Basic Economic Concepts-Unit 1 (8-14%) Module (s) 1, 3, &4



ConceptsEconomicsIndividual ChoiceEconomyMarket EconomyCommand EconomyMixed EconomyTraditional EconomyIncentivesProperty RightsMarginal AnalysisResourceLandLabor CapitalHuman CapitalPhysical CapitalEntrepreneurshipScarce/ScarcityOpportunity CostMicroeconomicsMacroeconomicsPositive EconomicsNormative EconomicsTrade-OffProduction Possibilities CurveEfficientProductive EfficiencyAllocative EfficiencyTradeSpecializationComparative AdvantageAbsolute AdvantageTerms of TradeCircular Flow Model/DiagramFirmsHouseholdsFactor (Resource) MarketProduct MarketThree Basic Economic QuestionsConsumer GoodsCapital GoodsServicesGraphsProduction Possibility CurveEfficiencyInefficiencyAttainable vs. unattainable combinationsGrowthCircular Flow Model/Diagram****Simple model: households, firms, factor (resource) market, product marketAdding government in last unitAfter this Unit you should be able to:Define the science of economicsMake a distinction between the different types of economic systemsDistinguish between macroeconomics and microeconomicsDistinguish between opportunity cost, scarcity, and tradeoffsUnderstanding how marginal analysis is the key to economic decision makingUnderstand specialization and the benefits of exchange (trade)Understand how the factors of production along with technology play a role in economic growthUse a production possibilities curve to demonstrate opportunity cost and growthDistinguish between comparative advantage and absolute advantageDescribe how the circular flow diagram demonstrates the flow of money, goods, and services in a market economyMake a distinction between positive economics and normative economicsList the three basic economic questionsMondayTuesdayWednesdayThursdayFriday18NO SCHOOL 19NO SCHOOL20Student IntroInauguration 21Class Intro/ExpectationsSyllabusTextbooksH.W. Define Unit 1 Key Terms/Concepts (50 pts.)22Turn in VocabularyUnit 1 PacketIntro to Economics Activity (50 Pts.)H.W. Read Module 125Module 1 Reading Quiz (33 pts.)Module 1 Notes/P.PH.W. Read Module 326Module 3 Reading Quiz (33 pts.)Module 3 Notes/P.PH.W. Read Module 427Module 4 Reading Quiz (33 pts.)Module 4 Notes/P.P28Turn in Unit 1 Packet (100 pts.)Partner Review Packet (100 pts)29Review For Unit 1 Test1Unit 1 Test40 Multiple Choice Questions1 Free Response (500 pts)H.W. Define Unit 2 Key Terms/Concepts (50 pts.)2Turn in Unit 2 VocabularyUnit 1 Test Corrections (50 pts)345 ................
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