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1 Economics ECONOMICS Name: ______________________________________________________________________ __ Teacher: _______________________________________Class Period: ____________________ JUDICIAL Table of Contents LEFT RIGHT Table of Contents 1 Economics Outline 2 Economics Outline 3 Economics KWL 4 Economics Intro 5 Economics Vocabulary 6 Economics Vocabulary 7 Why Money? 8 Survivor! 9 Zoo Outline 10 Zoo Instructions 11 I, Pencil 12 The Making of a Product 13 Your Future 14 Goods versus Services 15 Lemonade Stand PART 2 16 Lemonade Stand PART 1 17 Lemonade Stand AD 18 Lemonade Stand DATA 19 Incentives 20 Costs versus Benefits 21
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1Economics

ECONOMICSName: ________________________________________________________________________

Teacher: _______________________________________Class Period: ____________________

JUDICIAL

Table of ContentsLEFT RIGHT

Table of Contents 1Economics Outline 2 Economics Outline 3Economics KWL 4 Economics Intro 5Economics Vocabulary 6 Economics Vocabulary 7Why Money? 8 Survivor! 9Zoo Outline 10 Zoo Instructions 11I, Pencil 12 The Making of a Product 13Your Future 14 Goods versus Services 15Lemonade Stand PART 2 16 Lemonade Stand PART 1 17Lemonade Stand AD 18 Lemonade Stand DATA 19Incentives 20 Costs versus Benefits 21Supply and Demand visuals 22 Supply versus Demand 23Zoo Economics 24 After Activity Questions 25

***You will be completing a poster project during this unit with a group—make sure you pre-purchase a poster board to complete this assignment***

ECONOMICS OUTLINE

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2Economics

Here is an outline of the activities for economics; this unit SHOULD be completed by __________, but MUST be completed no later than _________. Check with me after each step, I MUST initial off on completion before you may move on.

Daily: Complete Success Starters (see code on board to complete daily quiz)- Log score on graph on Page 3.1. Page 4: Complete K: what do you already know about this unit?

a. Think about what you already know, or what comes to mind when you think of the word economics, think about activities you did in elementary school about wants verses needs. List at least 4 facts [should take about 5 minutes]

2. Page 4: Complete W: what do you want to know about this OP?a. Read the Intro on page 5, look at objectives, learning targets, learning scales, vocabulary and the visual to get a

better understanding of what this unit will coverb. Write at least 2 specific questions you want to learn related to this unit [should take about 10 minutes]

3. Vocab: Create a vocabulary square for your assigned vocabulary term for this unit. [should take about 15 minutes]a. Get a piece of paper from your teacher; fold it in half so it opens UP, not from side to side.b. On bottom of the front, write the TERM. Make sure you spell it correctly, that it is clearly written and dark enough

to see.c. On the top of the front, draw a picture showing the term. You MUST make it colorful!d. On the inside TOP, write a sentence using the term.e. On the inside BOTTOM, write the definition. Use definition from civics textbook when available!f. On the back write your name AND class period.g. Make sure you copy the definition in your vocabulary on page 6/7 AND add the definition for economics, wants,

needs, resources and scarcity from the vocabulary wall.4. Page 8: We are going to look at wants and needs and how they change depending on your life and expectations. What you

want and need is much more basic when on a deserted island than in everyday society. [should take about 25 minutes]a. Left Side Activity on page 8: think about reasons why you need money. What do you use money for? Think about

wants AND needs. Do not just put your Birthday list, think about when you are an adult what bills you will have to pay.

i. Add at least 8 items to your organizer ii. Get with a classmate and add at least two items that they shared with you, discuss some of the

differences you had.b. Page 9: You have been chosen as a contestant on the show Survivor! Read the instructions and complete page 9

to gain a better understanding of wants versus needs and the use of resources. 5. Page 11: You are going to complete a real world application of economics by completing a project creating your own zoo. At

the end of the unit, you will answer questions reflecting back on your learning and apply economic principles to your zoo activity.

