Day 1 FW Summer 2014
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Welcome to EconomicsStudent information sheets
• Helps me to change lessons based on interest and your needs
• Helps me to learn your names
• Helps you to get in an economics state of mind
• Name Plates: First Name, Last Initial city, state, country of birth
Joe Mama Eureka, CA
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Economics Summer 2014Flowing Wells High School
Session 2: June 23– July 10
Past: 2007 – Marana HS
2008 – Mountain View HS
2011 – Tucson High School
2014 – Mountain View High School
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Economics Summer 2014• Rules and Regulations
• The bell
• Raise hands
• Cell phones
• IPods
• drinks
• Lateness & Breaks
• Summer School rules
• Any questions?
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Today’s topics
• Rules
• Opening grades
• What is “economics”?
• Economic Vocabulary
• Opportunity costs
• Factors of Production
• Economic System
• Entrepreneurship
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Economics Summer 2014
• Syllabus
• Stuff to bring:
• Pencil/pen
• Calculator
• Notebook
• Partner
• Any questions?
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Economics Summer 2014 Grading “How do I get an A?”
€ 30% in class assignments and short quizzes
¥ 10% midterm test, next Wednesday Day 7
$ 40% Economics Portfolio assignment due $ part 1 due at the end of week 1, parts 2-4 due on day 10
₤ 20% Final Exam, ~75 questions
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Economics Summer 2014• Economics portfolio assignment Folder, CD
Your choice of 5 of the following assignments– Visit a grocery store assignment– Current economics event report– EBay auction report– Interview a manager– Developing nation profile paper– Product market analysis– Economic problem & solution paper– 5 page illustrated children’s book– Produce a you tube video advertising an economic concept
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1st Assignment – Sheet of paper1. Why did you choose to come to school today?
2. If you weren’t here right now what would you be doing?
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Opportunity Cost• Next best option
• Example: What you gave up to be here
• “I don’t get paid to be here”.
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What is economics?
• Study of how people make choices
• You made a choice by coming to class today
• But that choice also has a cost
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Economics• People face trade-offs
• Hundreds of choices each day
• Every choice means you refuse something else
• Examples?
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Economists• Study how
people make choices
• Influential but not always famous
• Only 1 US president with econ degree
Alan GreenspanBen Stein
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Choice this morning
• Get up when alarm goes off
OR
Hit the snooze
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Choice #1Get up when alarm goes off
Choice #2Snooze for 10 more minutes
At least 2 benefits
Check the one you did todayBenefits refused
#3
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Choosing is refusing
• Your next best option:
• Opportunity cost
• All choices involve cost
4. Household example
5. Government example
6. Other example
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Economics?The science of how people seek to satisfy their
needs and wants by making choices based on scarce resources
Essentially, how people interact and trade with one another
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Mercantilism1500’s-1700’s
• An economic theory that the prosperity of a nation depends upon its capital, or wealth, trade among nations was considered bad
• “Protectionism”– By the state
The Enlightenment 1700’s
• European philosophers began to rethink society, specifically: nature, slavery, religion, trade
Adam Smith
• 1776 publishes “Wealth of Nations”
• Mercantilism is wrong
• Government intervention is wrong
• Trade is good for all parties
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Economics as a field
Economics
Finance
Industrial Organization
Sociology
Marketing
Public Choice
Resource Management
Cousin to Accounting
Combines, history, math, psychology, political science
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Economist• A person who studies Economics
• Analyze, explain, predict
Ben Stein in Ferris Buhler’s Day Off
Show Dangerfield clip
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Problem for humans
• People have unlimited wants
• People have limited resources to get those wants
• We call this problem: Scarcity
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Opportunity Cost
• What you give up to do something
• “The next best option”
• For example: If you have $20 in your pocket and you want to take your BF/GF to the movies, then you won’t have any money left for a new $20 shirt
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Opportunity Costs of Going to College
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Source: US Bureau of Labor Statistics
Assuming a person works for 45 years, how much more will the person with a bachelor’s degree make over a person with only a high school diploma?
What’s the other problem for people without high school diplomas?
52 weeks in 1 year
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Assuming a person works for 45 years, how much more will the person with a bachelor’s degree make over a person with only a high school diploma?Without: $595 X 52 = $30,940/yr X 45 = $1,392,300With Degree: $962 X 52 = $50,024/yr X 45 = $2,251,080
On average, is it worth it?What’s the other problem for people without high school diplomas?
It depends!
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In millions of dollars; based on 1997-1999 work experience
Source: US Bureau of Labor Statistics
Why is this important?
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Next Assignment1. Describe a time you received something for
“free”
(What was it, where was it, when was it, etc)
2. Describe the role of the government in our economy?
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Opportunity Cost• Next best option
• Example: What you gave up to be here
• “I don’t get paid to be here”.
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There Is No Such Thing as A Free Lunch
• Opportunity Cost
• There is no such thing as a free lunch (or breakfast)
• TNSTAFL
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There Is No Such Thing as A Free Lunch
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There Is No Such Thing as A Free Lunch
• Opportunity Cost
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There Is No Such Thing as A Free Lunch
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There Is No Such Thing as A Free Lunch
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There Is No Such Thing as A Free Lunch
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Example?
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One paper per groupWhat if stuff was “free”?
Create a cost/benefit analysis for each societal choice
1.College doesn’t cost $$2.Dr. visits don’t cost $$3.Drive on highways cost $$4.All radio paid, like Pandora
or XM5.Music & movie downloads
now legal6.Make up one of your own
Benefits Costs
At least 2 At least 2
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One paper per groupWhat if stuff was “free”?
Create a cost/benefit analysis for each societal choice
(Jorge)
1.“Free” college2.“Free” doctor visits3.No free roads “toll roads”4.No free radio, like Pandora
or XM5.All movie & music downloads
“free” and legal6.Make up one of your own
Benefits Costs
At least 2 At least 2
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Lets analyze a how a business works
• Economists call a business or non-profit: a “firm”
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What economic opportunities do you see in this picture?
May 2008
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Factors of Production• Items we need to be in business
• 3 categories + 4th idea
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Land• Any natural resource
• Not made by people
• Examples?
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Labor• People working
• Wages $
• Benefits
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Human Capital• Skills, experience, education a person has• It’s the reason doctors are paid more than sandwich
artists
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Capital• Goods used to create other goods/services
• Usually the largest cost for entrepreneurs
• Explanation for “Capitalism”
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Let’s build a new Circle K!
• Land
• Labor
• Capital
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New Ideas!• Entrepreneur – French word
• Person who takes a risk and starts a new business– OR comes up with a new idea
within a business
Empresario
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1. What are your two favorite companies?
2. Explain why you like those 2 companies
3. What three types of things do you need to start a company?
Group Discussion questions
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How old are personal computers?
1989
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Entrepreneurs still open for business
Source: Scott Shane Small Business Trends
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• Risk takers who create new companies• Often make new products or services • Best companies solve problems or make life
easier• Family members?
• 52% new US businesses failed between 1977 – 2000
• Why do they still try?
• Why are they so important, especially in 2013?
Entrepreneurs
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• 25 minutes
• NO LOOKING THEM UP ON INTERNET
• Group that guesses all correct:
1st place: 5 quantitative easing points
2nd place: 3 quantitative easing points
3rd place: 1 quantitative easing points
Reading on famous Entrepreneurs
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Group Activity “Entrepreneurship”
• Groups of 3, Design a brand new business
One a single sheet of paper with everyone’s name answer these ?