Day One Activity

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Day One Activity

• Answer the following questions using topic
  sentences and supporting details in paragraph
  form. Practice using the correct writing format
  discussed in class.
• 1.) What is your purpose at Folsom Lake? What do
  you hope to get out of your time here? Explain
  why.
• 2.) What do you believe it means to be
  successful? Provide reasoning and examples.

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Paragraph Parts.

• Topic Sentence Your main idea
• Supporting Reasoning sentence Your explanation
  of why your main idea is correct.
• Evidence Facts/proof that your explanation
  should be believed.
• Conclusion sentence Recap of topic and

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• 1.) Find the topic Sentence and Underline it.
• 2.) Find the reasoning sentences and circle them.
• 3.) Find evidence and put a box around it.
• 4.) put a dashed line under the closing sentence.
  
• My primary purpose at Folsom Lake High School is
  to get caught up on credits so that I may receive
  my diploma. This is important to me because
  without a diploma my employment options as I get
  older will be greatly diminished. Many jobs like
  factory work and white collar office jobs require
  a diploma before I could even apply. On top of
  this, studies show that on average high school
  drop outs make 10,000 per year less than high
  school graduates. Ease of finding a job and
  higher pay are why my primary focus at New Vision
  is making sure I get my diploma.

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Intro to Economics

• The American Dream

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• Economics decides how the worlds limited
  resources will be distributed. How much they
  will cost, what will be made, whom will get what?
• Why do we buy things?
• Because we cant satisfy our wants and needs on
  our own.
• Why do we sell things?
• Because we can make money satisfying other
  peoples wants and needs.
• Can everyone in the world be rich? Can we all get
  everything we need and want?

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Needs V. Wants

• What are some examples of what we need for
  survival?
• What are some examples of wants in your daily
  life?
• If you own a business do you want to sell want or
  need items? Why is understanding wants and needs
  important to economics?

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Needs and Wants keep the economy going!

• If everyone could create all their needs and
  wants on their own no economy would exist. WHY
  NOT???

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What is Scarcity?

• Scarcity Unlimited wants and needs in a world of
  limited resources. (more demand than supply)
  Examples?
• Demand how much someone is willing and able to
  buy.
• Supply how much someone is willing and able to
  produce.

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Money?
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Natural Resources?
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• AIR?

• WATER?

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The Two sides of Economics

• 1.)MAKING/SELLING STUFF

• 2.) BUYING STUFF

• Supply Side
• Sellers/producers
• Sell products to meet the needs and wants of
  buyers.
• Input What goes into making a product.
• Output the final product that is sold.

• Demand Side
• Consumers/buyers
• Controlled by the consumers who make choices
  every day on what they will buy.
• Control what is made and at what price. Each time
  we buy something we are casting a vote.

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Supply Side (input) 4 Factors of Production

• Land Natural resources not created by man.
• Labor The people and their skills, work.
• Capital tools, equipment, factories used to
  produce goods.
• Entrepreneurs Risk takers, start new business
  with the land, labor, and capital.
• Are any of these factors fixed?

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What are the factors of production for these
objects?
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The economics of production (supply).

• Input What it takes to produce something (The 4
  Factors of production) Examples?
• Output The finished product or service (What is
  made) Examples?
• Economic Rule When input changes it impacts the
  price and quantity of output.
• Example If wages go up input cost go up, also
  raising output price.

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• What is your purpose as an employee at a job? Are
  you input or output?
• To make them money.
• What is the purpose of all businesses?
• To make money!!
• To have the monetary value of output greatly
  exceed that of input. (Markup)
• Business want the final product (output) to sell
  for much more than the cost to make it (input)
• Why would so many businesses make their products
  outside this country?

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Input vs. Output

• Business 1 Input cost 2.90
• Sell Price 4.00
• Business 2 Input cost 3.25
• Sell Price 4.25
• Business 3 Input Cost 3.00
• Sell Price 3.75
• Which business makes the most per sell?

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Three Basic Questions of all Businesses/Economies

• What to produce?
• What will we devote our limited resources towards
  making?
• How to produce?
• Low cost or high end? With American workers or
  overseas?
• For whom to produce?
• Who is being targeted? Who is going to get these
  finished products?

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Journal 2

• What face/side (supply or demand) controls our
  economy by deciding what is made and at what
  price products will cost? Try to explain using
  economic reasoning.
• Include an intro and one body paragraph.

