside the curve
bull Unattainable Point ndash place where the economy cannot produce given its current resources ndash occurs at any point outside the curve
Food
Computer
4
3
2
1
1 2 3 4
OC between 1 and 2 computers = 1 Food
UnitOC between 3 and 4 computers = 1 Food
Unit
Constantly giving up the same quantity of food to get
additional computers
STRAIGHT-LINE PPFs Constant OC
BOWED-OUT PPFs VaryingIncreasing OC
Principle of Increasing Costs
As a society produces more of one product the OC of producing
that product increases because we are using more resources that are poorly suited to produce it
Economic Systems
An economic system is the way a society coordinates the production and consumption of goods amp services
How a society answers the three basic economic questions determines which type of economic system they are
Three Types of Economic Systems Command Traditional Market
Jigsaw activity
bullYou will be placed in groups of 3 and assigned a type of economy
bullYou will have 7 minutes to read and come up with 4 key components
bullAfter the 7 minuteshellip 1rsquos go to the front of the classroom2rsquos go to the wall nearest the door3rsquos go to the wall nearest the courtyard
Economic amp Social Goals of an Economic System
bull Economic Freedom
bull Economic Efficiency
bull Economic Equity
bull Economic Security
Economic Stability
Economic Growth
Review of Economic Systems
bullA traditional economy relies on custom and tradition to dictate production and consumption
bullIn a command economy decisions about production and consumption are made by a powerful ruler or central authority
bullIn a market economy individual producers and consumers coordinate economic activity
What are the most important goals of each economic system
bullTraditionalSecurity and
StabilitybullCommand
Equity and Security
bullMARKETEfficiency and
Freedom
Societies differ in the degree of importance they attach to each goal Progress toward one goal can sometimes be achieved only
at the expense of another (TRADEOFFS)
Which economic system does the US use
The American Economic System
bullWe have a mixed market economy
COMMAND MARKET
The US mixed economybull In a mixed economyhellip
Individuals Own the factors of production Possess freedom to produce or consume Must operate under confines of law
Government Protects workers and consumers Regulates business and preserves competition Provide public goodsbenefits
Think backhellip
bullWhat does this remind you of from the beginning of the unit
US Economic System Characteristics 1 Economic freedom (ldquolaissez-fairerdquo)
2 Limited government
3 Equal opportunity
4 Competition
5 Profit motive
6 Property Rights
7 Binding Contracts
Understanding how all parts fit together
Circular Flow of Economic Activity Represents a market economy
2 main ldquomarketsrdquoProduct Market Factor Market
where goods and services where the 4 factors ofare boughtsold production are boughtsold
Shows interdependence between
businesses and individuals
Marriage Vowsbull CONGRATULATIONS The government and the economy
are renewing their marriage vows You are cordially invited to the ceremony but this perfect couple needs your help
bull Using what you have learned this unit and using the textbook
bull You will explain the way government and the economy are connected (made for each other) You will demonstrate this answer in the format of wedding vows
bull You must use at least 5 of the following words Producers Taxes Consumers Restrictions Markets Freedom GoodsServices Limited
bull Look back to US Economic System Characteristics bull Each set of vows must be at least 6 lines
Do you remember
bullWrite the following question downbullWhy does the United States have a
democracy and mixed economy
- Foundations of Government and Economics
- On your blank piece of paperhellip
- Slide 3
- Warm-Up 1 - 9414
- Introductory thoughts hellip
- Slide 6
- 2 How about to your life
- Slide 8
- Slide 9
- Slide 10
- Slide 11
- Warm Up -2a- 9514 The New York Times and CBS News Pollhellip
- Warm up 2bndash In Journal-
- Economist and Politician Assumptions
- Individualism
- Quote activity
- Quote breakdown
- Warm Up 3- Current Event 9814
- Purpose of Government
- Slide 20
- 3 Theorists
- Activity
- Origins of American Government A customized government
- Origins of American Government A customized government (2)
- Origins of American Government A customized government (3)
- With which theory do you agree more Why
- The ldquoOriginal Dilemmardquo
- Warm Up 5 Hobbes and Locke
- Groups Block 2
- Groups Block 4
- Balloon Game
- You will have 10 minutes to get as many filled balloons on the
- Balloon Game Debriefing
- Political Theories
- Social Contract
- Natural Rights
- Democracy
- Concepts of Government
- Warm up 6 ndash 91114
- Warm Up 7
- And after the Constitution
- Activity (2)
- Picture Activity
- Constitutional Convention
- Purpose of the Convention
- VA Plan v NJ Plan
- Virginia Plan ldquoLarge State Planrdquo
- New Jersey Plan ldquoSmall State Planrdquo
- Your Task
- Closure
- States agree
- Quote
- Structure of Constitution
- Structure of Constitution
- 6 Purpose of Government
- Structure of Constitution (2)
- Structure of Constitution (3)
- Principles of Constitution
- Activity
- Slide 60
- Check for Understanding Six Principles
- Question 1
- Question 2
- Question 3
- Question 4
- Question 5
- Question 6
- Question 7
- Question 8
- Groups
- Separation of Powers
- Video
- Checks and Balances
- Slide 74
- Checks and balances
- Basic Principles
- Self- Worth
- Equality
- Compromise
- Individual Freedom
- Write your ownhellip
- Slide 82
- TED Talk
- Closure
- What is Economics
- Economics ishellip
- Back to our assumptionshellip
- Scarcity refers to the limited number of resources (factors of
- For the videohellip
- Slide 90
- Post Videohellip
- Advertisement
- Political Cartoon Analysis
- Factors of Production
- TASK
- The price ofhellip
- Economic efficiency is achieved when all available resources ar
- 1 What to produce
- 2 How to produce it
- 3 For whom to produce it
- Application Activity
- EQs
- Objectives amp Essential Questions
- Group Activity Budget Activity
- Slide 105
- How do we satisfy our economic wants
- How do we make goods amp services
- Economic Interdependence
- Slide 109
- Making Choices to Deal With Scarcity
- Exampleshellip
- Task Reflecting on Personal Trade-offshellip
- Opportunity Cost
- What else influences your choices
- Finallyhellip Why it Matters
- Visualizing the Relationshiphellip
- ObjectivesEssential Questions
- How Can We Measure What We Gain and Lose When Making Choices
- Production Possibilities Frontier
- PPF Assumptions
- Slide 121
- Production Possibilities Curve
- The Choices Nations Make
- Economic Growth
- The Classic Guns and Butter example
- Productivity
- Locations on a PPF
- Slide 128
- BOWED-OUT PPFs VaryingIncreasing OC
- Economic Systems
- Jigsaw activity
- Slide 132
- Economic amp Social Goals of an Economic System
- Review of Economic Systems
- Slide 135
- What are the most important goals of each economic system
- Which economic system does the US use
- The American Economic System
- The US mixed economy
- Slide 140
- Think backhellip
- US Economic System Characteristics
- Slide 143
- Understanding how all parts fit together
- Marriage Vows
- Do you remember
- Slide 147
-
2 How to produce it
bullAutomated or manual labor
bullExpensive or cheap materials
bullDomestic or overseas labor
3 For whom to produce it
bullThe wealthy or the needybullThe sick or the healthy
Application Activity
bull In groups of 2-3 create your own country (name it please)
bull With your countryrsquos name explain the Population geography and general population
information (iehellipbull Choose 5 items for your country to produce and
answer the three societal questions for eachALSO explain why this material would help your
economy thrivereach economic efficiencybull Create an advertisement for your country
withhellip Images representing what you produce and a
slogan for why your country is awesome
EQs
bullHow does scarcity impact decision making
Objectives amp Essential QuestionsbullObjectives
I will be able to create and reflect on a budget given new economics content
I will be able to understand scarcity and our mixed economy
bullEssential QuestionsHow does scarcity impact decision makingHow do we satisfy our economic wants
Group Activity Budget Activity
bullTeacher will break you into groups In your groups you will be creating a budget for a single family
bullYour group has been given an income for a year Given your family situation negotiate with your ldquofamilyrdquo to complete a budget for 1 month (keep in mind your $$ is in a given year)
bullhttpwwwyoutubecomwatchv=yoVc_S_gd_0
How do we satisfy our economic wants
bull We buy goods or services
bull Good ndash a physical object (tangible) that has been produced for salebull Durable ndash last 3+ yearsbull Nondurable ndash last up to 3 years
bull Service ndash work done by someone else for which someone is willing to pay
How do we make goods amp services
bull Use Factors of Production - The productive resources that go into producing goods and services
Production Equation
LAND + LABOR + CAPITAL = GOODSERVICE
inputs output
Economic Interdependence
bullWhat does lsquointerdependencersquo mean
bullIs our world becoming economic interdependent or independent
bullEconomic Interdependence the actions of one part of the
country (world) has an impact on what happens elsewhere
Wants amp Needs gt
Resources
Because of scarcity we
have to make choices
How do we make a choice What do we give up
What does this remind you of from our government unit
Making Choices to Deal With Scarcity
bullPeople seek to maximize their utility when making decisions This requires them to consider tradeoffs
Utility ndash the satisfaction or benefit a person receives from consuming a good or service
Tradeoffs ndash the alternate choices people have when making a decision also the benefitsadvantages of making on
decision over another
ExampleshellipbullSome choices are easy to makehellip
HmmhellipShould I have pizza or a hoagie for lunch today
bullOther decisions are agonizinghellipShould I get out of bed and go to
school today or should I sleep in
Task Reflecting on Personal Trade-offshellip
In the end what helped you decide amongst your choices
Think of ONE decision thatyou had to make in the last weekhellipIdentify your various
tradeoffs for that decision
Be prepared to share
Opportunity Cost
bullWhen comparing the top 2 choices it is the BENEFIT of the next best alternative that must be sacrificed to satisfy a want
bullYou do a cost-benefit analysis to figure out which decision is most beneficial
Opportunity Cost ndash The best thing we give up to get what
we want
What else influences your choices
bullPeople make decisions based on their marginal utility or the extra satisfaction they gain from one additional unit of a goodservice
bullLaw of Diminishing Marginal Utility says that as we get or do more of something the pleasure we derive from it tends to decrease and so does our willingness to buy it or do it
FinallyhellipWhy it Matters
Understanding the opportunity coststradeoffs of different choices in life makes you a
better decision-maker
Todayrsquos Message ndash ldquoTherersquos No Such Thing As a Free Lunchrdquo
You always have to give something uphelliprdquo
ALL Individuals Businesses amp Societies have to consider tradeoffsopportunity costs when making
decisions
Visualizing the Relationshiphellip
Limited Resources amp Unlimited Wants
Scarcity
Trade-offs (choices)
Opportunity Costs
ObjectivesEssential Questions
bullObjectivebullI will be able to understand (and teach)
the three different types of economies
bullEssential Question How do the different types of economies work
How Can We Measure What We Gain and Lose When
Making Choices
Answer With a Production Possibilities Frontier
Production Possibilities Frontier
bullDiagram representing the possible combinations of goods and or services an economy can produce when all resources are being fully employed
PPF Assumptions
bullWe live in a two good worldbullThere are fixed resourcesbullThere is fixed technologybullResources are not specialized
Production Possibilities Curve
CD
E
OU
TP
UT
OF
CO
NS
UM
ER
GO
OD
S
(un
its
per
yea
r)
OUTPUT OF MILITARY GOODS (units per year)
A
BO
XF
G
Limited resources necessitate choices about WHAT to produce
The Choices Nations Make
bullA nation must choose what to do with its scarce resources during war or periods of military buildup
bullProduce military goods or consumer goods
Economic Growth
2000 production possibilities
1900 production possibilities
OU
TP
UT
OF
CO
NS
UM
ER
GO
OD
S(u
nits
per
yea
r)
OUTPUT OF MILITARY GOODS (units per year)
Production possibilities increases with more resources and technology
The Classic Guns and Butter example
Guns
Butter
10000 20000 30000 40000 50000
1000009500085000
70000
5000040000
BA
C
D
E
F
At point A all resources are used for butter
Moving from point A to point B requires shifting resources out of butter and into guns
At point F all resources are used for Guns
Productivitybull A PPF can help us see how efficient our
choices are
bull Productivity - measurement of how efficiently we are utilizing our resources Is this the same as production
bull An economy producing on the curve = using their resources to produce the MAXIMUM amount of goodsservices
Locations on a PPF
bull Efficient Point place where an economy is achieving as much output as possible from a given amount of resources ndash occurs at any point on the curve
bull Inefficient Point ndash place where the economy is not functioning as it could be ndash occurs at any point inside the curve
bull Unattainable Point ndash place where the economy cannot produce given its current resources ndash occurs at any point outside the curve
Food
Computer
4
3
2
1
1 2 3 4
OC between 1 and 2 computers = 1 Food
UnitOC between 3 and 4 computers = 1 Food
Unit
Constantly giving up the same quantity of food to get
additional computers
STRAIGHT-LINE PPFs Constant OC
BOWED-OUT PPFs VaryingIncreasing OC
Principle of Increasing Costs
As a society produces more of one product the OC of producing
that product increases because we are using more resources that are poorly suited to produce it
Economic Systems
An economic system is the way a society coordinates the production and consumption of goods amp services
How a society answers the three basic economic questions determines which type of economic system they are
Three Types of Economic Systems Command Traditional Market
Jigsaw activity
bullYou will be placed in groups of 3 and assigned a type of economy
bullYou will have 7 minutes to read and come up with 4 key components
bullAfter the 7 minuteshellip 1rsquos go to the front of the classroom2rsquos go to the wall nearest the door3rsquos go to the wall nearest the courtyard
Economic amp Social Goals of an Economic System
bull Economic Freedom
bull Economic Efficiency
bull Economic Equity
bull Economic Security
Economic Stability
Economic Growth
Review of Economic Systems
bullA traditional economy relies on custom and tradition to dictate production and consumption
bullIn a command economy decisions about production and consumption are made by a powerful ruler or central authority
bullIn a market economy individual producers and consumers coordinate economic activity
What are the most important goals of each economic system
bullTraditionalSecurity and
StabilitybullCommand
Equity and Security
bullMARKETEfficiency and
Freedom
Societies differ in the degree of importance they attach to each goal Progress toward one goal can sometimes be achieved only
at the expense of another (TRADEOFFS)
Which economic system does the US use
The American Economic System
bullWe have a mixed market economy
COMMAND MARKET
The US mixed economybull In a mixed economyhellip
Individuals Own the factors of production Possess freedom to produce or consume Must operate under confines of law
Government Protects workers and consumers Regulates business and preserves competition Provide public goodsbenefits
Think backhellip
bullWhat does this remind you of from the beginning of the unit
US Economic System Characteristics 1 Economic freedom (ldquolaissez-fairerdquo)
2 Limited government
3 Equal opportunity
4 Competition
5 Profit motive
6 Property Rights
7 Binding Contracts
Understanding how all parts fit together
Circular Flow of Economic Activity Represents a market economy
2 main ldquomarketsrdquoProduct Market Factor Market
where goods and services where the 4 factors ofare boughtsold production are boughtsold
Shows interdependence between
businesses and individuals
Marriage Vowsbull CONGRATULATIONS The government and the economy
are renewing their marriage vows You are cordially invited to the ceremony but this perfect couple needs your help
bull Using what you have learned this unit and using the textbook
bull You will explain the way government and the economy are connected (made for each other) You will demonstrate this answer in the format of wedding vows
bull You must use at least 5 of the following words Producers Taxes Consumers Restrictions Markets Freedom GoodsServices Limited
bull Look back to US Economic System Characteristics bull Each set of vows must be at least 6 lines
Do you remember
bullWrite the following question downbullWhy does the United States have a
democracy and mixed economy
- Foundations of Government and Economics
- On your blank piece of paperhellip
- Slide 3
- Warm-Up 1 - 9414
- Introductory thoughts hellip
- Slide 6
- 2 How about to your life
- Slide 8
- Slide 9
- Slide 10
- Slide 11
- Warm Up -2a- 9514 The New York Times and CBS News Pollhellip
- Warm up 2bndash In Journal-
- Economist and Politician Assumptions
- Individualism
- Quote activity
- Quote breakdown
- Warm Up 3- Current Event 9814
- Purpose of Government
- Slide 20
- 3 Theorists
- Activity
- Origins of American Government A customized government
- Origins of American Government A customized government (2)
- Origins of American Government A customized government (3)
- With which theory do you agree more Why
- The ldquoOriginal Dilemmardquo
- Warm Up 5 Hobbes and Locke
- Groups Block 2
- Groups Block 4
- Balloon Game
- You will have 10 minutes to get as many filled balloons on the
- Balloon Game Debriefing
- Political Theories
- Social Contract
- Natural Rights
- Democracy
- Concepts of Government
- Warm up 6 ndash 91114
- Warm Up 7
- And after the Constitution
- Activity (2)
- Picture Activity
- Constitutional Convention
- Purpose of the Convention
- VA Plan v NJ Plan
- Virginia Plan ldquoLarge State Planrdquo
- New Jersey Plan ldquoSmall State Planrdquo
- Your Task
- Closure
- States agree
- Quote
- Structure of Constitution
- Structure of Constitution
- 6 Purpose of Government
- Structure of Constitution (2)
- Structure of Constitution (3)
- Principles of Constitution
- Activity
- Slide 60
- Check for Understanding Six Principles
- Question 1
- Question 2
- Question 3
- Question 4
- Question 5
- Question 6
- Question 7
- Question 8
- Groups
- Separation of Powers
- Video
- Checks and Balances
- Slide 74
- Checks and balances
- Basic Principles
- Self- Worth
- Equality
- Compromise
- Individual Freedom
- Write your ownhellip
- Slide 82
- TED Talk
- Closure
- What is Economics
- Economics ishellip
- Back to our assumptionshellip
- Scarcity refers to the limited number of resources (factors of
- For the videohellip
- Slide 90
- Post Videohellip
- Advertisement
- Political Cartoon Analysis
- Factors of Production
- TASK
- The price ofhellip
- Economic efficiency is achieved when all available resources ar
- 1 What to produce
- 2 How to produce it
- 3 For whom to produce it
- Application Activity
- EQs
- Objectives amp Essential Questions
- Group Activity Budget Activity
- Slide 105
- How do we satisfy our economic wants
- How do we make goods amp services
- Economic Interdependence
- Slide 109
- Making Choices to Deal With Scarcity
- Exampleshellip
- Task Reflecting on Personal Trade-offshellip
- Opportunity Cost
- What else influences your choices
- Finallyhellip Why it Matters
- Visualizing the Relationshiphellip
- ObjectivesEssential Questions
- How Can We Measure What We Gain and Lose When Making Choices
- Production Possibilities Frontier
- PPF Assumptions
- Slide 121
- Production Possibilities Curve
- The Choices Nations Make
- Economic Growth
- The Classic Guns and Butter example
- Productivity
- Locations on a PPF
- Slide 128
- BOWED-OUT PPFs VaryingIncreasing OC
- Economic Systems
- Jigsaw activity
- Slide 132
- Economic amp Social Goals of an Economic System
- Review of Economic Systems
- Slide 135
- What are the most important goals of each economic system
- Which economic system does the US use
- The American Economic System
- The US mixed economy
- Slide 140
- Think backhellip
- US Economic System Characteristics
- Slide 143
- Understanding how all parts fit together
- Marriage Vows
- Do you remember
- Slide 147
-
3 For whom to produce it
bullThe wealthy or the needybullThe sick or the healthy
Application Activity
bull In groups of 2-3 create your own country (name it please)
bull With your countryrsquos name explain the Population geography and general population
information (iehellipbull Choose 5 items for your country to produce and
answer the three societal questions for eachALSO explain why this material would help your
economy thrivereach economic efficiencybull Create an advertisement for your country
withhellip Images representing what you produce and a
slogan for why your country is awesome
EQs
bullHow does scarcity impact decision making
Objectives amp Essential QuestionsbullObjectives
I will be able to create and reflect on a budget given new economics content
I will be able to understand scarcity and our mixed economy
bullEssential QuestionsHow does scarcity impact decision makingHow do we satisfy our economic wants
Group Activity Budget Activity
bullTeacher will break you into groups In your groups you will be creating a budget for a single family
bullYour group has been given an income for a year Given your family situation negotiate with your ldquofamilyrdquo to complete a budget for 1 month (keep in mind your $$ is in a given year)
bullhttpwwwyoutubecomwatchv=yoVc_S_gd_0
How do we satisfy our economic wants
bull We buy goods or services
bull Good ndash a physical object (tangible) that has been produced for salebull Durable ndash last 3+ yearsbull Nondurable ndash last up to 3 years
bull Service ndash work done by someone else for which someone is willing to pay
How do we make goods amp services
bull Use Factors of Production - The productive resources that go into producing goods and services
Production Equation
LAND + LABOR + CAPITAL = GOODSERVICE
inputs output
Economic Interdependence
bullWhat does lsquointerdependencersquo mean
bullIs our world becoming economic interdependent or independent
bullEconomic Interdependence the actions of one part of the
country (world) has an impact on what happens elsewhere
Wants amp Needs gt
Resources
Because of scarcity we
have to make choices
How do we make a choice What do we give up
What does this remind you of from our government unit
Making Choices to Deal With Scarcity
bullPeople seek to maximize their utility when making decisions This requires them to consider tradeoffs
Utility ndash the satisfaction or benefit a person receives from consuming a good or service
Tradeoffs ndash the alternate choices people have when making a decision also the benefitsadvantages of making on
decision over another
ExampleshellipbullSome choices are easy to makehellip
HmmhellipShould I have pizza or a hoagie for lunch today
bullOther decisions are agonizinghellipShould I get out of bed and go to
school today or should I sleep in
Task Reflecting on Personal Trade-offshellip
In the end what helped you decide amongst your choices
Think of ONE decision thatyou had to make in the last weekhellipIdentify your various
tradeoffs for that decision
Be prepared to share
Opportunity Cost
bullWhen comparing the top 2 choices it is the BENEFIT of the next best alternative that must be sacrificed to satisfy a want
bullYou do a cost-benefit analysis to figure out which decision is most beneficial
Opportunity Cost ndash The best thing we give up to get what
we want
What else influences your choices
bullPeople make decisions based on their marginal utility or the extra satisfaction they gain from one additional unit of a goodservice
bullLaw of Diminishing Marginal Utility says that as we get or do more of something the pleasure we derive from it tends to decrease and so does our willingness to buy it or do it
FinallyhellipWhy it Matters
Understanding the opportunity coststradeoffs of different choices in life makes you a
better decision-maker
Todayrsquos Message ndash ldquoTherersquos No Such Thing As a Free Lunchrdquo
You always have to give something uphelliprdquo
ALL Individuals Businesses amp Societies have to consider tradeoffsopportunity costs when making
decisions
Visualizing the Relationshiphellip
Limited Resources amp Unlimited Wants
Scarcity
Trade-offs (choices)
Opportunity Costs
ObjectivesEssential Questions
bullObjectivebullI will be able to understand (and teach)
the three different types of economies
bullEssential Question How do the different types of economies work
How Can We Measure What We Gain and Lose When
Making Choices
Answer With a Production Possibilities Frontier
Production Possibilities Frontier
bullDiagram representing the possible combinations of goods and or services an economy can produce when all resources are being fully employed
PPF Assumptions
bullWe live in a two good worldbullThere are fixed resourcesbullThere is fixed technologybullResources are not specialized
Production Possibilities Curve
CD
E
OU
TP
UT
OF
CO
NS
UM
ER
GO
OD
S
(un
its
per
yea
r)
OUTPUT OF MILITARY GOODS (units per year)
A
BO
XF
G
Limited resources necessitate choices about WHAT to produce
The Choices Nations Make
bullA nation must choose what to do with its scarce resources during war or periods of military buildup
bullProduce military goods or consumer goods
Economic Growth
2000 production possibilities
1900 production possibilities
OU
TP
UT
OF
CO
NS
UM
ER
GO
OD
S(u
nits
per
yea
r)
OUTPUT OF MILITARY GOODS (units per year)
Production possibilities increases with more resources and technology
The Classic Guns and Butter example
Guns
Butter
10000 20000 30000 40000 50000
1000009500085000
70000
5000040000
BA
C
D
E
F
At point A all resources are used for butter
Moving from point A to point B requires shifting resources out of butter and into guns
At point F all resources are used for Guns
Productivitybull A PPF can help us see how efficient our
choices are
bull Productivity - measurement of how efficiently we are utilizing our resources Is this the same as production
bull An economy producing on the curve = using their resources to produce the MAXIMUM amount of goodsservices
Locations on a PPF
bull Efficient Point place where an economy is achieving as much output as possible from a given amount of resources ndash occurs at any point on the curve
bull Inefficient Point ndash place where the economy is not functioning as it could be ndash occurs at any point inside the curve
bull Unattainable Point ndash place where the economy cannot produce given its current resources ndash occurs at any point outside the curve
Food
Computer
4
3
2
1
1 2 3 4
OC between 1 and 2 computers = 1 Food
UnitOC between 3 and 4 computers = 1 Food
Unit
Constantly giving up the same quantity of food to get
additional computers
STRAIGHT-LINE PPFs Constant OC
BOWED-OUT PPFs VaryingIncreasing OC
Principle of Increasing Costs
As a society produces more of one product the OC of producing
that product increases because we are using more resources that are poorly suited to produce it
Economic Systems
An economic system is the way a society coordinates the production and consumption of goods amp services
How a society answers the three basic economic questions determines which type of economic system they are
Three Types of Economic Systems Command Traditional Market
Jigsaw activity
bullYou will be placed in groups of 3 and assigned a type of economy
bullYou will have 7 minutes to read and come up with 4 key components
bullAfter the 7 minuteshellip 1rsquos go to the front of the classroom2rsquos go to the wall nearest the door3rsquos go to the wall nearest the courtyard
Economic amp Social Goals of an Economic System
bull Economic Freedom
bull Economic Efficiency
bull Economic Equity
bull Economic Security
Economic Stability
Economic Growth
Review of Economic Systems
bullA traditional economy relies on custom and tradition to dictate production and consumption
bullIn a command economy decisions about production and consumption are made by a powerful ruler or central authority
bullIn a market economy individual producers and consumers coordinate economic activity
What are the most important goals of each economic system
bullTraditionalSecurity and
StabilitybullCommand
Equity and Security
bullMARKETEfficiency and
Freedom
Societies differ in the degree of importance they attach to each goal Progress toward one goal can sometimes be achieved only
at the expense of another (TRADEOFFS)
Which economic system does the US use
The American Economic System
bullWe have a mixed market economy
COMMAND MARKET
The US mixed economybull In a mixed economyhellip
Individuals Own the factors of production Possess freedom to produce or consume Must operate under confines of law
Government Protects workers and consumers Regulates business and preserves competition Provide public goodsbenefits
Think backhellip
bullWhat does this remind you of from the beginning of the unit
US Economic System Characteristics 1 Economic freedom (ldquolaissez-fairerdquo)
2 Limited government
3 Equal opportunity
4 Competition
5 Profit motive
6 Property Rights
7 Binding Contracts
Understanding how all parts fit together
Circular Flow of Economic Activity Represents a market economy
2 main ldquomarketsrdquoProduct Market Factor Market
where goods and services where the 4 factors ofare boughtsold production are boughtsold
Shows interdependence between
businesses and individuals
Marriage Vowsbull CONGRATULATIONS The government and the economy
are renewing their marriage vows You are cordially invited to the ceremony but this perfect couple needs your help
bull Using what you have learned this unit and using the textbook
bull You will explain the way government and the economy are connected (made for each other) You will demonstrate this answer in the format of wedding vows
bull You must use at least 5 of the following words Producers Taxes Consumers Restrictions Markets Freedom GoodsServices Limited
bull Look back to US Economic System Characteristics bull Each set of vows must be at least 6 lines
Do you remember
bullWrite the following question downbullWhy does the United States have a
democracy and mixed economy
- Foundations of Government and Economics
- On your blank piece of paperhellip
- Slide 3
- Warm-Up 1 - 9414
- Introductory thoughts hellip
- Slide 6
- 2 How about to your life
- Slide 8
- Slide 9
- Slide 10
- Slide 11
- Warm Up -2a- 9514 The New York Times and CBS News Pollhellip
- Warm up 2bndash In Journal-
- Economist and Politician Assumptions
- Individualism
- Quote activity
- Quote breakdown
- Warm Up 3- Current Event 9814
- Purpose of Government
- Slide 20
- 3 Theorists
- Activity
- Origins of American Government A customized government
- Origins of American Government A customized government (2)
- Origins of American Government A customized government (3)
- With which theory do you agree more Why
- The ldquoOriginal Dilemmardquo
- Warm Up 5 Hobbes and Locke
- Groups Block 2
- Groups Block 4
- Balloon Game
- You will have 10 minutes to get as many filled balloons on the
- Balloon Game Debriefing
- Political Theories
- Social Contract
- Natural Rights
- Democracy
- Concepts of Government
- Warm up 6 ndash 91114
- Warm Up 7
- And after the Constitution
- Activity (2)
- Picture Activity
- Constitutional Convention
- Purpose of the Convention
- VA Plan v NJ Plan
- Virginia Plan ldquoLarge State Planrdquo
- New Jersey Plan ldquoSmall State Planrdquo
- Your Task
- Closure
- States agree
- Quote
- Structure of Constitution
- Structure of Constitution
- 6 Purpose of Government
- Structure of Constitution (2)
- Structure of Constitution (3)
- Principles of Constitution
- Activity
- Slide 60
- Check for Understanding Six Principles
- Question 1
- Question 2
- Question 3
- Question 4
- Question 5
- Question 6
- Question 7
- Question 8
- Groups
- Separation of Powers
- Video
- Checks and Balances
- Slide 74
- Checks and balances
- Basic Principles
- Self- Worth
- Equality
- Compromise
- Individual Freedom
- Write your ownhellip
- Slide 82
- TED Talk
- Closure
- What is Economics
- Economics ishellip
- Back to our assumptionshellip
- Scarcity refers to the limited number of resources (factors of
- For the videohellip
- Slide 90
- Post Videohellip
- Advertisement
- Political Cartoon Analysis
- Factors of Production
- TASK
- The price ofhellip
- Economic efficiency is achieved when all available resources ar
- 1 What to produce
- 2 How to produce it
- 3 For whom to produce it
- Application Activity
- EQs
- Objectives amp Essential Questions
- Group Activity Budget Activity
- Slide 105
- How do we satisfy our economic wants
- How do we make goods amp services
- Economic Interdependence
- Slide 109
- Making Choices to Deal With Scarcity
- Exampleshellip
- Task Reflecting on Personal Trade-offshellip
- Opportunity Cost
- What else influences your choices
- Finallyhellip Why it Matters
- Visualizing the Relationshiphellip
- ObjectivesEssential Questions
- How Can We Measure What We Gain and Lose When Making Choices
- Production Possibilities Frontier
- PPF Assumptions
- Slide 121
- Production Possibilities Curve
- The Choices Nations Make
- Economic Growth
- The Classic Guns and Butter example
- Productivity
- Locations on a PPF
- Slide 128
- BOWED-OUT PPFs VaryingIncreasing OC
- Economic Systems
- Jigsaw activity
- Slide 132
- Economic amp Social Goals of an Economic System
- Review of Economic Systems
- Slide 135
- What are the most important goals of each economic system
- Which economic system does the US use
- The American Economic System
- The US mixed economy
- Slide 140
- Think backhellip
- US Economic System Characteristics
- Slide 143
- Understanding how all parts fit together
- Marriage Vows
- Do you remember
- Slide 147
-
Application Activity
bull In groups of 2-3 create your own country (name it please)
bull With your countryrsquos name explain the Population geography and general population
information (iehellipbull Choose 5 items for your country to produce and
answer the three societal questions for eachALSO explain why this material would help your
economy thrivereach economic efficiencybull Create an advertisement for your country
withhellip Images representing what you produce and a
slogan for why your country is awesome
EQs
bullHow does scarcity impact decision making
Objectives amp Essential QuestionsbullObjectives
I will be able to create and reflect on a budget given new economics content
I will be able to understand scarcity and our mixed economy
bullEssential QuestionsHow does scarcity impact decision makingHow do we satisfy our economic wants
Group Activity Budget Activity
bullTeacher will break you into groups In your groups you will be creating a budget for a single family
bullYour group has been given an income for a year Given your family situation negotiate with your ldquofamilyrdquo to complete a budget for 1 month (keep in mind your $$ is in a given year)
bullhttpwwwyoutubecomwatchv=yoVc_S_gd_0
How do we satisfy our economic wants
bull We buy goods or services
bull Good ndash a physical object (tangible) that has been produced for salebull Durable ndash last 3+ yearsbull Nondurable ndash last up to 3 years
bull Service ndash work done by someone else for which someone is willing to pay
How do we make goods amp services
bull Use Factors of Production - The productive resources that go into producing goods and services
Production Equation
LAND + LABOR + CAPITAL = GOODSERVICE
inputs output
Economic Interdependence
bullWhat does lsquointerdependencersquo mean
bullIs our world becoming economic interdependent or independent
bullEconomic Interdependence the actions of one part of the
country (world) has an impact on what happens elsewhere
Wants amp Needs gt
Resources
Because of scarcity we
have to make choices
How do we make a choice What do we give up
What does this remind you of from our government unit
Making Choices to Deal With Scarcity
bullPeople seek to maximize their utility when making decisions This requires them to consider tradeoffs
Utility ndash the satisfaction or benefit a person receives from consuming a good or service
Tradeoffs ndash the alternate choices people have when making a decision also the benefitsadvantages of making on
decision over another
ExampleshellipbullSome choices are easy to makehellip
HmmhellipShould I have pizza or a hoagie for lunch today
bullOther decisions are agonizinghellipShould I get out of bed and go to
school today or should I sleep in
Task Reflecting on Personal Trade-offshellip
In the end what helped you decide amongst your choices
Think of ONE decision thatyou had to make in the last weekhellipIdentify your various
tradeoffs for that decision
Be prepared to share
Opportunity Cost
bullWhen comparing the top 2 choices it is the BENEFIT of the next best alternative that must be sacrificed to satisfy a want
bullYou do a cost-benefit analysis to figure out which decision is most beneficial
Opportunity Cost ndash The best thing we give up to get what
we want
What else influences your choices
bullPeople make decisions based on their marginal utility or the extra satisfaction they gain from one additional unit of a goodservice
bullLaw of Diminishing Marginal Utility says that as we get or do more of something the pleasure we derive from it tends to decrease and so does our willingness to buy it or do it
FinallyhellipWhy it Matters
Understanding the opportunity coststradeoffs of different choices in life makes you a
better decision-maker
Todayrsquos Message ndash ldquoTherersquos No Such Thing As a Free Lunchrdquo
You always have to give something uphelliprdquo
ALL Individuals Businesses amp Societies have to consider tradeoffsopportunity costs when making
decisions
Visualizing the Relationshiphellip
Limited Resources amp Unlimited Wants
Scarcity
Trade-offs (choices)
Opportunity Costs
ObjectivesEssential Questions
bullObjectivebullI will be able to understand (and teach)
the three different types of economies
bullEssential Question How do the different types of economies work
How Can We Measure What We Gain and Lose When
Making Choices
Answer With a Production Possibilities Frontier
Production Possibilities Frontier
bullDiagram representing the possible combinations of goods and or services an economy can produce when all resources are being fully employed
PPF Assumptions
bullWe live in a two good worldbullThere are fixed resourcesbullThere is fixed technologybullResources are not specialized
Production Possibilities Curve
CD
E
OU
TP
UT
OF
CO
NS
UM
ER
GO
OD
S
(un
its
per
yea
r)
OUTPUT OF MILITARY GOODS (units per year)
A
BO
XF
G
Limited resources necessitate choices about WHAT to produce
The Choices Nations Make
bullA nation must choose what to do with its scarce resources during war or periods of military buildup
bullProduce military goods or consumer goods
Economic Growth
2000 production possibilities
1900 production possibilities
OU
TP
UT
OF
CO
NS
UM
ER
GO
OD
S(u
nits
per
yea
r)
OUTPUT OF MILITARY GOODS (units per year)
Production possibilities increases with more resources and technology
The Classic Guns and Butter example
Guns
Butter
10000 20000 30000 40000 50000
1000009500085000
70000
5000040000
BA
C
D
E
F
At point A all resources are used for butter
Moving from point A to point B requires shifting resources out of butter and into guns
At point F all resources are used for Guns
Productivitybull A PPF can help us see how efficient our
choices are
bull Productivity - measurement of how efficiently we are utilizing our resources Is this the same as production
bull An economy producing on the curve = using their resources to produce the MAXIMUM amount of goodsservices
Locations on a PPF
bull Efficient Point place where an economy is achieving as much output as possible from a given amount of resources ndash occurs at any point on the curve
bull Inefficient Point ndash place where the economy is not functioning as it could be ndash occurs at any point inside the curve
bull Unattainable Point ndash place where the economy cannot produce given its current resources ndash occurs at any point outside the curve
Food
Computer
4
3
2
1
1 2 3 4
OC between 1 and 2 computers = 1 Food
UnitOC between 3 and 4 computers = 1 Food
Unit
Constantly giving up the same quantity of food to get
additional computers
STRAIGHT-LINE PPFs Constant OC
BOWED-OUT PPFs VaryingIncreasing OC
Principle of Increasing Costs
As a society produces more of one product the OC of producing
that product increases because we are using more resources that are poorly suited to produce it
Economic Systems
An economic system is the way a society coordinates the production and consumption of goods amp services
How a society answers the three basic economic questions determines which type of economic system they are
Three Types of Economic Systems Command Traditional Market
Jigsaw activity
bullYou will be placed in groups of 3 and assigned a type of economy
bullYou will have 7 minutes to read and come up with 4 key components
bullAfter the 7 minuteshellip 1rsquos go to the front of the classroom2rsquos go to the wall nearest the door3rsquos go to the wall nearest the courtyard
Economic amp Social Goals of an Economic System
bull Economic Freedom
bull Economic Efficiency
bull Economic Equity
bull Economic Security
Economic Stability
Economic Growth
Review of Economic Systems
bullA traditional economy relies on custom and tradition to dictate production and consumption
bullIn a command economy decisions about production and consumption are made by a powerful ruler or central authority
bullIn a market economy individual producers and consumers coordinate economic activity
What are the most important goals of each economic system
bullTraditionalSecurity and
StabilitybullCommand
Equity and Security
bullMARKETEfficiency and
Freedom
Societies differ in the degree of importance they attach to each goal Progress toward one goal can sometimes be achieved only
at the expense of another (TRADEOFFS)
Which economic system does the US use
The American Economic System
bullWe have a mixed market economy
COMMAND MARKET
The US mixed economybull In a mixed economyhellip
Individuals Own the factors of production Possess freedom to produce or consume Must operate under confines of law
Government Protects workers and consumers Regulates business and preserves competition Provide public goodsbenefits
Think backhellip
bullWhat does this remind you of from the beginning of the unit
US Economic System Characteristics 1 Economic freedom (ldquolaissez-fairerdquo)
2 Limited government
3 Equal opportunity
4 Competition
5 Profit motive
6 Property Rights
7 Binding Contracts
Understanding how all parts fit together
Circular Flow of Economic Activity Represents a market economy
2 main ldquomarketsrdquoProduct Market Factor Market
where goods and services where the 4 factors ofare boughtsold production are boughtsold
Shows interdependence between
businesses and individuals
Marriage Vowsbull CONGRATULATIONS The government and the economy
are renewing their marriage vows You are cordially invited to the ceremony but this perfect couple needs your help
bull Using what you have learned this unit and using the textbook
bull You will explain the way government and the economy are connected (made for each other) You will demonstrate this answer in the format of wedding vows
bull You must use at least 5 of the following words Producers Taxes Consumers Restrictions Markets Freedom GoodsServices Limited
bull Look back to US Economic System Characteristics bull Each set of vows must be at least 6 lines
Do you remember
bullWrite the following question downbullWhy does the United States have a
democracy and mixed economy
- Foundations of Government and Economics
- On your blank piece of paperhellip
- Slide 3
- Warm-Up 1 - 9414
- Introductory thoughts hellip
- Slide 6
- 2 How about to your life
- Slide 8
- Slide 9
- Slide 10
- Slide 11
- Warm Up -2a- 9514 The New York Times and CBS News Pollhellip
- Warm up 2bndash In Journal-
- Economist and Politician Assumptions
- Individualism
- Quote activity
- Quote breakdown
- Warm Up 3- Current Event 9814
- Purpose of Government
- Slide 20
- 3 Theorists
- Activity
- Origins of American Government A customized government
- Origins of American Government A customized government (2)
- Origins of American Government A customized government (3)
- With which theory do you agree more Why
- The ldquoOriginal Dilemmardquo
- Warm Up 5 Hobbes and Locke
- Groups Block 2
- Groups Block 4
- Balloon Game
- You will have 10 minutes to get as many filled balloons on the
- Balloon Game Debriefing
- Political Theories
- Social Contract
- Natural Rights
- Democracy
- Concepts of Government
- Warm up 6 ndash 91114
- Warm Up 7
- And after the Constitution
- Activity (2)
- Picture Activity
- Constitutional Convention
- Purpose of the Convention
- VA Plan v NJ Plan
- Virginia Plan ldquoLarge State Planrdquo
- New Jersey Plan ldquoSmall State Planrdquo
- Your Task
- Closure
- States agree
- Quote
- Structure of Constitution
- Structure of Constitution
- 6 Purpose of Government
- Structure of Constitution (2)
- Structure of Constitution (3)
- Principles of Constitution
- Activity
- Slide 60
- Check for Understanding Six Principles
- Question 1
- Question 2
- Question 3
- Question 4
- Question 5
- Question 6
- Question 7
- Question 8
- Groups
- Separation of Powers
- Video
- Checks and Balances
- Slide 74
- Checks and balances
- Basic Principles
- Self- Worth
- Equality
- Compromise
- Individual Freedom
- Write your ownhellip
- Slide 82
- TED Talk
- Closure
- What is Economics
- Economics ishellip
- Back to our assumptionshellip
- Scarcity refers to the limited number of resources (factors of
- For the videohellip
- Slide 90
- Post Videohellip
- Advertisement
- Political Cartoon Analysis
- Factors of Production
- TASK
- The price ofhellip
- Economic efficiency is achieved when all available resources ar
- 1 What to produce
- 2 How to produce it
- 3 For whom to produce it
- Application Activity
- EQs
- Objectives amp Essential Questions
- Group Activity Budget Activity
- Slide 105
- How do we satisfy our economic wants
- How do we make goods amp services
- Economic Interdependence
- Slide 109
- Making Choices to Deal With Scarcity
- Exampleshellip
- Task Reflecting on Personal Trade-offshellip
- Opportunity Cost
- What else influences your choices
- Finallyhellip Why it Matters
- Visualizing the Relationshiphellip
- ObjectivesEssential Questions
- How Can We Measure What We Gain and Lose When Making Choices
- Production Possibilities Frontier
- PPF Assumptions
- Slide 121
- Production Possibilities Curve
- The Choices Nations Make
- Economic Growth
- The Classic Guns and Butter example
- Productivity
- Locations on a PPF
- Slide 128
- BOWED-OUT PPFs VaryingIncreasing OC
- Economic Systems
- Jigsaw activity
- Slide 132
- Economic amp Social Goals of an Economic System
- Review of Economic Systems
- Slide 135
- What are the most important goals of each economic system
- Which economic system does the US use
- The American Economic System
- The US mixed economy
- Slide 140
- Think backhellip
- US Economic System Characteristics
- Slide 143
- Understanding how all parts fit together
- Marriage Vows
- Do you remember
- Slide 147
-
EQs
bullHow does scarcity impact decision making
Objectives amp Essential QuestionsbullObjectives
I will be able to create and reflect on a budget given new economics content
I will be able to understand scarcity and our mixed economy
bullEssential QuestionsHow does scarcity impact decision makingHow do we satisfy our economic wants
Group Activity Budget Activity
bullTeacher will break you into groups In your groups you will be creating a budget for a single family
bullYour group has been given an income for a year Given your family situation negotiate with your ldquofamilyrdquo to complete a budget for 1 month (keep in mind your $$ is in a given year)
bullhttpwwwyoutubecomwatchv=yoVc_S_gd_0
How do we satisfy our economic wants
bull We buy goods or services
bull Good ndash a physical object (tangible) that has been produced for salebull Durable ndash last 3+ yearsbull Nondurable ndash last up to 3 years
bull Service ndash work done by someone else for which someone is willing to pay
How do we make goods amp services
