Welcome to Economics Class.
Our first class covered a lot of material including what Economics is and isn't; establishing attitudes we have towards money, and beginning a excercise in envisioning our future. The hand outs for these assignments are below.
Students should return their government books ASAP.
The first two columns of the "Writing About Your (Financial) Future" graphic organizer are due next class; the first part of the written work is due next Tuesday and Wednesday.
Our first class covered a lot of material including what Economics is and isn't; establishing attitudes we have towards money, and beginning a excercise in envisioning our future. The hand outs for these assignments are below.
Students should return their government books ASAP.
The first two columns of the "Writing About Your (Financial) Future" graphic organizer are due next class; the first part of the written work is due next Tuesday and Wednesday.
Introduction
to Economics 2015
Name
______________________________________ Date ____________________ Period _______
ECONOMICS: the social science that
studies economic activity to gain an understanding of the processes that
govern the production, distribution and consumption of goods and services in an
economy.
In terms
of Economics I …
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KNOW
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THINK I KNOW
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WANT TO LEARN
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INTRODUCTORY
UNIT VOCABULARY INCLUDES:
Value
Wants
Needs
Supply
Demand
Scarcity
Cost
Economy
Opportunity
Cost
Return
on Investment (ROI)
Risk
Budget
Income
Capital
Investment
Credit
Principal
Interest
Debt
Deficit
Consumer
Producer
Market
Value: the worth of
something as measured in goods, services, or a medium of exchange
Wants: something
that you would like to have but don't necessarily need
needs something that you must have to
survive
supply: 1) the total amount of a
goods or services available at any given time; 2) A schedule
of how much producers are willing and able to sell at all possible prices
during some time period.
Demand: how much
consumers are willing and able to buy at all possible prices during some time
period
Scarcity: not enough of
a certain resource to satisfy people's needs and wants
Goods: real items or
things, such as cars, watches, and clothing
Services: work that is done for other people,
such as by waiters, lawyers, nurses, bank tellers, baby sitters, and plumbers
Cost: what is given up in order
to obtain something else
Economy: the way in
which human resources and natural resources are used to produce goods and
services
Opportunity:
cost
What is given up in order to obtain something else.
Risk: exposure of something to
danger
Return on
Investment (ROI): the increase in value of something over time minus the opportunity
cost of something over the same time
Budget: a plan of how
much money a person, business, government, or organization is able to spend and
how it will be spent
Income: the money a
person gets from salary or wages, profits, interest, investments, and other
sources
Capital: 1) money used to
generated additional wealth; 2)human-made items, such as machines and tools, that are
used to produce goods and services
Investment: the risking
of money and time to get something in return (usually interest or other income)
Credit: money loaned,
usually for a fee, that must be paid back
Principal: a sum of
money in an account, not including interest earned; in a loan, the original
amount of money borrowed
Interest: the money a
person pays to borrow money, or the money a bank pays depositors for using
their money; often expressed as an annual percentage of interest (increase)
Debt :1) money owed
when someone or a government buys something or credit or borrow money
Consumer: someone who
buys and uses goods and services
Producer: the people or
businesses that provide goods and services
market
Market: A setting
where buyers and sellers establish prices for identical or very similar products,
and exchange goods and/or services.
Name
______________________________________________________ Date _______________________
Period _______
Writing About Your
(Financial) Future (Fantasy & Reality)
You are
to write a future history of yourself; this should be fiction (not fantasy).
Your story should include specific details addressing each of the points below.
You (hopefully) have a long future, so working on this paper should take some
serious envisioning. The final draft will include visions for five periods in
your life. Your first rough draft will include the first three periods: 2
years; 5 years; and 10 years from
today.
The first draft is due: __________________________; the second rough draft is
due: The final story is due: __________________
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2
Years:
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5
Years:
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10
Years:
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30
Years:
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50
Years:
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Where do you
imagine living?
Be specific about
your living situation. Create a list of what you need as well as what you
may want.
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What do you
imagine will do to pay for your lifestyle? Is this something you really enjoy
or is it something that “pays the bills”?
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Will you need to
do or not do something in order to achieve a goal (live the vision you have
later in life)?
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What do you want
to spend free time doing? What do you know about these activities, do they
require any special tools, equipment, monthly payments?
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Who will be part
of your life?
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Other parts of
your vision and dreams:
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