Content Statements Addressed
- E CS 3, E CS 4, E CS 13
- Four weeks of instruction
- Define scarcity
- Identify diverse trade-offs and choices
- Distinguish between needs and wants
- Individuals evaluate choices using opportunity cost and benefit while societies use production possibility frontiers
- Define free market, command economy, and mixed economies
- Identify the 3 key economic questions that all economies must answer
- Identify the goals emphasized by American Free Enterprise
- Distinguish between different mixed economies around the world
- Evaluate market and command solutions to economic challenged
- Ask students to list needs and wants.
- Have students relate the opportunity costs and benefits of a personal decision from their own life.
- Complete opportunity cost/benefit table.
- Play the bag game or vacation destination.
- Reflect on the “greed is good” speech from the movie Wall Street.
- Construct a circular flow model of the free market economy.
- Play the Econo Game.
- Research economic data from countries with different economic systems using CIA World Factbook.
- Read Ethanol Madness
- Compare the economic data from countries with different economic systems using INFOhio, Index of Economic Freedom and online news sources.
Participation in games
Exit slip reflection on self-interest and competition.
- Economics – the study of how people seek to satisfy their needs and wants by making choices
- Scarcity – limited quantities of a resource to meet unlimited wants and needs
- Allocation – to set aside specific resources for a specific function
- Opportunity Cost – the most desirable alternative given up as the result of a decision
- Opportunity Benefit – the desired gain of making a decision
- Free Enterprise – system in which few restriction are placed on economic activity
- Market Economy – idealized system in which buyers and sellers have complete decision-making control over transactions
- Mixed Economy – varying degree of individual and government control over the market
- Command Economy – idealized system in which economic decisions are made by the state
- Efficiency -using resources to maximize the production of goods and services
- Self-interest – one’s own personal gain; motivates action in the free market
- Competition – the struggle among producers for the dollars of consumers; regulates the market
- Incentive – an expectation that encourages people to behave a certain way