Economics – 1/30/2015

I.  Bellwork

II.  Objective

  • Examine 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.  Blog and iLearn Basics Discussion

IV,  Section 1-2 Notes and Discussion: Pages 12-16

A.  Terms & Concepts

  • Goods & Services
  • Durable & Non Durable Goods
  • Consumers & Consumer Goods
  • Value = Scarcity + Utility
  • Paradox of Value
  • Wealth
  • Factor market &Product Markets -Circular Flow  EPP_p15

V.  Notebook Work

  • Copy & Label Figure 1-3 p15   EPP_p15

VI.  Quiz Tuesday: Section 1-1, Section 1-2 & Procedures

VII.  Classwork

A.  Page 12 – Vocabulary (21)


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