Economics – 9/05/19

I.  Bellwork

Describe an event in which you have been impacted by scarcity.

II.  Objective

• Examine basic economic terms and concepts related to goods/services, paradox of value, and the flow of economic activity.
• Explore and identify methods that successfully increased productivity and economic growth.
• Discuss how factor and product markets react to an increase in productivity and the impact of the early auto industry on society.

III.   Section 1-2 Notes and Discussion: Pages 12-16

  A.  Terms & Concepts to Know

• Goods & Services
• Durable & Non Durable Goods
• Consumers & Consumer Goods
• Value = Scarcity + Utility
• Paradox of Value

• Wealth
• Factor market & Product Markets -Circular Flow
• Economic Interdependence
• Division of Labor & Specialization
• Economic Growth, GDP, Productivity, & Human Capital

IV.  Notebook Work

• Copy & Label Figure 1-3 p15

V.  Classwork

• Page 12 – 21 Vocabulary

VI.  Quiz Tomorrow: Section 1-1, Section 1-2

VII.  Section 1-2 Flash Card Review

Economics F2019