Warm Up

What is the purpose of propaganda?

T/F: Our founding fathers supported political parties.

What is the significance of Brown v. Board of Education?

Enrichment

Read through about the role of the county, highlighting key ideas and details

Then, create your own county! Fill out the sheet, properly answering all areas.

Current Event

1.   What happened?

2.   How many people were injured?

3.   Do they know if it was a human error or faulty brakes ?

Today we start: ECONOMICS!

Wait.. What?

Economics- Study of how we make decisions in a world with LIMITED resources, also how things are MADE, BOUGHT, SOLD and USED!

Making rational decisions

You have $20 dollars to use this upcoming Saturday. Your friend Mariah wants to see Hunger Games and you know she loves buying snacks, but Faye wants to go eat at Carrabbas, and Jocelyn wants to go to the mall and Christmas shop, and Lexie wants to go get your nails done.

NEEDS VS. WANTS

Two types

MICROECONOMICS- looking at the small picture Study the behavior and small units

How are individual decisions made?

MACROECONOMICS- looking at the big pictureEconomy as a whole

Whole industries

ECONOMIC SYSTEM

The way of producing the things the people want and need

Each country has one!

TRADE OFF

Alternative you face if you decide to do one thing over another

OPPORTUNITY COST

Cost of the next best use of your time or money when you choose to do one thing over another

Opportunity given up

COSTS

FIXED COSTS

COSTS

VARIABLE COSTS

COSTS

TOTAL COSTS

COSTS

MARGINAL COSTS

TOTAL VS. MARGINAL REVENUE

Cost-Benefit Analysis

4 Factors of Production

NATURAL RESOURCES

LABOR

CAPITAL

ENTREPRENEUR

Page 517

Compare your own definitions with the actual definitions

CREATE!