This first unit we will be working on economic fundamentals. Follow the link below to the standards. You can preview what we’ll be learning and can also practice going over what we learn in class using them as a guide.
You should also make sure you have a copy of the Naked Economics book. Read Chapters 2 and 6 and take notes on them and you will study these along with your other unit 1 materials for the first test. There will be a handful of questions from the book on the first unit test.
MON-Go over syllabus, introduce class
Notes over introductory economic concepts: scarcity, factors of production, motivations for entrepreneurs, opportunity cost, rational decision making, marginal benefit and marginal cost, incentives, specialization, and voluntary exchange
Video clips to emphasize basic economic concepts
Activity on resource allocation
TUE-Quiz over introductory economic concepts
Notes on economic goals and economic systems
Video clips and charts/graphs/maps on economic freedom by country
WED-Continue motes on economic systems and economic goals
Graphic organizer comparing the economic systems on different criteria such as consumer sovereignty, private property, etc.
Compare and contrast different strategies for allocating scarce resources
THUR-Quiz on economic systems
Activity to simulate production possibilities
Notes on the PPC graph and a video clip
Guided practice on the PPC
FRI-Quiz on the production possibilities curve
Graphic organizer to compare private, public, common, and natural monopoly goods
Notes on the role of government in the economy and the regulatory agencies
Monday we will have a quiz over the types of goods and government regulation.