MR. V. Flores ECONOMICS B111 =

Video –AVID Cornel Note Taking After every Unit I will do a Notebook Check: Must have Cornel Notes which include: 1. Paper divided with small left hand column and larger right hand column 2. Notes on right side 3. Questions on left side 4. A summary at the end of each day of notes 5. Daily warm-up questions 6. Phocabulary/ Any work that has been assigned 2

Standard Examine the casual relationship between scarcity and the need for choices. What is Economics?, Day 1 Week: What is Economics? - Week 1 Directions: Create a graphic organizer like the one below on in your Spiral. Fill in the outer circles with ideas you might have about economics. There should be little to no talking during Assignment. Take our your syllabus, textbooks, and spiral notebooks. YOU NEED A SPIRAL NOTEBOOK!

Economics is all around us, we use it all the time and don’t know it. It’s a way of thinking and reasoning. Its all about CHOICE One good definition is: Economics is the study of how people choose to use their resources. Another good definition is: Economics is the study of making choices. And the most detailed answer would be: THE STUDY OF INDIVIDUAL CHOICES CONCERNING THE USE OF RESOURCES AMONG COMPETING GOALS. Example: You have $5. What will you do with it? That’s economics.

Some Misconceptions Corrected Not resources Time Money Economics and Finance are not the same Economics is about resources Finance is about money Finance is an application of economic reasoning – Finance is an application of economics

Economic Reasoning Not a subject Not a course A skill Like all skills, must be learned, then practiced A skill that will be useful to you for the rest of your life

WE all have :Short term goals Do something fun after school Do something fun this weekend Learn to play a new video game Learn a new skill Earn some money to buy a car Get grades that will get you into college

Long Term Goals A good life Friends A house Financial security A good relationship Respect Health

Economics is a tool to address personal issues: What college to attend Work or not work; how many hours? Who to date?

Social Goals

1/25/2016Lesson 1: Scarcity11 Social Goals: What We Want 1. More and better education 2. A cleaner environment 3. More and better health care 4. Greater public safety 5. Less stress 6. Preservation of non-renewable resources including natural resources 7. Elimination of poverty

Economics is a tool to address social issues: Environment Endangered species Drug abuse Education Health care World poverty

Here’s the Deal Resources are insufficient to reach all of our goals. “We can’t have everything we want. We make choices. Choices have costs. So we should be careful about the choices we make. The question is always, “What is the best use of our resources?” (Dating Game)

Economics The problem – scarcity The goal – maximize individual and societal happiness The Method –-- economic reasoning -- - how best to use our scarce resources to achieve our goals

Economics is about using resources to achieve goals

Phocabulary means Photo-vocabulary. Fold your paper in half, Cornell note style. You are going to define the following words. Define them and draw a picture to represent each term. The terms can be found on page 3 – 6. Words: Economics, goals, wants, goods, services, land, scarcity, shortage, physical capital, human capital and entrepreneurship. With a partner I will give you a word to make a poster of. Whatever you do not finish today is homework. Phocabulary Assignment

Vocabulary Want- an item we desire Goal – something that a person wants to have or do Resource – something that can be used to achieve goals Human capital – skills, knowledge, experience, personal qualities Natural resources – resources that are present without human help, also called “land” Physical capital – goods that have been produced to produce other goods and services Entrepreneur – a person who organizes productive resources, takes risks, and finds new ways of combining resources to produce a product Goods- physical objects Services- one action that one person performs for another Shortage-producers temporarily can’t offer goods and services