Activator During the holiday season of 1996, a children's toy appeared on Good Morning America. The...
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Activator During the holiday season of 1996, a children's toy appeared on Good Morning America. The toy, produced by Mattel, had sat on the shelves with
Activator During the holiday season of 1996, a children's toy
appeared on Good Morning America. The toy, produced by Mattel, had
sat on the shelves with very little sales until it appeared on the
show. After the toys appearance, its popularity improved and it
became the most sought after product of the holiday season.
Unfortunately, Mattel did not anticipate the dolls popularity, only
producing 400,000 units, and were not able provide the product in a
timely manner at the store level (over 1,000,000 were in
demand).
Slide 3
Elmo was sold for as much as $2500 through a classified ad
Slide 4
Elmo Videos 1.Elmo CommercialElmo Commercial 2.Elmo Good
Morning AmericaElmo Good Morning America
Slide 5
Fundamental Economic Concepts Scarcity and the Factors of
Production Fundamental Economic Concepts Scarcity and the Factors
of Production Scarcity - fundamental problem facing all people;
unlimited wants and limited resources to satisfy those wants
Scarcity - fundamental problem facing all people; unlimited wants
and limited resources to satisfy those wants The Basic Economic
Problem: Humans' wants and needs are infinite, while the resources
needed to satisfy those wants and needs are limited and
scarce.
Slide 6
Scarcity What makes something scarce? What makes something
scarce? Something is scarce when it is both limited and desirable
e.g. - Lebron James, oil, time, rest, grass in the winter (north)
etc. e.g. - Lebron James, oil, time, rest, grass in the winter
(north) etc. Scarcity applies to everyone Scarcity represents
permanent problems that cannot be solved
Slide 7
How to allocate (distribute) scarce resources Who gets scarce
stuff?
Slide 8
Application Question List three things that you feel are scarce
in your life, what has caused them to become scarce? List three
things that you feel are scarce in your life, what has caused them
to become scarce?
Slide 9
Username: PIN # Password: Birthday or password used for login
How to Login
Slide 10
How to access My Quizzes 1.Go to Google 2.Type in Glynn Academy
Landinguin 3.Go to My Quizzes 4.Enter your first and last name
(password is your pin) 5.Complete Short Answers, pgs. 2- 6
Slide 11
What is Economics? Economics the study of choices; how
individuals and groups seek to satisfy their wants and needs in
light of scarcity Economics the study of choices; how individuals
and groups seek to satisfy their wants and needs in light of
scarcity
Slide 12
Factors of Production - resources required to produce goods and
services What are the Scarce Resources? Factors of Production
Slide 13
Land Land natural resources not created by human effort that
are used to produce goods and services The "gifts of nature".
Examples: Forests, fish, oil, gas, cattle, etc...
Slide 14
Labor Labor time and effort that a person devotes to producing
goods and services. Labor resources are those provided by the body
and minds of men and women. Examples: doctors, teachers,
construction workers, etc...
Slide 15
Capital 1. Physical Capital also known as Capital Goods, human
made objects used to create other goods and services Examples:
Machines, phones, computers, equipment 2. Human Capital skills,
abilities, and specialized talents of people Examples: College,
training, technical school, etc. 3. Financial Capital money, used
by businesses to invest in their business Examples: money
Slide 16
Entrepreneurs Entrepreneurs ambitious business people who
organize the factors of production to create new goods and services
Entrepreneurs are the "risk takers" who produce a good or service
that they believe will succeed in the marketplace.
Slide 17
Slide 18
Factors of Production +++ = LandCapitalLaborEntrepreneur
Slide 19
Factors of Production
Slide 20
Scarcity Videos Water Scarcity Water Scarcity Water Scarcity
Part 2 Water Scarcity Part 2 Scarcity Video Scarcity Video
Slide 21
Classify the Factors of Production in the following scenario:
You decide to order a pizza to satisfy your wants. First, you
picked up the telephone and gave your order to the owner that
entered it into her computer. The information came up on the chief
bakers monitor in the kitchen and he assigned it to one of his
cooks. The cook cook used his knowledge of mixing dough out of
salt, flour, eggs, and milk. The cook finished mixing dough, washed
his hands in the sink, and prepared your pizza using tomato sauce,
cheese, and sausage. He then placed the pizza in the oven. Within
10 minutes the pizza was cooked and placed in a cardboard box. The
delivery person then grabbed your pizza, jumped in the company car,
and delivered it to your door.