bull Use Factors of Production - The productive resources that go into producing goods and services
Production Equation
LAND + LABOR + CAPITAL = GOODSERVICE
inputs output
Economic Interdependence
bullWhat does lsquointerdependencersquo mean
bullIs our world becoming economic interdependent or independent
bullEconomic Interdependence the actions of one part of the
country (world) has an impact on what happens elsewhere
Wants amp Needs gt
Resources
Because of scarcity we
have to make choices
How do we make a choice What do we give up
What does this remind you of from our government unit
Making Choices to Deal With Scarcity
bullPeople seek to maximize their utility when making decisions This requires them to consider tradeoffs
Utility ndash the satisfaction or benefit a person receives from consuming a good or service
Tradeoffs ndash the alternate choices people have when making a decision also the benefitsadvantages of making on
decision over another
ExampleshellipbullSome choices are easy to makehellip
HmmhellipShould I have pizza or a hoagie for lunch today
bullOther decisions are agonizinghellipShould I get out of bed and go to
school today or should I sleep in
Task Reflecting on Personal Trade-offshellip
In the end what helped you decide amongst your choices
Think of ONE decision thatyou had to make in the last weekhellipIdentify your various
tradeoffs for that decision
Be prepared to share
Opportunity Cost
bullWhen comparing the top 2 choices it is the BENEFIT of the next best alternative that must be sacrificed to satisfy a want
bullYou do a cost-benefit analysis to figure out which decision is most beneficial
Opportunity Cost ndash The best thing we give up to get what
we want
What else influences your choices
bullPeople make decisions based on their marginal utility or the extra satisfaction they gain from one additional unit of a goodservice
bullLaw of Diminishing Marginal Utility says that as we get or do more of something the pleasure we derive from it tends to decrease and so does our willingness to buy it or do it
FinallyhellipWhy it Matters
Understanding the opportunity coststradeoffs of different choices in life makes you a
better decision-maker
Todayrsquos Message ndash ldquoTherersquos No Such Thing As a Free Lunchrdquo
You always have to give something uphelliprdquo
ALL Individuals Businesses amp Societies have to consider tradeoffsopportunity costs when making
decisions
Visualizing the Relationshiphellip
Limited Resources amp Unlimited Wants
Scarcity
Trade-offs (choices)
Opportunity Costs
ObjectivesEssential Questions
bullObjectivebullI will be able to understand (and teach)
the three different types of economies
bullEssential Question How do the different types of economies work
How Can We Measure What We Gain and Lose When
Making Choices
Answer With a Production Possibilities Frontier
Production Possibilities Frontier
bullDiagram representing the possible combinations of goods and or services an economy can produce when all resources are being fully employed
PPF Assumptions
bullWe live in a two good worldbullThere are fixed resourcesbullThere is fixed technologybullResources are not specialized
Production Possibilities Curve
CD
E
OU
TP
UT
OF
CO
NS
UM
ER
GO
OD
S
(un
its
per
yea
r)
OUTPUT OF MILITARY GOODS (units per year)
A
BO
XF
G
Limited resources necessitate choices about WHAT to produce
The Choices Nations Make
bullA nation must choose what to do with its scarce resources during war or periods of military buildup
bullProduce military goods or consumer goods
Economic Growth
2000 production possibilities
1900 production possibilities
OU
TP
UT
OF
CO
NS
UM
ER
GO
OD
S(u
nits
per
yea
r)
OUTPUT OF MILITARY GOODS (units per year)
Production possibilities increases with more resources and technology
The Classic Guns and Butter example
Guns
Butter
10000 20000 30000 40000 50000
1000009500085000
70000
5000040000
BA
C
D
E
F
At point A all resources are used for butter
Moving from point A to point B requires shifting resources out of butter and into guns
At point F all resources are used for Guns
Productivitybull A PPF can help us see how efficient our
choices are
bull Productivity - measurement of how efficiently we are utilizing our resources Is this the same as production
bull An economy producing on the curve = using their resources to produce the MAXIMUM amount of goodsservices
Locations on a PPF
bull Efficient Point place where an economy is achieving as much output as possible from a given amount of resources ndash occurs at any point on the curve
bull Inefficient Point ndash place where the economy is not functioning as it could be ndash occurs at any point inside the curve
bull Unattainable Point ndash place where the economy cannot produce given its current resources ndash occurs at any point outside the curve
Food
Computer
4
3
2
1
1 2 3 4
OC between 1 and 2 computers = 1 Food
UnitOC between 3 and 4 computers = 1 Food
Unit
Constantly giving up the same quantity of food to get
additional computers
STRAIGHT-LINE PPFs Constant OC
BOWED-OUT PPFs VaryingIncreasing OC
Principle of Increasing Costs
As a society produces more of one product the OC of producing
that product increases because we are using more resources that are poorly suited to produce it
Economic Systems
An economic system is the way a society coordinates the production and consumption of goods amp services
How a society answers the three basic economic questions determines which type of economic system they are
Three Types of Economic Systems Command Traditional Market
Jigsaw activity
bullYou will be placed in groups of 3 and assigned a type of economy
bullYou will have 7 minutes to read and come up with 4 key components
bullAfter the 7 minuteshellip 1rsquos go to the front of the classroom2rsquos go to the wall nearest the door3rsquos go to the wall nearest the courtyard
Economic amp Social Goals of an Economic System
bull Economic Freedom
bull Economic Efficiency
bull Economic Equity
bull Economic Security
Economic Stability
Economic Growth
Review of Economic Systems
bullA traditional economy relies on custom and tradition to dictate production and consumption
bullIn a command economy decisions about production and consumption are made by a powerful ruler or central authority
bullIn a market economy individual producers and consumers coordinate economic activity
What are the most important goals of each economic system
bullTraditionalSecurity and
StabilitybullCommand
Equity and Security
bullMARKETEfficiency and
Freedom
Societies differ in the degree of importance they attach to each goal Progress toward one goal can sometimes be achieved only
at the expense of another (TRADEOFFS)
Which economic system does the US use
The American Economic System
bullWe have a mixed market economy
COMMAND MARKET
The US mixed economybull In a mixed economyhellip
Individuals Own the factors of production Possess freedom to produce or consume Must operate under confines of law
Government Protects workers and consumers Regulates business and preserves competition Provide public goodsbenefits
Think backhellip
bullWhat does this remind you of from the beginning of the unit
US Economic System Characteristics 1 Economic freedom (ldquolaissez-fairerdquo)
2 Limited government
3 Equal opportunity
4 Competition
5 Profit motive
6 Property Rights
7 Binding Contracts
Understanding how all parts fit together
Circular Flow of Economic Activity Represents a market economy
2 main ldquomarketsrdquoProduct Market Factor Market
where goods and services where the 4 factors ofare boughtsold production are boughtsold
Shows interdependence between
businesses and individuals
Marriage Vowsbull CONGRATULATIONS The government and the economy
are renewing their marriage vows You are cordially invited to the ceremony but this perfect couple needs your help
bull Using what you have learned this unit and using the textbook
bull You will explain the way government and the economy are connected (made for each other) You will demonstrate this answer in the format of wedding vows
bull You must use at least 5 of the following words Producers Taxes Consumers Restrictions Markets Freedom GoodsServices Limited
bull Look back to US Economic System Characteristics bull Each set of vows must be at least 6 lines
Do you remember
bullWrite the following question downbullWhy does the United States have a
democracy and mixed economy
- Foundations of Government and Economics
- On your blank piece of paperhellip
- Slide 3
- Warm-Up 1 - 9414
- Introductory thoughts hellip
- Slide 6
- 2 How about to your life
- Slide 8
- Slide 9
- Slide 10
- Slide 11
- Warm Up -2a- 9514 The New York Times and CBS News Pollhellip
- Warm up 2bndash In Journal-
- Economist and Politician Assumptions
- Individualism
- Quote activity
- Quote breakdown
- Warm Up 3- Current Event 9814
- Purpose of Government
- Slide 20
- 3 Theorists
- Activity
- Origins of American Government A customized government
- Origins of American Government A customized government (2)
- Origins of American Government A customized government (3)
- With which theory do you agree more Why
- The ldquoOriginal Dilemmardquo
- Warm Up 5 Hobbes and Locke
- Groups Block 2
- Groups Block 4
- Balloon Game
- You will have 10 minutes to get as many filled balloons on the
- Balloon Game Debriefing
- Political Theories
- Social Contract
- Natural Rights
- Democracy
- Concepts of Government
- Warm up 6 ndash 91114
- Warm Up 7
- And after the Constitution
- Activity (2)
- Picture Activity
- Constitutional Convention
- Purpose of the Convention
- VA Plan v NJ Plan
- Virginia Plan ldquoLarge State Planrdquo
- New Jersey Plan ldquoSmall State Planrdquo
- Your Task
- Closure
- States agree
- Quote
- Structure of Constitution
- Structure of Constitution
- 6 Purpose of Government
- Structure of Constitution (2)
- Structure of Constitution (3)
- Principles of Constitution
- Activity
- Slide 60
- Check for Understanding Six Principles
- Question 1
- Question 2
- Question 3
- Question 4
- Question 5
- Question 6
- Question 7
- Question 8
- Groups
- Separation of Powers
- Video
- Checks and Balances
- Slide 74
- Checks and balances
- Basic Principles
- Self- Worth
- Equality
- Compromise
- Individual Freedom
- Write your ownhellip
- Slide 82
- TED Talk
- Closure
- What is Economics
- Economics ishellip
- Back to our assumptionshellip
- Scarcity refers to the limited number of resources (factors of
- For the videohellip
- Slide 90
- Post Videohellip
- Advertisement
- Political Cartoon Analysis
- Factors of Production
- TASK
- The price ofhellip
- Economic efficiency is achieved when all available resources ar
- 1 What to produce
- 2 How to produce it
- 3 For whom to produce it
- Application Activity
- EQs
- Objectives amp Essential Questions
- Group Activity Budget Activity
- Slide 105
- How do we satisfy our economic wants
- How do we make goods amp services
- Economic Interdependence
- Slide 109
- Making Choices to Deal With Scarcity
- Exampleshellip
- Task Reflecting on Personal Trade-offshellip
- Opportunity Cost
- What else influences your choices
- Finallyhellip Why it Matters
- Visualizing the Relationshiphellip
- ObjectivesEssential Questions
- How Can We Measure What We Gain and Lose When Making Choices
- Production Possibilities Frontier
- PPF Assumptions
- Slide 121
- Production Possibilities Curve
- The Choices Nations Make
- Economic Growth
- The Classic Guns and Butter example
- Productivity
- Locations on a PPF
- Slide 128
- BOWED-OUT PPFs VaryingIncreasing OC
- Economic Systems
- Jigsaw activity
- Slide 132
- Economic amp Social Goals of an Economic System
- Review of Economic Systems
- Slide 135
- What are the most important goals of each economic system
- Which economic system does the US use
- The American Economic System
- The US mixed economy
- Slide 140
- Think backhellip
- US Economic System Characteristics
- Slide 143
- Understanding how all parts fit together
- Marriage Vows
- Do you remember
- Slide 147
-
Objectives amp Essential QuestionsbullObjectives
I will be able to create and reflect on a budget given new economics content
I will be able to understand scarcity and our mixed economy
bullEssential QuestionsHow does scarcity impact decision makingHow do we satisfy our economic wants
Group Activity Budget Activity
bullTeacher will break you into groups In your groups you will be creating a budget for a single family
bullYour group has been given an income for a year Given your family situation negotiate with your ldquofamilyrdquo to complete a budget for 1 month (keep in mind your $$ is in a given year)
bullhttpwwwyoutubecomwatchv=yoVc_S_gd_0
How do we satisfy our economic wants
bull We buy goods or services
bull Good ndash a physical object (tangible) that has been produced for salebull Durable ndash last 3+ yearsbull Nondurable ndash last up to 3 years
bull Service ndash work done by someone else for which someone is willing to pay
How do we make goods amp services
bull Use Factors of Production - The productive resources that go into producing goods and services
Production Equation
LAND + LABOR + CAPITAL = GOODSERVICE
inputs output
Economic Interdependence
bullWhat does lsquointerdependencersquo mean
bullIs our world becoming economic interdependent or independent
bullEconomic Interdependence the actions of one part of the
country (world) has an impact on what happens elsewhere
Wants amp Needs gt
Resources
Because of scarcity we
have to make choices
How do we make a choice What do we give up
What does this remind you of from our government unit
Making Choices to Deal With Scarcity
bullPeople seek to maximize their utility when making decisions This requires them to consider tradeoffs
Utility ndash the satisfaction or benefit a person receives from consuming a good or service
Tradeoffs ndash the alternate choices people have when making a decision also the benefitsadvantages of making on
decision over another
ExampleshellipbullSome choices are easy to makehellip
HmmhellipShould I have pizza or a hoagie for lunch today
bullOther decisions are agonizinghellipShould I get out of bed and go to
school today or should I sleep in
Task Reflecting on Personal Trade-offshellip
In the end what helped you decide amongst your choices
Think of ONE decision thatyou had to make in the last weekhellipIdentify your various
tradeoffs for that decision
Be prepared to share
Opportunity Cost
bullWhen comparing the top 2 choices it is the BENEFIT of the next best alternative that must be sacrificed to satisfy a want
bullYou do a cost-benefit analysis to figure out which decision is most beneficial
Opportunity Cost ndash The best thing we give up to get what
we want
What else influences your choices
bullPeople make decisions based on their marginal utility or the extra satisfaction they gain from one additional unit of a goodservice
bullLaw of Diminishing Marginal Utility says that as we get or do more of something the pleasure we derive from it tends to decrease and so does our willingness to buy it or do it
FinallyhellipWhy it Matters
Understanding the opportunity coststradeoffs of different choices in life makes you a
better decision-maker
Todayrsquos Message ndash ldquoTherersquos No Such Thing As a Free Lunchrdquo
You always have to give something uphelliprdquo
ALL Individuals Businesses amp Societies have to consider tradeoffsopportunity costs when making
decisions
Visualizing the Relationshiphellip
Limited Resources amp Unlimited Wants
Scarcity
Trade-offs (choices)
Opportunity Costs
ObjectivesEssential Questions
bullObjectivebullI will be able to understand (and teach)
the three different types of economies
bullEssential Question How do the different types of economies work
How Can We Measure What We Gain and Lose When
Making Choices
Answer With a Production Possibilities Frontier
Production Possibilities Frontier
bullDiagram representing the possible combinations of goods and or services an economy can produce when all resources are being fully employed
PPF Assumptions
bullWe live in a two good worldbullThere are fixed resourcesbullThere is fixed technologybullResources are not specialized
Production Possibilities Curve
CD
E
OU
TP
UT
OF
CO
NS
UM
ER
GO
OD
S
(un
its
per
yea
r)
OUTPUT OF MILITARY GOODS (units per year)
A
BO
XF
G
Limited resources necessitate choices about WHAT to produce
The Choices Nations Make
bullA nation must choose what to do with its scarce resources during war or periods of military buildup
bullProduce military goods or consumer goods
Economic Growth
2000 production possibilities
1900 production possibilities
OU
TP
UT
OF
CO
NS
UM
ER
GO
OD
S(u
nits
per
yea
r)
OUTPUT OF MILITARY GOODS (units per year)
Production possibilities increases with more resources and technology
The Classic Guns and Butter example
Guns
Butter
10000 20000 30000 40000 50000
1000009500085000
70000
5000040000
BA
C
D
E
F
At point A all resources are used for butter
Moving from point A to point B requires shifting resources out of butter and into guns
At point F all resources are used for Guns
Productivitybull A PPF can help us see how efficient our
choices are
bull Productivity - measurement of how efficiently we are utilizing our resources Is this the same as production
bull An economy producing on the curve = using their resources to produce the MAXIMUM amount of goodsservices
Locations on a PPF
bull Efficient Point place where an economy is achieving as much output as possible from a given amount of resources ndash occurs at any point on the curve
bull Inefficient Point ndash place where the economy is not functioning as it could be ndash occurs at any point inside the curve
bull Unattainable Point ndash place where the economy cannot produce given its current resources ndash occurs at any point outside the curve
Food
Computer
4
3
2
1
1 2 3 4
OC between 1 and 2 computers = 1 Food
UnitOC between 3 and 4 computers = 1 Food
Unit
Constantly giving up the same quantity of food to get
additional computers
STRAIGHT-LINE PPFs Constant OC
BOWED-OUT PPFs VaryingIncreasing OC
Principle of Increasing Costs
As a society produces more of one product the OC of producing
that product increases because we are using more resources that are poorly suited to produce it
Economic Systems
An economic system is the way a society coordinates the production and consumption of goods amp services
How a society answers the three basic economic questions determines which type of economic system they are
Three Types of Economic Systems Command Traditional Market
Jigsaw activity
bullYou will be placed in groups of 3 and assigned a type of economy
bullYou will have 7 minutes to read and come up with 4 key components
bullAfter the 7 minuteshellip 1rsquos go to the front of the classroom2rsquos go to the wall nearest the door3rsquos go to the wall nearest the courtyard
Economic amp Social Goals of an Economic System
bull Economic Freedom
bull Economic Efficiency
bull Economic Equity
bull Economic Security
Economic Stability
Economic Growth
Review of Economic Systems
bullA traditional economy relies on custom and tradition to dictate production and consumption
bullIn a command economy decisions about production and consumption are made by a powerful ruler or central authority
bullIn a market economy individual producers and consumers coordinate economic activity
What are the most important goals of each economic system
bullTraditionalSecurity and
StabilitybullCommand
Equity and Security
bullMARKETEfficiency and
Freedom
Societies differ in the degree of importance they attach to each goal Progress toward one goal can sometimes be achieved only
at the expense of another (TRADEOFFS)
Which economic system does the US use
The American Economic System
bullWe have a mixed market economy
COMMAND MARKET
The US mixed economybull In a mixed economyhellip
Individuals Own the factors of production Possess freedom to produce or consume Must operate under confines of law
Government Protects workers and consumers Regulates business and preserves competition Provide public goodsbenefits
Think backhellip
bullWhat does this remind you of from the beginning of the unit
US Economic System Characteristics 1 Economic freedom (ldquolaissez-fairerdquo)
2 Limited government
3 Equal opportunity
4 Competition
5 Profit motive
6 Property Rights
7 Binding Contracts
Understanding how all parts fit together
Circular Flow of Economic Activity Represents a market economy
2 main ldquomarketsrdquoProduct Market Factor Market
where goods and services where the 4 factors ofare boughtsold production are boughtsold
Shows interdependence between
businesses and individuals
Marriage Vowsbull CONGRATULATIONS The government and the economy
are renewing their marriage vows You are cordially invited to the ceremony but this perfect couple needs your help
bull Using what you have learned this unit and using the textbook
bull You will explain the way government and the economy are connected (made for each other) You will demonstrate this answer in the format of wedding vows
bull You must use at least 5 of the following words Producers Taxes Consumers Restrictions Markets Freedom GoodsServices Limited
bull Look back to US Economic System Characteristics bull Each set of vows must be at least 6 lines
Do you remember
bullWrite the following question downbullWhy does the United States have a
democracy and mixed economy
- Foundations of Government and Economics
- On your blank piece of paperhellip
- Slide 3
- Warm-Up 1 - 9414
- Introductory thoughts hellip
- Slide 6
- 2 How about to your life
- Slide 8
- Slide 9
- Slide 10
- Slide 11
- Warm Up -2a- 9514 The New York Times and CBS News Pollhellip
- Warm up 2bndash In Journal-
- Economist and Politician Assumptions
- Individualism
- Quote activity
- Quote breakdown
- Warm Up 3- Current Event 9814
- Purpose of Government
- Slide 20
- 3 Theorists
- Activity
- Origins of American Government A customized government
- Origins of American Government A customized government (2)
- Origins of American Government A customized government (3)
- With which theory do you agree more Why
- The ldquoOriginal Dilemmardquo
- Warm Up 5 Hobbes and Locke
- Groups Block 2
- Groups Block 4
- Balloon Game
- You will have 10 minutes to get as many filled balloons on the
- Balloon Game Debriefing
- Political Theories
- Social Contract
- Natural Rights
- Democracy
- Concepts of Government
- Warm up 6 ndash 91114
- Warm Up 7
- And after the Constitution
- Activity (2)
- Picture Activity
- Constitutional Convention
- Purpose of the Convention
- VA Plan v NJ Plan
- Virginia Plan ldquoLarge State Planrdquo
- New Jersey Plan ldquoSmall State Planrdquo
- Your Task
- Closure
- States agree
- Quote
- Structure of Constitution
- Structure of Constitution
- 6 Purpose of Government
- Structure of Constitution (2)
- Structure of Constitution (3)
- Principles of Constitution
- Activity
- Slide 60
- Check for Understanding Six Principles
- Question 1
- Question 2
- Question 3
- Question 4
- Question 5
- Question 6
- Question 7
- Question 8
- Groups
- Separation of Powers
- Video
- Checks and Balances
- Slide 74
- Checks and balances
- Basic Principles
- Self- Worth
- Equality
- Compromise
- Individual Freedom
- Write your ownhellip
- Slide 82
- TED Talk
- Closure
- What is Economics
- Economics ishellip
- Back to our assumptionshellip
- Scarcity refers to the limited number of resources (factors of
- For the videohellip
- Slide 90
- Post Videohellip
- Advertisement
- Political Cartoon Analysis
- Factors of Production
- TASK
- The price ofhellip
- Economic efficiency is achieved when all available resources ar
- 1 What to produce
- 2 How to produce it
- 3 For whom to produce it
- Application Activity
- EQs
- Objectives amp Essential Questions
- Group Activity Budget Activity
- Slide 105
- How do we satisfy our economic wants
- How do we make goods amp services
- Economic Interdependence
- Slide 109
- Making Choices to Deal With Scarcity
- Exampleshellip
- Task Reflecting on Personal Trade-offshellip
- Opportunity Cost
- What else influences your choices
- Finallyhellip Why it Matters
- Visualizing the Relationshiphellip
- ObjectivesEssential Questions
- How Can We Measure What We Gain and Lose When Making Choices
- Production Possibilities Frontier
- PPF Assumptions
- Slide 121
- Production Possibilities Curve
- The Choices Nations Make
- Economic Growth
- The Classic Guns and Butter example
- Productivity
- Locations on a PPF
- Slide 128
- BOWED-OUT PPFs VaryingIncreasing OC
- Economic Systems
- Jigsaw activity
- Slide 132
- Economic amp Social Goals of an Economic System
- Review of Economic Systems
- Slide 135
- What are the most important goals of each economic system
- Which economic system does the US use
- The American Economic System
- The US mixed economy
- Slide 140
- Think backhellip
- US Economic System Characteristics
- Slide 143
- Understanding how all parts fit together
- Marriage Vows
- Do you remember
- Slide 147
-
Group Activity Budget Activity
bullTeacher will break you into groups In your groups you will be creating a budget for a single family
bullYour group has been given an income for a year Given your family situation negotiate with your ldquofamilyrdquo to complete a budget for 1 month (keep in mind your $$ is in a given year)
bullhttpwwwyoutubecomwatchv=yoVc_S_gd_0
How do we satisfy our economic wants
bull We buy goods or services
bull Good ndash a physical object (tangible) that has been produced for salebull Durable ndash last 3+ yearsbull Nondurable ndash last up to 3 years
bull Service ndash work done by someone else for which someone is willing to pay
How do we make goods amp services
bull Use Factors of Production - The productive resources that go into producing goods and services
Production Equation
LAND + LABOR + CAPITAL = GOODSERVICE
inputs output
Economic Interdependence
bullWhat does lsquointerdependencersquo mean
bullIs our world becoming economic interdependent or independent
bullEconomic Interdependence the actions of one part of the
country (world) has an impact on what happens elsewhere
Wants amp Needs gt
Resources
Because of scarcity we
have to make choices
How do we make a choice What do we give up
What does this remind you of from our government unit
Making Choices to Deal With Scarcity
bullPeople seek to maximize their utility when making decisions This requires them to consider tradeoffs
Utility ndash the satisfaction or benefit a person receives from consuming a good or service
Tradeoffs ndash the alternate choices people have when making a decision also the benefitsadvantages of making on
decision over another
ExampleshellipbullSome choices are easy to makehellip
HmmhellipShould I have pizza or a hoagie for lunch today
bullOther decisions are agonizinghellipShould I get out of bed and go to
school today or should I sleep in
Task Reflecting on Personal Trade-offshellip
In the end what helped you decide amongst your choices
Think of ONE decision thatyou had to make in the last weekhellipIdentify your various
tradeoffs for that decision
Be prepared to share
Opportunity Cost
bullWhen comparing the top 2 choices it is the BENEFIT of the next best alternative that must be sacrificed to satisfy a want
bullYou do a cost-benefit analysis to figure out which decision is most beneficial
Opportunity Cost ndash The best thing we give up to get what
we want
What else influences your choices
bullPeople make decisions based on their marginal utility or the extra satisfaction they gain from one additional unit of a goodservice
bullLaw of Diminishing Marginal Utility says that as we get or do more of something the pleasure we derive from it tends to decrease and so does our willingness to buy it or do it
FinallyhellipWhy it Matters
Understanding the opportunity coststradeoffs of different choices in life makes you a
better decision-maker
Todayrsquos Message ndash ldquoTherersquos No Such Thing As a Free Lunchrdquo
You always have to give something uphelliprdquo
ALL Individuals Businesses amp Societies have to consider tradeoffsopportunity costs when making
decisions
Visualizing the Relationshiphellip
Limited Resources amp Unlimited Wants
Scarcity
Trade-offs (choices)
Opportunity Costs
ObjectivesEssential Questions
bullObjectivebullI will be able to understand (and teach)
the three different types of economies
bullEssential Question How do the different types of economies work
How Can We Measure What We Gain and Lose When
Making Choices
Answer With a Production Possibilities Frontier
Production Possibilities Frontier
bullDiagram representing the possible combinations of goods and or services an economy can produce when all resources are being fully employed
PPF Assumptions
bullWe live in a two good worldbullThere are fixed resourcesbullThere is fixed technologybullResources are not specialized
Production Possibilities Curve
CD
E
OU
TP
UT
OF
CO
NS
UM
ER
GO
OD
S
(un
its
per
yea
r)
OUTPUT OF MILITARY GOODS (units per year)
A
BO
XF
G
Limited resources necessitate choices about WHAT to produce
The Choices Nations Make
bullA nation must choose what to do with its scarce resources during war or periods of military buildup
bullProduce military goods or consumer goods
Economic Growth
2000 production possibilities
1900 production possibilities
OU
TP
UT
OF
CO
NS
UM
ER
GO
OD
S(u
nits
per
yea
r)
OUTPUT OF MILITARY GOODS (units per year)
Production possibilities increases with more resources and technology
The Classic Guns and Butter example
Guns
Butter
10000 20000 30000 40000 50000
1000009500085000
70000
5000040000
BA
C
D
E
F
At point A all resources are used for butter
Moving from point A to point B requires shifting resources out of butter and into guns
At point F all resources are used for Guns
Productivitybull A PPF can help us see how efficient our
choices are
bull Productivity - measurement of how efficiently we are utilizing our resources Is this the same as production
bull An economy producing on the curve = using their resources to produce the MAXIMUM amount of goodsservices
Locations on a PPF
bull Efficient Point place where an economy is achieving as much output as possible from a given amount of resources ndash occurs at any point on the curve
bull Inefficient Point ndash place where the economy is not functioning as it could be ndash occurs at any point inside the curve
bull Unattainable Point ndash place where the economy cannot produce given its current resources ndash occurs at any point outside the curve
Food
Computer
4
3
2
1
1 2 3 4
OC between 1 and 2 computers = 1 Food
UnitOC between 3 and 4 computers = 1 Food
Unit
Constantly giving up the same quantity of food to get
additional computers
STRAIGHT-LINE PPFs Constant OC
BOWED-OUT PPFs VaryingIncreasing OC
Principle of Increasing Costs
As a society produces more of one product the OC of producing
that product increases because we are using more resources that are poorly suited to produce it
Economic Systems
An economic system is the way a society coordinates the production and consumption of goods amp services
How a society answers the three basic economic questions determines which type of economic system they are
Three Types of Economic Systems Command Traditional Market
Jigsaw activity
bullYou will be placed in groups of 3 and assigned a type of economy
bullYou will have 7 minutes to read and come up with 4 key components
bullAfter the 7 minuteshellip 1rsquos go to the front of the classroom2rsquos go to the wall nearest the door3rsquos go to the wall nearest the courtyard
Economic amp Social Goals of an Economic System
bull Economic Freedom
bull Economic Efficiency
bull Economic Equity
bull Economic Security
Economic Stability
Economic Growth
Review of Economic Systems
bullA traditional economy relies on custom and tradition to dictate production and consumption
bullIn a command economy decisions about production and consumption are made by a powerful ruler or central authority
bullIn a market economy individual producers and consumers coordinate economic activity
What are the most important goals of each economic system
bullTraditionalSecurity and
StabilitybullCommand
Equity and Security
bullMARKETEfficiency and
Freedom
Societies differ in the degree of importance they attach to each goal Progress toward one goal can sometimes be achieved only
at the expense of another (TRADEOFFS)
Which economic system does the US use
The American Economic System
bullWe have a mixed market economy
COMMAND MARKET
The US mixed economybull In a mixed economyhellip
Individuals Own the factors of production Possess freedom to produce or consume Must operate under confines of law
Government Protects workers and consumers Regulates business and preserves competition Provide public goodsbenefits
Think backhellip
bullWhat does this remind you of from the beginning of the unit
US Economic System Characteristics 1 Economic freedom (ldquolaissez-fairerdquo)
2 Limited government
3 Equal opportunity
4 Competition
5 Profit motive
6 Property Rights
7 Binding Contracts
Understanding how all parts fit together
Circular Flow of Economic Activity Represents a market economy
2 main ldquomarketsrdquoProduct Market Factor Market
where goods and services where the 4 factors ofare boughtsold production are boughtsold
Shows interdependence between
businesses and individuals
Marriage Vowsbull CONGRATULATIONS The government and the economy
are renewing their marriage vows You are cordially invited to the ceremony but this perfect couple needs your help
bull Using what you have learned this unit and using the textbook
bull You will explain the way government and the economy are connected (made for each other) You will demonstrate this answer in the format of wedding vows
bull You must use at least 5 of the following words Producers Taxes Consumers Restrictions Markets Freedom GoodsServices Limited
bull Look back to US Economic System Characteristics bull Each set of vows must be at least 6 lines
Do you remember
bullWrite the following question downbullWhy does the United States have a
democracy and mixed economy
- Foundations of Government and Economics
- On your blank piece of paperhellip
- Slide 3
- Warm-Up 1 - 9414
- Introductory thoughts hellip
- Slide 6
- 2 How about to your life
- Slide 8
- Slide 9
- Slide 10
- Slide 11
- Warm Up -2a- 9514 The New York Times and CBS News Pollhellip
- Warm up 2bndash In Journal-
- Economist and Politician Assumptions
- Individualism
- Quote activity
- Quote breakdown
- Warm Up 3- Current Event 9814
- Purpose of Government
- Slide 20
- 3 Theorists
- Activity
- Origins of American Government A customized government
- Origins of American Government A customized government (2)
- Origins of American Government A customized government (3)
- With which theory do you agree more Why
- The ldquoOriginal Dilemmardquo
- Warm Up 5 Hobbes and Locke
- Groups Block 2
- Groups Block 4
- Balloon Game
- You will have 10 minutes to get as many filled balloons on the
- Balloon Game Debriefing
- Political Theories
- Social Contract
- Natural Rights
- Democracy
- Concepts of Government
- Warm up 6 ndash 91114
- Warm Up 7
- And after the Constitution
- Activity (2)
- Picture Activity
- Constitutional Convention
- Purpose of the Convention
- VA Plan v NJ Plan
- Virginia Plan ldquoLarge State Planrdquo
- New Jersey Plan ldquoSmall State Planrdquo
- Your Task
- Closure
- States agree
- Quote
- Structure of Constitution
- Structure of Constitution
- 6 Purpose of Government
- Structure of Constitution (2)
- Structure of Constitution (3)
- Principles of Constitution
- Activity
- Slide 60
- Check for Understanding Six Principles
- Question 1
- Question 2
- Question 3
- Question 4
- Question 5
- Question 6
- Question 7
- Question 8
- Groups
- Separation of Powers
- Video
- Checks and Balances
- Slide 74
- Checks and balances
- Basic Principles
- Self- Worth
- Equality
- Compromise
- Individual Freedom
- Write your ownhellip
- Slide 82
- TED Talk
- Closure
- What is Economics
- Economics ishellip
- Back to our assumptionshellip
- Scarcity refers to the limited number of resources (factors of
- For the videohellip
- Slide 90
- Post Videohellip
- Advertisement
- Political Cartoon Analysis
- Factors of Production
- TASK
- The price ofhellip
- Economic efficiency is achieved when all available resources ar
- 1 What to produce
- 2 How to produce it
- 3 For whom to produce it
- Application Activity
- EQs
- Objectives amp Essential Questions
- Group Activity Budget Activity
- Slide 105
- How do we satisfy our economic wants
- How do we make goods amp services
- Economic Interdependence
- Slide 109
- Making Choices to Deal With Scarcity
- Exampleshellip
- Task Reflecting on Personal Trade-offshellip
- Opportunity Cost
- What else influences your choices
- Finallyhellip Why it Matters
- Visualizing the Relationshiphellip
- ObjectivesEssential Questions
- How Can We Measure What We Gain and Lose When Making Choices
- Production Possibilities Frontier
- PPF Assumptions
- Slide 121
- Production Possibilities Curve
- The Choices Nations Make
- Economic Growth
- The Classic Guns and Butter example
- Productivity
- Locations on a PPF
- Slide 128
- BOWED-OUT PPFs VaryingIncreasing OC
- Economic Systems
- Jigsaw activity
- Slide 132
- Economic amp Social Goals of an Economic System
- Review of Economic Systems
- Slide 135
- What are the most important goals of each economic system
- Which economic system does the US use
- The American Economic System
- The US mixed economy
- Slide 140
- Think backhellip
- US Economic System Characteristics
- Slide 143
- Understanding how all parts fit together
- Marriage Vows
- Do you remember
- Slide 147
-
bullhttpwwwyoutubecomwatchv=yoVc_S_gd_0
How do we satisfy our economic wants
bull We buy goods or services
bull Good ndash a physical object (tangible) that has been produced for salebull Durable ndash last 3+ yearsbull Nondurable ndash last up to 3 years
bull Service ndash work done by someone else for which someone is willing to pay
How do we make goods amp services
bull Use Factors of Production - The productive resources that go into producing goods and services
Production Equation
LAND + LABOR + CAPITAL = GOODSERVICE
inputs output
Economic Interdependence
bullWhat does lsquointerdependencersquo mean
bullIs our world becoming economic interdependent or independent
bullEconomic Interdependence the actions of one part of the
country (world) has an impact on what happens elsewhere
Wants amp Needs gt
Resources
Because of scarcity we
have to make choices
How do we make a choice What do we give up
What does this remind you of from our government unit
Making Choices to Deal With Scarcity
bullPeople seek to maximize their utility when making decisions This requires them to consider tradeoffs
Utility ndash the satisfaction or benefit a person receives from consuming a good or service
Tradeoffs ndash the alternate choices people have when making a decision also the benefitsadvantages of making on
decision over another
ExampleshellipbullSome choices are easy to makehellip
HmmhellipShould I have pizza or a hoagie for lunch today
bullOther decisions are agonizinghellipShould I get out of bed and go to
school today or should I sleep in
Task Reflecting on Personal Trade-offshellip
In the end what helped you decide amongst your choices
Think of ONE decision thatyou had to make in the last weekhellipIdentify your various
tradeoffs for that decision
Be prepared to share
Opportunity Cost
bullWhen comparing the top 2 choices it is the BENEFIT of the next best alternative that must be sacrificed to satisfy a want
bullYou do a cost-benefit analysis to figure out which decision is most beneficial
Opportunity Cost ndash The best thing we give up to get what
we want
What else influences your choices
bullPeople make decisions based on their marginal utility or the extra satisfaction they gain from one additional unit of a goodservice
bullLaw of Diminishing Marginal Utility says that as we get or do more of something the pleasure we derive from it tends to decrease and so does our willingness to buy it or do it
FinallyhellipWhy it Matters
Understanding the opportunity coststradeoffs of different choices in life makes you a
better decision-maker
Todayrsquos Message ndash ldquoTherersquos No Such Thing As a Free Lunchrdquo
You always have to give something uphelliprdquo
ALL Individuals Businesses amp Societies have to consider tradeoffsopportunity costs when making
decisions
Visualizing the Relationshiphellip
Limited Resources amp Unlimited Wants
Scarcity
Trade-offs (choices)
Opportunity Costs
ObjectivesEssential Questions
bullObjectivebullI will be able to understand (and teach)
the three different types of economies
bullEssential Question How do the different types of economies work
How Can We Measure What We Gain and Lose When
Making Choices
Answer With a Production Possibilities Frontier
Production Possibilities Frontier
bullDiagram representing the possible combinations of goods and or services an economy can produce when all resources are being fully employed
PPF Assumptions
bullWe live in a two good worldbullThere are fixed resourcesbullThere is fixed technologybullResources are not specialized
Production Possibilities Curve
CD
E
OU
TP
UT
OF
CO
NS
UM
ER
GO
OD
S
(un
its
per
yea
r)
OUTPUT OF MILITARY GOODS (units per year)
A
BO
XF
G
Limited resources necessitate choices about WHAT to produce
The Choices Nations Make
bullA nation must choose what to do with its scarce resources during war or periods of military buildup
bullProduce military goods or consumer goods
Economic Growth
2000 production possibilities
1900 production possibilities
OU
TP
UT
OF
CO
NS
UM
ER
GO
OD
S(u
nits
per
yea
r)
OUTPUT OF MILITARY GOODS (units per year)
Production possibilities increases with more resources and technology
The Classic Guns and Butter example
Guns
Butter
10000 20000 30000 40000 50000
1000009500085000
70000
5000040000
BA
C
D
E
F
At point A all resources are used for butter
Moving from point A to point B requires shifting resources out of butter and into guns
At point F all resources are used for Guns
Productivitybull A PPF can help us see how efficient our
choices are
bull Productivity - measurement of how efficiently we are utilizing our resources Is this the same as production
bull An economy producing on the curve = using their resources to produce the MAXIMUM amount of goodsservices
Locations on a PPF
bull Efficient Point place where an economy is achieving as much output as possible from a given amount of resources ndash occurs at any point on the curve
bull Inefficient Point ndash place where the economy is not functioning as it could be ndash occurs at any point inside the curve
bull Unattainable Point ndash place where the economy cannot produce given its current resources ndash occurs at any point outside the curve
Food
Computer
4
3
2
1
1 2 3 4
OC between 1 and 2 computers = 1 Food
UnitOC between 3 and 4 computers = 1 Food
Unit
Constantly giving up the same quantity of food to get
additional computers
STRAIGHT-LINE PPFs Constant OC
BOWED-OUT PPFs VaryingIncreasing OC
Principle of Increasing Costs
As a society produces more of one product the OC of producing
that product increases because we are using more resources that are poorly suited to produce it
Economic Systems
An economic system is the way a society coordinates the production and consumption of goods amp services
How a society answers the three basic economic questions determines which type of economic system they are
Three Types of Economic Systems Command Traditional Market
Jigsaw activity
bullYou will be placed in groups of 3 and assigned a type of economy
bullYou will have 7 minutes to read and come up with 4 key components
bullAfter the 7 minuteshellip 1rsquos go to the front of the classroom2rsquos go to the wall nearest the door3rsquos go to the wall nearest the courtyard
Economic amp Social Goals of an Economic System
bull Economic Freedom
bull Economic Efficiency
bull Economic Equity
bull Economic Security
Economic Stability
Economic Growth
Review of Economic Systems
bullA traditional economy relies on custom and tradition to dictate production and consumption
bullIn a command economy decisions about production and consumption are made by a powerful ruler or central authority
bullIn a market economy individual producers and consumers coordinate economic activity
What are the most important goals of each economic system
bullTraditionalSecurity and
StabilitybullCommand
Equity and Security
bullMARKETEfficiency and
Freedom
Societies differ in the degree of importance they attach to each goal Progress toward one goal can sometimes be achieved only
at the expense of another (TRADEOFFS)
Which economic system does the US use
The American Economic System
bullWe have a mixed market economy
COMMAND MARKET
The US mixed economybull In a mixed economyhellip
Individuals Own the factors of production Possess freedom to produce or consume Must operate under confines of law
Government Protects workers and consumers Regulates business and preserves competition Provide public goodsbenefits
Think backhellip
bullWhat does this remind you of from the beginning of the unit
US Economic System Characteristics 1 Economic freedom (ldquolaissez-fairerdquo)
2 Limited government
3 Equal opportunity
4 Competition
5 Profit motive
6 Property Rights
7 Binding Contracts
Understanding how all parts fit together
Circular Flow of Economic Activity Represents a market economy
2 main ldquomarketsrdquoProduct Market Factor Market
where goods and services where the 4 factors ofare boughtsold production are boughtsold
Shows interdependence between
businesses and individuals
Marriage Vowsbull CONGRATULATIONS The government and the economy
are renewing their marriage vows You are cordially invited to the ceremony but this perfect couple needs your help
bull Using what you have learned this unit and using the textbook
bull You will explain the way government and the economy are connected (made for each other) You will demonstrate this answer in the format of wedding vows
bull You must use at least 5 of the following words Producers Taxes Consumers Restrictions Markets Freedom GoodsServices Limited
bull Look back to US Economic System Characteristics bull Each set of vows must be at least 6 lines
Do you remember
bullWrite the following question downbullWhy does the United States have a
democracy and mixed economy
- Foundations of Government and Economics
- On your blank piece of paperhellip
- Slide 3
- Warm-Up 1 - 9414
- Introductory thoughts hellip
- Slide 6
- 2 How about to your life
- Slide 8
- Slide 9
- Slide 10
- Slide 11
- Warm Up -2a- 9514 The New York Times and CBS News Pollhellip
- Warm up 2bndash In Journal-
- Economist and Politician Assumptions
- Individualism
- Quote activity
- Quote breakdown
- Warm Up 3- Current Event 9814
- Purpose of Government
- Slide 20
- 3 Theorists
- Activity
- Origins of American Government A customized government
- Origins of American Government A customized government (2)
- Origins of American Government A customized government (3)
- With which theory do you agree more Why
- The ldquoOriginal Dilemmardquo
- Warm Up 5 Hobbes and Locke
- Groups Block 2
- Groups Block 4
- Balloon Game
- You will have 10 minutes to get as many filled balloons on the
- Balloon Game Debriefing
- Political Theories
- Social Contract
- Natural Rights
- Democracy
- Concepts of Government
- Warm up 6 ndash 91114
- Warm Up 7
- And after the Constitution
- Activity (2)
- Picture Activity
- Constitutional Convention
- Purpose of the Convention
- VA Plan v NJ Plan
- Virginia Plan ldquoLarge State Planrdquo
- New Jersey Plan ldquoSmall State Planrdquo
- Your Task
- Closure
- States agree
- Quote
- Structure of Constitution
- Structure of Constitution
- 6 Purpose of Government
- Structure of Constitution (2)
- Structure of Constitution (3)
- Principles of Constitution
- Activity
- Slide 60
- Check for Understanding Six Principles
- Question 1
- Question 2
- Question 3
- Question 4
- Question 5
- Question 6
- Question 7
- Question 8
- Groups
- Separation of Powers
- Video
- Checks and Balances
- Slide 74
- Checks and balances
- Basic Principles
- Self- Worth
- Equality
- Compromise
- Individual Freedom
- Write your ownhellip
- Slide 82
- TED Talk
- Closure
- What is Economics
- Economics ishellip
- Back to our assumptionshellip
- Scarcity refers to the limited number of resources (factors of
- For the videohellip
- Slide 90
- Post Videohellip
- Advertisement
- Political Cartoon Analysis
- Factors of Production
- TASK
- The price ofhellip
- Economic efficiency is achieved when all available resources ar
- 1 What to produce
- 2 How to produce it
- 3 For whom to produce it
- Application Activity
- EQs
- Objectives amp Essential Questions
- Group Activity Budget Activity
- Slide 105
- How do we satisfy our economic wants
- How do we make goods amp services
- Economic Interdependence
- Slide 109
- Making Choices to Deal With Scarcity
- Exampleshellip
- Task Reflecting on Personal Trade-offshellip
- Opportunity Cost
- What else influences your choices
- Finallyhellip Why it Matters
- Visualizing the Relationshiphellip
- ObjectivesEssential Questions
