Economic Decision Making

April 15th, 2015

Warm Up

What is scarcity, and what are the 3 economic questions that it creates?












Learning Objective: Students will understand how economic decisions are made.

Success Criteria: Students can explain the concepts of cost-benefit analysis,opportunity cost, and what these decisions tell us about people and a society.

Scarcity

April 14th, 2015

Warm Up

What is the difference between a want and a need?  Give 2 examples of each.














Learning Objective: Students will understand the problems associated with scarcity.

Success Criteria: Students can explain how our economic system tries to solve for the problems of scarcity.

To be on target to complete your packet in time for the test, you should complete pages 5 & 6 by the end of today.  Chapter 18 Section 1: How Economics Works will assist you with this.

Economics begins today!

April 13th, 2015

No warm up today.

Welcome Back!!!!

Learning Objective: Students will preview vocabulary words necessary to gain a successful understanding of economics.

Success Criteria: Students can define basic economic vocabulary words.












Today we begin our study of economics, the study of how our society decides the three big questions every society must answer:

1. What do we make?
2. How do we make it?
3. Who gets what is made?

In order to begin, we must have an understanding of some basic words.  We will be using Zondle to learn these words through trial and error.  As you play write down the definitions on page 3 of your packet.  Eight of the eleven words in today's game are on page 3, the other words will show up later in our unit, don't worry about those right now.

Once you finish page 3 of your packet, use these words to fill in the blanks on page 4 of your packet.

You will be using "Basic Econ Vocab 1" today.

To be on target to complete our packets for the test, you should have pages 3 & 4 completed by the end of class.