1. 15 14 13 12 11 10 9 8 7 6 5 4 3 2 1 $1 Million $500,000 $250,000 $125,000 $64,000 $32,000 $16,000 $8,000 $4,000 $2,000 $1,000 $500 $300 $200 $100 Welcome to Who Wants to be an Economic Millionaire? 50:50

2. © Mark E. Damon - All Rights Reserved Another Presentation © 2000 - All rights Reserved markedamon@hotmail.com

3. © Mark E. Damon - All Rights Reserved

4. 15 14 13 12 11 10 9 8 7 6 5 4 3 2 1 $1 Million $500,000 $250,000 $125,000 $64,000 $32,000 $16,000 $8,000 $4,000 $2,000 $1,000 $500 $300 $200 $100

5. © Mark E. Damon - All Rights Reserved A: Alternative Cost C: Conflict B: Collective Need D: Products 50:50 15 14 13 12 11 10 9 8 7 6 5 4 3 2 1 $1 Million $500,000 $250,000 $125,000 $64,000 $32,000 $16,000 $8,000 $4,000 $2,000 $1,000 $500 $300 $200 $100 $100 Question What is being given up when an economic choice is made and a resource is used in a certain way? A: Alternative Cost

6. © Mark E. Damon - All Rights Reserved 15 14 13 12 11 10 9 8 7 6 5 4 3 2 1 $1 Million $500,000 $250,000 $125,000 $64,000 $32,000 $16,000 $8,000 $4,000 $2,000 $1,000 $500 $300 $200 $100

7. © Mark E. Damon - All Rights Reserved A: Governments C: The Wealth of Nations B: Business and Industry D: Human Effort 50:50 15 14 13 12 11 10 9 8 7 6 5 4 3 2 1 $1 Million $500,000 $250,000 $125,000 $64,000 $32,000 $16,000 $8,000 $4,000 $2,000 $1,000 $500 $300 $200 $100 $200 Question What do we call the group of people who produce goods and services? B: Business and Industry

8. © Mark E. Damon - All Rights Reserved 15 14 13 12 11 10 9 8 7 6 5 4 3 2 1 $1 Million $500,000 $250,000 $125,000 $64,000 $32,000 $16,000 $8,000 $4,000 $2,000 $1,000 $500 $300 $200 $100

9. © Mark E. Damon - All Rights Reserved A: Products C: Collective Needs B: Services D: Needs 50:50 15 14 13 12 11 10 9 8 7 6 5 4 3 2 1 $1 Million $500,000 $250,000 $125,000 $64,000 $32,000 $16,000 $8,000 $4,000 $2,000 $1,000 $500 $300 $200 $100 $300 Question What do we call things necessary for people living in groups? C: Collective Needs

10. © Mark E. Damon - All Rights Reserved 15 14 13 12 11 10 9 8 7 6 5 4 3 2 1 $1 Million $500,000 $250,000 $125,000 $64,000 $32,000 $16,000 $8,000 $4,000 $2,000 $1,000 $500 $300 $200 $100

11. © Mark E. Damon - All Rights Reserved A: Alternative Cost C: Compare B: Output D: Tradeoffs 50:50 15 14 13 12 11 10 9 8 7 6 5 4 3 2 1 $1 Million $500,000 $250,000 $125,000 $64,000 $32,000 $16,000 $8,000 $4,000 $2,000 $1,000 $500 $300 $200 $100 $500 Question What do we do when we examine (two or more objects, ideas, people, etc.) in order to note similarities and differences? C: Compare

12. © Mark E. Damon - All Rights Reserved 15 14 13 12 11 10 9 8 7 6 5 4 3 2 1 $1 Million $500,000 $250,000 $125,000 $64,000 $32,000 $16,000 $8,000 $4,000 $2,000 $1,000 $500 $300 $200 $100

13. © Mark E. Damon - All Rights Reserved A: Market Bargaining C: Services B: Tradeoffs D: Conflict 50:50 15 14 13 12 11 10 9 8 7 6 5 4 3 2 1 $1 Million $500,000 $250,000 $125,000 $64,000 $32,000 $16,000 $8,000 $4,000 $2,000 $1,000 $500 $300 $200 $100 $1,000 Question What is a disagreement? D: Conflict

14. © Mark E. Damon - All Rights Reserved Congratulations! You’ve Reached the $1,000 Milestone! Congratulations! C o n g r a t u l a t i o n s !

