Warm Up Questions should be answered in your

Warm Up Questions should be answered in your spiral notebook. Make sure to start by writing today’s the date!! Warm Up Question: Why do people choose college first over full time employment? Why do people choose full time employment over college?

What is economics? Use these words to create the definition

• Economics: – the study of how people try to satisfy unlimited wants through the use of scarce/limited resources. It’s not just about money…it’s about making sound choices!!!

• Economists study how people making choices everyday. We are forced to make choices because of: • Scarcity: limitations on resources that prevent people from having everything they would like to have • Example Resources: – Money – Time – Natural supplies – Technology

Take out the “Choice” sheet we used the other day. It has a Calvin and Hobbes Cartoon on the back. Warm Up Question: • List 3 WANTS that were not satisfied in your life. • List 3 Limited RESOURCES that you faced today?

• We are constantly choosing and justifying how we satisfy our needs and wants. Make a T-Chart, and list the 4 basic human needs Needs Food Water Shelter Wants Capn’ Crunch How have you satisfied all of Spring Poland these needs My house so far today? Clothing Pants and Top How Would You Define Need & Want?

Unit I: Basic Principles of Economics Need: A Basic Requirement of Survival Want: An Expression of a Need

The Science of Choices Read the Cartoon and answer Question 1&2 • Trade-off • Opportunity Cost – the choice made when faced with an economic decision. L BEL RK O W – the cost of the next best alternative when a decision is made. - What is given up. Now answer questions 3&4 I bought a pair of jeans for $45. What is the trade off and opportunity cost? Eating a warm breakfast or sleeping an extra 30 minutes each morning. What is your trade off and opportunity cost?

Wrap Up Top Ten!! Category: Top Ten Highest Earning Celebrities Last Year Here are some hints: 2 Singer 2 Actors Rapper Athlete Movie Director TV Producer 2 Talk Show Hosts

Top Ten Highest Earning Celebrities 10. Bon Jovi!!! I love Him!!! 9. Howard Stern 8. Madonna 7. Tom Hanks 6. Jay-Z 5. Johnny Depp 4. Tiger Woods 3. Steven Spielberg 2. Jerry Bruckheimer (CSI Shows) 1. Oprah Winfrey