Slide 22
Classify the Factors of Production in the following scenario:
1.Owner _________________________________ 2.Computer
_________________________________ 3. Chief bakers monitor
_________________________________ 4.Kitchen
_________________________________ 5.Cooks
_________________________________ 6.Knowledge of mixing dough
_________________________________ 7.Salt, flour, eggs, and milk
_________________________________ 8.Sink
_________________________________ 9.Tomato sauce, cheese, and
sausage _________________________________ 10.Oven
_________________________________ 11.Cardboard box
_________________________________ 12.Delivery person
_________________________________ 13.Company car
_________________________________ Entrepreneur Physical Capital
Labor Human Capital Land Physical Capital Land Physical Capital
Labor Physical Capital
Slide 23
Examples of Factors of Production LandLaborCapitalEntrepreneurs
1. 2. 3.
Slide 24
Needs vs. Wants Need a basic requirement for survival Need a
basic requirement for survival e.g. food, clothing, education, etc
e.g. food, clothing, education, etc Want not a basic requirement
for survival; a means of expressing a need Want not a basic
requirement for survival; a means of expressing a need e.g.
cheeseburger, Abercrombie and Fitch, University of Georgia, etc
e.g. cheeseburger, Abercrombie and Fitch, University of Georgia,
etc OR
Slide 25
Good physical, tangible(touchable) product Goods i.e.
Automobiles, Video Games, Cell Phones, CDs, Tickle Me Elmo,
etc
Slide 26
Service a non-tangible action or activity that is performed for
someone else Services i.e Financial Advisor, Stock Broker, Movies,
Dentist, Teachers, etc..
Slide 27
Show 4/5Commercials for following Chart
Slide 28
Item advertised Good/ServiceWant/NeedMarket Goods and Services
Chart
Slide 29
Daily Assignment Chapter 1 Section 1 1.Why does scarcity apply
to everyone? 2.List a good and a service that you have purchased in
the past month. 3.What are some things that you have that might be
considered wants by other societies? Explain why. 4.Last year, you
were trying to make a decision on what kind of car you wanted your
parents to buy you for your birthday. You had two choices: 1) 1984,
Honda Accord for $2,000, or 2) 2010 fully stocked Infiniti G37 for
$52,000. Which one of these would be considered a want, and which
one a need and why? 5.Hank works two jobs, one in the morning and
one at night. At his morning job he sells furniture at a furniture
store. At his night job he works as a computer technician. Which
one of his jobs creates a good and which provides a service?
6.Microsoft offers all of their employees the opportunity to attend
the local university for a higher education, free of charge. What
would be the motivation for investing in human capital? 7.Which
factor of production is represented by each of the following? (a)
an office building, (b) an assembly line worker, (c) a tree used to
make paper, (d) unused soil, (e) Oprah Winfrey
Slide 30
Choice Choice Three Alternatives What you would have done if
you didnt come to school Coming to Economics Class 1.2.3.1.
Activator Directions: On a 3 column chart, label it as shown below.
In the second column, list 3 possible alternatives that you could
have made other than your choice to come to school. In the third
column, list the alternative that you would have desired the
most.
Slide 31
Tradeoffs Trade-off alternatives that we give up whenever we
choose one course of action over another Trade-off alternatives
that we give up whenever we choose one course of action over
another We always give up something to get something else We always
give up something to get something else There is no such thing as a
free lunch. (TINSTAAFL) There is no such thing as a free lunch.