15. © Mark E. Damon - All Rights Reserved 15 14 13 12 11 10 9 8 7 6 5 4 3 2 1 $1 Million $500,000 $250,000 $125,000 $64,000 $32,000 $16,000 $8,000 $4,000 $2,000 $1,000 $500 $300 $200 $100

16. © Mark E. Damon - All Rights Reserved A: Human effort C: Labor B: Consumers D: Businesses and industry 50:50 15 14 13 12 11 10 9 8 7 6 5 4 3 2 1 $1 Million $500,000 $250,000 $125,000 $64,000 $32,000 $16,000 $8,000 $4,000 $2,000 $1,000 $500 $300 $200 $100 $2,000 Question Who are the people who buy goods and services? B: Consumers

17. © Mark E. Damon - All Rights Reserved 15 14 13 12 11 10 9 8 7 6 5 4 3 2 1 $1 Million $500,000 $250,000 $125,000 $64,000 $32,000 $16,000 $8,000 $4,000 $2,000 $1,000 $500 $300 $200 $100

18. © Mark E. Damon - All Rights Reserved A: Government Action C: Market Bargaining B: Governments D: The Wealth of Nations 50:50 15 14 13 12 11 10 9 8 7 6 5 4 3 2 1 $1 Million $500,000 $250,000 $125,000 $64,000 $32,000 $16,000 $8,000 $4,000 $2,000 $1,000 $500 $300 $200 $100 $4,000 Question What happens when state and federal lawmakers create rules for many economic decisions? A: Government Action

19. © Mark E. Damon - All Rights Reserved 15 14 13 12 11 10 9 8 7 6 5 4 3 2 1 $1 Million $500,000 $250,000 $125,000 $64,000 $32,000 $16,000 $8,000 $4,000 $2,000 $1,000 $500 $300 $200 $100

20. © Mark E. Damon - All Rights Reserved A: Minimum Wage C: Psychological Wants B: Human effort D: Output 50:50 15 14 13 12 11 10 9 8 7 6 5 4 3 2 1 $1 Million $500,000 $250,000 $125,000 $64,000 $32,000 $16,000 $8,000 $4,000 $2,000 $1,000 $500 $300 $200 $100 $8,000 Question What is the effort directed toward producing goods and services? B: Human effort

21. © Mark E. Damon - All Rights Reserved 15 14 13 12 11 10 9 8 7 6 5 4 3 2 1 $1 Million $500,000 $250,000 $125,000 $64,000 $32,000 $16,000 $8,000 $4,000 $2,000 $1,000 $500 $300 $200 $100

22. © Mark E. Damon - All Rights Reserved A: Output C: Needs B: Resources D: Labor 50:50 15 14 13 12 11 10 9 8 7 6 5 4 3 2 1 $1 Million $500,000 $250,000 $125,000 $64,000 $32,000 $16,000 $8,000 $4,000 $2,000 $1,000 $500 $300 $200 $100 $16,000 Question What do we call the physical or mental services performed by workers? D: Labor

23. © Mark E. Damon - All Rights Reserved 15 14 13 12 11 10 9 8 7 6 5 4 3 2 1 $1 Million $500,000 $250,000 $125,000 $64,000 $32,000 $16,000 $8,000 $4,000 $2,000 $1,000 $500 $300 $200 $100

24. © Mark E. Damon - All Rights Reserved A: Services C: People-made Resources, Capital Goods, or Capital Resources B: Business and Industry D: Natural Resources 50:50 15 14 13 12 11 10 9 8 7 6 5 4 3 2 1 $1 Million $500,000 $250,000 $125,000 $64,000 $32,000 $16,000 $8,000 $4,000 $2,000 $1,000 $500 $300 $200 $100 $32,000 Question What are goods that people make? C: People-made Resources, Capital Goods, or Capital Resources

25. © Mark E. Damon - All Rights Reserved Congratulations! You’ve Reached the $32,000 Milestone! Congratulations! C o n g r a t u l a t i o n s !

