ENTREPRENEUR- OPPORTUNITY

WARM UP  What are goods?  Write down 3 examples of goods  What are services?  Write down 3 examples of services

HOMEWORK  Pretend that you are an Entrepreneur…answer the following questions in one sentence for each question:  What is an Entrepreneur?  What makes you an Entrepreneur?  What kinds of goods/services will you be making?  Which Factor of Production will you be using to make this good/service?  REFER TO PG. 4-5 in your textbook if you need help

LOOKING AHEAD  First Quiz Next Week

LEARNING OBJECTIVES  Enhance public speaking skills  Analyze resources and value  Interpret how availability of resources impacts Economics

GROUP PROJECT  Finish Entrepreneur Project  Practice presenting your poster to the class with your group

PAIR-SHARE HOMEWORK  Five Minutes to share your homework with a partner  We will share your ideas with the class

DISCUSSION  What is a resource?  What does it mean for something to have value?  What resource do you think is the most valuable in Brentwood? Why?  What resource do you think is the most valuable in the United States? Why?  What resource do you think is the most valuable in the world? Why?

AVAILABILITY AND SHORTAGE  Availability: The extent to which there are enough resources for people to get  Scarcity: There are not enough resources for everyone’s needs and wants  Shortage: So many people want a resource that the producer of the resource has to change the price  Producer: Someone who makes a good or service  Consumer: Someone who buys a good or service

CHECK FOR UNDERSTANDING  How do you think the availability of resources will impact the price of the good/service?  If there is a shortage of resources, is that better for the consumer or the producer of the good/service?

EXPERIMENT: THE CHIPS EXPERIMENT  Each student has 10 dollars  There are 35 Bags of Chips available  1 Bag of Chips=$1.00  You can only buy 1 Bag of Chips in the first Round  There will be More “Purchasing Rounds” after the First Round

WRAPPING UP  What does this experiment tell you about how availability, scarcity, and shortage impact pricing?

WARM UP  What were the economic conditions like for the people who settled in California?  What resources were scarce and how did this impact their value?  What kinds of goods and services did they have and what did they need?

HOMEWORK: FILL OUT STUDY GUIDE  Write 1 sentence for each term on the study guide which describes the meaning of the word and its connection to Economics

LOOKING AHEAD  Quiz Next Week

LEARNING OBJECTIVES  Engage in Visual and Auditory Learning  Analyze the meaning of Trade Offs and Thinking at the Margin  Interpret how Opportunity Cost impacts your own life

REVIEW SHEET  Matching Section: Write the correct letter next to the correct number (NOT A BUNCH OF LINES CRISS-CROSSING)  Create an Entrepreneur Flow Chart on the back of the paper using the information I gave you

TRADE OFFS  Trade-Offs: Making a decision that leads to someone having to decide between one choice or another  Example: Since I love Pugs, I decided to get Biggie rather than a Pitbull

TRADE-OFFS IN YOUR LIFE  The class is going out to eat at a restaurant. We have to decide what type of food we are going to eat… 1.What are your three favorite restaurants? 2.What are good things about going to these restaurants 3.What are bad things about going to these restaurants After you have answered these questions, as a class, we will decide where we are going to eat based on good and bad things about these restaurants

CHECK FOR UNDERSTANDING  How did our restaurant activity show a Trade-Off???

OPPORTUNITY COST  Opportunity- A chance to do something  Opportunity Cost- The best choice lost due to a decision being made  In our restaurant activity, what was the Opportunity Cost of our decision?  In our “Chips Experiment”, what was your Opportunity Cost?  Think of the most important decision that you have made since school started…what was the Opportunity Cost of this decision?

OPPORTUNITY COST IN THE MEDIA  Bend it Like Beckham:  What was the Opportunity Cost for this woman to play soccer?  The Hurt Locker:  What is the Opportunity Cost for this soldier of fighting in Iraq?  Creed: What is the Opportunity Cost for Creed if he lets Rocky become his trainer? What is the Opportunity Cost for Rocky if he becomes Creed’s trainer?

THINKING AT THE MARGIN  Thinking at the Margin: Deciding how much more or less to do What decisions does Jerry have to make? How are these decisions examples of “Thinking at the Margin”? What are the possible Opportunity Costs of these decisions?

WARM UP  What is a decision?  How do you make decisions?  In what ways did we see decisions connect to Economic principles last class?

HOMEWORK: FILL OUT STUDY GUIDE  Write 1 sentence for each term on the study guide which describes the meaning of the word and its connection to Economics

LEARNING OBJECTIVES  Analyze Decision-Making Grids  Apply Economic Principles to your own life  Prepare for Quiz

LOOKING AHEAD  Quiz Next Week

DECISION-MAKING GRID A Decision-Making Grid includes the following:  Decision- Making a choice to do something  Benefit- Goods things about that choice  Cost- Bad things about that choice

EXAMPLE: SHOULD I PLAY SOCCER OR TENNIS DecisionI will play SoccerI will play Tennis BenefitMore Exercise More people watch More chance to stand out Less Competition CostLess chance to stand out More Competition Less Exercise Fewer people watch

DECISION-MAKING GRID  You will be making a Decision-Making Grid for the following decisions: 1.Sleep longer in the morning or getting up early to study for the quiz 2.Downloading music without paying for it 3.What you want to do after high school

QUIZ REVIEW SHEET  Fill out the matching section  Write an example for each term  Create an Entrepreneur Flow Chart

CHARADES  You will get a card with a word or concept that is going to be on the quiz  You have to get someone from the class to guess the word WITHOUT MAKING SOUNDS OR NOISE (YOU CAN’T SAY ANYTHING)  If you get someone to guess the word without saying anything, you will get 3 points extra credit on the quiz

WARM UP  Write out three words/terms/concepts that were on the study guide which you would like to review

LEARNING OBJECTIVES  Synthesize the Basics of Economics  Review material that will be on quiz  Engage in Collaborative Learning

NEXT CLASS=QUIZ  MAKE SURE YOU STUDY

PAIR-SHARE WARM UPS  Switch your warm up with a partner  Explain to your partner what the three words mean that they wrote down  ASK QUESTIONS IF YOU DON’T UNDERSTAND

KAHOOT.IT  THIS IS THE ONLY TIME YOU WILL BE ALLOWED TO USE YOUR CELL PHONES  Login to Kahoot.IT  Put in your name  Enter the Pin Code that I will show you

JEOPARDY  RULES:  Your group will be allowed to choose which category they want to answer a question from  Once someone from your group answers: that is the group’s final answer to the question!  Your group has 1:00 minute to answer the question  If your group gets the question wrong, the question goes to the group after you, and they have 30 seconds to answer the question  If someone in your group doesn’t follow the Class Norms, your whole group will lose points

RE-WRITE THE LYRICS TO A SONG  In a group of 4-5, pick a song of your choice, and rewrite the lyrics using terms, concepts, and ideas that will be on the quiz  You have to write out a script for your song  The script has to have at least ten lines and include lyrics that will help you review for the quiz