Find a seat and settle in Welcome Knight Time Find a seat and settle in What would you like to work on while your are here? Get ready for your next project!

Unit 4 Blueprint Test your knowledge of Unit 4 without the aid of your notes We will complete 1 page of this blue print each day of KT Instead of your groups competing against one another, you will compete against those people inside your groups There will be one winner from each group

Budget Project

SHH! Quiz in Progress All you need is a pencil Have a question? Ask a question! Turn in quiz to class tray when finished Start working on the Unit 5 Pre-Assessment (half sheet of paper)

Consumer Sovereignty Reading Read the following article regarding consumer sovereignty Complete the questions Be prepared to share

WELCOME C&E STUDENTS Grab your handouts and settle in TURN IN YOUR UNIT 4 MENU!!! Roll Call Question: “Would you rather eat 100 ants or 20 beetles?”

Reminders Recovery Next quiz will be Wednesday Every Tuesday, Wednesday and Thursday in Ms. Divina’s room Next quiz will be Wednesday Unit 5 Test will be on 04/19/2016 Peach Pins 5 = hw/cw pass 10 = Open-Notes Quiz 15 = 3 questions on a test 20 = use a notecard on a test

Warm Up “What Went Into This Candy Bar?” List everything that went into making this candy bar from the time someone had the idea for the candy until the consumer purchased the candy in the store

Economics: 5.1 Intro to Economics Identify the basic principles of economics

Desert Island Imagine you are moving to a desert island with no kind of infrastructure. Write down what you will.. Want Need

Needs v. Wants What is the difference between the two?

I. Scarcity and Choice Economics- the study of how people seek to satisfy needs and wants with limited resources Needs and Wants Need- something necessary for survival Want- desire not necessary for survival

Maslow’s Hierarchy of Needs

C. Scarcity- D. Goods and Services limited quantity of a resource to meet unlimited wants This is the driving force of economics! D. Goods and Services Goods- physical objects Services- actions or activities that one person performs for another

E. Consumer sovereignty power of consumers to decide what gets produced producers meet demands or go out of business

III. Factors of Production Resources used to make all goods and services Land- includes all natural resources Labor- is the effort for which someone is paid White collar workers- high skilled office work Blue collar workers- low skill manual labor

Capital- any human-made resource to invest to produce goods or services Physical capital- buildings, tools, machines, etc Human capital- knowledge and skills a worker gains through education and experience

Entrepreneurs- risk-takers who decide how to combine other factors of production to create new goods and services

LETS LOOK AT OUR CANDY BAR Land Labor Capitol Entrepreneurship

IV. Trade-offs Trade-off- the process of giving up one desire in order to satisfy another desire Ex: video game vs. give girlfriend a present Ex: 2 more hours of sleep vs. studying for test

Opportunity cost- value of what is given up in a trade-off Ex: Dating- cost is not dating some other person Ex: College vs. working- cost is the $ you spend on college and $ you give up from not working

Immediate gratification- when you give up something in the long-term to satisfy an immediate want

Shark Tank The prize for the winning team: Peach Pins and Use your notes for an upcoming quiz! I will present your posters to the AP Macroeconomics students and they will choose the product they would most likely invest in

Shark Tank Come up with your own business. Come up with a name, logo & slogan for your business/product Explain the factors of production that are used in the development of your business/product. Describe the goods or services you are providing. Come up with two trade-offs to consider in the running of your business/product. What is(are) the opportunity cost(s) of your business/product?

Name That FofP! You will be looking at different elements that fall under one of the four factors of production. Your job is to correctly identify whether the element is: LAND, LABOR, CAPITAL or ENTREPRENEURSHIP

Name that Factor of Production Bill Gates Oil Going to school Hammer The night shift at McDonalds Leather Executive Office Assistant 8. A forest 9. 10 years experience teaching 10. Paper factory 11. A 10-year old at a lemonade stand 12. Washing machine

Answers Bill Gates - E Oil - Ld Going to school - C Hammer - C The night shift at McDonalds – Lb Leather – Land Executive Office Assistant - Labor 8. A forest – Ld 9. years experience teaching – Lb/C 10. Paper factory – C 11. A 10-year old at a lemonade stand – Lb 12. Washing machine - C

Team Evaluations You will be grading your teammates on a scale between 1-5(6) depending on the number of team members you have Assign the highest number to the teammate (or yourself) who you believe did the best with this assignment Assign the lowest number to the teammate (or yourself) who perhaps did not contribute as much or anything to the team Assign remaining numbers to remaining members based on performance

Shark Tank

Happy Spring Break! Be Safe and Have Fun!!!!

