Welcome to Economics Grab todays worksheet and homework
Welcome to Economics! Grab today’s worksheet and homework off the table up front Create a new entry for “Scarcity” Put your homework in the top right hand corner of your desk Sit quietly for class to start
Do Now- “Scarcity” *HOMEWORK SHOULD BE IN THE TOP RIGHT-HAND CORNER OF YOUR DESK What is something that you would like to have more of? What prevents you from having more of that? List as many things other than money as you can. 5 minutes End
Objective of the day: I can define scarcity and analyze inequality in the world in order to explain whether or not it is possible to provide for everyone’s needs.
QOD Is there enough wealth in the world to take care of everyone?
Wants vs. Needs Wants are things we desire to have Wants are unlimited
Wants vs. Needs are things we “need” to survive Specific (water, food, shelter, etc)
Resources are things needed to create the products we want/need The Problem? Resources are limited Example: The wood, hammer, and labor used to make a desk.
Scarcity The fundamental understanding of economics Scarcity is the condition where there are limited resources to meet our unlimited wants. There are not enough resources for everyone to have everything they want.
In your Notebooks Think of 3 items 3 minutes For each item answer this question: what are some things that lead to scarcity for that item? (make the list as long as possible) Silently and independently End
How do we decide who gets what? We need a rationing device: a way to decide who gets what portion of the goods available. Money is the most common rationing device, but it’s not the only one
So, what is Economics? Economics is the science that studies the choices people make to satisfy their wants in a world of scarcity.
Kidney Patients (with a partner) A hospital in a town has one dialysis machine that can run for 30 hours per week. As the boss of the hospital, you must decide who gets the treatment. There a number of patients who require treatment and their needs are given With a partner, you will decide which patients will get the treatment and WHY you chose those patients in your notebooks (1 -2 sentences to support reasoning) 15 minutes End
With your Partner Read the text aloud with your partner, alternating paragraphs 15 minutes Annotate the text using CATCH- you should have at least 3 comments or questions in the margins. Answer the 3 questions in your notebook End
What if the world was a village of 100 people? 20 are undernourished 1 is dying of starvation, while 15 are overweight Of the wealth in this village, 6 people own 60%, 74 people own 40%, and 20 people share the remaining 1% Of the energy of this village, 20 people consume 80%, and 80 people share the remaining 20% 20 have no clean, safe water to drink 56 have access to sanitation 15 adults are illiterate 1 has an university degree
Write a TIDE paragraph! 15 minutes In your notebooks, write a paragraph to answer the following question: Is inequality the result of scarcity or the result of priority (people making bad decisions)? End
Exit Ticket Clear your desks Silent and Independent
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