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Warm up: Wednesday 9/4/13. Review: What is cost/benefit analysis? How do we “think at the margin” when using cost benefit analysis? Answers: When marginal benefits still outweigh marginal costs

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Warm up wednesday 9 4 13
Warm up: Wednesday 9/4/13

  • Review:

    • What is cost/benefit analysis?

    • How do we “think at the margin” when using cost benefit analysis?

    • Answers:

      • When marginal benefits still outweigh marginal costs

      • It enables one to determine the point at which marginal costs outweigh marginal benefits, and thus to decide when to use no more units of a given resource.

  • SAT word of the day: Visionary \ˈvi-zhə-ˌner-ē\; n.

    • Word Root: Latin Videre: “vision, sight”

  • someone with unusual foresight and imagination


Warm up friday 9 6 13
Warm up: Friday 9/6/13

  • Review:

    • What is cost/benefit analysis?

    • How do we “think at the margin” when using cost benefit analysis?

    • Answers:

      • When marginal benefits still outweigh marginal costs

      • It enables one to determine the point at which marginal costs outweigh marginal benefits, and thus to decide when to use no more units of a given resource.

  • SAT word of the Day: Evidentiary \ˌe-və-ˈden-chə-rē\; adj.

    • Word Root: Latin Videre: “vision, sight”

  • being, relating to, or affording evidence


Objective
Objective

  • Students will define and explain each type of economic system in order to evaluate the efficiency of the system.




Do any of these images represent your economic activities

USA

Do any of these images represent your economic activities?


Three economic questions
Three Economic Questions

  • What are the three economic questions that need to be answered by a society?

    • What goods and services should be produced?

      • All production costs come at an opportunity cost.

  • How should these goods and services be produced?

  • Who consumes these goods and services?

    • Factor payments-the income people received for supplying the factors of production.

    • How much should we pay the owners of the factors of production?

  • How do the people pictured answer those 3 questions?


  • What is a mind map
    What is a Mind Map?

    • It’s an expression of radiant thinking which refers to associative thought processes that connect to a central point

    • Main themes of the subject radiate from the central image as branches


    Advantages of mind mapping vs linear note taking
    Advantages of Mind Mapping vs. linear note-taking

    • Time saved by noting and reading only relevant words

    • Time saved reviewing Mind Map notes vs. linear notes

    • Essential key words made more easily discernable


    Examples of mind maps
    Examples of mind maps

    http://hdysie.blogspot.com/2012_11_01_archive.html


    Warm up wednesday 9 4 13


    Warm up wednesday 9 4 13


    Tips for students
    Tips for students multi-colored, multi-dimensional Mind Maps

    • Use a central image

    • Use images throughout Mind Map

    • Use color

    • Organize and use appropriate spacing

    • Use arrows to make connections

    • Use codes


    Warm up wednesday 9 4 13


    Key terms concepts to include
    Key terms/concepts to include multi-colored, multi-dimensional Mind Maps

    Economic Systems (in center)

    • 3 economic questions that all systems answer

    • Broad social goals (efficiency, equity, freedom, growth, security, stability) that all systems try to attain

    • Market Economy (free market)

    • Command Economy (centrally planned)

    • Traditional Economy

    • Mixed Economy

    • Communism, Socialism, Capitalism will be included into one of the economies above (read to figure it out!)

    • Chapter 2, pages 23-44


    Warm up monday 9 9 13
    Warm up: Monday 9/9/13 multi-colored, multi-dimensional Mind Maps

    • SAT word of the Day: Spectacular (\spek-ˈta-kyə-lər\); adj

      • Word Root: Latin “Specere” – to look at

    •  striking or sensational

      Use the SAT word of the day in a sentence. Once you’ve completed your sentence, use the first 10 minutes of class to complete your mind maps from last week.


    Warm up tuesday 9 10 13
    Warm up: multi-colored, multi-dimensional Mind Maps Tuesday 9/10/13

    • SAT word of the Day: Prospector (\ˈprä-ˌspek- tər\) n:

      • Word Root: Latin “Specere” – to look at

    • someone who searches an area for mineral deposits

      Use the SAT word of the day in a sentence. Once you’ve completed your sentence, use the first 10 minutes of class to complete your mind maps from last week.


    Key terms concepts to include1
    Key terms/concepts to include multi-colored, multi-dimensional Mind Maps

    Economic Systems (in center)

    • 3 economic questions that all systems answer

    • Broad social goals (efficiency, equity, freedom, growth, security, stability) that all systems try to attain

    • Market Economy (free market)

    • Command Economy (centrally planned)

    • Traditional Economy

    • Mixed Economy

    • Communism, Socialism, Capitalism will be included into one of the economies above (read to figure it out!)

    • Chapter 2, pages 23-44


    Objective1
    Objective multi-colored, multi-dimensional Mind Maps

    • Students will define and explain each type of economic system in order to evaluate the efficiency of the system.


    Review
    Review… multi-colored, multi-dimensional Mind Maps

    • Apply your knowledge from your mind map to the “Market Economy” worksheet.

      • If you need help, you can use the reading.

      • You may work with a partner that sits close to you.

    • Government and the Economy

      • Assess how the government influences the economy by reading and completing the handout.


    Thinking globally
    Thinking globally… multi-colored, multi-dimensional Mind Maps

    • Now think about the countries of the world – where do each of the countries fall on the continuum?

      • You should be using your prior knowledge to understand what types of governments each country has…

      • Checking your understanding…Econedlink.org video


    Homework
    Homework: multi-colored, multi-dimensional Mind Maps

    • Complete the Assessment titled “Norway’s Economy”

      • Write a position essay on the following statement:

        • Norway’s economy is the perfect blend between economic equity and economic efficiency.

        • Be sure to include the following in your response

          • Identify the economic system that Norway uses and how does that country answer the 3 basic economic questions.

          • Evaluate the role equity and efficiency play in this economy.


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