Unit 1: Principles of Economics
Chapters: 1-2 & 4-6
Week 1: Getting to Know You
The first week of the school year is here and it is time to set up, get organized, and get to know one another! This week is spent preparing for the upcoming weeks. During this time we review the syllabus, discuss student and teacher expectations, and learn about one another. By the end of the week, students will be prepared to study economics and understand the importance of becoming an economically literate adult.
Week 2: Think Economics
Week 2 introduces basic principles of economics. These lessons introduce students to the concept of economic thinking and decision-making as well as the factors of production. During the course of this week, student will apply aspects of opportunity costs, create production possibly tables, plot their own graphs, and research the expenses of going to college.
Week 3: From Ideas to Demands
Economics, much like any discipline, is rooted in philosophical thought. Week 3, therefore, discusses the origin of this thought and its real-life implications. During this week, students learn about Adam Smith's free market theory, and Karl Marx's theory of command economies. Students eventually apply aspects of each as the content focus shifts to the United State's practice of utilizing a mixed economy. By week's end, students will see the relationship between supply and demand, and take the first formal assessment of the unit.
Week 4 & 5: How Supply and Demand Stay in Check
Weeks 4 & 5 build on previous lessons in that they focus on aspects of supply and demand shifts, the point of equilibrium, the resilience (or resistance) of these shifts, and how we utilize this information to make intelligent economic decisions. Students begin to see that economic trends are based on consumer decisions and are able to see how their decisions are connected to these realities. During these two weeks, students will see the relationship between the consumer and the supplier.
Week 6: Checking for Understanding
Week 6 is the final week of this unit. During this week students present their culminating projects, review all concepts, and take the unit exam. Students are given the opportunity to review information through use of a unit "Jeopardy," complete a study guide, and peruse "Quizlets" flashcards.
Unit 1 Homework
Unit 1 Culminating Project
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Unit 1 Study Material