1. Economics Mr. Haderlein

2. Agenda Class overview Quiz Key Terms Article HOMEWORK

3. Economics Mr. Haderlein Text Book – NONE Instead we use Naked Economics Current Articles / current events

4. Additional Class Materials Multi-Colored pens (or pen) One inch three ring binder

5. Laptops, kindles, iPads, etc. Yes, you can use them.

6. Class Rules –Be on time –Pay attention –Be prepared –Cellphones….wait until 3 minute break within class. Don’t use to text other students. Comments You are responsible to monitor your grade You are responsible to seek help (e-mail is best way to contact me)

7. Class Rules

8. Absences You are responsible for… –Getting the material –Reviewing the powerpoint. The Powerpoint presentations are online at my faculty webpage –Getting the homework assignment

9. Absences (continued) Tests… You need will make-up the test at detention when you return. You get a ZERO if you have not made arrangements to make-up the test and I return the tests. E-mail is the best way to make arrangements to take the test. YES…a ZERO

10. Accessing Powerpoints & Current Reading 1.Go to La Salle’s homepage (www.lasallehs.org)www.lasallehs.org 2.Academics 3.Administrator & Teacher Pages 4.F – K 5.Steve Haderlein

11. Printing Powerpoints Print and review the Powerpoints BEFORE class –Bring to class –Life is much easier if you have the powerpoints Here’s how… –Print “handouts” –3 per page seems best You Decide

12. Comment about Powerpoints and “Current Reading” During the semester, you will occasionally have a quiz at the beginning of class on the powerpoint and / or the reading. Quizzes are open note. Printing and reading the material make quizzes easy. Not printing and not reading make quizzes hard.

13. Drinks, food, and gum

14. Quiz Economics is….

15. Economics is… like dentistry. It’s useful but sometimes it’s a bit painful.

16. Three Minute Break

17. Economics is…. –The study of human behavior. How people allocate resources to produce goods and services to satisfy needs and wants

18. Economics is…. –The study of human behavior. How people allocate limited resources to produce goods and services to satisfy unlimited needs and wants. »Remember…resources are always scarce

19. Economics and Cinderella Is the Cinderella’s step-mom really wicked or just logical? Did she efficiently allocate her limited resource of parenting to the daughters most likely to snag the prince and therefore get her a great retirement?

20. article

21. Module 1 Introduction key terms

22. Four Factors of Production (resources) 1.Land All Natural resources Example - Oil, Coal, Trees 2.Labor People producing a good or service Example – Auto worker, Lawyer, Teacher 3.Human Capital Training for Labor Example – College Education, Seminars 4.Physical Capital Tools used by labor to make goods and services Example – Computers, Buildings, Factories, desks

23. Key terms –Scarcity vs. shortage –Need vs. want –Good vs. Service –Trade-off vs. Opportunity Cost –Entrepreneur

24. –Scarcity vs. shortage Scarcity is permanent Shortage is temporary Temporary may be days, weeks months or even years

25. Need vs. Want –Need = gotta have it –Want = nice to have it For each person to decide Cellphone example

26. Good vs. Service Good –Tangible –Generally produced with physical skills Service –Intangible –Generally produced with knowledge

27. Trade-off vs. Opportunity Cost Trade-off = All the choices given up Opportunity Cost = Most valuable choice given up Example….your time

28. Entrepreneur –Uses resources (factors of production) to produce goods and services to satisfy needs and wants

29. Entrepreneur Uses resources (factors of production) to produce goods and services to satisfy needs and wants. Why is she smiling? Incentives matter.

30. Student video http://www.youtube.com/watch?v=Ap KpMMPDlIs

31. Homework Current Reading (found online) Print and Review Powerpoint for next class

32. Comment about Homework Homework in this class is rather light but important. Usually reading an article and reviewing the powerpoint.

33. Handouts