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• In small groups create a mini businesses plan
  that details the three basic economic questions
  in relation to your product.

What to produce How to Produce For Whom to produce
1.Description of what you will be producing. What will set it apart from similar businesses/products. Be specific. Write out in paragraph form. What product/service do you intend to offer? What consumer needs will you satisfy with the product/service. What is your competition? What makes you different from your competition? I.E. What is your unique selling point 1. Explain how it will be made. (overseas, domestic, machines, handmade, ect) Are you going to make it yourself? Hire people? Where will it be made? Quality? How will you lower input cost? 1.) Description of your target customer from these perspectives demographic, geographic, socioeconomic. How are you going to get people to buy it? Based on those characteristics.
2.Visual picture of what you will be producing. Or outline of business floor plan. Use detail and labels. 2. Explain the benefits of making it that way. 2. Draw an ad that will target that audience. Or describe/create a commercial.
3. Explain the drawbacks of making it that way.
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Pop Quiz 10 pts

• Explain the difference between need and want with
  examples of each?
• 2. During tough economic times do I want my
  business to sell things people need or want? One
  sentence why.
• 3. Are the factors of production an example of
  input or output?
• 4. When demand is high and supply is low price
  will go up or down?
• 5. Provide an economic definition for Scarcity.
• 6. Provide an economic definition of demand.
• 7. Consumers are on the supply or demand side of
  economics?
• 8. What are TWO examples of the capital needed at
  Taco Bell?
• 9. Which products on the board are scarce?
• 10. What are three of the factors of production?

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Journal 3

• What is more valuable, time or money? Explain
  your answer.
• Who determines the value of your time?

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Opportunity Cost

• The cost of the best alternative use of money,
  time, or resources when one choice is made rather
  than another.
• Everything has an opportunity cost!
• What is the opportunity cost of you being at
  school?

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• Trade-offs making decisions that carefully
  consider the cost and benefits of each
  possibility.

Alternatives 50 or less Durable Will parents approve? Future expense unnecessary? Can use anytime?
Several Cds
Concert Tickets
Starbucks
Jeans
Cigarettes
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Value V. Wealth V. Rich

• Value how much someone is willing to pay for
  something. Not always what is valuable in a
  survival sense.
• Diamonds Vs. Water.
• Wealth accumulation of all tangible products.
• Rich having and/or making lots of money.

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Capitalism

• Ownership by Private Persons. (not govt)
• Private means of production, businesses operate
  for profit. (increase in wealth from investment)
• Guided by the free market.( Prices determined by
  the mutual consent of buyers and sellers.)
• Laissez-faire (hands off) little to no
  intervention by the government.

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Important Capitalist Terms

• Productivity Measurement of the amount of output
  produced by an amount of input over a given
  period of time.
• Goes up when more output is produced with same
  amount of input.
• Division of Labor workers do fewer task and
  become more proficient at them.
• Specialization When a factor of production does
  a specific task that they can do more efficiently
  resulting in more productivity.

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Karl Marx

• Saw capitalism as a natural step towards
  communism.
• Eventual revolt by the working class who would
  get tired of becoming slaves to the capital
  workforce.
• Would overtake and control means of production
  themselves.
• The good of I replaced by We

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Important Questions

• Who determines what is made in a capitalist
  system?
• Who owns everything in a truly capitalist system?
• Who determines price in a capitalist system?
• What are the benefits of a capitalist system?
• What are the negatives of a capitalist system?

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Types of Economies Activity

• 1.) Create a table that illustrates the
  advantages, disadvantages, and examples of each
  of the three types of economies in your book.
  Include a definition in your own words.
• Traditional
• Command
• Market
• 2.) Write a 1-2 page essay explaining which
  economic system you would most prefer to live
  under. Use academic essay form.
• a. Intro with thesis
• b. Supporting Paragraphs
• topic sentences
• Reasoning explanation
• Examples
• c. Conclusion.

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Quiz

• 1.) What is the opportunity cost of your wardrobe
  as a whole?
• 2.) Provide examples of both need and want.
• 3.) List 3 of the 4 factors of production for all
  businesses.
• 4.) What is scarcity?

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Reading Assignment

• 1.) Create a table that illustrates the
  advantages, disadvantages, and examples of each
  of the three types of economies in your book.
  Provide a definition of each in your own words
  also.
• Traditional
• Command
• Market