4th Period Seating Chart Front Board Alexis John Trinity Gerardo Gomez Yesenia Brycen Gerardo Perez Andrew Keenan Jasmine Daisy Lindsey Vincent Lauren Danielle Ashley Trent Carmen Steven Maria Jordy Emiley April Josefina Andrea Talore Micah Zack Side Board

Warm Up How did Hurricane Harvey impact your daily routine? What things did you have to give up/not do in order to stay safe? Did any of your family’s priorities change before, during, or after the storm? If so, explain. What has happened economically after the storm? Give specific examples about how the results of the storm will impact the economy.

Wednesday, September 6, 2017 Objective:  Students will be able to explain why scarcity and choice are basic economic problems faced by every society. Purpose: Addressing the concept of scarcity is what answers the basic economic questions.

What is scarcity? Scarcity a condition in which there are limited resources and unlimited demand Scarcity is the single most important problem addressed by an economic system. Economics is basically a study of how individuals, businesses and governments make choices about what to produce and what to consume.

Needs vs. Wants Needs: things the are necessary for survival What are things that would be classified as needs? Wants: things that are desired but not needed for survival What are some things that would be classified as wants?

Germany faces a scarcity of what resource Germany faces a scarcity of what resource? What might be a possible cause of that scarcity?

Goods and Services Goods: products that are useable, can be transferred between people, and is used to satisfy wants and needs Service: work that is performed by someone else What are some examples of services?

Shortage Shortages: occurs when there is not enough of something that is needed or desired at a given time What are some examples of shortages? Examples: 1970s oil shortage in the United States, basic goods shortages currently in Venezuela and in the Soviet Union in the 1980s Unlike shortages, scarcity always exists and is a problem faced by all societies

Entrepreneurs Entrepreneurs: Individuals who introduce new ideas for creating new products or new ways to produce products They use the factors of production together to make a profit Characteristics Trustworthy, enthusiastic, professional, risk taker, honest, hard working, knowledgeable

Factors of Production Factors of Production: the resources that are used to make all goods and services They are: Land Labor Capital

Land and Labor Land: all natural resources, including oil, water, air, timber, animals, and minerals Found in nature with a fixed supply (cannot be renewed) What are some examples of “land”? Labor: any human effort, physical or mental, that goes into producing goods and services, including marketing, distribution, and selling

Capital Capital: any human-made resource that is used to create other goods and services Physical Capital: All human-made goods that are used to make other goods and services Human Capital: Skills and knowledge gained by a worker through education and experience

This timeline shows entrepreneurs in media and technology This timeline shows entrepreneurs in media and technology. Analyze Information Choose one of these entrepreneurs and name the factors of production you think he or she might have used.

What resource becomes less scarce as a result of using a dishwasher to wash dishes every day?

Summary Write a paragraph explaining how scarcity affects your life on an average day. In your paragraph, give at least two concrete examples of how scarcity causes you to make choices. Include the trade-offs involved in those choices.