1. Warm Up
1. What are the two types of markets in the Circular flow of economics?
What is it called when other countries rely on each other for economic growth?
What is the difference between renewable and nonrenewable resources?
Opinion: Would you make a good business owner, why or why not?
1.Product markets & Factor Markets
2. Economic Interdependence

2. Fundamental Questions
Economics
Standard
LG: I will understand opportunity cost by illustrating a scenario.

3. I. Classify Economies What goods and services should be produced?
How should goods/services be produced?
Who will get the goods and services?

4. Fundamental economic questions
Economic Systems
Fundamental economic questions
Scarcity
Answered by
Imposes
Type of economic system:
- Market economy
- Command economy
- Mixed economy
Fundamental economic questions:
- What to produce?
- How to produce?
- For whom to produce?

5. tractor

6. tomatoes

7. corn

8. Harvest by hand

9. tractor & corn

10. Adam Smith

11. Karl Marx

12. Stalin

13. II. Opportunity Costs: what you give up when you make a choice
A. Focus on a resource (ex. Time = 2 hours after school), Q: If you spend two hours studying what did you give up? (ex. Watching TV for 2 hours)

14. couch potato

15. studying

16. III. Thinking at the Margin:
Analyzing how you use your resources with the idea of adding or subtracting one unit value in the production process
(ex., a fast food manager thinks about hiring another worker for the weekend rush)
B. How was each unit of the resource used? (ex., If an hour is a unit of resource, Do you study or do you watch TV?)

17. McDonalds

18. What is your dream?
Directions: Under your warm up write a few sentences about your dream for your future. Think dream college, dream job, dream house, dream car, dream vacations, dream place to live, dream family. The sky is the limit dream big!

19. American Dream
Answer the following question: 1. What is the American Dream? 2. Is it an equal opportunity? 3. Can you achieve it through hard work?