Opportunity and Production

Could we have done a better job illustrating this concept? How so? Warm Up What Economic concept was I trying to illustrate in the “Chips Experiment”? Could we have done a better job illustrating this concept? How so?

Essay on Education and Career (Marriage Project) Write a 1-2 Page Essay on the career that you will be choosing for the marriage project and the education you will need to get this career BE SURE TO INCLUDE a clear thesis Statement, Introduction, Conclusion, and Body Paragraphs Education: Major, Best and Least Best College Choices, Expenses, Requirements, Acceptance Career: Pick a career and explain why this career, chances of getting the job, Income

Looking Forward: NEXT CLASS Bring Textbooks NEXT CLASS This will be graded

Analyze the purpose of Decision Making Grids Learning Objectives Analyze the purpose of Decision Making Grids Interpret Opportunity Cost, Trade Offs, and Thinking at the Margin Synthesize the idea of Guns and Butter

Homework Presentations- Five Minutes Learn from your mistakes in the first Presentation Look at the Class while you are speaking Write down notes on Index Cards Enthusiastic/engaging voice Good Pacing Extra Credit for Best Presentation and Entrepreneurship

Review Sheet Write out the definitions of each of the different Economic Vocabulary terms on the Review Sheet

Trade-Offs Trade-offs: All the choices/opportunities that we give up when we choose one course of action over another Simulation: 1. List your top 5 favorite vacation spots 2. Identify pros/cons of each vacation spot 3. Pick your favorite vacation spot and explain why you chose this place 4. Identify what you gave up in order to go to the vacation place that you selected

Opportunity Cost Opportunity Cost: The most desirable alternative given up as the result of a decision What was your Opportunity Cost of your vacation spot that you picked? What was your Opportunity Cost during the “Chips Experiment”? Think of the most important decision that you have made since school started…what was the Opportunity Cost of this decision?

Examples of Opportunity Cost in the Media Bend it Like Beckham: https://www.youtube.com/watch?v=- sETt_XmwSE What is the Opportunity Cost for this woman of playing soccer? The Hurt Locker: https://www.youtube.com/watch?v=jA713R-tRh0 https://www.youtube.com/watch?v=3PgbNQU3cYo What is the Opportunity Cost for this soldier of fighting in Iraq? Creed: https://www.youtube.com/watch?v=IxjbQ8YIbKI 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?

What is an Opportunity Cost? Warm Up What is a Trade-Off? What is an Opportunity Cost? What is the difference between the two terms?

Essay: Career and Education (Marriage Project Write a 1-2 Page Essay on the career that you will be choosing for the marriage project and the education you will need to get this career BE SURE TO INCLUDE a clear thesis Statement, Introduction, Conclusion, and Body Paragraphs Education: Major, Best and Least Best College Choices, Expenses, Requirements, Acceptance Career: Pick a career and explain why this career, chances of getting the job, Income

Analyze Thinking at the Margin Interpret Decision-Making Grids Learning Objectives Analyze Thinking at the Margin Interpret Decision-Making Grids Synthesize Guns and Butter

Thinking at the Margin Thinking at the Margin: Deciding how much more or less to do http://yadayadayadaecon.com/clip/7/ What decisions does Jerry have to make? How are these decisions examples of “Thinking at the Margin”? What are the costs and benefits of these decisions?

Applying to your own life- Graph Worksheet -Downloading Pirated Music -What you want to do after high school -Decision of your choice

Journal 1: Guns or Butter Start a section in your notebook called “Journals” After reading the article, summarize the article in two paragraphs(10 or more sentences) Title of this Journal Activity: Journal 1-”Guns or Butter” In the paragraph(s), be sure to fully answer all the questions on the reading

What is the purpose of a Decision-Making Grid? Warm Up What is the purpose of a Decision-Making Grid? What three categories need to go into an Decision-Making Grid?

Homework: Complete Study Guide For each term/concept on the Study Guide, write out all relevant information that might be on the quiz

Looking Ahead First Quiz Next Week Start Studying Today

Learning Objectives Analyze how propaganda/imagery has impacted the US throughout history Synthesize the idea of Production Possibilities Engage in Creative and Collaborative Learning

Practice with Decision Making Grids You are trying to get a job. You have a decision to make…you can either work at Safeway or McDonalds Create a Decision Making Grid to weigh the costs and benefits of this decision

Brainstorming How has propaganda and imagery throughout US history impacted production of certain goods? What factors must you consider when thinking about production possibilities? How does production connect with other economic ideas we have studied?

Historic Propaganda/Imagery After each image is shown, write: The title of the image The people/places the image is referring to The good/service that the image is trying to get Americans to produce The message of the image How and why the image is trying to get Americans to produce the product

Valley Forge

The Civil War

World War I

World War II

World War II (Number 2)

The Cold War

Check for Understanding How has art and propaganda been used in the past to increase production in different sectors of the American Economy? What is the connection between production and warfare? What kinds of visuals can you use to show production possibilities?

Textbook Work: Pg. 13-18 Read Chapter 1, Section 3, entitled “Production Possibilities Curve” and answer questions 1-7 in Section 3 Assessment

Vocabulary Production Possibilities Curve: A graph that shows alternative ways to use an economy’s productive resources Production Possibilities Frontier: The line on a production possibilities graph that shows the maximum possible production output Efficiency: Using resources in such a way as to maximize the production of goods and services Underutilization: Using fewer resources that an economy is capable of using

What is the “Guns or Butter” Economic Model? Warm Up What is the “Guns or Butter” Economic Model? What does this model say about how one resource is impacted when production of a second resource is increased?