(TINSTAAFL) Individuals, Businesses and society all face tradeoffs
Individuals, Businesses and society all face tradeoffs
Slide 32
Opportunity Cost Opportunity Cost used by economists to measure
the cost of decision-making; the value of the what we give up
Opportunity Cost used by economists to measure the cost of
decision-making; the value of the what we give up Next best
alternative use of money, time, or resources Next best alternative
use of money, time, or resources Coming to Economics Sleeping
(Opportunity Cost)
Slide 33
Todays Assignments Short Answer Opportunity Cost and the PPF
pgs. 8-18 Short Answer Opportunity Cost and the PPF pgs. 8-18
Scarcity Article and Questions, found under online assignments link
Scarcity Article and Questions, found under online assignments
link
Slide 34
Slide 35
Trade-Offs Individuals and Trade-Offs studying one subject vs.
another, watching TV or working out, etc. Business Trade-Offs
producing iPod vs. iPhone Society and Trade-Offs guns or butter,
military or consumer goods
Slide 36
AlternativesCriteria Immediate Satisfaction Long Term Benefits
Entertaining Immediate Financial Benefits Necessary for Long-term
success 90 minutes of Sleep 90 minutes of Economics or
Decision-Making Grid Yes No Yes No Yes
Slide 37
AlternativesCriteria Immediate Satisfaction Long Term Benefits
Entertaining Immediate Financial Benefits Necessary for Long-term
success Sleep Economics or Decision-Making Grid Yes No Yes No
Yes
Slide 38
Thinking at the Margin HourSleepPlanning 6:15 6:30 6:45 15 - -
-
Slide 39
Thinking at the Margin Margin an increment (small unit), a
border/edge Margin an increment (small unit), a border/edge
Thinking at the margin analyzing the costs and benefits of
incremental (small) decisions Thinking at the margin analyzing the
costs and benefits of incremental (small) decisions
Slide 40
Thinking at the Margin HoursPayOpportunity Cost 40 41 42 43
$9.00 13.50 1 studying economics 1 hour playing video games 1 hour
with family 40 hours of play
Factors of Production +++ = LandCapitalLaborEntrepreneur
Slide 44
Production Possibilities Frontier Activity Identify Factors of
Production: Identify Factors of Production: Paper
_____________________________ Paper _____________________________
Pencil, scissors, roll of tape ________________________ Pencil,
scissors, roll of tape ________________________ Group members
______________________________ Group members
______________________________ You will have 3 5 minute rounds of
production: You will have 3 5 minute rounds of production: 2 sheets
folded in pattern a 2 sheets folded in pattern a Round 1: Make only
links Round 1: Make only links Round 2: Make only smiles Round 2:
Make only smiles Round 3: Make half smiles and half links Round 3:
Make half smiles and half links Round 4 (fired worker 1 paper):
Round 4 (fired worker 1 paper): Make half smiles and half links
Round 5 (rehired 4 pieces of paper plus extra Round 5 (rehired 4
pieces of paper plus extra scissors: Make half smiles and half
links scissors: Make half smiles and half links LinksSmiles Land
Physical Capital Laborers
Slide 45
RoundLinksSmiles Production Possibilities Frontier
Activity
Slide 46
Production Possibilities Model What is the PPC Model? PPC Model
shows/illustrates the possible combinations of goods and services
that can be produced by a single nation, firm or individual given
the productive resources available What does it show? That nothing
is free and that everything has an opportunity cost If society
wants more of one thing then it must give up something in return
Used to visually represent opportunity cost
Slide 47
Basics of the production possibilities frontier model 1,000 A B
E D C Frontier /Efficiency Underutilization /Inefficiency
Unattainable/Economic Growth
Slide 48
Production Possibilities Model What basic economic concepts can
it be used to model? Scarcity Tradeoffs Opportunity cost Economic
growth Efficiency Unemployment Quantity of Computers Produced
Quantity of Cars Produced 0 300 600 700 1,000 3,000 A B E F 1,000
2,200 2,000 Production Possibilities Frontier
Slide 49
Production Possibilities Curve Efficiency what one is capable
of producing; using resources in such a way as to maximize the
production of goods and services * Points along the curve, (a c) *
Efficiency
Slide 50
Underutilization (Inefficiency) Underutilization using fewer
resources than an economy/business is capable of; inefficient use
