Take out a blank sheet of notebook paper Warm-Up

Finish Building your goods/services You have 15 minutes!

Warm-Up: Copy these notes into the Notes section of your binder Goods Merchandise; Tangible products that satisfy human wants Example: book Services The performance of work or duties for another; Intangible Example: bookseller Scarcity When there are not enough goods and services to satisfy the wants and needs of the people Supply Total amount of a specific good or service available to consumers Demand A consumer’s desire and willingness to pay a price for a specific good or service Interdependence Mutual dependence between people, countries, etc.

Simulation debrief questions How many trades did your country make to satisfy wants/needs? Why did some countries make more trades than others? How many countries traded with Country 4 or 7? What might happen to your country’s ability to provide education if these two countries won’t trade with you? Explain how the concepts of cost and benefits factor into the decision to trade (or not). How would the people in your country be affected if you could only trade with the country closest to you? What good was most scarce?

Why do people and countries trade? How does limiting a country’s trading region affect its people How does trade create interdependence?

Economics The social science concerned with describing and analyzing the production, distribution and consumption of goods and services.