9/9/13 “Scarcity” 1.Which item has a higher level of scarcity? Gold ORPaper 2.Which item has a higher value? GoldORPaper On desk: Survivor Game reflections

9/9/13 Econ. Agenda 1.Peer review reflections (20 min.) 2.Types of resources & the production process (class notes) HW: Production process wksht.

Peer Review Reflections (#3) 1.Circle/underline/highlight each term Scarcity Value Supply Demand Opportunity cost Money 2.Did they give an example of each from the game? 3.Is each example correct?

9/9/13 Class Notes Goods: products that are used, traded, or bought Example: In order to survive, you needed goods such as knives in order to trade for water. Resources: the materials that are used to create goods Example: Wheat and sugar are resources needed to make your cereal. + =

Economics Class Notes What do we need to make a good? – Resources! 3 types of resources – 1. Natural Resources Minerals, water, trees, land, air

Economics Class Notes 2. Human Resources – Farmers, truck drivers, factory workers

Economics Class Notes 3. Capital Resources – Buildings, machines, tools, trucks

Economics Class Notes Production Process for an iPod Natural HumanCapital ResourcesResourcesResources Goods and Services Metal, water, glass, gas, sand, electricity, coal Miners, Factory workers in China, engineers, computer programmers Mines, Factory, airplane, trucks, Apple stores, advertisement company,

Production Process Examples What are the natural, human, and capital resources that it takes to produce the following? Hershey Bar NaturalHumanCapital

Production Process Examples What are the natural, human, and capital resources that it takes to produce the following? Pepperoni Pizza NaturalHumanCapital

Production Process Examples What are the natural, human, and capital resources that it takes to produce the following? Composition Notebook NaturalHumanCapital

How ________ is made by Harrison Delfin Production Process for a McDonalds Big Mac Natural HumanCapital ResourcesResourcesResources Goods and Services Metal, water, glass, gas, electricity, potatoes, cows, wheat, lettuce, tomatoes, seeds, milk, onions, oil, chicken, carrots, cucumbers, dressing, salt Factory, airplane, trucks, stores, banks, mixers, fry pans, Farmers, Factory workers, cashier, chef, maintenance, managers, dish person, food delivery person, store checkers, bankers