of resources Underutilization using fewer resources than an
economy/business is capable of; inefficient use of resources Points
inside the curve, d (inefficient use of resources) Underutilization
/Inefficiency
Slide 51
Growth Growth (future technology) the change in ability to
produce, reflects a change in the curve; Currently unattainable
level of production Growth (future technology) the change in
ability to produce, reflects a change in the curve; Currently
unattainable level of production New frontier (usually as a result
of new technology) New frontier (usually as a result of new
technology) Growth
Slide 52
51 Shifts in the PPF Increase in available resourcesDecrease in
available resources
Slide 53
Good A 1 2 3 4 5 6 Good B 12 10 8 6 4 2 0 Good AGood B 012 110
28 36 44 52 60 Answer the following questions based on the model
above: 1.The opportunity cost of increasing production from Good A
from zero units to one unit is the loss of __________ unit (s) of
Good B. 2.The opportunity cost of increasing production from Good A
from one unit to two units is the loss of __________ unit (s) of
Good B. The total loss is ____ 3.The opportunity cost of increasing
production from Good A from zero units to 6 units is the loss of
_________ unit (s) of Good B. PPC Activity
Slide 54
Review - Guns or Butter PPF 1.How many guns can be produced
when no butter is produced? ________ 2.How much butter can be
produced when no guns are produced? _______ 3.The opportunity cost
of increasing the production of guns from 0 to 40 units is ________
units of butter. 4.What would it say about this society if the
production decision was to produce at the (45, 20) point; assuming
that it takes 30 units of butter to provide basic foodstuffs to
society and 40 units of Guns to protect their society?
___________________________________________________ This society
cares more about military than providing consumer goods for the
people
Slide 55
200 180 160 140 100 80 60 40 20 5 10 15 20 25 30 35 40 45 50 55
60 120 A B C D E PPF Exercise 1.Along the curve (frontier) 2.Inside
the curve 3.Outside the curve 25 55 40 80
Slide 56
PPF Exercise 1.True 2.False 3.True 4.True 5.False
Slide 57
Todays Assignments 1.Group Work PPF, #s 5 8 2.Individual Work
Study Guide and Terms
Slide 58
Todays Assignments 1.What is Economics? Open Notes Quiz (Ch.1)
2.Production Possibilities Curve Open-Notes Quiz
Slide 59
5 10 15 20 25 30 35 40 10 20 30 40 50 60 70 A B C D E Shoes CD
Players
Slide 60
1.What do points Q, R, T and V represent?
__________________________________________ 2.What does an efficient
use of resources mean? ____________________________________ 3.How
much food and computers are being produced at point R? Food
______________ Computers ______________ 4.If we move from point T
to V, how many computers are gained and how much food is lost?
Computers gained ___________ Food lost ____________ 5.What is the
term used to describe the cost of increasing one item in order to
produce the other item?
________________________________________
Slide 61
6.What terms could be used to describe this PPF if production
was at the 5, 5 point of the graph?
_______________________________________ 7.What might have caused
the condition in the previous question?
__________________________________________ 8.Illustrate economic
growth by labeling a z point on the PPC diagram above. 9.What are
some factors that might contribute to economic growth?
___________________________________________________________________________
Slide 62
The opportunity cost of increasing production of Good A from 0
units to 1 unit is the loss of _______ unit(s) of Good B. The
opportunity cost of increasing production of Good A from 1 unit to
2 units is the loss of _______ unit(s) of Good B. The opportunity
cost of increasing production of Good A from 2 units to 3 units is
the loss of _______ unit(s) of Good B. The opportunity cost of
increasing production of Good A from 0 units to 2 units is the loss
of _______ unit(s) of Good B. The opportunity cost of increasing
production of Good A from 0 units to 3 units is the loss of _______
unit(s) of Good B. The opportunity cost of increasing production of
Good B from 11 units to 12 units is the loss of _______ unit(s) of
Good A. The opportunity cost of increasing production of Good B
from 0 units to 11 units is the loss of _______ unit(s) of Good
A.