- How Can We Measure What We Gain and Lose When Making Choices
- Production Possibilities Frontier
- PPF Assumptions
- Slide 121
- Production Possibilities Curve
- The Choices Nations Make
- Economic Growth
- The Classic Guns and Butter example
- Productivity
- Locations on a PPF
- Slide 128
- BOWED-OUT PPFs VaryingIncreasing OC
- Economic Systems
- Jigsaw activity
- Slide 132
- Economic amp Social Goals of an Economic System
- Review of Economic Systems
- Slide 135
- What are the most important goals of each economic system
- Which economic system does the US use
- The American Economic System
- The US mixed economy
- Slide 140
- Think backhellip
- US Economic System Characteristics
- Slide 143
- Understanding how all parts fit together
- Marriage Vows
- Do you remember
- Slide 147
-
How do we satisfy our economic wants
bull We buy goods or services
bull Good ndash a physical object (tangible) that has been produced for salebull Durable ndash last 3+ yearsbull Nondurable ndash last up to 3 years
bull Service ndash work done by someone else for which someone is willing to pay
How do we make goods amp services
bull Use Factors of Production - The productive resources that go into producing goods and services
Production Equation
LAND + LABOR + CAPITAL = GOODSERVICE
inputs output
Economic Interdependence
bullWhat does lsquointerdependencersquo mean
bullIs our world becoming economic interdependent or independent
bullEconomic Interdependence the actions of one part of the
country (world) has an impact on what happens elsewhere
Wants amp Needs gt
Resources
Because of scarcity we
have to make choices
How do we make a choice What do we give up
What does this remind you of from our government unit
Making Choices to Deal With Scarcity
bullPeople seek to maximize their utility when making decisions This requires them to consider tradeoffs
Utility ndash the satisfaction or benefit a person receives from consuming a good or service
Tradeoffs ndash the alternate choices people have when making a decision also the benefitsadvantages of making on
decision over another
ExampleshellipbullSome choices are easy to makehellip
HmmhellipShould I have pizza or a hoagie for lunch today
bullOther decisions are agonizinghellipShould I get out of bed and go to
school today or should I sleep in
Task Reflecting on Personal Trade-offshellip
In the end what helped you decide amongst your choices
Think of ONE decision thatyou had to make in the last weekhellipIdentify your various
tradeoffs for that decision
Be prepared to share
Opportunity Cost
bullWhen comparing the top 2 choices it is the BENEFIT of the next best alternative that must be sacrificed to satisfy a want
bullYou do a cost-benefit analysis to figure out which decision is most beneficial
Opportunity Cost ndash The best thing we give up to get what
we want
What else influences your choices
bullPeople make decisions based on their marginal utility or the extra satisfaction they gain from one additional unit of a goodservice
bullLaw of Diminishing Marginal Utility says that as we get or do more of something the pleasure we derive from it tends to decrease and so does our willingness to buy it or do it
FinallyhellipWhy it Matters
Understanding the opportunity coststradeoffs of different choices in life makes you a
better decision-maker
Todayrsquos Message ndash ldquoTherersquos No Such Thing As a Free Lunchrdquo
You always have to give something uphelliprdquo
ALL Individuals Businesses amp Societies have to consider tradeoffsopportunity costs when making
decisions
Visualizing the Relationshiphellip
Limited Resources amp Unlimited Wants
Scarcity
Trade-offs (choices)
Opportunity Costs
ObjectivesEssential Questions
bullObjectivebullI will be able to understand (and teach)
the three different types of economies
bullEssential Question How do the different types of economies work
How Can We Measure What We Gain and Lose When
Making Choices
Answer With a Production Possibilities Frontier
Production Possibilities Frontier
bullDiagram representing the possible combinations of goods and or services an economy can produce when all resources are being fully employed
PPF Assumptions
bullWe live in a two good worldbullThere are fixed resourcesbullThere is fixed technologybullResources are not specialized
Production Possibilities Curve
CD
E
OU
TP
UT
OF
CO
NS
UM
ER
GO
OD
S
(un
its
per
yea
r)
OUTPUT OF MILITARY GOODS (units per year)
A
BO
XF
G
Limited resources necessitate choices about WHAT to produce
The Choices Nations Make
bullA nation must choose what to do with its scarce resources during war or periods of military buildup
bullProduce military goods or consumer goods
Economic Growth
2000 production possibilities
1900 production possibilities
OU
TP
UT
OF
CO
NS
UM
ER
GO
OD
S(u
nits
per
yea
r)
OUTPUT OF MILITARY GOODS (units per year)
Production possibilities increases with more resources and technology
The Classic Guns and Butter example
Guns
Butter
10000 20000 30000 40000 50000
1000009500085000
70000
5000040000
BA
C
D
E
F
At point A all resources are used for butter
Moving from point A to point B requires shifting resources out of butter and into guns
At point F all resources are used for Guns
Productivitybull A PPF can help us see how efficient our
choices are
bull Productivity - measurement of how efficiently we are utilizing our resources Is this the same as production
bull An economy producing on the curve = using their resources to produce the MAXIMUM amount of goodsservices
Locations on a PPF
bull Efficient Point place where an economy is achieving as much output as possible from a given amount of resources ndash occurs at any point on the curve
bull Inefficient Point ndash place where the economy is not functioning as it could be ndash occurs at any point inside the curve
bull Unattainable Point ndash place where the economy cannot produce given its current resources ndash occurs at any point outside the curve
Food
Computer
4
3
2
1
1 2 3 4
OC between 1 and 2 computers = 1 Food
UnitOC between 3 and 4 computers = 1 Food
Unit
Constantly giving up the same quantity of food to get
additional computers
STRAIGHT-LINE PPFs Constant OC
BOWED-OUT PPFs VaryingIncreasing OC
Principle of Increasing Costs
As a society produces more of one product the OC of producing
that product increases because we are using more resources that are poorly suited to produce it
Economic Systems
An economic system is the way a society coordinates the production and consumption of goods amp services
How a society answers the three basic economic questions determines which type of economic system they are
Three Types of Economic Systems Command Traditional Market
Jigsaw activity
bullYou will be placed in groups of 3 and assigned a type of economy
bullYou will have 7 minutes to read and come up with 4 key components
bullAfter the 7 minuteshellip 1rsquos go to the front of the classroom2rsquos go to the wall nearest the door3rsquos go to the wall nearest the courtyard
Economic amp Social Goals of an Economic System
bull Economic Freedom
bull Economic Efficiency
bull Economic Equity
bull Economic Security
Economic Stability
Economic Growth
Review of Economic Systems
bullA traditional economy relies on custom and tradition to dictate production and consumption
bullIn a command economy decisions about production and consumption are made by a powerful ruler or central authority
bullIn a market economy individual producers and consumers coordinate economic activity
What are the most important goals of each economic system
bullTraditionalSecurity and
StabilitybullCommand
Equity and Security
bullMARKETEfficiency and
Freedom
Societies differ in the degree of importance they attach to each goal Progress toward one goal can sometimes be achieved only
at the expense of another (TRADEOFFS)
Which economic system does the US use
The American Economic System
bullWe have a mixed market economy
COMMAND MARKET
The US mixed economybull In a mixed economyhellip
Individuals Own the factors of production Possess freedom to produce or consume Must operate under confines of law
Government Protects workers and consumers Regulates business and preserves competition Provide public goodsbenefits
Think backhellip
bullWhat does this remind you of from the beginning of the unit
US Economic System Characteristics 1 Economic freedom (ldquolaissez-fairerdquo)
2 Limited government
3 Equal opportunity
4 Competition
5 Profit motive
6 Property Rights
7 Binding Contracts
Understanding how all parts fit together
Circular Flow of Economic Activity Represents a market economy
2 main ldquomarketsrdquoProduct Market Factor Market
where goods and services where the 4 factors ofare boughtsold production are boughtsold
Shows interdependence between
businesses and individuals
Marriage Vowsbull CONGRATULATIONS The government and the economy
are renewing their marriage vows You are cordially invited to the ceremony but this perfect couple needs your help
bull Using what you have learned this unit and using the textbook
bull You will explain the way government and the economy are connected (made for each other) You will demonstrate this answer in the format of wedding vows
bull You must use at least 5 of the following words Producers Taxes Consumers Restrictions Markets Freedom GoodsServices Limited
bull Look back to US Economic System Characteristics bull Each set of vows must be at least 6 lines
Do you remember
bullWrite the following question downbullWhy does the United States have a
democracy and mixed economy
- Foundations of Government and Economics
- On your blank piece of paperhellip
- Slide 3
- Warm-Up 1 - 9414
- Introductory thoughts hellip
- Slide 6
- 2 How about to your life
- Slide 8
- Slide 9
- Slide 10
- Slide 11
- Warm Up -2a- 9514 The New York Times and CBS News Pollhellip
- Warm up 2bndash In Journal-
- Economist and Politician Assumptions
- Individualism
- Quote activity
- Quote breakdown
- Warm Up 3- Current Event 9814
- Purpose of Government
- Slide 20
- 3 Theorists
- Activity
- Origins of American Government A customized government
- Origins of American Government A customized government (2)
- Origins of American Government A customized government (3)
- With which theory do you agree more Why
- The ldquoOriginal Dilemmardquo
- Warm Up 5 Hobbes and Locke
- Groups Block 2
- Groups Block 4
- Balloon Game
- You will have 10 minutes to get as many filled balloons on the
- Balloon Game Debriefing
- Political Theories
- Social Contract
- Natural Rights
- Democracy
- Concepts of Government
- Warm up 6 ndash 91114
- Warm Up 7
- And after the Constitution
- Activity (2)
- Picture Activity
- Constitutional Convention
- Purpose of the Convention
- VA Plan v NJ Plan
- Virginia Plan ldquoLarge State Planrdquo
- New Jersey Plan ldquoSmall State Planrdquo
- Your Task
- Closure
- States agree
- Quote
- Structure of Constitution
- Structure of Constitution
- 6 Purpose of Government
- Structure of Constitution (2)
- Structure of Constitution (3)
- Principles of Constitution
- Activity
- Slide 60
- Check for Understanding Six Principles
- Question 1
- Question 2
- Question 3
- Question 4
- Question 5
- Question 6
- Question 7
- Question 8
- Groups
- Separation of Powers
- Video
- Checks and Balances
- Slide 74
- Checks and balances
- Basic Principles
- Self- Worth
- Equality
- Compromise
- Individual Freedom
- Write your ownhellip
- Slide 82
- TED Talk
- Closure
- What is Economics
- Economics ishellip
- Back to our assumptionshellip
- Scarcity refers to the limited number of resources (factors of
- For the videohellip
- Slide 90
- Post Videohellip
- Advertisement
- Political Cartoon Analysis
- Factors of Production
- TASK
- The price ofhellip
- Economic efficiency is achieved when all available resources ar
- 1 What to produce
- 2 How to produce it
- 3 For whom to produce it
- Application Activity
- EQs
- Objectives amp Essential Questions
- Group Activity Budget Activity
- Slide 105
- How do we satisfy our economic wants
- How do we make goods amp services
- Economic Interdependence
- Slide 109
- Making Choices to Deal With Scarcity
- Exampleshellip
- Task Reflecting on Personal Trade-offshellip
- Opportunity Cost
- What else influences your choices
- Finallyhellip Why it Matters
- Visualizing the Relationshiphellip
- ObjectivesEssential Questions
- How Can We Measure What We Gain and Lose When Making Choices
- Production Possibilities Frontier
- PPF Assumptions
- Slide 121
- Production Possibilities Curve
- The Choices Nations Make
- Economic Growth
- The Classic Guns and Butter example
- Productivity
- Locations on a PPF
- Slide 128
- BOWED-OUT PPFs VaryingIncreasing OC
- Economic Systems
- Jigsaw activity
- Slide 132
- Economic amp Social Goals of an Economic System
- Review of Economic Systems
- Slide 135
- What are the most important goals of each economic system
- Which economic system does the US use
- The American Economic System
- The US mixed economy
- Slide 140
- Think backhellip
- US Economic System Characteristics
- Slide 143
- Understanding how all parts fit together
- Marriage Vows
- Do you remember
- Slide 147
-
How do we make goods amp services
bull Use Factors of Production - The productive resources that go into producing goods and services
Production Equation
LAND + LABOR + CAPITAL = GOODSERVICE
inputs output
Economic Interdependence
bullWhat does lsquointerdependencersquo mean
bullIs our world becoming economic interdependent or independent
bullEconomic Interdependence the actions of one part of the
country (world) has an impact on what happens elsewhere
Wants amp Needs gt
Resources
Because of scarcity we
have to make choices
How do we make a choice What do we give up
What does this remind you of from our government unit
Making Choices to Deal With Scarcity
bullPeople seek to maximize their utility when making decisions This requires them to consider tradeoffs
Utility ndash the satisfaction or benefit a person receives from consuming a good or service
Tradeoffs ndash the alternate choices people have when making a decision also the benefitsadvantages of making on
decision over another
ExampleshellipbullSome choices are easy to makehellip
HmmhellipShould I have pizza or a hoagie for lunch today
bullOther decisions are agonizinghellipShould I get out of bed and go to
school today or should I sleep in
Task Reflecting on Personal Trade-offshellip
In the end what helped you decide amongst your choices
Think of ONE decision thatyou had to make in the last weekhellipIdentify your various
tradeoffs for that decision
Be prepared to share
Opportunity Cost
bullWhen comparing the top 2 choices it is the BENEFIT of the next best alternative that must be sacrificed to satisfy a want
bullYou do a cost-benefit analysis to figure out which decision is most beneficial
Opportunity Cost ndash The best thing we give up to get what
we want
What else influences your choices
bullPeople make decisions based on their marginal utility or the extra satisfaction they gain from one additional unit of a goodservice
bullLaw of Diminishing Marginal Utility says that as we get or do more of something the pleasure we derive from it tends to decrease and so does our willingness to buy it or do it
FinallyhellipWhy it Matters
Understanding the opportunity coststradeoffs of different choices in life makes you a
better decision-maker
Todayrsquos Message ndash ldquoTherersquos No Such Thing As a Free Lunchrdquo
You always have to give something uphelliprdquo
ALL Individuals Businesses amp Societies have to consider tradeoffsopportunity costs when making
decisions
Visualizing the Relationshiphellip
Limited Resources amp Unlimited Wants
Scarcity
Trade-offs (choices)
Opportunity Costs
ObjectivesEssential Questions
bullObjectivebullI will be able to understand (and teach)
the three different types of economies
bullEssential Question How do the different types of economies work
How Can We Measure What We Gain and Lose When
Making Choices
Answer With a Production Possibilities Frontier
Production Possibilities Frontier
bullDiagram representing the possible combinations of goods and or services an economy can produce when all resources are being fully employed
PPF Assumptions
bullWe live in a two good worldbullThere are fixed resourcesbullThere is fixed technologybullResources are not specialized
Production Possibilities Curve
CD
E
OU
TP
UT
OF
CO
NS
UM
ER
GO
OD
S
(un
its
per
yea
r)
OUTPUT OF MILITARY GOODS (units per year)
A
BO
XF
G
Limited resources necessitate choices about WHAT to produce
The Choices Nations Make
bullA nation must choose what to do with its scarce resources during war or periods of military buildup
bullProduce military goods or consumer goods
Economic Growth
2000 production possibilities
1900 production possibilities
OU
TP
UT
OF
CO
NS
UM
ER
GO
OD
S(u
nits
per
yea
r)
OUTPUT OF MILITARY GOODS (units per year)
Production possibilities increases with more resources and technology
The Classic Guns and Butter example
Guns
Butter
10000 20000 30000 40000 50000
1000009500085000
70000
5000040000
BA
C
D
E
F
At point A all resources are used for butter
Moving from point A to point B requires shifting resources out of butter and into guns
At point F all resources are used for Guns
Productivitybull A PPF can help us see how efficient our
choices are
bull Productivity - measurement of how efficiently we are utilizing our resources Is this the same as production
bull An economy producing on the curve = using their resources to produce the MAXIMUM amount of goodsservices
Locations on a PPF
bull Efficient Point place where an economy is achieving as much output as possible from a given amount of resources ndash occurs at any point on the curve
bull Inefficient Point ndash place where the economy is not functioning as it could be ndash occurs at any point inside the curve
bull Unattainable Point ndash place where the economy cannot produce given its current resources ndash occurs at any point outside the curve
Food
Computer
4
3
2
1
1 2 3 4
OC between 1 and 2 computers = 1 Food
UnitOC between 3 and 4 computers = 1 Food
Unit
Constantly giving up the same quantity of food to get
additional computers
STRAIGHT-LINE PPFs Constant OC
BOWED-OUT PPFs VaryingIncreasing OC
Principle of Increasing Costs
As a society produces more of one product the OC of producing
that product increases because we are using more resources that are poorly suited to produce it
Economic Systems
An economic system is the way a society coordinates the production and consumption of goods amp services
How a society answers the three basic economic questions determines which type of economic system they are
Three Types of Economic Systems Command Traditional Market
Jigsaw activity
bullYou will be placed in groups of 3 and assigned a type of economy
bullYou will have 7 minutes to read and come up with 4 key components
bullAfter the 7 minuteshellip 1rsquos go to the front of the classroom2rsquos go to the wall nearest the door3rsquos go to the wall nearest the courtyard
Economic amp Social Goals of an Economic System
bull Economic Freedom
bull Economic Efficiency
bull Economic Equity
bull Economic Security
Economic Stability
Economic Growth
Review of Economic Systems
bullA traditional economy relies on custom and tradition to dictate production and consumption
bullIn a command economy decisions about production and consumption are made by a powerful ruler or central authority
bullIn a market economy individual producers and consumers coordinate economic activity
What are the most important goals of each economic system
bullTraditionalSecurity and
StabilitybullCommand
Equity and Security
bullMARKETEfficiency and
Freedom
Societies differ in the degree of importance they attach to each goal Progress toward one goal can sometimes be achieved only
at the expense of another (TRADEOFFS)
Which economic system does the US use
The American Economic System
bullWe have a mixed market economy
COMMAND MARKET
The US mixed economybull In a mixed economyhellip
Individuals Own the factors of production Possess freedom to produce or consume Must operate under confines of law
Government Protects workers and consumers Regulates business and preserves competition Provide public goodsbenefits
Think backhellip
bullWhat does this remind you of from the beginning of the unit
US Economic System Characteristics 1 Economic freedom (ldquolaissez-fairerdquo)
2 Limited government
3 Equal opportunity
4 Competition
5 Profit motive
6 Property Rights
7 Binding Contracts
Understanding how all parts fit together
Circular Flow of Economic Activity Represents a market economy
2 main ldquomarketsrdquoProduct Market Factor Market
where goods and services where the 4 factors ofare boughtsold production are boughtsold
Shows interdependence between
businesses and individuals
Marriage Vowsbull CONGRATULATIONS The government and the economy
are renewing their marriage vows You are cordially invited to the ceremony but this perfect couple needs your help
bull Using what you have learned this unit and using the textbook
bull You will explain the way government and the economy are connected (made for each other) You will demonstrate this answer in the format of wedding vows
bull You must use at least 5 of the following words Producers Taxes Consumers Restrictions Markets Freedom GoodsServices Limited
bull Look back to US Economic System Characteristics bull Each set of vows must be at least 6 lines
Do you remember
bullWrite the following question downbullWhy does the United States have a
democracy and mixed economy
- Foundations of Government and Economics
- On your blank piece of paperhellip
- Slide 3
- Warm-Up 1 - 9414
- Introductory thoughts hellip
- Slide 6
- 2 How about to your life
- Slide 8
- Slide 9
- Slide 10
- Slide 11
- Warm Up -2a- 9514 The New York Times and CBS News Pollhellip
- Warm up 2bndash In Journal-
- Economist and Politician Assumptions
- Individualism
- Quote activity
- Quote breakdown
- Warm Up 3- Current Event 9814
- Purpose of Government
- Slide 20
- 3 Theorists
- Activity
- Origins of American Government A customized government
- Origins of American Government A customized government (2)
- Origins of American Government A customized government (3)
- With which theory do you agree more Why
- The ldquoOriginal Dilemmardquo
- Warm Up 5 Hobbes and Locke
- Groups Block 2
- Groups Block 4
- Balloon Game
- You will have 10 minutes to get as many filled balloons on the
- Balloon Game Debriefing
- Political Theories
- Social Contract
- Natural Rights
- Democracy
- Concepts of Government
- Warm up 6 ndash 91114
- Warm Up 7
- And after the Constitution
- Activity (2)
- Picture Activity
- Constitutional Convention
- Purpose of the Convention
- VA Plan v NJ Plan
- Virginia Plan ldquoLarge State Planrdquo
- New Jersey Plan ldquoSmall State Planrdquo
- Your Task
- Closure
- States agree
- Quote
- Structure of Constitution
- Structure of Constitution
- 6 Purpose of Government
- Structure of Constitution (2)
- Structure of Constitution (3)
- Principles of Constitution
- Activity
- Slide 60
- Check for Understanding Six Principles
- Question 1
- Question 2
- Question 3
- Question 4
- Question 5
- Question 6
- Question 7
- Question 8
- Groups
- Separation of Powers
- Video
- Checks and Balances
- Slide 74
- Checks and balances
- Basic Principles
- Self- Worth
- Equality
- Compromise
- Individual Freedom
- Write your ownhellip
- Slide 82
- TED Talk
- Closure
- What is Economics
- Economics ishellip
- Back to our assumptionshellip
- Scarcity refers to the limited number of resources (factors of
- For the videohellip
- Slide 90
- Post Videohellip
- Advertisement
- Political Cartoon Analysis
- Factors of Production
- TASK
- The price ofhellip
- Economic efficiency is achieved when all available resources ar
- 1 What to produce
- 2 How to produce it
- 3 For whom to produce it
- Application Activity
- EQs
- Objectives amp Essential Questions
- Group Activity Budget Activity
- Slide 105
- How do we satisfy our economic wants
- How do we make goods amp services
- Economic Interdependence
- Slide 109
- Making Choices to Deal With Scarcity
- Exampleshellip
- Task Reflecting on Personal Trade-offshellip
- Opportunity Cost
- What else influences your choices
- Finallyhellip Why it Matters
- Visualizing the Relationshiphellip
- ObjectivesEssential Questions
- How Can We Measure What We Gain and Lose When Making Choices
- Production Possibilities Frontier
- PPF Assumptions
- Slide 121
- Production Possibilities Curve
- The Choices Nations Make
- Economic Growth
- The Classic Guns and Butter example
- Productivity
- Locations on a PPF
- Slide 128
- BOWED-OUT PPFs VaryingIncreasing OC
- Economic Systems
- Jigsaw activity
- Slide 132
- Economic amp Social Goals of an Economic System
- Review of Economic Systems
- Slide 135
- What are the most important goals of each economic system
- Which economic system does the US use
- The American Economic System
- The US mixed economy
- Slide 140
- Think backhellip
- US Economic System Characteristics
- Slide 143
- Understanding how all parts fit together
- Marriage Vows
- Do you remember
- Slide 147
-
Economic Interdependence
bullWhat does lsquointerdependencersquo mean
bullIs our world becoming economic interdependent or independent
bullEconomic Interdependence the actions of one part of the
country (world) has an impact on what happens elsewhere
Wants amp Needs gt
Resources
Because of scarcity we
have to make choices
How do we make a choice What do we give up
What does this remind you of from our government unit
Making Choices to Deal With Scarcity
bullPeople seek to maximize their utility when making decisions This requires them to consider tradeoffs
Utility ndash the satisfaction or benefit a person receives from consuming a good or service
Tradeoffs ndash the alternate choices people have when making a decision also the benefitsadvantages of making on
decision over another
ExampleshellipbullSome choices are easy to makehellip
HmmhellipShould I have pizza or a hoagie for lunch today
bullOther decisions are agonizinghellipShould I get out of bed and go to
school today or should I sleep in
Task Reflecting on Personal Trade-offshellip
In the end what helped you decide amongst your choices
Think of ONE decision thatyou had to make in the last weekhellipIdentify your various
tradeoffs for that decision
Be prepared to share
Opportunity Cost
bullWhen comparing the top 2 choices it is the BENEFIT of the next best alternative that must be sacrificed to satisfy a want
bullYou do a cost-benefit analysis to figure out which decision is most beneficial
Opportunity Cost ndash The best thing we give up to get what
we want
What else influences your choices
bullPeople make decisions based on their marginal utility or the extra satisfaction they gain from one additional unit of a goodservice
bullLaw of Diminishing Marginal Utility says that as we get or do more of something the pleasure we derive from it tends to decrease and so does our willingness to buy it or do it
FinallyhellipWhy it Matters
Understanding the opportunity coststradeoffs of different choices in life makes you a
better decision-maker
Todayrsquos Message ndash ldquoTherersquos No Such Thing As a Free Lunchrdquo
You always have to give something uphelliprdquo
ALL Individuals Businesses amp Societies have to consider tradeoffsopportunity costs when making
decisions
Visualizing the Relationshiphellip
Limited Resources amp Unlimited Wants
Scarcity
Trade-offs (choices)
Opportunity Costs
ObjectivesEssential Questions
bullObjectivebullI will be able to understand (and teach)
the three different types of economies
bullEssential Question How do the different types of economies work
How Can We Measure What We Gain and Lose When
Making Choices
Answer With a Production Possibilities Frontier
Production Possibilities Frontier
bullDiagram representing the possible combinations of goods and or services an economy can produce when all resources are being fully employed
PPF Assumptions
bullWe live in a two good worldbullThere are fixed resourcesbullThere is fixed technologybullResources are not specialized
Production Possibilities Curve
CD
E
OU
TP
UT
OF
CO
NS
UM
ER
GO
OD
S
(un
its
per
yea
r)
OUTPUT OF MILITARY GOODS (units per year)
A
BO
XF
G
Limited resources necessitate choices about WHAT to produce
The Choices Nations Make
bullA nation must choose what to do with its scarce resources during war or periods of military buildup
bullProduce military goods or consumer goods
Economic Growth
2000 production possibilities
1900 production possibilities
OU
TP
UT
OF
CO
NS
UM
ER
GO
OD
S(u
nits
per
yea
r)
OUTPUT OF MILITARY GOODS (units per year)
Production possibilities increases with more resources and technology
The Classic Guns and Butter example
Guns
Butter
10000 20000 30000 40000 50000
1000009500085000
70000
5000040000
BA
C
D
E
F
At point A all resources are used for butter
Moving from point A to point B requires shifting resources out of butter and into guns
At point F all resources are used for Guns
Productivitybull A PPF can help us see how efficient our
choices are
bull Productivity - measurement of how efficiently we are utilizing our resources Is this the same as production
bull An economy producing on the curve = using their resources to produce the MAXIMUM amount of goodsservices
Locations on a PPF
bull Efficient Point place where an economy is achieving as much output as possible from a given amount of resources ndash occurs at any point on the curve
bull Inefficient Point ndash place where the economy is not functioning as it could be ndash occurs at any point inside the curve
bull Unattainable Point ndash place where the economy cannot produce given its current resources ndash occurs at any point outside the curve
Food
Computer
4
3
2
1
1 2 3 4
OC between 1 and 2 computers = 1 Food
UnitOC between 3 and 4 computers = 1 Food
Unit
Constantly giving up the same quantity of food to get
additional computers
STRAIGHT-LINE PPFs Constant OC
BOWED-OUT PPFs VaryingIncreasing OC
Principle of Increasing Costs
As a society produces more of one product the OC of producing
that product increases because we are using more resources that are poorly suited to produce it
Economic Systems
An economic system is the way a society coordinates the production and consumption of goods amp services
How a society answers the three basic economic questions determines which type of economic system they are
Three Types of Economic Systems Command Traditional Market
Jigsaw activity
bullYou will be placed in groups of 3 and assigned a type of economy
bullYou will have 7 minutes to read and come up with 4 key components
bullAfter the 7 minuteshellip 1rsquos go to the front of the classroom2rsquos go to the wall nearest the door3rsquos go to the wall nearest the courtyard
Economic amp Social Goals of an Economic System
bull Economic Freedom
bull Economic Efficiency
bull Economic Equity
bull Economic Security
Economic Stability
Economic Growth
Review of Economic Systems
bullA traditional economy relies on custom and tradition to dictate production and consumption
bullIn a command economy decisions about production and consumption are made by a powerful ruler or central authority
bullIn a market economy individual producers and consumers coordinate economic activity
What are the most important goals of each economic system
bullTraditionalSecurity and
StabilitybullCommand
Equity and Security
bullMARKETEfficiency and
Freedom
Societies differ in the degree of importance they attach to each goal Progress toward one goal can sometimes be achieved only
at the expense of another (TRADEOFFS)
Which economic system does the US use
The American Economic System
bullWe have a mixed market economy
COMMAND MARKET
The US mixed economybull In a mixed economyhellip
Individuals Own the factors of production Possess freedom to produce or consume Must operate under confines of law
Government Protects workers and consumers Regulates business and preserves competition Provide public goodsbenefits
Think backhellip
bullWhat does this remind you of from the beginning of the unit
US Economic System Characteristics 1 Economic freedom (ldquolaissez-fairerdquo)
2 Limited government
3 Equal opportunity
4 Competition
5 Profit motive
6 Property Rights
7 Binding Contracts
Understanding how all parts fit together
Circular Flow of Economic Activity Represents a market economy
2 main ldquomarketsrdquoProduct Market Factor Market
where goods and services where the 4 factors ofare boughtsold production are boughtsold
Shows interdependence between
businesses and individuals
Marriage Vowsbull CONGRATULATIONS The government and the economy
are renewing their marriage vows You are cordially invited to the ceremony but this perfect couple needs your help
bull Using what you have learned this unit and using the textbook
bull You will explain the way government and the economy are connected (made for each other) You will demonstrate this answer in the format of wedding vows
bull You must use at least 5 of the following words Producers Taxes Consumers Restrictions Markets Freedom GoodsServices Limited
bull Look back to US Economic System Characteristics bull Each set of vows must be at least 6 lines
Do you remember
bullWrite the following question downbullWhy does the United States have a
democracy and mixed economy
- Foundations of Government and Economics
- On your blank piece of paperhellip
- Slide 3
- Warm-Up 1 - 9414
- Introductory thoughts hellip
- Slide 6
- 2 How about to your life
- Slide 8
- Slide 9
- Slide 10
- Slide 11
- Warm Up -2a- 9514 The New York Times and CBS News Pollhellip
- Warm up 2bndash In Journal-
- Economist and Politician Assumptions
- Individualism
- Quote activity
- Quote breakdown
- Warm Up 3- Current Event 9814
- Purpose of Government
- Slide 20
- 3 Theorists
- Activity
- Origins of American Government A customized government
- Origins of American Government A customized government (2)
- Origins of American Government A customized government (3)
- With which theory do you agree more Why
- The ldquoOriginal Dilemmardquo
- Warm Up 5 Hobbes and Locke
- Groups Block 2
- Groups Block 4
- Balloon Game
- You will have 10 minutes to get as many filled balloons on the
- Balloon Game Debriefing
- Political Theories
- Social Contract
- Natural Rights
- Democracy
- Concepts of Government
- Warm up 6 ndash 91114
- Warm Up 7
- And after the Constitution
- Activity (2)
- Picture Activity
- Constitutional Convention
- Purpose of the Convention
- VA Plan v NJ Plan
- Virginia Plan ldquoLarge State Planrdquo
- New Jersey Plan ldquoSmall State Planrdquo
- Your Task
- Closure
- States agree
- Quote
- Structure of Constitution
- Structure of Constitution
- 6 Purpose of Government
- Structure of Constitution (2)
- Structure of Constitution (3)
- Principles of Constitution
- Activity
- Slide 60
- Check for Understanding Six Principles
- Question 1
- Question 2
- Question 3
- Question 4
- Question 5
- Question 6
- Question 7
- Question 8
- Groups
- Separation of Powers
- Video
- Checks and Balances
- Slide 74
- Checks and balances
- Basic Principles
- Self- Worth
- Equality
- Compromise
- Individual Freedom
- Write your ownhellip
- Slide 82
- TED Talk
- Closure
- What is Economics
- Economics ishellip
- Back to our assumptionshellip
- Scarcity refers to the limited number of resources (factors of
- For the videohellip
- Slide 90
- Post Videohellip
- Advertisement
- Political Cartoon Analysis
- Factors of Production
- TASK
- The price ofhellip
- Economic efficiency is achieved when all available resources ar
- 1 What to produce
- 2 How to produce it
- 3 For whom to produce it
- Application Activity
- EQs
- Objectives amp Essential Questions
- Group Activity Budget Activity
- Slide 105
- How do we satisfy our economic wants
- How do we make goods amp services
- Economic Interdependence
- Slide 109
- Making Choices to Deal With Scarcity
- Exampleshellip
- Task Reflecting on Personal Trade-offshellip
- Opportunity Cost
- What else influences your choices
- Finallyhellip Why it Matters
- Visualizing the Relationshiphellip
- ObjectivesEssential Questions
- How Can We Measure What We Gain and Lose When Making Choices
- Production Possibilities Frontier
- PPF Assumptions
- Slide 121
- Production Possibilities Curve
- The Choices Nations Make
- Economic Growth
- The Classic Guns and Butter example
- Productivity
- Locations on a PPF
- Slide 128
- BOWED-OUT PPFs VaryingIncreasing OC
- Economic Systems
- Jigsaw activity
- Slide 132
- Economic amp Social Goals of an Economic System
- Review of Economic Systems
- Slide 135
- What are the most important goals of each economic system
- Which economic system does the US use
- The American Economic System
- The US mixed economy
- Slide 140
- Think backhellip
- US Economic System Characteristics
- Slide 143
- Understanding how all parts fit together
- Marriage Vows
- Do you remember
- Slide 147
-
Wants amp Needs gt
Resources
Because of scarcity we
have to make choices
How do we make a choice What do we give up
What does this remind you of from our government unit
Making Choices to Deal With Scarcity
bullPeople seek to maximize their utility when making decisions This requires them to consider tradeoffs
Utility ndash the satisfaction or benefit a person receives from consuming a good or service
Tradeoffs ndash the alternate choices people have when making a decision also the benefitsadvantages of making on
decision over another
ExampleshellipbullSome choices are easy to makehellip
HmmhellipShould I have pizza or a hoagie for lunch today
bullOther decisions are agonizinghellipShould I get out of bed and go to
school today or should I sleep in
Task Reflecting on Personal Trade-offshellip
In the end what helped you decide amongst your choices
Think of ONE decision thatyou had to make in the last weekhellipIdentify your various
tradeoffs for that decision
Be prepared to share
Opportunity Cost
bullWhen comparing the top 2 choices it is the BENEFIT of the next best alternative that must be sacrificed to satisfy a want
bullYou do a cost-benefit analysis to figure out which decision is most beneficial
Opportunity Cost ndash The best thing we give up to get what
we want
What else influences your choices
bullPeople make decisions based on their marginal utility or the extra satisfaction they gain from one additional unit of a goodservice
bullLaw of Diminishing Marginal Utility says that as we get or do more of something the pleasure we derive from it tends to decrease and so does our willingness to buy it or do it
FinallyhellipWhy it Matters
Understanding the opportunity coststradeoffs of different choices in life makes you a
better decision-maker
Todayrsquos Message ndash ldquoTherersquos No Such Thing As a Free Lunchrdquo
You always have to give something uphelliprdquo
ALL Individuals Businesses amp Societies have to consider tradeoffsopportunity costs when making
decisions
Visualizing the Relationshiphellip
Limited Resources amp Unlimited Wants
Scarcity
Trade-offs (choices)
Opportunity Costs
ObjectivesEssential Questions
bullObjectivebullI will be able to understand (and teach)
the three different types of economies
bullEssential Question How do the different types of economies work
How Can We Measure What We Gain and Lose When
Making Choices
Answer With a Production Possibilities Frontier
Production Possibilities Frontier
bullDiagram representing the possible combinations of goods and or services an economy can produce when all resources are being fully employed
PPF Assumptions
bullWe live in a two good worldbullThere are fixed resourcesbullThere is fixed technologybullResources are not specialized
Production Possibilities Curve
CD
E
OU
TP
UT
OF
CO
NS
UM
ER
GO
OD
S
(un
its
per
yea
r)
OUTPUT OF MILITARY GOODS (units per year)
A
BO
XF
G
Limited resources necessitate choices about WHAT to produce
The Choices Nations Make
bullA nation must choose what to do with its scarce resources during war or periods of military buildup
bullProduce military goods or consumer goods
Economic Growth
2000 production possibilities
1900 production possibilities
OU
TP
UT
OF
CO
NS
UM
ER
GO
OD
S(u
nits
per
yea
r)
OUTPUT OF MILITARY GOODS (units per year)
Production possibilities increases with more resources and technology
The Classic Guns and Butter example
Guns
Butter
10000 20000 30000 40000 50000
1000009500085000
70000
5000040000
BA
C
D
E
F
At point A all resources are used for butter
Moving from point A to point B requires shifting resources out of butter and into guns
At point F all resources are used for Guns
Productivitybull A PPF can help us see how efficient our
choices are
bull Productivity - measurement of how efficiently we are utilizing our resources Is this the same as production
bull An economy producing on the curve = using their resources to produce the MAXIMUM amount of goodsservices
Locations on a PPF
bull Efficient Point place where an economy is achieving as much output as possible from a given amount of resources ndash occurs at any point on the curve
bull Inefficient Point ndash place where the economy is not functioning as it could be ndash occurs at any point inside the curve
bull Unattainable Point ndash place where the economy cannot produce given its current resources ndash occurs at any point outside the curve
Food
Computer
4
3
2
1
1 2 3 4
OC between 1 and 2 computers = 1 Food
UnitOC between 3 and 4 computers = 1 Food
Unit
Constantly giving up the same quantity of food to get
additional computers
STRAIGHT-LINE PPFs Constant OC
BOWED-OUT PPFs VaryingIncreasing OC
Principle of Increasing Costs
As a society produces more of one product the OC of producing
that product increases because we are using more resources that are poorly suited to produce it
Economic Systems
An economic system is the way a society coordinates the production and consumption of goods amp services
How a society answers the three basic economic questions determines which type of economic system they are
Three Types of Economic Systems Command Traditional Market
Jigsaw activity
bullYou will be placed in groups of 3 and assigned a type of economy
bullYou will have 7 minutes to read and come up with 4 key components
bullAfter the 7 minuteshellip 1rsquos go to the front of the classroom2rsquos go to the wall nearest the door3rsquos go to the wall nearest the courtyard
Economic amp Social Goals of an Economic System
bull Economic Freedom
bull Economic Efficiency
bull Economic Equity
bull Economic Security
Economic Stability
Economic Growth
Review of Economic Systems
bullA traditional economy relies on custom and tradition to dictate production and consumption
bullIn a command economy decisions about production and consumption are made by a powerful ruler or central authority
bullIn a market economy individual producers and consumers coordinate economic activity
What are the most important goals of each economic system
bullTraditionalSecurity and
StabilitybullCommand
Equity and Security
bullMARKETEfficiency and
Freedom
Societies differ in the degree of importance they attach to each goal Progress toward one goal can sometimes be achieved only
at the expense of another (TRADEOFFS)
Which economic system does the US use
The American Economic System
bullWe have a mixed market economy
COMMAND MARKET
The US mixed economybull In a mixed economyhellip
Individuals Own the factors of production Possess freedom to produce or consume Must operate under confines of law
Government Protects workers and consumers Regulates business and preserves competition Provide public goodsbenefits
Think backhellip
bullWhat does this remind you of from the beginning of the unit
US Economic System Characteristics 1 Economic freedom (ldquolaissez-fairerdquo)
2 Limited government
3 Equal opportunity
4 Competition
5 Profit motive
6 Property Rights
7 Binding Contracts
Understanding how all parts fit together
Circular Flow of Economic Activity Represents a market economy
2 main ldquomarketsrdquoProduct Market Factor Market
where goods and services where the 4 factors ofare boughtsold production are boughtsold
Shows interdependence between
businesses and individuals
Marriage Vowsbull CONGRATULATIONS The government and the economy
are renewing their marriage vows You are cordially invited to the ceremony but this perfect couple needs your help
bull Using what you have learned this unit and using the textbook
bull You will explain the way government and the economy are connected (made for each other) You will demonstrate this answer in the format of wedding vows
bull You must use at least 5 of the following words Producers Taxes Consumers Restrictions Markets Freedom GoodsServices Limited
bull Look back to US Economic System Characteristics bull Each set of vows must be at least 6 lines
Do you remember
bullWrite the following question downbullWhy does the United States have a
democracy and mixed economy
- Foundations of Government and Economics
- On your blank piece of paperhellip
- Slide 3
- Warm-Up 1 - 9414
- Introductory thoughts hellip
- Slide 6
- 2 How about to your life
- Slide 8
- Slide 9
- Slide 10
- Slide 11
- Warm Up -2a- 9514 The New York Times and CBS News Pollhellip
- Warm up 2bndash In Journal-
- Economist and Politician Assumptions
- Individualism
- Quote activity
- Quote breakdown
- Warm Up 3- Current Event 9814
- Purpose of Government
- Slide 20
- 3 Theorists
- Activity
- Origins of American Government A customized government
- Origins of American Government A customized government (2)
- Origins of American Government A customized government (3)
- With which theory do you agree more Why
- The ldquoOriginal Dilemmardquo
- Warm Up 5 Hobbes and Locke
- Groups Block 2
- Groups Block 4
- Balloon Game
- You will have 10 minutes to get as many filled balloons on the
- Balloon Game Debriefing
- Political Theories
- Social Contract
- Natural Rights
- Democracy
- Concepts of Government
- Warm up 6 ndash 91114
- Warm Up 7
- And after the Constitution
- Activity (2)
- Picture Activity
- Constitutional Convention
- Purpose of the Convention
- VA Plan v NJ Plan
- Virginia Plan ldquoLarge State Planrdquo
- New Jersey Plan ldquoSmall State Planrdquo
- Your Task
- Closure
- States agree
- Quote
- Structure of Constitution
- Structure of Constitution
- 6 Purpose of Government
- Structure of Constitution (2)
- Structure of Constitution (3)
- Principles of Constitution
- Activity
- Slide 60
- Check for Understanding Six Principles
- Question 1
- Question 2
- Question 3
- Question 4
- Question 5
- Question 6
- Question 7
- Question 8
- Groups
- Separation of Powers
- Video
- Checks and Balances
- Slide 74
- Checks and balances
- Basic Principles
- Self- Worth
- Equality
- Compromise
- Individual Freedom
- Write your ownhellip
- Slide 82
- TED Talk
- Closure
- What is Economics
- Economics ishellip
- Back to our assumptionshellip
- Scarcity refers to the limited number of resources (factors of
- For the videohellip
- Slide 90
- Post Videohellip
- Advertisement
- Political Cartoon Analysis
- Factors of Production
- TASK
- The price ofhellip
- Economic efficiency is achieved when all available resources ar
- 1 What to produce
- 2 How to produce it
- 3 For whom to produce it
- Application Activity
- EQs
- Objectives amp Essential Questions
- Group Activity Budget Activity
- Slide 105
- How do we satisfy our economic wants
- How do we make goods amp services
- Economic Interdependence
- Slide 109
- Making Choices to Deal With Scarcity
- Exampleshellip
- Task Reflecting on Personal Trade-offshellip
- Opportunity Cost
- What else influences your choices
- Finallyhellip Why it Matters
- Visualizing the Relationshiphellip
- ObjectivesEssential Questions
- How Can We Measure What We Gain and Lose When Making Choices
- Production Possibilities Frontier
- PPF Assumptions
- Slide 121
- Production Possibilities Curve
- The Choices Nations Make
- Economic Growth
- The Classic Guns and Butter example
- Productivity
- Locations on a PPF
- Slide 128
- BOWED-OUT PPFs VaryingIncreasing OC
- Economic Systems
- Jigsaw activity
- Slide 132
- Economic amp Social Goals of an Economic System
- Review of Economic Systems
- Slide 135
- What are the most important goals of each economic system
- Which economic system does the US use
- The American Economic System
- The US mixed economy
- Slide 140
- Think backhellip
- US Economic System Characteristics
- Slide 143
- Understanding how all parts fit together
- Marriage Vows
- Do you remember
- Slide 147
-
Making Choices to Deal With Scarcity
bullPeople seek to maximize their utility when making decisions This requires them to consider tradeoffs
Utility ndash the satisfaction or benefit a person receives from consuming a good or service
Tradeoffs ndash the alternate choices people have when making a decision also the benefitsadvantages of making on
decision over another
ExampleshellipbullSome choices are easy to makehellip
HmmhellipShould I have pizza or a hoagie for lunch today
bullOther decisions are agonizinghellipShould I get out of bed and go to
school today or should I sleep in
Task Reflecting on Personal Trade-offshellip
In the end what helped you decide amongst your choices
