Economics
Unit 1
Overview
This unit is an economics
overview where students learn the four economic decisions that define economic systems and how they define those systems.
Standard 1: Due to the condition
of scarcity, decisions must be made about the use of scarce resources
A. Economic choices
are made because resources are scarce and that the act of making economic choices imposes
opportunity cost.
B. Economic incentives influence the use of scarce
human capital and natural resources
Standard 2: Different economic
systems employ different means to produce, distribute, and exchange goods and services.
A. Students understand the fundamental characteristics
of the U.S. economic system
Essential Questions
1. How does scarcity influence how economic
decisions are made?
2. How do incentives, opportunity costs and
supply and demand influence economic decision making?
3. How does self interest influence economic
decisions?
4. How are economic systems alike and how are
they different?
5. How does the U.S. government use monetary
and fiscal policy to influence the economy?
6. How do government regulations influence the
economy?
Vocabulary
Economics
traditional
economy
Economy
command economy
Voluntary Exchange market economy
Market
mixed economy
Scarcity
capital resources
Opportunity Cost price
ceiling
Marginal Cost price floor
Marginal Benefit
marginal utility
Productive Resources 4 pillars of free enterprise
Macroeconomics
Microeconomics
Law of increasing opportunity
cost
allocate