Slide 63
Slide 64
Slide 65
Todays Assignment 1.Production Possibilities Curve Open-Notes
Quiz 2.What is Economics? Open Notes Quiz (Ch.1) 3.USA Test Prep
Scarcity, Opportunity Cost and the PPF
Slide 66
321 Summarizer 1. Write 3 things you learned today. 2. Write 2
ways that this lesson can apply be useful to your life. 3. Write 1
question you still have
Slide 67
Essential Question 1 + 2 1. Why is scarcity a permanent
condition? 2. What are the four factors of production and an
example of each? Scarcity reflects the limited resources of a
society, but unlimited wants of its members. 1.Land natural
resources, oil 2.Labor human resources, workers 3.Capital machines,
computers/robots 4.Entrepreneurs business owner, Bill Gates
Slide 68
Essential Question 3, 4 + 5 3. Why does every decision involve
a trade-off? 4. What does opportunity cost measure? 5. What does it
mean to think at the margin? We always give up something to get
something else The cost of the next best use of time money or
resources Thinking about small decisions and the marginal costs and
marginal benefits of those decisions.
Slide 69
Essential Question 6 6. What is illustrated by the PPC Model;
what 3 production possibilities are shown? The tradeoff between two
goods. inefficiency/underutilization, efficiency, currently
unattainable a
Chapter 1 Study Guide 1. Scarcity 2. Scarcity is a permanent
condition for all people, unlimited wants, limited resources 3. The
study of choices; how individuals and groups seek to satisfy their
wants and needs in light of scarcity 4. Need necessity for life,
want expresses a need, not a necessity 5. Good tangible (pencil),
Service nontangible (doctors appointment) 6. Produce goods and
services 7. Land tree, Labor teacher, Capital machines,
entrepreneur Oprah 8. Physical Capital Good (projector), Human
education, skills, training 9. Give up something to get something
else 10. Opportunity 11. Always give up something to get something
else 12. Understand the cost and benefit of decision-making 13.
Business 14. Social 15. Individual
Slide 72
Chapter 1 Study Guide 16. Decision-making grid 17. A visual
illustration of two goods 18. Increases in Land, Labor, Capital
(more workers, more resources, better technology) 19. Recession,
increased labor laws, lazy workers, etc. 20. a. increase production
of guns, takes more workers from butter b. 5 b. 5 c. 15 c. 15 d. 3
e. 10 f. Underutilization, unattainable/future growth 21. a. no b.
Outside the curve b. Outside the curve c. 200 pounds of fish c. 200
pounds of fish d. 20 fish d. 20 fish e. increasing opportunity
costs e. increasing opportunity costs f. Bowed outward f. Bowed
outward
Slide 73
The Economic Revolution: from The Worldly Philosophers Reading
discussion questions: Reading discussion questions: How is the
struggle against scarcity a struggle for survival of man? How is
the struggle against scarcity a struggle for survival of man? Is
man by nature a social creature? How does man's nature pose a
challenge to his survival? Discuss... Is man by nature a social
creature? How does man's nature pose a challenge to his survival?
Discuss... Discuss the benefits and dangers of the two ways
societies organized economic activities throughout most of human
history Discuss the benefits and dangers of the two ways societies
organized economic activities throughout most of human history
-tradition -tradition -command -command Why was there no need for
"economists" throughout most of human history? Why was there no
need for "economists" throughout most of human history? "It was not
at all obvious that with each man out only for his own gain,
society could in fact endure. It was by no means clear that all
jobs of society - the dirty ones as well as the plush ones - would
be done if custom and command no longer ran the world. When society
no longer obeyed one man's dictates, who was to say where it would
end?" "It was not at all obvious that with each man out only for
his own gain, society could in fact endure. It was by no means
clear that all jobs of society - the dirty ones as well as the
plush ones - would be done if custom and command no longer ran the
world. When society no longer obeyed one man's dictates, who was to
say where it would end?" Evaluate the author's claim that the
economic revolution was "fundamentally more disturbing by far than
the French, the American, or even the Russian Revolution." Evaluate
the author's claim that the economic revolution was "fundamentally
more disturbing by far than the French, the American, or even the
Russian Revolution."
