Unit One: "What is Economics All About? Scarcity, Factors of Production, Incentives and the Economic Way of Thinking.

" Essential Questions: Why are some countries poor and others wealthy? (course question) In what ways does scarcity effect our daily lives? Enduring Understandings: People Respond to Incentives in Predictable Ways Every Action and Inaction has both a Cost and a Benefit Scarcity is a reality - Therefore, limited resources must be allocated. Economics is the study of how and why those resources are allocated. Objectives: Students can define and apply definitions of scarcity, cost-benefit analysis, incentives, factors of production, opportunity cost, production possibilities frontier, and entrepreneurship. Students will be able to draw a PPF and explain how and what causes it to shift. Students will be able to trace a short outline of the history of free market thought (What was Adam Smith's argument and what system was he responding to in The Wealth of Nations) Students will be able to identify a situation in their daily lives where they make trade-offs and perform cost-benefit analysis which necessitates choice and creates opportunity cost. MSCE - Economics 1.1 Individual, Business, and Government Choices Explain and demonstrate how economic organizations confront scarcity and market forces when organizing, producing, using, and allocating resources to supply the marketplace. 1.1.1 Scarcity, Choice, Opportunity Costs, and Comparative Advantage Using examples, explain how scarcity, choice, opportunity costs affect decisions that households, businesses, and govern 1.1.2 Entrepreneurship Identify the risks, returns and other characteristics of entrepreneurship that bear on its attractiveness as a career. 4.1 Decision Making Describe and demonstrate how the economic forces of scarcity and opportunity costs impact individual and household choices. 4.1.1 Scarcity and Opportunity Costs Apply concepts of scarcity and opportunity costs to personal financial decision making. Voluntary National Content Standards in Economics Content Standard #1 Scarcity SWUT: Productive resources are limited. Therefore, people cannot have all the goods and services they want; as a result, they must choose some things and give up others. SWBAT: Identify what they gain and what they give up when they make choices.

Content Standard #2 Decision Making SWUT: Effective decision making requires comparing the additional costs of alternatives with the additional benefits. Many choices involve doing a little more or a little less of something: few choices are all or nothing decisions. SWBAT: Make effective decisions as consumers, producers, savers, investors, and citizens. Content Standard #14 Entrepreneurship SWUT: Entrepreneurs take on the calculated risk of starting new businesses, either by embarking on new ventures similar to existing ones or by introducing new innovations. Entrepreneurial innovation is an important source of economic growth. SWBAT: Identify the risks and potential returns to entrepreneurship, as well as the skills necessary to engage in it. Understand the importance of entrepreneurship and innovation to economic growth, and how public policies affect incentives for and, consequently, the success of entrepreneurship in the United States. *Unit One also includes a day of classroom introduction, icebreakers, procedures, and other opening day requirements Unit One Outline Week 1: Tuesday September 4 - Friday September 7 (4 Days) Day Summary

1 (TIES )

Icebreaker (Getting to know you activity) Students are introduced to the classroom, procedures, structure, expectations, rules and goals Look over Syllabus Hand out Textbooks

2 (TIES )

EQ Pre-Questions o Poverty Maps - What makes one country rich and another country poor? Economic Enigmas and The Science of Decision Making (What is economics all about?) Scarcity Simulation o https://docs.google.com/document/pub?id=1C5OByrjkPxZgLnej_-A-

Necessary Files / Activities / Events / Homework Getting to know you handout Syllabus Introductory PPT Scarcity Auction Need candy Introduction to Unit One EQ discussion Country Poverty Map Two Rosters per class Vocabulary: Enigma, microecono mics, macroecono mics Identify an

lWpJtnJxpvPsfGDVYD0mPo0 Notes #1 - PPT on Section 1.1 and 1.2 Scarcity, unlimited wants and Adam Smith

o Seven Principles of Economics Worksheet and the scarcity of water

4 Finish Seven Principles of Economics Worksheet Seven Principles of Economics Skits - Students create short skit to demonstrate each of the seven principles.

Bell Work Notes #1 - Making the most of our scarce resources - how do we decide what to make?

economic enigma in your daily lives PPT on section 1.1 and 1.2 Students come up with real-life example of their groups SPofE FTE Handouts Compose Guided Reading notes for homework for 1.4 PPT or Prezi on Scarcity and making the most of resources

Finish student skits Finish Notes #1 The Invisible Hand and the Power of Markets Naked Economics Reading Goodbye Lenin! Movie Clip Coca-Cola in East Berlin How do economist work? - Guided Reading Homework (1.4) What do we give up when we make a choice? o Opportunity Cost OC Experiment o Making Decisions at the Margin o Laws of Diminishing Returns Donut Hole Experiment Opportunity Cost Remediation Bell Work o Students have to make a choice of candy when the student enters room therefore they have making a choice and have opportunity cost. Production Possibilities Frontier (5 minutes is to long! 2 mins max) o 2 goods and factories o Shifts in PPF o Shifting the Curve Short Lecture on Production Possibility Frontiers Review for Unit One Quiz (15 minutes)

10

11

Unit Quiz Chapters 1 and 2