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Unit #1 - Basic Economics
Unit #1 - Basic Economics
Unit #1 Daily Lessons (Subject to change)
Unit #1 TEST
Review & Prepare for Unit #1 TEST
Monday, Aug. 28
Tuesday, Aug. 29
Wednesday, Aug. 30
Thursday, Aug. 31
Friday, Sept. 1
Monday, Sept. 4
Tuesday, Sept. 5
Wednesday, Sept. 6
Thursday, Sept. 7
Friday, Sept. 8
These two days will be used to review the
information and skills presented in this
unit and measure the objectives learned.
**Note: Any assignments NOT completed in class will be considered HOMEWORK**
**Note: Any assignments NOT completed in class will be considered HOMEWORK**
Daily Activities
Day/Date
Assignments
Unit Objectives
Unit Objectives
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 society
    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.2 Economics. The student understands the interaction of supply, demand, and price. The student is expected to:
    E.2A Understand the effect of changes in price on the quantity demanded and quantity supplied.
    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.5 Economics. The student understands free enterprise, socialist, and communist economic systems. The student is expected to:
    E.5A Describe the basic characteristics of economic systems, including property rights, incentives, economic freedom, competition, and the role of government.
    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.6 Economics. The student understands the basic characteristics and benefits of a free enterprise system. The student is expected to:
    E.6A Explain the basic characteristics of the U.S. free enterprise system, including private property, incentives, economic freedom, competition, and
            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.8 Economics. The student understands the circular flow model of the economy.. The student is expected to:
    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.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.16 Personal Financial Literacy. The student understands types of business ownership. The student is expected to:
    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.
What is Economics?
Supply and Demand
Economic Systems
Circular Flow Model
Free Enterprise
Scarcity
The Business Cycle
Set Up Stock Market Project
Plan Stock Market Project
Stock Market Project
Last Day to Turn in Missing Work
Without the 30% Discount
Understanding &
Correcting Test Mistakes
Study Guide
The Business Cycle
Economic Systems
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
The Role of Government
in Free Enterprise
Economics and You
Factors of Production
Read: Chapter 1
What is Economics?
Read: Chapter 2
Economic Systems
Read: Chapter 3
Free Enterprise Systems
Read: Chapter 5
Supply
Read: Chapter 4
Demand
Stock
Market Sim
PowerPoint
Project/Group
Writing
Video
Test
Discussion
Graphic
Organizer
Reading
Presentation
TRS
College
Planning
Interview
Portfolio
Factors of Production
Free Enterprise
Supply and Demand
Circular Flow Model
The Business Cycle
Scarcity
Project Rubric