Think of ONE decision thatyou had to make in the last weekhellipIdentify your various
tradeoffs for that decision
Be prepared to share
Opportunity Cost
bullWhen comparing the top 2 choices it is the BENEFIT of the next best alternative that must be sacrificed to satisfy a want
bullYou do a cost-benefit analysis to figure out which decision is most beneficial
Opportunity Cost ndash The best thing we give up to get what
we want
What else influences your choices
bullPeople make decisions based on their marginal utility or the extra satisfaction they gain from one additional unit of a goodservice
bullLaw of Diminishing Marginal Utility says that as we get or do more of something the pleasure we derive from it tends to decrease and so does our willingness to buy it or do it
FinallyhellipWhy it Matters
Understanding the opportunity coststradeoffs of different choices in life makes you a
better decision-maker
Todayrsquos Message ndash ldquoTherersquos No Such Thing As a Free Lunchrdquo
You always have to give something uphelliprdquo
ALL Individuals Businesses amp Societies have to consider tradeoffsopportunity costs when making
decisions
Visualizing the Relationshiphellip
Limited Resources amp Unlimited Wants
Scarcity
Trade-offs (choices)
Opportunity Costs
ObjectivesEssential Questions
bullObjectivebullI will be able to understand (and teach)
the three different types of economies
bullEssential Question How do the different types of economies work
How Can We Measure What We Gain and Lose When
Making Choices
Answer With a Production Possibilities Frontier
Production Possibilities Frontier
bullDiagram representing the possible combinations of goods and or services an economy can produce when all resources are being fully employed
PPF Assumptions
bullWe live in a two good worldbullThere are fixed resourcesbullThere is fixed technologybullResources are not specialized
Production Possibilities Curve
CD
E
OU
TP
UT
OF
CO
NS
UM
ER
GO
OD
S
(un
its
per
yea
r)
OUTPUT OF MILITARY GOODS (units per year)
A
BO
XF
G
Limited resources necessitate choices about WHAT to produce
The Choices Nations Make
bullA nation must choose what to do with its scarce resources during war or periods of military buildup
bullProduce military goods or consumer goods
Economic Growth
2000 production possibilities
1900 production possibilities
OU
TP
UT
OF
CO
NS
UM
ER
GO
OD
S(u
nits
per
yea
r)
OUTPUT OF MILITARY GOODS (units per year)
Production possibilities increases with more resources and technology
The Classic Guns and Butter example
Guns
Butter
10000 20000 30000 40000 50000
1000009500085000
70000
5000040000
BA
C
D
E
F
At point A all resources are used for butter
Moving from point A to point B requires shifting resources out of butter and into guns
At point F all resources are used for Guns
Productivitybull A PPF can help us see how efficient our
choices are
bull Productivity - measurement of how efficiently we are utilizing our resources Is this the same as production
bull An economy producing on the curve = using their resources to produce the MAXIMUM amount of goodsservices
Locations on a PPF
bull Efficient Point place where an economy is achieving as much output as possible from a given amount of resources ndash occurs at any point on the curve
bull Inefficient Point ndash place where the economy is not functioning as it could be ndash occurs at any point inside the curve
bull Unattainable Point ndash place where the economy cannot produce given its current resources ndash occurs at any point outside the curve
Food
Computer
4
3
2
1
1 2 3 4
OC between 1 and 2 computers = 1 Food
UnitOC between 3 and 4 computers = 1 Food
Unit
Constantly giving up the same quantity of food to get
additional computers
STRAIGHT-LINE PPFs Constant OC
BOWED-OUT PPFs VaryingIncreasing OC
Principle of Increasing Costs
As a society produces more of one product the OC of producing
that product increases because we are using more resources that are poorly suited to produce it
Economic Systems
An economic system is the way a society coordinates the production and consumption of goods amp services
How a society answers the three basic economic questions determines which type of economic system they are
Three Types of Economic Systems Command Traditional Market
Jigsaw activity
bullYou will be placed in groups of 3 and assigned a type of economy
bullYou will have 7 minutes to read and come up with 4 key components
bullAfter the 7 minuteshellip 1rsquos go to the front of the classroom2rsquos go to the wall nearest the door3rsquos go to the wall nearest the courtyard
Economic amp Social Goals of an Economic System
bull Economic Freedom
bull Economic Efficiency
bull Economic Equity
bull Economic Security
Economic Stability
Economic Growth
Review of Economic Systems
bullA traditional economy relies on custom and tradition to dictate production and consumption
bullIn a command economy decisions about production and consumption are made by a powerful ruler or central authority
bullIn a market economy individual producers and consumers coordinate economic activity
What are the most important goals of each economic system
bullTraditionalSecurity and
StabilitybullCommand
Equity and Security
bullMARKETEfficiency and
Freedom
Societies differ in the degree of importance they attach to each goal Progress toward one goal can sometimes be achieved only
at the expense of another (TRADEOFFS)
Which economic system does the US use
The American Economic System
bullWe have a mixed market economy
COMMAND MARKET
The US mixed economybull In a mixed economyhellip
Individuals Own the factors of production Possess freedom to produce or consume Must operate under confines of law
Government Protects workers and consumers Regulates business and preserves competition Provide public goodsbenefits
Think backhellip
bullWhat does this remind you of from the beginning of the unit
US Economic System Characteristics 1 Economic freedom (ldquolaissez-fairerdquo)
2 Limited government
3 Equal opportunity
4 Competition
5 Profit motive
6 Property Rights
7 Binding Contracts
Understanding how all parts fit together
Circular Flow of Economic Activity Represents a market economy
2 main ldquomarketsrdquoProduct Market Factor Market
where goods and services where the 4 factors ofare boughtsold production are boughtsold
Shows interdependence between
businesses and individuals
Marriage Vowsbull CONGRATULATIONS The government and the economy
are renewing their marriage vows You are cordially invited to the ceremony but this perfect couple needs your help
bull Using what you have learned this unit and using the textbook
bull You will explain the way government and the economy are connected (made for each other) You will demonstrate this answer in the format of wedding vows
bull You must use at least 5 of the following words Producers Taxes Consumers Restrictions Markets Freedom GoodsServices Limited
bull Look back to US Economic System Characteristics bull Each set of vows must be at least 6 lines
Do you remember
bullWrite the following question downbullWhy does the United States have a
democracy and mixed economy
- Foundations of Government and Economics
- On your blank piece of paperhellip
- Slide 3
- Warm-Up 1 - 9414
- Introductory thoughts hellip
- Slide 6
- 2 How about to your life
- Slide 8
- Slide 9
- Slide 10
- Slide 11
- Warm Up -2a- 9514 The New York Times and CBS News Pollhellip
- Warm up 2bndash In Journal-
- Economist and Politician Assumptions
- Individualism
- Quote activity
- Quote breakdown
- Warm Up 3- Current Event 9814
- Purpose of Government
- Slide 20
- 3 Theorists
- Activity
- Origins of American Government A customized government
- Origins of American Government A customized government (2)
- Origins of American Government A customized government (3)
- With which theory do you agree more Why
- The ldquoOriginal Dilemmardquo
- Warm Up 5 Hobbes and Locke
- Groups Block 2
- Groups Block 4
- Balloon Game
- You will have 10 minutes to get as many filled balloons on the
- Balloon Game Debriefing
- Political Theories
- Social Contract
- Natural Rights
- Democracy
- Concepts of Government
- Warm up 6 ndash 91114
- Warm Up 7
- And after the Constitution
- Activity (2)
- Picture Activity
- Constitutional Convention
- Purpose of the Convention
- VA Plan v NJ Plan
- Virginia Plan ldquoLarge State Planrdquo
- New Jersey Plan ldquoSmall State Planrdquo
- Your Task
- Closure
- States agree
- Quote
- Structure of Constitution
- Structure of Constitution
- 6 Purpose of Government
- Structure of Constitution (2)
- Structure of Constitution (3)
- Principles of Constitution
- Activity
- Slide 60
- Check for Understanding Six Principles
- Question 1
- Question 2
- Question 3
- Question 4
- Question 5
- Question 6
- Question 7
- Question 8
- Groups
- Separation of Powers
- Video
- Checks and Balances
- Slide 74
- Checks and balances
- Basic Principles
- Self- Worth
- Equality
- Compromise
- Individual Freedom
- Write your ownhellip
- Slide 82
- TED Talk
- Closure
- What is Economics
- Economics ishellip
- Back to our assumptionshellip
- Scarcity refers to the limited number of resources (factors of
- For the videohellip
- Slide 90
- Post Videohellip
- Advertisement
- Political Cartoon Analysis
- Factors of Production
- TASK
- The price ofhellip
- Economic efficiency is achieved when all available resources ar
- 1 What to produce
- 2 How to produce it
- 3 For whom to produce it
- Application Activity
- EQs
- Objectives amp Essential Questions
- Group Activity Budget Activity
- Slide 105
- How do we satisfy our economic wants
- How do we make goods amp services
- Economic Interdependence
- Slide 109
- Making Choices to Deal With Scarcity
- Exampleshellip
- Task Reflecting on Personal Trade-offshellip
- Opportunity Cost
- What else influences your choices
- Finallyhellip Why it Matters
- Visualizing the Relationshiphellip
- ObjectivesEssential Questions
- How Can We Measure What We Gain and Lose When Making Choices
- Production Possibilities Frontier
- PPF Assumptions
- Slide 121
- Production Possibilities Curve
- The Choices Nations Make
- Economic Growth
- The Classic Guns and Butter example
- Productivity
- Locations on a PPF
- Slide 128
- BOWED-OUT PPFs VaryingIncreasing OC
- Economic Systems
- Jigsaw activity
- Slide 132
- Economic amp Social Goals of an Economic System
- Review of Economic Systems
- Slide 135
- What are the most important goals of each economic system
- Which economic system does the US use
- The American Economic System
- The US mixed economy
- Slide 140
- Think backhellip
- US Economic System Characteristics
- Slide 143
- Understanding how all parts fit together
- Marriage Vows
- Do you remember
- Slide 147
-
ExampleshellipbullSome choices are easy to makehellip
HmmhellipShould I have pizza or a hoagie for lunch today
bullOther decisions are agonizinghellipShould I get out of bed and go to
school today or should I sleep in
Task Reflecting on Personal Trade-offshellip
In the end what helped you decide amongst your choices
Think of ONE decision thatyou had to make in the last weekhellipIdentify your various
tradeoffs for that decision
Be prepared to share
Opportunity Cost
bullWhen comparing the top 2 choices it is the BENEFIT of the next best alternative that must be sacrificed to satisfy a want
bullYou do a cost-benefit analysis to figure out which decision is most beneficial
Opportunity Cost ndash The best thing we give up to get what
we want
What else influences your choices
bullPeople make decisions based on their marginal utility or the extra satisfaction they gain from one additional unit of a goodservice
bullLaw of Diminishing Marginal Utility says that as we get or do more of something the pleasure we derive from it tends to decrease and so does our willingness to buy it or do it
FinallyhellipWhy it Matters
Understanding the opportunity coststradeoffs of different choices in life makes you a
better decision-maker
Todayrsquos Message ndash ldquoTherersquos No Such Thing As a Free Lunchrdquo
You always have to give something uphelliprdquo
ALL Individuals Businesses amp Societies have to consider tradeoffsopportunity costs when making
decisions
Visualizing the Relationshiphellip
Limited Resources amp Unlimited Wants
Scarcity
Trade-offs (choices)
Opportunity Costs
ObjectivesEssential Questions
bullObjectivebullI will be able to understand (and teach)
the three different types of economies
bullEssential Question How do the different types of economies work
How Can We Measure What We Gain and Lose When
Making Choices
Answer With a Production Possibilities Frontier
Production Possibilities Frontier
bullDiagram representing the possible combinations of goods and or services an economy can produce when all resources are being fully employed
PPF Assumptions
bullWe live in a two good worldbullThere are fixed resourcesbullThere is fixed technologybullResources are not specialized
Production Possibilities Curve
CD
E
OU
TP
UT
OF
CO
NS
UM
ER
GO
OD
S
(un
its
per
yea
r)
OUTPUT OF MILITARY GOODS (units per year)
A
BO
XF
G
Limited resources necessitate choices about WHAT to produce
The Choices Nations Make
bullA nation must choose what to do with its scarce resources during war or periods of military buildup
bullProduce military goods or consumer goods
Economic Growth
2000 production possibilities
1900 production possibilities
OU
TP
UT
OF
CO
NS
UM
ER
GO
OD
S(u
nits
per
yea
r)
OUTPUT OF MILITARY GOODS (units per year)
Production possibilities increases with more resources and technology
The Classic Guns and Butter example
Guns
Butter
10000 20000 30000 40000 50000
1000009500085000
70000
5000040000
BA
C
D
E
F
At point A all resources are used for butter
Moving from point A to point B requires shifting resources out of butter and into guns
At point F all resources are used for Guns
Productivitybull A PPF can help us see how efficient our
choices are
bull Productivity - measurement of how efficiently we are utilizing our resources Is this the same as production
bull An economy producing on the curve = using their resources to produce the MAXIMUM amount of goodsservices
Locations on a PPF
bull Efficient Point place where an economy is achieving as much output as possible from a given amount of resources ndash occurs at any point on the curve
bull Inefficient Point ndash place where the economy is not functioning as it could be ndash occurs at any point inside the curve
bull Unattainable Point ndash place where the economy cannot produce given its current resources ndash occurs at any point outside the curve
Food
Computer
4
3
2
1
1 2 3 4
OC between 1 and 2 computers = 1 Food
UnitOC between 3 and 4 computers = 1 Food
Unit
Constantly giving up the same quantity of food to get
additional computers
STRAIGHT-LINE PPFs Constant OC
BOWED-OUT PPFs VaryingIncreasing OC
Principle of Increasing Costs
As a society produces more of one product the OC of producing
that product increases because we are using more resources that are poorly suited to produce it
Economic Systems
An economic system is the way a society coordinates the production and consumption of goods amp services
How a society answers the three basic economic questions determines which type of economic system they are
Three Types of Economic Systems Command Traditional Market
Jigsaw activity
bullYou will be placed in groups of 3 and assigned a type of economy
bullYou will have 7 minutes to read and come up with 4 key components
bullAfter the 7 minuteshellip 1rsquos go to the front of the classroom2rsquos go to the wall nearest the door3rsquos go to the wall nearest the courtyard
Economic amp Social Goals of an Economic System
bull Economic Freedom
bull Economic Efficiency
bull Economic Equity
bull Economic Security
Economic Stability
Economic Growth
Review of Economic Systems
bullA traditional economy relies on custom and tradition to dictate production and consumption
bullIn a command economy decisions about production and consumption are made by a powerful ruler or central authority
bullIn a market economy individual producers and consumers coordinate economic activity
What are the most important goals of each economic system
bullTraditionalSecurity and
StabilitybullCommand
Equity and Security
bullMARKETEfficiency and
Freedom
Societies differ in the degree of importance they attach to each goal Progress toward one goal can sometimes be achieved only
at the expense of another (TRADEOFFS)
Which economic system does the US use
The American Economic System
bullWe have a mixed market economy
COMMAND MARKET
The US mixed economybull In a mixed economyhellip
Individuals Own the factors of production Possess freedom to produce or consume Must operate under confines of law
Government Protects workers and consumers Regulates business and preserves competition Provide public goodsbenefits
Think backhellip
bullWhat does this remind you of from the beginning of the unit
US Economic System Characteristics 1 Economic freedom (ldquolaissez-fairerdquo)
2 Limited government
3 Equal opportunity
4 Competition
5 Profit motive
6 Property Rights
7 Binding Contracts
Understanding how all parts fit together
Circular Flow of Economic Activity Represents a market economy
2 main ldquomarketsrdquoProduct Market Factor Market
where goods and services where the 4 factors ofare boughtsold production are boughtsold
Shows interdependence between
businesses and individuals
Marriage Vowsbull CONGRATULATIONS The government and the economy
are renewing their marriage vows You are cordially invited to the ceremony but this perfect couple needs your help
bull Using what you have learned this unit and using the textbook
bull You will explain the way government and the economy are connected (made for each other) You will demonstrate this answer in the format of wedding vows
bull You must use at least 5 of the following words Producers Taxes Consumers Restrictions Markets Freedom GoodsServices Limited
bull Look back to US Economic System Characteristics bull Each set of vows must be at least 6 lines
Do you remember
bullWrite the following question downbullWhy does the United States have a
democracy and mixed economy
- Foundations of Government and Economics
- On your blank piece of paperhellip
- Slide 3
- Warm-Up 1 - 9414
- Introductory thoughts hellip
- Slide 6
- 2 How about to your life
- Slide 8
- Slide 9
- Slide 10
- Slide 11
- Warm Up -2a- 9514 The New York Times and CBS News Pollhellip
- Warm up 2bndash In Journal-
- Economist and Politician Assumptions
- Individualism
- Quote activity
- Quote breakdown
- Warm Up 3- Current Event 9814
- Purpose of Government
- Slide 20
- 3 Theorists
- Activity
- Origins of American Government A customized government
- Origins of American Government A customized government (2)
- Origins of American Government A customized government (3)
- With which theory do you agree more Why
- The ldquoOriginal Dilemmardquo
- Warm Up 5 Hobbes and Locke
- Groups Block 2
- Groups Block 4
- Balloon Game
- You will have 10 minutes to get as many filled balloons on the
- Balloon Game Debriefing
- Political Theories
- Social Contract
- Natural Rights
- Democracy
- Concepts of Government
- Warm up 6 ndash 91114
- Warm Up 7
- And after the Constitution
- Activity (2)
- Picture Activity
- Constitutional Convention
- Purpose of the Convention
- VA Plan v NJ Plan
- Virginia Plan ldquoLarge State Planrdquo
- New Jersey Plan ldquoSmall State Planrdquo
- Your Task
- Closure
- States agree
- Quote
- Structure of Constitution
- Structure of Constitution
- 6 Purpose of Government
- Structure of Constitution (2)
- Structure of Constitution (3)
- Principles of Constitution
- Activity
- Slide 60
- Check for Understanding Six Principles
- Question 1
- Question 2
- Question 3
- Question 4
- Question 5
- Question 6
- Question 7
- Question 8
- Groups
- Separation of Powers
- Video
- Checks and Balances
- Slide 74
- Checks and balances
- Basic Principles
- Self- Worth
- Equality
- Compromise
- Individual Freedom
- Write your ownhellip
- Slide 82
- TED Talk
- Closure
- What is Economics
- Economics ishellip
- Back to our assumptionshellip
- Scarcity refers to the limited number of resources (factors of
- For the videohellip
- Slide 90
- Post Videohellip
- Advertisement
- Political Cartoon Analysis
- Factors of Production
- TASK
- The price ofhellip
- Economic efficiency is achieved when all available resources ar
- 1 What to produce
- 2 How to produce it
- 3 For whom to produce it
- Application Activity
- EQs
- Objectives amp Essential Questions
- Group Activity Budget Activity
- Slide 105
- How do we satisfy our economic wants
- How do we make goods amp services
- Economic Interdependence
- Slide 109
- Making Choices to Deal With Scarcity
- Exampleshellip
- Task Reflecting on Personal Trade-offshellip
- Opportunity Cost
- What else influences your choices
- Finallyhellip Why it Matters
- Visualizing the Relationshiphellip
- ObjectivesEssential Questions
- How Can We Measure What We Gain and Lose When Making Choices
- Production Possibilities Frontier
- PPF Assumptions
- Slide 121
- Production Possibilities Curve
- The Choices Nations Make
- Economic Growth
- The Classic Guns and Butter example
- Productivity
- Locations on a PPF
- Slide 128
- BOWED-OUT PPFs VaryingIncreasing OC
- Economic Systems
- Jigsaw activity
- Slide 132
- Economic amp Social Goals of an Economic System
- Review of Economic Systems
- Slide 135
- What are the most important goals of each economic system
- Which economic system does the US use
- The American Economic System
- The US mixed economy
- Slide 140
- Think backhellip
- US Economic System Characteristics
- Slide 143
- Understanding how all parts fit together
- Marriage Vows
- Do you remember
- Slide 147
-
Task Reflecting on Personal Trade-offshellip
In the end what helped you decide amongst your choices
Think of ONE decision thatyou had to make in the last weekhellipIdentify your various
tradeoffs for that decision
Be prepared to share
Opportunity Cost
bullWhen comparing the top 2 choices it is the BENEFIT of the next best alternative that must be sacrificed to satisfy a want
bullYou do a cost-benefit analysis to figure out which decision is most beneficial
Opportunity Cost ndash The best thing we give up to get what
we want
What else influences your choices
bullPeople make decisions based on their marginal utility or the extra satisfaction they gain from one additional unit of a goodservice
bullLaw of Diminishing Marginal Utility says that as we get or do more of something the pleasure we derive from it tends to decrease and so does our willingness to buy it or do it
FinallyhellipWhy it Matters
Understanding the opportunity coststradeoffs of different choices in life makes you a
better decision-maker
Todayrsquos Message ndash ldquoTherersquos No Such Thing As a Free Lunchrdquo
You always have to give something uphelliprdquo
ALL Individuals Businesses amp Societies have to consider tradeoffsopportunity costs when making
decisions
Visualizing the Relationshiphellip
Limited Resources amp Unlimited Wants
Scarcity
Trade-offs (choices)
Opportunity Costs
ObjectivesEssential Questions
bullObjectivebullI will be able to understand (and teach)
the three different types of economies
bullEssential Question How do the different types of economies work
How Can We Measure What We Gain and Lose When
Making Choices
Answer With a Production Possibilities Frontier
Production Possibilities Frontier
bullDiagram representing the possible combinations of goods and or services an economy can produce when all resources are being fully employed
PPF Assumptions
bullWe live in a two good worldbullThere are fixed resourcesbullThere is fixed technologybullResources are not specialized
Production Possibilities Curve
CD
E
OU
TP
UT
OF
CO
NS
UM
ER
GO
OD
S
(un
its
per
yea
r)
OUTPUT OF MILITARY GOODS (units per year)
A
BO
XF
G
Limited resources necessitate choices about WHAT to produce
The Choices Nations Make
bullA nation must choose what to do with its scarce resources during war or periods of military buildup
bullProduce military goods or consumer goods
Economic Growth
2000 production possibilities
1900 production possibilities
OU
TP
UT
OF
CO
NS
UM
ER
GO
OD
S(u
nits
per
yea
r)
OUTPUT OF MILITARY GOODS (units per year)
Production possibilities increases with more resources and technology
The Classic Guns and Butter example
Guns
Butter
10000 20000 30000 40000 50000
1000009500085000
70000
5000040000
BA
C
D
E
F
At point A all resources are used for butter
Moving from point A to point B requires shifting resources out of butter and into guns
At point F all resources are used for Guns
Productivitybull A PPF can help us see how efficient our
choices are
bull Productivity - measurement of how efficiently we are utilizing our resources Is this the same as production
bull An economy producing on the curve = using their resources to produce the MAXIMUM amount of goodsservices
Locations on a PPF
bull Efficient Point place where an economy is achieving as much output as possible from a given amount of resources ndash occurs at any point on the curve
bull Inefficient Point ndash place where the economy is not functioning as it could be ndash occurs at any point inside the curve
bull Unattainable Point ndash place where the economy cannot produce given its current resources ndash occurs at any point outside the curve
Food
Computer
4
3
2
1
1 2 3 4
OC between 1 and 2 computers = 1 Food
UnitOC between 3 and 4 computers = 1 Food
Unit
Constantly giving up the same quantity of food to get
additional computers
STRAIGHT-LINE PPFs Constant OC
BOWED-OUT PPFs VaryingIncreasing OC
Principle of Increasing Costs
As a society produces more of one product the OC of producing
that product increases because we are using more resources that are poorly suited to produce it
Economic Systems
An economic system is the way a society coordinates the production and consumption of goods amp services
How a society answers the three basic economic questions determines which type of economic system they are
Three Types of Economic Systems Command Traditional Market
Jigsaw activity
bullYou will be placed in groups of 3 and assigned a type of economy
bullYou will have 7 minutes to read and come up with 4 key components
bullAfter the 7 minuteshellip 1rsquos go to the front of the classroom2rsquos go to the wall nearest the door3rsquos go to the wall nearest the courtyard
Economic amp Social Goals of an Economic System
bull Economic Freedom
bull Economic Efficiency
bull Economic Equity
bull Economic Security
Economic Stability
Economic Growth
Review of Economic Systems
bullA traditional economy relies on custom and tradition to dictate production and consumption
bullIn a command economy decisions about production and consumption are made by a powerful ruler or central authority
bullIn a market economy individual producers and consumers coordinate economic activity
What are the most important goals of each economic system
bullTraditionalSecurity and
StabilitybullCommand
Equity and Security
bullMARKETEfficiency and
Freedom
Societies differ in the degree of importance they attach to each goal Progress toward one goal can sometimes be achieved only
at the expense of another (TRADEOFFS)
Which economic system does the US use
The American Economic System
bullWe have a mixed market economy
COMMAND MARKET
The US mixed economybull In a mixed economyhellip
Individuals Own the factors of production Possess freedom to produce or consume Must operate under confines of law
Government Protects workers and consumers Regulates business and preserves competition Provide public goodsbenefits
Think backhellip
bullWhat does this remind you of from the beginning of the unit
US Economic System Characteristics 1 Economic freedom (ldquolaissez-fairerdquo)
2 Limited government
3 Equal opportunity
4 Competition
5 Profit motive
6 Property Rights
7 Binding Contracts
Understanding how all parts fit together
Circular Flow of Economic Activity Represents a market economy
2 main ldquomarketsrdquoProduct Market Factor Market
where goods and services where the 4 factors ofare boughtsold production are boughtsold
Shows interdependence between
businesses and individuals
Marriage Vowsbull CONGRATULATIONS The government and the economy
are renewing their marriage vows You are cordially invited to the ceremony but this perfect couple needs your help
bull Using what you have learned this unit and using the textbook
bull You will explain the way government and the economy are connected (made for each other) You will demonstrate this answer in the format of wedding vows
bull You must use at least 5 of the following words Producers Taxes Consumers Restrictions Markets Freedom GoodsServices Limited
bull Look back to US Economic System Characteristics bull Each set of vows must be at least 6 lines
Do you remember
bullWrite the following question downbullWhy does the United States have a
democracy and mixed economy
- Foundations of Government and Economics
- On your blank piece of paperhellip
- Slide 3
- Warm-Up 1 - 9414
- Introductory thoughts hellip
- Slide 6
- 2 How about to your life
- Slide 8
- Slide 9
- Slide 10
- Slide 11
- Warm Up -2a- 9514 The New York Times and CBS News Pollhellip
- Warm up 2bndash In Journal-
- Economist and Politician Assumptions
- Individualism
- Quote activity
- Quote breakdown
- Warm Up 3- Current Event 9814
- Purpose of Government
- Slide 20
- 3 Theorists
- Activity
- Origins of American Government A customized government
- Origins of American Government A customized government (2)
- Origins of American Government A customized government (3)
- With which theory do you agree more Why
- The ldquoOriginal Dilemmardquo
- Warm Up 5 Hobbes and Locke
- Groups Block 2
- Groups Block 4
- Balloon Game
- You will have 10 minutes to get as many filled balloons on the
- Balloon Game Debriefing
- Political Theories
- Social Contract
- Natural Rights
- Democracy
- Concepts of Government
- Warm up 6 ndash 91114
- Warm Up 7
- And after the Constitution
- Activity (2)
- Picture Activity
- Constitutional Convention
- Purpose of the Convention
- VA Plan v NJ Plan
- Virginia Plan ldquoLarge State Planrdquo
- New Jersey Plan ldquoSmall State Planrdquo
- Your Task
- Closure
- States agree
- Quote
- Structure of Constitution
- Structure of Constitution
- 6 Purpose of Government
- Structure of Constitution (2)
- Structure of Constitution (3)
- Principles of Constitution
- Activity
- Slide 60
- Check for Understanding Six Principles
- Question 1
- Question 2
- Question 3
- Question 4
- Question 5
- Question 6
- Question 7
- Question 8
- Groups
- Separation of Powers
- Video
- Checks and Balances
- Slide 74
- Checks and balances
- Basic Principles
- Self- Worth
- Equality
- Compromise
- Individual Freedom
- Write your ownhellip
- Slide 82
- TED Talk
- Closure
- What is Economics
- Economics ishellip
- Back to our assumptionshellip
- Scarcity refers to the limited number of resources (factors of
- For the videohellip
- Slide 90
- Post Videohellip
- Advertisement
- Political Cartoon Analysis
- Factors of Production
- TASK
- The price ofhellip
- Economic efficiency is achieved when all available resources ar
- 1 What to produce
- 2 How to produce it
- 3 For whom to produce it
- Application Activity
- EQs
- Objectives amp Essential Questions
- Group Activity Budget Activity
- Slide 105
- How do we satisfy our economic wants
- How do we make goods amp services
- Economic Interdependence
- Slide 109
- Making Choices to Deal With Scarcity
- Exampleshellip
- Task Reflecting on Personal Trade-offshellip
- Opportunity Cost
- What else influences your choices
- Finallyhellip Why it Matters
- Visualizing the Relationshiphellip
- ObjectivesEssential Questions
- How Can We Measure What We Gain and Lose When Making Choices
- Production Possibilities Frontier
- PPF Assumptions
- Slide 121
- Production Possibilities Curve
- The Choices Nations Make
- Economic Growth
- The Classic Guns and Butter example
- Productivity
- Locations on a PPF
- Slide 128
- BOWED-OUT PPFs VaryingIncreasing OC
- Economic Systems
- Jigsaw activity
- Slide 132
- Economic amp Social Goals of an Economic System
- Review of Economic Systems
- Slide 135
- What are the most important goals of each economic system
- Which economic system does the US use
- The American Economic System
- The US mixed economy
- Slide 140
- Think backhellip
- US Economic System Characteristics
- Slide 143
- Understanding how all parts fit together
- Marriage Vows
- Do you remember
- Slide 147
-
Opportunity Cost
bullWhen comparing the top 2 choices it is the BENEFIT of the next best alternative that must be sacrificed to satisfy a want
bullYou do a cost-benefit analysis to figure out which decision is most beneficial
Opportunity Cost ndash The best thing we give up to get what
we want
What else influences your choices
bullPeople make decisions based on their marginal utility or the extra satisfaction they gain from one additional unit of a goodservice
bullLaw of Diminishing Marginal Utility says that as we get or do more of something the pleasure we derive from it tends to decrease and so does our willingness to buy it or do it
FinallyhellipWhy it Matters
Understanding the opportunity coststradeoffs of different choices in life makes you a
better decision-maker
Todayrsquos Message ndash ldquoTherersquos No Such Thing As a Free Lunchrdquo
You always have to give something uphelliprdquo
ALL Individuals Businesses amp Societies have to consider tradeoffsopportunity costs when making
decisions
Visualizing the Relationshiphellip
Limited Resources amp Unlimited Wants
Scarcity
Trade-offs (choices)
Opportunity Costs
ObjectivesEssential Questions
bullObjectivebullI will be able to understand (and teach)
the three different types of economies
bullEssential Question How do the different types of economies work
How Can We Measure What We Gain and Lose When
Making Choices
Answer With a Production Possibilities Frontier
Production Possibilities Frontier
bullDiagram representing the possible combinations of goods and or services an economy can produce when all resources are being fully employed
PPF Assumptions
bullWe live in a two good worldbullThere are fixed resourcesbullThere is fixed technologybullResources are not specialized
Production Possibilities Curve
CD
E
OU
TP
UT
OF
CO
NS
UM
ER
GO
OD
S
(un
its
per
yea
r)
OUTPUT OF MILITARY GOODS (units per year)
A
BO
XF
G
Limited resources necessitate choices about WHAT to produce
The Choices Nations Make
bullA nation must choose what to do with its scarce resources during war or periods of military buildup
bullProduce military goods or consumer goods
Economic Growth
2000 production possibilities
1900 production possibilities
OU
TP
UT
OF
CO
NS
UM
ER
GO
OD
S(u
nits
per
yea
r)
OUTPUT OF MILITARY GOODS (units per year)
Production possibilities increases with more resources and technology
The Classic Guns and Butter example
Guns
Butter
10000 20000 30000 40000 50000
1000009500085000
70000
5000040000
BA
C
D
E
F
At point A all resources are used for butter
Moving from point A to point B requires shifting resources out of butter and into guns
At point F all resources are used for Guns
Productivitybull A PPF can help us see how efficient our
choices are
bull Productivity - measurement of how efficiently we are utilizing our resources Is this the same as production
bull An economy producing on the curve = using their resources to produce the MAXIMUM amount of goodsservices
Locations on a PPF
bull Efficient Point place where an economy is achieving as much output as possible from a given amount of resources ndash occurs at any point on the curve
bull Inefficient Point ndash place where the economy is not functioning as it could be ndash occurs at any point inside the curve
bull Unattainable Point ndash place where the economy cannot produce given its current resources ndash occurs at any point outside the curve
Food
Computer
4
3
2
1
1 2 3 4
OC between 1 and 2 computers = 1 Food
UnitOC between 3 and 4 computers = 1 Food
Unit
Constantly giving up the same quantity of food to get
additional computers
STRAIGHT-LINE PPFs Constant OC
BOWED-OUT PPFs VaryingIncreasing OC
Principle of Increasing Costs
As a society produces more of one product the OC of producing
that product increases because we are using more resources that are poorly suited to produce it
Economic Systems
An economic system is the way a society coordinates the production and consumption of goods amp services
How a society answers the three basic economic questions determines which type of economic system they are
Three Types of Economic Systems Command Traditional Market
Jigsaw activity
bullYou will be placed in groups of 3 and assigned a type of economy
bullYou will have 7 minutes to read and come up with 4 key components
bullAfter the 7 minuteshellip 1rsquos go to the front of the classroom2rsquos go to the wall nearest the door3rsquos go to the wall nearest the courtyard
Economic amp Social Goals of an Economic System
bull Economic Freedom
bull Economic Efficiency
bull Economic Equity
bull Economic Security
Economic Stability
Economic Growth
Review of Economic Systems
bullA traditional economy relies on custom and tradition to dictate production and consumption
bullIn a command economy decisions about production and consumption are made by a powerful ruler or central authority
bullIn a market economy individual producers and consumers coordinate economic activity
What are the most important goals of each economic system
bullTraditionalSecurity and
StabilitybullCommand
Equity and Security
bullMARKETEfficiency and
Freedom
Societies differ in the degree of importance they attach to each goal Progress toward one goal can sometimes be achieved only
at the expense of another (TRADEOFFS)
Which economic system does the US use
The American Economic System
bullWe have a mixed market economy
COMMAND MARKET
The US mixed economybull In a mixed economyhellip
Individuals Own the factors of production Possess freedom to produce or consume Must operate under confines of law
Government Protects workers and consumers Regulates business and preserves competition Provide public goodsbenefits
Think backhellip
bullWhat does this remind you of from the beginning of the unit
US Economic System Characteristics 1 Economic freedom (ldquolaissez-fairerdquo)
2 Limited government
3 Equal opportunity
4 Competition
5 Profit motive
6 Property Rights
7 Binding Contracts
Understanding how all parts fit together
Circular Flow of Economic Activity Represents a market economy
2 main ldquomarketsrdquoProduct Market Factor Market
where goods and services where the 4 factors ofare boughtsold production are boughtsold
Shows interdependence between
businesses and individuals
Marriage Vowsbull CONGRATULATIONS The government and the economy
are renewing their marriage vows You are cordially invited to the ceremony but this perfect couple needs your help
bull Using what you have learned this unit and using the textbook
bull You will explain the way government and the economy are connected (made for each other) You will demonstrate this answer in the format of wedding vows
bull You must use at least 5 of the following words Producers Taxes Consumers Restrictions Markets Freedom GoodsServices Limited
bull Look back to US Economic System Characteristics bull Each set of vows must be at least 6 lines
Do you remember
bullWrite the following question downbullWhy does the United States have a
democracy and mixed economy
- Foundations of Government and Economics
- On your blank piece of paperhellip
- Slide 3
- Warm-Up 1 - 9414
- Introductory thoughts hellip
- Slide 6
- 2 How about to your life
- Slide 8
- Slide 9
- Slide 10
- Slide 11
- Warm Up -2a- 9514 The New York Times and CBS News Pollhellip
- Warm up 2bndash In Journal-
- Economist and Politician Assumptions
- Individualism
- Quote activity
- Quote breakdown
- Warm Up 3- Current Event 9814
- Purpose of Government
- Slide 20
- 3 Theorists
- Activity
- Origins of American Government A customized government
- Origins of American Government A customized government (2)
- Origins of American Government A customized government (3)
- With which theory do you agree more Why
- The ldquoOriginal Dilemmardquo
- Warm Up 5 Hobbes and Locke
- Groups Block 2
- Groups Block 4
- Balloon Game
- You will have 10 minutes to get as many filled balloons on the
- Balloon Game Debriefing
- Political Theories
- Social Contract
- Natural Rights
- Democracy
- Concepts of Government
- Warm up 6 ndash 91114
- Warm Up 7
- And after the Constitution
- Activity (2)
- Picture Activity
- Constitutional Convention
- Purpose of the Convention
- VA Plan v NJ Plan
- Virginia Plan ldquoLarge State Planrdquo
- New Jersey Plan ldquoSmall State Planrdquo
- Your Task
- Closure
- States agree
- Quote
- Structure of Constitution
- Structure of Constitution
- 6 Purpose of Government
- Structure of Constitution (2)
- Structure of Constitution (3)
- Principles of Constitution
- Activity
- Slide 60
- Check for Understanding Six Principles
- Question 1
- Question 2
- Question 3
- Question 4
- Question 5
- Question 6
- Question 7
- Question 8
- Groups
- Separation of Powers
- Video
- Checks and Balances
- Slide 74
- Checks and balances
- Basic Principles
- Self- Worth
- Equality
- Compromise
- Individual Freedom
- Write your ownhellip
- Slide 82
- TED Talk
- Closure
- What is Economics
- Economics ishellip
- Back to our assumptionshellip
- Scarcity refers to the limited number of resources (factors of
- For the videohellip
- Slide 90
- Post Videohellip
- Advertisement
- Political Cartoon Analysis
- Factors of Production
- TASK
- The price ofhellip
- Economic efficiency is achieved when all available resources ar
- 1 What to produce
- 2 How to produce it
- 3 For whom to produce it
- Application Activity
- EQs
- Objectives amp Essential Questions
- Group Activity Budget Activity
- Slide 105
- How do we satisfy our economic wants
- How do we make goods amp services
- Economic Interdependence
- Slide 109
- Making Choices to Deal With Scarcity
- Exampleshellip
- Task Reflecting on Personal Trade-offshellip
- Opportunity Cost
- What else influences your choices
- Finallyhellip Why it Matters
- Visualizing the Relationshiphellip
- ObjectivesEssential Questions
- How Can We Measure What We Gain and Lose When Making Choices
- Production Possibilities Frontier
- PPF Assumptions
- Slide 121
- Production Possibilities Curve
- The Choices Nations Make
- Economic Growth
- The Classic Guns and Butter example
- Productivity
- Locations on a PPF
- Slide 128
- BOWED-OUT PPFs VaryingIncreasing OC
- Economic Systems
- Jigsaw activity
- Slide 132
- Economic amp Social Goals of an Economic System
- Review of Economic Systems
- Slide 135
- What are the most important goals of each economic system
- Which economic system does the US use
- The American Economic System
- The US mixed economy
- Slide 140
- Think backhellip
- US Economic System Characteristics
- Slide 143
- Understanding how all parts fit together
- Marriage Vows
- Do you remember
- Slide 147
-
What else influences your choices
bullPeople make decisions based on their marginal utility or the extra satisfaction they gain from one additional unit of a goodservice
bullLaw of Diminishing Marginal Utility says that as we get or do more of something the pleasure we derive from it tends to decrease and so does our willingness to buy it or do it
FinallyhellipWhy it Matters
Understanding the opportunity coststradeoffs of different choices in life makes you a
better decision-maker
Todayrsquos Message ndash ldquoTherersquos No Such Thing As a Free Lunchrdquo
You always have to give something uphelliprdquo
ALL Individuals Businesses amp Societies have to consider tradeoffsopportunity costs when making
decisions
Visualizing the Relationshiphellip
Limited Resources amp Unlimited Wants
Scarcity
Trade-offs (choices)
Opportunity Costs
ObjectivesEssential Questions
bullObjectivebullI will be able to understand (and teach)
the three different types of economies
bullEssential Question How do the different types of economies work
How Can We Measure What We Gain and Lose When
Making Choices
Answer With a Production Possibilities Frontier
Production Possibilities Frontier
bullDiagram representing the possible combinations of goods and or services an economy can produce when all resources are being fully employed
PPF Assumptions
bullWe live in a two good worldbullThere are fixed resourcesbullThere is fixed technologybullResources are not specialized
Production Possibilities Curve
CD
E
OU
TP
UT
OF
CO
NS
UM
ER
GO
OD
S
(un
its
per
yea
r)
OUTPUT OF MILITARY GOODS (units per year)
A
BO
XF
G
Limited resources necessitate choices about WHAT to produce
The Choices Nations Make
bullA nation must choose what to do with its scarce resources during war or periods of military buildup
bullProduce military goods or consumer goods
Economic Growth
2000 production possibilities
1900 production possibilities
OU
TP
UT
OF
CO
NS
UM
ER
GO
OD
S(u
nits
per
yea
r)
OUTPUT OF MILITARY GOODS (units per year)
Production possibilities increases with more resources and technology
The Classic Guns and Butter example
Guns
Butter
10000 20000 30000 40000 50000
1000009500085000
70000
5000040000
BA
C
D
E
F
At point A all resources are used for butter
Moving from point A to point B requires shifting resources out of butter and into guns
At point F all resources are used for Guns
Productivitybull A PPF can help us see how efficient our
choices are
bull Productivity - measurement of how efficiently we are utilizing our resources Is this the same as production
bull An economy producing on the curve = using their resources to produce the MAXIMUM amount of goodsservices
Locations on a PPF
bull Efficient Point place where an economy is achieving as much output as possible from a given amount of resources ndash occurs at any point on the curve
bull Inefficient Point ndash place where the economy is not functioning as it could be ndash occurs at any point inside the curve
bull Unattainable Point ndash place where the economy cannot produce given its current resources ndash occurs at any point outside the curve
Food
Computer
4
3
2
1
1 2 3 4
OC between 1 and 2 computers = 1 Food
UnitOC between 3 and 4 computers = 1 Food
Unit
Constantly giving up the same quantity of food to get
additional computers
STRAIGHT-LINE PPFs Constant OC
BOWED-OUT PPFs VaryingIncreasing OC
Principle of Increasing Costs
As a society produces more of one product the OC of producing
that product increases because we are using more resources that are poorly suited to produce it
Economic Systems
An economic system is the way a society coordinates the production and consumption of goods amp services
How a society answers the three basic economic questions determines which type of economic system they are
Three Types of Economic Systems Command Traditional Market
Jigsaw activity
bullYou will be placed in groups of 3 and assigned a type of economy
bullYou will have 7 minutes to read and come up with 4 key components
bullAfter the 7 minuteshellip 1rsquos go to the front of the classroom2rsquos go to the wall nearest the door3rsquos go to the wall nearest the courtyard
Economic amp Social Goals of an Economic System
bull Economic Freedom
bull Economic Efficiency
bull Economic Equity
bull Economic Security
Economic Stability
Economic Growth
Review of Economic Systems
bullA traditional economy relies on custom and tradition to dictate production and consumption
bullIn a command economy decisions about production and consumption are made by a powerful ruler or central authority
bullIn a market economy individual producers and consumers coordinate economic activity
What are the most important goals of each economic system
bullTraditionalSecurity and
StabilitybullCommand
Equity and Security
bullMARKETEfficiency and
Freedom
Societies differ in the degree of importance they attach to each goal Progress toward one goal can sometimes be achieved only
at the expense of another (TRADEOFFS)
Which economic system does the US use
The American Economic System
bullWe have a mixed market economy
COMMAND MARKET
The US mixed economybull In a mixed economyhellip
Individuals Own the factors of production Possess freedom to produce or consume Must operate under confines of law
Government Protects workers and consumers Regulates business and preserves competition Provide public goodsbenefits
Think backhellip
bullWhat does this remind you of from the beginning of the unit
US Economic System Characteristics 1 Economic freedom (ldquolaissez-fairerdquo)
2 Limited government
3 Equal opportunity
4 Competition
5 Profit motive
6 Property Rights
7 Binding Contracts
Understanding how all parts fit together
Circular Flow of Economic Activity Represents a market economy
2 main ldquomarketsrdquoProduct Market Factor Market
where goods and services where the 4 factors ofare boughtsold production are boughtsold
Shows interdependence between
businesses and individuals
Marriage Vowsbull CONGRATULATIONS The government and the economy
are renewing their marriage vows You are cordially invited to the ceremony but this perfect couple needs your help
bull Using what you have learned this unit and using the textbook
