Bell Work: Wednesday May 18th List 5 needs in your life and 5 wants. In the modern U.S., is internet access a need? How possible is it for you to conduct your life without it? Make a list of the things you would be missing out on or unable to do.

Agenda: Wednesday May 18th Bell work and discussion Clarify Vocabulary Self Guided Notes (online) Types of Economies Explained Types of Economics Practice Economics Brochure

Economics Vocabulary Economics: The study of how we make decisions Personal finance decision Business decisions Government decisions How things are made, bought, sold, and used

Economics Vocabulary Microeconomics: study the behavior and decision making of you and businesses Macroeconomics: Study of governments and whole industries (ex. Fast food industry)

Economics Vocabulary Consumers and businesses decide factors of production Command Economy Communism Government decides factors of production Some rules and regulations on business Capitalism Free Market Laissez Faire

Economics Vocabulary Trade Off: Choosing between different choices (you can’t do all the things at the same time) Example: Choosing to rent or buy. VS Opportunity Cost: The cost of making a decision and giving something else up. Example: Because I went to the party instead of studying I did poorly on my AP exam and then had to pay money to retake the course when I went to college.

Economics Vocabulary Marginal Cost: The cost of producing one more item VS Marginal Benefit: The benefit of producing one more item.

Types of Markets - Self-Guided Notes There are 4 types of Market Structures: Perfect Competition Monopolistic Competition Oligopoly Monopoly Use the QR code to learn about these types of market to create and fill in guided notes. The guided notes that you are responsible for are the slides with blanks. There are 4 slides total. - 15 minutes https://goo.gl/EJWa6F

Unit 10- Macroeconomics

Types of Economies Economic System - how a society manages the production, distribution, and consumption of goods and services Three Questions all societies must answer WHAT is produced? HOW is it produced? WHO consumes what is produced?

Traditional Economy An economic system where tradition and custom govern economic decisions Usually centered around the family Resources allocated based on inheritance Little innovation or technology Advantage: Little friction among members because there is little competition Disadvantage: Very slow growth or change

Command Economy Government makes all production decisions and owns all resources Purpose of business is to provide goods, not make profit Consumers have very few choices Advantage: Ensures stability and equality Disadvantage: Frequent shortages or surpluses

Market Production and prices are based on supply and demand Businesses strive to make a profit Emphasizes individual freedom Advantage: Flexible, moves economy toward equilibrium Disadvantage: Can lead to poverty and economic downturns

Mixed Combines elements of market and command Government and individuals share decision making process Resources owned by individuals Government regulates and guides Advantage: balance between freedom and equality Disadvantage: Government intervention can hinder progress

Types of Economies Practice Next, we’ll put into practice what we learned today. Use the QR code to access the types of economies practice scenarios. Record your responses on the back of your guided notes. If you run out of space, attach a sheet of paper. For each scenario… Summarize the key points from the country you read about Explain which type of economy is discussed Support your answer with two pieces of evidence from the notes. https://goo.gl/oogTos

Brochure COVER: Include a picture, a slogan, and the business name. (5 points) WHY?: What human want or need will your business fulfill? Why should investors be interested in it? (5 points) RESOURCES needed: What resources will you need to have in order to start your business? Give two examples EACH of land, labor, and capital that you will need. (10 points) MARKET STRUCTURE: Explain what type of market your business would likely be in and the characteristics of that market (10 points) SUPPLY AND DEMAND: Create a mock supply and demand graph and report the equilibrium price and quantity. Explain how a change in a demand factor will help your business. (10 points) CREATIVITY - make it colorful and organized (10 points) Movement: In seats unless getting supplies Volume: Whisper only to help each other Participation: Independently create brochure and turn in at end of period