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Warm Up: Monday August 26, 2013

Warm Up: Monday August 26, 2013. Welcome back to Hereford High School! Congrats on making it to your SENIOR year! In your last year of school, identify one goal you want to accomplish by June and explain how you can achieve that goal. SAT word of the day. Innovative ˈ i-nə -ˌ vā-tiv ; adj

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Warm Up: Monday August 26, 2013

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  1. Warm Up: Monday August 26, 2013 Welcome back to Hereford High School! Congrats on making it to your SENIOR year! In your last year of school, identify one goal you want to accomplish by June and explain how you can achieve that goal.

  2. SAT word of the day Innovative \ˈi-nə-ˌvā-tiv\; adj Word Root: Latin Novus: “new” able to introduce or create something new

  3. Warm Up: Tuesday August 27, 2013 Welcome back to Hereford High School! Congrats on making it to your SENIOR year! In your last year of school, identify one goal you want to accomplish by June and explain how you can achieve that goal.

  4. SAT word of the Day Novice\ˈnä-vəs\ n: Word Root: Latin Novus: “new” a beginner; one who is initially unskilled

  5. Syllabus – Economics and Public Issues • Mrs. Higgins Shaull (a.k.a – Mrs. Shaull) • jhigginsshaull@bcps.org • Social Studies Office • http://jhiggins.pbworks.com • Required class for graduation – EPI or AP Economics • Personal Finance Portfolio • You will need to submit either electronically or in hard copy at the end of the first unit (assessment)

  6. Objective An open letter to students returning to school Students will describe basic economic concepts in order to explain how scarcity and opportunity cost are basic economic principles.

  7. What is Economics? Lost or Stolen Credit Cards… Nick D’Aloiso sells his app to Yahoo…for $30 million Jumpstart Pre-test – what do you know? Ju

  8. Scarcity and Opportunity Cost Scarcity – The basic economic problem that arises because people have unlimited wants but resources are limited. Because of scarcity, various economic decisions must be made to allocate resources efficiently. Opportunity Cost - The cost of an alternative that must be forgone in order to pursue a certain action. Put another way, the benefits you could have received by taking an alternative action.

  9. Millionaire Quiz What generalizations can you make about millionaires? What choices did they make that impacted their success? What choices could you make that would increase the likelihood of you becoming a millionaire?

  10. What are the consequences of making these decisions? Do all decisions have consequences? Why? Why must we make choices? How are scarcity and shortage different?

  11. Objective How are millionaires affected by scarcity and opportunity cost? Students will describe basic economic concepts in order to explain how scarcity and opportunity cost are basic economic principles.

  12. Warm up: Wednesday 8/28/13 SAT word of the Day: Renovate\ˈre-nə-vāt \; tr.v. Word Root: Latin Novus: “new” to restore to a former better state; to renew or revive • How are millionaires affected by scarcity? • Scarcity - The basic economic problem that arises because people have unlimited wants but resources are limited. Because of scarcity, various economic decisions must be made to allocate resources efficiently. • (you will write this definition in a few minutes – do not need to write it now).

  13. Scarcity and Opportunity Cost Scarcity – The basic economic problem that arises because people have unlimited wants but resources are limited. Because of scarcity, various economic decisions must be made to allocate resources efficiently. Opportunity Cost - The cost of an alternative that must be forgone in order to pursue a certain action. Put another way, the benefits you could have received by taking an alternative action.

  14. Warm up: Wednesday 8/28/13 SAT word of the Day: Renovate\ˈre-nə-vāt \; tr.v. Word Root: Latin Novus: “new” to restore to a former better state; to renew or revive • Complete the worksheet you received as you walked into class: • Identifying Opportunity Cost

  15. Warm up: Thursday 8/29/13 SAT word of the Day: Novelty \ˈnä-vəl-tē\; n Word Root: Latin Novus: “new” something new or unusual; an amusing toy or food item • How are millionaires affected by scarcity? • Scarcity - The basic economic problem that arises because people have unlimited wants but resources are limited. Because of scarcity, various economic decisions must be made to allocate resources efficiently.

  16. Creating your Personal Finance Portfolio

  17. Objective Students will describe and apply economic vocabulary to scenarios in order to explain how scarcity and opportunity cost are basic economic principles.

  18. Vocabulary Use the textbooks to find your definitions! • Essential Vocabulary • Economics • Financial Literacy • Factors of Production (additional definitions included) • Capital • Human • Physical • Opportunity Cost • Scarcity • Entrepreneur • Cost/benefit analysis (additional definitions included) • Speculation • Stock • Trade-off • Vocab you should know…  • Goods • Services • Needs • Wants • Cost • Benefits • Budget • Credit • Debit • Income • Profit

  19. Homework • Create an image that best describes one of the economic terms we defined today in class. • Must be completed on white paper (no lines) • Must include color • See examples for ideas. • Homework due Friday 8/30/13

  20. Economic Principles *The foundation of Economic reasoning! 1. People choose. What is the choice being made? Who is making the choice? 2. All choices involve cost. What are the alternatives? What is being refused? 3. People respond to incentives in predictable ways. What are the potential benefits? What are the potential costs? Have they changed? 4. Economics systems influence individual choices and incentives. Have the choices made by others influenced the individuals in the situation? What are the rules of the system? How might the rules have changed? 5. Voluntary trade creates wealth. Why is exchange taking place or not taking place? How do these choices influence trade and exchange? 6. The consequences of choices lie in the future. What costs and benefits do you foresee? How uncertain or risky is the choice being made?

  21. The mystery of 2 families… • The Robinsons and the Meltons are two families that earn the same income, live in the same neighborhood, are of the same age, and have 2 children each. Yet the Robinsons are SIX times wealthier than the Meltons. Why is this?

  22. Objective Students will describe and apply economic vocabulary to scenarios in order to explain how scarcity and opportunity cost are basic economic principles.

  23. Homework • Create an image that best describes one of the economic terms we defined today in class. • Must be completed on white paper (no lines) • Must include color • See examples for ideas. • Homework due Friday 8/30/13

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