Slide 74
Extra Credit 1.Draw a basic PPF that illustrates a personal
opportunity cost. 2.Give an example of a tradeoff that you recently
experienced, explain the opportunity cost of the decision.
Slide 75
Due Today 8-16 1. Scavenger Hunt 2. PPF Activity (Links and
Smiles) 3. PPF Practice 1 4. PPF Practice 3 5. Study Guide Ch 1 6.
Terms Ch. 1 7. Notes Chapter 1 8. Daily Tens (5) 9. Essential
Questions (5)
Slide 76
Include on Test 1. Name 2. Date (8-16) 3. Block 2 4. Test Basic
Economic Concepts 5. ID: A, B or C
Slide 77
Fundamental Economic Concepts SSEF1 The student will explain
why limited productive resources and unlimited wants result in
scarcity, opportunity costs, and tradeoffs for individuals,
businesses, and governments. SSEF1 The student will explain why
limited productive resources and unlimited wants result in
scarcity, opportunity costs, and tradeoffs for individuals,
businesses, and governments. a. Define scarcity as a basic
condition that exists when unlimited wants exceed limited
productive resources. b. Define and give examples of productive
resources (factors of production) (e.g., land (natural), labor
(human), capital (capital goods), entrepreneurship). c. List a
variety of strategies for allocating scarce resources. d. Define
opportunity cost as the next best alternative given up when
individuals, businesses, and governments confront scarcity by
making choices. SSEF2 The student will give examples of how
rational decision making entails comparing the marginal benefits
and the marginal costs of an action. SSEF2 The student will give
examples of how rational decision making entails comparing the
marginal benefits and the marginal costs of an action. a.
Illustrate by means of a production possibilities curve the trade
offs between two options. b. Explain that rational decisions occur
when the marginal benefits of an action equal or exceed the
marginal costs.
Slide 78
Extra Credit 1.Which points are attainable and desirable?
2.Which point(s) are attainable but not desirable? Give an example
of what could have caused this point on the model. 3.Which point
(s) are unattainable; what could allow society to one day reach
that point?
Slide 79
Chapter 1 Study Guide 1. Scarcity 2. Scarcity is a permanent
condition for all people, unlimited wants, limited resources 3. The
study of choices; how individuals and groups seek to satisfy their
wants and needs in light of scarcity 4. Need necessity for life,
want expresses a need, not a necessity 5. Good tangible (pencil),
Service nontangible (doctors appointment) 6. Produce goods and
services 7. Land tree, Labor teacher, Capital machines,
entrepreneur Oprah 8. Physical Capital Good (projector), Human
education, skills, training 9. Give up something to get something
else 10. Opportunity 11. Always give up something to get something
else 12. Understand the cost and benefit of decision-making 13.
Business 14. Social 15. Individual
Slide 80
Chapter 1 Study Guide 16. Decision-making grid 17. A visual
illustration of two goods 18. Increases in Land, Labor, Capital
(more workers, more resources, better technology) 19. Recession,
increased labor laws, lazy workers, etc. 20. a. increase production
of guns, takes more workers from butter b. 5 b. 5 c. 15 c. 15 d. 3
e. 10 f. Underutilization, unattainable/future growth 21. a. no b.
Outside the curve b. Outside the curve c. 200 pounds of fish c. 200
pounds of fish d. 20 fish d. 20 fish e. increasing opportunity
costs e. increasing opportunity costs f. Bowed outward f. Bowed
outward
Slide 81
Section 2 Basic Economic Concepts Economic Products relatively
scarce goods and services that have utility to consumers, and as a
result command a price. Economic Products relatively scarce goods
and services that have utility to consumers, and as a result
command a price. Utility capacity to be useful to the consumer; a
way to measure value. Utility capacity to be useful to the
consumer; a way to measure value. Precious JewelsWater
Slide 82
Consumer person that uses goods/services in order to satisfy
wants and needs.
