UNIT 1: Basic Economics



UNIT 1: Basic Economics and Supply & Demand

How do people make economic decisions?

Three basic questions every society must answer HO

The Guide to Economic Thinking HO

Checklist for Consumer Decision Making HO

Building your decision-making skills HO

Financial stress is rising for low- and middle-income U.S. households HO & *grid activity (Moran keeps grid)

'It's just left us behind,' Michigan couple wonders what happened to the middle class HO & *grid activity(Moran keeps grid)

*Resource Triangle & SMART goals HO

*The Big 3 that guide your spending HO

*Plan your future HO

*What’s Your Cost of Living WS

*Economic Focus Questions group processing activity (Moran keeps this)

What is economics and how does it affect people?

Economics Is Spider & Scarcity Spider HO

*Chapter 18 MITs Sections 1-2-3 Chapter 19 MITs Section 1 &* reflections

What Economics is about HO

What is Economics? VQ

Nickel and Dimed MITs & Reflection

As Prices Rise, Parents Face Tough Choices HO

*30 Days concepts relationship & review

Pathways from poverty to adverse outcomes child HO

*Nickel and Dimed Group Processing Activity —if time permits (Moran keeps this)

*Family budget calculator —if time permits *SPENT: An Online Game to Understand Poverty—if time permits

*Making Ends Meet in Michigan A Basic Needs Income Level for Family Well-Being—if time permits

Resume Worksheet

Personal Resume HO

References HO

*Resume

What is supply & demand and how does it work in a market economy?

*Chapter 20 MITs Sections 1-2&* reflections

*Chapter 21 MITs Sections 1-2-3&* reflections

Demand & Supply Spiders

Supply & Demand Grid

Elasticity Demand VQ

Many Things affect Profits HO

Your Hamburger 41,000 regulations HO

Gas Prices Hit Service Providers Bottom line HO

Supply & Demand VQ

*Quiz on Supply & Demand (Moran keeps this)

Making Market economy work: Business & Entrepreneur HO

Three types of Business Ownership HO

Three Ways Businesses Raise Financial Capital HO

*Lemonade stand activity—if time permits

Actual Label Instructions HO

What are the different economic systems?

Economic Systems HO & Economic Systems MITS & *paragraph

Market Economy of the US VQ

Mixed Economy Video MITs & *paragraph

*Economic Systems Are Mixed Activity—if time permits (Moran keeps this)

* this asterisk next to a classroom activity listed denotes that a student must perfrom higher order thinking skills to demonstrate their knowledge of the learning goal/standard and therefore carries much more weight determining a student’s level of attainment of that standard.

UNIT 1: Basic Economics and Supply & Demand

State Standards

How do people make economic decisions?

1.1 Individual, Business, and Government Choices

Explain and demonstrate how economic organizations confront scarcity and market forces when organizing, producing, using, and allocating resources to supply the marketplace.

1.1.1 Scarcity, Choice, Opportunity Costs, and Comparative Advantage – Using examples, explain

how scarcity, choice, opportunity costs affect decisions that households, businesses, and governments

make in the market place and explain how comparative advantage creates gains from trade.

1.1.2 Entrepreneurship – Identify the risks, returns and other characteristics of entrepreneurship that bear on its attractiveness as a career.

What is economics and how does it affect people?

4.1 Decision Making

Describe and demonstrate how the economic forces of scarcity and opportunity costs impact individual and household choices.

4.1.1 Scarcity and Opportunity Costs – Apply concepts of scarcity and opportunity costs to personal

financial decision making.

4.1.5 Personal Decisions – Use a decision-making model (e.g., stating a problem, listing alternatives,

establishing criteria, weighing options, making the decision, and evaluating the result) to evaluate the

different aspects of personal finance including careers, savings and investing tools, and different forms of

income generation.

What is supply & demand and how does it work in a market economy?

1.2 Competitive Markets

Analyze how the functions and constraints of business structures, the role of price in the market, and relationships of investment to productivity and growth, impact competitive markets.

1.2.2 Price in the Market – Analyze how prices send signals and provide incentives to buyers and sellers in a competitive market.

1.2.3 Investment, Productivity and Growth – Analyze the role investments in physical (e.g., technology)and human capital (e.g., education) play in increasing productivity and how these influence the market.

1.3 Prices, Supply, and Demand

Compare how supply, demand, price, equilibrium, elasticity, and incentives affect the workings of a market.

1.3.1 Law of Supply – Explain the law of supply and analyze the likely change in supply when there are

changes in prices of the productive resources (e.g., labor, land, capital including technology), or the profit

opportunities available to producers by selling other goods or services, or the number of sellers in a

market.

1.3.2 Law of Demand – Explain the law of demand and analyze the likely change in demand when there are changes in prices of the goods or services, availability of alternative (substitute or complementary) goods or services, or changes in the number of buyers in a market created by such things as change in income or availability of credit.

1.3.3 Price, Equilibrium, Elasticity, and Incentives – Analyze how prices change through the interaction of buyers and sellers in a market including the role of supply, demand, equilibrium, elasticity, and explain how incentives (monetary and non-monetary) affect choices of households and economic organizations.

What are the different economic systems?

3.1.5 Comparing Economic Systems – Using the three basic economic questions (e.g., what to produce,

how to produce, and for whom to produce), compare and contrast a socialist (command) economy

(such as North Korea or Cuba) with the Capitalist as a mixed, free market system of the United States.

UNIT 1: Basic Economics and Supply & Demand

Textbook Correlation Section Titles

Chapter 18: What is Economics?

Section 1: The Fundamental Economic Problem

Section 2: Making Economic Decisions

Section 3: Being an Economically Smart Citizen

Chapter 19: The American Economy

Section 1: Economic Resources

Concepts/Ideas

Consumer Decision Making Models

Economics

Resources

Factors of Production

Human Resources (labor)

Natural Resources (land)

Capital Resources (capital)

Produce

Distribute

Exchange

Consume

Goods

Services

Needs

Wants

Poverty level

“Pathways” to poverty model

Recycling

TANSTAAFL

What to produce?

How to produce?

For whom to produce?

Economic Goal

Tradeoffs

Costs

Opportunity costs

Real costs

Capital Goods

Consumer Goods

Market Economy

Capitalism

Free Enterprise

Incentive

Rationale Choice

Entrepreneur

Scarcity

Causes of scarcity

Poor distribution

Change in personal perspective

Rapid decrease in supply

Rapid increase in demand

Ways of dealing with scarcity

Doing without

Create more resources

Make Better use of existing resources

Redistribute resources

Problems that occur when employing strategies to deal with scarcity

Textbook Correlation Section Titles

Chapter 20: Demand

Section 1: What is Demand?

Section 2: Factors Affecting Demand

Chapter 21: Supply

Section 1: What is Supply?

Section 2: Factors Affecting Supply

Section 3: Markets and Prices

Concepts/Ideas

Demand

Demand Schedule

Demand Curve

Law of Demand

Diminishing Marginal Utility

Changes In Demand

Changes in the number of consumers

Changes in the consumers’ income

Changes in the consumers’ tastes

Changes in the consumers’ expectations

Changes in substitutes

Changes in compliments

Elasticity of Demand

Elastic Demand

Inelastic Demand

Concepts/Ideas

Supply

Supply Schedule

Supply Curve

Law of supply

Profit

Profit Motive

Changes in Supply

Changes in the cost of resources

Productivity

Technology

Government Policies

Elasticity of Supply

Elastic Supply

Inelastic Supply

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