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Exploring Market Economies: Understanding the Basics and Driving Questions

In this opening session for Unit I, "Running in Place," we will engage with our Know List and discuss potential Driving Questions such as how we, as advisors for Holden's Daughter, can approach market economies. Our agenda includes reviewing the initial Need to Know List, viewing the first part of a video interview, and beginning our notes on market economies. It is crucial to understand that markets facilitate the exchange of goods and services because individuals cannot produce everything they need. Please bring your textbooks for homework!

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Exploring Market Economies: Understanding the Basics and Driving Questions

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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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