1. Bell Work: Wednesday May 18th
List 5 needs in your life and 5 wants.
In the modern U.S., is internet access a need? How possible is it for you to conduct your life without it? Make a list of the things you would be missing out on or unable to do.

2. Agenda: Wednesday May 18th
Bell work and discussion
Clarify Vocabulary
Self Guided Notes (online)
Types of Economies Explained
Types of Economics Practice
Economics Brochure

3. Economics Vocabulary
Economics: The study of how we make decisions
Personal finance decision
Business decisions
Government decisions
How things are made, bought, sold, and used

4. Economics Vocabulary
Microeconomics: study the behavior
and decision making of you and
businesses
Macroeconomics: Study of governments and whole industries (ex. Fast food industry)

6. Economics Vocabulary
Consumers and businesses decide factors of production
Command Economy
Communism
Government decides factors of production
Some rules and regulations on business
Capitalism
Free Market
Laissez Faire

7. Economics Vocabulary
Trade Off: Choosing between different choices (you can’t do all the things at the same time)
Example: Choosing to rent or buy. VS
Opportunity Cost: The cost of making a decision and giving something else up.
Example: Because I went to the party instead of studying I did poorly on my AP exam and then had to pay money to retake the course when I went to college.

8. Economics Vocabulary
Marginal Cost: The cost of producing one more item VS
Marginal Benefit: The benefit of producing one more item.

9. Types of Markets - Self-Guided Notes
There are 4 types of Market Structures:
Perfect Competition
Monopolistic Competition
Oligopoly
Monopoly
Use the QR code to learn about these types of market to create and fill in guided notes. The guided notes that you are responsible for are the slides with blanks. There are 4 slides total.
- 15 minutes

10. Unit 10- Macroeconomics

11. Types of Economies
Economic System - how a society manages the production, distribution, and consumption of goods and services
Three Questions all societies must answer
WHAT is produced?
HOW is it produced?
WHO consumes what is produced?

12. Traditional Economy
An economic system where tradition and custom govern economic decisions
Usually centered around the family
Resources allocated based on inheritance
Little innovation or technology
Advantage: Little friction among members because there is little competition
Disadvantage: Very slow growth or change

13. Command Economy
Government makes all production decisions and owns all resources
Purpose of business is to provide goods, not make profit
Consumers have very few choices
Advantage: Ensures stability and equality
Disadvantage: Frequent shortages or surpluses

14. Market Production and prices are based on supply and demand
Businesses strive to make a profit
Emphasizes individual freedom
Advantage: Flexible, moves economy toward equilibrium
Disadvantage: Can lead to poverty and economic downturns

15. Mixed Combines elements of market and command
Government and individuals share decision making process
Resources owned by individuals
Government regulates and guides
Advantage: balance between freedom and equality
Disadvantage: Government intervention can hinder progress

16. Types of Economies Practice
Next, we’ll put into practice what we learned today. Use the QR code to access the types of economies practice scenarios. Record your responses on the back of your guided notes. If you run out of space, attach a sheet of paper.
For each scenario…
Summarize the key points from the country you read about
Explain which type of economy is discussed
Support your answer with two pieces of evidence from the notes.

17. Brochure
COVER: Include a picture, a slogan, and the business name. (5 points)
WHY?: What human want or need will your business fulfill? Why should investors be interested in it? (5 points)
RESOURCES needed: What resources will you need to have in order to start your business? Give two examples EACH of land, labor, and capital that you will need. (10 points)
MARKET STRUCTURE: Explain what type of market your business would likely be in and the characteristics of that market (10 points)
SUPPLY AND DEMAND: Create a mock supply and demand graph and report the equilibrium price and quantity. Explain how a change in a demand factor will help your business. (10 points)
CREATIVITY - make it colorful and organized (10 points)
Movement: In seats unless getting supplies
Volume: Whisper only to help each other
Participation: Independently create brochure and turn in at end of period