a. Using the instructions on 11, complete the SUMMATIVE zoo project. b. Left Side Page 10: Create a rough draft of your zoo using the guides provided.

i. You will work with a group to complete a poster and brochure for your zoo.6. Vocab: Using the vocab wall, fill in the definition for skilled worker, unskilled worker and natural resources on your vocab

pages in your notebook. [should take about 10 minutes]7. Page 13: You are going to read a little about the making of a product to get a better understanding of what goes into

production. [should take about 45 minutes]a. Grab a BLUE handout (it is also available on the website) and read the story aloud with a partner. When you have

finished reading, work together to complete the questions on page 13 based on the reading.b. Left Side Activity on Page 12: Now that you understand how to make a product, you will watch a video of how a

pencil is made. i. Complete the activity on page 12 using the video: https://www.youtube.com/watch?v=IYO3tOqDISEii. Then, write a two sentence response describing whether this is an easy or a hard process and why.

8. Vocab: Using the vocab wall, fill in the definition for goods and services on your vocab pages in your notebook. [should take about 10 minutes]

9. Page 15: You are going to look at the difference between goods and services. [should take about 35 minutes]a. Complete the activity on page 15 using the instructions on the page.b. Left Side Activity on Page 14: Using your new understanding of goods and services, you are going to jump into the

future and see how YOU will contribute to our economy. i. Complete the writing prompt on page 14 to explain how your future self will provide a service and if you

will supply a good or not in your future field.ii. Draw an illustration of your future self doing what you explained.

10. Vocab: Using the vocab wall, fill in the definition for consumer, producer, profit and raw materials on the vocab pages in your notebook. [should take about 10 minutes]

11. Page 17: We are going to create a virtual lemonade stand to better understand economics from a business perspective. [should take about 25 minutes]

a. Complete the worksheet on page 17 to get a basic understanding of the economics terms.

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3Economics

b. Left Side Activity on Page 16: In order to understand economics, we need to make some hypotheses about what might happen with our lemonade stand based on weather, pricing and competition.

i. Complete the guiding questions on page 16 with a friend to create some ideas of what could happen with your lemonade stand.

12. Page 19: You are going to have a virtual lemonade stand and see how different factors contribute to your profits. [should take about 45 minutes]

a. Go to: https://www.omsi.edu/exhibitions/moneyville/activities.php and click “Lemonade Stand”b. While you are playing the game you need to complete the chart to log your first 7 days of business.c. When you are done, complete the final questions to better understand how your business did and see if some of

your hypotheses were true.d. Left Side Activity on Page 18: Create an advertisement for your Lemonade Stand.

i. Using your understanding of propaganda, create a one page ad to run in a local magazine to try and promote your business! Think of a slogan and make it colorful… what is going to get someone to come buy YOUR lemonade?

13. Vocab: Using the vocab wall, fill in the definition for cost, benefit, incentive and opportunity cost on the vocab pages in your notebook. [should take about 10 minutes]

14. Page 21: You are going to better understand what costs and benefits are and how they affect you. [should take about 45 minutes]

a. Watch AND listen to the PowerPoint on the website to complete activities for costs and benefits.b. Left Side Activity on Page 20: Now that you have a better understanding of opportunity cost and costs versus

benefits, you are going to apply that understanding to a current “hot topic”.i. Complete the paragraph response based on the prompt on page 20, make sure to read the instructions

carefully!15. Vocab: Using the vocab wall, fill in the definition for capitalism, supply, demand, market and price on the vocab pages in

your notebook. [should take about 10 minutes]16. Page 23: You are going to get a basic understanding of supply and demand and how it affects price. [should take about 35

minutes]a. Watch AND listen to the PowerPoint on the website to complete activities for supply and demand.b. Left Side Activity on Page 22: Knowing how supply and demand can shift prices, I want you to draw a diagram

explaining how supply affects price and how demand affects price. Make it fun and colorful!17. Page 25: Using all your new knowledge of economics, you are going to reflect on your zoo project. :

a. Answer the questions on page 25 about your zoo to understand the decisions made in your zoo were economic decisions.

b. Left Side page 24: Draw a picture of an economic decision being made at your zoo (remember making a choice is economics--- many times those decisions deal with money, but they do not have to!) and write a two sentence explanation of the economic event.

