1. NEW SEATS! NEW SEATS! NEW
SEATS!
#GAHHHHHHHHH!

2. Do-Now
 We will work on a pre-test after WSMS.
 If you haven’t taken your policymaking
quest, please talk to me during announcements.

3. Do-Now
 Please work on your pre-test silently.

4. Announcements
 Best break ever?!
 Game tomorrow night
 Envelope & stamp
 State & Local Govt Projects
 Teacher’s Pet Contest update; ends on
Wednesday

5. Review
 What on earth did we do/talk about before break?

6. THE AMERICAN ECONOMIC
SYSTEM
NEW UNIT

7. Unit Agenda
 Unit Introduction: Lyric Analysis!
 Topics:
 Key concepts of economics
 Types of economies
 Features of the American economic system
 Types of businesses- Walmarts v. Bodos!!
 Circular flow of economics
 Financial institutions & savings!!
 Virginia & the U.S. in the global economy

8. Key Concepts of Economics
Lesson 1, Unit: American Economic
System

9. Take-Home Point
 Is economics all around us? How so? Use the
economic concepts we’ve discussed today to
back up your answer.
 I need at least 5 sentences from you as well
as introductory and concluding sentences.

10. Today’s Agenda
 Pre-test
 Announcements + Review
 Unit Introduction of Awesomeness
 Key Concepts of Economics
 Vocabulary + Five Guys
 The Bachelor!!
 Take-Home Point
 HW: practice with principles

11. Unit Vocabulary, Part 1
Notes

12. Vocabulary
 Economics: The study of how people
make, distribute, and use goods or services.
 Scarcity: The inability to satisfy all wants at the
same time.
 Resources: Factors of production that are used in
the production of goods and services. All
resources are limited.
 Choice: Selecting an item or action from a set of
possible alternatives.
 Opportunity Cost: What is given up when a
choice is made- the highest valued alternative
forgone.

13. Vocabulary:
 Price: The amount of money exchanged for a
good or service.
 Incentives: Things that incite or motivate.
Incentives are used to change economic
behavior.
 Supply: The amount of a good or service that
producers are willing and able to sell at a certain
prices.
 Demand: The amount of a good or service that
consumers are willing and able to buy at a certain
price.
 Supply and Demand: The interaction between

14. Vocabulary:
 Production: The combining of
human, natural, capital, and entrepreneurial
resources to make goods or provide services.
 Consumption: Using goods and services

15. The Bachelor

16. The Bachelor-Directions!
 Remember when we did The Bachelorette with
the principles of American government? This is
going to be just like that!
 You will work in your new pod and be given a
concept of economics to work with.
 Write a persuasive first impression speech to Mr.
Economics that makes Mr. Economics think you
are essential to his existence and success.
 You must include the definition of the concept
somewhere in your speech.
 A real-life example of this principle.
 Be creative!!

17. Directions, Part 2!
 Roles for each pod:
 Scribe
 Presenter
 Task Master/ Timekeeper if needed
 When you aren’t presenting:
• You are writing down the real-life example the pod
came up with.
 Example time!

18. Questions?
The Bachelor

19. Homework
Get Excited!

20. Take-Home Point
 Is economics all around us? How so? Use the
economic concepts we’ve discussed today to
back up your answer.
 I need at least 5 sentences from you as well
as introductory and concluding sentences.