Economics Unit Lesson Plans



Economics Unit Lesson Plans

SS8E5 The student will explain personal money management choices in terms of income, spending, credit, saving, and investing.

DAY 1 & 2

Essential Question: What is Economics?

Materials:

1. Whiteboard

2. Overhead

3. Computer w/ network/internet connection, s-video to TV, Windows Media Player

4. Handout: Production Possibilities Graph

5. Video Clips “What is Economics?”, “Scarcity and Opportunity Cost”

Prime Time:

1. Brainstorm ideas on whiteboard to answer the EQ using a mind-map or web diagram.

2. Show video clip “What is Economics?”

Mini-Lesson:

1. Define terms: scarcity, opportunity cost

2. Show video clip “Scarcity and Opportunity Cost”

Activity:

1. Read and Complete handout “Opportunity Cost and Production Possibilities”

2. Discuss results

Wrap-up:

1. Students reflect on what they give up to gain something they want given limited resources, such as time or money.

i.e. – time watching television to study for a test; buying cookies, ice cream, and drink instead of a school lunch.

• This lesson could take two days, depending on the brainstorming discussion.

Opportunity Cost

[pic]

Economic choice - is deciding between different uses of scarce resources

Opportunity cost - is the benefit that is lost in making a choice between two competing uses of scarce resources. It is the next best alternative.

Allocation of Resources

This is about how resources are allocated between competing uses

Examples

* Coca Cola decide to spend £50 billion on advertising

* The government decides to spend £100 billion on hospitals

* An individual allocates their time to study rather than playing football

[pic] ACTION

What would be an opportunity cost of graduating High School?

DAY 3

Essential Question: How do businesses produce goods?

Materials:

1. Whiteboard

2. Computer w/network, s-video to TV

3. Video clip “Factors of Production”

4. Notebook paper, writing utensil

Prime Time: Brainstorm answer to EQ on whiteboard with students.

Mini-Lesson:

1. Define Factors of Production: Natural Resources, Labor, Capital,

& Entrepreneurship

2. Give examples of each factor.

Activity:

1. Watch video clip “Factors of Production”

2. Take notes using web diagram or outline.

3. Discuss notes.

Wrap-up: Students will reflect on the factors of production needed to make something they like to buy. Why is it important to know how businesses make goods? (supplying needs and wants to a demanding public, reference scarcity and opportunity cost again)

DAY 4

Essential Question: How are prices set for products in the market?

Materials:

1. Whiteboard

2. Handout – “Setting Prices, Prices and Demand”

3. Notebook paper, writing utensil

Prime Time:

Complete Handout “Prices and Demand” & Discuss

Mini Lesson:

Why are prices so high at first, then decrease over time for new products?

- Brainstorm on whiteboard & discuss

Activity:

Complete Handout “Setting Prices” and discuss.

Define ‘demand’, ‘demand curve’.

Wrap-up:

Students will reflect on 5 things they have in their lives that have decreased in price since they received or bought it in the last 3 years. Why would that happen?

DAY 5

Essential Question: How can we see and demonstrate the relationship between price and quantity demanded?

Materials:

1. Whiteboard

2. Handout – “Plotting Demand Curves”

3. Notebook paper, writing utensil

4. Computer, s-video to TV

5. Video Clip “Supply and Demand”

Prime Time:

1. What happens to demand when prices go up? When they go down?

2. What happens to price when demand increases? When demand decreases?

Mini Lesson

1. View video “Supply and Demand” (or save for next two lessons)

2. Draw a demand curve using handout “Plotting Demand Curves”

Activity

1. Complete questions using the demand curve students drew.

2. Discuss answers

Wrap Up

1. What kinds of things affects your (student) demand for goods and services?

2. What determines how you spend your money?

5. Plotting Supply Curves

6. Supply and Demand

7. Market Equilibrium

8. Personal Budget

9. Savings Accounts

10. Calculating Interest, Stock Market

11. Career Interest Inventory, Education and Earnings

12. Common Money Management Mistakes

13. Test

TOTAL = 17 Days possible

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