Download Unit 1 Foundations of Economics

 Title Foundation of Economics ● Scarcity ● Opportunity Costs ● Economic Systems ● Economic Philosophers ● Business Models Big Idea/Enduring Understanding Every society must answer the basic economic questions. The circular flow model describes the flow of ​
money and products throughout the economy. Various countries have established different types of economics systems. Different Countries have different market structures. Economics Unit 1 Suggested Dates 3 weeks Guiding Questions What is Scarcity? How does government actions affect the circular­flow model? What are the basic characteristics of economic systems? What do I have to know to open a business? What are the rights and responsibilities of a business? TEKS Content TEKS Process Skills 1ABCD 5ABCDE 6ABC 7AB 8ABC 9AB 11AB 14AB 16ABC 22ABCD 23ABE Page 1​
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Vertical Alignment Expectations *TEKS one level below* *TEKS one level above* SS TEKS Sample Assessment Question 5A ­​
Incentives: what causes people to do what they do? Economic freedom: how much choice do consumers and producers have? Competition: is it encouraged? 5B ­​
How are the basic economic questions answered for each economic system? 6C ­​
How is free enterprise in the US different today than it was 20 years ago? 50 years ago? 7B ­​
Identify and evaluate government restrictions on Business property Identify and evaluate government restrictions on individual property 9A ­​
What is the relationship between prices and profit incentives? What are the characteristics of a monopoly? The resources included here provide teaching examples and/or meaningful learning experiences to address the District Curriculum. In order to address the TEKS to the proper depth and complexity, teachers are encouraged to use resources to the degree that they are congruent with the TEKS and research­based best practices. Teaching using only the suggested resources does not guarantee student mastery of all standards. Teachers must use professional judgment to select among these and/or other resources to teach the district curriculum. Some resources are protected by copyright. A username and password is required to view the copyrighted material. Knowledge and Skills with Student Standard Clarifications Vocabulary Instructional Suggested Resources Expectations Strategies Resources listed and categorized to indicate suggested uses. Any additional resources must be aligned with the TEKS. (1) Economics. The student Scarcity forces people to 1A­D Graphic McGRAWHILL TEXT understands the concepts of scarcity make choices that result in Organizers and opportunity costs. The student is opportunity costs Production Visuals/Video www.Youtube.com​
(must have differentiated expected to: Possibilities Question filtering) Curve Answer mjmfoodie ​
Episode 2: Scarcity and Choice Opportunity List/Sort/ Page 2​
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(A) explain why scarcity and choice are basic economic problems faced by every society; (1) Economics. The student understands the concepts of scarcity and opportunity costs. The student is expected to: cost Trade­offs Scarcity Economic Growth Factors of Production The three basic economic questions are; (1) “What will be produces?” (2) “How will it be (B) describe how societies answer the produced?” (3) “For whom will it be basic economic questions; produced?” The way society answers these questions determines their economic system (1) Economics. The student The four factors of Production understands the concepts of scarcity production (resources) scarcity and opportunity costs. The student is are; (1) Land­the gifts of expected to: nature; (2) Labor­people’s skills, talents, and (C) describe the economic factors of abilities; (3) production; Capital­finished goods, financial; (4) Entrepreneurship­the organization of land, labor and capital. (1) Economics. The student The production understands the concepts of scarcity possibilities curve and opportunity costs. The student is illustrates the concepts of expected to: opportunity cost and (D) interpret a production­possibilities scarcity. The model should be used to curve and explain the concepts of illustrate unemployment, opportunity costs and scarcity. Label Cornell Notes https://www.federalreserveeducation.org/ https://www.federalreserveeducation.org/ Graphic Organizers Visuals/Video Question Answer List/Sort/ Label Cornell Notes https://www.federalreserveeducation.org/ EconEd ​
Production Possibility Curve https://www.federalreserveeducation.org/ Page 3​
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EconED Link Scarcity (5) Economics. The student understands free enterprise, socialist, and communist economic systems. The student is expected to: (A) describe the basic characteristics of economic systems, including property rights, incentives, economic freedom, competition, and the role of government; (5) Economics. The student understands free enterprise, socialist, and communist economic systems. The student is expected to: (B) compare the free enterprise system, socialism, and communism using the basic characteristics of economic systems; tradeoffs, economic growth/decline Describe Property right: who owns the factors of production Incentives: what causes people to do what they do? Economic freedom: how much choice do consumers and producers have? Competition: is it encouraged? How are the basic economic questions answered for each economic system? Free enterprise: ● Property rights­ ● Incentives ● Economic Freedom ● Competition Socialism ● Property rights­ ● Incentives ● Economic Freedom ● Competition Communism 5A­E Creative Destruction Private Property Trade Market Circular­flo
