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Published byGabriella Walton Modified over 9 years ago
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Welcome to Economics! Turn Homework into box Grab your Notebook
Create an entry titled “Scarcity”
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Do Now What is something that you would like to have more of? What prevents you from having more of that? List as many things other than money as you can. 5 minutes End
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Objectives of the day: I can Define scarcity and analyze inequality in the world in order to explain whether or not it is possible to provide for everyone’s needs.
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Question of the Day Is there enough wealth in the world to take care of everyone?
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Wants vs. Needs Wants are things we desire to have Wants are unlimited
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Wants vs. Needs Needs are things we “need” to survive
Specific (water, food, etc)
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Resources Resources are the things needed to create the products we want/need The Problem? Resources are limited Example: The wood, hammer, and labor used to make a desk.
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Scarcity The fundamental understanding of economics
Scarcity is the condition where there are limited resources to meet our unlimited wants. There are not enough resources for everyone to have everything they want.
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End In your Notebooks Think of 5 items
5 minutes Think of 5 items For each item answer this question: what are some things that lead to scarcity for that item? (make the list as long as possible) Silently and independently End
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How do we decide who gets what?
We need a rationing device: a way to decide who gets what portion of the goods available. Have a student read the definition as they write “Who is here is good at math?” “Can one of my mathematicians tell us a mathematical synonym, another way of saying, ‘ration’?” (Prompt to “divide” if necessary) Thumbs up if you can think of something you want. Choose a student who hasn’t volunteered recently. > “Okay, so [Student] wants [item]. How do we decide if they get one?” [Money.] But is money the only rationing device? (choral “no”) “Who in here wants to go to college?” “Excellent, what’s the most famous college you can think of?” “Can you just show up to [College] with money and automatically get in?” > “So, how do they decide who gets those spots everyone wants? Thumbs up if you can think of a rationing device used for college admissions” (Take 3-4: essay, interview, ACT scores, GPA, etc.) Repeat with job interviews if pace is quick enough. End with, “and these are examples of…?” Choral response: “rationing devices.” Money is the most common rationing device, but it’s not the only one
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So, what is Economics? Economics is the science that studies the choices people make to satisfy their wants in a world of scarcity. 1. Before this slide take predictions about the definition. Explain that it includes all their answers (the study of money, jobs, unemployment, etc.) but it is defined as the study of choices because scarcity forces us to choose.
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Kidney Patients 15 minutes A hospital in a town has one dialysis machine that can run for 30 hours per week. As the boss of the hospital, you must decide who gets the treatment. There are a number of patients who require treatment and their needs are given With a partner, you will decide which patients will get the treatment and WHY you chose those patients in your notebooks (1-2 sentences to support reasoning) End
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With your Partner Read the text aloud with your partner, alternating paragraphs Annotate the text using CATCH- you should have 3 circled and defined words, 3 comments or questions in the margins, 3 underlined key points Answer the 3 questions in your notebook 15 minutes End
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What if the world was a village of 100 people?
20 are undernourished 1 is dying of starvation, while 15 are overweight Of the wealth in this village, 6 people own 60%, 74 people own 40%, and 20 people share the remaining 1% Of the energy of this village, 20 people consume 80%, and 80 people share the remaining 20% 20 have no clean, safe water to drink 56 have access to sanitation 15 adults are illiterate 1 has an university degree
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Why is there inequality?
Scarcity Priority There are not enough resources for everyone to have what they want There are enough resources, but we don’t divide them fairly If the scarcity theory is right, what should we do about inequality? Priority?
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By Yourself Using the note-taking guide and the statistics I showed you, determine whether you think it is a problem of scarcity or priority. Write a short 5-7 sentence paragraph in your notebooks about your conclusion. Silently and Independently 15 minutes End
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Exit Ticket Clear your desks Silently and Independently
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Homework Complete scarcity scenario worksheet
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