SSEF1 Explain why limited productive resources and unlimited wants result in scarcity,
opportunity costs, and tradeoffs for individuals, businesses, and governments
SSEF2 Give examples of how rational decision making entails comparing the marginal
benefits and the marginal costs of an action
SSEF3 Explain how specialization and voluntary exchange influence buyers and sellers.
SSEF4 Compare and contrast different economic systems and explain how they answer the
three basic economic questions of what to produce, how to produce, and for whom to
Monday- Intro and syllabus: Econimcs reasoning fun quiz
a. Define scarcity as a basic condition that exists when unlimited wants exceed limited
b. Define and give examples of productive resources (i.e. factors of production): natural
resources (i.e. land), human resources (i.e. labor and human capital), physical capital and
Tuesday- opporutnty costs and trade off. Kidney dialysis activity/Drew Carey Video
Define opportunity cost as the next best alternative given up when individuals, businesses,
and governments confront scarcity by making choices.
Homework- Chapter 1 worksheet
a. Define marginal cost and marginal benefit.
b. Explain that rational decisions occur when the marginal benefits of an action equal or
exceed the marginal costs.
Wednesday- Incentives and how they influence behavior
Intrudcution to Production Possibilites Curve- group work on graph / curves
Thursday- Economic systems- powerpoint/notes/discussion
Homework-Chapter 2 worksheet
Crashcourse economics video.
Friday- Economic systems continued- Adam Smith vs Karl Mark
Chapter 1 & 2 worksheets due.