Warm up wednesday 9 4 13
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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.


Warm up wednesday 9 4 13

China


Warm up wednesday 9 4 13

India


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

    • Essential key words made more easily discernable

    • Recall of essential key words is improved

    • Clear and appropriate associations made between key words

    • Concentration on real issues enhanced


    Warm up wednesday 9 4 13

    • Our brains find it easier to remember visually stimulating, multi-colored, multi-dimensional Mind Maps

    • The Mind Map works in harmony with the brain’s desire for completion or wholeness

    • Mind maps make our brains more alert and receptive


    Tips for students

    Tips for students

    • 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

    • Print all words (printing encourages brevity)

    • Print key words on lines (helps with organization

    • Develop a personal style


    Key terms concepts to include

    Key terms/concepts to include

    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

    • 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: 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

    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

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


    Review

    Review…

    • 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…

    • 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:

    • 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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