bull You will explain the way government and the economy are connected (made for each other) You will demonstrate this answer in the format of wedding vows
bull You must use at least 5 of the following words Producers Taxes Consumers Restrictions Markets Freedom GoodsServices Limited
bull Look back to US Economic System Characteristics bull Each set of vows must be at least 6 lines
Do you remember
bullWrite the following question downbullWhy does the United States have a
democracy and mixed economy
- Foundations of Government and Economics
- On your blank piece of paperhellip
- Slide 3
- Warm-Up 1 - 9414
- Introductory thoughts hellip
- Slide 6
- 2 How about to your life
- Slide 8
- Slide 9
- Slide 10
- Slide 11
- Warm Up -2a- 9514 The New York Times and CBS News Pollhellip
- Warm up 2bndash In Journal-
- Economist and Politician Assumptions
- Individualism
- Quote activity
- Quote breakdown
- Warm Up 3- Current Event 9814
- Purpose of Government
- Slide 20
- 3 Theorists
- Activity
- Origins of American Government A customized government
- Origins of American Government A customized government (2)
- Origins of American Government A customized government (3)
- With which theory do you agree more Why
- The ldquoOriginal Dilemmardquo
- Warm Up 5 Hobbes and Locke
- Groups Block 2
- Groups Block 4
- Balloon Game
- You will have 10 minutes to get as many filled balloons on the
- Balloon Game Debriefing
- Political Theories
- Social Contract
- Natural Rights
- Democracy
- Concepts of Government
- Warm up 6 ndash 91114
- Warm Up 7
- And after the Constitution
- Activity (2)
- Picture Activity
- Constitutional Convention
- Purpose of the Convention
- VA Plan v NJ Plan
- Virginia Plan ldquoLarge State Planrdquo
- New Jersey Plan ldquoSmall State Planrdquo
- Your Task
- Closure
- States agree
- Quote
- Structure of Constitution
- Structure of Constitution
- 6 Purpose of Government
- Structure of Constitution (2)
- Structure of Constitution (3)
- Principles of Constitution
- Activity
- Slide 60
- Check for Understanding Six Principles
- Question 1
- Question 2
- Question 3
- Question 4
- Question 5
- Question 6
- Question 7
- Question 8
- Groups
- Separation of Powers
- Video
- Checks and Balances
- Slide 74
- Checks and balances
- Basic Principles
- Self- Worth
- Equality
- Compromise
- Individual Freedom
- Write your ownhellip
- Slide 82
- TED Talk
- Closure
- What is Economics
- Economics ishellip
- Back to our assumptionshellip
- Scarcity refers to the limited number of resources (factors of
- For the videohellip
- Slide 90
- Post Videohellip
- Advertisement
- Political Cartoon Analysis
- Factors of Production
- TASK
- The price ofhellip
- Economic efficiency is achieved when all available resources ar
- 1 What to produce
- 2 How to produce it
- 3 For whom to produce it
- Application Activity
- EQs
- Objectives amp Essential Questions
- Group Activity Budget Activity
- Slide 105
- How do we satisfy our economic wants
- How do we make goods amp services
- Economic Interdependence
- Slide 109
- Making Choices to Deal With Scarcity
- Exampleshellip
- Task Reflecting on Personal Trade-offshellip
- Opportunity Cost
- What else influences your choices
- Finallyhellip Why it Matters
- Visualizing the Relationshiphellip
- ObjectivesEssential Questions
- How Can We Measure What We Gain and Lose When Making Choices
- Production Possibilities Frontier
- PPF Assumptions
- Slide 121
- Production Possibilities Curve
- The Choices Nations Make
- Economic Growth
- The Classic Guns and Butter example
- Productivity
- Locations on a PPF
- Slide 128
- BOWED-OUT PPFs VaryingIncreasing OC
- Economic Systems
- Jigsaw activity
- Slide 132
- Economic amp Social Goals of an Economic System
- Review of Economic Systems
- Slide 135
- What are the most important goals of each economic system
- Which economic system does the US use
- The American Economic System
- The US mixed economy
- Slide 140
- Think backhellip
- US Economic System Characteristics
- Slide 143
- Understanding how all parts fit together
- Marriage Vows
- Do you remember
- Slide 147
-
FinallyhellipWhy it Matters
Understanding the opportunity coststradeoffs of different choices in life makes you a
better decision-maker
Todayrsquos Message ndash ldquoTherersquos No Such Thing As a Free Lunchrdquo
You always have to give something uphelliprdquo
ALL Individuals Businesses amp Societies have to consider tradeoffsopportunity costs when making
decisions
Visualizing the Relationshiphellip
Limited Resources amp Unlimited Wants
Scarcity
Trade-offs (choices)
Opportunity Costs
ObjectivesEssential Questions
bullObjectivebullI will be able to understand (and teach)
the three different types of economies
bullEssential Question How do the different types of economies work
How Can We Measure What We Gain and Lose When
Making Choices
Answer With a Production Possibilities Frontier
Production Possibilities Frontier
bullDiagram representing the possible combinations of goods and or services an economy can produce when all resources are being fully employed
PPF Assumptions
bullWe live in a two good worldbullThere are fixed resourcesbullThere is fixed technologybullResources are not specialized
Production Possibilities Curve
CD
E
OU
TP
UT
OF
CO
NS
UM
ER
GO
OD
S
(un
its
per
yea
r)
OUTPUT OF MILITARY GOODS (units per year)
A
BO
XF
G
Limited resources necessitate choices about WHAT to produce
The Choices Nations Make
bullA nation must choose what to do with its scarce resources during war or periods of military buildup
bullProduce military goods or consumer goods
Economic Growth
2000 production possibilities
1900 production possibilities
OU
TP
UT
OF
CO
NS
UM
ER
GO
OD
S(u
nits
per
yea
r)
OUTPUT OF MILITARY GOODS (units per year)
Production possibilities increases with more resources and technology
The Classic Guns and Butter example
Guns
Butter
10000 20000 30000 40000 50000
1000009500085000
70000
5000040000
BA
C
D
E
F
At point A all resources are used for butter
Moving from point A to point B requires shifting resources out of butter and into guns
At point F all resources are used for Guns
Productivitybull A PPF can help us see how efficient our
choices are
bull Productivity - measurement of how efficiently we are utilizing our resources Is this the same as production
bull An economy producing on the curve = using their resources to produce the MAXIMUM amount of goodsservices
Locations on a PPF
bull Efficient Point place where an economy is achieving as much output as possible from a given amount of resources ndash occurs at any point on the curve
bull Inefficient Point ndash place where the economy is not functioning as it could be ndash occurs at any point inside the curve
bull Unattainable Point ndash place where the economy cannot produce given its current resources ndash occurs at any point outside the curve
Food
Computer
4
3
2
1
1 2 3 4
OC between 1 and 2 computers = 1 Food
UnitOC between 3 and 4 computers = 1 Food
Unit
Constantly giving up the same quantity of food to get
additional computers
STRAIGHT-LINE PPFs Constant OC
BOWED-OUT PPFs VaryingIncreasing OC
Principle of Increasing Costs
As a society produces more of one product the OC of producing
that product increases because we are using more resources that are poorly suited to produce it
Economic Systems
An economic system is the way a society coordinates the production and consumption of goods amp services
How a society answers the three basic economic questions determines which type of economic system they are
Three Types of Economic Systems Command Traditional Market
Jigsaw activity
bullYou will be placed in groups of 3 and assigned a type of economy
bullYou will have 7 minutes to read and come up with 4 key components
bullAfter the 7 minuteshellip 1rsquos go to the front of the classroom2rsquos go to the wall nearest the door3rsquos go to the wall nearest the courtyard
Economic amp Social Goals of an Economic System
bull Economic Freedom
bull Economic Efficiency
bull Economic Equity
bull Economic Security
Economic Stability
Economic Growth
Review of Economic Systems
bullA traditional economy relies on custom and tradition to dictate production and consumption
bullIn a command economy decisions about production and consumption are made by a powerful ruler or central authority
bullIn a market economy individual producers and consumers coordinate economic activity
What are the most important goals of each economic system
bullTraditionalSecurity and
StabilitybullCommand
Equity and Security
bullMARKETEfficiency and
Freedom
Societies differ in the degree of importance they attach to each goal Progress toward one goal can sometimes be achieved only
at the expense of another (TRADEOFFS)
Which economic system does the US use
The American Economic System
bullWe have a mixed market economy
COMMAND MARKET
The US mixed economybull In a mixed economyhellip
Individuals Own the factors of production Possess freedom to produce or consume Must operate under confines of law
Government Protects workers and consumers Regulates business and preserves competition Provide public goodsbenefits
Think backhellip
bullWhat does this remind you of from the beginning of the unit
US Economic System Characteristics 1 Economic freedom (ldquolaissez-fairerdquo)
2 Limited government
3 Equal opportunity
4 Competition
5 Profit motive
6 Property Rights
7 Binding Contracts
Understanding how all parts fit together
Circular Flow of Economic Activity Represents a market economy
2 main ldquomarketsrdquoProduct Market Factor Market
where goods and services where the 4 factors ofare boughtsold production are boughtsold
Shows interdependence between
businesses and individuals
Marriage Vowsbull CONGRATULATIONS The government and the economy
are renewing their marriage vows You are cordially invited to the ceremony but this perfect couple needs your help
bull Using what you have learned this unit and using the textbook
bull You will explain the way government and the economy are connected (made for each other) You will demonstrate this answer in the format of wedding vows
bull You must use at least 5 of the following words Producers Taxes Consumers Restrictions Markets Freedom GoodsServices Limited
bull Look back to US Economic System Characteristics bull Each set of vows must be at least 6 lines
Do you remember
bullWrite the following question downbullWhy does the United States have a
democracy and mixed economy
- Foundations of Government and Economics
- On your blank piece of paperhellip
- Slide 3
- Warm-Up 1 - 9414
- Introductory thoughts hellip
- Slide 6
- 2 How about to your life
- Slide 8
- Slide 9
- Slide 10
- Slide 11
- Warm Up -2a- 9514 The New York Times and CBS News Pollhellip
- Warm up 2bndash In Journal-
- Economist and Politician Assumptions
- Individualism
- Quote activity
- Quote breakdown
- Warm Up 3- Current Event 9814
- Purpose of Government
- Slide 20
- 3 Theorists
- Activity
- Origins of American Government A customized government
- Origins of American Government A customized government (2)
- Origins of American Government A customized government (3)
- With which theory do you agree more Why
- The ldquoOriginal Dilemmardquo
- Warm Up 5 Hobbes and Locke
- Groups Block 2
- Groups Block 4
- Balloon Game
- You will have 10 minutes to get as many filled balloons on the
- Balloon Game Debriefing
- Political Theories
- Social Contract
- Natural Rights
- Democracy
- Concepts of Government
- Warm up 6 ndash 91114
- Warm Up 7
- And after the Constitution
- Activity (2)
- Picture Activity
- Constitutional Convention
- Purpose of the Convention
- VA Plan v NJ Plan
- Virginia Plan ldquoLarge State Planrdquo
- New Jersey Plan ldquoSmall State Planrdquo
- Your Task
- Closure
- States agree
- Quote
- Structure of Constitution
- Structure of Constitution
- 6 Purpose of Government
- Structure of Constitution (2)
- Structure of Constitution (3)
- Principles of Constitution
- Activity
- Slide 60
- Check for Understanding Six Principles
- Question 1
- Question 2
- Question 3
- Question 4
- Question 5
- Question 6
- Question 7
- Question 8
- Groups
- Separation of Powers
- Video
- Checks and Balances
- Slide 74
- Checks and balances
- Basic Principles
- Self- Worth
- Equality
- Compromise
- Individual Freedom
- Write your ownhellip
- Slide 82
- TED Talk
- Closure
- What is Economics
- Economics ishellip
- Back to our assumptionshellip
- Scarcity refers to the limited number of resources (factors of
- For the videohellip
- Slide 90
- Post Videohellip
- Advertisement
- Political Cartoon Analysis
- Factors of Production
- TASK
- The price ofhellip
- Economic efficiency is achieved when all available resources ar
- 1 What to produce
- 2 How to produce it
- 3 For whom to produce it
- Application Activity
- EQs
- Objectives amp Essential Questions
- Group Activity Budget Activity
- Slide 105
- How do we satisfy our economic wants
- How do we make goods amp services
- Economic Interdependence
- Slide 109
- Making Choices to Deal With Scarcity
- Exampleshellip
- Task Reflecting on Personal Trade-offshellip
- Opportunity Cost
- What else influences your choices
- Finallyhellip Why it Matters
- Visualizing the Relationshiphellip
- ObjectivesEssential Questions
- How Can We Measure What We Gain and Lose When Making Choices
- Production Possibilities Frontier
- PPF Assumptions
- Slide 121
- Production Possibilities Curve
- The Choices Nations Make
- Economic Growth
- The Classic Guns and Butter example
- Productivity
- Locations on a PPF
- Slide 128
- BOWED-OUT PPFs VaryingIncreasing OC
- Economic Systems
- Jigsaw activity
- Slide 132
- Economic amp Social Goals of an Economic System
- Review of Economic Systems
- Slide 135
- What are the most important goals of each economic system
- Which economic system does the US use
- The American Economic System
- The US mixed economy
- Slide 140
- Think backhellip
- US Economic System Characteristics
- Slide 143
- Understanding how all parts fit together
- Marriage Vows
- Do you remember
- Slide 147
-
Visualizing the Relationshiphellip
Limited Resources amp Unlimited Wants
Scarcity
Trade-offs (choices)
Opportunity Costs
ObjectivesEssential Questions
bullObjectivebullI will be able to understand (and teach)
the three different types of economies
bullEssential Question How do the different types of economies work
How Can We Measure What We Gain and Lose When
Making Choices
Answer With a Production Possibilities Frontier
Production Possibilities Frontier
bullDiagram representing the possible combinations of goods and or services an economy can produce when all resources are being fully employed
PPF Assumptions
bullWe live in a two good worldbullThere are fixed resourcesbullThere is fixed technologybullResources are not specialized
Production Possibilities Curve
CD
E
OU
TP
UT
OF
CO
NS
UM
ER
GO
OD
S
(un
its
per
yea
r)
OUTPUT OF MILITARY GOODS (units per year)
A
BO
XF
G
Limited resources necessitate choices about WHAT to produce
The Choices Nations Make
bullA nation must choose what to do with its scarce resources during war or periods of military buildup
bullProduce military goods or consumer goods
Economic Growth
2000 production possibilities
1900 production possibilities
OU
TP
UT
OF
CO
NS
UM
ER
GO
OD
S(u
nits
per
yea
r)
OUTPUT OF MILITARY GOODS (units per year)
Production possibilities increases with more resources and technology
The Classic Guns and Butter example
Guns
Butter
10000 20000 30000 40000 50000
1000009500085000
70000
5000040000
BA
C
D
E
F
At point A all resources are used for butter
Moving from point A to point B requires shifting resources out of butter and into guns
At point F all resources are used for Guns
Productivitybull A PPF can help us see how efficient our
choices are
bull Productivity - measurement of how efficiently we are utilizing our resources Is this the same as production
bull An economy producing on the curve = using their resources to produce the MAXIMUM amount of goodsservices
Locations on a PPF
bull Efficient Point place where an economy is achieving as much output as possible from a given amount of resources ndash occurs at any point on the curve
bull Inefficient Point ndash place where the economy is not functioning as it could be ndash occurs at any point inside the curve
bull Unattainable Point ndash place where the economy cannot produce given its current resources ndash occurs at any point outside the curve
Food
Computer
4
3
2
1
1 2 3 4
OC between 1 and 2 computers = 1 Food
UnitOC between 3 and 4 computers = 1 Food
Unit
Constantly giving up the same quantity of food to get
additional computers
STRAIGHT-LINE PPFs Constant OC
BOWED-OUT PPFs VaryingIncreasing OC
Principle of Increasing Costs
As a society produces more of one product the OC of producing
that product increases because we are using more resources that are poorly suited to produce it
Economic Systems
An economic system is the way a society coordinates the production and consumption of goods amp services
How a society answers the three basic economic questions determines which type of economic system they are
Three Types of Economic Systems Command Traditional Market
Jigsaw activity
bullYou will be placed in groups of 3 and assigned a type of economy
bullYou will have 7 minutes to read and come up with 4 key components
bullAfter the 7 minuteshellip 1rsquos go to the front of the classroom2rsquos go to the wall nearest the door3rsquos go to the wall nearest the courtyard
Economic amp Social Goals of an Economic System
bull Economic Freedom
bull Economic Efficiency
bull Economic Equity
bull Economic Security
Economic Stability
Economic Growth
Review of Economic Systems
bullA traditional economy relies on custom and tradition to dictate production and consumption
bullIn a command economy decisions about production and consumption are made by a powerful ruler or central authority
bullIn a market economy individual producers and consumers coordinate economic activity
What are the most important goals of each economic system
bullTraditionalSecurity and
StabilitybullCommand
Equity and Security
bullMARKETEfficiency and
Freedom
Societies differ in the degree of importance they attach to each goal Progress toward one goal can sometimes be achieved only
at the expense of another (TRADEOFFS)
Which economic system does the US use
The American Economic System
bullWe have a mixed market economy
COMMAND MARKET
The US mixed economybull In a mixed economyhellip
Individuals Own the factors of production Possess freedom to produce or consume Must operate under confines of law
Government Protects workers and consumers Regulates business and preserves competition Provide public goodsbenefits
Think backhellip
bullWhat does this remind you of from the beginning of the unit
US Economic System Characteristics 1 Economic freedom (ldquolaissez-fairerdquo)
2 Limited government
3 Equal opportunity
4 Competition
5 Profit motive
6 Property Rights
7 Binding Contracts
Understanding how all parts fit together
Circular Flow of Economic Activity Represents a market economy
2 main ldquomarketsrdquoProduct Market Factor Market
where goods and services where the 4 factors ofare boughtsold production are boughtsold
Shows interdependence between
businesses and individuals
Marriage Vowsbull CONGRATULATIONS The government and the economy
are renewing their marriage vows You are cordially invited to the ceremony but this perfect couple needs your help
bull Using what you have learned this unit and using the textbook
bull You will explain the way government and the economy are connected (made for each other) You will demonstrate this answer in the format of wedding vows
bull You must use at least 5 of the following words Producers Taxes Consumers Restrictions Markets Freedom GoodsServices Limited
bull Look back to US Economic System Characteristics bull Each set of vows must be at least 6 lines
Do you remember
bullWrite the following question downbullWhy does the United States have a
democracy and mixed economy
- Foundations of Government and Economics
- On your blank piece of paperhellip
- Slide 3
- Warm-Up 1 - 9414
- Introductory thoughts hellip
- Slide 6
- 2 How about to your life
- Slide 8
- Slide 9
- Slide 10
- Slide 11
- Warm Up -2a- 9514 The New York Times and CBS News Pollhellip
- Warm up 2bndash In Journal-
- Economist and Politician Assumptions
- Individualism
- Quote activity
- Quote breakdown
- Warm Up 3- Current Event 9814
- Purpose of Government
- Slide 20
- 3 Theorists
- Activity
- Origins of American Government A customized government
- Origins of American Government A customized government (2)
- Origins of American Government A customized government (3)
- With which theory do you agree more Why
- The ldquoOriginal Dilemmardquo
- Warm Up 5 Hobbes and Locke
- Groups Block 2
- Groups Block 4
- Balloon Game
- You will have 10 minutes to get as many filled balloons on the
- Balloon Game Debriefing
- Political Theories
- Social Contract
- Natural Rights
- Democracy
- Concepts of Government
- Warm up 6 ndash 91114
- Warm Up 7
- And after the Constitution
- Activity (2)
- Picture Activity
- Constitutional Convention
- Purpose of the Convention
- VA Plan v NJ Plan
- Virginia Plan ldquoLarge State Planrdquo
- New Jersey Plan ldquoSmall State Planrdquo
- Your Task
- Closure
- States agree
- Quote
- Structure of Constitution
- Structure of Constitution
- 6 Purpose of Government
- Structure of Constitution (2)
- Structure of Constitution (3)
- Principles of Constitution
- Activity
- Slide 60
- Check for Understanding Six Principles
- Question 1
- Question 2
- Question 3
- Question 4
- Question 5
- Question 6
- Question 7
- Question 8
- Groups
- Separation of Powers
- Video
- Checks and Balances
- Slide 74
- Checks and balances
- Basic Principles
- Self- Worth
- Equality
- Compromise
- Individual Freedom
- Write your ownhellip
- Slide 82
- TED Talk
- Closure
- What is Economics
- Economics ishellip
- Back to our assumptionshellip
- Scarcity refers to the limited number of resources (factors of
- For the videohellip
- Slide 90
- Post Videohellip
- Advertisement
- Political Cartoon Analysis
- Factors of Production
- TASK
- The price ofhellip
- Economic efficiency is achieved when all available resources ar
- 1 What to produce
- 2 How to produce it
- 3 For whom to produce it
- Application Activity
- EQs
- Objectives amp Essential Questions
- Group Activity Budget Activity
- Slide 105
- How do we satisfy our economic wants
- How do we make goods amp services
- Economic Interdependence
- Slide 109
- Making Choices to Deal With Scarcity
- Exampleshellip
- Task Reflecting on Personal Trade-offshellip
- Opportunity Cost
- What else influences your choices
- Finallyhellip Why it Matters
- Visualizing the Relationshiphellip
- ObjectivesEssential Questions
- How Can We Measure What We Gain and Lose When Making Choices
- Production Possibilities Frontier
- PPF Assumptions
- Slide 121
- Production Possibilities Curve
- The Choices Nations Make
- Economic Growth
- The Classic Guns and Butter example
- Productivity
- Locations on a PPF
- Slide 128
- BOWED-OUT PPFs VaryingIncreasing OC
- Economic Systems
- Jigsaw activity
- Slide 132
- Economic amp Social Goals of an Economic System
- Review of Economic Systems
- Slide 135
- What are the most important goals of each economic system
- Which economic system does the US use
- The American Economic System
- The US mixed economy
- Slide 140
- Think backhellip
- US Economic System Characteristics
- Slide 143
- Understanding how all parts fit together
- Marriage Vows
- Do you remember
- Slide 147
-
ObjectivesEssential Questions
bullObjectivebullI will be able to understand (and teach)
the three different types of economies
bullEssential Question How do the different types of economies work
How Can We Measure What We Gain and Lose When
Making Choices
Answer With a Production Possibilities Frontier
Production Possibilities Frontier
bullDiagram representing the possible combinations of goods and or services an economy can produce when all resources are being fully employed
PPF Assumptions
bullWe live in a two good worldbullThere are fixed resourcesbullThere is fixed technologybullResources are not specialized
Production Possibilities Curve
CD
E
OU
TP
UT
OF
CO
NS
UM
ER
GO
OD
S
(un
its
per
yea
r)
OUTPUT OF MILITARY GOODS (units per year)
A
BO
XF
G
Limited resources necessitate choices about WHAT to produce
The Choices Nations Make
bullA nation must choose what to do with its scarce resources during war or periods of military buildup
bullProduce military goods or consumer goods
Economic Growth
2000 production possibilities
1900 production possibilities
OU
TP
UT
OF
CO
NS
UM
ER
GO
OD
S(u
nits
per
yea
r)
OUTPUT OF MILITARY GOODS (units per year)
Production possibilities increases with more resources and technology
The Classic Guns and Butter example
Guns
Butter
10000 20000 30000 40000 50000
1000009500085000
70000
5000040000
BA
C
D
E
F
At point A all resources are used for butter
Moving from point A to point B requires shifting resources out of butter and into guns
At point F all resources are used for Guns
Productivitybull A PPF can help us see how efficient our
choices are
bull Productivity - measurement of how efficiently we are utilizing our resources Is this the same as production
bull An economy producing on the curve = using their resources to produce the MAXIMUM amount of goodsservices
Locations on a PPF
bull Efficient Point place where an economy is achieving as much output as possible from a given amount of resources ndash occurs at any point on the curve
bull Inefficient Point ndash place where the economy is not functioning as it could be ndash occurs at any point inside the curve
bull Unattainable Point ndash place where the economy cannot produce given its current resources ndash occurs at any point outside the curve
Food
Computer
4
3
2
1
1 2 3 4
OC between 1 and 2 computers = 1 Food
UnitOC between 3 and 4 computers = 1 Food
Unit
Constantly giving up the same quantity of food to get
additional computers
STRAIGHT-LINE PPFs Constant OC
BOWED-OUT PPFs VaryingIncreasing OC
Principle of Increasing Costs
As a society produces more of one product the OC of producing
that product increases because we are using more resources that are poorly suited to produce it
Economic Systems
An economic system is the way a society coordinates the production and consumption of goods amp services
How a society answers the three basic economic questions determines which type of economic system they are
Three Types of Economic Systems Command Traditional Market
Jigsaw activity
bullYou will be placed in groups of 3 and assigned a type of economy
bullYou will have 7 minutes to read and come up with 4 key components
bullAfter the 7 minuteshellip 1rsquos go to the front of the classroom2rsquos go to the wall nearest the door3rsquos go to the wall nearest the courtyard
Economic amp Social Goals of an Economic System
bull Economic Freedom
bull Economic Efficiency
bull Economic Equity
bull Economic Security
Economic Stability
Economic Growth
Review of Economic Systems
bullA traditional economy relies on custom and tradition to dictate production and consumption
bullIn a command economy decisions about production and consumption are made by a powerful ruler or central authority
bullIn a market economy individual producers and consumers coordinate economic activity
What are the most important goals of each economic system
bullTraditionalSecurity and
StabilitybullCommand
Equity and Security
bullMARKETEfficiency and
Freedom
Societies differ in the degree of importance they attach to each goal Progress toward one goal can sometimes be achieved only
at the expense of another (TRADEOFFS)
Which economic system does the US use
The American Economic System
bullWe have a mixed market economy
COMMAND MARKET
The US mixed economybull In a mixed economyhellip
Individuals Own the factors of production Possess freedom to produce or consume Must operate under confines of law
Government Protects workers and consumers Regulates business and preserves competition Provide public goodsbenefits
Think backhellip
bullWhat does this remind you of from the beginning of the unit
US Economic System Characteristics 1 Economic freedom (ldquolaissez-fairerdquo)
2 Limited government
3 Equal opportunity
4 Competition
5 Profit motive
6 Property Rights
7 Binding Contracts
Understanding how all parts fit together
Circular Flow of Economic Activity Represents a market economy
2 main ldquomarketsrdquoProduct Market Factor Market
where goods and services where the 4 factors ofare boughtsold production are boughtsold
Shows interdependence between
businesses and individuals
Marriage Vowsbull CONGRATULATIONS The government and the economy
are renewing their marriage vows You are cordially invited to the ceremony but this perfect couple needs your help
bull Using what you have learned this unit and using the textbook
bull You will explain the way government and the economy are connected (made for each other) You will demonstrate this answer in the format of wedding vows
bull You must use at least 5 of the following words Producers Taxes Consumers Restrictions Markets Freedom GoodsServices Limited
bull Look back to US Economic System Characteristics bull Each set of vows must be at least 6 lines
Do you remember
bullWrite the following question downbullWhy does the United States have a
democracy and mixed economy
- Foundations of Government and Economics
- On your blank piece of paperhellip
- Slide 3
- Warm-Up 1 - 9414
- Introductory thoughts hellip
- Slide 6
- 2 How about to your life
- Slide 8
- Slide 9
- Slide 10
- Slide 11
- Warm Up -2a- 9514 The New York Times and CBS News Pollhellip
- Warm up 2bndash In Journal-
- Economist and Politician Assumptions
- Individualism
- Quote activity
- Quote breakdown
- Warm Up 3- Current Event 9814
- Purpose of Government
- Slide 20
- 3 Theorists
- Activity
- Origins of American Government A customized government
- Origins of American Government A customized government (2)
- Origins of American Government A customized government (3)
- With which theory do you agree more Why
- The ldquoOriginal Dilemmardquo
- Warm Up 5 Hobbes and Locke
- Groups Block 2
- Groups Block 4
- Balloon Game
- You will have 10 minutes to get as many filled balloons on the
- Balloon Game Debriefing
- Political Theories
- Social Contract
- Natural Rights
- Democracy
- Concepts of Government
- Warm up 6 ndash 91114
- Warm Up 7
- And after the Constitution
- Activity (2)
- Picture Activity
- Constitutional Convention
- Purpose of the Convention
- VA Plan v NJ Plan
- Virginia Plan ldquoLarge State Planrdquo
- New Jersey Plan ldquoSmall State Planrdquo
- Your Task
- Closure
- States agree
- Quote
- Structure of Constitution
- Structure of Constitution
- 6 Purpose of Government
- Structure of Constitution (2)
- Structure of Constitution (3)
- Principles of Constitution
- Activity
- Slide 60
- Check for Understanding Six Principles
- Question 1
- Question 2
- Question 3
- Question 4
- Question 5
- Question 6
- Question 7
- Question 8
- Groups
- Separation of Powers
- Video
- Checks and Balances
- Slide 74
- Checks and balances
- Basic Principles
- Self- Worth
- Equality
- Compromise
- Individual Freedom
- Write your ownhellip
- Slide 82
- TED Talk
- Closure
- What is Economics
- Economics ishellip
- Back to our assumptionshellip
- Scarcity refers to the limited number of resources (factors of
- For the videohellip
- Slide 90
- Post Videohellip
- Advertisement
- Political Cartoon Analysis
- Factors of Production
- TASK
- The price ofhellip
- Economic efficiency is achieved when all available resources ar
- 1 What to produce
- 2 How to produce it
- 3 For whom to produce it
- Application Activity
- EQs
- Objectives amp Essential Questions
- Group Activity Budget Activity
- Slide 105
- How do we satisfy our economic wants
- How do we make goods amp services
- Economic Interdependence
- Slide 109
- Making Choices to Deal With Scarcity
- Exampleshellip
- Task Reflecting on Personal Trade-offshellip
- Opportunity Cost
- What else influences your choices
- Finallyhellip Why it Matters
- Visualizing the Relationshiphellip
- ObjectivesEssential Questions
- How Can We Measure What We Gain and Lose When Making Choices
- Production Possibilities Frontier
- PPF Assumptions
- Slide 121
- Production Possibilities Curve
- The Choices Nations Make
- Economic Growth
- The Classic Guns and Butter example
- Productivity
- Locations on a PPF
- Slide 128
- BOWED-OUT PPFs VaryingIncreasing OC
- Economic Systems
- Jigsaw activity
- Slide 132
- Economic amp Social Goals of an Economic System
- Review of Economic Systems
- Slide 135
- What are the most important goals of each economic system
- Which economic system does the US use
- The American Economic System
- The US mixed economy
- Slide 140
- Think backhellip
- US Economic System Characteristics
- Slide 143
- Understanding how all parts fit together
- Marriage Vows
- Do you remember
- Slide 147
-
How Can We Measure What We Gain and Lose When
Making Choices
Answer With a Production Possibilities Frontier
Production Possibilities Frontier
bullDiagram representing the possible combinations of goods and or services an economy can produce when all resources are being fully employed
PPF Assumptions
bullWe live in a two good worldbullThere are fixed resourcesbullThere is fixed technologybullResources are not specialized
Production Possibilities Curve
CD
E
OU
TP
UT
OF
CO
NS
UM
ER
GO
OD
S
(un
its
per
yea
r)
OUTPUT OF MILITARY GOODS (units per year)
A
BO
XF
G
Limited resources necessitate choices about WHAT to produce
The Choices Nations Make
bullA nation must choose what to do with its scarce resources during war or periods of military buildup
bullProduce military goods or consumer goods
Economic Growth
2000 production possibilities
1900 production possibilities
OU
TP
UT
OF
CO
NS
UM
ER
GO
OD
S(u
nits
per
yea
r)
OUTPUT OF MILITARY GOODS (units per year)
Production possibilities increases with more resources and technology
The Classic Guns and Butter example
Guns
Butter
10000 20000 30000 40000 50000
1000009500085000
70000
5000040000
BA
C
D
E
F
At point A all resources are used for butter
Moving from point A to point B requires shifting resources out of butter and into guns
At point F all resources are used for Guns
Productivitybull A PPF can help us see how efficient our
choices are
bull Productivity - measurement of how efficiently we are utilizing our resources Is this the same as production
bull An economy producing on the curve = using their resources to produce the MAXIMUM amount of goodsservices
Locations on a PPF
bull Efficient Point place where an economy is achieving as much output as possible from a given amount of resources ndash occurs at any point on the curve
bull Inefficient Point ndash place where the economy is not functioning as it could be ndash occurs at any point inside the curve
bull Unattainable Point ndash place where the economy cannot produce given its current resources ndash occurs at any point outside the curve
Food
Computer
4
3
2
1
1 2 3 4
OC between 1 and 2 computers = 1 Food
UnitOC between 3 and 4 computers = 1 Food
Unit
Constantly giving up the same quantity of food to get
additional computers
STRAIGHT-LINE PPFs Constant OC
BOWED-OUT PPFs VaryingIncreasing OC
Principle of Increasing Costs
As a society produces more of one product the OC of producing
that product increases because we are using more resources that are poorly suited to produce it
Economic Systems
An economic system is the way a society coordinates the production and consumption of goods amp services
How a society answers the three basic economic questions determines which type of economic system they are
Three Types of Economic Systems Command Traditional Market
Jigsaw activity
bullYou will be placed in groups of 3 and assigned a type of economy
bullYou will have 7 minutes to read and come up with 4 key components
bullAfter the 7 minuteshellip 1rsquos go to the front of the classroom2rsquos go to the wall nearest the door3rsquos go to the wall nearest the courtyard
Economic amp Social Goals of an Economic System
bull Economic Freedom
bull Economic Efficiency
bull Economic Equity
bull Economic Security
Economic Stability
Economic Growth
Review of Economic Systems
bullA traditional economy relies on custom and tradition to dictate production and consumption
bullIn a command economy decisions about production and consumption are made by a powerful ruler or central authority
bullIn a market economy individual producers and consumers coordinate economic activity
What are the most important goals of each economic system
bullTraditionalSecurity and
StabilitybullCommand
Equity and Security
bullMARKETEfficiency and
Freedom
Societies differ in the degree of importance they attach to each goal Progress toward one goal can sometimes be achieved only
at the expense of another (TRADEOFFS)
Which economic system does the US use
The American Economic System
bullWe have a mixed market economy
COMMAND MARKET
The US mixed economybull In a mixed economyhellip
Individuals Own the factors of production Possess freedom to produce or consume Must operate under confines of law
Government Protects workers and consumers Regulates business and preserves competition Provide public goodsbenefits
Think backhellip
bullWhat does this remind you of from the beginning of the unit
US Economic System Characteristics 1 Economic freedom (ldquolaissez-fairerdquo)
2 Limited government
3 Equal opportunity
4 Competition
5 Profit motive
6 Property Rights
7 Binding Contracts
Understanding how all parts fit together
Circular Flow of Economic Activity Represents a market economy
2 main ldquomarketsrdquoProduct Market Factor Market
where goods and services where the 4 factors ofare boughtsold production are boughtsold
Shows interdependence between
businesses and individuals
Marriage Vowsbull CONGRATULATIONS The government and the economy
are renewing their marriage vows You are cordially invited to the ceremony but this perfect couple needs your help
bull Using what you have learned this unit and using the textbook
bull You will explain the way government and the economy are connected (made for each other) You will demonstrate this answer in the format of wedding vows
bull You must use at least 5 of the following words Producers Taxes Consumers Restrictions Markets Freedom GoodsServices Limited
bull Look back to US Economic System Characteristics bull Each set of vows must be at least 6 lines
Do you remember
bullWrite the following question downbullWhy does the United States have a
democracy and mixed economy
- Foundations of Government and Economics
- On your blank piece of paperhellip
- Slide 3
- Warm-Up 1 - 9414
- Introductory thoughts hellip
- Slide 6
- 2 How about to your life
- Slide 8
- Slide 9
- Slide 10
- Slide 11
- Warm Up -2a- 9514 The New York Times and CBS News Pollhellip
- Warm up 2bndash In Journal-
- Economist and Politician Assumptions
- Individualism
- Quote activity
- Quote breakdown
- Warm Up 3- Current Event 9814
- Purpose of Government
- Slide 20
- 3 Theorists
- Activity
- Origins of American Government A customized government
- Origins of American Government A customized government (2)
- Origins of American Government A customized government (3)
- With which theory do you agree more Why
- The ldquoOriginal Dilemmardquo
- Warm Up 5 Hobbes and Locke
- Groups Block 2
- Groups Block 4
- Balloon Game
- You will have 10 minutes to get as many filled balloons on the
- Balloon Game Debriefing
- Political Theories
- Social Contract
- Natural Rights
- Democracy
- Concepts of Government
- Warm up 6 ndash 91114
- Warm Up 7
- And after the Constitution
- Activity (2)
- Picture Activity
- Constitutional Convention
- Purpose of the Convention
- VA Plan v NJ Plan
- Virginia Plan ldquoLarge State Planrdquo
- New Jersey Plan ldquoSmall State Planrdquo
- Your Task
- Closure
- States agree
- Quote
- Structure of Constitution
- Structure of Constitution
- 6 Purpose of Government
- Structure of Constitution (2)
- Structure of Constitution (3)
- Principles of Constitution
- Activity
- Slide 60
- Check for Understanding Six Principles
- Question 1
- Question 2
- Question 3
- Question 4
- Question 5
- Question 6
- Question 7
- Question 8
- Groups
- Separation of Powers
- Video
- Checks and Balances
- Slide 74
- Checks and balances
- Basic Principles
- Self- Worth
- Equality
- Compromise
- Individual Freedom
- Write your ownhellip
- Slide 82
- TED Talk
- Closure
- What is Economics
- Economics ishellip
- Back to our assumptionshellip
- Scarcity refers to the limited number of resources (factors of
- For the videohellip
- Slide 90
- Post Videohellip
- Advertisement
- Political Cartoon Analysis
- Factors of Production
- TASK
- The price ofhellip
- Economic efficiency is achieved when all available resources ar
- 1 What to produce
- 2 How to produce it
- 3 For whom to produce it
- Application Activity
- EQs
- Objectives amp Essential Questions
- Group Activity Budget Activity
- Slide 105
- How do we satisfy our economic wants
- How do we make goods amp services
- Economic Interdependence
- Slide 109
- Making Choices to Deal With Scarcity
- Exampleshellip
- Task Reflecting on Personal Trade-offshellip
- Opportunity Cost
- What else influences your choices
- Finallyhellip Why it Matters
- Visualizing the Relationshiphellip
- ObjectivesEssential Questions
- How Can We Measure What We Gain and Lose When Making Choices
- Production Possibilities Frontier
- PPF Assumptions
- Slide 121
- Production Possibilities Curve
- The Choices Nations Make
- Economic Growth
- The Classic Guns and Butter example
- Productivity
- Locations on a PPF
- Slide 128
- BOWED-OUT PPFs VaryingIncreasing OC
- Economic Systems
- Jigsaw activity
- Slide 132
- Economic amp Social Goals of an Economic System
- Review of Economic Systems
- Slide 135
- What are the most important goals of each economic system
- Which economic system does the US use
- The American Economic System
- The US mixed economy
- Slide 140
- Think backhellip
- US Economic System Characteristics
- Slide 143
- Understanding how all parts fit together
- Marriage Vows
- Do you remember
- Slide 147
-
Production Possibilities Frontier
bullDiagram representing the possible combinations of goods and or services an economy can produce when all resources are being fully employed
PPF Assumptions
bullWe live in a two good worldbullThere are fixed resourcesbullThere is fixed technologybullResources are not specialized
Production Possibilities Curve
CD
E
OU
TP
UT
OF
CO
NS
UM
ER
GO
OD
S
(un
its
per
yea
r)
OUTPUT OF MILITARY GOODS (units per year)
A
BO
XF
G
Limited resources necessitate choices about WHAT to produce
The Choices Nations Make
bullA nation must choose what to do with its scarce resources during war or periods of military buildup
bullProduce military goods or consumer goods
Economic Growth
2000 production possibilities
1900 production possibilities
OU
TP
UT
OF
CO
NS
UM
ER
GO
OD
S(u
nits
per
yea
r)
OUTPUT OF MILITARY GOODS (units per year)
Production possibilities increases with more resources and technology
The Classic Guns and Butter example
Guns
Butter
10000 20000 30000 40000 50000
1000009500085000
70000
5000040000
BA
C
D
E
F
At point A all resources are used for butter
Moving from point A to point B requires shifting resources out of butter and into guns
At point F all resources are used for Guns
Productivitybull A PPF can help us see how efficient our
choices are
bull Productivity - measurement of how efficiently we are utilizing our resources Is this the same as production
bull An economy producing on the curve = using their resources to produce the MAXIMUM amount of goodsservices
Locations on a PPF
bull Efficient Point place where an economy is achieving as much output as possible from a given amount of resources ndash occurs at any point on the curve
bull Inefficient Point ndash place where the economy is not functioning as it could be ndash occurs at any point inside the curve
bull Unattainable Point ndash place where the economy cannot produce given its current resources ndash occurs at any point outside the curve
Food
Computer
4
3
2
1
1 2 3 4
OC between 1 and 2 computers = 1 Food
UnitOC between 3 and 4 computers = 1 Food
Unit
Constantly giving up the same quantity of food to get
additional computers
STRAIGHT-LINE PPFs Constant OC
BOWED-OUT PPFs VaryingIncreasing OC
Principle of Increasing Costs
As a society produces more of one product the OC of producing
that product increases because we are using more resources that are poorly suited to produce it
Economic Systems
An economic system is the way a society coordinates the production and consumption of goods amp services
How a society answers the three basic economic questions determines which type of economic system they are
Three Types of Economic Systems Command Traditional Market
Jigsaw activity
bullYou will be placed in groups of 3 and assigned a type of economy
bullYou will have 7 minutes to read and come up with 4 key components
bullAfter the 7 minuteshellip 1rsquos go to the front of the classroom2rsquos go to the wall nearest the door3rsquos go to the wall nearest the courtyard
Economic amp Social Goals of an Economic System
bull Economic Freedom
bull Economic Efficiency
bull Economic Equity
bull Economic Security
Economic Stability
Economic Growth
Review of Economic Systems
bullA traditional economy relies on custom and tradition to dictate production and consumption
bullIn a command economy decisions about production and consumption are made by a powerful ruler or central authority
bullIn a market economy individual producers and consumers coordinate economic activity
What are the most important goals of each economic system
bullTraditionalSecurity and
StabilitybullCommand
Equity and Security
bullMARKETEfficiency and
Freedom
Societies differ in the degree of importance they attach to each goal Progress toward one goal can sometimes be achieved only
at the expense of another (TRADEOFFS)
Which economic system does the US use
The American Economic System
bullWe have a mixed market economy
COMMAND MARKET
The US mixed economybull In a mixed economyhellip
Individuals Own the factors of production Possess freedom to produce or consume Must operate under confines of law
Government Protects workers and consumers Regulates business and preserves competition Provide public goodsbenefits
Think backhellip
bullWhat does this remind you of from the beginning of the unit
US Economic System Characteristics 1 Economic freedom (ldquolaissez-fairerdquo)
2 Limited government
3 Equal opportunity
4 Competition
5 Profit motive
6 Property Rights
7 Binding Contracts
Understanding how all parts fit together
Circular Flow of Economic Activity Represents a market economy
2 main ldquomarketsrdquoProduct Market Factor Market
where goods and services where the 4 factors ofare boughtsold production are boughtsold
Shows interdependence between
businesses and individuals
Marriage Vowsbull CONGRATULATIONS The government and the economy
are renewing their marriage vows You are cordially invited to the ceremony but this perfect couple needs your help
bull Using what you have learned this unit and using the textbook
bull You will explain the way government and the economy are connected (made for each other) You will demonstrate this answer in the format of wedding vows
bull You must use at least 5 of the following words Producers Taxes Consumers Restrictions Markets Freedom GoodsServices Limited
bull Look back to US Economic System Characteristics bull Each set of vows must be at least 6 lines
Do you remember
bullWrite the following question downbullWhy does the United States have a
democracy and mixed economy
- Foundations of Government and Economics
- On your blank piece of paperhellip
- Slide 3
- Warm-Up 1 - 9414
- Introductory thoughts hellip
- Slide 6
- 2 How about to your life
- Slide 8
- Slide 9
- Slide 10
- Slide 11
- Warm Up -2a- 9514 The New York Times and CBS News Pollhellip
- Warm up 2bndash In Journal-
- Economist and Politician Assumptions
- Individualism
- Quote activity
- Quote breakdown
- Warm Up 3- Current Event 9814
- Purpose of Government
- Slide 20
- 3 Theorists
- Activity
- Origins of American Government A customized government
- Origins of American Government A customized government (2)
- Origins of American Government A customized government (3)
- With which theory do you agree more Why
- The ldquoOriginal Dilemmardquo
- Warm Up 5 Hobbes and Locke
- Groups Block 2
- Groups Block 4
- Balloon Game
- You will have 10 minutes to get as many filled balloons on the
- Balloon Game Debriefing
- Political Theories
- Social Contract
- Natural Rights
- Democracy
- Concepts of Government
- Warm up 6 ndash 91114
- Warm Up 7
- And after the Constitution
- Activity (2)
- Picture Activity
- Constitutional Convention
- Purpose of the Convention
- VA Plan v NJ Plan
- Virginia Plan ldquoLarge State Planrdquo
- New Jersey Plan ldquoSmall State Planrdquo
- Your Task
- Closure
- States agree
- Quote
- Structure of Constitution
- Structure of Constitution
- 6 Purpose of Government
