Economics – 9/13/16
I. Bellwork:
If you were stranded on an island by yourself list 3 things (be specific) that would be essential for you to have in order to survive. Explain why you would choose each thing.
II. Objective
- Determine the meaning of words and phrases as they are used in a text through discussion and examples
- Construct thinking maps using examples, explain how scarcity, choice, opportunity costs affect decisions that households, businesses, and governments make in the market place and explain how comparative advantage creates gains from trade.
III. Discuss: The Fundamental Economic Problem pages 1-8
- Economics Lesson_1_Powerpoint-1
- Scarcity & Choice Video
- Needs & Wants
- Factors of Production
- TINSTAAFL
IV. Notebook Work – Create Thinking Maps
A. Scarcity Figure 1.1 – Flow Map
B. Factors of Production Figure 1.2 – Tree Map
V. Classwork:
- Page 5 Vocabulary (12)
VI. Quick Review
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