1. Warm - Ups

2. Warm-Up 2/8/13 P. TX 26-TX 27. Read and answer the following.
How are other companies dependent upon the oil industry in Texas?
What might happen to the Texas economy if there was a large downturn in oil production?

3. Warm-Up 2/11/13 Use p. 9-10 to answer the questions.
Define the four key elements of the scope of Economics.
Define GDP

4. Warm-Up 2/12/13 Read “The Global Economy” on P. 35.
If you do not have a book, please get a handout of the article from Ms. Rodriguez.
Answer the Critical Thinking questions
What topics are the first graders studying?
Why does the teacher believe it is important for her students to learn about the market economy?

5. Warm-Up 2/13/13
Read the Critical Thinking Skill: Making Comparisons on p. 40
If you don’t have a book, get a copy from Ms. Rodriguez
Answer the three questions.

6. Warm-Up 2/14/13
Which economic goal do you think is most important? Why?
I will ask three people to give their answers, so be ready to share.

7. Warm-Up 2/15/13
Most people tip for service in restaurants, but not for service at clothing stores or gas stations. Explain how this illustrates economic behavior by tradition.
Explain the role you as a consumer play in obtaining economic equity for yourself.

8. Warm-Up 2/19/13 Get out your review and ask any questions!!
Pep Rally Schedule today!!!
Any late missing work is due 2/21, the day of the test.

9. 2/20/13
Essay today in class.
Get out all notes which will help you with the essay.
All late or missing work is due tomorrow, 2/21/13.
Chapter 1 & 2 Test is tomorrow, 2/21/13.

10. Essay 2/20/13
Pick the economic system which you think is the best or most interesting and compare it to the other two systems.
You have all class long to work on it and after your test tomorrow if you need that time.
Essay must contain an intro, body and conclusion as well as a thesis.

11. 2/21/13
Chapter 1 & 2 Test Today!
Today is the last day to receive full credit for any late or missing work.
After today, you will only be able to receive 70%.
After your test, I will give you a copy of your grades.

12. Mark C for 34
F = AB
G = AC
H = AD
I =AE
J = BC

13. Grades Average Viewing Guide “Kingdom of Mocha” Spiral Check
The Invisible Hand
Comparative Systems Wkst (Front)
Comparative Economic Systems (Back)
Ch. 1 Quiz

14. Warm-Up 2/22/13 Use p. 57-63 to answer ?’s.
Define sole proprietorships, partnerships, and corporations?
2. Name some examples corporations and sole prop/partnerships in the Cibolo/Schertz/Garden Ridge area.

15. Warm-Up 2/25/13 Answer the four questions, write out the complete sentences and your letter choice.
You prefer to
Get all the profits but take all the risks
Share equally with others in the profits and losses.
You want to make
All business decisions quickly
Joint decisions with competent people
You plan to
Take out a small loan against your assets
Get help to borrow a larger amount.
You prefer paying
Personal income taxes on less profit
Fewer taxes on less profit

16. Warm-Up 2/26/13 Answer the four questions, write out the complete sentences and your letter choice.
You would be most satisfied as
Your own boss
Part of a successful team
You will risk your investment
And person assets on your decisions
And personal assets on a colleagues decision
In order to expand your business, you are willing to
Buy a computer, but that’s all
Agree to a division of duties and profits
After you leave the business, you think it will
Dissolve
Operate under a different name

17. Warm – Up 2/27/13 List two advantages of each Partnership
Sole Proprietorship
Corporation

18. Warm-Up 3/5/13 Define the following terms: (starts on p.89) Demand
Demand Schedule
Demand curve
Law of Demand
Marginal Utility
Diminishing Marginal Utility

19. Warm-up 3/6/13 Look on p. 101-107. Define-elastic demand
Define-inelastic demand
Determine whether these products/services have elastic or inelastic demand-a BMW, fresh vegetables, a surgery, gasoline

20. Warm-Up 3/7/13 Read p. 100, “Holding the Fries”.
Why did McDonald’s change its menu in Indonesia?
Did McDonald’s introduce rice to its Indonesian menu in response to a change in consumer taste? Explain reasoning
What will happen if the change in the menu increases demand? Explain.

21. Warm-Up 3/8/13
If the price of the Apple iPhone increases in price by $50, what will happen to the demand for iPhones? Which way will the demand curve shift?
If the price of Android phones decreases by $50, what will happen to the demand for the iPhone? What will happen to the demand curve for the iPhone? What determinant did you use?
If AT&T’s monthly cell phone plans decrease by $10, what will happen to the demand for iPhones? What will happen to the demand curve for iPhones? What determinant caused this shift?