18. Go back to Page 4 and answer the L of your KWL to demonstrate your understanding of economics.

I can synthesize my knowledge of economics to create a zoo keeping in mind opportunity costs, scarcity, costs versus benefits and supply versus demand (step 18-20)

I can distinguish between costs and benefits and supply and demand and can relate them to current events (step 14 through 17)

I can differentiate between goods and services and evaluate various scenarios to create a successful business (step 9 through 13)

I can identify the basic ideas of economics, the need for money and the differences between wants and needs and how resources contribute to production (through step 8)

1 2 3 4K

What do you already know?W

What do you want to learn about?

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4Economics

LWhat have you learned?

How does economics play a role in your daily life and the life of your parents? Explain using AT LEAST 5 vocabulary terms from this unit (underline them).

Economics The U.S. economy is the result of millions of decisions its residents make every day about producing, earning, investing, and spending.

Unit Objective: Students will begin to understand the basic principles of economics and how it plays into their everyday lives and the lives of others.

Learning Targets: - Explain how the principles of a market and mixed economy helped to develop the United States into a democratic nation.

- Review the concepts of supply and demand, choice, scarcity, and opportunity cost as they relate to the development of the mixed

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market economy in the United States.- Assess how profits, incentives, and competition motivate

individuals, households, and businesses in a free market economy.Essential Question: How does economics play a role in your daily life and the life of your

parents?Benchmarks: SS.7.E.1.1, SS.7.C.1.3, SS.7.C.1.5Vocabulary: Economy, Economic system, Opportunity cost, Resource, Revenue, Scarcity,

Traditional Economy, Competition, Consumer, Demand, Market, Producer, Shortage, Supply, Surplus, Balance, Budget, Consumerism, Credit, Debt, Incentive, Warranty, Profit, Incentive, Capitalism, wants, needs, raw materials, natural resources, unskilled workers, skilled workers, goods, services, cost, benefit, price

Visual:

Questions:(Write any questions you have that need to be clarified here)

ECONOMICS VOCABULARYEconomics

Capitalism

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Wants

Needs

Resources

Scarcity

Skilled workersUnskilled workersNatural

resourcesGoods

Services

Consumer

Producer

Profit

Raw materialsIncentives

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7Economics

Costs

Benefits

Opportunity costs

Supply

Demand

Market

Price

Why do we need money?

Rent/ Mortgage (housing)

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food

You have been selected to be a contestant on the show Survivor. You will be stranded on an undiscovered and uninhabited island in the middle of nowhere. You have no contact with other people other than the other contestants stranded with you. In order to be the last Survivor and win the million dollar prize, you have to figure out how to survive in your new surroundings.

First, explain the difference between NEEDS and WANTS. __________________________________

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_____________________________________________________________________________________

_____________________________________________________________________________________

If you are stranded on a deserted island what are some wants and needs you may have?

NEEDS: WANTS:

You cannot have everything you want due to a lack of resources, which is called scarcity. This year, the show is allowing you to bring THREE items from home other than the clothes on your back. What three items will you choose (think about items that may possibly help you win the game)? The items have to be small enough to fit in a backpack (can't ask for an RV), and they have to be wants NOT needs (no food or water!).

1. ______________________________________________________________________________2. ______________________________________________________________________________3. ______________________________________________________________________________

These items are RESOURCES. They can be used to help you MAKE something you want or need... and help you win the million dollars! (Remember who your favorite teacher is when you win!)

