Unit 1 Lesson 1 1 Introduction to Economics

Unit 1 - Lesson 1. 1 Introduction to Economics

Lesson Objectives • Review Course Outline • Review Student Expectations • Diagnostic • Define “Economy” • Apply concepts of Scarcity and Choice 30 July 2015 http: //www. wired-destinations. com/images/guides/malaysia/New%20 Photos/Malaysia/adia 2007 -08 -03 -DSC-3481 -cityscape-at-night-featuring-twin-petronas-towers-malaysia-kualalumpur-cringel_com_preview. jpg 2

Introduction to Economics Welcome to CIE 3 M! The Individual and the Economy First we will review quickly the course outline and the classroom expectations 30 July 2015 3

Introduction to Economics KW Place Mat Activity Student 1: Write or draw as much as you KNOW about economics here Student 2: Write or draw as much as you KNOW about economics here As a whole group: Write what you WANT to learn about economics here Student 4: Write or draw as much as you KNOW about economics here Student 3: Write or draw as much as you KNOW about economics here 30 July 2015 4

Introduction to Economics What is an Economy Anyways? An economy is made up of the ACTIVITY of all STAKEHOLDERS in a given region. Copy the diagram on the following page for a basic visual of a national economy 30 July 2015 5

What is an Economy Anyways? 30 July 2015 6

Introduction to Economics Choice and Scarcity Economics is a SOCIAL SCIENCE dealing with the concepts of CHOICES and DECISION MAKING. All these choices and decisions revolve around the concept of SCARCITY. 30 July 2015 7

Introduction to Economics Choice and Scarcity The main problem is that human beings have UNLIMITED WANTS and we have LIMITED RESOURCES. Economics is about making the BEST DECISIONS with our resources to MAXIMIZE our satisfaction of wants. 30 July 2015 8

Introduction to Economics Choice and Scarcity On a blank sheet of paper make a table that lists as many of your wants in life and make a list of the resources you have available to you and your family. 30 July 2015 9

Introduction to Economics Choice and Scarcity Below your table answer the following question in approximately 150 words. “How will you use the resources in your list to satisfy your wants this semester? Will you be able to satisfy all of your wants? Why or why not? ” 30 July 2015 10

Introduction to Economics • How are choice and scarcity related in this activity? Discuss with your partner, then we will share with the class. Scarci ty 30 July 2015 Forces Choic e 11

Review Key Points from Lesson • An economy is made up of many marketplaces • Inside these marketplaces are stakeholders such as consumers, producers and governments • Economics is a social science about making the best choices with our limited resources 30 July 2015 Homework / Assignment • Complete your written response • Submit at the beginning of the next class • Read page 9 – 10 of “Principles of Microeconomics, Edition 6” 12