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Economics Bell Ringer Tuesday, 9/4/2012

Economics Bell Ringer Tuesday, 9/4/2012. Please answer these questions in the box for Tuesday’s Bell Ringer. Update your table of contents for today’s handouts: Why did you sign up for this class? What do you think you know about Economics? What do you think you will learn in this class?.

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Economics Bell Ringer Tuesday, 9/4/2012

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  1. Economics Bell RingerTuesday, 9/4/2012 • Please answer these questions in the box for Tuesday’s Bell Ringer. Update your table of contents for today’s handouts: • Why did you sign up for this class? • What do you think you know about Economics? • What do you think you will learn in this class? Today’s Handouts: #0 – Table of Contents #1 – 9/4 – Bell Ringer (9/4-9/7)

  2. I Know What You Did Last Summer! • Split a sheet of looseleaf paper with a neighbor and number 1-10 • You must find a different person and write their name next to the answer for each question • I worked a job doing ________________________ • I went downtown to the ______________________ • I went on a road trip to _________________________ • I went to sports/band/activity camp for ______________________ • I volunteered/service learning at ________________________ • I got on a plane and went to ____________________________ • I met some new people from _____________________________ • I saved money for _________________because ____________________ • I bought a new ____________________ because ____________________ • My top priority this year is ____________________________________

  3. Economics Bell RingerWednesday, 9/5/2012 • Opening Unit Essential Question: • Is Competition Good/Bad for Public Schools? • Use complete sentences to write an answer to these questions. Explain your reasoning: • Is competition always good? Always bad? • When making a decision (purchase, college, etc.), how does competition impact your decision? Today’s Handouts: #2 – 9/5 - Syllabus #3 – 9/5 – KWL Chart

  4. Economics Bell RingerThursday, 9/6/2012 • Opening Unit Essential Question: • Is Competition Good/Bad for Public Schools? • Use complete sentences to write an answer to the questions. Explain your reasoning: • Think about something that you spent money on. • What were the benefits and the costs of this purchase decision? • How do these benefits/costs affect your decision? Today’s Handouts: #4 – 9/6 – NPR Audio Transcript #5 – 9/6 – NPR Audio Notes

  5. Economics Bell RingerFriday, 9/7/2012 • Opening Unit Essential Question: • Is Competition Good/Bad for Public Schools? • Use complete sentences to write an answer to the questions. Explain your reasoning. Then complete the self-reflection. • What are two things you learned about: competition in schools, school choice, or vouchers? • What is one question you still have about competition in schools? Today’s Handouts: #6 – 9/7 – School Voucher Questions

  6. Economics Bell Ringer Wednesday, September 19, 2012 • What is Economics? • Ch 1.1: How can we make the best economic choices? • BELL RINGER: • What are some examples of needs and wants • What is the difference between the two? • Why do we have needs and wants? • Why can’t we get everything we need or want? Today’s Handouts: #7 – 9/19 – Bell Ringer (9/19-9/21) #8 – 9/19 – Notes Ch 1.1 (on loose leaf)

  7. Economics Wednesday, September 19, 2012 • Ch 1.1 How can we make the best economic choices? • Get out looseleaf, Handout #8, Title: “Notes Ch 1.1 – Scarcity” NEEDS WANTS - Draw this spectrum on your notes. Place our list of needs/wants on the spectrum. Be ready to explain your reasoning.

  8. Economics Wednesday, September 19, 2012 • Ch 1.1 How can we make the best economic choices? • Get out looseleaf, Handout #8, Title: “Notes Ch 1.1 – Scarcity”

  9. Economics Wednesday, September 19, 2012 • Ch 1.1 How can we make the best economic choices? When done, check out your book for the year (always bring to class) Setup Cornell Notes outline and take notes on Section 1.1 until the bell (Due Thursday)

  10. Economics Bell Ringer Thursday, September 20, 2012 • What is Economics? • Ch 1.1: How can we make the best economic choices? • BELL RINGER: • Why can’t you satisfy unlimited needs and wants?

