Download Click

Economics Unit
Chapter 18 ( pg. 406-409, 410-414, and 416-419)
Big Questions and Ideas:
1. Why is economics not a science?
2. What are the scales at which one studies and applies economic and economic theory?
3. Why is economics rooted in choice? Explain your answer using wants and needs.
4. How do we use trade offs and opportunity costs to guide our cost-benefit analysis?
5. While both terms reach the same outcome, how are capitalism and free enterprise different?
6. Who controls the choices in a market economy?
7. What is the role of incentives in economics?
8. What is the role of the government in economics?
Vocabulary:
Economics
trade offs
fixed costs
total costs
marginal benefit
market economy
free enterprise
sticks and carrots
scarcity
opportunity costs
variable coasts
marginal costs
cost-benefit analysis
capitalism
incentives
Assessments:
Vocabulary
Quiz
Chapter 19 ( pg. 424-427, 428-432, 434-437, and 438-443)
Big Questions and Ideas:
1. What are the two basic forms of production and what are the four factors which drive that
production?
2. How do the factor and producer markets affect each other?
3. Why are consumers “king”? Explain consumer sovereignty.
4. How does the theory of economic freedom and the governmental protection of private
property rights support our free market system?
5. Why is competition good for consumers and producers?
6. How does profit motive increase production and increase our overall national economic size?
7. Why do U.S. political policies support a national system of free enterprise in the United
States?
Documents and Events:
The Wealth of Nations- by Adam Smith
Vocabulary:
goods
labor
entrepreneurs
markets
producer market
economic freedom
profit
Laissez Faire
services
capital
markets
factor market
consumer sovereignty
private property rights
profit motive
Assessments:
Vocabulary
Quiz
Chapter 20 ( pg. 448-451 and 452-456)
Big Question and Ideas:
1. Who influences supply and demand?
2. What is required for demand to exist?
3. What are the different trends that have an affect (or shift) demand?
4. What is the benefit for a producer to sell a product which are inelastic?
Vocabulary:
demand
demand curve
market demand
marginal utility
demand elasticity
total revenue
law of demand
utility
diminishing marginal utility
Assessments:
Vocabulary
Quiz
Chapter 21 ( pg. pg. 462-465, 466-469, and 471-475)
Big Question and Ideas:
1. When generating profit, suppliers must consider what two ideas?
2. What factors force a change (a shift) in supply?
3. How does the supply schedule and demand schedule help determine the equilibrium price?
4. What are price controls? Why use them?
5. Why is the free market approach to economics good for creating prices
Vocabulary:
supply
subsidy
surplus
equilibrium price
price floor
law of supply
shortage
price controls
price ceiling
Assessments:
Vocabulary
Quiz
Chapter 23.2 ( pg. 508-513)
Big Questions and Ideas:
1. What are different tools (ways) in which the government or economists can measure the
national economy?
2. Why is real GDP a better measurement tool than GDP?
3. How is the business cycle a measurement of success or failure in the overall economy?
4. How is the unemployment rate calculated?
5. What is the effect of inflation on the value of money?
6. Why would an individual or group give up private ownership to become publicly traded in the
stock market?
7. How do the different tools to measure the economy help determine one’s or the government’s
fiscal policy?
Vocabulary:
Gross Domestic Product
inflation
business cycle
peak
civilian labor force
consumer price index
dividends
stock market
Real GDP
deflation
expansion
recession
unemployment
stock
capital gains
fiscal policy
Assessments:
vocabulary
quiz
Chapter 24 (pg. 524-527, 529-533, and 534-537)
Big Questions and Ideas:
1. What is finance?
2. What are the functions of money?
3. How does money receive value?
4. What are the different (basic types) of financial institutions?
5. What are the primary functions of those institutions and how do they make money?
6. What is the purpose (function) of the Federal Reserve?
7. What are the ways that the Federal Reserve can use monetary policy to control American
financial decisions?
8. How do banks create capital for loans (the basic methods)?
Vocabulary:
FDIC
reserve limit
discount rate
certificate of deposits (CDs)
Assessments:
vocabulary
quiz
Chapter 26 (pg. 564-570, 572-575, and 576-580)
Big Questions and Ideas:
1. What are the advantages of trading with other countries? What are problems?
2. What is the negative result of protectionist policies?
3. What is the principle behind free trade?
4. How has the free trade principles influenced the E.U. and the NAFTA?
5. What is the fundamental differences between command and capitalist economies?
6. What major question does mixed economies leave us with when we apply them?
Vocabulary:
export
comparative advantage
protectionism
free trade
NAFTA
GDP per capita
mixed economy
Assessments:
vocabulary
quiz
import
tariffs
quota
European Union
market economy
command economy