Business&ITCenter21: Economics

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This module provides a broad introduction to economics as students examine the definition of economics, learn about money, competition and market structures, macro- and microeconomics, supply and demand, the supply and demand curve, economic systems, and factors in productivity with a focus on the U.S. economy and the government's role.

The Economics module is designed according to the AES course framework, which includes four phases:

  1. Explore
  2. Learn & Practice
  3. Reflect
  4. Reinforce

Below you'll discover how AES can help you teach your students about the basics of economics according to these four phases.


Phase 1: Explore

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Activity: Defining Terms

In this activity, students will participate in a class "game" where they determine access to a limited number of desks/seats in the classroom based on criteria that they determine. Through this activity they will understand economics, scarcity, and economic choice.


Phase 2: Learn & Practice

learn-and-practice

Unit 1: Introduction to Economics

In this unit, students will learn about: the definition of economics and economic concepts as they understand why money exists, the functions of money, effects of product pricing on consumer behavior and business profits, competition, market structures, and the effects of barriers to market entry. 

Lessons
  1. What is Economics 
  2. Money and Prices 
  3. Markets 
  4. Quiz

Unit 2: Supply and Demand

In this unit, students will learn about: macro and microeconomics, supply and demand, the Supply and Demand curve, shortages, surplus, equilibrium, and equilibrium shifts. 

Lessons
  1. Understanding Macro and Microeconomics 
  2. Law of Supply 
  3. Law of Demand 
  4. Supply and Demand Curve 
  5. Quiz

Unit 3: Economic Systems

In this unit, students will learn about: economic system questions and answers as they explore the pros and cons of various economic systems and analyze several countries. Students then focus on the U.S economy. 

Lessons
  1. Types of Economic Systems 
  2. Evaluating Economic Systems 
  3. The U.S. Economy 
  4. Productivity 
  5. Quiz


Phase 3: Reflect

reflect

Activity: Reflection Questions and Discussion

In this activity, students will journal about a product or service business idea, a target market, how the product/service would serve the community, and what facilities would be needed to offer it. A class discussion can follow.


Phase 4: Reinforce

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Activity: Current Event

Students will review articles for information related to a topic in the module. Once an article is found, students complete a Current Event form.

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