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In a world of unlimited needs and wants, how do individuals and societies allocate limited resources to meet these needs and wants?
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Student Learning Map
- Topic:Introduction to Economics
- Subject(s):Social Studies
- Days:10
- Grade(s):12
Key Learning:
Scarcity requires people and societies to make economic decisions about how to utilize limited resources.
Unit Essential Question(s):
Concept: Comparing Economic Systems and International Trade Lesson Essential Question(s):What is economics? (A)What three economic questions must all societies answer? (A)What are the four basic economic systems? (A)Vocabulary:economics, scarcity, factors of production, land, labor capital, goods, services, productivity, entrepreneurship, technology
Vocabulary:economic system, traditional economy, command economy, market economy, market, circular flow of economic activity, mixed economy, capitalism, laissez-faire, free enterprise system, profit, profit incentive, private property, competition, economic efficiency, economic equity, standard of living, economic growth
Vocabulary:proletariat, communism, democratic socialism, authoritarian socialism, Karl Marx, privatization, welfare state, five-year plan, imports, exports, absolute advantage, comparative advantage, specialization, exchange rate, tariff, embargo, protectionists, balance of trade, depreciation, devaluation
Additional Info:
Textbook: Economics Today and Tomorrow, chapters 1,2,18, and 19 as well as related ancillary materials.
Resources:
