1. Intro to Econ.
©Mr. Holmes
November 11, 2012

2. Lesson 1

3. Intro. Assignment Lesson 1
Make a list of 10 things you would buy if money was no object.
Put a check mark next to items that you picked in order to survive.
On your list put a X by the top 2 things you would want.
Assume you had money to only buy 1 of those items. Which do you choose and why?

4. Economics Role of Economic Systems – 3 crucial questions
What and how much should be produced
How goods/services should be produced
Who gets the good/services produced

5. Intro. to Econ
Different governments make different economic systems depending on their political views.

6. Economic Systems: refers to how people use limited resources to satisfy their wants and needs
Traditional: barter sys.
Market: individuals and businesses buy and sell goods and services
Command: gov’t controls all aspects o/t economy
Mixed: gov’t and businesses share economic decisions

7. Cow Poster
Listen to the description of the government/economy as read by your classmates.
On your paddle, write what economy is it:
Command
Market
Mixed
Traditional

8. Lesson 3

9. All proceeds go to support a good cause…
Holmes Cupcake Sale
All proceeds go to support a good cause…
Mr. Holmes
Please buy a cupcake!

10. Cupcake Lesson
Observations?
Why did I go up/down in price?

11. Cupcake Lesson What could affect demand for cupcakes? Who has money?
Who wants a cupcake?
How many people want a cupcake?
What could impact the supplies of cupcakes?
What if there was a guy right next to me selling cupcakes?
How much does it cost to make/buy a cupcake?