What+is+Economics?

= **__Unit 1: What is Economics? __** =

**//Essential Question //****: **
= **How do choices and incentives influence the behavior of individuals, businesses and economics institutions? ** =

__**Suggested Pacing:** __
 * **Instructional Day** || **Learning Objectives** || **Time Allotted** ||
 * 1 || Objectives 1 and 2 || 40 minutes 40 minutes ||
 * 2 || Objectives 2 and 3 || 40 minutes 40 minutes ||
 * 3 || <span style="font-family: 'Cambria','serif';">Objective 4 || <span style="font-family: 'Cambria','serif';">80 minutes ||
 * <span style="font-family: 'Cambria','serif';">4 || <span style="font-family: 'Cambria','serif';">Objectives 5 and 6 || <span style="font-family: 'Cambria','serif';">40 minutes 40 minutes ||
 * <span style="font-family: 'Cambria','serif';">5 || <span style="font-family: 'Cambria','serif';">Objective 6 || <span style="font-family: 'Cambria','serif';">80 minutes ||
 * <span style="font-family: 'Cambria','serif';">6 || <span style="font-family: 'Cambria','serif';">Objective 7 || <span style="font-family: 'Cambria','serif';">80 minutes ||
 * <span style="font-family: 'Cambria','serif';">7 || <span style="font-family: 'Cambria','serif';">Flex day for reteaching and review || <span style="font-family: 'Cambria','serif';">80 minutes ||


