Goal for the day:
· To give constructive feedback to the other students on their research question
· To describe the inputs needed to produce your good or service
· To understand what a product curve shows
Today is a split class. We'll spend half working on senior project and half working on True Wealth.
We're going to start today with a roll call of current events related to what we've studied so far. A lot has been happening in the world around climate change, the First Amendment, and a raft of economic news. I'll just highlight a few things.
Then, Kim is going to join us for 15 minutes to give you a boost in terms of college and financial aid.
The bulk of the first half of class, however, will go toward giving each other feedback on your research questions. Remember that critique benefits both your classmates AND you. You create clearer, more focused, concise, complex, and arguable questions by giving a critique to each other.
The second half of class we'll start to get your businesses off the ground. You've created a value proposition and thought about the overall market for your product. Now you have to figure out how you're going to actually make something or provide a service to a client. This is all about production.
We'll use the school store and Zia Taqueria to talk about the "inputs" that go into production. This includes discussing the "factors of production": nature, labor, and capital. Nature and capital are fairly straightforward. But what is "capital." It depends on who you ask. We'll go over the classical, neoclassical, and contextual definitions of capital.
You'll decide which inputs for your product are "fixed" and which are "variable." You'll figure out what will be the "limiting factor" on your productive possibilities.
As a business owner, you have to decide how much of your different inputs to buy. If you buy one more sack of flour or hire one more worker, how much more productive will you be? Ultimately, you want to be as productive as possible. The product curve and something called "marginal product" is how you figure this out. We'll end class going over this worksheet so you can practice calculating the marginal product and product curve for one of your inputs.
Homework due Tuesday, January 27th
Complete the reading questions on the Zia Taqueria article and keep refining your research question
· To give constructive feedback to the other students on their research question
· To describe the inputs needed to produce your good or service
· To understand what a product curve shows
Today is a split class. We'll spend half working on senior project and half working on True Wealth.
We're going to start today with a roll call of current events related to what we've studied so far. A lot has been happening in the world around climate change, the First Amendment, and a raft of economic news. I'll just highlight a few things.
Then, Kim is going to join us for 15 minutes to give you a boost in terms of college and financial aid.
The bulk of the first half of class, however, will go toward giving each other feedback on your research questions. Remember that critique benefits both your classmates AND you. You create clearer, more focused, concise, complex, and arguable questions by giving a critique to each other.
The second half of class we'll start to get your businesses off the ground. You've created a value proposition and thought about the overall market for your product. Now you have to figure out how you're going to actually make something or provide a service to a client. This is all about production.
We'll use the school store and Zia Taqueria to talk about the "inputs" that go into production. This includes discussing the "factors of production": nature, labor, and capital. Nature and capital are fairly straightforward. But what is "capital." It depends on who you ask. We'll go over the classical, neoclassical, and contextual definitions of capital.
You'll decide which inputs for your product are "fixed" and which are "variable." You'll figure out what will be the "limiting factor" on your productive possibilities.
As a business owner, you have to decide how much of your different inputs to buy. If you buy one more sack of flour or hire one more worker, how much more productive will you be? Ultimately, you want to be as productive as possible. The product curve and something called "marginal product" is how you figure this out. We'll end class going over this worksheet so you can practice calculating the marginal product and product curve for one of your inputs.
Homework due Tuesday, January 27th
Complete the reading questions on the Zia Taqueria article and keep refining your research question