Homework: Complete Study Guide For each term/concept on the Study Guide, write out all relevant information that might be on the quiz

Interpret the Law of Increasing Cost Enhance independent review skills Learning Objectives Interpret the Law of Increasing Cost Enhance independent review skills Synthesize material that will be on Quiz 1

First Quiz= Two Classes from now Start Studying Today!!! Looking Ahead First Quiz= Two Classes from now Start Studying Today!!! Be ready for Notebook Check (Class Norms- Law of Increasing Cost)

Group Project: Create your own Nation Groups= 4/5 People You will be creating two Production Possibility Curves for your nation Pick an event that is going to lead to the change of production outputs of two resources Roles for Group Members: -National Leader -Citizens -Economist

Group Project Presentations Each person in your group needs to role-play a person in your country Your group needs to create 3 questions to ask the class about the graphs Your group needs to write out a script that will explain Event that is causing the production possibilities to change Resources that are being impacted, how and why the production of these resources are changing, and the overall impact on the economy How the citizens of the nation feel about the change in production of resources

Question Ideas-You are not limited to these ideas Your three questions that you are going to ask the class can revolve around: Opportunity Cost of the decision/event Trade-off that is taking place Consumer/Capital Goods Factors of production Future of your nation’s economy Efficiency of your nation’s economy

My example: Nation of Biggie Event: Biggie declares war on Tupac Economic Plan: Produce more guns and less dog treats Overall Impact on Economy: Food is going to be less available and more expensive, but it will be advantageous after we win this war Questions: What is the Opportunity Cost of my decision to go to war? Which factors of production will I need to increase to produce more guns? What do you see for the future of my nation’s economy and why?

Law of Increasing Cost Law of Increasing Costs: As we shift making more of one good/service to another good/service, the cost of producing the second resource increases

My New Business: Rosenberg Inc.

My Business: M&Ms and Chips What does the first dot on the graph represent? What does the second dot represent? According to the Law of Increasing Cost, what should happen to the price of Chips? What other factors or economic theories would play a role in value and price change of the Chips and M&M’s?

Experiment Each student has $10.00 There are 20 Bags of Chips Available There are 20 Bags of M&Ms Available 1 Bag of Chips= $2.00 1 Bag of M&Ms=$3.00 First Round: Each student can pick 1 Bag of Chips or 1 Bag of M&Ms

Check for Understanding How did the price of Chips change from Experiment 1 to Experiment 2? How did the availability of M&M’s impact the price of chips? How does this demonstrate the Law of Increasing Cost? What other factors impacted the results of this Experiment?

Review Sheet Fill out the Matching Sheet to prepare for the quiz DON’T CRISSCROSS LINES: WRITE THE CORRECT LETTER NEXT TO THE NUMBER OF THE DEFINITION THAT IT CORRESPONDS TO Analyze the Production Possibilities Curve on the back of the sheet and answer the questions that follow

In-Class Time To Work on Study Guides/Marriage Project Use this in-class time to work on your study guides OR Plan out your proposal, wedding, and honeymoon with your marriage partner

Write down five vocabulary terms that you think will be on the quiz Warm Up Write down five vocabulary terms that you think will be on the quiz

Homework: Complete Study Guide For each term/concept on the Study Guide, write out all relevant information that might be on the quiz

Synthesize material that will be on the quiz Learning Objectives Synthesize material that will be on the quiz Review key concepts, terms, and ideas Engage in Individual and Collaborative Learning

STUDY For the quiz next class NEXT CLASS=QUIZ STUDY For the quiz next class Be ready for Notebook Check (Class Norms- Law of Increasing Cost)

Switch Warm-Ups with a partner and define their vocabulary terms Pair-Share Warm Ups Switch Warm-Ups with a partner and define their vocabulary terms

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 display

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

Jeopardy I will choose a captain from each time- only that person can give the final answer for the team Your group will lose points if… 1. SOMEONE IN YOUR GROUP COMPLAINS ABOUT THE GAME (“This is Stupid”) 2. CLASS NORMS ARE NOT BEING FOLLOWED BY SOMEONE IN YOUR GROUP Examples: Cursing, Side Conversations, Not Listening, etc. IF YOUR GROUP ENDS UP WITH NEGATIVE POINTS, EVERYONE IN THE GROUP WILL LOSE 3 POINTS ON THE QUIZ

Rewrite 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

Warm Up Get ready to take quiz Have notebook ready for me to check (Class Norms- Law of Increasing Cost)

Homework: Research Project Part 1 You will be researching the economies of three different nations For each nation, print out an article that describes what kind of economy that nation has For each article, in one paragraph, summarize what type of economic system and explain the primary economic goals and values

Homework: Research Project Part 1 The countries that you can choose to research are: Russia China Afghanistan Venezuela Cuba

Take Quiz on Basics of Economics I will be checking Notebooks while you are taking the quiz Keep your eyes on your own paper

Marriage Project Decide which partner is planning the proposal/honeymoon and which partner is planning the wedding Begin working on your part of the project Remember to be as detailed as possible Talk with your partner about what you both will need to work on outside of class Remember to add photos, details, and specific information to your Marriage Binder