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25 ACRES

Lion - 2 acres; Turkey - 1/10 acre; Giraffe -1 acre; Seal - 1/2 acre; Camel - 1/2 acre; Cheetah - 1 acre; Cow - 1/3 acre; Monkey - 1/2 acre; Asian Elephant - 1 acre; African Elephant - 1.5 acres; Reptile House - 5 acres; Hammerhead Shark - ½ acre; Kangaroo - 1/2 acre; Tiger - 1 acre; Whales - 3 acres; House of Birds - 5 acres; Zebra- 1.5 acre

*Numbers are acres required for ONE animal (hint: they don’t like being alone!) [If you had 2 of each, it would take over 34 acres – so you will have to make choices.]

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Zoo Instructions You are going to be building a new zoo. You have to decide what animals to have. Space is limited. You get 25 acres. Take a few minutes to make your selections, make sure you

remember the following rules: You ONLY have 25 acres You MUST fill them all You cannot only have one animal, you must have AT LEAST

two if you choose that animal (for example: an African Elephant needs 1.5 acres, but you MUST have two, so you will need 3 acres for African Elephants)

ONLY exceptions are the House of Birds and House of Retiles, which already have multiples

You MUST choose from the animals on the list (no other animals are available)

Lion - 2 acres Turkey - 1/10 acre Giraffe -1 acre Seal - 1/2 acre Camel - 1/2 acre Cheetah - 1 acre Cow - 1/3 acre Monkey - 1/2 acre Asian Elephant - 1 acre

African Elephant - 1.5 acres

Reptile House - 5 acres Hammerhead Shark - 1/2

acre Kangaroo - 1/2 acre Tiger - 1 acre Whale - 3 acres House of Birds - 5 acres Zebra – 1.5 acres

- Unfortunately, you do not have enough money to build your own zoo and you are going to have to take on partners. You need to work in groups of 2-4 to create and market your zoo. Compare your zoo outlines with your partners and come up with a plan together. You can lay out your “together” zoo plan on some of the extra outline pages in the folder. Once you have come up with a space plan for your 25 acres, then you need to create a name for your zoo and a brochure to promote your zoo (tell us about what you have to offer, kinds of animals, food, fun and educational programs, its name, etc– think propaganda). You will need to think about a price for your zoo to make it marketable,

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Pencil

12Economics

yet still profitable (you may want to search local zoos and see what they set their prices as and what other things they offer).

- On a poster I want you to draw a map of your zoo (much like one you would see to show you where everything is located). Label ALL your animals and how many of them you have, add visuals (if you are not an artist, you may print pictures and add them) and it must be colorful. Make sure you label your walkways, the entrance, if you have a snack stand, gift shop and anything else you may have.

- You will be working with a group so make sure someone in your group gets a poster for you to be working on together during class. I suggest coming up with an outline and ideas and then splitting up the work so that one or two of you work on the poster, while the others work on the brochure.

I, PencilWatch the video: I, Pencil and using the information illustrate AND label the different parts to the pencil and describe a bit about each part (where the materials come from, what they are, who makes them, what goes into producing them, etc).

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The Making of a Product

Directions: Answer the following questions as you read the packet “The Making of a Product”

1. What are three things needed to make a product?a) _______________________ b)_________________________ c)_______________________

2. What are those who make products by hand called? ___________________________________3. Describe mass production and how assembly lines and automation are a part of it. __________

__________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

4. What is the difference between skilled and unskilled workers? _________________________________________________________________________________________________________

5. List 5 jobs that are skilled and unskilled labor.

Skilled Labor Jobs Unskilled Labor Jobsa)

b)

c)

d)

e)

a)

b)

c)

d)

e)

6. What are some problems in countries with few skilled workers? ______________________________________________________________________________________________________________________________________________________________________________________