- Structure of Constitution (2)
- Structure of Constitution (3)
- Principles of Constitution
- Activity
- Slide 60
- Check for Understanding Six Principles
- Question 1
- Question 2
- Question 3
- Question 4
- Question 5
- Question 6
- Question 7
- Question 8
- Groups
- Separation of Powers
- Video
- Checks and Balances
- Slide 74
- Checks and balances
- Basic Principles
- Self- Worth
- Equality
- Compromise
- Individual Freedom
- Write your ownhellip
- Slide 82
- TED Talk
- Closure
- What is Economics
- Economics ishellip
- Back to our assumptionshellip
- Scarcity refers to the limited number of resources (factors of
- For the videohellip
- Slide 90
- Post Videohellip
- Advertisement
- Political Cartoon Analysis
- Factors of Production
- TASK
- The price ofhellip
- Economic efficiency is achieved when all available resources ar
- 1 What to produce
- 2 How to produce it
- 3 For whom to produce it
- Application Activity
- EQs
- Objectives amp Essential Questions
- Group Activity Budget Activity
- Slide 105
- How do we satisfy our economic wants
- How do we make goods amp services
- Economic Interdependence
- Slide 109
- Making Choices to Deal With Scarcity
- Exampleshellip
- Task Reflecting on Personal Trade-offshellip
- Opportunity Cost
- What else influences your choices
- Finallyhellip Why it Matters
- Visualizing the Relationshiphellip
- ObjectivesEssential Questions
- How Can We Measure What We Gain and Lose When Making Choices
- Production Possibilities Frontier
- PPF Assumptions
- Slide 121
- Production Possibilities Curve
- The Choices Nations Make
- Economic Growth
- The Classic Guns and Butter example
- Productivity
- Locations on a PPF
- Slide 128
- BOWED-OUT PPFs VaryingIncreasing OC
- Economic Systems
- Jigsaw activity
- Slide 132
- Economic amp Social Goals of an Economic System
- Review of Economic Systems
- Slide 135
- What are the most important goals of each economic system
- Which economic system does the US use
- The American Economic System
- The US mixed economy
- Slide 140
- Think backhellip
- US Economic System Characteristics
- Slide 143
- Understanding how all parts fit together
- Marriage Vows
- Do you remember
- Slide 147
-
PPF Assumptions
bullWe live in a two good worldbullThere are fixed resourcesbullThere is fixed technologybullResources are not specialized
Production Possibilities Curve
CD
E
OU
TP
UT
OF
CO
NS
UM
ER
GO
OD
S
(un
its
per
yea
r)
OUTPUT OF MILITARY GOODS (units per year)
A
BO
XF
G
Limited resources necessitate choices about WHAT to produce
The Choices Nations Make
bullA nation must choose what to do with its scarce resources during war or periods of military buildup
bullProduce military goods or consumer goods
Economic Growth
2000 production possibilities
1900 production possibilities
OU
TP
UT
OF
CO
NS
UM
ER
GO
OD
S(u
nits
per
yea
r)
OUTPUT OF MILITARY GOODS (units per year)
Production possibilities increases with more resources and technology
The Classic Guns and Butter example
Guns
Butter
10000 20000 30000 40000 50000
1000009500085000
70000
5000040000
BA
C
D
E
F
At point A all resources are used for butter
Moving from point A to point B requires shifting resources out of butter and into guns
At point F all resources are used for Guns
Productivitybull A PPF can help us see how efficient our
choices are
bull Productivity - measurement of how efficiently we are utilizing our resources Is this the same as production
bull An economy producing on the curve = using their resources to produce the MAXIMUM amount of goodsservices
Locations on a PPF
bull Efficient Point place where an economy is achieving as much output as possible from a given amount of resources ndash occurs at any point on the curve
bull Inefficient Point ndash place where the economy is not functioning as it could be ndash occurs at any point inside the curve
bull Unattainable Point ndash place where the economy cannot produce given its current resources ndash occurs at any point outside the curve
Food
Computer
4
3
2
1
1 2 3 4
OC between 1 and 2 computers = 1 Food
UnitOC between 3 and 4 computers = 1 Food
Unit
Constantly giving up the same quantity of food to get
additional computers
STRAIGHT-LINE PPFs Constant OC
BOWED-OUT PPFs VaryingIncreasing OC
Principle of Increasing Costs
As a society produces more of one product the OC of producing
that product increases because we are using more resources that are poorly suited to produce it
Economic Systems
An economic system is the way a society coordinates the production and consumption of goods amp services
How a society answers the three basic economic questions determines which type of economic system they are
Three Types of Economic Systems Command Traditional Market
Jigsaw activity
bullYou will be placed in groups of 3 and assigned a type of economy
bullYou will have 7 minutes to read and come up with 4 key components
bullAfter the 7 minuteshellip 1rsquos go to the front of the classroom2rsquos go to the wall nearest the door3rsquos go to the wall nearest the courtyard
Economic amp Social Goals of an Economic System
bull Economic Freedom
bull Economic Efficiency
bull Economic Equity
bull Economic Security
Economic Stability
Economic Growth
Review of Economic Systems
bullA traditional economy relies on custom and tradition to dictate production and consumption
bullIn a command economy decisions about production and consumption are made by a powerful ruler or central authority
bullIn a market economy individual producers and consumers coordinate economic activity
What are the most important goals of each economic system
bullTraditionalSecurity and
StabilitybullCommand
Equity and Security
bullMARKETEfficiency and
Freedom
Societies differ in the degree of importance they attach to each goal Progress toward one goal can sometimes be achieved only
at the expense of another (TRADEOFFS)
Which economic system does the US use
The American Economic System
bullWe have a mixed market economy
COMMAND MARKET
The US mixed economybull In a mixed economyhellip
Individuals Own the factors of production Possess freedom to produce or consume Must operate under confines of law
Government Protects workers and consumers Regulates business and preserves competition Provide public goodsbenefits
Think backhellip
bullWhat does this remind you of from the beginning of the unit
US Economic System Characteristics 1 Economic freedom (ldquolaissez-fairerdquo)
2 Limited government
3 Equal opportunity
4 Competition
5 Profit motive
6 Property Rights
7 Binding Contracts
Understanding how all parts fit together
Circular Flow of Economic Activity Represents a market economy
2 main ldquomarketsrdquoProduct Market Factor Market
where goods and services where the 4 factors ofare boughtsold production are boughtsold
Shows interdependence between
businesses and individuals
Marriage Vowsbull CONGRATULATIONS The government and the economy
are renewing their marriage vows You are cordially invited to the ceremony but this perfect couple needs your help
bull Using what you have learned this unit and using the textbook
bull You will explain the way government and the economy are connected (made for each other) You will demonstrate this answer in the format of wedding vows
bull You must use at least 5 of the following words Producers Taxes Consumers Restrictions Markets Freedom GoodsServices Limited
bull Look back to US Economic System Characteristics bull Each set of vows must be at least 6 lines
Do you remember
bullWrite the following question downbullWhy does the United States have a
democracy and mixed economy
- Foundations of Government and Economics
- On your blank piece of paperhellip
- Slide 3
- Warm-Up 1 - 9414
- Introductory thoughts hellip
- Slide 6
- 2 How about to your life
- Slide 8
- Slide 9
- Slide 10
- Slide 11
- Warm Up -2a- 9514 The New York Times and CBS News Pollhellip
- Warm up 2bndash In Journal-
- Economist and Politician Assumptions
- Individualism
- Quote activity
- Quote breakdown
- Warm Up 3- Current Event 9814
- Purpose of Government
- Slide 20
- 3 Theorists
- Activity
- Origins of American Government A customized government
- Origins of American Government A customized government (2)
- Origins of American Government A customized government (3)
- With which theory do you agree more Why
- The ldquoOriginal Dilemmardquo
- Warm Up 5 Hobbes and Locke
- Groups Block 2
- Groups Block 4
- Balloon Game
- You will have 10 minutes to get as many filled balloons on the
- Balloon Game Debriefing
- Political Theories
- Social Contract
- Natural Rights
- Democracy
- Concepts of Government
- Warm up 6 ndash 91114
- Warm Up 7
- And after the Constitution
- Activity (2)
- Picture Activity
- Constitutional Convention
- Purpose of the Convention
- VA Plan v NJ Plan
- Virginia Plan ldquoLarge State Planrdquo
- New Jersey Plan ldquoSmall State Planrdquo
- Your Task
- Closure
- States agree
- Quote
- Structure of Constitution
- Structure of Constitution
- 6 Purpose of Government
- Structure of Constitution (2)
- Structure of Constitution (3)
- Principles of Constitution
- Activity
- Slide 60
- Check for Understanding Six Principles
- Question 1
- Question 2
- Question 3
- Question 4
- Question 5
- Question 6
- Question 7
- Question 8
- Groups
- Separation of Powers
- Video
- Checks and Balances
- Slide 74
- Checks and balances
- Basic Principles
- Self- Worth
- Equality
- Compromise
- Individual Freedom
- Write your ownhellip
- Slide 82
- TED Talk
- Closure
- What is Economics
- Economics ishellip
- Back to our assumptionshellip
- Scarcity refers to the limited number of resources (factors of
- For the videohellip
- Slide 90
- Post Videohellip
- Advertisement
- Political Cartoon Analysis
- Factors of Production
- TASK
- The price ofhellip
- Economic efficiency is achieved when all available resources ar
- 1 What to produce
- 2 How to produce it
- 3 For whom to produce it
- Application Activity
- EQs
- Objectives amp Essential Questions
- Group Activity Budget Activity
- Slide 105
- How do we satisfy our economic wants
- How do we make goods amp services
- Economic Interdependence
- Slide 109
- Making Choices to Deal With Scarcity
- Exampleshellip
- Task Reflecting on Personal Trade-offshellip
- Opportunity Cost
- What else influences your choices
- Finallyhellip Why it Matters
- Visualizing the Relationshiphellip
- ObjectivesEssential Questions
- How Can We Measure What We Gain and Lose When Making Choices
- Production Possibilities Frontier
- PPF Assumptions
- Slide 121
- Production Possibilities Curve
- The Choices Nations Make
- Economic Growth
- The Classic Guns and Butter example
- Productivity
- Locations on a PPF
- Slide 128
- BOWED-OUT PPFs VaryingIncreasing OC
- Economic Systems
- Jigsaw activity
- Slide 132
- Economic amp Social Goals of an Economic System
- Review of Economic Systems
- Slide 135
- What are the most important goals of each economic system
- Which economic system does the US use
- The American Economic System
- The US mixed economy
- Slide 140
- Think backhellip
- US Economic System Characteristics
- Slide 143
- Understanding how all parts fit together
- Marriage Vows
- Do you remember
- Slide 147
-
Production Possibilities Curve
CD
E
OU
TP
UT
OF
CO
NS
UM
ER
GO
OD
S
(un
its
per
yea
r)
OUTPUT OF MILITARY GOODS (units per year)
A
BO
XF
G
Limited resources necessitate choices about WHAT to produce
The Choices Nations Make
bullA nation must choose what to do with its scarce resources during war or periods of military buildup
bullProduce military goods or consumer goods
Economic Growth
2000 production possibilities
1900 production possibilities
OU
TP
UT
OF
CO
NS
UM
ER
GO
OD
S(u
nits
per
yea
r)
OUTPUT OF MILITARY GOODS (units per year)
Production possibilities increases with more resources and technology
The Classic Guns and Butter example
Guns
Butter
10000 20000 30000 40000 50000
1000009500085000
70000
5000040000
BA
C
D
E
F
At point A all resources are used for butter
Moving from point A to point B requires shifting resources out of butter and into guns
At point F all resources are used for Guns
Productivitybull A PPF can help us see how efficient our
choices are
bull Productivity - measurement of how efficiently we are utilizing our resources Is this the same as production
bull An economy producing on the curve = using their resources to produce the MAXIMUM amount of goodsservices
Locations on a PPF
bull Efficient Point place where an economy is achieving as much output as possible from a given amount of resources ndash occurs at any point on the curve
bull Inefficient Point ndash place where the economy is not functioning as it could be ndash occurs at any point inside the curve
bull Unattainable Point ndash place where the economy cannot produce given its current resources ndash occurs at any point outside the curve
Food
Computer
4
3
2
1
1 2 3 4
OC between 1 and 2 computers = 1 Food
UnitOC between 3 and 4 computers = 1 Food
Unit
Constantly giving up the same quantity of food to get
additional computers
STRAIGHT-LINE PPFs Constant OC
BOWED-OUT PPFs VaryingIncreasing OC
Principle of Increasing Costs
As a society produces more of one product the OC of producing
that product increases because we are using more resources that are poorly suited to produce it
Economic Systems
An economic system is the way a society coordinates the production and consumption of goods amp services
How a society answers the three basic economic questions determines which type of economic system they are
Three Types of Economic Systems Command Traditional Market
Jigsaw activity
bullYou will be placed in groups of 3 and assigned a type of economy
bullYou will have 7 minutes to read and come up with 4 key components
bullAfter the 7 minuteshellip 1rsquos go to the front of the classroom2rsquos go to the wall nearest the door3rsquos go to the wall nearest the courtyard
Economic amp Social Goals of an Economic System
bull Economic Freedom
bull Economic Efficiency
bull Economic Equity
bull Economic Security
Economic Stability
Economic Growth
Review of Economic Systems
bullA traditional economy relies on custom and tradition to dictate production and consumption
bullIn a command economy decisions about production and consumption are made by a powerful ruler or central authority
bullIn a market economy individual producers and consumers coordinate economic activity
What are the most important goals of each economic system
bullTraditionalSecurity and
StabilitybullCommand
Equity and Security
bullMARKETEfficiency and
Freedom
Societies differ in the degree of importance they attach to each goal Progress toward one goal can sometimes be achieved only
at the expense of another (TRADEOFFS)
Which economic system does the US use
The American Economic System
bullWe have a mixed market economy
COMMAND MARKET
The US mixed economybull In a mixed economyhellip
Individuals Own the factors of production Possess freedom to produce or consume Must operate under confines of law
Government Protects workers and consumers Regulates business and preserves competition Provide public goodsbenefits
Think backhellip
bullWhat does this remind you of from the beginning of the unit
US Economic System Characteristics 1 Economic freedom (ldquolaissez-fairerdquo)
2 Limited government
3 Equal opportunity
4 Competition
5 Profit motive
6 Property Rights
7 Binding Contracts
Understanding how all parts fit together
Circular Flow of Economic Activity Represents a market economy
2 main ldquomarketsrdquoProduct Market Factor Market
where goods and services where the 4 factors ofare boughtsold production are boughtsold
Shows interdependence between
businesses and individuals
Marriage Vowsbull CONGRATULATIONS The government and the economy
are renewing their marriage vows You are cordially invited to the ceremony but this perfect couple needs your help
bull Using what you have learned this unit and using the textbook
bull You will explain the way government and the economy are connected (made for each other) You will demonstrate this answer in the format of wedding vows
bull You must use at least 5 of the following words Producers Taxes Consumers Restrictions Markets Freedom GoodsServices Limited
bull Look back to US Economic System Characteristics bull Each set of vows must be at least 6 lines
Do you remember
bullWrite the following question downbullWhy does the United States have a
democracy and mixed economy
- Foundations of Government and Economics
- On your blank piece of paperhellip
- Slide 3
- Warm-Up 1 - 9414
- Introductory thoughts hellip
- Slide 6
- 2 How about to your life
- Slide 8
- Slide 9
- Slide 10
- Slide 11
- Warm Up -2a- 9514 The New York Times and CBS News Pollhellip
- Warm up 2bndash In Journal-
- Economist and Politician Assumptions
- Individualism
- Quote activity
- Quote breakdown
- Warm Up 3- Current Event 9814
- Purpose of Government
- Slide 20
- 3 Theorists
- Activity
- Origins of American Government A customized government
- Origins of American Government A customized government (2)
- Origins of American Government A customized government (3)
- With which theory do you agree more Why
- The ldquoOriginal Dilemmardquo
- Warm Up 5 Hobbes and Locke
- Groups Block 2
- Groups Block 4
- Balloon Game
- You will have 10 minutes to get as many filled balloons on the
- Balloon Game Debriefing
- Political Theories
- Social Contract
- Natural Rights
- Democracy
- Concepts of Government
- Warm up 6 ndash 91114
- Warm Up 7
- And after the Constitution
- Activity (2)
- Picture Activity
- Constitutional Convention
- Purpose of the Convention
- VA Plan v NJ Plan
- Virginia Plan ldquoLarge State Planrdquo
- New Jersey Plan ldquoSmall State Planrdquo
- Your Task
- Closure
- States agree
- Quote
- Structure of Constitution
- Structure of Constitution
- 6 Purpose of Government
- Structure of Constitution (2)
- Structure of Constitution (3)
- Principles of Constitution
- Activity
- Slide 60
- Check for Understanding Six Principles
- Question 1
- Question 2
- Question 3
- Question 4
- Question 5
- Question 6
- Question 7
- Question 8
- Groups
- Separation of Powers
- Video
- Checks and Balances
- Slide 74
- Checks and balances
- Basic Principles
- Self- Worth
- Equality
- Compromise
- Individual Freedom
- Write your ownhellip
- Slide 82
- TED Talk
- Closure
- What is Economics
- Economics ishellip
- Back to our assumptionshellip
- Scarcity refers to the limited number of resources (factors of
- For the videohellip
- Slide 90
- Post Videohellip
- Advertisement
- Political Cartoon Analysis
- Factors of Production
- TASK
- The price ofhellip
- Economic efficiency is achieved when all available resources ar
- 1 What to produce
- 2 How to produce it
- 3 For whom to produce it
- Application Activity
- EQs
- Objectives amp Essential Questions
- Group Activity Budget Activity
- Slide 105
- How do we satisfy our economic wants
- How do we make goods amp services
- Economic Interdependence
- Slide 109
- Making Choices to Deal With Scarcity
- Exampleshellip
- Task Reflecting on Personal Trade-offshellip
- Opportunity Cost
- What else influences your choices
- Finallyhellip Why it Matters
- Visualizing the Relationshiphellip
- ObjectivesEssential Questions
- How Can We Measure What We Gain and Lose When Making Choices
- Production Possibilities Frontier
- PPF Assumptions
- Slide 121
- Production Possibilities Curve
- The Choices Nations Make
- Economic Growth
- The Classic Guns and Butter example
- Productivity
- Locations on a PPF
- Slide 128
- BOWED-OUT PPFs VaryingIncreasing OC
- Economic Systems
- Jigsaw activity
- Slide 132
- Economic amp Social Goals of an Economic System
- Review of Economic Systems
- Slide 135
- What are the most important goals of each economic system
- Which economic system does the US use
- The American Economic System
- The US mixed economy
- Slide 140
- Think backhellip
- US Economic System Characteristics
- Slide 143
- Understanding how all parts fit together
- Marriage Vows
- Do you remember
- Slide 147
-
The Choices Nations Make
bullA nation must choose what to do with its scarce resources during war or periods of military buildup
bullProduce military goods or consumer goods
Economic Growth
2000 production possibilities
1900 production possibilities
OU
TP
UT
OF
CO
NS
UM
ER
GO
OD
S(u
nits
per
yea
r)
OUTPUT OF MILITARY GOODS (units per year)
Production possibilities increases with more resources and technology
The Classic Guns and Butter example
Guns
Butter
10000 20000 30000 40000 50000
1000009500085000
70000
5000040000
BA
C
D
E
F
At point A all resources are used for butter
Moving from point A to point B requires shifting resources out of butter and into guns
At point F all resources are used for Guns
Productivitybull A PPF can help us see how efficient our
choices are
bull Productivity - measurement of how efficiently we are utilizing our resources Is this the same as production
bull An economy producing on the curve = using their resources to produce the MAXIMUM amount of goodsservices
Locations on a PPF
bull Efficient Point place where an economy is achieving as much output as possible from a given amount of resources ndash occurs at any point on the curve
bull Inefficient Point ndash place where the economy is not functioning as it could be ndash occurs at any point inside the curve
bull Unattainable Point ndash place where the economy cannot produce given its current resources ndash occurs at any point outside the curve
Food
Computer
4
3
2
1
1 2 3 4
OC between 1 and 2 computers = 1 Food
UnitOC between 3 and 4 computers = 1 Food
Unit
Constantly giving up the same quantity of food to get
additional computers
STRAIGHT-LINE PPFs Constant OC
BOWED-OUT PPFs VaryingIncreasing OC
Principle of Increasing Costs
As a society produces more of one product the OC of producing
that product increases because we are using more resources that are poorly suited to produce it
Economic Systems
An economic system is the way a society coordinates the production and consumption of goods amp services
How a society answers the three basic economic questions determines which type of economic system they are
Three Types of Economic Systems Command Traditional Market
Jigsaw activity
bullYou will be placed in groups of 3 and assigned a type of economy
bullYou will have 7 minutes to read and come up with 4 key components
bullAfter the 7 minuteshellip 1rsquos go to the front of the classroom2rsquos go to the wall nearest the door3rsquos go to the wall nearest the courtyard
Economic amp Social Goals of an Economic System
bull Economic Freedom
bull Economic Efficiency
bull Economic Equity
bull Economic Security
Economic Stability
Economic Growth
Review of Economic Systems
bullA traditional economy relies on custom and tradition to dictate production and consumption
bullIn a command economy decisions about production and consumption are made by a powerful ruler or central authority
bullIn a market economy individual producers and consumers coordinate economic activity
What are the most important goals of each economic system
bullTraditionalSecurity and
StabilitybullCommand
Equity and Security
bullMARKETEfficiency and
Freedom
Societies differ in the degree of importance they attach to each goal Progress toward one goal can sometimes be achieved only
at the expense of another (TRADEOFFS)
Which economic system does the US use
The American Economic System
bullWe have a mixed market economy
COMMAND MARKET
The US mixed economybull In a mixed economyhellip
Individuals Own the factors of production Possess freedom to produce or consume Must operate under confines of law
Government Protects workers and consumers Regulates business and preserves competition Provide public goodsbenefits
Think backhellip
bullWhat does this remind you of from the beginning of the unit
US Economic System Characteristics 1 Economic freedom (ldquolaissez-fairerdquo)
2 Limited government
3 Equal opportunity
4 Competition
5 Profit motive
6 Property Rights
7 Binding Contracts
Understanding how all parts fit together
Circular Flow of Economic Activity Represents a market economy
2 main ldquomarketsrdquoProduct Market Factor Market
where goods and services where the 4 factors ofare boughtsold production are boughtsold
Shows interdependence between
businesses and individuals
Marriage Vowsbull CONGRATULATIONS The government and the economy
are renewing their marriage vows You are cordially invited to the ceremony but this perfect couple needs your help
bull Using what you have learned this unit and using the textbook
bull You will explain the way government and the economy are connected (made for each other) You will demonstrate this answer in the format of wedding vows
bull You must use at least 5 of the following words Producers Taxes Consumers Restrictions Markets Freedom GoodsServices Limited
bull Look back to US Economic System Characteristics bull Each set of vows must be at least 6 lines
Do you remember
bullWrite the following question downbullWhy does the United States have a
democracy and mixed economy
- Foundations of Government and Economics
- On your blank piece of paperhellip
- Slide 3
- Warm-Up 1 - 9414
- Introductory thoughts hellip
- Slide 6
- 2 How about to your life
- Slide 8
- Slide 9
- Slide 10
- Slide 11
- Warm Up -2a- 9514 The New York Times and CBS News Pollhellip
- Warm up 2bndash In Journal-
- Economist and Politician Assumptions
- Individualism
- Quote activity
- Quote breakdown
- Warm Up 3- Current Event 9814
- Purpose of Government
- Slide 20
- 3 Theorists
- Activity
- Origins of American Government A customized government
- Origins of American Government A customized government (2)
- Origins of American Government A customized government (3)
- With which theory do you agree more Why
- The ldquoOriginal Dilemmardquo
- Warm Up 5 Hobbes and Locke
- Groups Block 2
- Groups Block 4
- Balloon Game
- You will have 10 minutes to get as many filled balloons on the
- Balloon Game Debriefing
- Political Theories
- Social Contract
- Natural Rights
- Democracy
- Concepts of Government
- Warm up 6 ndash 91114
- Warm Up 7
- And after the Constitution
- Activity (2)
- Picture Activity
- Constitutional Convention
- Purpose of the Convention
- VA Plan v NJ Plan
- Virginia Plan ldquoLarge State Planrdquo
- New Jersey Plan ldquoSmall State Planrdquo
- Your Task
- Closure
- States agree
- Quote
- Structure of Constitution
- Structure of Constitution
- 6 Purpose of Government
- Structure of Constitution (2)
- Structure of Constitution (3)
- Principles of Constitution
- Activity
- Slide 60
- Check for Understanding Six Principles
- Question 1
- Question 2
- Question 3
- Question 4
- Question 5
- Question 6
- Question 7
- Question 8
- Groups
- Separation of Powers
- Video
- Checks and Balances
- Slide 74
- Checks and balances
- Basic Principles
- Self- Worth
- Equality
- Compromise
- Individual Freedom
- Write your ownhellip
- Slide 82
- TED Talk
- Closure
- What is Economics
- Economics ishellip
- Back to our assumptionshellip
- Scarcity refers to the limited number of resources (factors of
- For the videohellip
- Slide 90
- Post Videohellip
- Advertisement
- Political Cartoon Analysis
- Factors of Production
- TASK
- The price ofhellip
- Economic efficiency is achieved when all available resources ar
- 1 What to produce
- 2 How to produce it
- 3 For whom to produce it
- Application Activity
- EQs
- Objectives amp Essential Questions
- Group Activity Budget Activity
- Slide 105
- How do we satisfy our economic wants
- How do we make goods amp services
- Economic Interdependence
- Slide 109
- Making Choices to Deal With Scarcity
- Exampleshellip
- Task Reflecting on Personal Trade-offshellip
- Opportunity Cost
- What else influences your choices
- Finallyhellip Why it Matters
- Visualizing the Relationshiphellip
- ObjectivesEssential Questions
- How Can We Measure What We Gain and Lose When Making Choices
- Production Possibilities Frontier
- PPF Assumptions
- Slide 121
- Production Possibilities Curve
- The Choices Nations Make
- Economic Growth
- The Classic Guns and Butter example
- Productivity
- Locations on a PPF
- Slide 128
- BOWED-OUT PPFs VaryingIncreasing OC
- Economic Systems
- Jigsaw activity
- Slide 132
- Economic amp Social Goals of an Economic System
- Review of Economic Systems
- Slide 135
- What are the most important goals of each economic system
- Which economic system does the US use
- The American Economic System
- The US mixed economy
- Slide 140
- Think backhellip
- US Economic System Characteristics
- Slide 143
- Understanding how all parts fit together
- Marriage Vows
- Do you remember
- Slide 147
-
Economic Growth
2000 production possibilities
1900 production possibilities
OU
TP
UT
OF
CO
NS
UM
ER
GO
OD
S(u
nits
per
yea
r)
OUTPUT OF MILITARY GOODS (units per year)
Production possibilities increases with more resources and technology
The Classic Guns and Butter example
Guns
Butter
10000 20000 30000 40000 50000
1000009500085000
70000
5000040000
BA
C
D
E
F
At point A all resources are used for butter
Moving from point A to point B requires shifting resources out of butter and into guns
At point F all resources are used for Guns
Productivitybull A PPF can help us see how efficient our
choices are
bull Productivity - measurement of how efficiently we are utilizing our resources Is this the same as production
bull An economy producing on the curve = using their resources to produce the MAXIMUM amount of goodsservices
Locations on a PPF
bull Efficient Point place where an economy is achieving as much output as possible from a given amount of resources ndash occurs at any point on the curve
bull Inefficient Point ndash place where the economy is not functioning as it could be ndash occurs at any point inside the curve
bull Unattainable Point ndash place where the economy cannot produce given its current resources ndash occurs at any point outside the curve
Food
Computer
4
3
2
1
1 2 3 4
OC between 1 and 2 computers = 1 Food
UnitOC between 3 and 4 computers = 1 Food
Unit
Constantly giving up the same quantity of food to get
additional computers
STRAIGHT-LINE PPFs Constant OC
BOWED-OUT PPFs VaryingIncreasing OC
Principle of Increasing Costs
As a society produces more of one product the OC of producing
that product increases because we are using more resources that are poorly suited to produce it
Economic Systems
An economic system is the way a society coordinates the production and consumption of goods amp services
How a society answers the three basic economic questions determines which type of economic system they are
Three Types of Economic Systems Command Traditional Market
Jigsaw activity
bullYou will be placed in groups of 3 and assigned a type of economy
bullYou will have 7 minutes to read and come up with 4 key components
bullAfter the 7 minuteshellip 1rsquos go to the front of the classroom2rsquos go to the wall nearest the door3rsquos go to the wall nearest the courtyard
Economic amp Social Goals of an Economic System
bull Economic Freedom
bull Economic Efficiency
bull Economic Equity
bull Economic Security
Economic Stability
Economic Growth
Review of Economic Systems
bullA traditional economy relies on custom and tradition to dictate production and consumption
bullIn a command economy decisions about production and consumption are made by a powerful ruler or central authority
bullIn a market economy individual producers and consumers coordinate economic activity
What are the most important goals of each economic system
bullTraditionalSecurity and
StabilitybullCommand
Equity and Security
bullMARKETEfficiency and
Freedom
Societies differ in the degree of importance they attach to each goal Progress toward one goal can sometimes be achieved only
at the expense of another (TRADEOFFS)
Which economic system does the US use
The American Economic System
bullWe have a mixed market economy
COMMAND MARKET
The US mixed economybull In a mixed economyhellip
Individuals Own the factors of production Possess freedom to produce or consume Must operate under confines of law
Government Protects workers and consumers Regulates business and preserves competition Provide public goodsbenefits
Think backhellip
bullWhat does this remind you of from the beginning of the unit
US Economic System Characteristics 1 Economic freedom (ldquolaissez-fairerdquo)
2 Limited government
3 Equal opportunity
4 Competition
5 Profit motive
6 Property Rights
7 Binding Contracts
Understanding how all parts fit together
Circular Flow of Economic Activity Represents a market economy
2 main ldquomarketsrdquoProduct Market Factor Market
where goods and services where the 4 factors ofare boughtsold production are boughtsold
Shows interdependence between
businesses and individuals
Marriage Vowsbull CONGRATULATIONS The government and the economy
are renewing their marriage vows You are cordially invited to the ceremony but this perfect couple needs your help
bull Using what you have learned this unit and using the textbook
bull You will explain the way government and the economy are connected (made for each other) You will demonstrate this answer in the format of wedding vows
bull You must use at least 5 of the following words Producers Taxes Consumers Restrictions Markets Freedom GoodsServices Limited
bull Look back to US Economic System Characteristics bull Each set of vows must be at least 6 lines
Do you remember
bullWrite the following question downbullWhy does the United States have a
democracy and mixed economy
- Foundations of Government and Economics
- On your blank piece of paperhellip
- Slide 3
- Warm-Up 1 - 9414
- Introductory thoughts hellip
- Slide 6
- 2 How about to your life
- Slide 8
- Slide 9
- Slide 10
- Slide 11
- Warm Up -2a- 9514 The New York Times and CBS News Pollhellip
- Warm up 2bndash In Journal-
- Economist and Politician Assumptions
- Individualism
- Quote activity
- Quote breakdown
- Warm Up 3- Current Event 9814
- Purpose of Government
- Slide 20
- 3 Theorists
- Activity
- Origins of American Government A customized government
- Origins of American Government A customized government (2)
- Origins of American Government A customized government (3)
- With which theory do you agree more Why
- The ldquoOriginal Dilemmardquo
- Warm Up 5 Hobbes and Locke
- Groups Block 2
- Groups Block 4
- Balloon Game
- You will have 10 minutes to get as many filled balloons on the
- Balloon Game Debriefing
- Political Theories
- Social Contract
- Natural Rights
- Democracy
- Concepts of Government
- Warm up 6 ndash 91114
- Warm Up 7
- And after the Constitution
- Activity (2)
- Picture Activity
- Constitutional Convention
- Purpose of the Convention
- VA Plan v NJ Plan
- Virginia Plan ldquoLarge State Planrdquo
- New Jersey Plan ldquoSmall State Planrdquo
- Your Task
- Closure
- States agree
- Quote
- Structure of Constitution
- Structure of Constitution
- 6 Purpose of Government
- Structure of Constitution (2)
- Structure of Constitution (3)
- Principles of Constitution
- Activity
- Slide 60
- Check for Understanding Six Principles
- Question 1
- Question 2
- Question 3
- Question 4
- Question 5
- Question 6
- Question 7
- Question 8
- Groups
- Separation of Powers
- Video
- Checks and Balances
- Slide 74
- Checks and balances
- Basic Principles
- Self- Worth
- Equality
- Compromise
- Individual Freedom
- Write your ownhellip
- Slide 82
- TED Talk
- Closure
- What is Economics
- Economics ishellip
- Back to our assumptionshellip
- Scarcity refers to the limited number of resources (factors of
- For the videohellip
- Slide 90
- Post Videohellip
- Advertisement
- Political Cartoon Analysis
- Factors of Production
- TASK
- The price ofhellip
- Economic efficiency is achieved when all available resources ar
- 1 What to produce
- 2 How to produce it
- 3 For whom to produce it
- Application Activity
- EQs
- Objectives amp Essential Questions
- Group Activity Budget Activity
- Slide 105
- How do we satisfy our economic wants
- How do we make goods amp services
- Economic Interdependence
- Slide 109
- Making Choices to Deal With Scarcity
- Exampleshellip
- Task Reflecting on Personal Trade-offshellip
- Opportunity Cost
- What else influences your choices
- Finallyhellip Why it Matters
- Visualizing the Relationshiphellip
- ObjectivesEssential Questions
- How Can We Measure What We Gain and Lose When Making Choices
- Production Possibilities Frontier
- PPF Assumptions
- Slide 121
- Production Possibilities Curve
- The Choices Nations Make
- Economic Growth
- The Classic Guns and Butter example
- Productivity
- Locations on a PPF
- Slide 128
- BOWED-OUT PPFs VaryingIncreasing OC
- Economic Systems
- Jigsaw activity
- Slide 132
- Economic amp Social Goals of an Economic System
- Review of Economic Systems
- Slide 135
- What are the most important goals of each economic system
- Which economic system does the US use
- The American Economic System
- The US mixed economy
- Slide 140
- Think backhellip
- US Economic System Characteristics
- Slide 143
- Understanding how all parts fit together
- Marriage Vows
- Do you remember
- Slide 147
-
The Classic Guns and Butter example
Guns
Butter
10000 20000 30000 40000 50000
1000009500085000
70000
5000040000
BA
C
D
E
F
At point A all resources are used for butter
Moving from point A to point B requires shifting resources out of butter and into guns
At point F all resources are used for Guns
Productivitybull A PPF can help us see how efficient our
choices are
bull Productivity - measurement of how efficiently we are utilizing our resources Is this the same as production
bull An economy producing on the curve = using their resources to produce the MAXIMUM amount of goodsservices
Locations on a PPF
bull Efficient Point place where an economy is achieving as much output as possible from a given amount of resources ndash occurs at any point on the curve
bull Inefficient Point ndash place where the economy is not functioning as it could be ndash occurs at any point inside the curve
bull Unattainable Point ndash place where the economy cannot produce given its current resources ndash occurs at any point outside the curve
Food
Computer
4
3
2
1
1 2 3 4
OC between 1 and 2 computers = 1 Food
UnitOC between 3 and 4 computers = 1 Food
Unit
Constantly giving up the same quantity of food to get
additional computers
STRAIGHT-LINE PPFs Constant OC
BOWED-OUT PPFs VaryingIncreasing OC
Principle of Increasing Costs
As a society produces more of one product the OC of producing
that product increases because we are using more resources that are poorly suited to produce it
Economic Systems
An economic system is the way a society coordinates the production and consumption of goods amp services
How a society answers the three basic economic questions determines which type of economic system they are
Three Types of Economic Systems Command Traditional Market
Jigsaw activity
bullYou will be placed in groups of 3 and assigned a type of economy
bullYou will have 7 minutes to read and come up with 4 key components
bullAfter the 7 minuteshellip 1rsquos go to the front of the classroom2rsquos go to the wall nearest the door3rsquos go to the wall nearest the courtyard
Economic amp Social Goals of an Economic System
bull Economic Freedom
bull Economic Efficiency
bull Economic Equity
bull Economic Security
Economic Stability
Economic Growth
Review of Economic Systems
bullA traditional economy relies on custom and tradition to dictate production and consumption
bullIn a command economy decisions about production and consumption are made by a powerful ruler or central authority
bullIn a market economy individual producers and consumers coordinate economic activity
What are the most important goals of each economic system
bullTraditionalSecurity and
StabilitybullCommand
Equity and Security
bullMARKETEfficiency and
Freedom
Societies differ in the degree of importance they attach to each goal Progress toward one goal can sometimes be achieved only
at the expense of another (TRADEOFFS)
Which economic system does the US use
The American Economic System
bullWe have a mixed market economy
COMMAND MARKET
The US mixed economybull In a mixed economyhellip
Individuals Own the factors of production Possess freedom to produce or consume Must operate under confines of law
Government Protects workers and consumers Regulates business and preserves competition Provide public goodsbenefits
Think backhellip
bullWhat does this remind you of from the beginning of the unit
US Economic System Characteristics 1 Economic freedom (ldquolaissez-fairerdquo)
2 Limited government
3 Equal opportunity
4 Competition
5 Profit motive
6 Property Rights
7 Binding Contracts
Understanding how all parts fit together
Circular Flow of Economic Activity Represents a market economy
2 main ldquomarketsrdquoProduct Market Factor Market
where goods and services where the 4 factors ofare boughtsold production are boughtsold
Shows interdependence between
businesses and individuals
Marriage Vowsbull CONGRATULATIONS The government and the economy
are renewing their marriage vows You are cordially invited to the ceremony but this perfect couple needs your help
bull Using what you have learned this unit and using the textbook
bull You will explain the way government and the economy are connected (made for each other) You will demonstrate this answer in the format of wedding vows
bull You must use at least 5 of the following words Producers Taxes Consumers Restrictions Markets Freedom GoodsServices Limited
bull Look back to US Economic System Characteristics bull Each set of vows must be at least 6 lines
Do you remember
bullWrite the following question downbullWhy does the United States have a
democracy and mixed economy
- Foundations of Government and Economics
- On your blank piece of paperhellip
- Slide 3
- Warm-Up 1 - 9414
- Introductory thoughts hellip
- Slide 6
- 2 How about to your life
- Slide 8
- Slide 9
- Slide 10
- Slide 11
- Warm Up -2a- 9514 The New York Times and CBS News Pollhellip
- Warm up 2bndash In Journal-
- Economist and Politician Assumptions
- Individualism
- Quote activity
- Quote breakdown
- Warm Up 3- Current Event 9814
- Purpose of Government
- Slide 20
- 3 Theorists
- Activity
- Origins of American Government A customized government
- Origins of American Government A customized government (2)
- Origins of American Government A customized government (3)
- With which theory do you agree more Why
- The ldquoOriginal Dilemmardquo
- Warm Up 5 Hobbes and Locke
- Groups Block 2
- Groups Block 4
- Balloon Game
- You will have 10 minutes to get as many filled balloons on the
- Balloon Game Debriefing
- Political Theories
- Social Contract
- Natural Rights
- Democracy
- Concepts of Government
- Warm up 6 ndash 91114
- Warm Up 7
- And after the Constitution
- Activity (2)
- Picture Activity
- Constitutional Convention
- Purpose of the Convention
- VA Plan v NJ Plan
- Virginia Plan ldquoLarge State Planrdquo
- New Jersey Plan ldquoSmall State Planrdquo
- Your Task
- Closure
- States agree
- Quote
- Structure of Constitution
- Structure of Constitution
- 6 Purpose of Government
- Structure of Constitution (2)
- Structure of Constitution (3)
- Principles of Constitution
- Activity
- Slide 60
- Check for Understanding Six Principles
- Question 1
- Question 2
- Question 3
- Question 4
- Question 5
- Question 6
- Question 7
- Question 8
- Groups
- Separation of Powers
- Video
- Checks and Balances
- Slide 74
- Checks and balances
- Basic Principles
- Self- Worth
- Equality
- Compromise
- Individual Freedom
- Write your ownhellip
- Slide 82
- TED Talk
- Closure
- What is Economics
- Economics ishellip
- Back to our assumptionshellip
- Scarcity refers to the limited number of resources (factors of
- For the videohellip
- Slide 90
- Post Videohellip
- Advertisement
- Political Cartoon Analysis
- Factors of Production
- TASK
- The price ofhellip
- Economic efficiency is achieved when all available resources ar
- 1 What to produce
- 2 How to produce it
- 3 For whom to produce it
- Application Activity
- EQs
- Objectives amp Essential Questions
- Group Activity Budget Activity
- Slide 105
- How do we satisfy our economic wants
- How do we make goods amp services
- Economic Interdependence
- Slide 109
- Making Choices to Deal With Scarcity
- Exampleshellip
- Task Reflecting on Personal Trade-offshellip
- Opportunity Cost
- What else influences your choices
- Finallyhellip Why it Matters
- Visualizing the Relationshiphellip
- ObjectivesEssential Questions
- How Can We Measure What We Gain and Lose When Making Choices
- Production Possibilities Frontier
- PPF Assumptions
- Slide 121
- Production Possibilities Curve
- The Choices Nations Make
- Economic Growth
- The Classic Guns and Butter example
- Productivity
- Locations on a PPF
- Slide 128
- BOWED-OUT PPFs VaryingIncreasing OC
- Economic Systems
- Jigsaw activity
- Slide 132
- Economic amp Social Goals of an Economic System
- Review of Economic Systems
- Slide 135
- What are the most important goals of each economic system
- Which economic system does the US use
- The American Economic System
- The US mixed economy
- Slide 140
- Think backhellip
- US Economic System Characteristics
- Slide 143
- Understanding how all parts fit together
- Marriage Vows
- Do you remember
- Slide 147
-
Productivitybull A PPF can help us see how efficient our
choices are
bull Productivity - measurement of how efficiently we are utilizing our resources Is this the same as production
bull An economy producing on the curve = using their resources to produce the MAXIMUM amount of goodsservices
Locations on a PPF
bull Efficient Point place where an economy is achieving as much output as possible from a given amount of resources ndash occurs at any point on the curve
bull Inefficient Point ndash place where the economy is not functioning as it could be ndash occurs at any point inside the curve
bull Unattainable Point ndash place where the economy cannot produce given its current resources ndash occurs at any point outside the curve
Food
Computer
4
3
2
1
1 2 3 4
OC between 1 and 2 computers = 1 Food
UnitOC between 3 and 4 computers = 1 Food
Unit
Constantly giving up the same quantity of food to get
additional computers
STRAIGHT-LINE PPFs Constant OC
BOWED-OUT PPFs VaryingIncreasing OC
Principle of Increasing Costs
As a society produces more of one product the OC of producing
that product increases because we are using more resources that are poorly suited to produce it
Economic Systems
An economic system is the way a society coordinates the production and consumption of goods amp services
How a society answers the three basic economic questions determines which type of economic system they are
Three Types of Economic Systems Command Traditional Market
Jigsaw activity
bullYou will be placed in groups of 3 and assigned a type of economy
bullYou will have 7 minutes to read and come up with 4 key components
bullAfter the 7 minuteshellip 1rsquos go to the front of the classroom2rsquos go to the wall nearest the door3rsquos go to the wall nearest the courtyard
Economic amp Social Goals of an Economic System
bull Economic Freedom
bull Economic Efficiency
bull Economic Equity
bull Economic Security
Economic Stability
Economic Growth
Review of Economic Systems
bullA traditional economy relies on custom and tradition to dictate production and consumption
bullIn a command economy decisions about production and consumption are made by a powerful ruler or central authority
bullIn a market economy individual producers and consumers coordinate economic activity
What are the most important goals of each economic system
bullTraditionalSecurity and
StabilitybullCommand
Equity and Security
bullMARKETEfficiency and
Freedom
Societies differ in the degree of importance they attach to each goal Progress toward one goal can sometimes be achieved only
at the expense of another (TRADEOFFS)
Which economic system does the US use
The American Economic System
bullWe have a mixed market economy
COMMAND MARKET
The US mixed economybull In a mixed economyhellip
Individuals Own the factors of production Possess freedom to produce or consume Must operate under confines of law
Government Protects workers and consumers Regulates business and preserves competition Provide public goodsbenefits
Think backhellip
bullWhat does this remind you of from the beginning of the unit
US Economic System Characteristics 1 Economic freedom (ldquolaissez-fairerdquo)
2 Limited government
3 Equal opportunity
4 Competition
5 Profit motive
6 Property Rights
7 Binding Contracts
Understanding how all parts fit together
Circular Flow of Economic Activity Represents a market economy
2 main ldquomarketsrdquoProduct Market Factor Market
where goods and services where the 4 factors ofare boughtsold production are boughtsold
Shows interdependence between
businesses and individuals
Marriage Vowsbull CONGRATULATIONS The government and the economy
are renewing their marriage vows You are cordially invited to the ceremony but this perfect couple needs your help
bull Using what you have learned this unit and using the textbook
bull You will explain the way government and the economy are connected (made for each other) You will demonstrate this answer in the format of wedding vows
