1. Opportunity and Production

2. Could we have done a better job illustrating this concept? How so?
Warm Up
What Economic concept was I trying to illustrate in the “Chips Experiment”?
Could we have done a better job illustrating this concept? How so?

3. Essay on Education and Career (Marriage Project)
Write a 1-2 Page Essay on the career that you will be choosing for the marriage project and the education you will need to get this career
BE SURE TO INCLUDE a clear thesis Statement, Introduction, Conclusion, and Body Paragraphs
Education: Major, Best and Least Best College Choices, Expenses, Requirements, Acceptance
Career: Pick a career and explain why this career, chances of getting the job, Income

4. Looking Forward: NEXT CLASS
Bring Textbooks NEXT CLASS
This will be graded

5. Analyze the purpose of Decision Making Grids
Learning Objectives
Analyze the purpose of Decision Making Grids
Interpret Opportunity Cost, Trade Offs, and Thinking at the Margin
Synthesize the idea of Guns and Butter

6. Homework Presentations- Five Minutes
Learn from your mistakes in the first Presentation
Look at the Class while you are speaking
Write down notes on Index Cards
Enthusiastic/engaging voice
Good Pacing
Extra Credit for Best Presentation and Entrepreneurship

7. Review Sheet
Write out the definitions of each of the different Economic Vocabulary terms on the Review Sheet

8. Trade-Offs
Trade-offs: All the choices/opportunities that we give up when we choose one course of action over another
Simulation: 1. List your top 5 favorite vacation spots
2. Identify pros/cons of each vacation spot
3. Pick your favorite vacation spot and explain why you chose this place
4. Identify what you gave up in order to go to the vacation place that you selected

9. Opportunity Cost
Opportunity Cost: The most desirable alternative given up as the result of a decision
What was your Opportunity Cost of your vacation spot that you picked?
What was your Opportunity Cost during the “Chips Experiment”?
Think of the most important decision that you have made since school started…what was the Opportunity Cost of this decision?

10. Examples of Opportunity Cost in the Media
Bend it Like Beckham: sETt_XmwSE
What is the Opportunity Cost for this woman of playing soccer?
The Hurt Locker:
What is the Opportunity Cost for this soldier of fighting in Iraq?
Creed:
What is the Opportunity Cost for Creed if he lets Rocky become his trainer?
What is the Opportunity Cost for Rocky if he becomes Creed’s trainer?

11. What is an Opportunity Cost?
Warm Up
What is a Trade-Off?
What is an Opportunity Cost?
What is the difference between the two terms?

12. Essay: Career and Education (Marriage Project
Write a 1-2 Page Essay on the career that you will be choosing for the marriage project and the education you will need to get this career
BE SURE TO INCLUDE a clear thesis Statement, Introduction, Conclusion, and Body Paragraphs
Education: Major, Best and Least Best College Choices, Expenses, Requirements, Acceptance
Career: Pick a career and explain why this career, chances of getting the job, Income

13. Analyze Thinking at the Margin Interpret Decision-Making Grids
Learning Objectives
Analyze Thinking at the Margin
Interpret Decision-Making Grids
Synthesize Guns and Butter

14. Thinking at the Margin
Thinking at the Margin: Deciding how much more or less to do
What decisions does Jerry have to make?
How are these decisions examples of “Thinking at the Margin”?
What are the costs and benefits of these decisions?

15. Applying to your own life- Graph Worksheet
-Downloading Pirated Music
-What you want to do after high school
-Decision of your choice

16. Journal 1: Guns or Butter
Start a section in your notebook called “Journals”
After reading the article, summarize the article in two paragraphs(10 or more sentences)
Title of this Journal Activity: Journal 1-”Guns or Butter”
In the paragraph(s), be sure to fully answer all the questions on the reading

17. What is the purpose of a Decision-Making Grid?
Warm Up
What is the purpose of a Decision-Making Grid?
What three categories need to go into an Decision-Making Grid?

