Wel come To Biztown !

1. Welcome To Biztown!

2. Today’s agenda : Pre-test Overview of Biztown Review vocabulary & record it in your notebooks.

3. Write “Vocabulary Quiz Monday” in your agenda. Copy the following vocabulary words in your notebook: 1. Economy – a system of production, consumption, and distribution of goods, services and resources 2. Resources – things that people used to produce goods and services 3. Human resources – the skills & abilities of workers used in production 4. Natural Resources – things used in production that occur naturally in world such as water. 5. Capital resources – resources made by people such as factories 6. Market – a system in which people and businesses buy and sell goods, services and resources. 7. Circular Flow – a model of the movements of goods, services, resources, and money in an economy

4. Warm-up: Jacob earns $12 an hour as a teaching assistant, working 40 hours each week for 36 weeks a year. What is the maximum value of goods and services that Jacob could buy in the market?

5. Your task – DrAW • a DIAGRAM Illustrating the • Circular Flow of the • Economy . • Be sure to Label & explain: • Human Resources • natural resources • capital resources • Money • Goods & Services

6. Exit Ticket: How does the circular Flow of the economy demonstrate Balance?

7. Warm up – “The most important single central fact about markets is that no exchange happens unless both parties benefit.”-Milton Friedmont How do both people and businesses benefit in the goods and services market trade? How do both people and businesses benefit from the resource market trade?

8. Vocabulary Quiz Monday 1. Circular Flow _____ A. a system of production, consumption, and distribution of goods, services and resources 2. Human Resources_____ B. things that people used to produce goods and services 3. Capital resources_____ C. the skills & abilities of workers used in production 4. Resources _____ D. things used in production that occur naturally in world such as water. 5. Natural resources_____ E. resources made by people such as factories 6. Economy _____ F. a system in which people and businesses buy and sell goods, services and resources. 7. Market _____ G. a model of the movements of goods, services, resources, and money in an economy

9. Lesson 3 Vocabulary: • prototype – a model or sample of a • product that will be produced. • scarcity – a situation in which people can’t • have everything they want because of • limited resources. • free enterprise – a system in which • economic decisions are made in markets • by people and businesses with little • government influence. • profit- the money that is left over after a • business pays all of its costs.

10. Before You Go: Peter started a business mowing lawns in the summer when he wasn’t in school. He borrowed $450 from his parents and invested in a lawn mower, rake, and trimmer. Every time he mows a lawn, he uses $4 in gasoline, $.50 worth of bags and pays $10 on his loan to his parents. This summer he mowed 47 lawns and charged $25 each lawn. What was Peter’s profit?

11. Warm – Up: After the U.S. was formed, many Americans began to migrate westward because the land was becoming scarce. It was said that there was no scarcity of land when the settlers first arrived. How did land become scarce over time? Bonus: Name one conflict that we learned about (in S.S.) that dealt with the scarcity of land.

12. Your task – You and your group will have to create a product to sell using only the materials on your desk. You will have 2 minutes to decide what to produce. (It needs a name!) Go

13. Your task – You and your group will have to create a Prototype of your product. You will have 3 minutes to produce it. Go

15. Your task – You and your group need to make as many of your products as you can. You will have 15 minutes. Go

17. Exit Ticket: Describe how scarcity could upset the balance of the economy? How could Balance be restored?

18. Warm-up: Peter’s Profit Peter started a business mowing lawns in the summer. He borrowed $450 from his parents and invested in a lawn mower, rake and lawn trimmer. Every time he mows a lawn, he uses $4 worth of gasoline, $.50 worth of trash bags and pays $10 toward the loan he took from his parents. This summer he mowed 47 lawns and charged $25 each. What was Peter’s profit?

19. 1. prototype ____ A. a system in which economic decisions are made in markets by people and businesses with little government influence. 2. scarcity ____ B. the money that is left over after a business pays all of its costs. 3. free enterprise ____ C. a model or sample of a product that will be produced. 4. profit ____ D. a situation in which people can’t have everything they want because of limited resources.