w model Adam Smith Competition Profit Motive Graphic Organizers Visuals/Video Question Answer List/Sort/Label Cornell Notes Communism Socialism Free Enterprise Graphic Organizers Visuals/Video Question Answer List/Sort/ Label Cornell Notes Page 4​
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Role of Government: how much involvement does the government have? EconEd ​
Economic Systems ● Property rights­ ● Incentives ● Economic Freedom ● Competition (5) Economics. The student Free enterprise – U.S. understands free enterprise, socialist, and communist economic systems. The Socialist ­ Venezuela student is expected to: Communist ­ North Korea (C) examine current examples of free enterprise, socialist, and communist economic systems; (5) Economics. The student All three terms imply understands free enterprise, socialist, private ownership of the and communist economic systems. The factors of production. student is expected to: Socialism Free Enterprise Graphic Organizers Visuals/Video Question Answer List/Sort/ Label Cornell Notes Compare and contrast the participants in the circular flow model for both a market (D) understand that the terms free enterprise, free market, and capitalism are synonymous terms to describe the U.S. economic system; (5) Economics. The student understands free enterprise, socialist, and communist economic systems. The student is expected to: (E) analyze the importance of various economic philosophers, including Analyze­ Students must analyze the importance of the following economic philosophers Page 5​
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Friedrich Hayek, Milton Friedman, John Maynard Keynes, and Adam Smith, and their impact on the U.S. free enterprise system​
. Friedrich Hayek​
advocate of Austrian Economics Milton Friedman prominent advocate of free markets John Maynard Keynes father of Keynesian Economics Adam Smith​
author of the Wealth of Nations (6) Economics. The student Explain understands the basic characteristics and benefits of a free enterprise Basic Characteristics of system. The student is expected to: Free Enterprise: ● Private Property (A) explain the basic characteristics of ● Incentives the U.S. free enterprise system, ● Economic including private property, incentives, Freedom economic freedom, competition, and ● Competition the limited role of government; ● Limited role of Government (6) Economics. The student Explain understands the basic characteristics Individual freedom of and benefits of a free enterprise consumers system. The student is expected to: Individual freedom of producers Variety of (B) explain the benefits of the U.S. Goods free enterprise system, including Responsive prices individual freedom of consumers and Investment opportunities producers, variety of goods, responsive Creation of Wealth prices, investment opportunities, and the creation of wealth; (6) Economics. The student understands the basic characteristics Analyze How is free enterprise in the US different today economy and a mixed economy. www.econedlink.org­​
Free sign­up required Property rights Incentives EconEdLink.org Economic Freedom, Political Freedom: Their Meaning, Their Results Page 6​
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and benefits of a free enterprise system. The student is expected to: than it was 20 years ago? 50 years ago? (C) analyze recent changes in the basic characteristics of the U.S. economy; (6) Economics. The student understands the basic characteristics and benefits of a free enterprise system. The student is expected to: (D) analyze the costs and benefits of U.S. economic policies related to the economic goals of economic growth, stability, full employment, freedom, security, equity (equal opportunity versus equal outcome), and efficiency. (7) Economics. The student understands the right to own, use, and dispose of private property. The student is expected to: (A) analyze the costs and benefits of the purchase, use, or disposal of personal and business property; (7) Economics. The student understands the right to own, use, and dispose of private property. The student is expected to: (B) identify and evaluate examples of restrictions that the government places on the use of business and individual property. The U.S. and its government promote seven economic and social goals. They are: (1) economic growth; (2) stability; (3) full employment; (4) freedom; (5) security; (6) equity; (7) efficiency. Their order of importance varies across time. Analyze Cost and benefits of the purchase Use or disposal of personal property Use or disposal of business property EconEdLink.org Decision Making /Cost­Benefit Analysis Identify and Evaluate Identify and evaluate government restrictions on Business property Identify and evaluate government restrictions on individual property Page 7​
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(8) Economics. The student understands the circular­flow model of the economy. The student is expected to: …..the role of government….. Circular­ flow model EconEd ​