  11. Economics Thursday, September 20, 2012 • Ch 1.1 How can we make the best economic choices?

  12. Economics Bell Ringer Thursday, September 20, 2012 • What is Economics? • Ch 1.1: How can we make the best economic choices? • Ch 1.1 SECTION QUESTIONS: P. 7 #2-7 • You may write your answers on Handout #8 (your looseleaf notes) • Answer in complete sentences • Ch 1.1 Cornell Notes and Section ?s Due END OF CLASS

  13. Economics Bell Ringer Friday, September 21, 2012 • What is Economics? • Ch 1.1: How can we make the best economic choices? • BELL RINGER: • Explain how scarcity affects the factors of production Today’s Handouts: #9 – 9/21 – PPT Notes Ch 1.1 #10 – 9/21 – Business Idea Brainstorm

  14. Economics Bell Ringer Monday, September 24, 2012 • What is Economics? • Ch 1.2: How does opportunity cost affect our choices? • BELL RINGER: • Write down 10 decisions you made recently involving limited resources (time, money, factors of production) Today’s Handouts: #11 – 9/24 – Bell Ringer (9/24-9/28) #12 – 9/24 – Ch 1.2 Notes and ?s (looseleaf paper)

  15. Economics Monday, September 24, 2012 • Ch 1.2: How does opportunity cost affect our choices? On Looseleaf paper, Handout #12, Title: “Ch 1.2 Notes”

  16. Economics Monday, September 24, 2012 • Ch 1.2: How does opportunity cost affect our choices? • On Looseleaf paper, Handout #12, Title: “Ch 1.2 Notes” • DUE END OF CLASS • Read Ch 1.2 (p 8-12) and complete your Concept Web (p8) or Cornell Notes. You should add ovals. • Section ?s P. 12 1-8 • Notes on Key Terms Ch 1.2

  17. Economics Bell Ringer Tuesday, September 25, 2012 • What is Economics? • Ch 1.2: How does opportunity cost affect our choices? • BELL RINGER: • Think of a decision you recently made (or we discussed yesterday). Explain how needs, wants, scarcity and tradeoffs are related to this decision. Today’s Handouts: #13 – 9/25 – PPT Notes Ch 1.2 #14 – 9/25 – Ch 1.2 Reading Review

  18. Economics Bell Ringer Wednesday, September 26, 2012 • BELL RINGER: • CLEAR DESKS FOR ECONOMICS ASSESSMENT • When done with assessment, quietly organize binders, finish work due today

  19. Economics Bell Ringer Thursday, September 27, 2012 • BELL RINGER: • Which decision would you make? Remember thinking at the margin as you explain your reason. Today’s Handouts: #15 – 9/27 – Decision Making Wksht

  20. Economics Thursday, October 4, 2012 • KITCHEN CHALLENGE: • You will weigh alternatives to determine most efficient use of scarce resources • Groups decide how to use their physical and human capital and how the labor will be accomplished given the size of their group and the time limits • You must design a menu with the limited number of people in your group and time allowed • Work through Day 1 Questions (finish for HW); we finish Day 2 tomorrow

  21. Economics Thursday, September 27, 2012 • Identify the Key Term • The principle that limited amounts of goods and services are available to meet unlimited needs and wants • The resources that are used to make goods and services (and what are the different types?) • The study of how people seek to satisfy their needs and wants by making choices • The process of deciding how much more or less to do for the extra/next unit of production • The most desirable alternative given up as a result of a decision • the alternatives that we give up when we choose one course of action over another • the total satisfaction gained from getting needs and wants Scarcity Factors of production: Land, Labor, Physical Capital, Human Capital Economics • Economics • Tradeoffs • Utility • Opportunity Cost • Marginal Benefit • Scarcity • Marginal Cost • Factors of Production • Needs/Wants • Thinking on the Margin Thinking at the margin Opportunity Cost Tradeoffs Utility

  22. Economics Bell Ringer Friday, September 28, 2012 • What is Economics? • Ch 1.2: How does opportunity cost affect our choices? • BELL RINGER: • Complete the self-reflection, update Table of Contents and turn-in Bell Ringers • Clear your desk of everything for Quiz #1 Today’s Handouts: #17 – 9/28 – Quiz #1 #18 – 9/28 – Opportunity Cost: GMO

  23. Economics Bell Ringer Monday, October 1, 2012 • What is Economics? • Ch 1.3: How does a business decide what and how much to produce? • BELL RINGER: • Imagine you and two friends are planning the Homecoming dance. Plan who will do what to prepare for the dance. • Get out your book. Label a looseleaf #19 and title “Notes Ch1.3” Today’s Handouts: #18 – 10/1 – Bell Ringer (10/1-10/5) #19 – 10/1 – Ch 1.3 Notes and ?s

  24. Economics Monday, October 1, 2012 • Ch 1.3: How does a business decide what and how much to produce? • Label Looseleaf paper #19 and title, “Ch1.3 Notes”. Use for all of today and tonight’s work. • CASE STUDY: CAR INDUSTRY OUTSOURCING TO ASIA • Read case study on P16 and answer these questions: • Why are the auto-makers moving high-skilled jobs into low-cost countries? • How might production and quality control be compromised if Nissan designs cars in Vietnam?

