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Friday 9/2 & Tuesday 9/6

Friday 9/2 & Tuesday 9/6. Opening Act Open your binders (everyone) to your Unit I “Running in Place” Know List Review the information with your neighbor Begin discussing and working on a possible Driving Question: How can we, as Holden’s Daughter (advisors)…..? Agenda is on the next page.

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Friday 9/2 & Tuesday 9/6

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  1. Friday 9/2 & Tuesday 9/6 Opening Act • Open your binders (everyone) to your Unit I “Running in Place” Know List • Review the information with your neighbor • Begin discussing and working on a possible Driving Question: • How can we, as Holden’s Daughter (advisors)…..? Agenda is on the next page Chapter 1 Section Main Menu

  2. Agenda: • Review Know List (KL) • Driving Question (DQ) • initial Need to Know List (NTKL) • Start viewing Video Interview Part One • Discuss & possibly revise KL & NTKL • Possibly Start Operation of Market Economies Notes: Part 1 • Assignment: BRING YOUR TEXTBOOKS NEXT CLASS, THERE WILL BE HW TO START Chapter 1 Section Main Menu

  3. Operation of Market Economies Part I • What are markets & why do they exist? • A market is an arrangement that allows buyers and sellers to exchange goods and services. • Markets exist because none of us produces all the goods and services we require to satisfy our needs and wants. Chapter 1 Section Main Menu

  4. Operation of Market Economies Part I • Components of Markets • 2 Basic Components • Households-consumers • Firms-producers and businesses Chapter 1 Section Main Menu

  5. Operation of Market Economies Part I • The Product Market • This is the market where Households give their money to Firms in exchange for goods and services. • Why do Households need to do this? Chapter 1 Section Main Menu

  6. Operation of Market Economies Part I • Price • Prices play a big role in this market • It is in the Households’ self interest to pay the lowest price for goods and services. Chapter 1 Section Main Menu

  7. Operation of Market Economies Part I • It is in the Firms self interest to sell at the highest price possible. • Both sides are motivated by Self Interest • Both sides react to prices Chapter 1 Section Main Menu

  8. Operation of Market Economies Part I • Households compete against each other in supplying their resources • Firms compete against each other in selling their goods and services • In addition, both sides compete against each other Chapter 1 Section Main Menu

  9. Operation of Market Economies Part I • Any questions about Product Markets? • Later we will see how firms create goods and services? • Anyone looking for further information and clarification should review Chapter 2, Section 2 “The Free Market” pgs, 28-33 Chapter 1 Section Main Menu

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