SSEF1 Analyze how scarcity affects the choices of individuals, businesses, and governments.
a. Explain that scarcity is a basic, permanent condition that exists because unlimited wants exceed limited productive resources. b. Compare and contrast strategies for allocating scarce resources such as by price, majority rule, contests, force, sharing, lottery, authority, first-come-first-served, and personal characteristics. c. Define and give examples of productive resources (i.e. factors of production): natural resources (i.e. land), human resources (i.e. labor and human capital), physical capital and entrepreneurship. d. Apply the concept of opportunity cost (the forgone next best alternative) to personal choices, as well as business and government decisions. SSEF2 Give examples of how rational decision-making entails comparing the marginal benefits and the marginal costs of an action. a. Explain that rational decisions occur when the marginal benefits of an action equal or exceed the marginal costs. b. Explain that individuals, businesses, and governments respond to positive and negative incentives in predictable ways. |
SSEF3 Analyze how economic systems influence the choices of individuals, businesses, and governments.
a. Analyze how command, market and mixed economic systems answer the three basic economic questions (what to produce, how to produce, and for whom to produce) to prioritize various social and economic goals such as freedom, security, equity, growth, efficiency, price stability, full employment, and sustainability. b. Compare the roles of government in different economic systems with regards to providing public goods and services, redistributing income, protecting property rights, resolving market failures, regulation and providing consumer protections. SSEF4 Analyze factors that influence the standard of living of individuals and nations. a. Explain how investments in human capital (e.g., education, job training, and healthcare) can lead to a higher standard of living. b. Explain how investment in equipment and technology can lead to economic growth. c. Explain how individuals, businesses, and governments benefit from specialization and voluntary, non-fraudulent trade. d. Illustrate economic growth using a production possibilities curve. |
Key Terms
Unit 1 Assignments & TestIn Progress Learning (access via Clever):
A Day---> Wed, 9/6 B Day---> Thurs, 9/7 Deadline Day is the day of your class unit test. Study Tips1. Complete study guide, if applicable.
2. Re-watch videos. 3. Check out Quizlet...search Economics fundamentals 4. Practice in USATestPrep.com 5. Use the resources below, like the Reffonomics. This is a good place to review the concepts that we have discussed in class. It will walk you through step-by-step. 6. Read through your notes in your notebook. 7. Read your notes out loud while walking barefoot outside in the grass. 8. Re-write your notes. 9. Use songs. Visit the link for a list of songs. Fundamental Concepts Presentation
Desire 2 Learn Fundamental Concepts Scarcity, Choice and Opportunity Cost Podcast from the St.Louis Federal Reserve Economic Lowdown Series Factors of Production Podcast from the St.Louis Federal Reserve Economic Lowdown Series The Role of Self-Interest & Competition in a Market Economy Podcast from St.Louis Fed Economic Lowdown Series Fundamentals: Acting Like An Economist Fundamentals: Economic Systems and Role of Government |
VideosKhan Academy
ACDCEcon-- Mr.Clifford Reffonomics (Intro to Economics) Reffonomics (Trade-off vs. Opportunity Cost) Reffonomics (Economic Systems) Reffonomics (Factors of Production) Reffonomics (Production Possibilities Frontier/Curve Reffonomics (Circular Flow Chart) Marginal Analysis (marginal benefits and marginal costs) |