  25. Economics Monday, October 1, 2012 • Ch 1.3: How does a business decide what and how much to produce? • Label Looseleaf paper #18 and title, “Ch1.3 Notes”. Use for all of today and tonight’s work. • BOOK WORK (DUE THURSDAY BEG. OF CLASS) • Read Ch 1.3 (p 13-18) • Review Key Terms (Notes and Flash Cards) • Answer CHECKPOINT Questions • P.14 Graph Skills #1, 2 • P.18 #2-10

  26. Economics Bell Ringer Tuesday, October 2, 2012 • What is Economics? • Ch 1.3: How does a business decide what and how much to produce? • BELL RINGER: • 1. Think about yesterday’s case study about Nissan moving production to Viet Nam • What were the scarce factors of production? • What was the marginal benefit of moving production? • What was the opportunity cost of moving production? • Use cost/benefit analysis to explain how Nissan made their decision Today’s Handouts: #20 – 10/2 – PPT Notes Ch 1.3

  27. #15: Decision Making Handout Remember, if Marginal Benefit > Marginal Cost, we should expand # of stores (Current: Sales $25.3mm, Profit 10%)

  28. Economics Tuesday, October 2, 2012 • #16 Opportunity Cost and GMO Food DECISION: DON’T BUY Benefit < Cost DECISION: BUY Benefit > Cost

  29. Economics Bell Ringer Thursday, October 4, 2012 • BELL RINGER: Use the following Production Possibilities Curve • What are the two alternatives that we may produce? • What is the current opportunity cost of increasing t-shirt production from 0mm to 40mm t-shirts? • Where are we producing efficiently? • How do we get from the red to the blue curve? What do we call that?

  30. Economics Thursday, October 4, 2012 To receive text reminders from Mr. Vasu for Economics: Text the message @vasuecon to (720)-924-4156. Standard messaging rates apply.

  31. Economics Bell Ringer Friday, October 5, 2012 • Identify the Key Term • the use of resources in such a way as to maximize the output of goods and services • a line on a production possibilities curve that shows the maximum possible output an economy can produce • the extra cost of adding a unit • The most desirable alternative given up as a result of a decision • the use of fewer resources than an economy is capable of using • The process of deciding how much more or less to do for the extra/next unit of production Efficiency (on PPF) Production Possibilities Frontier Marginal Cost • Prod. Possibilities Curve • Prod. Possibilities Frontier • Opportunity Cost • Marginal Benefit • Efficiency • Marginal Cost • Underutilization • Needs/Wants • Thinking on the Margin Opportunity Cost Underutilization (inside/under PPF) Thinking on the Margin

  32. Economics Bell Ringer Friday, October 5, 2012 • Describe a good or service you consumed recently • What was the opportunity cost? • What factors of production were used to make the good or service? • Be specific what factor of production it is Today’s Handouts: #21 – 10/5 – Kitchen Challenge

  33. Economics Bell Ringer Monday, October 8, 2012 • Make a production possibilities frontier on this production possibilities curve. Label your axes. • What is the opportunity cost of producing more than 70mm iPads? • What would be a point of underutilization? • What might cause you to be to the right of your PPF? 0 Today’s Handouts: #22 – 10/8 – Bell Ringer (10/8-10/12)

  34. 0 Economics Bell Ringer Tuesday, October 9, 2012 • Make a PPF on a PPC. Label your axes. • How can we produce 14 Cars and 5 Trucks per worker? • What happens to opportunity cost as you increase production of cars per worker. Be specific. • What does the PPC show? How is this related to thinking at the margin? BRING YOUR BOOKS TO CLASS TOMORROW!!!

