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​Unit Objectives:
Introduction to Economics
Students will demonstrate how wants and needs will exceed resources, and how costs force individuals to make choices.
Unit 1, Chapter 1 – Section 1
SS.12.1-1 Define scarcity.
SS.12.1-5 Define the four factors of production (land, labor, capital, entrepreneurship).
Section 2
SS.12.1-2 Define opportunity cost.
SS.12.1-7 Depict opportunity cost and finding alternatives in a hypothetical situation.
SS.12.1-11 Graph and explain a Production Possibilities Curve (PPC) with given data.
SS.12.1-12 Describe the opportunity costs being demonstrated on a PPC.
Unit 1, Chapter 2 – Section 1
SS.12.1-6 Describe the 3 economic questions (What to produce? How to produce? For whom to produce?).
SS.12.1-9 Define the types of economies (traditional, command, market, mixed).
SS.12.1-10 Compare and contrast the types of economies.
SS.12.1-8 Construct and explain a circular flow model.


Book Assignments:
#1 Read pages 5 -11 and complete review questions 1-4 AND Read pages 14- 19 and complete review questions 1-3
#2 Read pages 32-41 and complete review questions (p.40) 1-3, 5 (skip 4) (For whom to produce, and 4 types of economies).
#3 Read pages 42-46 (Chapter 2 Section 2) Free Enterprise


Power Point Presentations:




Entrepreneurship : Pillow Pets

Pillow Pets


Entrepreneurship Video: The Bloom Box







Articles and Documents
(Annotation Directions)

Unit 1 Study Guide:

Key Terms:

Economics
Microeconomics
Macroeconomics
scarcity
shortage
factors of production
capital
labor
productivity
entrepreneurship
technology
laissez-faire
market economy
traditional economy
command economy
economic equity
Socialism
Karl Marx
marginal utility
Utility
PPC
Opportunity Cost
Adam Smith