18. Homework: Complete Study Guide
For each term/concept on the Study Guide, write out all relevant information that might be on the quiz

19. Looking Ahead
First Quiz Next Week
Start Studying Today

20. Learning Objectives
Analyze how propaganda/imagery has impacted the US throughout history
Synthesize the idea of Production Possibilities
Engage in Creative and Collaborative Learning

21. Practice with Decision Making Grids
You are trying to get a job. You have a decision to make…you can either work at Safeway or McDonalds
Create a Decision Making Grid to weigh the costs and benefits of this decision

22. Brainstorming
How has propaganda and imagery throughout US history impacted production of certain goods?
What factors must you consider when thinking about production possibilities?
How does production connect with other economic ideas we have studied?

23. Historic Propaganda/Imagery
After each image is shown, write:
The title of the image
The people/places the image is referring to
The good/service that the image is trying to get Americans to produce
The message of the image
How and why the image is trying to get Americans to produce the product

24. Valley Forge

25. The Civil War

26. World War I

27. World War II

28. World War II (Number 2)

29. The Cold War

30. Check for Understanding
How has art and propaganda been used in the past to increase production in different sectors of the American Economy?
What is the connection between production and warfare?
What kinds of visuals can you use to show production possibilities?

31. Textbook Work: Pg
Read Chapter 1, Section 3, entitled “Production Possibilities Curve” and answer questions 1-7 in Section 3 Assessment

32. Vocabulary
Production Possibilities Curve: A graph that shows alternative ways to use an economy’s productive resources
Production Possibilities Frontier: The line on a production possibilities graph that shows the maximum possible production output
Efficiency: Using resources in such a way as to maximize the production of goods and services
Underutilization: Using fewer resources that an economy is capable of using

33. What is the “Guns or Butter” Economic Model?
Warm Up
What is the “Guns or Butter” Economic Model?
What does this model say about how one resource is impacted when production of a second resource is increased?

34. Homework: Complete Study Guide
For each term/concept on the Study Guide, write out all relevant information that might be on the quiz

35. Interpret the Law of Increasing Cost Enhance independent review skills
Learning Objectives
Interpret the Law of Increasing Cost
Enhance independent review skills
Synthesize material that will be on Quiz 1

36. First Quiz= Two Classes from now Start Studying Today!!!
Looking Ahead
First Quiz= Two Classes from now
Start Studying Today!!!
Be ready for Notebook Check (Class Norms- Law of Increasing Cost)

37. Group Project: Create your own Nation
Groups= 4/5 People
You will be creating two Production Possibility Curves for your nation
Pick an event that is going to lead to the change of production outputs of two resources
Roles for Group Members:
-National Leader
-Citizens
-Economist

38. Group Project Presentations
Each person in your group needs to role-play a person in your country
Your group needs to create 3 questions to ask the class about the graphs
Your group needs to write out a script that will explain
Event that is causing the production possibilities to change
Resources that are being impacted, how and why the production of these resources are changing, and the overall impact on the economy
How the citizens of the nation feel about the change in production of resources

39. Question Ideas-You are not limited to these ideas
Your three questions that you are going to ask the class can revolve around:
Opportunity Cost of the decision/event
Trade-off that is taking place
Consumer/Capital Goods
Factors of production
Future of your nation’s economy
Efficiency of your nation’s economy

40. My example: Nation of Biggie
Event: Biggie declares war on Tupac
Economic Plan: Produce more guns and less dog treats
Overall Impact on Economy: Food is going to be less available and more expensive, but it will be advantageous after we win this war
Questions:
What is the Opportunity Cost of my decision to go to war?
Which factors of production will I need to increase to produce more guns?
What do you see for the future of my nation’s economy and why?

41. Law of Increasing Cost
Law of Increasing Costs: As we shift making more of one good/service to another good/service, the cost of producing the second resource increases

42. My New Business: Rosenberg Inc.

43. My Business: M&Ms and Chips
What does the first dot on the graph represent?
What does the second dot represent?
According to the Law of Increasing Cost, what should happen to the price of Chips?
What other factors or economic theories would play a role in value and price change of the Chips and M&M’s?

