Thursday, 28 January

Mr. Zartler offers the following argument for handmade flash cards for the vocabulary test: "Handwriting Helps You Learn"

Class turned in their Future Timelines.

Class completed a K-W-L sheet to help Mr. Zartler plan.

Students received a list of vocabulary and definitions; there will be a test on these words on Thursday, 11 February.

Students shared their Timelines in small groups in order to help identify: wants; needs; value; Opportunity Cost; Risk; Investments; and Return on Investments (ROI) in their timelines.

Mr. Zartler introduced the aspect of Economics called "Game Theory" and students considered "The Prisoners' Delimma"

All Government Texts are due by February 5th (this is a graded assignment). Class will go to the Library on 5 February to check out Economics books. Government books may be returned no later than that day to receive credit for this assignment.

Below are the vocabulary words for first test; students should bring flash cards to be check February 5th; there will be a test on these words on February 11th.

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.