• August Syllabus – Economics

    Vocabulary: Economics, trade, scarcity, interdependency, cost, benefits, individuals, firms, nations, Voluntary Exchange, Profit Motive, Economic Interdependence, productive resources (e.g., land (natural), labor (human), capital (capital goods), entrepreneurship, marginal benefits and the marginal, incentives, opportunity costs, and tradeoffs, productivity, economic growth, and standard of living

    Standards:

    SSEF1 The student will explain why limited productive resources and unlimited wants result in scarcity, opportunity costs, and tradeoffs for individuals, businesses, and governments.

    a. Define scarcity as a basic condition that exists when unlimited wants exceed limited productive resources.

    b. Define and give examples of productive resources (e.g., land (natural), labor (human), capital (capital goods),

    entrepreneurship).

    c. List a variety of strategies for allocating scarce resources.

    d. Define opportunity cost as the next best alternative given up when individuals, businesses, and governments confront scarcity by making choices.

    SSEF2 The student will give examples of how rational decision-making entails comparing the marginal benefits and the marginal costs of an action.

    a. Illustrate, by means of a production possibilities curve, the tradeoffs between two options.

    b. Explain that rational decisions occur when the marginal benefits of an action equal or exceed the marginal costs.

     SSEF3 The student will explain how specialization and voluntary exchange between buyers and sellers increase the satisfaction of both parties.

    a. Give examples of how individuals and businesses specialize.

    b. Explain that both parties gain as a result of voluntary, non-fraudulent exchange.

    SSEF6 The student will explain how productivity, economic growth, and future standards of living are influenced by investment in factories, machinery, new technology, and the health, education, and training of people.

    a. Define productivity as the relationship of inputs to outputs.

    b. Give illustrations of investment in equipment and technology and explain their relationship to economic growth.

    c. Give examples of how investment in education can lead to a higher standard of living.

    SSEPF1 The student will apply rational decision making to personal spending and saving choices.

    a. Explain that people respond to positive and negative incentives in predictable ways.

    b. Use a rational decision making model to select one option over another.

    c. Create a savings or financial investment plan for a future goal.

    Assignments:

    1.     Define all Vocabulary

    2.     Complete each element of the standard.

    3.      Life Map: Create a life map illustrating the positive and negative incentives that led them to make important choices during their high school years. The map must include at least three academic choices, three work/community/extracurricular choices, three savings/investing choices, and three family-related choices. The maps should show with words and pictures how incentive led to each choice.

    4.      My Time PPC: Given 6 hours for after-school activities, identify two activities in which you SHOULD engage during these after-school hours. Using the hours available as the basis for your  production possibilities curve, determine the possible trade-offs between two activities and illustrate these on the curve.

    5.      Create your own business. Make certain to identify the factors of production. See Mrs. Grier for more details.

    6.      Activity – “Living Life on your Own”

    7.     Complete all other in-class assignments as indicated.