NEW HCPS POLICY

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NEW HCPS POLICY
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ONLY ONE STUDENT IS ALLOWED TO THE BATHROOM PER 9
WEEKS!NO EXCEPTONS!
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I HAVE ONE PASS TO THE RESTROOMHOW DO WE
DECIDE WHO GETS THE PASS?
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OPTIONS

• WHO HAS THE MOST ?
• WHO I LIKE THE BEST?
• RAFFLE/LOTTERY
• FIGHT?

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Fundamentals of Economics

• Unit 1 Lesson 1 Scarcity
• Mr. Mable
• Econ 6120

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Make your Own

• Take a few minutes to make your own money.
• We will call these.

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MABLE BUCKS!

• MABLE

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OH BY THE WAY.

• This is REALLY your ONE bathroom pass for the 9
  weeks!

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RULE 1

• WE DO NOT TALK ABOUT WHAT HAPPENS IN ECON!

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(No Transcript)
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Econ Video

• What is Econ?
• http//www.youtube.com/watch?vayRnEaiWnTk
• Do this last!

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1. Scarcity
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1. Scarcity

• Scarcity is the central economic problem
• unlimited wants vs. limited resources.
• The goods and services we want exceed our
  ability to produce them.
• Everyone faces scarcity.
• Because of scarcity, consumers, businesses, and
  government decision-makers are forced to make
  choices.

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Rolling Stones

• http//www.youtube.com/watch?vVNAmggD9s4A
• Rolling Stones
• http//www.youtube.com/watch?vOagFIQMs1twfeature
  fvwrel

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(No Transcript)
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Economics is all about . . .using the resources
you have to get the things you want most.

• What kinds of resources?
  What do you want?
• do you have?
• 1 1.
• 2 2.
• 3 3.
• 4 4.
• 5 5.
• 6 6

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Econ Videos

• Scarcity (5 min)
• http//www.youtube.com/watch?vyoVc_S_gd_0

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What is your most Precious Resource?
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TIME!
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Time is the Coin of Life.-Robert Frost
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Ozymandius

• http//www.youtube.com/watch?vTz8VG1zIEL8

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TIME IS PASSING
ARE YOU?
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Econ Videos

• Resources (5 min)
• http//www.youtube.com/watch?v0PgP0dXAGAEfeature
  channellistUL

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Day 2 - What's the trade-off? What's my
opportunity cost?
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How to think like an economist.

• What word do you think of when you hear the word
  economics?

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Limited resources vs Unlimited wants

• Scarcity
• The underlying concept in economics.

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Two Roads Diverged in a Wood

• http//www.youtube.com/watch?vDEMDQSatfTU
• Robert Frost
• What is the meaning of this Poem?

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Scarcity necessitates choice.

• Opportunity Cost
• is what you give up when you choose.
• Its the real cost.

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http//www.youtube.com/watch?vPNRObcLBpVMplaynex
t1listPL3F69F2C6DADE7D1Cfeatureresults_main
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Opportunity Cost

• The opportunity cost of a choice is the value of
  the best alternative given up.

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• The economic way of thinking.

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Core Economic Principles

1. People make choices.
2. All choices have costs.
3. People respond to incentives in predictable ways.
4. Economic systems influence incentives
5. Consequences of choices lie in the future.
6. Voluntary exchange creates wealth.

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• Consumers face scarcity and must make choices and
  incur opportunity costs. For example, a consumer
  with two hours of free time cannot go ice skating
  for two hours and see a movie. Whatever choice is
  made, the alternative given up is the opportunity
  cost.

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• Businesses face scarcity and must make choices
  and incur opportunity costs. Suppose a grocery is
  deciding whether to add a café or a pharmacy. It
  only has space for one. It makes a choice the
  one not selected is the opportunity cost.

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• Governments face scarcity and must make choices
  and incur opportunity costs. For example, money
  spent on roads cannot be spent on educationor
  whatever would be the next best alternative.

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• A tradeoff is not an all-or-nothing decision. For
  example, government could choose to trade off
  some money for roads to spend more on education.1

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Cost-Benefit Analysis

• What are the costs? What are the benefits?
• (What benefits do you give up?) (What good
  things do you get?)

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• What is the difference between what a government
  does and what an economy does?

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What 3 Basic Questions do all economies have to
answer?

• What to produce?
• How to produce?
• For whom to produce?

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(No Transcript)
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What are the main types of economies?Who owns
the resources?
Who decides?
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Main Types of Economies

• Command
• Market
• Tradition
• Mixed

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Why are some nations rich and others poor?

• Which of these nations do you think is the
  wealthiest?
• A B C D E

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Hans Roslings

• Four Minutes 200 years
• http//www.youtube.com/watch?vjbkSRLYSojo

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What characteristics do wealthy nations have in
common?

• Investments in human and physical capital
• Economic freedom
• Lower taxes
• Less government regulation
• Sound monetary policy
• Protection of property rights
• Incentives to save, invest, increase productivity
• Competitive markets
• Low inflation
• Political stability