Phase 1: Explore
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
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.
1. What is Economics
2. Money and Prices
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.
1. Understanding Macro and Microeconomics
2. Law of Supply
3. Law of Demand
4. Supply and Demand Curve
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.
1. Types of Economic Systems
2. Evaluating Economic Systems
3. The U.S. Economy
Phase 3: 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
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.