1.  Complete the Word Search to the best of your ability  Capitalism  Supply  Demand  Federal Reserve  Monopoly  Corporation  Interdependence  Elasticity  Scarcity  Inflation  GDP  Trade Barrier  Entrepreneur  Monetary Policy

2.  African Elephants have the best sense of smell in the Animal Kingdom  It cost 7 million dollars to build the Titanic and 200 million to make the film about it  There are more English words beginning with the letter “S” than any other letter

3. The information we want to learn for the unit/day are called learning targets. Goal is to be able to successfully hit each “target”  Master the content!

4. A. I can describe how consumers, businesses (producers), and government decision makers face scarcity of resources and how scarcity forces groups to make decisions and that those decisions may have unintended consequences B. I can describe how, because of scarcity, consumers, businesses, and government decision makers face opportunity costs C. I can explain how decision making requires comparing the additional (marginal) costs and the additional (marginal) benefits

5. D. I can explain how consumers, producers, workers, savers, investors, and citizens respond to incentives E. I can identify the factors of production F. I can compare the characteristics of market, command, traditional, and mixed economies G. I can explain the ideas of Adam Smith

6. Unit I: Economics Basics and Market Types Lesson I

7.  Economics is the study of the production and consumption of goods and the transfer of wealth to produce and obtain those goods  Economics explains how people interact within markets to get what they want or accomplish certain goals  Since economics is a driving force of human interaction, studying it often reveals why people and government behave in particular ways

8.  Microeconomics focuses on the action of individuals and industries, like the dynamics between buyers and sellers, borrowers and lenders  Macroeconomics takes a much broader view by analyzing the economic activity of an entire country of the international marketplace

9.  Economics shapes the world  Through economics, people and countries become wealthy  Because buying and selling are activities vital to survival and success, studying economics can help one understand human thought and behavior

10.  John Maynard Keynes was a British economist whose ideas fundamentally affected the theory and practice of modern economics  His ideas are the basis for the school of thought known as Keynesian economics  This theory is what strongly influences the US economic policy today

11.  Goods: the physical objects that someone buys  They are tangible (able to hold, feel, touch, etc.)  Services: the actions or activities that one person performs for another  They are intangible (not able to hold, feel, touch, etc.)

12.  Demand: the willingness and ability to buy various quantities of a good or service at various prices  Supply: the willingness and ability to provide various quantities of a good or service at various prices

14.  Producers: companies or individuals who make or provide goods and services  Consumers: people that buy goods and services  Resources: anything that people use to make things or do work

15.  Needs: things such as food, clothing, and shelter that are necessary for survival  Wants: Desires that can be satisfied by consuming a good or service

16.  A big part of economics and personal finance is having to make decisions  Decisions can be overwhelming and can require a good amount of thought  A great way to make decisions is by creating a decision making grid

17.  PACED Model  Step 1: Determine the PROBLEM  Step 2: List the ALTERNATIVES  Step 3: Establish CRITERIA  Step 4: EVALUATE each alternative according to the criteria  Step 5: DECIDE

18. 1. Gather info about any unknowns. 2. The criteria go across the top of the grid 3. The alternatives go down the left side of the grid 4. Use a system of plusses and minuses to complete your grid 5. Make a plan on how you are going to implement your decision 6. Evaluate your decision

20. Patient APatient BPatient CPatient D Patient EPatient FPatient GPatient H Patient IPatient JPatient K

21. 1) What can economics help us explain? 2) Write an example of a good and an example of a service 3) Does supply relate better with producers or consumers? What about demand? 4) What are resources? 5) What famous economist strongly influences US policy today?