7. Why is it so important for countries to educate and retrain workers? _______________________________________________________________________________________________________________________________________________________________________________

8. What are natural resources? _____________________________________________________

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______________________________________________________________________________9. What is the difference between renewable and non-renewable resources? Give TWO examples

Renewable resources:

a)

b)

Non-renewable resources:

a)

b)

10. Explain how natural resources become products. __________________________________________________________________________________________________________________________________________________________________________________________________

11. How do natural resources affect a country’s economy? _____________________________________________________________________________________________________________________________________________________________________________________________

12. What are the two most important things a country can have? ____________________________

Your FutureWrite me a PARAGRAPH explaining what future job you hope to have and what services you would provide based on that job. Will you produce a good through your job? Then draw me an illustration (with color) showing me what the exchange of goods or services would look like in your future!

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Goods versus Services

GOODS SERVICES

After reviewing the definition of goods and services, get with a partner to put the following items in the correct location on the T chart. THEN add AT LEAST 5 items to EACH side of the T chart. Here is a list of what I paid for, are they considered a good or a service?

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Medical bill Massage TutorPaint Art classes Museum TourGroceries Dog bath Bought a DVDTipped my server Cheeseburger Movie at the movie

theaterPart 2:

 Answer the following questions using complete sentences.

1. Before opening your lemonade stand for the day, you check the weather

forecast and notice that it is going to be a very hot day. What will this do to

the demand for

yourlemonade? ______________________________________________________________

______________________________________________________________________________

___________________________________What should you do to the price of your

lemonade?

Why? _______________________________________________________________________

______________________________________________________________________________

_______________________________

2. You have been selling each cup of lemonade for fifty cents. It costs you ten

cents to make each cup of lemonade. How much money are you making from

each cup

of lemonade? ________________________________________________________________

__________________________________________________

3. A competitor sets up a lemonade stand only two blocks away from your

stand. The competitor is selling each cup of lemonade for forty cents. What

should you

do? __________________________________________________________________________

______________________________________________________________________________

_______________________________

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_______________’s Lemonade Stand

Supply Demand Consumers Producer Product Raw Materials Price

Part 1:

Use the words from the word box to complete the sentences.

1. You are starting your own lemonade stand. This means that you are a

_____________ and the lemonade is the ______________that you are making and

selling.

2. Sugar, ice, cups and lemons are all _______________ that you will need to make

lemonade.

3. The people that buy lemonade from your stand are called _________________.

4. The _____________ is how much lemonade that you have available.

5. The _____________ is how much lemonade that people want.

6. The _____________ of your lemonade tells consumers how much money they

will need to buy your lemonade.

Lemonade Stand Ad

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 _______________’s Lemonade Stand 

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You have opened a lemonade stand and are trying to make a profit. Complete the following chart for your first seven days of business.

Day

Weather Forecast Price per Cup Number of pitchers made

Profit

1

2

3

4

5

6

7

 

1. What was your total profit after seven days? ________________

2. Did you make money or lose money? Why do you think this

happened? ____________________________________________________________

________________________________________________________________________

________________________________________________________________________

________________

IncentivesDig a little deeper: ObamaCare is a highly debated topic, but in all reality, it did increase the amount of people in America who have health insurance. Part of this was because of the “incentive”. Incentives do not necessarily have to be positives, they can also be negatives—such as with ObamaCare. If you do NOT have insurance, you will be fined at tax time. Insurance must be offered for full-time employees

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and low income families can qualify for Medicaid (free state run health insurance) or less expensive insurance plans through healthcare.gov. Do you feel this is a good system? What are the costs and benefits of ObamaCare? Are the incentives helping or hurting (think about BOTH sides- what are people gaining and what are people giving up)?

Write a PARAGRAPH response describing your stance and using the following vocabulary (underline in your response).

Cost Benefit Incentive Opportunity Cost

_____________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

Costs versus BenefitsAfter reviewing the definitions for cost, benefits, opportunity cost and scarcity, complete the following activities as you go through and listen to the PowerPoint.

