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.
