Aim: What is Scarcity and the Factors of Production?
Bell Ringer: Journal 4 – Explain how the factors of production relate to one another.
Journal 5 – Explain how the circular flow of economic activity generates wealth in an economy.
Objectives:
1. Students will use geographic terms and tools to explain differing perspectives on the use of renewable and non-r enewable resources in, the United States and the world.
2. Students will identify the factors of production and why they are necessary for the production of goods and services.
Agenda:
1. Bell Ringer (15 min)
3. Review & Grade HW "Spotlight on the Economy" (10 min)
3. Complete concept Map and What Is Economic? notetaking guide presentations. (rest of class) 4. Have students complete the note-taking guide as each group presents their designated topic.
5. Test Review
Home Learning: Study your 'What Is Economics?' Note-taking guide / prepare for Tuesday's test.
On Tuesday, you will have to answer the following short/answer questions:
1) How does the circular flow of economic activity work?
2) Describe the difference between a factor market and a product market.
3) Identify two ways to increase productivity.
4) Why is economic education important?
5) How are trade-offs and opportunity costs related?
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