Introduction to Unit 6 Economics Success Criteria 3272017

Introduction to Unit 6: Economics

Success Criteria 3/27/2017 1. We can identify the meaning of Economics. 2. We can compare and contrast economic questions. 3. We can analyze scenarios to determine which economic question is presented. 4. We can evaluate how the gov’t and businesses answer economic questions in America. Answer in a complete sentence Let’s say that you own a business. How would you feel if the gov’t could tell you how much you could pay your employees? Would you be ok with it? Would you tell them that it’s none of their business? Why?

New Unit, New You!

House Cleaning • Economics HW is due Tuesday the 4 th!! • With this extra time EVERYONE should have it done (one of your first grades for fourth quarter) • Unit 6 Test – Friday April 7 th • Reminder – Coach Class TOMORROW! • My gradebook is closing Thursday! • Notebook Quiz from 3/3 • Unit 5 Exam

Book Work 3/27 Begin on page 717 and read to 721. Complete Cornell Notes for each RED & BLUE Heading Title on the left Summary on the Right After completing the notes, copy the entire chart on page 719 Complete questions 3 & 4 on page 721

Do not throw away your notes! You do not have to bring them every day, but do not throw them out!! You will need them when we study for the HSA and the final exam!!

Second Semester House Cleaning • Mr. Krzys’ website: http: //tinyurl. com/mr-krzys • Mr. Krzys’ email: apkrzys@bcps. k 12. md. us • Mr. Krzys’ Coach Class: TUESDAYS, 3: 05 until 4: 15

Cell Phones!! ARGHHH! • You will get one warning, then I must ask for you to give me the phone • I will always return it to you at the ringing of the bell • If someone must contact you, it is Baltimore City Schools policy for them to contact the school first - (410) 396 -6497

Unit 6: Economics • Economics – the production and consumption of goods/services • Economics play a vital role in our everyday life, from how much money you earn, who is elected to office, and how the nation interacts with other countries

Economics in Politics Barack Obama in 2008 Donald Trump in 2016

Unit 6: What will we talk about? • How gov’ts affect the answers to the basic economic questions we face • How much impact the gov’t has on the economy • Why we have the type of economy we have today and its costs and benefits

Term Definition Economy A system for producing, distributing, and consuming things people need (food/clothes/shelter) and want (i. Pods, cell phones)

So what’s production all about? Term Definition The use of machines, tools and labor (workers) Production to create or manufacture goods (things) for sale

And its cousin… Term Definition The purchase of Consumption goods and services by consumers (people)

1) What to produce? • In other words, what things should we manufacture (make)? • • Cars? Houses? Computers? Canned Foods? Airplanes? Weapons? Shoes? Clothes?

2) How to produce • Should we use more • In other words, computers and lay off how are we going workers (people)? to make these • Should we give our things? workers more tools? • Should we use only machinery and no workers at all?

3) For whom to produce • In other words, who are we making these things for? • For children ages 1 -6? • For teenagers? • For seniors over the age of 65? • For the military? • For the rich? • For the poor?

Practice with Economic Questions Read the scenario below. Then answer the questions that follow. During World War II, the United States largely took control of the American economy, forcing businesses to build tanks, planes, and ammunition instead of normal consumer goods in their factories. Supplies were also rationed. For example, to buy more toothpaste, people were obliged to return the empty tube because metal was in short supply. Questions: 1. What was being produced? 2. How was it being produced? 3. For whom was it being produced? 4. Who made all of these decisions?

HSA Question #1 To Try The government of China tells factory managers to increase their use of computers in manufacturing. What economic question is most affected by the government's actions? A) what to produce B) how to produce C) for whom to produce D) when to produce

HSA Question #1 To Try The government of China tells factory managers to increase their use of computers in manufacturing. What economic question is most affected by the government's actions? A) what to produce B) how to produce C) for whom to produce D) when to produce

HSA Question #2 To Try A company decides to install more machines and lay off workers. Which economic question is being directly addressed? A) how to produce B) what to produce C) for whom to produce D) how much to produce

HSA Question #2 To Try A company decides to install more machines and lay off workers. Which economic question is being directly addressed? A) how to produce B) what to produce C) for whom to produce D) how much to produce

Quick 5 3/27 Imagine you are starting your own business. WHAT would you produce, HOW would you produce it, and for WHOM would you produce it for? Why?

Homework: Unit 6 Vocabulary • Using a textbook, or Google if you are at home, complete the matching activity for Unit 6 • On the back, write the definition of each word provided IN YOUR OWN WORDS • This is due Tuesday!!