QOD #1: What is economics? Market slices Musical Chairs Econ Basics Course Details & Expectations Textbook Check HW: Parent Email/Contact (Yes, again!)

QOD #1: What is economics?Market slicesMusical ChairsEcon BasicsCourse Details & ExpectationsTextbook CheckHW: Parent Email/Contact (Yes,

again!) Read Chapter 1:1; Comic Strip

AGENDA Mon 1/3 & Tues 1/4

QOD #1: What is “economics?”

Create your own definition of economics using words and pictures. Include any aspect you think relates to or will be studied during this semester.

Musical ChairsReflecting on your experience and

observations during the game, identify where you think each of these economic terms related to the game: Wants Resources Scarcity Choices Opportunity Costs

Chapter 1What Economics is about?

What is economics?

The science that studies the choices of people trying to satisfy their wants and needs in a world of scarcity.

Economics: two branches

Microeconomics- deals with human behavior and choices as they relate to relatively small units- an individual, a business firm, or a single market. (microscope)

Macroeconomics- deals with human behavior and choices as they relate to entire economy. (large) (telescope)

ScarcitySCARCITY = WANTS > RESOURCESScarcity is an economic fact of life.Our wants are always greater than our

resources. Our wants are unlimited. People want both intangible and

tangible goods.Two types of goods

Tangible- you can touch it. (cars, home, CDs) Intangible-cannot be touched. (love,

friendship)

Scarcity terms

wants – things people desire to have for comfort as luxuries

needs – things essential for life food shelter clothing

Scarcity terms

resources – anything that is used to produce goods or services. a good is a manufactured product. a service is an undertaking in behalf

of someone.

Scarcity Produces:

a rationing device – as a means for deciding who gets scarce resources price is a rationing device

competition for the rationing device money to buy scarce resources

From Choices to Opportunity Costs

opportunity costs – the most valued alternative you give up to do something what you would have chosen instead

You have just won a Rolls Royce Phantom!!!!!!!!

http://www.rolls-roycemotorcars.com/

price MSRP $340,000

Would you rather have the PhantomOR

Would you rather have……. A house in Vista $300,000 Honda Accord MSRP of $25,000 Gas allowance of $3,000 Monthly allowance for shopping of $1,000 for 1

year

OR Would you rather have…….

A $340,000 trip around the world for a year

Choices have to be made!!

Opportunity CostThe cost of passing up the next best choice when making a decision. opportunity cost. InvestorWords.com. Retrieved July 21, 2008, from InvestorWords.com website:

http://www.investorwords.com/3470/opportunity_cost.html

Every choice we make has an opportunity cost.

The most valued opportunity or alternative you give up for your 1st choice is the opportunity cost.

What is behind door number….

1 phantom2 house in Vista, Honda, shopping,

gas3 trip around the world

Opportunity cost is all about choices.

When you forgo doing homework to get on Facebook, your opportunity cost for getting on Facebook was your homework.

Your choice. Your opportunity cost.

HW: Scarcity Comic Flow

Using the Diagrams and flow charts in Ch. 1 (pg 10), create a comic strip displaying the following underlined concepts studied in class: Wants Resources

displaying scarcity which creates choices which leaves an opportunity cost

Each Term will have a frame in the comic.

Choose a topic from your life

Demonstrate your understanding of the flow/connections

Use Voice Bubbles for each frame

Be creative!Stick people

rule! Must all be

original work.

Course contentEconomic Terms & Concepts 2 weeksMicroeconomic Principles 3 weeks

Market Structures 2 weeksMacroeconomics 5 weeks

Federal Government & Economics 5 weeksConsumer Economics: Credit & Debt 2 weeks

Website: www.vusd.k12.ca.us/hs/vhs/

Quizzes/Tests 40% 90% --- 100% = A

Projects/Essays 30% 80% --- 89% = B

Homework/Individual Assignments 20% 70% --- 79% = C

Group Work/ In-Class Participation 10% 60% --- 69% = D

59% and below

= F

Class Expectations: A ReviewHomework completed (credit / no credit)

Ask questionsWebsiteELP Help (email works, too!)

Even days or by appt.Respectful collaborative learningMaking up tests: ONE WEEK. (period)

Academic Honesty