bull You must use at least 5 of the following words Producers Taxes Consumers Restrictions Markets Freedom GoodsServices Limited
bull Look back to US Economic System Characteristics bull Each set of vows must be at least 6 lines
Do you remember
bullWrite the following question downbullWhy does the United States have a
democracy and mixed economy
- Foundations of Government and Economics
- On your blank piece of paperhellip
- Slide 3
- Warm-Up 1 - 9414
- Introductory thoughts hellip
- Slide 6
- 2 How about to your life
- Slide 8
- Slide 9
- Slide 10
- Slide 11
- Warm Up -2a- 9514 The New York Times and CBS News Pollhellip
- Warm up 2bndash In Journal-
- Economist and Politician Assumptions
- Individualism
- Quote activity
- Quote breakdown
- Warm Up 3- Current Event 9814
- Purpose of Government
- Slide 20
- 3 Theorists
- Activity
- Origins of American Government A customized government
- Origins of American Government A customized government (2)
- Origins of American Government A customized government (3)
- With which theory do you agree more Why
- The ldquoOriginal Dilemmardquo
- Warm Up 5 Hobbes and Locke
- Groups Block 2
- Groups Block 4
- Balloon Game
- You will have 10 minutes to get as many filled balloons on the
- Balloon Game Debriefing
- Political Theories
- Social Contract
- Natural Rights
- Democracy
- Concepts of Government
- Warm up 6 ndash 91114
- Warm Up 7
- And after the Constitution
- Activity (2)
- Picture Activity
- Constitutional Convention
- Purpose of the Convention
- VA Plan v NJ Plan
- Virginia Plan ldquoLarge State Planrdquo
- New Jersey Plan ldquoSmall State Planrdquo
- Your Task
- Closure
- States agree
- Quote
- Structure of Constitution
- Structure of Constitution
- 6 Purpose of Government
- Structure of Constitution (2)
- Structure of Constitution (3)
- Principles of Constitution
- Activity
- Slide 60
- Check for Understanding Six Principles
- Question 1
- Question 2
- Question 3
- Question 4
- Question 5
- Question 6
- Question 7
- Question 8
- Groups
- Separation of Powers
- Video
- Checks and Balances
- Slide 74
- Checks and balances
- Basic Principles
- Self- Worth
- Equality
- Compromise
- Individual Freedom
- Write your ownhellip
- Slide 82
- TED Talk
- Closure
- What is Economics
- Economics ishellip
- Back to our assumptionshellip
- Scarcity refers to the limited number of resources (factors of
- For the videohellip
- Slide 90
- Post Videohellip
- Advertisement
- Political Cartoon Analysis
- Factors of Production
- TASK
- The price ofhellip
- Economic efficiency is achieved when all available resources ar
- 1 What to produce
- 2 How to produce it
- 3 For whom to produce it
- Application Activity
- EQs
- Objectives amp Essential Questions
- Group Activity Budget Activity
- Slide 105
- How do we satisfy our economic wants
- How do we make goods amp services
- Economic Interdependence
- Slide 109
- Making Choices to Deal With Scarcity
- Exampleshellip
- Task Reflecting on Personal Trade-offshellip
- Opportunity Cost
- What else influences your choices
- Finallyhellip Why it Matters
- Visualizing the Relationshiphellip
- ObjectivesEssential Questions
- How Can We Measure What We Gain and Lose When Making Choices
- Production Possibilities Frontier
- PPF Assumptions
- Slide 121
- Production Possibilities Curve
- The Choices Nations Make
- Economic Growth
- The Classic Guns and Butter example
- Productivity
- Locations on a PPF
- Slide 128
- BOWED-OUT PPFs VaryingIncreasing OC
- Economic Systems
- Jigsaw activity
- Slide 132
- Economic amp Social Goals of an Economic System
- Review of Economic Systems
- Slide 135
- What are the most important goals of each economic system
- Which economic system does the US use
- The American Economic System
- The US mixed economy
- Slide 140
- Think backhellip
- US Economic System Characteristics
- Slide 143
- Understanding how all parts fit together
- Marriage Vows
- Do you remember
- Slide 147
-
Locations on a PPF
bull Efficient Point place where an economy is achieving as much output as possible from a given amount of resources ndash occurs at any point on the curve
bull Inefficient Point ndash place where the economy is not functioning as it could be ndash occurs at any point inside the curve
bull Unattainable Point ndash place where the economy cannot produce given its current resources ndash occurs at any point outside the curve
Food
Computer
4
3
2
1
1 2 3 4
OC between 1 and 2 computers = 1 Food
UnitOC between 3 and 4 computers = 1 Food
Unit
Constantly giving up the same quantity of food to get
additional computers
STRAIGHT-LINE PPFs Constant OC
BOWED-OUT PPFs VaryingIncreasing OC
Principle of Increasing Costs
As a society produces more of one product the OC of producing
that product increases because we are using more resources that are poorly suited to produce it
Economic Systems
An economic system is the way a society coordinates the production and consumption of goods amp services
How a society answers the three basic economic questions determines which type of economic system they are
Three Types of Economic Systems Command Traditional Market
Jigsaw activity
bullYou will be placed in groups of 3 and assigned a type of economy
bullYou will have 7 minutes to read and come up with 4 key components
bullAfter the 7 minuteshellip 1rsquos go to the front of the classroom2rsquos go to the wall nearest the door3rsquos go to the wall nearest the courtyard
Economic amp Social Goals of an Economic System
bull Economic Freedom
bull Economic Efficiency
bull Economic Equity
bull Economic Security
Economic Stability
Economic Growth
Review of Economic Systems
bullA traditional economy relies on custom and tradition to dictate production and consumption
bullIn a command economy decisions about production and consumption are made by a powerful ruler or central authority
bullIn a market economy individual producers and consumers coordinate economic activity
What are the most important goals of each economic system
bullTraditionalSecurity and
StabilitybullCommand
Equity and Security
bullMARKETEfficiency and
Freedom
Societies differ in the degree of importance they attach to each goal Progress toward one goal can sometimes be achieved only
at the expense of another (TRADEOFFS)
Which economic system does the US use
The American Economic System
bullWe have a mixed market economy
COMMAND MARKET
The US mixed economybull In a mixed economyhellip
Individuals Own the factors of production Possess freedom to produce or consume Must operate under confines of law
Government Protects workers and consumers Regulates business and preserves competition Provide public goodsbenefits
Think backhellip
bullWhat does this remind you of from the beginning of the unit
US Economic System Characteristics 1 Economic freedom (ldquolaissez-fairerdquo)
2 Limited government
3 Equal opportunity
4 Competition
5 Profit motive
6 Property Rights
7 Binding Contracts
Understanding how all parts fit together
Circular Flow of Economic Activity Represents a market economy
2 main ldquomarketsrdquoProduct Market Factor Market
where goods and services where the 4 factors ofare boughtsold production are boughtsold
Shows interdependence between
businesses and individuals
Marriage Vowsbull CONGRATULATIONS The government and the economy
are renewing their marriage vows You are cordially invited to the ceremony but this perfect couple needs your help
bull Using what you have learned this unit and using the textbook
bull You will explain the way government and the economy are connected (made for each other) You will demonstrate this answer in the format of wedding vows
bull You must use at least 5 of the following words Producers Taxes Consumers Restrictions Markets Freedom GoodsServices Limited
bull Look back to US Economic System Characteristics bull Each set of vows must be at least 6 lines
Do you remember
bullWrite the following question downbullWhy does the United States have a
democracy and mixed economy
- Foundations of Government and Economics
- On your blank piece of paperhellip
- Slide 3
- Warm-Up 1 - 9414
- Introductory thoughts hellip
- Slide 6
- 2 How about to your life
- Slide 8
- Slide 9
- Slide 10
- Slide 11
- Warm Up -2a- 9514 The New York Times and CBS News Pollhellip
- Warm up 2bndash In Journal-
- Economist and Politician Assumptions
- Individualism
- Quote activity
- Quote breakdown
- Warm Up 3- Current Event 9814
- Purpose of Government
- Slide 20
- 3 Theorists
- Activity
- Origins of American Government A customized government
- Origins of American Government A customized government (2)
- Origins of American Government A customized government (3)
- With which theory do you agree more Why
- The ldquoOriginal Dilemmardquo
- Warm Up 5 Hobbes and Locke
- Groups Block 2
- Groups Block 4
- Balloon Game
- You will have 10 minutes to get as many filled balloons on the
- Balloon Game Debriefing
- Political Theories
- Social Contract
- Natural Rights
- Democracy
- Concepts of Government
- Warm up 6 ndash 91114
- Warm Up 7
- And after the Constitution
- Activity (2)
- Picture Activity
- Constitutional Convention
- Purpose of the Convention
- VA Plan v NJ Plan
- Virginia Plan ldquoLarge State Planrdquo
- New Jersey Plan ldquoSmall State Planrdquo
- Your Task
- Closure
- States agree
- Quote
- Structure of Constitution
- Structure of Constitution
- 6 Purpose of Government
- Structure of Constitution (2)
- Structure of Constitution (3)
- Principles of Constitution
- Activity
- Slide 60
- Check for Understanding Six Principles
- Question 1
- Question 2
- Question 3
- Question 4
- Question 5
- Question 6
- Question 7
- Question 8
- Groups
- Separation of Powers
- Video
- Checks and Balances
- Slide 74
- Checks and balances
- Basic Principles
- Self- Worth
- Equality
- Compromise
- Individual Freedom
- Write your ownhellip
- Slide 82
- TED Talk
- Closure
- What is Economics
- Economics ishellip
- Back to our assumptionshellip
- Scarcity refers to the limited number of resources (factors of
- For the videohellip
- Slide 90
- Post Videohellip
- Advertisement
- Political Cartoon Analysis
- Factors of Production
- TASK
- The price ofhellip
- Economic efficiency is achieved when all available resources ar
- 1 What to produce
- 2 How to produce it
- 3 For whom to produce it
- Application Activity
- EQs
- Objectives amp Essential Questions
- Group Activity Budget Activity
- Slide 105
- How do we satisfy our economic wants
- How do we make goods amp services
- Economic Interdependence
- Slide 109
- Making Choices to Deal With Scarcity
- Exampleshellip
- Task Reflecting on Personal Trade-offshellip
- Opportunity Cost
- What else influences your choices
- Finallyhellip Why it Matters
- Visualizing the Relationshiphellip
- ObjectivesEssential Questions
- How Can We Measure What We Gain and Lose When Making Choices
- Production Possibilities Frontier
- PPF Assumptions
- Slide 121
- Production Possibilities Curve
- The Choices Nations Make
- Economic Growth
- The Classic Guns and Butter example
- Productivity
- Locations on a PPF
- Slide 128
- BOWED-OUT PPFs VaryingIncreasing OC
- Economic Systems
- Jigsaw activity
- Slide 132
- Economic amp Social Goals of an Economic System
- Review of Economic Systems
- Slide 135
- What are the most important goals of each economic system
- Which economic system does the US use
- The American Economic System
- The US mixed economy
- Slide 140
- Think backhellip
- US Economic System Characteristics
- Slide 143
- Understanding how all parts fit together
- Marriage Vows
- Do you remember
- Slide 147
-
Food
Computer
4
3
2
1
1 2 3 4
OC between 1 and 2 computers = 1 Food
UnitOC between 3 and 4 computers = 1 Food
Unit
Constantly giving up the same quantity of food to get
additional computers
STRAIGHT-LINE PPFs Constant OC
BOWED-OUT PPFs VaryingIncreasing OC
Principle of Increasing Costs
As a society produces more of one product the OC of producing
that product increases because we are using more resources that are poorly suited to produce it
Economic Systems
An economic system is the way a society coordinates the production and consumption of goods amp services
How a society answers the three basic economic questions determines which type of economic system they are
Three Types of Economic Systems Command Traditional Market
Jigsaw activity
bullYou will be placed in groups of 3 and assigned a type of economy
bullYou will have 7 minutes to read and come up with 4 key components
bullAfter the 7 minuteshellip 1rsquos go to the front of the classroom2rsquos go to the wall nearest the door3rsquos go to the wall nearest the courtyard
Economic amp Social Goals of an Economic System
bull Economic Freedom
bull Economic Efficiency
bull Economic Equity
bull Economic Security
Economic Stability
Economic Growth
Review of Economic Systems
bullA traditional economy relies on custom and tradition to dictate production and consumption
bullIn a command economy decisions about production and consumption are made by a powerful ruler or central authority
bullIn a market economy individual producers and consumers coordinate economic activity
What are the most important goals of each economic system
bullTraditionalSecurity and
StabilitybullCommand
Equity and Security
bullMARKETEfficiency and
Freedom
Societies differ in the degree of importance they attach to each goal Progress toward one goal can sometimes be achieved only
at the expense of another (TRADEOFFS)
Which economic system does the US use
The American Economic System
bullWe have a mixed market economy
COMMAND MARKET
The US mixed economybull In a mixed economyhellip
Individuals Own the factors of production Possess freedom to produce or consume Must operate under confines of law
Government Protects workers and consumers Regulates business and preserves competition Provide public goodsbenefits
Think backhellip
bullWhat does this remind you of from the beginning of the unit
US Economic System Characteristics 1 Economic freedom (ldquolaissez-fairerdquo)
2 Limited government
3 Equal opportunity
4 Competition
5 Profit motive
6 Property Rights
7 Binding Contracts
Understanding how all parts fit together
Circular Flow of Economic Activity Represents a market economy
2 main ldquomarketsrdquoProduct Market Factor Market
where goods and services where the 4 factors ofare boughtsold production are boughtsold
Shows interdependence between
businesses and individuals
Marriage Vowsbull CONGRATULATIONS The government and the economy
are renewing their marriage vows You are cordially invited to the ceremony but this perfect couple needs your help
bull Using what you have learned this unit and using the textbook
bull You will explain the way government and the economy are connected (made for each other) You will demonstrate this answer in the format of wedding vows
bull You must use at least 5 of the following words Producers Taxes Consumers Restrictions Markets Freedom GoodsServices Limited
bull Look back to US Economic System Characteristics bull Each set of vows must be at least 6 lines
Do you remember
bullWrite the following question downbullWhy does the United States have a
democracy and mixed economy
- Foundations of Government and Economics
- On your blank piece of paperhellip
- Slide 3
- Warm-Up 1 - 9414
- Introductory thoughts hellip
- Slide 6
- 2 How about to your life
- Slide 8
- Slide 9
- Slide 10
- Slide 11
- Warm Up -2a- 9514 The New York Times and CBS News Pollhellip
- Warm up 2bndash In Journal-
- Economist and Politician Assumptions
- Individualism
- Quote activity
- Quote breakdown
- Warm Up 3- Current Event 9814
- Purpose of Government
- Slide 20
- 3 Theorists
- Activity
- Origins of American Government A customized government
- Origins of American Government A customized government (2)
- Origins of American Government A customized government (3)
- With which theory do you agree more Why
- The ldquoOriginal Dilemmardquo
- Warm Up 5 Hobbes and Locke
- Groups Block 2
- Groups Block 4
- Balloon Game
- You will have 10 minutes to get as many filled balloons on the
- Balloon Game Debriefing
- Political Theories
- Social Contract
- Natural Rights
- Democracy
- Concepts of Government
- Warm up 6 ndash 91114
- Warm Up 7
- And after the Constitution
- Activity (2)
- Picture Activity
- Constitutional Convention
- Purpose of the Convention
- VA Plan v NJ Plan
- Virginia Plan ldquoLarge State Planrdquo
- New Jersey Plan ldquoSmall State Planrdquo
- Your Task
- Closure
- States agree
- Quote
- Structure of Constitution
- Structure of Constitution
- 6 Purpose of Government
- Structure of Constitution (2)
- Structure of Constitution (3)
- Principles of Constitution
- Activity
- Slide 60
- Check for Understanding Six Principles
- Question 1
- Question 2
- Question 3
- Question 4
- Question 5
- Question 6
- Question 7
- Question 8
- Groups
- Separation of Powers
- Video
- Checks and Balances
- Slide 74
- Checks and balances
- Basic Principles
- Self- Worth
- Equality
- Compromise
- Individual Freedom
- Write your ownhellip
- Slide 82
- TED Talk
- Closure
- What is Economics
- Economics ishellip
- Back to our assumptionshellip
- Scarcity refers to the limited number of resources (factors of
- For the videohellip
- Slide 90
- Post Videohellip
- Advertisement
- Political Cartoon Analysis
- Factors of Production
- TASK
- The price ofhellip
- Economic efficiency is achieved when all available resources ar
- 1 What to produce
- 2 How to produce it
- 3 For whom to produce it
- Application Activity
- EQs
- Objectives amp Essential Questions
- Group Activity Budget Activity
- Slide 105
- How do we satisfy our economic wants
- How do we make goods amp services
- Economic Interdependence
- Slide 109
- Making Choices to Deal With Scarcity
- Exampleshellip
- Task Reflecting on Personal Trade-offshellip
- Opportunity Cost
- What else influences your choices
- Finallyhellip Why it Matters
- Visualizing the Relationshiphellip
- ObjectivesEssential Questions
- How Can We Measure What We Gain and Lose When Making Choices
- Production Possibilities Frontier
- PPF Assumptions
- Slide 121
- Production Possibilities Curve
- The Choices Nations Make
- Economic Growth
- The Classic Guns and Butter example
- Productivity
- Locations on a PPF
- Slide 128
- BOWED-OUT PPFs VaryingIncreasing OC
- Economic Systems
- Jigsaw activity
- Slide 132
- Economic amp Social Goals of an Economic System
- Review of Economic Systems
- Slide 135
- What are the most important goals of each economic system
- Which economic system does the US use
- The American Economic System
- The US mixed economy
- Slide 140
- Think backhellip
- US Economic System Characteristics
- Slide 143
- Understanding how all parts fit together
- Marriage Vows
- Do you remember
- Slide 147
-
BOWED-OUT PPFs VaryingIncreasing OC
Principle of Increasing Costs
As a society produces more of one product the OC of producing
that product increases because we are using more resources that are poorly suited to produce it
Economic Systems
An economic system is the way a society coordinates the production and consumption of goods amp services
How a society answers the three basic economic questions determines which type of economic system they are
Three Types of Economic Systems Command Traditional Market
Jigsaw activity
bullYou will be placed in groups of 3 and assigned a type of economy
bullYou will have 7 minutes to read and come up with 4 key components
bullAfter the 7 minuteshellip 1rsquos go to the front of the classroom2rsquos go to the wall nearest the door3rsquos go to the wall nearest the courtyard
Economic amp Social Goals of an Economic System
bull Economic Freedom
bull Economic Efficiency
bull Economic Equity
bull Economic Security
Economic Stability
Economic Growth
Review of Economic Systems
bullA traditional economy relies on custom and tradition to dictate production and consumption
bullIn a command economy decisions about production and consumption are made by a powerful ruler or central authority
bullIn a market economy individual producers and consumers coordinate economic activity
What are the most important goals of each economic system
bullTraditionalSecurity and
StabilitybullCommand
Equity and Security
bullMARKETEfficiency and
Freedom
Societies differ in the degree of importance they attach to each goal Progress toward one goal can sometimes be achieved only
at the expense of another (TRADEOFFS)
Which economic system does the US use
The American Economic System
bullWe have a mixed market economy
COMMAND MARKET
The US mixed economybull In a mixed economyhellip
Individuals Own the factors of production Possess freedom to produce or consume Must operate under confines of law
Government Protects workers and consumers Regulates business and preserves competition Provide public goodsbenefits
Think backhellip
bullWhat does this remind you of from the beginning of the unit
US Economic System Characteristics 1 Economic freedom (ldquolaissez-fairerdquo)
2 Limited government
3 Equal opportunity
4 Competition
5 Profit motive
6 Property Rights
7 Binding Contracts
Understanding how all parts fit together
Circular Flow of Economic Activity Represents a market economy
2 main ldquomarketsrdquoProduct Market Factor Market
where goods and services where the 4 factors ofare boughtsold production are boughtsold
Shows interdependence between
businesses and individuals
Marriage Vowsbull CONGRATULATIONS The government and the economy
are renewing their marriage vows You are cordially invited to the ceremony but this perfect couple needs your help
bull Using what you have learned this unit and using the textbook
bull You will explain the way government and the economy are connected (made for each other) You will demonstrate this answer in the format of wedding vows
bull You must use at least 5 of the following words Producers Taxes Consumers Restrictions Markets Freedom GoodsServices Limited
bull Look back to US Economic System Characteristics bull Each set of vows must be at least 6 lines
Do you remember
bullWrite the following question downbullWhy does the United States have a
democracy and mixed economy
- Foundations of Government and Economics
- On your blank piece of paperhellip
- Slide 3
- Warm-Up 1 - 9414
- Introductory thoughts hellip
- Slide 6
- 2 How about to your life
- Slide 8
- Slide 9
- Slide 10
- Slide 11
- Warm Up -2a- 9514 The New York Times and CBS News Pollhellip
- Warm up 2bndash In Journal-
- Economist and Politician Assumptions
- Individualism
- Quote activity
- Quote breakdown
- Warm Up 3- Current Event 9814
- Purpose of Government
- Slide 20
- 3 Theorists
- Activity
- Origins of American Government A customized government
- Origins of American Government A customized government (2)
- Origins of American Government A customized government (3)
- With which theory do you agree more Why
- The ldquoOriginal Dilemmardquo
- Warm Up 5 Hobbes and Locke
- Groups Block 2
- Groups Block 4
- Balloon Game
- You will have 10 minutes to get as many filled balloons on the
- Balloon Game Debriefing
- Political Theories
- Social Contract
- Natural Rights
- Democracy
- Concepts of Government
- Warm up 6 ndash 91114
- Warm Up 7
- And after the Constitution
- Activity (2)
- Picture Activity
- Constitutional Convention
- Purpose of the Convention
- VA Plan v NJ Plan
- Virginia Plan ldquoLarge State Planrdquo
- New Jersey Plan ldquoSmall State Planrdquo
- Your Task
- Closure
- States agree
- Quote
- Structure of Constitution
- Structure of Constitution
- 6 Purpose of Government
- Structure of Constitution (2)
- Structure of Constitution (3)
- Principles of Constitution
- Activity
- Slide 60
- Check for Understanding Six Principles
- Question 1
- Question 2
- Question 3
- Question 4
- Question 5
- Question 6
- Question 7
- Question 8
- Groups
- Separation of Powers
- Video
- Checks and Balances
- Slide 74
- Checks and balances
- Basic Principles
- Self- Worth
- Equality
- Compromise
- Individual Freedom
- Write your ownhellip
- Slide 82
- TED Talk
- Closure
- What is Economics
- Economics ishellip
- Back to our assumptionshellip
- Scarcity refers to the limited number of resources (factors of
- For the videohellip
- Slide 90
- Post Videohellip
- Advertisement
- Political Cartoon Analysis
- Factors of Production
- TASK
- The price ofhellip
- Economic efficiency is achieved when all available resources ar
- 1 What to produce
- 2 How to produce it
- 3 For whom to produce it
- Application Activity
- EQs
- Objectives amp Essential Questions
- Group Activity Budget Activity
- Slide 105
- How do we satisfy our economic wants
- How do we make goods amp services
- Economic Interdependence
- Slide 109
- Making Choices to Deal With Scarcity
- Exampleshellip
- Task Reflecting on Personal Trade-offshellip
- Opportunity Cost
- What else influences your choices
- Finallyhellip Why it Matters
- Visualizing the Relationshiphellip
- ObjectivesEssential Questions
- How Can We Measure What We Gain and Lose When Making Choices
- Production Possibilities Frontier
- PPF Assumptions
- Slide 121
- Production Possibilities Curve
- The Choices Nations Make
- Economic Growth
- The Classic Guns and Butter example
- Productivity
- Locations on a PPF
- Slide 128
- BOWED-OUT PPFs VaryingIncreasing OC
- Economic Systems
- Jigsaw activity
- Slide 132
- Economic amp Social Goals of an Economic System
- Review of Economic Systems
- Slide 135
- What are the most important goals of each economic system
- Which economic system does the US use
- The American Economic System
- The US mixed economy
- Slide 140
- Think backhellip
- US Economic System Characteristics
- Slide 143
- Understanding how all parts fit together
- Marriage Vows
- Do you remember
- Slide 147
-
Economic Systems
An economic system is the way a society coordinates the production and consumption of goods amp services
How a society answers the three basic economic questions determines which type of economic system they are
Three Types of Economic Systems Command Traditional Market
Jigsaw activity
bullYou will be placed in groups of 3 and assigned a type of economy
bullYou will have 7 minutes to read and come up with 4 key components
bullAfter the 7 minuteshellip 1rsquos go to the front of the classroom2rsquos go to the wall nearest the door3rsquos go to the wall nearest the courtyard
Economic amp Social Goals of an Economic System
bull Economic Freedom
bull Economic Efficiency
bull Economic Equity
bull Economic Security
Economic Stability
Economic Growth
Review of Economic Systems
bullA traditional economy relies on custom and tradition to dictate production and consumption
bullIn a command economy decisions about production and consumption are made by a powerful ruler or central authority
bullIn a market economy individual producers and consumers coordinate economic activity
What are the most important goals of each economic system
bullTraditionalSecurity and
StabilitybullCommand
Equity and Security
bullMARKETEfficiency and
Freedom
Societies differ in the degree of importance they attach to each goal Progress toward one goal can sometimes be achieved only
at the expense of another (TRADEOFFS)
Which economic system does the US use
The American Economic System
bullWe have a mixed market economy
COMMAND MARKET
The US mixed economybull In a mixed economyhellip
Individuals Own the factors of production Possess freedom to produce or consume Must operate under confines of law
Government Protects workers and consumers Regulates business and preserves competition Provide public goodsbenefits
Think backhellip
bullWhat does this remind you of from the beginning of the unit
US Economic System Characteristics 1 Economic freedom (ldquolaissez-fairerdquo)
2 Limited government
3 Equal opportunity
4 Competition
5 Profit motive
6 Property Rights
7 Binding Contracts
Understanding how all parts fit together
Circular Flow of Economic Activity Represents a market economy
2 main ldquomarketsrdquoProduct Market Factor Market
where goods and services where the 4 factors ofare boughtsold production are boughtsold
Shows interdependence between
businesses and individuals
Marriage Vowsbull CONGRATULATIONS The government and the economy
are renewing their marriage vows You are cordially invited to the ceremony but this perfect couple needs your help
bull Using what you have learned this unit and using the textbook
bull You will explain the way government and the economy are connected (made for each other) You will demonstrate this answer in the format of wedding vows
bull You must use at least 5 of the following words Producers Taxes Consumers Restrictions Markets Freedom GoodsServices Limited
bull Look back to US Economic System Characteristics bull Each set of vows must be at least 6 lines
Do you remember
bullWrite the following question downbullWhy does the United States have a
democracy and mixed economy
- Foundations of Government and Economics
- On your blank piece of paperhellip
- Slide 3
- Warm-Up 1 - 9414
- Introductory thoughts hellip
- Slide 6
- 2 How about to your life
- Slide 8
- Slide 9
- Slide 10
- Slide 11
- Warm Up -2a- 9514 The New York Times and CBS News Pollhellip
- Warm up 2bndash In Journal-
- Economist and Politician Assumptions
- Individualism
- Quote activity
- Quote breakdown
- Warm Up 3- Current Event 9814
- Purpose of Government
- Slide 20
- 3 Theorists
- Activity
- Origins of American Government A customized government
- Origins of American Government A customized government (2)
- Origins of American Government A customized government (3)
- With which theory do you agree more Why
- The ldquoOriginal Dilemmardquo
- Warm Up 5 Hobbes and Locke
- Groups Block 2
- Groups Block 4
- Balloon Game
- You will have 10 minutes to get as many filled balloons on the
- Balloon Game Debriefing
- Political Theories
- Social Contract
- Natural Rights
- Democracy
- Concepts of Government
- Warm up 6 ndash 91114
- Warm Up 7
- And after the Constitution
- Activity (2)
- Picture Activity
- Constitutional Convention
- Purpose of the Convention
- VA Plan v NJ Plan
- Virginia Plan ldquoLarge State Planrdquo
- New Jersey Plan ldquoSmall State Planrdquo
- Your Task
- Closure
- States agree
- Quote
- Structure of Constitution
- Structure of Constitution
- 6 Purpose of Government
- Structure of Constitution (2)
- Structure of Constitution (3)
- Principles of Constitution
- Activity
- Slide 60
- Check for Understanding Six Principles
- Question 1
- Question 2
- Question 3
- Question 4
- Question 5
- Question 6
- Question 7
- Question 8
- Groups
- Separation of Powers
- Video
- Checks and Balances
- Slide 74
- Checks and balances
- Basic Principles
- Self- Worth
- Equality
- Compromise
- Individual Freedom
- Write your ownhellip
- Slide 82
- TED Talk
- Closure
- What is Economics
- Economics ishellip
- Back to our assumptionshellip
- Scarcity refers to the limited number of resources (factors of
- For the videohellip
- Slide 90
- Post Videohellip
- Advertisement
- Political Cartoon Analysis
- Factors of Production
- TASK
- The price ofhellip
- Economic efficiency is achieved when all available resources ar
- 1 What to produce
- 2 How to produce it
- 3 For whom to produce it
- Application Activity
- EQs
- Objectives amp Essential Questions
- Group Activity Budget Activity
- Slide 105
- How do we satisfy our economic wants
- How do we make goods amp services
- Economic Interdependence
- Slide 109
- Making Choices to Deal With Scarcity
- Exampleshellip
- Task Reflecting on Personal Trade-offshellip
- Opportunity Cost
- What else influences your choices
- Finallyhellip Why it Matters
- Visualizing the Relationshiphellip
- ObjectivesEssential Questions
- How Can We Measure What We Gain and Lose When Making Choices
- Production Possibilities Frontier
- PPF Assumptions
- Slide 121
- Production Possibilities Curve
- The Choices Nations Make
- Economic Growth
- The Classic Guns and Butter example
- Productivity
- Locations on a PPF
- Slide 128
- BOWED-OUT PPFs VaryingIncreasing OC
- Economic Systems
- Jigsaw activity
- Slide 132
- Economic amp Social Goals of an Economic System
- Review of Economic Systems
- Slide 135
- What are the most important goals of each economic system
- Which economic system does the US use
- The American Economic System
- The US mixed economy
- Slide 140
- Think backhellip
- US Economic System Characteristics
- Slide 143
- Understanding how all parts fit together
- Marriage Vows
- Do you remember
- Slide 147
-
Jigsaw activity
bullYou will be placed in groups of 3 and assigned a type of economy
bullYou will have 7 minutes to read and come up with 4 key components
bullAfter the 7 minuteshellip 1rsquos go to the front of the classroom2rsquos go to the wall nearest the door3rsquos go to the wall nearest the courtyard
Economic amp Social Goals of an Economic System
bull Economic Freedom
bull Economic Efficiency
bull Economic Equity
bull Economic Security
Economic Stability
Economic Growth
Review of Economic Systems
bullA traditional economy relies on custom and tradition to dictate production and consumption
bullIn a command economy decisions about production and consumption are made by a powerful ruler or central authority
bullIn a market economy individual producers and consumers coordinate economic activity
What are the most important goals of each economic system
bullTraditionalSecurity and
StabilitybullCommand
Equity and Security
bullMARKETEfficiency and
Freedom
Societies differ in the degree of importance they attach to each goal Progress toward one goal can sometimes be achieved only
at the expense of another (TRADEOFFS)
Which economic system does the US use
The American Economic System
bullWe have a mixed market economy
COMMAND MARKET
The US mixed economybull In a mixed economyhellip
Individuals Own the factors of production Possess freedom to produce or consume Must operate under confines of law
Government Protects workers and consumers Regulates business and preserves competition Provide public goodsbenefits
Think backhellip
bullWhat does this remind you of from the beginning of the unit
US Economic System Characteristics 1 Economic freedom (ldquolaissez-fairerdquo)
2 Limited government
3 Equal opportunity
4 Competition
5 Profit motive
6 Property Rights
7 Binding Contracts
Understanding how all parts fit together
Circular Flow of Economic Activity Represents a market economy
2 main ldquomarketsrdquoProduct Market Factor Market
where goods and services where the 4 factors ofare boughtsold production are boughtsold
Shows interdependence between
businesses and individuals
Marriage Vowsbull CONGRATULATIONS The government and the economy
are renewing their marriage vows You are cordially invited to the ceremony but this perfect couple needs your help
bull Using what you have learned this unit and using the textbook
bull You will explain the way government and the economy are connected (made for each other) You will demonstrate this answer in the format of wedding vows
bull You must use at least 5 of the following words Producers Taxes Consumers Restrictions Markets Freedom GoodsServices Limited
bull Look back to US Economic System Characteristics bull Each set of vows must be at least 6 lines
Do you remember
bullWrite the following question downbullWhy does the United States have a
democracy and mixed economy
- Foundations of Government and Economics
- On your blank piece of paperhellip
- Slide 3
- Warm-Up 1 - 9414
- Introductory thoughts hellip
- Slide 6
- 2 How about to your life
- Slide 8
- Slide 9
- Slide 10
- Slide 11
- Warm Up -2a- 9514 The New York Times and CBS News Pollhellip
- Warm up 2bndash In Journal-
- Economist and Politician Assumptions
- Individualism
- Quote activity
- Quote breakdown
- Warm Up 3- Current Event 9814
- Purpose of Government
- Slide 20
- 3 Theorists
- Activity
- Origins of American Government A customized government
- Origins of American Government A customized government (2)
- Origins of American Government A customized government (3)
- With which theory do you agree more Why
- The ldquoOriginal Dilemmardquo
- Warm Up 5 Hobbes and Locke
- Groups Block 2
- Groups Block 4
- Balloon Game
- You will have 10 minutes to get as many filled balloons on the
- Balloon Game Debriefing
- Political Theories
- Social Contract
- Natural Rights
- Democracy
- Concepts of Government
- Warm up 6 ndash 91114
- Warm Up 7
- And after the Constitution
- Activity (2)
- Picture Activity
- Constitutional Convention
- Purpose of the Convention
- VA Plan v NJ Plan
- Virginia Plan ldquoLarge State Planrdquo
- New Jersey Plan ldquoSmall State Planrdquo
- Your Task
- Closure
- States agree
- Quote
- Structure of Constitution
- Structure of Constitution
- 6 Purpose of Government
- Structure of Constitution (2)
- Structure of Constitution (3)
- Principles of Constitution
- Activity
- Slide 60
- Check for Understanding Six Principles
- Question 1
- Question 2
- Question 3
- Question 4
- Question 5
- Question 6
- Question 7
- Question 8
- Groups
- Separation of Powers
- Video
- Checks and Balances
- Slide 74
- Checks and balances
- Basic Principles
- Self- Worth
- Equality
- Compromise
- Individual Freedom
- Write your ownhellip
- Slide 82
- TED Talk
- Closure
- What is Economics
- Economics ishellip
- Back to our assumptionshellip
- Scarcity refers to the limited number of resources (factors of
- For the videohellip
- Slide 90
- Post Videohellip
- Advertisement
- Political Cartoon Analysis
- Factors of Production
- TASK
- The price ofhellip
- Economic efficiency is achieved when all available resources ar
- 1 What to produce
- 2 How to produce it
- 3 For whom to produce it
- Application Activity
- EQs
- Objectives amp Essential Questions
- Group Activity Budget Activity
- Slide 105
- How do we satisfy our economic wants
- How do we make goods amp services
- Economic Interdependence
- Slide 109
- Making Choices to Deal With Scarcity
- Exampleshellip
- Task Reflecting on Personal Trade-offshellip
- Opportunity Cost
- What else influences your choices
- Finallyhellip Why it Matters
- Visualizing the Relationshiphellip
- ObjectivesEssential Questions
- How Can We Measure What We Gain and Lose When Making Choices
- Production Possibilities Frontier
- PPF Assumptions
- Slide 121
- Production Possibilities Curve
- The Choices Nations Make
- Economic Growth
- The Classic Guns and Butter example
- Productivity
- Locations on a PPF
- Slide 128
- BOWED-OUT PPFs VaryingIncreasing OC
- Economic Systems
- Jigsaw activity
- Slide 132
- Economic amp Social Goals of an Economic System
- Review of Economic Systems
- Slide 135
- What are the most important goals of each economic system
- Which economic system does the US use
- The American Economic System
- The US mixed economy
- Slide 140
- Think backhellip
- US Economic System Characteristics
- Slide 143
- Understanding how all parts fit together
- Marriage Vows
- Do you remember
- Slide 147
-
Economic amp Social Goals of an Economic System
bull Economic Freedom
bull Economic Efficiency
bull Economic Equity
bull Economic Security
Economic Stability
Economic Growth
Review of Economic Systems
bullA traditional economy relies on custom and tradition to dictate production and consumption
bullIn a command economy decisions about production and consumption are made by a powerful ruler or central authority
bullIn a market economy individual producers and consumers coordinate economic activity
What are the most important goals of each economic system
bullTraditionalSecurity and
StabilitybullCommand
Equity and Security
bullMARKETEfficiency and
Freedom
Societies differ in the degree of importance they attach to each goal Progress toward one goal can sometimes be achieved only
at the expense of another (TRADEOFFS)
Which economic system does the US use
The American Economic System
bullWe have a mixed market economy
COMMAND MARKET
The US mixed economybull In a mixed economyhellip
Individuals Own the factors of production Possess freedom to produce or consume Must operate under confines of law
Government Protects workers and consumers Regulates business and preserves competition Provide public goodsbenefits
Think backhellip
bullWhat does this remind you of from the beginning of the unit
US Economic System Characteristics 1 Economic freedom (ldquolaissez-fairerdquo)
2 Limited government
3 Equal opportunity
4 Competition
5 Profit motive
6 Property Rights
7 Binding Contracts
Understanding how all parts fit together
Circular Flow of Economic Activity Represents a market economy
2 main ldquomarketsrdquoProduct Market Factor Market
where goods and services where the 4 factors ofare boughtsold production are boughtsold
Shows interdependence between
businesses and individuals
Marriage Vowsbull CONGRATULATIONS The government and the economy
are renewing their marriage vows You are cordially invited to the ceremony but this perfect couple needs your help
bull Using what you have learned this unit and using the textbook
bull You will explain the way government and the economy are connected (made for each other) You will demonstrate this answer in the format of wedding vows
bull You must use at least 5 of the following words Producers Taxes Consumers Restrictions Markets Freedom GoodsServices Limited
bull Look back to US Economic System Characteristics bull Each set of vows must be at least 6 lines
Do you remember
bullWrite the following question downbullWhy does the United States have a
democracy and mixed economy
- Foundations of Government and Economics
- On your blank piece of paperhellip
- Slide 3
- Warm-Up 1 - 9414
- Introductory thoughts hellip
- Slide 6
- 2 How about to your life
- Slide 8
- Slide 9
- Slide 10
- Slide 11
- Warm Up -2a- 9514 The New York Times and CBS News Pollhellip
- Warm up 2bndash In Journal-
- Economist and Politician Assumptions
- Individualism
- Quote activity
- Quote breakdown
- Warm Up 3- Current Event 9814
- Purpose of Government
- Slide 20
- 3 Theorists
- Activity
- Origins of American Government A customized government
- Origins of American Government A customized government (2)
- Origins of American Government A customized government (3)
- With which theory do you agree more Why
- The ldquoOriginal Dilemmardquo
- Warm Up 5 Hobbes and Locke
- Groups Block 2
- Groups Block 4
- Balloon Game
- You will have 10 minutes to get as many filled balloons on the
- Balloon Game Debriefing
- Political Theories
- Social Contract
- Natural Rights
- Democracy
- Concepts of Government
- Warm up 6 ndash 91114
- Warm Up 7
- And after the Constitution
- Activity (2)
- Picture Activity
- Constitutional Convention
- Purpose of the Convention
- VA Plan v NJ Plan
- Virginia Plan ldquoLarge State Planrdquo
- New Jersey Plan ldquoSmall State Planrdquo
- Your Task
- Closure
- States agree
- Quote
- Structure of Constitution
- Structure of Constitution
- 6 Purpose of Government
- Structure of Constitution (2)
- Structure of Constitution (3)
- Principles of Constitution
- Activity
- Slide 60
- Check for Understanding Six Principles
- Question 1
- Question 2
- Question 3
- Question 4
- Question 5
- Question 6
- Question 7
- Question 8
- Groups
- Separation of Powers
- Video
- Checks and Balances
- Slide 74
- Checks and balances
- Basic Principles
- Self- Worth
- Equality
- Compromise
- Individual Freedom
- Write your ownhellip
- Slide 82
- TED Talk
- Closure
- What is Economics
- Economics ishellip
- Back to our assumptionshellip
- Scarcity refers to the limited number of resources (factors of
- For the videohellip
- Slide 90
- Post Videohellip
- Advertisement
- Political Cartoon Analysis
- Factors of Production
- TASK
- The price ofhellip
- Economic efficiency is achieved when all available resources ar
- 1 What to produce
- 2 How to produce it
- 3 For whom to produce it
- Application Activity
- EQs
- Objectives amp Essential Questions
- Group Activity Budget Activity
- Slide 105
- How do we satisfy our economic wants
- How do we make goods amp services
- Economic Interdependence
- Slide 109
- Making Choices to Deal With Scarcity
- Exampleshellip
- Task Reflecting on Personal Trade-offshellip
- Opportunity Cost
- What else influences your choices
- Finallyhellip Why it Matters
- Visualizing the Relationshiphellip
- ObjectivesEssential Questions
- How Can We Measure What We Gain and Lose When Making Choices
- Production Possibilities Frontier
- PPF Assumptions
- Slide 121
- Production Possibilities Curve
- The Choices Nations Make
- Economic Growth
- The Classic Guns and Butter example
- Productivity
- Locations on a PPF
- Slide 128
- BOWED-OUT PPFs VaryingIncreasing OC
- Economic Systems
- Jigsaw activity
- Slide 132
- Economic amp Social Goals of an Economic System
- Review of Economic Systems
- Slide 135
- What are the most important goals of each economic system
- Which economic system does the US use
- The American Economic System
- The US mixed economy
- Slide 140
- Think backhellip
- US Economic System Characteristics
- Slide 143
- Understanding how all parts fit together
- Marriage Vows
- Do you remember
- Slide 147
-
Review of Economic Systems
bullA traditional economy relies on custom and tradition to dictate production and consumption
bullIn a command economy decisions about production and consumption are made by a powerful ruler or central authority
bullIn a market economy individual producers and consumers coordinate economic activity
What are the most important goals of each economic system
bullTraditionalSecurity and
StabilitybullCommand
Equity and Security
bullMARKETEfficiency and
Freedom
Societies differ in the degree of importance they attach to each goal Progress toward one goal can sometimes be achieved only
at the expense of another (TRADEOFFS)
Which economic system does the US use
The American Economic System
bullWe have a mixed market economy
COMMAND MARKET
The US mixed economybull In a mixed economyhellip
Individuals Own the factors of production Possess freedom to produce or consume Must operate under confines of law
Government Protects workers and consumers Regulates business and preserves competition Provide public goodsbenefits
Think backhellip
bullWhat does this remind you of from the beginning of the unit
US Economic System Characteristics 1 Economic freedom (ldquolaissez-fairerdquo)
2 Limited government
3 Equal opportunity
4 Competition
5 Profit motive
6 Property Rights
7 Binding Contracts
Understanding how all parts fit together
Circular Flow of Economic Activity Represents a market economy
2 main ldquomarketsrdquoProduct Market Factor Market
where goods and services where the 4 factors ofare boughtsold production are boughtsold
Shows interdependence between
businesses and individuals
Marriage Vowsbull CONGRATULATIONS The government and the economy
are renewing their marriage vows You are cordially invited to the ceremony but this perfect couple needs your help
bull Using what you have learned this unit and using the textbook
bull You will explain the way government and the economy are connected (made for each other) You will demonstrate this answer in the format of wedding vows
bull You must use at least 5 of the following words Producers Taxes Consumers Restrictions Markets Freedom GoodsServices Limited
bull Look back to US Economic System Characteristics bull Each set of vows must be at least 6 lines
Do you remember
bullWrite the following question downbullWhy does the United States have a
democracy and mixed economy
- Foundations of Government and Economics
- On your blank piece of paperhellip
- Slide 3
- Warm-Up 1 - 9414
- Introductory thoughts hellip
- Slide 6
- 2 How about to your life
- Slide 8
- Slide 9
- Slide 10
- Slide 11
- Warm Up -2a- 9514 The New York Times and CBS News Pollhellip
- Warm up 2bndash In Journal-
- Economist and Politician Assumptions
- Individualism
- Quote activity
- Quote breakdown
- Warm Up 3- Current Event 9814
- Purpose of Government
- Slide 20
- 3 Theorists
- Activity
- Origins of American Government A customized government
- Origins of American Government A customized government (2)
- Origins of American Government A customized government (3)
- With which theory do you agree more Why
- The ldquoOriginal Dilemmardquo
- Warm Up 5 Hobbes and Locke
- Groups Block 2
- Groups Block 4
- Balloon Game
- You will have 10 minutes to get as many filled balloons on the
- Balloon Game Debriefing
- Political Theories
- Social Contract
- Natural Rights
- Democracy
- Concepts of Government
- Warm up 6 ndash 91114
- Warm Up 7
- And after the Constitution
- Activity (2)
- Picture Activity
- Constitutional Convention
- Purpose of the Convention
- VA Plan v NJ Plan
- Virginia Plan ldquoLarge State Planrdquo
- New Jersey Plan ldquoSmall State Planrdquo
- Your Task
- Closure
- States agree
- Quote
- Structure of Constitution
- Structure of Constitution
- 6 Purpose of Government
- Structure of Constitution (2)
- Structure of Constitution (3)
- Principles of Constitution
- Activity
- Slide 60
- Check for Understanding Six Principles
- Question 1
- Question 2
- Question 3
- Question 4
- Question 5
- Question 6
- Question 7
- Question 8
- Groups
- Separation of Powers
- Video
- Checks and Balances
- Slide 74
- Checks and balances
- Basic Principles
- Self- Worth
- Equality
- Compromise
- Individual Freedom
- Write your ownhellip
- Slide 82
- TED Talk
- Closure
- What is Economics