Attending SchoolCosts Benefits

1. 1.

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2.

3.

2.

3.

Unfortunately, we can’t always get what we want… there is always a cost for every choice we make. What are some examples of bad choices? Was there a cost to those choices? _________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

What is the Opportunity Cost of Free Lunch

What are the opportunity costs (what did you give up? What could you be doing instead?) of the following choices?

1. Buying a gift for a friend: ________________________________________________________________________________________________________________________________________

2. Working an after school job: _____________________________________________________________________________________________________________________________________

3. Waiting in line for an hour to buy a new cell phone: __________________________________________________________________________________________________________________

4. Playing on your Xbox for two hours after dinner: ____________________________________________________________________________________________________________________

Define:Utility: ____________________________________________________________________________________________________________________________________________________________________Incentives: _________________________________________________________________________________________________________________________________________________________________

Supply

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Demand

Supply versus DemandAfter reviewing the definitions for market, supply and demand, complete the following activities as you go through and listen to the PowerPoint.

Draw the exchange that happens in a market.

Critical thinking: How is a market economy similar to a democracy?____________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

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READ EACH STATEMENT BELOW AND DECIDE WHETHER THE PRICE OF THE ITEM WILL GO UP OR DOWN. ALSO, IS THIS BECAUSE OF A CHANGE IN SUPPLY OR DEMAND?

Will Price go UP or DOWN? Because of SUPPLY or DEMAND?A TICKET TO SEE YOUR FAVORITE FOOTBALL TEAM NOW THAT THEY’VE MADE THE PLAYOFFSA GALLON OF GASOLINE AFTER A HURRICANE SHUTS DOWN OIL DRILLING PLATFORMS IN THE GULF OF MEXICO.A BUSHEL OF CORN AFTER FARMERS IN IOWA DISCOVER A MORE POWERFUL FERTILIZER.A PAIR OF DESIGNER JEANS AFTER EVERYONE’S FAVORITE CELEBRITY IS SEEN WEARING THEM THE NIGHT BEFORE ON AN AWARDS SHOW.A BIG MAC AFTER RESEARCHERS DETERMINE THAT EATING TOO MUCH FAST FOOD CAUSES STUDENTS TO GET LOWER GRADES.

Many of you are into Roshe’s (the shoes- for people like me who couldn’t care less about shoes). Using the words below and the information you learned in this PowerPoint, explain why these shoes are so darn expensive! (Underline the vocabulary terms in your explanation)

Supply Demand Price Market____________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

Zoo Economics

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After Activity Questions1. Why didn't you put one of every animal in the zoo? (choose one)

Scarcity Raw Materials Profit2. Why didn't you put a turkey in your zoo? (choose one)

Services Benefits vs. costs ConsumerWhy?

3. Why did you choose an Asian elephant and not an African elephant? (choose one)Benefits vs. costs Supply vs. demand

Why?

4. What is the animal that just missed the cut for your zoo? (choose one)Scarcity Opportunity cost Capitalism

What was it?

5.What animal did everyone in your group agree to include?

6.Would everyone in your group have made the same choices if they did it alone? Did you have to compromise is your group?

• This is when you are dealing with Individual benefits vs. social benefits

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Using all your economics knowledge, answer the following questions, give AT LEAST three answers for EACH question:

• What is the cost of staying in school?• ____________________________________________________________________• ____________________________________________________________________• ____________________________________________________________________

• Why do some students choose to drop out of school?• ____________________________________________________________________• ____________________________________________________________________• ____________________________________________________________________

• Why do most students choose to stay in high school and graduate?• ____________________________________________________________________• ____________________________________________________________________• ____________________________________________________________________

• What are the future consequences of a decision to drop out of school vs. stay in school?• ____________________________________________________________________• ____________________________________________________________________• ____________________________________________________________________

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