Lesson 2CONCEPTS TEKS

Choices (4) Economics. The student understands the basic principles of the U.S. free enterprise system.

Economizing behavior (11) Economics. The student understands the basic concepts of consumer economics

Opportunity costs (5) Economics. The student understands the concepts of scarcity and opportunity costs.

Scarcity (5) Economics. The student understands the concepts of scarcity and opportunity costs.

Economic Systems (10) Economics. The student understands traditional, command, and market economic systems

B) compare the U.S. free enterprise system withother economic systems

How would your students define economics?

the science of decision making … the study of choice…

‘Economics’ evaluates relative cost benefits of each alternative

weighs the costs and benefits of alternatives

identifies the real or opportunity costs of a decision

the best alternative not chosen the next best alternative

What is the common misconception regarding opportunity cost?

A very useful 5 step tool to help students reach personal and societal decisions.

The five steps are:

P. What is the PROBLEM?

A. What are the ALTERNATIVES?

C. What are the CRITERIA important to the decision?

E. EVALUATE each alternative.

D. Make a DECISION

…an analysis of costs and benefits to make rational choices

Two basic economic premises:1. People economize2. People respond to incentives in predictable ways

Making good choices helps us use limited resources wisely.

Most choices involve trade-offs…a little more or a little less of something.

Different methods can be used to allocate goods and services.

Which methods are best?

Which piece of the pie do we use to allocate different kinds of goods and services?

Each type of economic system represents: A way of allocating resources A way of making decisions

answer the same basic economic questions

What…

How …

For whom…

Traditional Economies - make decisions by repeating decisions of

previous generations

Command Economies - an authority figure makes the decisions

Market Economies – individuals and businesses make the decisions; price determines how goods and services are allocated

Travel www.travel.state.tx.us

Regions Cities Videos Weather and more…

Two people 6 days $1000 allowance

Activity 2.1Students use the PacedDecision-Making Grid

Where?

When?

Mode of transportation?

Big Bend Gulf Coast Hill Country Panhandle Plains Piney Woods Region Prairies & Lakes Region South Texas Plains

Fall Winter Spring Summer

Mode of transportation? Car Air Bus Bike Other Walk

Trip Ideas You are here: Home >  Plan Your Trip >  Trip Ideas Get a head start on your Texas vacation with helpful ideas to plan your

getaway. Start planning your perfect Texas getaway. First, take a look at

our latest advertising campaign. When you see a place or activity that interests you, match it with the perfect day trip or driving tour. You’ll also find lodging options to help you get the most from your Texas adventure.

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Planner lets you build your own personalized itinerary of exciting places, activities and events for the perfect Lone Star vacation.

www.travel.state.tx.us

How to Read this Report VARIABLES CHARACTERISTICS RECOMMENDED USE Demographics Segmented by age, income and household A fundamental description of

travelers that can be used for all marketing and communication vehicles Lifestages Age of the Household Head Household Income Children under Age 18 in

Household A discriminating segmentation of target audience for media targeting,CRM among others Young & Free 18‐34 years no

Young Family 18‐34 years yes

Maturing & Free 35‐54 years no

Moderate Family 35‐54 years Under $75K yes

Affluent Family 35‐54 years $75K or higher yes

Moderate Mature 55 years or older Under $60K no

Affluent Mature 55 years or older $60K or higher no

Lifestage analysis combines three variables ‐age, household income, and presence of children in the household ‐into one variable containing seven mutually‐exclusive segments defined above. Because of the age component, the lifestage segments are “moving targets” from year to year.

Generations Traveler’s Year of Birth A focused messaging approach that uses different mediums (radio, TV, and Internet) to target a specific audience

Millennial After 1981 Gen X 1965‐1980 Boomers 1946‐1964 Silent 1930‐1945 GI 1929 and earlier

The following documents highlight the latest tourism data available:

2008 Texas Travel Facts (.pdf 637KB) 2008 Top Leisure Destinations (.pdf 108KB) 2008 Top Attractions (.pdf 112KB)

1 Alamo 33.9% 11 Schlitterbahn 12.5%

2 Hill Country 23.3% 12 Fort Worth Stockyards 12.1%

3 Galveston Island 22.5% 13 Six Flags Fiesta Texas 11.5%

4 State Capitol 17.9% 14 Texas State Fair 11.0%

5 Six Flags Over Texas 17.3% 15 Cabela's 10.8%

6 San Marcos Outlet Malls 17.2% 16 Kemah Boardwalk 10.2%

7 Bass Pro Shops 15.3% 17 Space Center Houston 10.0%(NASA's Johnson Space Center)

8 Sea World of Texas 14.7% 18 Texas Motor Speedway 10.0%

9 Paseo del Rio (River Walk) 14.1%

19 Fort Worth Zoo 9.8%

10 South Padre Island 13.0% 20 Dallas Museum of Art 9.6%