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Wel come To Biztown !. Today’s agenda : Pre-test Overview of B iztown Review vocabulary & record it in your notebooks . Write “Vocabulary Quiz Monday” in your agenda. Copy the following vocabulary words in your notebook:

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Wel come To Biztown !

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Wel come to biztown

Welcome To Biztown!


Wel come to biztown

Today’s agenda :

Pre-test

Overview of Biztown

Review vocabulary &

record it in your notebooks.


Wel come to biztown

Write “Vocabulary Quiz Monday”

in your agenda.

Copy the following vocabulary words in

your notebook:

1. Economy – a system of production, consumption, and distribution

of goods, services and resources

2. Resources – things that people used to produce goods and services

3. Human resources – the skills & abilities of workers used in production

4. Natural Resources – things used in production that occur naturally in

world such as water.

5. Capital resources – resources made by people such as factories

6. Market – a system in which people and businesses buy and sell goods,

services and resources.

7. Circular Flow – a model of the movements of goods, services,

resources, and money in an economy


Wel come to biztown

Warm-up:

Jacob earns $12 an hour as a

teaching assistant, working 40

hours each week for 36 weeks a

year. What is the maximum value

of goods and services that

Jacob could buy in the market?


Wel come to biztown

  • Your task – DrAW

  • a DIAGRAM Illustrating the

  • Circular Flow of the

  • Economy .

  • Be sure to Label & explain:

  • Human Resources

  • natural resources

  • capital resources

  • Money

  • Goods & Services


Wel come to biztown

Exit Ticket:

How does the

circular Flow of

the economy

demonstrate

Balance?


Wel come to biztown

Warm up – “The most important

single central fact about markets is

that no exchange happens unless both

parties benefit.”-Milton Friedmont

How do both people and businesses

benefit in the goods and services

market trade?

How do both people and businesses

benefit from the resource market

trade?


Wel come to biztown

Vocabulary Quiz Monday

1. Circular Flow _____A. a system of production, consumption, and distribution of goods, services and resources

2. Human Resources_____B. things that people used to produce goods

and services

3. Capital resources_____C. the skills & abilities of workers used in

production

4. Resources _____D. things used in production that occur

naturally in world such as water.

5. Natural resources_____ E. resources made by people such as

factories

6. Economy _____F. a system in which people and businesses

buy and sell goods, services and resources.

7. Market _____G. a model of the movements of goods,

services, resources, and money in an

economy


Wel come to biztown

  • Lesson 3 Vocabulary:

  • prototype – a model or sample of a

  • product that will be produced.

  • scarcity – a situation in which people can’t

  • have everything they want because of

  • limited resources.

  • free enterprise – a system in which

  • economic decisions are made in markets

  • by people and businesses with little

  • government influence.

  • profit- the money that is left over after a

    • business pays all of its costs.


Wel come to biztown

Before You Go:

Peter started a business mowing lawns in

the summer when he wasn’t in school. He

borrowed $450 from his parents and

invested in a lawn mower, rake, and

trimmer. Every time he mows a lawn, he

uses $4 in gasoline, $.50 worth of bags and

pays $10 on his loan to his parents. This

summer he mowed 47 lawns and charged

$25 each lawn. What was Peter’s profit?


Wel come to biztown

Warm – Up: After the U.S. was

formed, many Americans began to

migrate westward because the

land was becoming scarce. It was

said that there was no scarcity of

land when the settlers first arrived.

How did land become scarce over

time?

Bonus: Name one conflict that we

learned about (in S.S.) that dealt

with the scarcity of land.


Wel come to biztown

Your task –

You and your group will have to create a product to sell using only the materials on your desk. You will have 2 minutes to decide what to produce. (It needs a name!) Go


Wel come to biztown

Your task –

You and your group will have to create a Prototype of your product. You will have 3 minutes to produce it.

Go


Wel come to biztown

Your task –

You and your group need to make as many of your products as you can. You will have 15 minutes. Go


Wel come to biztown

Exit Ticket:

Describe how

scarcity could

upset the balance

of the economy?

How could Balance

be restored?


Wel come to biztown

Warm-up:

Peter’s Profit

Peter started a business mowing lawns in the summer. He borrowed $450 from his parents and invested in a lawn mower, rake and lawn trimmer. Every time he mows a lawn, he uses $4 worth of gasoline, $.50 worth of trash bags and pays $10 toward the loan he took from his parents. This summer he mowed 47 lawns and charged $25 each. What was Peter’s profit?


Wel come to biztown

1. prototype ____ A. a system in which

economic decisions are made in marketsby people and businesses with littlegovernment influence.

2. scarcity ____ B. the money that is left over

after a business pays all of

its costs.

