1. NEW HCPS POLICY

2. ONLY ONE STUDENT IS ALLOWED TO THE BATHROOM PER 9 WEEKS! NO EXCEPTONS!

3. I HAVE ONE PASS TO THE RESTROOM: HOW DO WE DECIDE WHO GETS THE PASS?

4. OPTIONS WHO HAS THE MOST $$$? WHO I LIKE THE BEST? RAFFLE/LOTTERY FIGHT?

5. Fundamentals of Economics Unit 1 – Lesson 1 – Scarcity Mr. Mable Econ 6120

6. Make your Own $$$ Take a few minutes to make your own money. We will call these….

7. MABLE BUCKS! MABLE

8. OH BY THE WAY…. This is REALLY your ONE bathroom pass for the 9 weeks!

9. RULE # 1 WE DO NOT TALK ABOUT WHAT HAPPENS IN ECON!

11. Econ Video What is Econ? http://www.youtube.com/watch?v=ayRnEa iWnTkhttp://www.youtube.com/watch?v=ayRnEa iWnTk Do this last!

12. 1. Scarcity

13. Scarcity is the central economic problem unlimited wants vs. limited resources. The goods and services we want exceed our ability to produce them. Everyone faces scarcity. Because of scarcity, consumers, businesses, and government decision- makers are forced to make choices.

14. Rolling Stones http://www.youtube.com/watch?v=VNAmg gD9s4Ahttp://www.youtube.com/watch?v=VNAmg gD9s4A Rolling Stones http://www.youtube.com/watch?v=OagFIQ Ms1tw&feature=fvwrelhttp://www.youtube.com/watch?v=OagFIQ Ms1tw&feature=fvwrel

16. Economics is all about... using the resources you have to get the things you want most. What kinds of resources? What do you want? do you have? 11. 22. 33. 44. 55.6

17. Econ Videos Scarcity (5 min) http://www.youtube.com/watch?v=yoVc_S _gd_0http://www.youtube.com/watch?v=yoVc_S _gd_0

18. What is your most Precious Resource?

19. TIME!

20. “Time is the Coin of Life.” -Robert Frost

21. Ozymandius http://www.youtube.com/watch?v=Tz8VG1zIEL8

22. TIME IS PASSING…

23. Econ Videos Resources (5 min) http://www.youtube.com/watch?v=0PgP0d XAGAE&feature=channel&list=ULhttp://www.youtube.com/watch?v=0PgP0d XAGAE&feature=channel&list=UL

24. Day 2 - What's the trade-off? What's my opportunity cost?

25. How to think like an economist. What word do you think of when you hear the word “ economics ” ?

26. Limited resources vs Unlimited wants Scarcity The underlying concept in economics.

27. Two Roads Diverged in a Wood… http://www.youtube.com/watch?v=DEMDQ SatfTUhttp://www.youtube.com/watch?v=DEMDQ SatfTU Robert Frost What is the meaning of this Poem?

28. Scarcity necessitates choice. Opportunity Cost is what you give up when you choose. It’s the real cost.

29. http://www.youtube.com/watch?v=PNRObcLBpVM&playnext=1&list =PL3F69F2C6DADE7D1C&feature=results_main

30. Opportunity Cost The opportunity cost of a choice is the value of the best alternative given up.

31. The economic way of thinking.

32. Core Economic Principles 1.People make choices. 2.All choices have costs. 3.People respond to incentives in predictable ways. 4.Economic systems influence incentives 5.Consequences of choices lie in the future. 6.Voluntary exchange creates wealth.

33. Consumers face scarcity and must make choices and incur opportunity costs. For example, a consumer with two hours of free time cannot go ice skating for two hours and see a movie. Whatever choice is made, the alternative given up is the opportunity cost.

34. Businesses face scarcity and must make choices and incur opportunity costs. Suppose a grocery is deciding whether to add a café or a pharmacy. It only has space for one. It makes a choice; the one not selected is the opportunity cost.

35. Governments face scarcity and must make choices and incur opportunity costs. For example, money spent on roads cannot be spent on education—or whatever would be the next best alternative.

36. A tradeoff is not an all-or-nothing decision. For example, government could choose to trade off some money for roads to spend more on education.1

37. Cost-Benefit Analysis What are the costs? What are the benefits? (What benefits do you give up?) (What good things do you get?)

38. What is the difference between what a government does and what an economy does?

39. What 3 Basic Questions do all economies have to answer? What to produce? How to produce? For whom to produce?

41. What are the main types of economies? Who owns the resources? Who decides?

42. Main Types of Economies Command Market Tradition Mixed

43. Why are some nations rich and others poor? Which of these nations do you think is the wealthiest? ABCDE

44. Hans Roslings: Four Minutes 200 years http://www.youtube.com/watch?v=jbkSRLYSojo

45. What characteristics do wealthy nations have in common? Investments in human and physical capital Economic freedom Lower taxes Less government regulation Sound monetary policy Protection of property rights Incentives to save, invest, increase productivity Competitive markets Low inflation Political stability