1. Welcome to Economics PLEASE TAKE OUT YOUR NOTEBOOK

2. Scenario #1 - $500
1. List 6 items you would want to buy with $500 and select only 3 that you have enough money for.
2. Where do you go to buy your items?
3. How were your items made and who was involved in making them?

3. Timed-Pair-Share: Take a few seconds to think about why you picked those 3 items and explain it to your shoulder partner. After 30 seconds switch and listen to your partner.

4. Scenario #2 - $5,000
1. List 5 items you would want to buy with $5,000 and select 3 that you have enough money for.
2. Where do you go to buy your items?
3. How were your items made and who was involved in making them?

5. Timed-Pair-Share: Take a few seconds to think about why you picked those 3 items and explain it to your face partner. After 30 seconds switch and listen to your partner.

6. Scenario #3 - $50,000
1. List 4 items you would want to buy with $50,000 and select 3 that you have enough money for.
2. Where do you go to buy?
3. How were your items made and who was involved in making them?

7. Timed-Pair-Share: Take a few seconds to think about why you picked those 3 items and explain it to your shoulder partner. After 30 seconds switch and listen to your partner.

8. Resources and Scarcity
Economics
LG: I will understand the relationship between resources and scarcity by categorizing uses of resources.

9. I. Economics: The study of people’s choices under the condition of scarcity
Scarcity: When there are limited quantities of resources to meet unlimited wants
Goods: physical items of value
Services: human action that has value
Consumers: those who buy goods/services
Producers: those who create or manufacture goods/services

10. Wallet

11. Giant Sequoia Trees

12. Lumber

13. New Home Construction

14. Scissors = good

15. Haircut = service

16. II. Factors of Production (think business!)
Natural Resources (land): materials from the earth
1. Renewable - plants, animals, timber
2. non-renewable - mineral ores and fuels
Human Resources (labor): people’s effort & skill
Capital Resources (capital): machines, tools, and buildings
Entrepreneur = the business owner who takes the risk of bringing together the factors of production for a profit

17. Oil

18. Renewable Resource = forest

19. cow

20. Workers – Human Resources

21. Capital Resources

22. Bill Gates

23. Donald Trump

24. Reading Activity Read pages 12-17: answer the following questions…
What examples can you give of transactions taking place in product markets?
What is the relationship between scarcity, value, utility, and wealth?
Where do you fit in the Circular Flow of Economic Activity?
What education do you want for income purposes? Why?
Read pages 5 -10: answer the following questions…
1. What is the fundamental economic problem?
2. What are the 3 basic economic questions every society must answer?
3. What are the 4 key elements of economics?
4. What items have you been without because of limited resources?