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Kickoff:
This unit we will answer our kickoff questions in google classroom under
the assignment Unit 5 Kickoffs.
You will type the date, and then the writing prompt/questions each day,
along with your response (in blue).
Free write: What do you think economics is and why is it important to study
Announcements
In your groups, take 5-10 minutes to come up with as many slang terms as
you can that high schoolers use in their everyday conversations.
Each group will pick their best three terms to ask me to see if I know what
it means.
You need more than 3 terms in case another group uses one of yours.
We will list every term I dont know on the board and you can test me on
them tomorrow to see if I pass.
Why did we just teach Mr. Greene your
slang?
Economics is the study of how decisions are made and how people seek to
satisfy wants and needs, in a world of limited resources.
Want or Need??
Wants vs. Needs
Need- things required for survival Want- things we would like to have
because they make life more
Food and Water
comfortable or enjoyable
Shelter
Vacations
Clothing
Entertainment
Stayin alive, stayin alive. Oh oh oh oh
stayin aliiiivvvveeeee
Video games
Phones
Furniture
There are four things required for all goods and services to be produced
A. Physical Capital- tools, machinery, and buildings used to make other products.
B. Human Capital- knowledge and skills a worker gains through education, training, and
experience.
We as people have
UNLIMITED wants and
needs.
The factors of
production on the other
hand are LIMITED.
Houston, we have a problem.