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Unit 2: Economics Fundamentals

Page history last edited by Pete Scholtes 11 years, 7 months ago

1st Quarter,  Unit 2:  Economics Fundamentals (Ch. 13; Ch. 15, sec. 1) Oct. 4 - 25 

This three-week unit serves as an introduction to economics, and will help ground you in a few concepts that we'll keep coming back to later. After this unit, you will be able to define scarcity, opportunity cost, and factors of production, and you'll be able to draw a production possibilities curve, which is important for understanding economic choices and other concepts. You'll also be able to describe three types of economic systems (command, free market, and mixed) and draw the Economic Circle of Life.

 

Week 5

__Thu., Oct. 4: Take Unit 1 Test. Get Unit 2 Checklist: Civ and Econ Unit 2 Checklist.doc Copy Unit 2 Terms into notebook. Unit 2 Terms.doc Start Unit 2 Word Find: Unit 2 Word Search.pdf . Homework: Unit 2 Word Find.

 

Week 6

__Mon., Oct. 8: Learning goal: Explain significance of scarcity in economics. Review Unit 1 Test, turn in Unit 2 Word Find, vote in Unit 1 Election. Intro to Economics: Scarcity Activity (3 points). Review seven methods of allocation (deciding who gets scarce resources). Get hand-outs from teacher: 5 cases and 7 allocation methods. Lecture notes: Scarcity Lesson and Intro to Economics.doc Visual aids: Civics Unit 1 Test Review and Scarcity Lesson.ppt Big idea: Because of scarcity, individuals, organizations, and governments must evaluate trade-offs, make choices and incur costs.

__Tue., Oct. 9: Reading 1: Read Ch. 13, Sec. 1, pp. 288-292: "Why Societies Have Economies." Complete questions 1-3 and 5-7 on p. 292 in your notebook. Put definitions in your Terms along. Quiz out with teacher. Instructions: Econ Unit 2 Reading 1.ppt Define: factors of production, opportunity cost, scarcity, consumption, capital. Learning goal: Explain factors of production and significance of scarcity in economics. For example: An opportunity cost of choosing to spend more than your income, be it an individual or government, is less financial security and ability to spend later. Rotation 6: Quiz out on scarcity exercise if you didn't yesterday.

__Wed., Oct 10:  Learning goal: Use the PACED decision-making process (Problem, Alternative, Criteria, Evaluation, Decision) to do a benefit-cost analysis. Identify incentives and trade-offs for choices made by individuals, households, or governments. Hot Dogs and Colas Choice Lesson. (Get this from teacher.) Instructions: PACED Lesson.ppt Lecture notes: PACED Lesson Wednesday.doc Define: good, allocation, resource.  Listen to the Rolling Stones' "Satisfaction." Homework: Reading 2: Read Ch. 13, Sec. 2, pp. 293-296: "Basic Economic Decisions." Have an answer ready for question 4 on p. 296. Big idea: Because of scarcity, individuals, organizations, and governments must evaluate trade-offs, make choices and incur costs.

__Thu., Oct 11: Learning goal: Use the PACED process. Carrots and Apples Lesson Part 1 (Pig principal, Name that Resource). Review ´╗┐Ch. 13, Sec. 2, pp. 293-296: "Basic Economic Decisions" and discuss questions 1-4 on p. 296. Pair-share on question 4, p. 296. Discuss with class: How do you think our society decides who will get what is produced? What are some of the advantages and disadvantages of that method of decision making? Selling Pins Activity: Selling Pins Activity.doc Use PACED process. Get various handouts in class. Homework: Imagine a business you'd actually like to start. Notes for this lesson:Carrots and Apples Lesson Part 1.doc Visuals:  Let's jump right in.ppt  

 

Week 7

__Mon., Oct. 15: Learning goal: Draw production possibilities curve to explain choice, scarcity, and opportunity costs. 1. Review concepts from last week: factors of production (labor, land + capital), capital, good, allocation, resource, opportunity cost, scarcity, consumption. What business would you start? PowerPoint: Econ Unit 2 vocabulary review 1.ppt 2. Squares and Triangles Activity: Practice graphing the possibilities on a Production Possibilities Curve. 3. Carrots and Apples Lesson Part 2 (3 points): Graph carrots and apples with class. 4.  Homework for Wednesday: Reading 3: Read Ch. 13, Sec. 3, pp. 296-301. Big idea: Explain how the availability of productive resources and technology limits the production of goods and services. For example: Productive resources- human, capital, natural, and entrepreneurial; production possibilities curve and shifts of this curve; effects of technological change. Lesson notes: Carrots and Apples Lesson Part 2.doc

__Tue., Oct. 16: Learning goal: Compare economics systems and their incentives: traditional, command (planned), market-based (capitalistic), and mixed.  Bead Game Lesson, using nuts and a timer: http://timer.onlineclock.net/  Homework: (same as yesterday). This was an in-class-only activity. Intro to Bead Game Lesson Plan.doc

