1. Have a book and your cellphone on your desk.

3. Textbook App Take out your phone
Search “Pearson BouncePages” in your app store.
Download and open the app.

4. Textbook APP
Turn to page 3
Scan the picture of a video on the page.

5. Textbook APP
Click the logo when you see it…

6. Textbook APP The video will load on a separate screen.
Click play and watch the summary of this chapter.

7. From the video… What are some economic systems discussed?
How does scarcity force us to make economic choices?
What is a trade off?

8. Economics
Chapter One

9. Economics
is the study of how individuals and societies choose to use the scarce resources that nature and previous generations have provided.
I give you $100
What will you spend it on?
What did you give up by not spending it on other things?

10. Micro vs. Macro

11. Microeconomics
The branch of economics that examines the behavior of individual decision-making units.
Looks at Businesses and households
What is the person buying? How will that business handle the demand for bottled water?...

13. Micro Example The global price of ground beef has gone up.
How will consumers respond?
How will businesses respond?

17. Macroeconomics Looks at the economic behavior of entire countries.
Looks at employment rates, GDP, and output of the entire country.
How will the country handle Houston flooding?

18. Macro Example Using our ground beef scenario…
How will the country respond?
How will this Affect government policy?

22. Laptops You will be assigned a laptop.
Log in and go to
Click on the article in the middle of the page.
Wait for further instructions.

23. Read and analyze
Read the article on the impacts of Oil prices after Hurricane Harvey.
On the notecard, write out 3 things mentioned that are on a micro level and 2 things that are on a macro level.

25. Email me Go to the email that you wish to use for this class.
Send me an from
Make your a proper .

26.
Mr. O’Donnell, This is my preferred address per your request. Thank you, Steven O’Donnell

27. Putting Computers away
Make sure you log off of the machine.
Place your computer in the correct “numbered” slot.
Plug it in.
Please and thank you.

28. Data shown in three ways
Graph
Chart
Equation

29. Graphs
Gives a visual representation of data.

30. Charts Equations Q = 100/P Price Quantity $1 100 $5 20 $10 10 $15 6
$20 5
Equations
Q = 100/P

31. Get yourself a text book
Get yourself a text book. THEN DISCUSS what you learned from class yesterday.

32. Quiz
Define Economics.
Explain the difference between micro and macroeconomics.
Give an example of a macro problem caused by Hurricane Harvey.
When finished place in the mesh and begin chapter 1 vocab.

33. Chapter 1 vocabulary
Complete the worksheet provided using the chapter one text.

35. Scarcity, Choice and Opportunity Cost

36. Scarcity
Limited quantities of resources to meet unlimited needs or wants.
This is the fundamental economic problem.

37. “There is no Free lunch”

38. Resources
Time

39. Opportunity Cost The most desirable trade off in a decision.
Trade off -All of the alternatives that we give up whenever we choose one course of action over another.
Due to scarcity

40. While you read… Pick out the four main points of the article.
Rank them, then write those on the article.

41. What was the opportunity cost
Nick had a hard time deciding between the Big Mac and the Crispy Chicken sandwich, his two favorites. He chose the chicken because he had more recently had a burger.

42. What is the opportunity cost?
Joe was shopping for a truck. He has looked at similarly priced Ford, Chevrolet, Toyota, and Ram models. After a lot of thought, he narrowed it down to either the Ford or the Chevrolet. He selected the Ford because he liked the interior a little better. What was his opportunity cost?

43. Guns versus Butter

44. How can we distinguish between a tradeoff and an opportunity cost?

45. Cost Benefit Analysis

48. Venezuela in trouble While you watch consider the following:
What is scarce in Venezuela?
Why is there scarcity in the country?
Which groups of society are impacted by this?
What could be done to help them?

49. Venezuela’s Scarcity

50. On a sheet of lined paper answer the following in paragraph form.
“How do we see scarcity at play in Venezuela’s current state of affairs, which groups of society do we see it and what can be done?”

51. Let’s look at Scarcity
Water
Food
Oil
Consumer’s Attention

52. Scarcity Within your group answer the following…
Write a summary of your topic.
How is your resource scarce?
How does this impact people?
What can we do in the future to balance out the needs/wants for this good and the problem with scarcity?