44. Experiment Each student has $10.00
There are 20 Bags of Chips Available
There are 20 Bags of M&Ms Available
1 Bag of Chips= $2.00
1 Bag of M&Ms=$3.00
First Round: Each student can pick 1 Bag of Chips or 1 Bag of M&Ms

45. Check for Understanding
How did the price of Chips change from Experiment 1 to Experiment 2?
How did the availability of M&M’s impact the price of chips?
How does this demonstrate the Law of Increasing Cost?
What other factors impacted the results of this Experiment?

46. Review Sheet Fill out the Matching Sheet to prepare for the quiz
DON’T CRISSCROSS LINES: WRITE THE CORRECT LETTER NEXT TO THE NUMBER OF THE DEFINITION THAT IT CORRESPONDS TO
Analyze the Production Possibilities Curve on the back of the sheet and answer the questions that follow

47. In-Class Time To Work on Study Guides/Marriage Project
Use this in-class time to work on your study guides OR
Plan out your proposal, wedding, and honeymoon with your marriage partner

48. Write down five vocabulary terms that you think will be on the quiz
Warm Up
Write down five vocabulary terms that you think will be on the quiz

49. Homework: Complete Study Guide
For each term/concept on the Study Guide, write out all relevant information that might be on the quiz

50. Synthesize material that will be on the quiz
Learning Objectives
Synthesize material that will be on the quiz
Review key concepts, terms, and ideas
Engage in Individual and Collaborative Learning

51. STUDY For the quiz next class
NEXT CLASS=QUIZ
STUDY For the quiz next class
Be ready for Notebook Check (Class Norms- Law of Increasing Cost)

52. Switch Warm-Ups with a partner and define their vocabulary terms
Pair-Share Warm Ups
Switch Warm-Ups with a partner and define their vocabulary terms

53. Kahoot.IT
THIS IS THE ONLY TIME YOU WILL BE ALLOWED TO USE YOUR CELL PHONES
Login to Kahoot.IT
Put in your name
Enter the Pin Code that I will display

54. Jeopardy
RULES:
Your group will be allowed to choose which category they want to answer a question from
Once someone from your group answers: that is the group’s final answer to the question!
Your group has 1:00 minute to answer the question
If your group gets the question wrong, the question goes to the group after you, and they have 30 seconds to answer the question

55. Jeopardy
I will choose a captain from each time- only that person can give the final answer for the team
Your group will lose points if…
1. SOMEONE IN YOUR GROUP COMPLAINS ABOUT THE GAME (“This is Stupid”)
2. CLASS NORMS ARE NOT BEING FOLLOWED BY SOMEONE IN YOUR GROUP
Examples: Cursing, Side Conversations, Not Listening, etc.
IF YOUR GROUP ENDS UP WITH NEGATIVE POINTS, EVERYONE IN THE GROUP WILL LOSE 3 POINTS ON THE QUIZ

56. Rewrite the lyrics to a song
In a group of 4-5, pick a song of your choice, and rewrite the lyrics using terms, concepts, and ideas that will be on the quiz
You have to write out a script for your song
The script has to have at least ten lines and include lyrics that will help you review for the quiz

57. Warm Up
Get ready to take quiz
Have notebook ready for me to check (Class Norms- Law of Increasing Cost)

58. Homework: Research Project Part 1
You will be researching the economies of three different nations
For each nation, print out an article that describes what kind of economy that nation has
For each article, in one paragraph, summarize what type of economic system and explain the primary economic goals and values

59. Homework: Research Project Part 1
The countries that you can choose to research are:
Russia
China
Afghanistan
Venezuela
Cuba

60. Take Quiz on Basics of Economics
I will be checking Notebooks while you are taking the quiz
Keep your eyes on your own paper

61. Marriage Project
Decide which partner is planning the proposal/honeymoon and which partner is planning the wedding
Begin working on your part of the project
Remember to be as detailed as possible
Talk with your partner about what you both will need to work on outside of class
Remember to add photos, details, and specific information to your Marriage Binder