__Wed., Oct. 17: Learning goal: Compare economics systems and their incentives: traditional, command (planned), market-based (capitalistic), and mixed. Reading 3: Read or review Ch. 13, Sec. 3, pp. 296-301, "Three Types of Economies," and make sure you have all the terms in Question 1, p. 301 defined in your terms. Then answer questions 2-5 in your notebook. Be ready to discuss Question 6: What are the advantages and disadvantages of each system? (Refer to Bead Game Lesson as well.) Define: traditional economy, command economy, market economy, profit, invest, free enterprise/capitalism, mixed economy.  Describe different allocation methods and incentives. For example: Characteristics- ownership of resources, consumer sovereignty, amount of government involvement, underlying incentives, compatibility with democratic principles. How does each system answer these questions: What to produce? How to produce? For whom to produce? Homework: Answer these questions, in your notebook or in your mind: How is our economic system (mixed) good and bad? Talk to your parent or guardian about this question. Be able to discuss it Monday. Take home Unit 2 Study Guide: Unit 2 Study Guide.doc Extra reading: http://www.vanityfair.com/politics/2012/09/karl-rove-gop-craig-unger.print

Lesson plan for substitute: Wednesday Oct 17 Lesson Plan for Substitute.doc

__Thu., Oct. 18: No school.

 

Week 8

__Mon. Oct. 22: Learning goal: Describe the functions and characteristics of money in an economy: as medium of exchange, measure of value, and store of value, with portability, durability, divisibility, and limited supply. 1. Review Command vs. Market Economies using Economic Systems Chart. 2. Reading 4 (last reading of unit): Read Ch. 15, Sec. 1, pp. 328-330: "Money," define currency, and answer Questions 3 and 5 on p. 330. Visuals: Unit 2 Reading 4.ppt  Lesson notes: Reading 4 Day.doc 3. Parking Lot Lesson Day 1.Read "Activity 1" in preparation for Parking Lot activity tomorrow and reflect on these questions: "Why are the lot owners able to charge more on days when there is a football game? If lot owners make profits, how do you think they'll invest them? What will happen to prices if lot owners build more parking lots? What will happen if price is set low by city council?" 4. Remind students of notebook check this week.

__Tue., Oct. 23: Learning goals: Draw the Circle of Economic Life: a circular flow diagram including households, firms, government, financial institutions, and international trade. Analyze how capital investment affects productivity and economic growth. Parking Lot Lesson Day 2. End by drawing Economic Circle of Life on board.  Homework: Study your terms and notes. Describe the role of households, businesses and governments in the movement of resources, goods and services, and money in an economy. For example: Circular flow model- households sell resources to earn income to buy goods and services; businesses buy resources to produce goods and services they sell for revenue; governments impose taxes and buy goods and services.   

__Wed., Oct 24:  Unit 2 Jeopardy: http://www.superteachertools.com/jeopardy/usergames/Oct201243/game1351079065.php Homework: Study your terms and notes. Notebook check tomorrow. Caught in review: Define law of diminishing returns. Explain why people trade.

__Thu., Oct. 25: UNIT 2 TEST. Unit 2 Notebook check: Show me your Terms and notes for 10 points. Copy Unit 3 - Microeconomics Terms into notebook. Complete Unit 3 Word Find.
__Fri., Oct. 26: Progress Friday: Conferences and Unit 3 Word Find.

 


Learning goals:

__Describe the functions and characteristics of money in an economy: as medium of exchange, measure of value, and store of value, with portability, durability, divisibility, and limited supply.

__Identify factors of production.

__Explain significance of scarcity in economics.

__Describe different allocation methods.

__Identify incentives and trade-offs for choices made by individuals, households, or governments.

__Use the PACED decision-making process (Problem, Alternative, Criteria, Evaluation, Decision) to do a benefit-cost analysis.

__Explain the Pig Principle.

__Define law of diminishing returns.

__Define opportunity cost.

__Draw production possibilities curve to explain choice, scarcity, and opportunity costs.

__Compare economics systems and their incentives: traditional, command (planned), market-based (capitalistic), and mixed.

__Draw the Circle of Economic Life: a circular flow diagram including households, firms, government, financial institutions, and international trade.

__Analyze how capital investment affects productivity and economic growth.

__Explain why people trade.

 


Leftover learning goals (or goals to be repeated later):

 

__Describe commodities as natural resources necessary to produce goods and services; explain how world events and market speculation can affect commodity and other prices. For example: Commodities-grains, minerals, oil, fruits, natural gas, wood. Effects-unrest in oil-producing nations raises the price of oil which raises the cost of energy of producing many goods and services
__Draw production possibilities curve to explain choice, scarcity, and opportunity costs (where the opportunity costs change).

 

Learning goal: Compare economics systems and their incentives.  Review Command vs. Market Economies using Economic Systems Chart. Big idea: Define broad economic goals and describe the trade-offs that exist between them; evaluate how different economic systems achieve these goals in theory and in practice. For example: Economic goals- efficiency, equity, security, stability, freedom, growth. Trade-offs-a market-based economy may achieve the goals of efficiency and freedom, but sometimes at the expense of security and equity; a command economy is more equitable in theory than in practice.


Back to main page: Civics & Economics.

 


*Find all units and learning goals here: Civics and Economics: Units and Learning Goals

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