26. © Mark E. Damon - All Rights Reserved 15 14 13 12 11 10 9 8 7 6 5 4 3 2 1 $1 Million $500,000 $250,000 $125,000 $64,000 $32,000 $16,000 $8,000 $4,000 $2,000 $1,000 $500 $300 $200 $100

27. © Mark E. Damon - All Rights Reserved A: Scarcity C: Alternative Cost B: Tradeoffs D: Market Bargaining 50:50 15 14 13 12 11 10 9 8 7 6 5 4 3 2 1 $1 Million $500,000 $250,000 $125,000 $64,000 $32,000 $16,000 $8,000 $4,000 $2,000 $1,000 $500 $300 $200 $100 $64,000 Question What happens when conflicts are settled by the way people buy and sell goods and services? D: Market Bargaining

28. © Mark E. Damon - All Rights Reserved 15 14 13 12 11 10 9 8 7 6 5 4 3 2 1 $1 Million $500,000 $250,000 $125,000 $64,000 $32,000 $16,000 $8,000 $4,000 $2,000 $1,000 $500 $300 $200 $100

29. © Mark E. Damon - All Rights Reserved A: Psychological Wants C: Resources B: Collective Needs D: Products 50:50 15 14 13 12 11 10 9 8 7 6 5 4 3 2 1 $1 Million $500,000 $250,000 $125,000 $64,000 $32,000 $16,000 $8,000 $4,000 $2,000 $1,000 $500 $300 $200 $100 $125,000 Question What do we call things that people want to make them happy, yet are not necessary? A: Psychological Wants

30. © Mark E. Damon - All Rights Reserved 15 14 13 12 11 10 9 8 7 6 5 4 3 2 1 $1 Million $500,000 $250,000 $125,000 $64,000 $32,000 $16,000 $8,000 $4,000 $2,000 $1,000 $500 $300 $200 $100

31. © Mark E. Damon - All Rights Reserved A: Products C: Scarcity B: Minimum Wage D: Output 50:50 15 14 13 12 11 10 9 8 7 6 5 4 3 2 1 $1 Million $500,000 $250,000 $125,000 $64,000 $32,000 $16,000 $8,000 $4,000 $2,000 $1,000 $500 $300 $200 $100 $250,000 Question What is a gap between needs/wants and available resources, goods or services? C: Scarcity

32. © Mark E. Damon - All Rights Reserved 15 14 13 12 11 10 9 8 7 6 5 4 3 2 1 $1 Million $500,000 $250,000 $125,000 $64,000 $32,000 $16,000 $8,000 $4,000 $2,000 $1,000 $500 $300 $200 $100

33. © Mark E. Damon - All Rights Reserved A: Conflict C: Government Action B: Minimum Wage D: Tradeoffs 50:50 15 14 13 12 11 10 9 8 7 6 5 4 3 2 1 $1 Million $500,000 $250,000 $125,000 $64,000 $32,000 $16,000 $8,000 $4,000 $2,000 $1,000 $500 $300 $200 $100 $500,000 Question What do we call the law that requires employers to pay a minimum about of money to their workers? B: Minimum Wage

34. © Mark E. Damon - All Rights Reserved 15 14 13 12 11 10 9 8 7 6 5 4 3 2 1 $1 Million $500,000 $250,000 $125,000 $64,000 $32,000 $16,000 $8,000 $4,000 $2,000 $1,000 $500 $300 $200 $100

35. © Mark E. Damon - All Rights Reserved A: Psychological Wants C: The Father of Economics B: Tradeoffs D: The Wealth of Nations 50:50 15 14 13 12 11 10 9 8 7 6 5 4 3 2 1 $1 Million $500,000 $250,000 $125,000 $64,000 $32,000 $16,000 $8,000 $4,000 $2,000 $1,000 $500 $300 $200 $100 $1,000,000 Question Name the book by Adam Smith that said a nation’s wealth is created by the sum total of the labor of its people. D: The Wealth of Nations

36. © Mark E. Damon - All Rights Reserved YOU WIN $1 MILLION DOLLARS!