EPF 10 – The student will develop consumer skills by examining basic economic concepts & their relationship to product prices & consumer spending

EPF 10 – The student will develop consumer skills by examining basic economic concepts & their relationship to product prices & consumer spending EXERCISE: Using the economic concepts listed, identify common consumer decisions that people make regularly: Efficiency Supply & Demand Profit-Taking Competition Consumer Sovereignty Incentives PART 1 DISCUSSION

EPF 10 – The student will develop consumer skills by examining basic economic concepts & their relationship to product prices & consumer spending EXERCISE: Using the economic concepts listed, identify common consumer decisions that people make regularly: Efficiency Supply & Demand Profit-Taking Competition Consumer Sovereignty Incentives An increase in productivity that lowers the cost of production thereby increasing supply, leading to a decrease in price and or more profit (Part 2 – Written)

So, at home, how does your family increase its efficiency? EPF 10 – The student will develop consumer skills by examining basic economic concepts & their relationship to product prices & consumer spending EXERCISE: Using the economic concepts listed, identify common consumer decisions that people make regularly: Efficiency Supply & Demand Profit-Taking Competition Consumer Sovereignty Incentives An increase in productivity that lowers the cost of production thereby increasing supply, leading to a decrease in price and or more profit So, at home, how does your family increase its efficiency?

EPF 10 – The student will develop consumer skills by examining basic economic concepts & their relationship to product prices & consumer spending EXERCISE: Using the economic concepts listed, identify common consumer decisions that people make regularly: Efficiency Supply & Demand Profit-Taking Competition Consumer Sovereignty Incentives Increased or decreased competition among businesses affects consumer prices, product availability, quality and customer service

EPF 10 – The student will develop consumer skills by examining basic economic concepts & their relationship to product prices & consumer spending EXERCISE: Using the economic concepts listed, identify common consumer decisions that people make regularly: Efficiency Supply & Demand Profit-Taking Competition Consumer Sovereignty Incentives Increased or decreased competition among businesses affects consumer prices, product availability, quality and customer service So, at home, how does your family take advantage of competition between businesses?

EPF 10 – The student will develop consumer skills by examining basic economic concepts & their relationship to product prices & consumer spending EXERCISE: Using the economic concepts listed, identify common consumer decisions that people make regularly: Efficiency Supply & Demand Profit-Taking Competition Consumer Sovereignty Incentives Simply put, changes in the amount of supply & amount of demand of a product determines its price. Likewise, a change in price changes how much of a product people buy and businesses sell.

EPF 10 – The student will develop consumer skills by examining basic economic concepts & their relationship to product prices & consumer spending EXERCISE: Using the economic concepts listed, identify common consumer decisions that people make regularly: Efficiency Supply & Demand Profit-Taking Competition Consumer Sovereignty Incentives Simply put, changes in the amount of supply & amount of demand of a product determines its price. Likewise, a change in price changes how much of a product people buy and businesses sell. So, how has your family reacted to changes in price, supply, or demand of a product or service?

EPF 10 – The student will develop consumer skills by examining basic economic concepts & their relationship to product prices & consumer spending EXERCISE: Using the economic concepts listed, identify common consumer decisions that people make regularly: Efficiency Supply & Demand Profit-Taking Competition Consumer Sovereignty Incentives Businesses produce what consumers demand

EPF 10 – The student will develop consumer skills by examining basic economic concepts & their relationship to product prices & consumer spending EXERCISE: Using the economic concepts listed, identify common consumer decisions that people make regularly: Efficiency Supply & Demand Profit-Taking Competition Consumer Sovereignty Incentives Businesses produce what consumers demand What products has your family that you believe are a direct result of businesses responding to consumer demands?

EPF 10 – The student will develop consumer skills by examining basic economic concepts & their relationship to product prices & consumer spending EXERCISE: Using the economic concepts listed, identify common consumer decisions that people make regularly: Efficiency Supply & Demand Profit-Taking Competition Consumer Sovereignty Incentives This is an incentive for producers to supply product and services that people want.

EPF 10 – The student will develop consumer skills by examining basic economic concepts & their relationship to product prices & consumer spending EXERCISE: Using the economic concepts listed, identify common consumer decisions that people make regularly: Efficiency Supply & Demand Profit-Taking Competition Consumer Sovereignty Incentives This is an incentive for producers to supply product and services that people want. What products or services does your family buy that result in a profit (NOT SAVINGS) for the family? (THINK OPP. COSTS)

EPF 10 – The student will develop consumer skills by examining basic economic concepts & their relationship to product prices & consumer spending EXERCISE: Using the economic concepts listed, identify common consumer decisions that people make regularly: Efficiency Supply & Demand Profit-Taking Competition Consumer Sovereignty Incentives Income is an incentive to save money (“A penny saved is a penny earned” theory).

