Warm Up Questions should be answered in your spiral notebook. Make sure to start by writing today’s the date!! Warm Up Question: Why do people choose college.

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Warm Up Questions should be answered in your spiral notebook. Make sure to start by writing today’s the date!! Warm Up Question: Why do people choose college first over full time employment? Why do people choose full time employment over college?

What is economics? Use these words to create the definition

Economics: –the study of how people try to satisfy unlimited wants through the use of scarce/limited resources. It’s not just about money…it’s about making sound choices!!!

Economists study how people making choices everyday. We are forced to make choices because of: Scarcity: limitations on resources that prevent people from having everything they would like to have Example Resources: –Money –Time –Natural supplies –Technology

Take out the “Choice” sheet we used the other day. It has a Calvin and Hobbes Cartoon on the back. Warm Up Question: List 3 WANTS that were not satisfied in your life. List 3 Limited RESOURCES that you faced today?

We are constantly choosing and justifying how we satisfy our needs and wants. NeedsWants How Would You Define Need & Want? Make a T-Chart, and list the 4 basic human needs Food Water Shelter Clothing Capn’ Crunch Poland Spring My house Pants and Top How have you satisfied all of these needs so far today?

Unit I: Basic Principles of Economics Need: A Basic Requirement of Survival Want: An Expression of a Need

The Science of Choices Trade-off –the choice made when faced with an economic decision. Opportunity Cost –the cost of the next best alternative when a decision is made. - What is given up. I bought a pair of jeans for $45. What is the trade off and opportunity cost? Eating a warm breakfast or sleeping an extra 30 minutes each morning. What is your trade off and opportunity cost? Read the Cartoon and answer Question 1&2 Now answer questions 3&4 BELL WORK

Wrap Up Top Ten!! Category: Top Ten Highest Earning Celebrities Last Year Here are some hints: 2 Singer 2 Actors Rapper Athlete Movie Director TV Producer 2 Talk Show Hosts

Top Ten Highest Earning Celebrities 10. Bon Jovi!!! I love Him!!! 9. Howard Stern 8. Madonna 7. Tom Hanks 6. Jay-Z 5. Johnny Depp 4. Tiger Woods 3. Steven Spielberg 2. Jerry Bruckheimer (CSI Shows) 1. Oprah Winfrey