Economics – 2/04/14
I. Bellwork
A. Provide an example for each:
1. Land
2. Labor
3. Capital.
II. Objective
- SWD the ability to explain basic economic terms and concepts related to goods/services, paradox of value, and the flow of economic activity.
- Determine the meaning of words and phrases as they are used in a text
III. Quick Section 1-1 Review
IV. Section 1-2 Notes and Discussion: Pages 12-16
A. Terms
- Goods & Services
- Durable & Non Durable Goods
- Consumers & Consumer Goods
- Value = Scarcity + Utility
- Paradox of Value
- Wealth
- Factor market & Product Markets -Circular Flow EPP_p15
- Economic Growth, Productivity, & Human Capital
- Division of Labor & Specialization – Assembly Lines
- Economic Interdependence
V. Notebook Work
- Copy & Label Figure 1-3 p. 15
VI. Quiz Thursday: Section 1-1, Section 1-2 & Procedures
VII. Classwork
A. Page 12 – Vocabulary (21)
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