EPF 10 – The student will develop consumer skills by examining basic economic concepts & their relationship to product prices & consumer spending EXERCISE: Using the economic concepts listed, identify common consumer decisions that people make regularly: Efficiency Supply & Demand Profit-Taking Competition Consumer Sovereignty Incentives Income is an incentive to save money (“A penny saved is a penny earned” theory). What products has your family bought as a direct result of incentives offered by a business?

EPF 9 – The student will demonstrate knowledge of the global economy Crash Course Economics Behavioral Economics https://www.youtube.com/watch?v=dqxQ3E1bubI

COMPLETE THE EPF 10 PRETEST EPF 10 –The student will develop consumer skills by examining basic economic concepts & their relationship to product prices & consumer spending COMPLETE THE EPF 10 PRETEST

Objective – The student will be able to match the Objective – The student will be able to match the terms to their definitions. Efficiency Supply & Demand Profit-Taking Competition Consumer Sovereignty Incentives

(Based on the exercise) Objective – The student will be able to match the terms to their definitions. Efficiency Supply & Demand Profit-Taking Competition Consumer Sovereignty Incentives CAN YOU? (Based on the exercise)

Objective – The student will be able to describe how the supply and demand for goods and services impacts their earning potential

Objective – The student will be able to describe how the supply and demand for goods and services impacts their earning potential EXERCISE: With a group of 3 – 4 participants, list three occupations that will probably be in higher demand 10 years from now. Secondly, identify three occupations that will be in lower demand 10 years from now Provide a reason for each focusing on how you anticipate consumer tastes, incomes, expectations, and new products will change

Objective – The student will be able to describe how the supply and demand for goods and services impacts their earning potential EXERCISE (Cont.): Review this article in advance of your group’s discussion, but you may use other sources or include your opinion as well. http://www.forbes.com/sites/jacquelynsmith/2012/02/01/the-jobs-with-the-brightest-future/#7640ad9d25ff Also, these YouTube videos: https://www.youtube.com/watch?v=k0pRr_4CxXo https://www.youtube.com/watch?v=YGkdS9tFtAs

Objective – The student will be able to identify the marginal benefits and marginal costs of their economic decisions

Crash Course Economics Objective – The student will be able to identify the marginal benefits and marginal costs of their economic decisions Crash Course Economics HAPPINESS!!! https://www.youtube.com/watch?v=O-t8-Vq0HO0&index=35&list=PL8dPuuaLjXtPNZwz5_o_5uirJ8gQXnhEO

Crash Course Economics Objective – The student will be able to identify the marginal benefits and marginal costs of their economic decisions Crash Course Economics HAPPINESS!!! https://www.youtube.com/watch?v=O-t8-Vq0HO0&index=35&list=PL8dPuuaLjXtPNZwz5_o_5uirJ8gQXnhEO So, we need to look at the marginal benefits and marginal costs of our economic decisions

The additional benefits of consuming one more of something Objective – The student will be able to identify the marginal benefits and marginal costs of their economic decisions Marginal Benefits: The additional benefits of consuming one more of something

The additional benefits of consuming one more of something Objective – The student will be able to identify the marginal benefits and marginal costs of their economic decisions Marginal Benefits: The additional benefits of consuming one more of something Jeans for example. If I buy one more pair of jeans, I save time not having to wash clothes as often If I Buy One More Car . . . If I Buy One More TV . . . If I Buy One More Dinner Out . . .

The additional costs (what one must give up) of getting one more item. Objective – The student will be able to identify the marginal benefits and marginal costs of their economic decisions Marginal Costs: The additional costs (what one must give up) of getting one more item.

The additional costs (what one must give up) of getting one more item. Objective – The student will be able to identify the marginal benefits and marginal costs of their economic decisions Jeans for example, If I buy one more pair of jeans, I give up the opportunity to buy a new shirt If I Buy One More Car . . . If I Buy One More TV . . . If I Buy One More Dinner Out . . . Marginal Costs: The additional costs (what one must give up) of getting one more item.

In Other Words, Marginal = Unintended Objective – The student will be able to identify the marginal benefits and marginal costs of their economic decisions Marginal Benefits: The additional benefits of consuming one more of something Marginal Costs: The additional costs (what one must give up) of getting one more item. In Other Words, Marginal = Unintended

COMPLETE THE EPF 10 QUIZLET EPF 10 –The student will develop consumer skills by examining basic economic concepts & their relationship to product prices & consumer spending COMPLETE THE EPF 10 QUIZLET