3. free enterprise ____C. a model or sample of a

product that will be

produced.

4. profit ____D. a situation in which people can’t have everything they

want because of limited

resources.


Wel come to biztown

Vocabulary:

Public goods and services:

Goods and services that provide benefits

to many people, but people may not be

restricted from using them.

Private goods and services:

goods and services that are exchanged in

markets for a price.

Taxes – required payments to government


Wel come to biztown

In your agenda –

Write vocabulary quiz

next class

&

Word Search due

tomorrow


Wel come to biztown

Decision Time:

Do you spend your $

on free laps at recess or

on the answers to

tonight’s homework –

you

decide!


Wel come to biztown

Answers to Homework


Wel come to biztown

Exit Ticket -

“In this world, nothing

is certain but death and

taxes.”-Ben Franklin

Explain what you think Benjamin Franklin meant when he wrote this. What was

he trying to say about taxes?


Wel come to biztown

Number your paper 1-3. Choose the word that best matches the description below and

write that word on the blank beside the number, matching its description.

Word Bank

Public goods and services

Private goods and services

Taxes

1. Goods and services that provide benefits to many people, but people may not be restricted from using them.

2. required payments to government

3. goods and services that are exchanged in

markets for a price.


Wel come to biztown

Warm-up

Teresa graduated from college last year and got a job as a manager, earning

$30,000 a year! She was really excited about earning so much money. After a

year had passed, Teresa sat down and computed her entire tax bill. No wonder

she had such a hard time making ends meet!

Federal income taxes on her salary $3,400

Social Security and Medicare $2,300

State income taxes on her salary $1,000

Local property taxes on her new car $800

Sales taxes on her new car $1,000

Gasoline taxes $200

Sales taxes on her purchases of goods and services $1,100

Using your estimation skills, what portion of Teresa’s income goes to taxes?

Report the answer in the form of a fraction.

What benefits will Teresa get from the taxes?


Wel come to biztown

Vocabulary:

Philanthropy: The effort to increase the wellbeing of people through charitable giving.

Nonprofit organizations: Institutions developed to increase the wellbeing of others in certain areas, such as education, religion, health, and other good causes.

Opportunity cost: The value of the next best alternative given up when a choice is made.


Wel come to biztown

Exit ticket -

“There’s no such thing as a free lunch!”

Write about a time you

thought you were getting

something for free. Was

it really free, or was there an

opportunity cost?


Wel come to biztown

Warm –up:

None! The Unit test

is today!


Wel come to biztown

Learning Objectives

Citizens will be able to:

1. name the parts of a checkbook.

2. complete a deposit ticket and

maintain a check register correctly.

3. define net deposit.


Wel come to biztown

Vocabulary:

Checks:

Written orders to a bank to pay a certain amount of money from a checking account to another person or business.

Deposit tickets:

Written records of money put into a checking account.

Check register:

A booklet for recording the money that is put in (deposited)

or removed (withdrawn) from the checking account.

Net deposit:

The amount of money deposited into an account, minus any cash received.

Endorse:

To write a signature on the back of a check.


Wel come to biztown

Exit ticket:Metaphors

A metaphor is an implied comparison in

which a word or phrase is used in

place of another word or phrase.

For example, “He was drowning in money.”

is a metaphor. Think of another metaphors

that use money or economic concepts.

Write it down and illustrate it.


Wel come to biztown

Warm-up:

Nola had a balance of $25 in her

Checking account. She made an

additional $5 deposit. Describe the

increase in her balance using a fraction,

decimal, and percentage.


Wel come to biztown

Vocabulary Quiz:

Word Bank

Check register Deposit ticket Check

Endorse Net deposit

Written orders to a bank to pay a certain amount of money from a checking account to another person or business.

Written records of money put into a checking account.

A booklet for recording the money that is put in (deposited) or removed (withdrawn) from the checking account.

The amount of money deposited into an account, minus any cash received.

To write a signature on the back of a check.


Wel come to biztown

Learning Objectives

Citizens will be able to:

write a check and

maintain a check register

correctly.

2. describe the consequences

of not sufficient funds.


Wel come to biztown

Gordon’s Bounced Check


Wel come to biztown

Exit ticket:

Many banks do not send you checks that you

wrote to other people or businesses.

It is expensive for them to send them.

A stack of 30 checks weighs 1.2 ounces.

In May 2007, the U.S. Postal Service charged

41¢ for the first ounce and 17¢ for

each additional ounce for first-class mail.

How much would it cost a bank to send

checks to the following 275 customers?

100 customers each had 10 checks

75 customers each had 20 checks

65 customers each had 30 checks

35 customers each had 70 checks


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