WISE Economic Concepts How is my project Related to Economics?

“Scarcity” Limited resources and unlimited wants. Resources: Time, money, talent

Opportunity Cost The next best alternative given up when you decide to choose one thing over others. Opportunity “Lost” “Trade Off” of one for another

Productivity The amount of output based upon the time spent at a task How efficient are we as workers based upon the time we have to create something?

Economic Systems Tradition: Skills are passed on from generation to generation Command: The government orders the economy to do it Market: People choose what to “supply” for the“demand”

Economic Systems Influence Choices Are there “rules” or customs which influence your project? Does your site have written or unwritten rules or customs? Are there traditions, rules, or a market involved at your site? What about in the field that you are researching?

Consequences of Choice Lie in the Future: What is the future of your site? Will there be careers in this field? Or will things change? What kind of salary is associated with this field/interest? Will technology replace this career? Or what kind of technology is involved? Will there always be a market for this business?

W.I.S.E. Economics Entries People Choose All Choices involve costs The consequences of choice lie in the future Economic Systems influence choices People respond to incentives predictably voluntary trade creates wealth How do these principles apply to your project? How can you write about them as they apply to your project in your journal?

Take 5 minutes: Write about your project: Why did you choose it? What are you giving up to do it in hours, activities, opportunities, or other choices? What worries are you experiencing as you prepare for your project? What excitement? Have you spent any money in preparing for your project? How have you raised the $? Be prepared to share with us what you wrote

SO, WHAT HAVE WE LEARNED TODAY? WRITE DAILY/RESPOND TO YOUR MENTOR’S SUGGESTIONS DESCRIBE WHAT YOUR SEE, USE ACTION WORDS, BE THINKING ABOUT YOUR FEELINGS, BOTH GOOD AND BAD, AS YOU WRITE. CONSIDER THE “COSTS” AND “BENEFITS” OF YOUR EXPERIENCE IN TIME, MONEY AND RELATIONSHIPS. EVALUATE YOUR EXPERIENCE