20. Vocabulary: Public goods and services: Goods and services that provide benefits to many people, but people may not be restricted from using them. Private goods and services: goods and services that are exchanged in markets for a price. Taxes – required payments to government

21. In your agenda – Write vocabulary quiz next class & Word Search due tomorrow

22. Decision Time: Do you spend your $ on free laps at recess or on the answers to tonight’s homework – you decide!

23. Answers to Homework

25. Exit Ticket - “In this world, nothing is certain but death and taxes.”-Ben Franklin Explain what you think Benjamin Franklin meant when he wrote this. What was he trying to say about taxes?

26. Number your paper 1-3. Choose the word that best matches the description below and write that word on the blank beside the number, matching its description. Word Bank Public goods and services Private goods and services Taxes 1. Goods and services that provide benefits to many people, but people may not be restricted from using them. 2. required payments to government 3. goods and services that are exchanged in markets for a price.

27. Warm-up Teresa graduated from college last year and got a job as a manager, earning $30,000 a year! She was really excited about earning so much money. After a year had passed, Teresa sat down and computed her entire tax bill. No wonder she had such a hard time making ends meet! Federal income taxes on her salary $3,400 Social Security and Medicare $2,300 State income taxes on her salary $1,000 Local property taxes on her new car $800 Sales taxes on her new car $1,000 Gasoline taxes $200 Sales taxes on her purchases of goods and services $1,100 Using your estimation skills, what portion of Teresa’s income goes to taxes? Report the answer in the form of a fraction. What benefits will Teresa get from the taxes?

28. Vocabulary: Philanthropy: The effort to increase the wellbeing of people through charitable giving. Nonprofit organizations: Institutions developed to increase the wellbeing of others in certain areas, such as education, religion, health, and other good causes. Opportunity cost: The value of the next best alternative given up when a choice is made.

31. Exit ticket - “There’s no such thing as a free lunch!” Write about a time you thought you were getting something for free. Was it really free, or was there an opportunity cost?

32. Warm –up: None! The Unit test is today!

33. Learning Objectives Citizens will be able to: 1. name the parts of a checkbook. 2. complete a deposit ticket and maintain a check register correctly. 3. define net deposit.

34. Vocabulary: Checks: Written orders to a bank to pay a certain amount of money from a checking account to another person or business. Deposit tickets: Written records of money put into a checking account. Check register: A booklet for recording the money that is put in (deposited) or removed (withdrawn) from the checking account. Net deposit: The amount of money deposited into an account, minus any cash received. Endorse: To write a signature on the back of a check.

40. Exit ticket:Metaphors A metaphor is an implied comparison in which a word or phrase is used in place of another word or phrase. For example, “He was drowning in money.” is a metaphor. Think of another metaphors that use money or economic concepts. Write it down and illustrate it.

41. Warm-up: Nola had a balance of $25 in her Checking account. She made an additional $5 deposit. Describe the increase in her balance using a fraction, decimal, and percentage.

42. Vocabulary Quiz: Word Bank Check register Deposit ticket Check Endorse Net deposit Written orders to a bank to pay a certain amount of money from a checking account to another person or business. Written records of money put into a checking account. A booklet for recording the money that is put in (deposited) or removed (withdrawn) from the checking account. The amount of money deposited into an account, minus any cash received. To write a signature on the back of a check.

43. Learning Objectives Citizens will be able to: write a check and maintain a check register correctly. 2. describe the consequences of not sufficient funds.

44. Gordon’s Bounced Check

50. Exit ticket: Many banks do not send you checks that you wrote to other people or businesses. It is expensive for them to send them. A stack of 30 checks weighs 1.2 ounces. In May 2007, the U.S. Postal Service charged 41¢ for the first ounce and 17¢ for each additional ounce for first-class mail. How much would it cost a bank to send checks to the following 275 customers? 100 customers each had 10 checks 75 customers each had 20 checks 65 customers each had 30 checks 35 customers each had 70 checks