Circular Flow Model (A) interpret the roles of resource owners and firms in a circular­flow model of the economy and provide real­world examples to illustrate elements of the model; (8) Economics. The student understands the circular­flow model of the economy. The student is expected to: (B) explain how government actions affect the circular­flow model; (8) Economics. The student understands the circular­flow model of the economy. The student is expected to: (C) explain how the circular­flow model is affected by the rest of the world. Which statement best characterizes the function of the government in the circular flow model? The circular flow model can be used to illustrate the role of international trade in factor and product markets. (9) Economics. The student Market Structures understands types of market structures. ● Monopoly ● Perfect (9A) describe characteristics and give Competition examples of pure competition, ● Monopolistic monopolistic competition, oligopoly, Competition and monopoly ● Oligopoly Patent License Franchise Market Share Market Power Graphic Organizers Visuals/Video Question Answer List/Sort/ Label Page 8​
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What is the relationship between prices & profit incentives? What are the characteristics of a monopoly? (9B) identify and evaluate ordinances Identify and Evlauate and regulations that apply to the establishment and operation of various ● Est. & Operation types of businesses Business ● Ordinances – obtaining permits ● Complying with all laws regarding health and safety ● Equal opportunity hiring practices (11) Economics. The student Increases in productivity understands key components of (output per labor hour), economic growth. The student is achieves increasing return expected to: to resources, thereby resulting in economic (A) analyze how productivity relates to growth. growth; Economy of Scale Cornell Notes Market Structure Identification (11) Economics. The student understands key components of economic growth. The student is expected to: Advances in technology, (more efficient means of production) results in increases in productivity. (B) analyze how technology relates to growth; (14) Economics. The student understands the role that the Graphic Organizers Visuals/Video Question Answer List/Sort/ Label Cornell Notes Graphic Organizers Visuals/Video Question Answer List/Sort/ Label Cornell Notes Page 9​
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EconEd.com ​
Growth government plays in the U.S. free enterprise system. The student is expected to: (A) identify economic concepts in the U.S. Constitution, including property rights and taxation; (B) describe the role of government in the U.S. free enterprise system and the changes in that role over time; (16) Personal financial literacy. The student understands types of business ownership. (16A) explain the characteristics of sole proprietorships, partnerships, and corporations; (16B) analyze the advantages and disadvantages of sole proprietorships, partnerships, and corporations; (16C) analyze the economic rights and responsibilities of businesses, including those involved in starting a small business Business Organizations: Sole Proprietorships Partnerships Corporations Alternate Businesses Explain Sole proprietorships​
– One individual in business and alone. This type of business is simple to form and operate and may enjoy fewer legal controls and fewer taxes. However, the business owner is personally liable for all debts incurred by the business. Partnerships​
– 2 or more people who agree to contribute money, labor or skill to a business. Each partner is personally and equally liable for the debts of the partnership. Graphic Organizers Visuals/Video Question Answer List/Sort/ Label Cornell Notes Supply & Demand Page 10​
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(22) Social studies skills. The student applies critical­thinking skills to organize and use information acquired from a variety of valid sources, including electronic technology. The student is expected to: Corporations ​
– More complex business structure with a board of directors (decision makers) sole investors have little say in decisions. But investors are not held personally liable for debts of the corporation. Rights ­ to make decisions regarding employees, product, marketing, etc., with­in the laws. Responsibilities – follow laws, obtain permits, follow GOC (B) create economic models, including production­possibilities curves, circular­flow charts, and supply­and­demand graphs, to analyze economic concepts or issues; (22) Social studies skills. The student applies critical­thinking skills to organize and use information acquired from a variety of valid sources, Page 11​
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including electronic technology. The student is expected to: (C) explain a point of view on an economic issue; (22) Social studies skills. The student applies critical­thinking skills to organize and use information acquired from a variety of valid sources, including electronic technology. The student is expected to: Choice (D) analyze and evaluate the validity of economic information from primary and secondary sources for bias, propaganda, point of view, and frame of reference; (23) Social studies skills. The student communicates in written, oral, and visual forms. The student is expected to: (A) use economic­related terminology correctly; (23) Social studies skills. The student communicates in written, oral, and visual forms. The student is expected to: (B) use standard grammar, spelling, sentence structure, and punctuation; Vocabulary Scarcity Opportunity Cost Page 12​
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Factors of production Full employment Equal opportunity Circular­flow model Utility Production­possibilities curve Security Equal outcome Productivity Marginal analysis Stability Equity Efficiency Economic growth Economic freedom Page 13​
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