Unit #1 - Economic Basics
Unit #1 - Economic Basics
|Unit #1 Daily Lessons (Subject to change)
|Review & Prepare for Unit #1 TEST
Monday, Jan. 2
Tuesday, Jan. 3
Wednesday, Jan. 4
Thursday, Jan. 5
Friday, Jan. 6
Monday, Jan. 9
Tuesday, Jan. 10
Wednesday, Jan. 11
Thursday, Jan. 12
Friday, Jan. 13
|These three days will
be used to review the
information and skills
presented in this unit
and measure the
**Note: Any assignments NOT completed in class will be considered HOMEWORK**
|**Note: Any assignments NOT completed in class will be considered HOMEWORK**
Monday, Jan. 16
Tuesday, Jan. 17
Wednesday, Jan. 18
Thursday, Jan. 19
Friday, Jan. 20
E.1 Economics. The student understands the concepts of scarcity and opportunity costs. The student is expected to:
E.1A Explain why scarcity and choice are basic economic problems faced by every societyE.2 Economics. The student understands the interaction of supply, demand, and price. The student is expected to:
E.1B Describe how societies answer the basic economic questions.
E.1C Describe the economic factors of production.
E.1D Interpret a production possibility curve and explain the concepts of opportunity cost and scarcity.
E.2A Understand the effect of changes in price on the quantity demanded and quantity supplied.E.5 Economics. The student understands free enterprise, socialist, and communist economic systems. The student is expected to:
E.2B Identify the non-price determinants that create changes in supply and demand, which result in a new equilibrium price.
E.2C Enterpret a supply-and-demand graph using supply-and-demand schedules.
E.5A Describe the basic characteristics of economic systems, including property rights, incentives, economic freedom, competition, and the role of government.E.6 Economics. The student understands the basic characteristics and benefits of a free enterprise system. The student is expected to:
E.5B Compare the free enterprise system, socialism, and communism using the basic characteristics of economic systems.
E.5C Examine current examples of free enterprise, socialist, and communist economic systems.
E.5D Understand that the terms free enterprise, free market and capitalism are synonymous terms to describe the United States economic system.
E.5E Analyze the importance of various economic philosophers, including Friedrich Hayek, Milton Friedman, John Maynard Keynes, and Adam Smith, and
their impact on the U.S. free enterprise system.
E.6A Explain the basic characteristics of the U.S. free enterprise system, including private property, incentives, economic freedom, competition, andE.8 Economics. The student understands the circular flow model of the economy.. The student is expected to:
the limited role of government.
E.6B Explain the benefits of the U.S. free enterprise system, including individual freedom of consumers and producers, variety of goods, responsive prices,
investment opportunities, and the creation of wealth.
E.6C Analyze recent changes in the basic characteristics of the U.S. economy.
E.6D 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.
E.8A Interpret the roles of resource owners and firms in a circular-flow model of the economy and provide real-world examples to illustrate elements of the model.E.16 Personal Financial Literacy. The student understands types of business ownership. The student is expected to:
E.8B Explain how government actions affect the circular-flow model.
E.8C Explain how the circular-flow model is affected by the rest of the world.
E.16A Explain the characteristics of sole proprietorships, and corporations
E.16B Analyze the advantages and disadvantages of sole proprietorships, partnerships, and corporations.
E.16C Analyze the economic rights and responsibilities of businesses, including those involved in starting a small business.
E.16D Explain how corporations raise money through stocks and bonds.
|Set Up Stock Market Project
|Last Day to Turn in Missing Work
Without the 30% Discount
In Unit #1 the class will be introduced to the basic principles of
economics. Students will examine the different economic systems that
exist and how they interact globally. They will study basic principles
such as Supply and Demand, the Business Cycle, and the Circular Flow
Model. The class will examine the role that Free Enterprise plays in
American Society and our everyday lives.
Homework, Enrichment, and Alternate Assignments
|Everyday Economic Principles
|Read: Chapter 1
What is Economics?
|Read: Chapter 2
|Read: Chapter 3
Free Enterprise Systems
Work Day - No Classes