  35. Economics Bell Ringer Wednesday, October 10, 2012 • Use at least 4 key terms in your answers: • scarcity, needs/wants, goods/services, efficiency, cost/benefit analysis, thinking at the margin • Why does every decision involve tradeoffs and opportunity cost? • How does a PPC show opportunity cost?

  36. Economics Wednesday, October 10, 2012 • Finish the Kitchen Challenge. It is due on Thursday • Review for the Ch1 Test (Thursday in class) • You are allowed one side of 3x5 index card I give you as aid for the test • Resources: • Handouts #8, 9, 12, 13, 19, 20 • P.19 Key Terms • P. 20 #1-9

  37. Economics Friday, October 5, 2012 KITCHEN CHALLENGE: RESULTS

  38. Economics Monday, October 15, 2012 • Think of a business idea and answer the following three questions. Explain your reasoning. Use Tuesday’s BR space if you need more room. • What goods/services are you going to produce? • How are you going to produce these goods/services? (specific factors of production) • Who is going to consume the goods and services? Today’s Handouts: #24 – 10/15 – Bell Ringer (10/15-10/19) #25 – 10/15 – Ch2.1 Book Work

  39. Economics Tuesday, October 16, 2012 • One of everyone’s basic needs is for food. To satisfy this need, how should the 3 economic questions be answered? • What goods/services should be produced? • How should these goods/services be produced? • Who is going to consume the goods and services? Today’s Handouts: #26 – 10/16 – PPT Notes Ch 2.1

  40. Economics Bell Ringer Thursday, October 18, 2012 • What are the three key economic questions? • List the five economic goals • Describe two of the goals

  41. Economics Thursday, October 18, 2012 • Any questions on p28? • Finish Book Work • Review Key Terms to study for Quiz • Organize Binder to be checked tomorrow

  42. Economics Bell Ringer Monday, October 29, 2012 • What are the three key economic questions? • What are the five economic goals? Today’s Handouts: #28 – 10/22 – Bell Ringer (10/29-11/03) #29 – Ch 2 Notes

  43. Economics Classwork Monday, October 29, 2012 • Take out a sheet of a paper and number it #29 with the title, Chapter 2 Notes: Economic Systems • Quickwrite your thoughts for Why do markets exist? • Tear another sheet of paper into 8 equal pieces. Think of a need/want. Identify a business idea. Write down a good/service your business provides on each of the pieces

  44. Economics Classwork Monday, October 29, 2012 • Create markets to exchange for your other needs/wants. The market is only open for 10 minutes. • Why do markets exist?

  45. Economics Classwork Monday, October 29, 2012 • We need markets because most people are not self-sufficient • We are households/consumers • Firms/producers are organizations that produce goods/services • Households need to trade/exchange for goods/services to satisfy our needs/wants • This is the product market • We also need to work and sell our scarce resources to get money to buy goods/services. This income is a factor payment • This is the factor market • This is the circular flow of income and output

  46. Economics Classwork Monday, October 29, 2012 • This week’s book work (#29 Ch 2 Notes) • Key Terms • Checkpoint Questions • Read Ch 2.2 p 29-34 • P 35-36 • P 39-40 • P.34 #2-5, 10 • DUE FRIDAY

  47. Economics Bell Ringer Tuesday, October 30, 2012 • Why do markets exist? • What do these words mean: • Households/consumers • Product market • Factor market • Firms/producers Today’s Handouts: #30 – 10/30 – PPT Notes Ch 2.2

  48. Economics Bell Ringer Wednesday, October 31, 2012 • Why do households/entrepreneurs specialize? How can specialization benefit both buyers and sellers in a free market economy? • Explain what you remember about the Circular Flow of Income and Output? Today’s Handouts: #31 – 10/31 – Activity of Firms

  49. Economics Exit Ticket Wednesday, October 31, 2012 • How do incentives influence the decisions we make? • How are incentives and self-interest related to the free market? • How are free market economic systems self-regulated? Provides reward or punishment; motivation to do certain things Self-interest provides the incentive for households to look for lowest prices and firms to look for highest prices, so they get the highest profits. Self-interest means no one will pay more than they are willing. Competition means firms cannot charge unfairly high prices, earning unfair profits, since others will enter the business.

  50. Economics Bell Ringer Thursday, November 1, 2012 • How does the government help provide for economic equity? • How does the government pay for its programs? Today’s Handouts: #33 –11/01 – Quiz Ch 2.2

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