Standard 1: Scarcity and Economic Reasoning Objective: Understand why choices need to be made and things given up Essential Knowledge: Scarcity, Factors of Production, Opportunity Cost, Types of Economies, Production Possibilities Curves (PPC) Warm-up - PowerPoint PPT Presentation

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PPT – Standard 1: Scarcity and Economic Reasoning Objective: Understand why choices need to be made and things given up Essential Knowledge: Scarcity, Factors of Production, Opportunity Cost, Types of Economies, Production Possibilities Curves (PPC) Warm-up PowerPoint presentation | free to download - id: 6e1d78-MGVmZ



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Standard 1: Scarcity and Economic Reasoning Objective: Understand why choices need to be made and things given up Essential Knowledge: Scarcity, Factors of Production, Opportunity Cost, Types of Economies, Production Possibilities Curves (PPC) Warm-up

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Before a business can start making a product, they have to answer 3 basic questions. ... Services are when you hire someone to do something for you. – PowerPoint PPT presentation

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Title: Standard 1: Scarcity and Economic Reasoning Objective: Understand why choices need to be made and things given up Essential Knowledge: Scarcity, Factors of Production, Opportunity Cost, Types of Economies, Production Possibilities Curves (PPC) Warm-up


1
Standard 1 Scarcity and Economic
ReasoningObjective Understand why choices need
to be made and things given upEssential
Knowledge Scarcity, Factors of Production,
Opportunity Cost, Types of Economies, Production
Possibilities Curves (PPC)Warm-up in Notebook
  • Question
  • Before a business can start making a product,
    they have to answer 3 basic questions.
  • What do you think those 3 questions are?

2
Unit 1 Part 2
  • 3 Key Economic Questions,
  • Factors of Production,
  • Group Project

3
3 Questions every society or country must answer
  • WHAT to produce
  • HOW to produce
  • FOR WHOM to produce

4
Difference between goods and services
  • A good is a tangible object. Something you can
    see, touch, smell, taste, consume, or use. An
    iPad is an example of a good.
  • A service is an intangible object. You cant
    touch, taste, or feel it. Services are when you
    hire someone to do something for you.

5
Become an inventor
  • In your notebook, make a short list (at least 5)
    of goods or services you wish were possible or
    capable of being created.
  • Examples (dont use these for your own)
  • Clicker Remote that freezes time
  • Time machine
  • Dont use money as the product you want to create
    (Example Money Tree)

6
Group of Inventors
  • Create a small group of people in the class you
    can work with in and out of class. You will need
    at least 3 people in your group no more than 5
    people please.
  • Project Handout Will be passed out in class.

7
Group ProjectCreating a New Product
  • Share the ideas each person in your group came up
    with.
  • Pick the best idea or combine a few ideas into a
    better idea.

8
Four Factors of Production
  • We cant satisfy all of our wants and needs
    BECAUSE what is required to make the goods and
    services are SCARCE
  • THE FOUR FACTORS OF PRODUCTION (resources)
  • Land Where your product will be made/created
  • Labor The people hired to create your product
  • Capital Physical, Financial, Human (see next
    slide)
  • Entrepreneurs The person/people who combine the
    other factors of production to create a business.
    What is the their main goal?

9
3 Types of Capital(All are needed)
  • Human Capital Your skills and abilities
  • Physical Capital All the products used to
    create the final product.
  • Cheese, sausage, dough, oven, etc. used to bake a
    pizza
  • Financial Capital Money needed to begin a
    business

10
Group ProjectPart 1 of 4
  • Each group needs one project handout. Please
    keep this in the class at all times so it doesnt
    get lost or forgotten.
  • Complete the top of the handout
  • Entrepreneurs Names of people in the group
  • Name of Company Be create and appropriate
  • Name of Product Be create and appropriate
  • Functions of the Product What does it do? What
    makes it a cool product?

11
Group ProjectPart 2 of 4
  • Answer the 3 Key Economic Questions
  • 1. What to produce?
  • Using the Function of the Product you just wrote,
    go into more detail about the product. What
    would you highlight in a commercial?
  • 2. How to make it?
  • Assembly line? One person making an entire
    product? Give some details on how you will make
    this product.
  • 3. Who will buy it?
  • What specific people would you target in a TV
    commercial? Men/Women, Teenagers, Lazy People

12
Group ProjectPart 3 of 4
  • Fill out the information under Factors of
    Production
  • Land Where will you be making this product?
  • Labor What are the qualifications for working
    in your company?
  • Capital What products are used to create your
    final product?

13
Group ProjectPart 4 of 4
  • Using the product and information you just came
    up with in your group, you will be creating a
    video commercial for your new product.
  • The content of the video should include all of
    the information on the handout. Also include the
    following Cost of product, how to purchase
    product (phone, internet, specific store, etc).
  • Continued on next slide -----gt

14
  • Videos should be at least 1 minute long and no
    longer than 4 minutes.
  • You will be responsible for recording and editing
    the video. Phones are the most common devices
    used to record. I recommend recording the entire
    video on one device only (makes it easier to
    edit).
  • If no one in your group knows how to edit video,
    you can download windows movie maker for free off
    the internet. It is extremely easy to use.
  • You will be graded on content, time, originality,
    and entertainment value.

15
  • You will lose points on this project if there is
    inappropriate content, language, gestures, etc.
  • Have fun with this project. It is usually one of
    the best projects of the semester, but it depends
    on you and your willingness to create a great
    video.
  • Everyone in your group must be in the video in
    some way.
  • You will have very little time in class (if any).
    You will have to meet with your group members
    outside of school to complete the video.
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