Economics Week 1 Learning Log 8/16-8/20

Economics Learning Log: Understand scarcity, opportunity cost, and more!

Part 1: The Economic Way of Thinking Key Terms and Concepts In this first section, you will match the key term or concept with it's correct definition. Economics The study of how people make choices to in order to meet their wants and needs. Need A good or service that is necessary for survival. Want A good or service that is NOT necessary for survival. Microeconomics The branch of economics that studies the behaviors of individual players in an economy. Macroeconomics The branch of economics that studies the behaviors of an economy as a whole (i.e nations and global systems). Inflation The general increase in the price of goods and services. Scarcity The combination of limited resources (supply) to meet an unlimited demand. Goods Physical objects that can be purchased. Services Actions or activities that can are performed for a fee. Consumers People who buy things. Producers People who make the things that satisfy the consumers' needs and wants. Part 2: The Four Factors of Production Use the video above to answer the questions about the four Factors of Production After watching the video above, what are the Factors of Production? Land, Labor, Capital, and Entrepreneurship Goods, Services, Scarcity, and Surplus Macroeconomics, Microeconomics, Supply, and Demand Proletariat, Bourgeousie, Soviets, and Capitalists Which of the following would be an example of LAND? Steel beams Raw lumber Gold bars Fried chicken Who provides the LABOR in the four factors of production? Entrepreneurs Socialists Workers Automated machines What is the role of the ENTREPRENEUR? The entrepreneur monitors government interference in the market place. The entrepreneur doesn't do anything. The entrepreneur gathers the factor of production and takes the risks to start a business. The entrepreneur is the business founder's secretary. What are the two different forms of CAPITAL? Tax Capital and Fiscal Capital Physical Capital and Human Capital Intellectual Capital and Political Capital Domestic Capital and International Capital In your own words, define the economic concept of SCARCITY, and discuss two examples of scarcity in your own life, and how it has affected your decision making. Part 4: Opportunity Cost Watch the video above, and then, in your own words, think of five scenarios or activities that would force you to make choices on you use your time, money, or other scarce resource. In column 1, write out that scenario. In column 2, list your possible choices, and in column 3, write your OPPORTUNITY COST, which is the best option that you didn't choose. Scenario Alternatives Opportunity Cost Part 5: In your own words, discuss what you have learned about the economic way of thinking this week, and how you can apply to your life outside of the classroom.