1. Questions to think about!
Section 1.1
*Values
*Goals
*Needs
*Wants
*Long-term goals
*Short-term goals
*Opportunity costs
Key Terms
EQ:
How do you decide what product to buy?
Do you consider different options before you decide?
Do your friends or families influence you?

2. Section 1.1 Work Values Cultural Values Social Values
are your principles, the standards by which you live.
Values change as you learn and grow.
Work Values
Cultural Values
Social Values
Demographic Values

3. Activity One
Knowing your goals is the first step. The next step is to plan how you will reach them.
Create a visual about your goals and how you will reach them:
One year goal
Five year goal
10 year goal
20 year goal

4. Questions to think about!
Section 1.2
Questions to think about!
Does shopping with a friend make it easier or harder for you to make rational buying decisions?
*Rational buying decision
*Impulse purchase
*Buyers remorse
Key Terms

5. Activity One
Knowing your goals is the first step. The next step is to plan how you will reach them.
Create a visual about your goals and how you will reach them:
One year goal
Five year goal
10 year goal
20 year goal

6. Questions to think about!
Section 1.3
Questions to think about!
*Economic System
*Production
*Resources
*Human Resources
*Nonhuman Resources
*Economics
Who decides what products will be produced?
Key Terms

7. Parents teach children how to produce good and services.
Section 1.3
Command
Each company receives a government plan that tells it what to produce and prices of their products.
Traditional
Parents teach children how to produce good and services.
Market
Businesses are free to choose what products to produce and can set their own prices. Most countries have this type of economy and the purpose is to earn a profit.
Work on sorts activity!
Mixed
Government can set the rates of public utilities and set limits on what businesses and individuals may do.

8. Activity Two: Groups Winners get big candy bars!!!!!!
Complete the
“Understanding Economics Systems Sorts Activity”

9. Questions to think about!
Section 1.3
*Profit
*Scarcity
*Demand
*Supply
*Equilibrium Price
How would the quantity of pizza you buy be influenced by a single 50% off coupon you cut from a local newspaper?
Key Terms

10. Consumer will purchase more of a product at a lower price.
Section 1.3
Law of Demand
Consumer will purchase more of a product at a lower price.

11. Section 1.3
Finish your “Sorts” activity and turn in at the end of class. The winner(s) will receive a LARGE candy bar.
Shortage
Prices rise
Surplus
Prices lower