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Ms. Eleveld
Today’s Schedule
Classroom Rules Brainstorm
 Course Handout
 Ice Breaker
 Economics in the News (if there is time!)

Camping Trip Ice Breaker

You are going camping for 1 summer
month in Canada.
 What do you think are important things that
you need while camping? What do you
need to survive?
Each group of 3 selects items one at a
time until each group has 5 items.
 The group that is most likely to survive
wins

Items Available
Set of Matches
Set of Matches
Vegetable Seeds
Rope
Rope
Cell Phone
Swiss Army Knife
Machete
Can of Tuna
Can of Beans
Elastic Bands
Bag of Rice
Umbrella
Map
Tarp
Coat Hangers
Newspapers
Sleeping Bag
Pillow
Lawn Chair
Hammock
Red Paint and
Paintbrush
2 toothbrushes
Nail File
Car Keys
Plant Food
Water Bottle
Pail
Decide on which items you are happy
with.
 Decide which items you would like to
have from the list
 Decide which items you are willing to get
rid of.
 You have ten minutes to trade with other
groups to get a set of supplies that you
are happy with.

Last Step

Explain why each item that your group
has is important to your survival
How do you think the Camping
Activity relates to Economics?
In partners, brainstorm what the
word ECONOMICS means to you
What’s happening this week in
Economics
Sears, Target and Abercrombie and
Fitch post weak sales.
1.
-
-
Why do you think weak sales this week is
important?
What do you think weak sales in major
stores indicates about the economy?
What Does This Mean?
Consumers are starting to hesitate when
purchasing items. Back to school is
usually a time for stores to sell a lot of
product.
 The key to a booming/good economy is
financial growth.
 The Question: If people are hesitant to
spend their money, how is the economy
going to grow and expand?

Spanish Debt
11.61% of bank loans in Spain are not
being paid back.
2.
-
If someone cannot pay back their loan,
where does the money come from?
What Does This Mean?
Normally banks think that 2-3% of
people will not be able to pay back their
loans. They, therefore, keep
approximately this amount of money in
reserves.
The Question: Where is the bank going to
get this money from?

More about Spain
Spanish villages are being put up for
sale for as little as $50 000.
 More and more rural villages are being
abandoned as the younger generations
seek jobs in the city.
 With the economic hardships that are
happening in Spain, the villagers are
trying anything they can to make some
money.


https://www.youtube.com/watch?v=Ifc2a
Owy4S8

You can’t even buy a condo in
Mississauga for $50 000.
Learning Goals

What is a learning goal?
○ The content that we will be learning in a given day, week
or unit.
○ Learning goals are derived from the Ontario Curriculum
for Grade 11 Economics and changed into student
friendly language.

For Example,
 Ontario Curriculum – Explain, using specific examples,
the economic problem of scarcity and the choices and
trade-offs that individuals and societies must make.
 Student Language –
○ I will be able to understand the concept of Scarcity
○ I will be able to understand how the choices that we
make affect the economy.
Today’s Learning Goals
1.
2.
3.
4.
I will understand the concept of scarcity
and why it is a problem.
I will be able to explain real-world
examples of scarcity
I will understand the difference between
Micro and Macro economics
I will be able to explain the three basic
types of economic choices – what, how,
and for whom to produce.
Scarcity

The basic economic problem that arises because people
have unlimited wants but resources are limited.

Because of scarcity, various economic decisions must be
made to allocate resources efficiently.

These resources are the inputs of production: land, labor
and capital.

People must make choices between different items
because the resources necessary to fulfill their wants are
limited. These decisions are made by giving up (trading off)
one want to satisfy another.

E.g. Someone wants a $20 T-Shirt AND a pair of $20 pants
but they only have $30.
Incentives

A reward that encourages an action or
penalty that discourages an action.
 E.g. if the price of pop falls compared to the
price of juice, consumers have an incentive
to buy more pop than juice.

Economics is split into two categories
 Microeconomics and Macroeconomics

So why is Scarcity a problem?

In partners, find 3 real world examples
of Scarcity. Be prepared to present your
examples (you may use PPT if desired)
Learning Goal #1 and 2
1.
I will understand the concept of scarcity
and why it is a problem.
1.
I will be able to explain real-world
examples of scarcity
Unit 1 – The Basics

What is economics?
 A social science that studies the choices that
individuals, businesses, governments, and
entire societies make as they cope with
scarcity and incentives.

Economics is split into two categories
 Microeconomics and Macroeconomics
Microeconomics

the study of choices that individuals and
businesses make, the way these
choices interact in markets, and the
influence of governments

Sample Question: Why are people
buying more DVD’s and fewer movie
tickets?
Macroeconomics

The study of the performance of the
national economy and the global
economy.

Sample Question: Why did inflation in
Canada start to increase in 2008?
Your Task
In partners, find 1 example of
Microeconomics and 1 example of
Macroeconomics in the news.
 Be prepared to explain why you chose
each topic.

Learning Goal #3
I will understand the difference between
Microeconomics and Macroeconomics
Goods and Services - Outputs

Goods – physical objects, such as cell
phones and cars

Services – tasks performed for people,
such as hair dressers and car repair
service.
3 Economic Choices

What to produce

How to produce it

For whom to produce it for
1. What to produce
What we produce changes over time.
 How do producers know which type of
product to produce and how much of it
will be purchased?

2. How to produce it

Goods and services are produced by using
productive resources that economists call
Factors of Production (Input) which are
grouped into three categories;
 Land – natural resources
 Labour – people and their physical and mental work
efforts
 Capital – tools, instruments, machines, buildings and
other things that businesses use to produce goods
and services.

How do producers decide on which resources
and how much of each resource to use?
3. For Whom to produce
The consumption of goods and services
that are produced depends on the
incomes that people earn.
 People with large wages can consume
more goods and services than people
with lower wages.
 What are some ways that people can
earn income?
 How do producers know who is going to
buy their product?

Learning Goal #4

I will be able to explain the three basic
types of economic choices – what, how,
and for whom to produce.