Welcome C&E Students! Grab today’s handouts and settle in! Roll Call Question: What was your favorite thing you did over Spring Break? Bell Work: Tell your neighbor what you did for Spring Break

Kahoot! NAME THAT FACTOR OF PRODUCTION!!!

Wedding Pics

Shark Tank Winners 1st Block – Fud-Glu 2nd Block – U-Scan Honorable Mention: Snicker Doodle 2nd Block – U-Scan Honorable Mention: Speak Up 3rd Block – Shower Shoot Honorable Mention: Pigment of Your imagination

Pre-Break Refresher Let’s review what we covered before break. Needs v. Wants Scarcity Trade-Offs Opportunity Costs Immediate Gratification Factors of Production (Complete the Name That Factor of Production Handout)

How Good Are You At Saving?!? Complete the savings inventory to understand more about your saving habits Are they good? Or do you need to work on them a little more?

Welcome C&E Students! Grab today’s handouts and settle in Roll Call Question: Would you rather be completely bald or completely covered in hair? (No wigs & no shaving) Bell Work: Explain the difference between human and physical capital Describe a trade-off you have recently made. What was the resulting opportunity cost? Start working on the “Name Those Factors of Production” handout

Reminders Quiz Tomorrow! (And Friday – Credit v. Debit, Insurance & Checking v. Savings) Intro to Econ & Budgeting Unit 5 Test next Tuesday (11/10/2015) Morning Tutoring Recovery Every Tuesday, Wednesday and Thursday in Ms. Divina’s room Peach Pins 5 = hw/cw pass 10 = Open-Notes Quiz 15 = 3 questions on a test 20 = use a notecard on a test

Unit 4 Test Reflection 4.1 – 1, 2, 3 4.2 – 4, 5, 6, 7, 8, 11, 14, 15, 16, 21, 4.3 – 13, 23, 30 4.4 – 9, 10, 12 4.5 – 6, 17, 18 4.6 – 19, 20, 22, 24, 25, 26, 27, 28, 29

Evaluate the costs and benefits of budgeting

How do Education and Career Choice impact life?

Level of Education and Income Look over your “Level of Education & Income” handout from today After examining the data answer the accompanying questions

Let’s Take a Look at Salaries

Why Do Some Jobs Pay More???

I. What is a Budget? A. How to spend income v. expenditures (expenses) 1. Income: Amount of money that a person or business makes a. Gross Income: Total amount of money made before deductions b. Net Income: The amount of money left over after expenditures 2. Expenditures (expenses): Total amount a person or business spends

B. Types of Expenditures 1. Deductions: expenditures before paycheck is received a. Pre-Tax Deductions (1.) Retirement Payments (2.) Life insurance (3.) Social Security (4.) Medicare

2. Taxes Federal Income Tax – paid to the US Gov’t State Income Tax – paid to the State Gov’t

C. Types of Bills 1. Mortgage - owning home / Rent – not owning a home What is a foreclosure? 2. Car Payment a. Gas Payments 3. Insurance: company “backing” you up a. Car Insurance: required b. Home/Renters Insurance : recommended

5. Saving: setting $ aside for a later time 6. General Expenses: 4. Phone Bill 5. Saving: setting $ aside for a later time 6. General Expenses: a. Groceries b. Household Items c. Entertainment

Make Your Own Budget Take out your Budget Handout You will be creating your own budget with the information provided to on the walls You must budget for the following Housing, Utilities, Car, Insurance, Gas, Phone, Cable & Internet, Groceries, Saving, Household Items, Credit Payment, Student Loan, Misc. You must have money left over at the end!

Quiz Prep 5.1 – Intro to Econ 5.2 – Budget Let’s Practice! – Take the Practice quiz on the back of you College & Career Readiness handout.

Shark Tank The prize for the winning team: Peach Pins and Use your notes for an upcoming quiz! I will present your posters to the AP Macroeconomics students and they will choose the product they would most likely invest in

Shark Tank Come up with your own business. Come up with a name, logo & explanation of the business/product Explain the factors of production that are used in the development of your business/product. Describe the goods or services you are providing. Come up with two trade-offs to consider in the running of your business/product. What is(are) the opportunity cost(s) of your business/product?

Splat!!! Need Gross Income Factors of Production Trade-Off Federal Income Tax Consumer Sovereignty Physical Capital Expenditures Scarcity Labor Land Deductions Mortgage Want Pre-Tax Deductions Opportunity Cost State Income Tax Human Capital Net Income Economics

SPLAT! Checking Account Credit Line Foreclosure Premium Check Debt Deductible Interest Life Insurance APR Mortgage Credits + Liability Debit Card Financing Credit Card Credit Score Co-Pay Savings Account Debits -