 * __INITIAL Draft - Sample Unit Plan__**

<span style="font-family: 'Cambria','serif'; margin: 0in 0in 10pt;">__<span style="font-family: 'Cambria','serif';">**Learning Objectives and Lesson Ideas** __ <span style="font-family: 'Cambria','serif'; line-height: normal; margin: 0in 0in 0pt;">-Group discussion to reach a final definition on the board; needs, wants, resources, etc. <span style="font-family: 'Cambria','serif'; line-height: normal; margin: 0in 0in 0pt;">-PPT – direct instruction exploring definitions and vocabulary <span style="font-family: 'Cambria','serif'; line-height: normal; margin: 0in 0in 0pt;">-Think/Pair/Share bell ringer to class discussion <span style="font-family: 'Cambria','serif'; line-height: normal; margin: 0in 0in 0pt;">-Groups of 4; basic prompt or provide different examples to create a working definition (jigsaw into class discussion) <span style="font-family: 'Cambria','serif'; line-height: normal; margin: 0in 0in 0pt;">-“**Wordle**” – show all of their initial thoughts and then compare to working definition || <span style="font-family: 'Cambria','serif'; line-height: normal; margin: 0in 0in 0pt;">-Discuss whole class needs versus wants; use pictures around the world in various situations (individual, national, global) <span style="font-family: 'Cambria','serif'; line-height: normal; margin: 0in 0in 0pt;">-Discuss individual limits of resources <span style="font-family: 'Cambria','serif'; line-height: normal; margin: 0in 0in 0pt;">-PPT/direct instruction <span style="font-family: 'Cambria','serif'; line-height: normal; margin: 0in 0in 0pt;">-Try to prove that a cell phone is not a necessity <span style="font-family: 'Cambria','serif'; line-height: normal; margin: 0in 0in 0pt;">-Ask a hypothetical question? If you won the lottery, what would you do? Now, what decisions do you make with your money <span style="font-family: 'Cambria','serif'; line-height: normal; margin: 0in 0in 0pt;">-Tie scarcity and opportunity cost together <span style="font-family: 'Cambria','serif'; line-height: normal; margin: 0in 0in 0pt;">-Simulations (FTE) || <span style="font-family: 'Cambria','serif'; line-height: normal; margin: 0in 0in 0pt;">-Decision tree <span style="font-family: 'Cambria','serif'; line-height: normal; margin: 0in 0in 0pt;">-Video clip from St. Louis Federal Reserve on Youtube.com “Why don’t you feed your paycheck to a jaguar?” || <span style="font-family: 'Cambria','serif'; line-height: normal; margin: 0in 0in 0pt;">-Entrepren. and incentives; depend on economic system <span style="font-family: 'Cambria','serif'; line-height: normal; margin: 0in 0in 0pt;">-Pizza place simulation; students have to create a pizza restaurant and use the factors of production <span style="font-family: 'Cambria','serif'; line-height: normal; margin: 0in 0in 0pt;">-Use clothing as an idea or pick a product to explore the factors of production <span style="font-family: 'Cambria','serif'; line-height: normal; margin: 0in 0in 0pt;">-Bring in circular flow chart to show the connections (with personal experiences) || <span style="font-family: 'Cambria','serif'; line-height: normal; margin: 0in 0in 0pt;">-Use textbook examples (guns and butter) <span style="font-family: 'Cambria','serif'; line-height: normal; margin: 0in 0in 0pt;">-New Orleans; pre-Katrina, post-Katrina || <span style="font-family: 'Cambria','serif'; line-height: normal; margin: 0in 0in 0pt;">-Continuum = command/central, market, and mixed market economies <span style="font-family: 'Cambria','serif'; line-height: normal; margin: 0in 0in 0pt;">-Define the systems and the characteristics <span style="font-family: 'Cambria','serif'; line-height: normal; margin: 0in 0in 0pt; tab-stops: 227.25pt; tabstops: 227.25pt;">-CIA World Factbook; 60 minutes clip || <span style="font-family: 'Cambria','serif'; line-height: normal; margin: 0in 0in 0pt;">-Discussion; How do you get to school? <span style="font-family: 'Cambria','serif'; line-height: normal; margin: 0in 0in 0pt;">-Analyze current events <span style="font-family: 'Cambria','serif'; line-height: normal; margin: 0in 0in 0pt;">-Video Clip: Firemen Auction “en espanol” (youtube.com) <span style="font-family: 'Cambria','serif'; line-height: normal; margin: 0in 0in 0pt;">[] <span style="font-family: 'Cambria','serif'; line-height: normal; margin: 0in 0in 0pt;">-Debate over public goods (should they exist?) <span style="font-family: 'Cambria','serif'; line-height: normal; margin: 0in 0in 0pt;">-Make lists of public goods ||
 * <span style="font-family: 'Cambria','serif'; line-height: normal; margin: 0in 0in 0pt;">1. Develop a working definition for economics || <span style="font-family: 'Cambria','serif'; line-height: normal; margin: 0in 0in 0pt;">-Core principles of economics: how people make choices, how people make decisions, there are limited resources; the study of how people make choices in situations of scarce resources
 * <span style="font-family: 'Cambria','serif'; line-height: normal; margin: 0in 0in 0pt;">2. Define the basic problem of scarcity: unlimited wants versus limited resources || <span style="font-family: 'Cambria','serif'; line-height: normal; margin: 0in 0in 0pt;">-Evaluation of current events issues to provide examples
 * <span style="font-family: 'Cambria','serif'; line-height: normal; margin: 0in 0in 0pt;">3. Demonstrate the implications of opportunity cost on daily decisions || <span style="font-family: 'Cambria','serif'; line-height: normal; margin: 0in 0in 0pt;">-Handout on opportunity cost to log decisions made throughout the next 24 hours
 * <span style="font-family: 'Cambria','serif'; line-height: normal; margin: 0in 0in 0pt;">4. Identify and explain the factors of production || <span style="font-family: 'Cambria','serif'; line-height: normal; margin: 0in 0in 0pt;">-Factors of production – land, labor, capital (3 essentials)
 * <span style="font-family: 'Cambria','serif'; line-height: normal; margin: 0in 0in 0pt;">5. Apply principles of the production possibilities frontier/curve/graph || <span style="font-family: 'Cambria','serif'; line-height: normal; margin: 0in 0in 0pt;">-PPT/Lecture
 * <span style="font-family: 'Cambria','serif'; line-height: normal; margin: 0in 0in 0pt;">6. Evaluate different economic systems using the three core economic questions || <span style="font-family: 'Cambria','serif'; line-height: normal; margin: 0in 0in 0pt;">-Traditional (Native American, tribal communities, sustainable)
 * <span style="font-family: 'Cambria','serif'; line-height: normal; margin: 0in 0in 0pt;">7. Explain the rationale for public goods and provide an example || <span style="font-family: 'Cambria','serif'; line-height: normal; margin: 0in 0in 0pt;">-Why do governments provide public goods?

http://www.youtube.com/watch?v=pQHX-SjgQvQ (Medieval help desk)

 * __Lesson Ideas and Activities:__**
 * Basic Economic Concepts**


 * PowerPoint Lecture: What is Economics**
 * PowerPoint Lecture: Economic Systems**
 * Scarcity**


 * Opportunity Cost and Incentives**


 * Activity - Practice with Opportunity Cost**


 * Trade-offs**