5. • Class Rules
– Be on time
– Pay attention
– Be prepared
– Place cellphone on table
• I keep the cellphones in a backpack so they don’t distract
you and we can quickly take them in an emergency.
• Comments
• You are responsible to monitor your grade
• You are responsible to seek help (e-mail is best way
to contact me)
6. • Semester Overview
– Use it as a planning tool
– Tests and quizzes throughout the
semester
7. Absences
You are responsible for…
– Getting the material
– Reviewing the powerpoint. The
Powerpoint presentations are online at
my faculty webpage
– Getting the homework assignment
8. Accessing Powerpoints
1. Go to La Salle’s homepage
(www.lasallehs.org)
2. Administrators & Teacher Pages
3. F – K
4. Steve Haderlein
9. Absences (continued)
Tests…
You need will make-up the test at detention when
you return.
You get a ZERO if you have not made arrangements
to make-up the test and do not make-up the test
at detention when you return.
E-mail is the best way to make arrangements to take
the test.
11. • Economics is….
– The study of human behavior. How
people allocate resources to produce
goods and services to satisfy needs and
wants
12. • Economics is….
– The study of human behavior. How
people allocate limited resources to
produce goods and services to satisfy
unlimited needs and wants.
» Remember…resources are always scarce
18. Four Factors of Production (resources)
1. Land
• All Natural resources
Example - Oil, Coal, Trees
2. Labor
• People producing a good or service
Example – Auto worker, Lawyer, Teacher
3. Human Capital
• Training for Labor
Example – College Education, Seminars
4. Physical Capital
• Tools used by labor to make goods and services
Example – Computers, Buildings, Factories, desks
19. Key terms
– Scarcity vs. shortage
– Need vs. want
– Good vs. Service
– Trade-off vs. Opportunity Cost
– Entrepreneur
20. – Scarcity vs. shortage
• Scarcity is permanent
• Shortage is temporary
Temporary may be days, weeks months or even years
21. • Need vs. Want
– Need = gotta have it
– Want = nice to have it
• For each person to decide
• Cellphone example
22. Good vs. Service
Good
– Tangible
– Generally produced with physical skills
Service
– Intangible
– Generally produced with knowledge
23. Trade-off vs. Opportunity Cost
• Trade-off = All the choices given up
• Opportunity Cost = Most valuable choice
given up
• Example….your time