53. Do Now: Discuss with a partner
What is economics?
What is scarcity?
What is the difference between a tradeoff and an opportunity cost?
What is going on in Venezuela?

54. Discuss what we have covered up to this point
Discuss what we have covered up to this point. Discuss one thing you will miss from High School.

55. Quiz Define economics? What is scarcity?
What is the difference between a tradeoff and an opportunity cost?
Where are we seeing scarcity in Venezuela’s economy?

56. Thinking at the Margin

57. Thinking at the Margin
This is deciding if you should add or subtract one more than what you already have.
What is the impact of that decision?
Stop where the cost outweighs the benefit.

58. Marginal Utility – how much extra “satisfaction” you get out of doing or consuming one more of something.

59. Marginal Cost – how much extra “cost” you incur from consuming or producing one more of something.

61. Economics of Seinfeld
While you watch, write out how we see the concepts of thinking at the margin and the cost-benefit analysis.

62. Thinking at the Margin To host a baby shower To steal illegal cable
To confront the woman about the shirt

63. Thinking at the Margin Read the article.
Explain how thinking at the margin can improve your life.

65. What do you think of when you hear the word entrepreneur?

66. Factors of Production

68. Three Basic Economic Questions
What should get produced?
How should we produce it?
Who should get what is produced?
Who answers these questions?

69. Households
Firms

70. The “Players” Households Firms These are the consumers
They own the factors of production.
Firms
These are the businesses
Use resources to produce products

73. Factors of Production Land – natural resources
Labor – Effort put into production
Capital – human made resource to create goods.
Physical capital – tools, buildings
Human Capital – Education, training

74. Factors of Production
Entrepreneurs - Leaders who make decisions on how to best use the factors of production.
Take risks

77. Not all Entrepreneurs are Billionaires…
Small business makes up the majority of entrepreneurs.
Less than 1% come from wealth.
75% worked at other companies before starting their business.
They are persistent!

78. Create a hypothetical timeline of the creation of the cup from start to finish. From the idea of it to the buyer taking it off the shelf.

79. Discuss… Who answers the economic questions?
How can thinking like an entrepreneur help you have a better life?

80. Sphere of influence

81. The Problem
Pick the problem you want to focus on.

82. The Solution Describe your proposed solution.
How will your solution be different?
How will you get people to “buy” into your solution?

83. Discuss with a partner What is Scarcity?
What are the four factors of production?
What does thinking at the margin mean?
What is the “entrepreneurial mindset”?

84. Looking ahead… Your first Level 1 exam will be THIS THURSDAY!!!!!
Everything we’ve covered up to this point is fair game.
There will be a review on Wednesday.

85. Create an action plan
Inform people about your plan to keep you honest.
It needs to be specific.
Have time frames to keep you moving.
Reward yourself for the little victories.
Be Persistent!!!

87. While you watch write down times that he used the “entrepreneurial mindset” to innovate and ultimately make money.

88. TEST IS THURSDAY

89. Production Possibility Frontier

90. Production Possibility Frontier
Illustrates how much of something can be produced given the amount of land, labor and capital.

91. OR

92. Production Possibility Table
Combinations A B C D E F
Oil 1 2 3 4 5
Bottles 62 53 45 36 27 18

93. The PP Curve
Usually compares two products.

95. Inside the line
You would be able to produce more of one or both goods given the amount of available resources.

96. Outside the line
This means that the amount of goods cannot be created considering the amount of resources.

97. Anything outside the line is impossible.
Anything on the line is efficient.
Anything inside the line is inefficient.

98. Which point is efficient, inefficient or impossible?

100. The PP curve illustrates
Scarcity
Choice
Efficiency
Opportunity costs

102. A shift in the curve Indicates a growth or decline in the economy.
What are some reasons that an economy will grow or shrink?

103. Econ movies

114. Should you trust this? Why or why not?

116. News headlines got you down?

117. Discuss with a partner What is Scarcity?
What are the three factors of production?
What does thinking at the margin mean?
What does the productions possibility curve show us?

119. Do Now
Look over your notes for the exam!