Slide 83
Consumer Good intended for final use by the individual.
Personal ComputerWriting Utensil
Slide 84
Conspicuous Consumption the use of good/services to impress
others.
Slide 85
Durable Good any good that lasts three years or more when used
regularly. Television Recording Equipment
Slide 86
Nondurable Good an item that lasts less than three years when
used regularly Food Paper
Slide 87
Economic Growth A Nations total output of goods and services
increases over time. A Nations total output of goods and services
increases over time. Gross Domestic Product - total market value of
all the goods and services produced within the borders of a nation
during a specified period. Gross Domestic Product - total market
value of all the goods and services produced within the borders of
a nation during a specified period.
Slide 88
Wealth The total accumulation of a nations goods (stuff). The
total accumulation of a nations goods (stuff). Buildings, highways,
homes, cars, etc. Buildings, highways, homes, cars, etc.
Slide 89
88 Production Possibilities Frontier PPF Figure 2.1 A through F
are attainable A through F are attainable I represents inefficient
use of resources I represents inefficient use of resources U
represents unattainable combinations U represents unattainable
combinations
Slide 90
Constant vs. Increasing Costs Work Play 4321043210 1 2 3 4 30
29 25 15
Slide 91
The Desk Dilemma Reflection questions (to be answered with your
group, each person should have a record of their groups responses):
Reflection questions (to be answered with your group, each person
should have a record of their groups responses): 1. How does this
reflect real world conditions In our economy? 2. What factors
prevent us from having everything that we want? 3. How does the
United States cope with scarcity? 4. Why is scarcity a permanent
condition in all societies? 5. Why is this problem not just an
issue of rich/poor?
Slide 92
The Desk Dilemma Solution TeamSolutionVotes The EconomistsFirst
Homework Assignment Team FancyBarter System2 Team TerrorsHighest
grade, academic requirements3 Bag of MoneyDesks in return for
academic goods Team Cash OutHomeless5 Money BagsHomeless Homeless
Money Makers 1 dollar, take notes on their desk2 Team Get
MoneyShelter7
Slide 93
The Desk Dilemma Solution TeamSolutionVotes TrappanomicsRob
Them NAZATake turns, social welfare FortuneFundraiser to buy new
desks Team Watch OutKeep 2, rent 2 The Cash HustlersDonations, to
raise money and buy desks for have-nots Self-MadeAuction system
Team MonopolyRent to use top of desks Twerk TeamRent out desks,
higher rent for whole desks, lesser rent tops, buy more capital
Prestige WorldwideFundraiser for new desks
Slide 94
The Desk Dilemma Solution TeamSolutionVotes Med
Econartists
Slide 95
The Desk Dilemma Our classroom represents an economy based on a
system of haves and have-nots. Our classroom represents an economy
based on a system of haves and have-nots. Your teams job is to
problem solve based on the scenario. Determine how to allocate the
scarce resources (seats) in light of the unlimited wants of haves
and have-nots. Be prepared to present and support your decisions.
Your teams job is to problem solve based on the scenario. Determine
how to allocate the scarce resources (seats) in light of the
unlimited wants of haves and have-nots. Be prepared to present and
support your decisions. Requirements: Requirements: Each group
needs a spokesperson to communicate their plan Each group needs a
spokesperson to communicate their plan - Your plan should address
the following issues: - Your plan should address the following
issues: How do you plan to handle the lack of space? (price system,
social welfare, etc.) How do you plan to handle the lack of space?
(price system, social welfare, etc.) Haves how are you going to
philosophically and practically deal with the have- nots? (exclude
/include them from society) Haves how are you going to
philosophically and practically deal with the have- nots? (exclude
/include them from society) Have-nots what do you want from the
haves, what is the solution from your perspective? Have-nots what
do you want from the haves, what is the solution from your
perspective?