- Economics ishellip
- Back to our assumptionshellip
- Scarcity refers to the limited number of resources (factors of
- For the videohellip
- Slide 90
- Post Videohellip
- Advertisement
- Political Cartoon Analysis
- Factors of Production
- TASK
- The price ofhellip
- Economic efficiency is achieved when all available resources ar
- 1 What to produce
- 2 How to produce it
- 3 For whom to produce it
- Application Activity
- EQs
- Objectives amp Essential Questions
- Group Activity Budget Activity
- Slide 105
- How do we satisfy our economic wants
- How do we make goods amp services
- Economic Interdependence
- Slide 109
- Making Choices to Deal With Scarcity
- Exampleshellip
- Task Reflecting on Personal Trade-offshellip
- Opportunity Cost
- What else influences your choices
- Finallyhellip Why it Matters
- Visualizing the Relationshiphellip
- ObjectivesEssential Questions
- How Can We Measure What We Gain and Lose When Making Choices
- Production Possibilities Frontier
- PPF Assumptions
- Slide 121
- Production Possibilities Curve
- The Choices Nations Make
- Economic Growth
- The Classic Guns and Butter example
- Productivity
- Locations on a PPF
- Slide 128
- BOWED-OUT PPFs VaryingIncreasing OC
- Economic Systems
- Jigsaw activity
- Slide 132
- Economic amp Social Goals of an Economic System
- Review of Economic Systems
- Slide 135
- What are the most important goals of each economic system
- Which economic system does the US use
- The American Economic System
- The US mixed economy
- Slide 140
- Think backhellip
- US Economic System Characteristics
- Slide 143
- Understanding how all parts fit together
- Marriage Vows
- Do you remember
- Slide 147
-
What are the most important goals of each economic system
bullTraditionalSecurity and
StabilitybullCommand
Equity and Security
bullMARKETEfficiency and
Freedom
Societies differ in the degree of importance they attach to each goal Progress toward one goal can sometimes be achieved only
at the expense of another (TRADEOFFS)
Which economic system does the US use
The American Economic System
bullWe have a mixed market economy
COMMAND MARKET
The US mixed economybull In a mixed economyhellip
Individuals Own the factors of production Possess freedom to produce or consume Must operate under confines of law
Government Protects workers and consumers Regulates business and preserves competition Provide public goodsbenefits
Think backhellip
bullWhat does this remind you of from the beginning of the unit
US Economic System Characteristics 1 Economic freedom (ldquolaissez-fairerdquo)
2 Limited government
3 Equal opportunity
4 Competition
5 Profit motive
6 Property Rights
7 Binding Contracts
Understanding how all parts fit together
Circular Flow of Economic Activity Represents a market economy
2 main ldquomarketsrdquoProduct Market Factor Market
where goods and services where the 4 factors ofare boughtsold production are boughtsold
Shows interdependence between
businesses and individuals
Marriage Vowsbull CONGRATULATIONS The government and the economy
are renewing their marriage vows You are cordially invited to the ceremony but this perfect couple needs your help
bull Using what you have learned this unit and using the textbook
bull You will explain the way government and the economy are connected (made for each other) You will demonstrate this answer in the format of wedding vows
bull You must use at least 5 of the following words Producers Taxes Consumers Restrictions Markets Freedom GoodsServices Limited
bull Look back to US Economic System Characteristics bull Each set of vows must be at least 6 lines
Do you remember
bullWrite the following question downbullWhy does the United States have a
democracy and mixed economy
- Foundations of Government and Economics
- On your blank piece of paperhellip
- Slide 3
- Warm-Up 1 - 9414
- Introductory thoughts hellip
- Slide 6
- 2 How about to your life
- Slide 8
- Slide 9
- Slide 10
- Slide 11
- Warm Up -2a- 9514 The New York Times and CBS News Pollhellip
- Warm up 2bndash In Journal-
- Economist and Politician Assumptions
- Individualism
- Quote activity
- Quote breakdown
- Warm Up 3- Current Event 9814
- Purpose of Government
- Slide 20
- 3 Theorists
- Activity
- Origins of American Government A customized government
- Origins of American Government A customized government (2)
- Origins of American Government A customized government (3)
- With which theory do you agree more Why
- The ldquoOriginal Dilemmardquo
- Warm Up 5 Hobbes and Locke
- Groups Block 2
- Groups Block 4
- Balloon Game
- You will have 10 minutes to get as many filled balloons on the
- Balloon Game Debriefing
- Political Theories
- Social Contract
- Natural Rights
- Democracy
- Concepts of Government
- Warm up 6 ndash 91114
- Warm Up 7
- And after the Constitution
- Activity (2)
- Picture Activity
- Constitutional Convention
- Purpose of the Convention
- VA Plan v NJ Plan
- Virginia Plan ldquoLarge State Planrdquo
- New Jersey Plan ldquoSmall State Planrdquo
- Your Task
- Closure
- States agree
- Quote
- Structure of Constitution
- Structure of Constitution
- 6 Purpose of Government
- Structure of Constitution (2)
- Structure of Constitution (3)
- Principles of Constitution
- Activity
- Slide 60
- Check for Understanding Six Principles
- Question 1
- Question 2
- Question 3
- Question 4
- Question 5
- Question 6
- Question 7
- Question 8
- Groups
- Separation of Powers
- Video
- Checks and Balances
- Slide 74
- Checks and balances
- Basic Principles
- Self- Worth
- Equality
- Compromise
- Individual Freedom
- Write your ownhellip
- Slide 82
- TED Talk
- Closure
- What is Economics
- Economics ishellip
- Back to our assumptionshellip
- Scarcity refers to the limited number of resources (factors of
- For the videohellip
- Slide 90
- Post Videohellip
- Advertisement
- Political Cartoon Analysis
- Factors of Production
- TASK
- The price ofhellip
- Economic efficiency is achieved when all available resources ar
- 1 What to produce
- 2 How to produce it
- 3 For whom to produce it
- Application Activity
- EQs
- Objectives amp Essential Questions
- Group Activity Budget Activity
- Slide 105
- How do we satisfy our economic wants
- How do we make goods amp services
- Economic Interdependence
- Slide 109
- Making Choices to Deal With Scarcity
- Exampleshellip
- Task Reflecting on Personal Trade-offshellip
- Opportunity Cost
- What else influences your choices
- Finallyhellip Why it Matters
- Visualizing the Relationshiphellip
- ObjectivesEssential Questions
- How Can We Measure What We Gain and Lose When Making Choices
- Production Possibilities Frontier
- PPF Assumptions
- Slide 121
- Production Possibilities Curve
- The Choices Nations Make
- Economic Growth
- The Classic Guns and Butter example
- Productivity
- Locations on a PPF
- Slide 128
- BOWED-OUT PPFs VaryingIncreasing OC
- Economic Systems
- Jigsaw activity
- Slide 132
- Economic amp Social Goals of an Economic System
- Review of Economic Systems
- Slide 135
- What are the most important goals of each economic system
- Which economic system does the US use
- The American Economic System
- The US mixed economy
- Slide 140
- Think backhellip
- US Economic System Characteristics
- Slide 143
- Understanding how all parts fit together
- Marriage Vows
- Do you remember
- Slide 147
-
Which economic system does the US use
The American Economic System
bullWe have a mixed market economy
COMMAND MARKET
The US mixed economybull In a mixed economyhellip
Individuals Own the factors of production Possess freedom to produce or consume Must operate under confines of law
Government Protects workers and consumers Regulates business and preserves competition Provide public goodsbenefits
Think backhellip
bullWhat does this remind you of from the beginning of the unit
US Economic System Characteristics 1 Economic freedom (ldquolaissez-fairerdquo)
2 Limited government
3 Equal opportunity
4 Competition
5 Profit motive
6 Property Rights
7 Binding Contracts
Understanding how all parts fit together
Circular Flow of Economic Activity Represents a market economy
2 main ldquomarketsrdquoProduct Market Factor Market
where goods and services where the 4 factors ofare boughtsold production are boughtsold
Shows interdependence between
businesses and individuals
Marriage Vowsbull CONGRATULATIONS The government and the economy
are renewing their marriage vows You are cordially invited to the ceremony but this perfect couple needs your help
bull Using what you have learned this unit and using the textbook
bull You will explain the way government and the economy are connected (made for each other) You will demonstrate this answer in the format of wedding vows
bull You must use at least 5 of the following words Producers Taxes Consumers Restrictions Markets Freedom GoodsServices Limited
bull Look back to US Economic System Characteristics bull Each set of vows must be at least 6 lines
Do you remember
bullWrite the following question downbullWhy does the United States have a
democracy and mixed economy
- Foundations of Government and Economics
- On your blank piece of paperhellip
- Slide 3
- Warm-Up 1 - 9414
- Introductory thoughts hellip
- Slide 6
- 2 How about to your life
- Slide 8
- Slide 9
- Slide 10
- Slide 11
- Warm Up -2a- 9514 The New York Times and CBS News Pollhellip
- Warm up 2bndash In Journal-
- Economist and Politician Assumptions
- Individualism
- Quote activity
- Quote breakdown
- Warm Up 3- Current Event 9814
- Purpose of Government
- Slide 20
- 3 Theorists
- Activity
- Origins of American Government A customized government
- Origins of American Government A customized government (2)
- Origins of American Government A customized government (3)
- With which theory do you agree more Why
- The ldquoOriginal Dilemmardquo
- Warm Up 5 Hobbes and Locke
- Groups Block 2
- Groups Block 4
- Balloon Game
- You will have 10 minutes to get as many filled balloons on the
- Balloon Game Debriefing
- Political Theories
- Social Contract
- Natural Rights
- Democracy
- Concepts of Government
- Warm up 6 ndash 91114
- Warm Up 7
- And after the Constitution
- Activity (2)
- Picture Activity
- Constitutional Convention
- Purpose of the Convention
- VA Plan v NJ Plan
- Virginia Plan ldquoLarge State Planrdquo
- New Jersey Plan ldquoSmall State Planrdquo
- Your Task
- Closure
- States agree
- Quote
- Structure of Constitution
- Structure of Constitution
- 6 Purpose of Government
- Structure of Constitution (2)
- Structure of Constitution (3)
- Principles of Constitution
- Activity
- Slide 60
- Check for Understanding Six Principles
- Question 1
- Question 2
- Question 3
- Question 4
- Question 5
- Question 6
- Question 7
- Question 8
- Groups
- Separation of Powers
- Video
- Checks and Balances
- Slide 74
- Checks and balances
- Basic Principles
- Self- Worth
- Equality
- Compromise
- Individual Freedom
- Write your ownhellip
- Slide 82
- TED Talk
- Closure
- What is Economics
- Economics ishellip
- Back to our assumptionshellip
- Scarcity refers to the limited number of resources (factors of
- For the videohellip
- Slide 90
- Post Videohellip
- Advertisement
- Political Cartoon Analysis
- Factors of Production
- TASK
- The price ofhellip
- Economic efficiency is achieved when all available resources ar
- 1 What to produce
- 2 How to produce it
- 3 For whom to produce it
- Application Activity
- EQs
- Objectives amp Essential Questions
- Group Activity Budget Activity
- Slide 105
- How do we satisfy our economic wants
- How do we make goods amp services
- Economic Interdependence
- Slide 109
- Making Choices to Deal With Scarcity
- Exampleshellip
- Task Reflecting on Personal Trade-offshellip
- Opportunity Cost
- What else influences your choices
- Finallyhellip Why it Matters
- Visualizing the Relationshiphellip
- ObjectivesEssential Questions
- How Can We Measure What We Gain and Lose When Making Choices
- Production Possibilities Frontier
- PPF Assumptions
- Slide 121
- Production Possibilities Curve
- The Choices Nations Make
- Economic Growth
- The Classic Guns and Butter example
- Productivity
- Locations on a PPF
- Slide 128
- BOWED-OUT PPFs VaryingIncreasing OC
- Economic Systems
- Jigsaw activity
- Slide 132
- Economic amp Social Goals of an Economic System
- Review of Economic Systems
- Slide 135
- What are the most important goals of each economic system
- Which economic system does the US use
- The American Economic System
- The US mixed economy
- Slide 140
- Think backhellip
- US Economic System Characteristics
- Slide 143
- Understanding how all parts fit together
- Marriage Vows
- Do you remember
- Slide 147
-
The American Economic System
bullWe have a mixed market economy
COMMAND MARKET
The US mixed economybull In a mixed economyhellip
Individuals Own the factors of production Possess freedom to produce or consume Must operate under confines of law
Government Protects workers and consumers Regulates business and preserves competition Provide public goodsbenefits
Think backhellip
bullWhat does this remind you of from the beginning of the unit
US Economic System Characteristics 1 Economic freedom (ldquolaissez-fairerdquo)
2 Limited government
3 Equal opportunity
4 Competition
5 Profit motive
6 Property Rights
7 Binding Contracts
Understanding how all parts fit together
Circular Flow of Economic Activity Represents a market economy
2 main ldquomarketsrdquoProduct Market Factor Market
where goods and services where the 4 factors ofare boughtsold production are boughtsold
Shows interdependence between
businesses and individuals
Marriage Vowsbull CONGRATULATIONS The government and the economy
are renewing their marriage vows You are cordially invited to the ceremony but this perfect couple needs your help
bull Using what you have learned this unit and using the textbook
bull You will explain the way government and the economy are connected (made for each other) You will demonstrate this answer in the format of wedding vows
bull You must use at least 5 of the following words Producers Taxes Consumers Restrictions Markets Freedom GoodsServices Limited
bull Look back to US Economic System Characteristics bull Each set of vows must be at least 6 lines
Do you remember
bullWrite the following question downbullWhy does the United States have a
democracy and mixed economy
- Foundations of Government and Economics
- On your blank piece of paperhellip
- Slide 3
- Warm-Up 1 - 9414
- Introductory thoughts hellip
- Slide 6
- 2 How about to your life
- Slide 8
- Slide 9
- Slide 10
- Slide 11
- Warm Up -2a- 9514 The New York Times and CBS News Pollhellip
- Warm up 2bndash In Journal-
- Economist and Politician Assumptions
- Individualism
- Quote activity
- Quote breakdown
- Warm Up 3- Current Event 9814
- Purpose of Government
- Slide 20
- 3 Theorists
- Activity
- Origins of American Government A customized government
- Origins of American Government A customized government (2)
- Origins of American Government A customized government (3)
- With which theory do you agree more Why
- The ldquoOriginal Dilemmardquo
- Warm Up 5 Hobbes and Locke
- Groups Block 2
- Groups Block 4
- Balloon Game
- You will have 10 minutes to get as many filled balloons on the
- Balloon Game Debriefing
- Political Theories
- Social Contract
- Natural Rights
- Democracy
- Concepts of Government
- Warm up 6 ndash 91114
- Warm Up 7
- And after the Constitution
- Activity (2)
- Picture Activity
- Constitutional Convention
- Purpose of the Convention
- VA Plan v NJ Plan
- Virginia Plan ldquoLarge State Planrdquo
- New Jersey Plan ldquoSmall State Planrdquo
- Your Task
- Closure
- States agree
- Quote
- Structure of Constitution
- Structure of Constitution
- 6 Purpose of Government
- Structure of Constitution (2)
- Structure of Constitution (3)
- Principles of Constitution
- Activity
- Slide 60
- Check for Understanding Six Principles
- Question 1
- Question 2
- Question 3
- Question 4
- Question 5
- Question 6
- Question 7
- Question 8
- Groups
- Separation of Powers
- Video
- Checks and Balances
- Slide 74
- Checks and balances
- Basic Principles
- Self- Worth
- Equality
- Compromise
- Individual Freedom
- Write your ownhellip
- Slide 82
- TED Talk
- Closure
- What is Economics
- Economics ishellip
- Back to our assumptionshellip
- Scarcity refers to the limited number of resources (factors of
- For the videohellip
- Slide 90
- Post Videohellip
- Advertisement
- Political Cartoon Analysis
- Factors of Production
- TASK
- The price ofhellip
- Economic efficiency is achieved when all available resources ar
- 1 What to produce
- 2 How to produce it
- 3 For whom to produce it
- Application Activity
- EQs
- Objectives amp Essential Questions
- Group Activity Budget Activity
- Slide 105
- How do we satisfy our economic wants
- How do we make goods amp services
- Economic Interdependence
- Slide 109
- Making Choices to Deal With Scarcity
- Exampleshellip
- Task Reflecting on Personal Trade-offshellip
- Opportunity Cost
- What else influences your choices
- Finallyhellip Why it Matters
- Visualizing the Relationshiphellip
- ObjectivesEssential Questions
- How Can We Measure What We Gain and Lose When Making Choices
- Production Possibilities Frontier
- PPF Assumptions
- Slide 121
- Production Possibilities Curve
- The Choices Nations Make
- Economic Growth
- The Classic Guns and Butter example
- Productivity
- Locations on a PPF
- Slide 128
- BOWED-OUT PPFs VaryingIncreasing OC
- Economic Systems
- Jigsaw activity
- Slide 132
- Economic amp Social Goals of an Economic System
- Review of Economic Systems
- Slide 135
- What are the most important goals of each economic system
- Which economic system does the US use
- The American Economic System
- The US mixed economy
- Slide 140
- Think backhellip
- US Economic System Characteristics
- Slide 143
- Understanding how all parts fit together
- Marriage Vows
- Do you remember
- Slide 147
-
The US mixed economybull In a mixed economyhellip
Individuals Own the factors of production Possess freedom to produce or consume Must operate under confines of law
Government Protects workers and consumers Regulates business and preserves competition Provide public goodsbenefits
Think backhellip
bullWhat does this remind you of from the beginning of the unit
US Economic System Characteristics 1 Economic freedom (ldquolaissez-fairerdquo)
2 Limited government
3 Equal opportunity
4 Competition
5 Profit motive
6 Property Rights
7 Binding Contracts
Understanding how all parts fit together
Circular Flow of Economic Activity Represents a market economy
2 main ldquomarketsrdquoProduct Market Factor Market
where goods and services where the 4 factors ofare boughtsold production are boughtsold
Shows interdependence between
businesses and individuals
Marriage Vowsbull CONGRATULATIONS The government and the economy
are renewing their marriage vows You are cordially invited to the ceremony but this perfect couple needs your help
bull Using what you have learned this unit and using the textbook
bull You will explain the way government and the economy are connected (made for each other) You will demonstrate this answer in the format of wedding vows
bull You must use at least 5 of the following words Producers Taxes Consumers Restrictions Markets Freedom GoodsServices Limited
bull Look back to US Economic System Characteristics bull Each set of vows must be at least 6 lines
Do you remember
bullWrite the following question downbullWhy does the United States have a
democracy and mixed economy
- Foundations of Government and Economics
- On your blank piece of paperhellip
- Slide 3
- Warm-Up 1 - 9414
- Introductory thoughts hellip
- Slide 6
- 2 How about to your life
- Slide 8
- Slide 9
- Slide 10
- Slide 11
- Warm Up -2a- 9514 The New York Times and CBS News Pollhellip
- Warm up 2bndash In Journal-
- Economist and Politician Assumptions
- Individualism
- Quote activity
- Quote breakdown
- Warm Up 3- Current Event 9814
- Purpose of Government
- Slide 20
- 3 Theorists
- Activity
- Origins of American Government A customized government
- Origins of American Government A customized government (2)
- Origins of American Government A customized government (3)
- With which theory do you agree more Why
- The ldquoOriginal Dilemmardquo
- Warm Up 5 Hobbes and Locke
- Groups Block 2
- Groups Block 4
- Balloon Game
- You will have 10 minutes to get as many filled balloons on the
- Balloon Game Debriefing
- Political Theories
- Social Contract
- Natural Rights
- Democracy
- Concepts of Government
- Warm up 6 ndash 91114
- Warm Up 7
- And after the Constitution
- Activity (2)
- Picture Activity
- Constitutional Convention
- Purpose of the Convention
- VA Plan v NJ Plan
- Virginia Plan ldquoLarge State Planrdquo
- New Jersey Plan ldquoSmall State Planrdquo
- Your Task
- Closure
- States agree
- Quote
- Structure of Constitution
- Structure of Constitution
- 6 Purpose of Government
- Structure of Constitution (2)
- Structure of Constitution (3)
- Principles of Constitution
- Activity
- Slide 60
- Check for Understanding Six Principles
- Question 1
- Question 2
- Question 3
- Question 4
- Question 5
- Question 6
- Question 7
- Question 8
- Groups
- Separation of Powers
- Video
- Checks and Balances
- Slide 74
- Checks and balances
- Basic Principles
- Self- Worth
- Equality
- Compromise
- Individual Freedom
- Write your ownhellip
- Slide 82
- TED Talk
- Closure
- What is Economics
- Economics ishellip
- Back to our assumptionshellip
- Scarcity refers to the limited number of resources (factors of
- For the videohellip
- Slide 90
- Post Videohellip
- Advertisement
- Political Cartoon Analysis
- Factors of Production
- TASK
- The price ofhellip
- Economic efficiency is achieved when all available resources ar
- 1 What to produce
- 2 How to produce it
- 3 For whom to produce it
- Application Activity
- EQs
- Objectives amp Essential Questions
- Group Activity Budget Activity
- Slide 105
- How do we satisfy our economic wants
- How do we make goods amp services
- Economic Interdependence
- Slide 109
- Making Choices to Deal With Scarcity
- Exampleshellip
- Task Reflecting on Personal Trade-offshellip
- Opportunity Cost
- What else influences your choices
- Finallyhellip Why it Matters
- Visualizing the Relationshiphellip
- ObjectivesEssential Questions
- How Can We Measure What We Gain and Lose When Making Choices
- Production Possibilities Frontier
- PPF Assumptions
- Slide 121
- Production Possibilities Curve
- The Choices Nations Make
- Economic Growth
- The Classic Guns and Butter example
- Productivity
- Locations on a PPF
- Slide 128
- BOWED-OUT PPFs VaryingIncreasing OC
- Economic Systems
- Jigsaw activity
- Slide 132
- Economic amp Social Goals of an Economic System
- Review of Economic Systems
- Slide 135
- What are the most important goals of each economic system
- Which economic system does the US use
- The American Economic System
- The US mixed economy
- Slide 140
- Think backhellip
- US Economic System Characteristics
- Slide 143
- Understanding how all parts fit together
- Marriage Vows
- Do you remember
- Slide 147
-
Think backhellip
bullWhat does this remind you of from the beginning of the unit
US Economic System Characteristics 1 Economic freedom (ldquolaissez-fairerdquo)
2 Limited government
3 Equal opportunity
4 Competition
5 Profit motive
6 Property Rights
7 Binding Contracts
Understanding how all parts fit together
Circular Flow of Economic Activity Represents a market economy
2 main ldquomarketsrdquoProduct Market Factor Market
where goods and services where the 4 factors ofare boughtsold production are boughtsold
Shows interdependence between
businesses and individuals
Marriage Vowsbull CONGRATULATIONS The government and the economy
are renewing their marriage vows You are cordially invited to the ceremony but this perfect couple needs your help
bull Using what you have learned this unit and using the textbook
bull You will explain the way government and the economy are connected (made for each other) You will demonstrate this answer in the format of wedding vows
bull You must use at least 5 of the following words Producers Taxes Consumers Restrictions Markets Freedom GoodsServices Limited
bull Look back to US Economic System Characteristics bull Each set of vows must be at least 6 lines
Do you remember
bullWrite the following question downbullWhy does the United States have a
democracy and mixed economy
- Foundations of Government and Economics
- On your blank piece of paperhellip
- Slide 3
- Warm-Up 1 - 9414
- Introductory thoughts hellip
- Slide 6
- 2 How about to your life
- Slide 8
- Slide 9
- Slide 10
- Slide 11
- Warm Up -2a- 9514 The New York Times and CBS News Pollhellip
- Warm up 2bndash In Journal-
- Economist and Politician Assumptions
- Individualism
- Quote activity
- Quote breakdown
- Warm Up 3- Current Event 9814
- Purpose of Government
- Slide 20
- 3 Theorists
- Activity
- Origins of American Government A customized government
- Origins of American Government A customized government (2)
- Origins of American Government A customized government (3)
- With which theory do you agree more Why
- The ldquoOriginal Dilemmardquo
- Warm Up 5 Hobbes and Locke
- Groups Block 2
- Groups Block 4
- Balloon Game
- You will have 10 minutes to get as many filled balloons on the
- Balloon Game Debriefing
- Political Theories
- Social Contract
- Natural Rights
- Democracy
- Concepts of Government
- Warm up 6 ndash 91114
- Warm Up 7
- And after the Constitution
- Activity (2)
- Picture Activity
- Constitutional Convention
- Purpose of the Convention
- VA Plan v NJ Plan
- Virginia Plan ldquoLarge State Planrdquo
- New Jersey Plan ldquoSmall State Planrdquo
- Your Task
- Closure
- States agree
- Quote
- Structure of Constitution
- Structure of Constitution
- 6 Purpose of Government
- Structure of Constitution (2)
- Structure of Constitution (3)
- Principles of Constitution
- Activity
- Slide 60
- Check for Understanding Six Principles
- Question 1
- Question 2
- Question 3
- Question 4
- Question 5
- Question 6
- Question 7
- Question 8
- Groups
- Separation of Powers
- Video
- Checks and Balances
- Slide 74
- Checks and balances
- Basic Principles
- Self- Worth
- Equality
- Compromise
- Individual Freedom
- Write your ownhellip
- Slide 82
- TED Talk
- Closure
- What is Economics
- Economics ishellip
- Back to our assumptionshellip
- Scarcity refers to the limited number of resources (factors of
- For the videohellip
- Slide 90
- Post Videohellip
- Advertisement
- Political Cartoon Analysis
- Factors of Production
- TASK
- The price ofhellip
- Economic efficiency is achieved when all available resources ar
- 1 What to produce
- 2 How to produce it
- 3 For whom to produce it
- Application Activity
- EQs
- Objectives amp Essential Questions
- Group Activity Budget Activity
- Slide 105
- How do we satisfy our economic wants
- How do we make goods amp services
- Economic Interdependence
- Slide 109
- Making Choices to Deal With Scarcity
- Exampleshellip
- Task Reflecting on Personal Trade-offshellip
- Opportunity Cost
- What else influences your choices
- Finallyhellip Why it Matters
- Visualizing the Relationshiphellip
- ObjectivesEssential Questions
- How Can We Measure What We Gain and Lose When Making Choices
- Production Possibilities Frontier
- PPF Assumptions
- Slide 121
- Production Possibilities Curve
- The Choices Nations Make
- Economic Growth
- The Classic Guns and Butter example
- Productivity
- Locations on a PPF
- Slide 128
- BOWED-OUT PPFs VaryingIncreasing OC
- Economic Systems
- Jigsaw activity
- Slide 132
- Economic amp Social Goals of an Economic System
- Review of Economic Systems
- Slide 135
- What are the most important goals of each economic system
- Which economic system does the US use
- The American Economic System
- The US mixed economy
- Slide 140
- Think backhellip
- US Economic System Characteristics
- Slide 143
- Understanding how all parts fit together
- Marriage Vows
- Do you remember
- Slide 147
-
US Economic System Characteristics 1 Economic freedom (ldquolaissez-fairerdquo)
2 Limited government
3 Equal opportunity
4 Competition
5 Profit motive
6 Property Rights
7 Binding Contracts
Understanding how all parts fit together
Circular Flow of Economic Activity Represents a market economy
2 main ldquomarketsrdquoProduct Market Factor Market
where goods and services where the 4 factors ofare boughtsold production are boughtsold
Shows interdependence between
businesses and individuals
Marriage Vowsbull CONGRATULATIONS The government and the economy
are renewing their marriage vows You are cordially invited to the ceremony but this perfect couple needs your help
bull Using what you have learned this unit and using the textbook
bull You will explain the way government and the economy are connected (made for each other) You will demonstrate this answer in the format of wedding vows
bull You must use at least 5 of the following words Producers Taxes Consumers Restrictions Markets Freedom GoodsServices Limited
bull Look back to US Economic System Characteristics bull Each set of vows must be at least 6 lines
Do you remember
bullWrite the following question downbullWhy does the United States have a
democracy and mixed economy
- Foundations of Government and Economics
- On your blank piece of paperhellip
- Slide 3
- Warm-Up 1 - 9414
- Introductory thoughts hellip
- Slide 6
- 2 How about to your life
- Slide 8
- Slide 9
- Slide 10
- Slide 11
- Warm Up -2a- 9514 The New York Times and CBS News Pollhellip
- Warm up 2bndash In Journal-
- Economist and Politician Assumptions
- Individualism
- Quote activity
- Quote breakdown
- Warm Up 3- Current Event 9814
- Purpose of Government
- Slide 20
- 3 Theorists
- Activity
- Origins of American Government A customized government
- Origins of American Government A customized government (2)
- Origins of American Government A customized government (3)
- With which theory do you agree more Why
- The ldquoOriginal Dilemmardquo
- Warm Up 5 Hobbes and Locke
- Groups Block 2
- Groups Block 4
- Balloon Game
- You will have 10 minutes to get as many filled balloons on the
- Balloon Game Debriefing
- Political Theories
- Social Contract
- Natural Rights
- Democracy
- Concepts of Government
- Warm up 6 ndash 91114
- Warm Up 7
- And after the Constitution
- Activity (2)
- Picture Activity
- Constitutional Convention
- Purpose of the Convention
- VA Plan v NJ Plan
- Virginia Plan ldquoLarge State Planrdquo
- New Jersey Plan ldquoSmall State Planrdquo
- Your Task
- Closure
- States agree
- Quote
- Structure of Constitution
- Structure of Constitution
- 6 Purpose of Government
- Structure of Constitution (2)
- Structure of Constitution (3)
- Principles of Constitution
- Activity
- Slide 60
- Check for Understanding Six Principles
- Question 1
- Question 2
- Question 3
- Question 4
- Question 5
- Question 6
- Question 7
- Question 8
- Groups
- Separation of Powers
- Video
- Checks and Balances
- Slide 74
- Checks and balances
- Basic Principles
- Self- Worth
- Equality
- Compromise
- Individual Freedom
- Write your ownhellip
- Slide 82
- TED Talk
- Closure
- What is Economics
- Economics ishellip
- Back to our assumptionshellip
- Scarcity refers to the limited number of resources (factors of
- For the videohellip
- Slide 90
- Post Videohellip
- Advertisement
- Political Cartoon Analysis
- Factors of Production
- TASK
- The price ofhellip
- Economic efficiency is achieved when all available resources ar
- 1 What to produce
- 2 How to produce it
- 3 For whom to produce it
- Application Activity
- EQs
- Objectives amp Essential Questions
- Group Activity Budget Activity
- Slide 105
- How do we satisfy our economic wants
- How do we make goods amp services
- Economic Interdependence
- Slide 109
- Making Choices to Deal With Scarcity
- Exampleshellip
- Task Reflecting on Personal Trade-offshellip
- Opportunity Cost
- What else influences your choices
- Finallyhellip Why it Matters
- Visualizing the Relationshiphellip
- ObjectivesEssential Questions
- How Can We Measure What We Gain and Lose When Making Choices
- Production Possibilities Frontier
- PPF Assumptions
- Slide 121
- Production Possibilities Curve
- The Choices Nations Make
- Economic Growth
- The Classic Guns and Butter example
- Productivity
- Locations on a PPF
- Slide 128
- BOWED-OUT PPFs VaryingIncreasing OC
- Economic Systems
- Jigsaw activity
- Slide 132
- Economic amp Social Goals of an Economic System
- Review of Economic Systems
- Slide 135
- What are the most important goals of each economic system
- Which economic system does the US use
- The American Economic System
- The US mixed economy
- Slide 140
- Think backhellip
- US Economic System Characteristics
- Slide 143
- Understanding how all parts fit together
- Marriage Vows
- Do you remember
- Slide 147
-
Understanding how all parts fit together
Circular Flow of Economic Activity Represents a market economy
2 main ldquomarketsrdquoProduct Market Factor Market
where goods and services where the 4 factors ofare boughtsold production are boughtsold
Shows interdependence between
businesses and individuals
Marriage Vowsbull CONGRATULATIONS The government and the economy
are renewing their marriage vows You are cordially invited to the ceremony but this perfect couple needs your help
bull Using what you have learned this unit and using the textbook
bull You will explain the way government and the economy are connected (made for each other) You will demonstrate this answer in the format of wedding vows
bull You must use at least 5 of the following words Producers Taxes Consumers Restrictions Markets Freedom GoodsServices Limited
bull Look back to US Economic System Characteristics bull Each set of vows must be at least 6 lines
Do you remember
bullWrite the following question downbullWhy does the United States have a
democracy and mixed economy
- Foundations of Government and Economics
- On your blank piece of paperhellip
- Slide 3
- Warm-Up 1 - 9414
- Introductory thoughts hellip
- Slide 6
- 2 How about to your life
- Slide 8
- Slide 9
- Slide 10
- Slide 11
- Warm Up -2a- 9514 The New York Times and CBS News Pollhellip
- Warm up 2bndash In Journal-
- Economist and Politician Assumptions
- Individualism
- Quote activity
- Quote breakdown
- Warm Up 3- Current Event 9814
- Purpose of Government
- Slide 20
- 3 Theorists
- Activity
- Origins of American Government A customized government
- Origins of American Government A customized government (2)
- Origins of American Government A customized government (3)
- With which theory do you agree more Why
- The ldquoOriginal Dilemmardquo
- Warm Up 5 Hobbes and Locke
- Groups Block 2
- Groups Block 4
- Balloon Game
- You will have 10 minutes to get as many filled balloons on the
- Balloon Game Debriefing
- Political Theories
- Social Contract
- Natural Rights
- Democracy
- Concepts of Government
- Warm up 6 ndash 91114
- Warm Up 7
- And after the Constitution
- Activity (2)
- Picture Activity
- Constitutional Convention
- Purpose of the Convention
- VA Plan v NJ Plan
- Virginia Plan ldquoLarge State Planrdquo
- New Jersey Plan ldquoSmall State Planrdquo
- Your Task
- Closure
- States agree
- Quote
- Structure of Constitution
- Structure of Constitution
- 6 Purpose of Government
- Structure of Constitution (2)
- Structure of Constitution (3)
- Principles of Constitution
- Activity
- Slide 60
- Check for Understanding Six Principles
- Question 1
- Question 2
- Question 3
- Question 4
- Question 5
- Question 6
- Question 7
- Question 8
- Groups
- Separation of Powers
- Video
- Checks and Balances
- Slide 74
- Checks and balances
- Basic Principles
- Self- Worth
- Equality
- Compromise
- Individual Freedom
- Write your ownhellip
- Slide 82
- TED Talk
- Closure
- What is Economics
- Economics ishellip
- Back to our assumptionshellip
- Scarcity refers to the limited number of resources (factors of
- For the videohellip
- Slide 90
- Post Videohellip
- Advertisement
- Political Cartoon Analysis
- Factors of Production
- TASK
- The price ofhellip
- Economic efficiency is achieved when all available resources ar
- 1 What to produce
- 2 How to produce it
- 3 For whom to produce it
- Application Activity
- EQs
- Objectives amp Essential Questions
- Group Activity Budget Activity
- Slide 105
- How do we satisfy our economic wants
- How do we make goods amp services
- Economic Interdependence
- Slide 109
- Making Choices to Deal With Scarcity
- Exampleshellip
- Task Reflecting on Personal Trade-offshellip
- Opportunity Cost
- What else influences your choices
- Finallyhellip Why it Matters
- Visualizing the Relationshiphellip
- ObjectivesEssential Questions
- How Can We Measure What We Gain and Lose When Making Choices
- Production Possibilities Frontier
- PPF Assumptions
- Slide 121
- Production Possibilities Curve
- The Choices Nations Make
- Economic Growth
- The Classic Guns and Butter example
- Productivity
- Locations on a PPF
- Slide 128
- BOWED-OUT PPFs VaryingIncreasing OC
- Economic Systems
- Jigsaw activity
- Slide 132
- Economic amp Social Goals of an Economic System
- Review of Economic Systems
- Slide 135
- What are the most important goals of each economic system
- Which economic system does the US use
- The American Economic System
- The US mixed economy
- Slide 140
- Think backhellip
- US Economic System Characteristics
- Slide 143
- Understanding how all parts fit together
- Marriage Vows
- Do you remember
- Slide 147
-
Marriage Vowsbull CONGRATULATIONS The government and the economy
are renewing their marriage vows You are cordially invited to the ceremony but this perfect couple needs your help
bull Using what you have learned this unit and using the textbook
bull You will explain the way government and the economy are connected (made for each other) You will demonstrate this answer in the format of wedding vows
bull You must use at least 5 of the following words Producers Taxes Consumers Restrictions Markets Freedom GoodsServices Limited
bull Look back to US Economic System Characteristics bull Each set of vows must be at least 6 lines
Do you remember
bullWrite the following question downbullWhy does the United States have a
democracy and mixed economy
- Foundations of Government and Economics
- On your blank piece of paperhellip
- Slide 3
- Warm-Up 1 - 9414
- Introductory thoughts hellip
- Slide 6
- 2 How about to your life
- Slide 8
- Slide 9
- Slide 10
- Slide 11
- Warm Up -2a- 9514 The New York Times and CBS News Pollhellip
- Warm up 2bndash In Journal-
- Economist and Politician Assumptions
- Individualism
- Quote activity
- Quote breakdown
- Warm Up 3- Current Event 9814
- Purpose of Government
- Slide 20
- 3 Theorists
- Activity
- Origins of American Government A customized government
- Origins of American Government A customized government (2)
- Origins of American Government A customized government (3)
- With which theory do you agree more Why
- The ldquoOriginal Dilemmardquo
- Warm Up 5 Hobbes and Locke
- Groups Block 2
- Groups Block 4
- Balloon Game
- You will have 10 minutes to get as many filled balloons on the
- Balloon Game Debriefing
- Political Theories
- Social Contract
- Natural Rights
- Democracy
- Concepts of Government
- Warm up 6 ndash 91114
- Warm Up 7
- And after the Constitution
- Activity (2)
- Picture Activity
- Constitutional Convention
- Purpose of the Convention
- VA Plan v NJ Plan
- Virginia Plan ldquoLarge State Planrdquo
- New Jersey Plan ldquoSmall State Planrdquo
- Your Task
- Closure
- States agree
- Quote
- Structure of Constitution
- Structure of Constitution
- 6 Purpose of Government
- Structure of Constitution (2)
- Structure of Constitution (3)
- Principles of Constitution
- Activity
- Slide 60
- Check for Understanding Six Principles
- Question 1
- Question 2
- Question 3
- Question 4
- Question 5
- Question 6
- Question 7
- Question 8
- Groups
- Separation of Powers
- Video
- Checks and Balances
- Slide 74
- Checks and balances
- Basic Principles
- Self- Worth
- Equality
- Compromise
- Individual Freedom
- Write your ownhellip
- Slide 82
- TED Talk
- Closure
- What is Economics
- Economics ishellip
- Back to our assumptionshellip
- Scarcity refers to the limited number of resources (factors of
- For the videohellip
- Slide 90
- Post Videohellip
- Advertisement
- Political Cartoon Analysis
- Factors of Production
- TASK
- The price ofhellip
- Economic efficiency is achieved when all available resources ar
- 1 What to produce
- 2 How to produce it
- 3 For whom to produce it
- Application Activity
- EQs
- Objectives amp Essential Questions
- Group Activity Budget Activity
- Slide 105
- How do we satisfy our economic wants
- How do we make goods amp services
- Economic Interdependence
- Slide 109
- Making Choices to Deal With Scarcity
- Exampleshellip
- Task Reflecting on Personal Trade-offshellip
- Opportunity Cost
- What else influences your choices
- Finallyhellip Why it Matters
- Visualizing the Relationshiphellip
- ObjectivesEssential Questions
- How Can We Measure What We Gain and Lose When Making Choices
- Production Possibilities Frontier
- PPF Assumptions
- Slide 121
- Production Possibilities Curve
- The Choices Nations Make
- Economic Growth
- The Classic Guns and Butter example
- Productivity
- Locations on a PPF
- Slide 128
- BOWED-OUT PPFs VaryingIncreasing OC
- Economic Systems
- Jigsaw activity
- Slide 132
- Economic amp Social Goals of an Economic System
- Review of Economic Systems
- Slide 135
- What are the most important goals of each economic system
- Which economic system does the US use
- The American Economic System
- The US mixed economy
- Slide 140
- Think backhellip
- US Economic System Characteristics
- Slide 143
- Understanding how all parts fit together
- Marriage Vows
- Do you remember
- Slide 147
-
Do you remember
bullWrite the following question downbullWhy does the United States have a
democracy and mixed economy
- Foundations of Government and Economics
- On your blank piece of paperhellip
- Slide 3
- Warm-Up 1 - 9414
- Introductory thoughts hellip
- Slide 6
- 2 How about to your life
- Slide 8
- Slide 9
- Slide 10
- Slide 11
- Warm Up -2a- 9514 The New York Times and CBS News Pollhellip
- Warm up 2bndash In Journal-
- Economist and Politician Assumptions
- Individualism
- Quote activity
- Quote breakdown
- Warm Up 3- Current Event 9814
- Purpose of Government
- Slide 20
- 3 Theorists
- Activity
- Origins of American Government A customized government
- Origins of American Government A customized government (2)
- Origins of American Government A customized government (3)
- With which theory do you agree more Why
- The ldquoOriginal Dilemmardquo
- Warm Up 5 Hobbes and Locke
- Groups Block 2
- Groups Block 4
- Balloon Game
- You will have 10 minutes to get as many filled balloons on the
- Balloon Game Debriefing
- Political Theories
- Social Contract
- Natural Rights
- Democracy
- Concepts of Government
- Warm up 6 ndash 91114
- Warm Up 7
- And after the Constitution
- Activity (2)
- Picture Activity
- Constitutional Convention
- Purpose of the Convention
- VA Plan v NJ Plan
- Virginia Plan ldquoLarge State Planrdquo
- New Jersey Plan ldquoSmall State Planrdquo
- Your Task
- Closure
- States agree
- Quote
- Structure of Constitution
- Structure of Constitution
- 6 Purpose of Government
- Structure of Constitution (2)
- Structure of Constitution (3)
- Principles of Constitution
- Activity
- Slide 60
- Check for Understanding Six Principles
- Question 1
- Question 2
- Question 3
- Question 4
- Question 5
- Question 6
- Question 7
- Question 8
- Groups
- Separation of Powers
- Video
- Checks and Balances
- Slide 74
- Checks and balances
- Basic Principles
- Self- Worth
- Equality
- Compromise
- Individual Freedom
- Write your ownhellip
- Slide 82
- TED Talk
- Closure
- What is Economics
- Economics ishellip
- Back to our assumptionshellip
- Scarcity refers to the limited number of resources (factors of
- For the videohellip
- Slide 90
- Post Videohellip
- Advertisement
- Political Cartoon Analysis
- Factors of Production
- TASK
- The price ofhellip
- Economic efficiency is achieved when all available resources ar
- 1 What to produce
- 2 How to produce it
- 3 For whom to produce it
- Application Activity
- EQs
- Objectives amp Essential Questions
- Group Activity Budget Activity
- Slide 105
- How do we satisfy our economic wants
- How do we make goods amp services
- Economic Interdependence
- Slide 109
- Making Choices to Deal With Scarcity
- Exampleshellip
- Task Reflecting on Personal Trade-offshellip
- Opportunity Cost
- What else influences your choices
- Finallyhellip Why it Matters
- Visualizing the Relationshiphellip
- ObjectivesEssential Questions
- How Can We Measure What We Gain and Lose When Making Choices
- Production Possibilities Frontier
- PPF Assumptions
- Slide 121
- Production Possibilities Curve
- The Choices Nations Make
- Economic Growth
- The Classic Guns and Butter example
- Productivity
- Locations on a PPF
- Slide 128
- BOWED-OUT PPFs VaryingIncreasing OC
- Economic Systems
- Jigsaw activity
- Slide 132
- Economic amp Social Goals of an Economic System
- Review of Economic Systems
- Slide 135
- What are the most important goals of each economic system
- Which economic system does the US use
- The American Economic System
- The US mixed economy
- Slide 140
- Think backhellip
- US Economic System Characteristics
- Slide 143
- Understanding how all parts fit together
- Marriage Vows
- Do you remember
- Slide 147
-
bullWrite the following question downbullWhy does the United States have a
democracy and mixed economy
- Foundations of Government and Economics
- On your blank piece of paperhellip
- Slide 3
- Warm-Up 1 - 9414
- Introductory thoughts hellip
- Slide 6
- 2 How about to your life
- Slide 8
- Slide 9
- Slide 10
- Slide 11
- Warm Up -2a- 9514 The New York Times and CBS News Pollhellip
- Warm up 2bndash In Journal-
- Economist and Politician Assumptions
- Individualism
- Quote activity
- Quote breakdown
- Warm Up 3- Current Event 9814
- Purpose of Government
- Slide 20
- 3 Theorists
- Activity
- Origins of American Government A customized government
- Origins of American Government A customized government (2)
- Origins of American Government A customized government (3)
- With which theory do you agree more Why
- The ldquoOriginal Dilemmardquo
- Warm Up 5 Hobbes and Locke
- Groups Block 2
- Groups Block 4
- Balloon Game
- You will have 10 minutes to get as many filled balloons on the
- Balloon Game Debriefing
- Political Theories
- Social Contract
- Natural Rights
- Democracy
- Concepts of Government
- Warm up 6 ndash 91114
- Warm Up 7
- And after the Constitution
- Activity (2)
- Picture Activity
- Constitutional Convention
- Purpose of the Convention
- VA Plan v NJ Plan
- Virginia Plan ldquoLarge State Planrdquo
- New Jersey Plan ldquoSmall State Planrdquo
- Your Task
- Closure
- States agree
- Quote
- Structure of Constitution
- Structure of Constitution
- 6 Purpose of Government
- Structure of Constitution (2)
- Structure of Constitution (3)
- Principles of Constitution
- Activity
- Slide 60
- Check for Understanding Six Principles
- Question 1
- Question 2
- Question 3
- Question 4
- Question 5
- Question 6
- Question 7
- Question 8
- Groups
- Separation of Powers
- Video
- Checks and Balances
- Slide 74
- Checks and balances
- Basic Principles
- Self- Worth
- Equality
- Compromise
- Individual Freedom
- Write your ownhellip
- Slide 82
- TED Talk
- Closure
- What is Economics
- Economics ishellip
- Back to our assumptionshellip
- Scarcity refers to the limited number of resources (factors of
- For the videohellip
- Slide 90
- Post Videohellip
- Advertisement
- Political Cartoon Analysis
- Factors of Production
- TASK
- The price ofhellip
- Economic efficiency is achieved when all available resources ar
- 1 What to produce
- 2 How to produce it
- 3 For whom to produce it
- Application Activity
- EQs
- Objectives amp Essential Questions
- Group Activity Budget Activity
- Slide 105
- How do we satisfy our economic wants
- How do we make goods amp services
- Economic Interdependence
- Slide 109
- Making Choices to Deal With Scarcity
- Exampleshellip
- Task Reflecting on Personal Trade-offshellip
- Opportunity Cost
- What else influences your choices
- Finallyhellip Why it Matters
- Visualizing the Relationshiphellip
- ObjectivesEssential Questions
- How Can We Measure What We Gain and Lose When Making Choices
- Production Possibilities Frontier
- PPF Assumptions
- Slide 121
- Production Possibilities Curve
- The Choices Nations Make
- Economic Growth
- The Classic Guns and Butter example
- Productivity
- Locations on a PPF
- Slide 128
- BOWED-OUT PPFs VaryingIncreasing OC
- Economic Systems
- Jigsaw activity
- Slide 132
- Economic amp Social Goals of an Economic System
- Review of Economic Systems
- Slide 135
- What are the most important goals of each economic system
- Which economic system does the US use
- The American Economic System
- The US mixed economy
- Slide 140
- Think backhellip
- US Economic System Characteristics
- Slide 143
- Understanding how all parts fit together
- Marriage Vows
- Do you remember
- Slide 147
-
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