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Unit 1: Ch. 1 What is Economics?
By Lorrie Cook, South Dakota
Name ____________________ Due Date _____________________
70 - 77 = D78 - 85 = C86 - 92 = B93+ = A
Lesson 1: Define economics ~ Explain the importance and process of making economic choices and decisions ~ Identify the factors of Production ~ Determine the goal of entrepreneurship
Lesson 2: Determine why scarcity is a basic problem of economics ~ Identify the issues that producers must address to distribute resources, ~ Explain why producers study productivity
Lesson 3: Understand why sacrifice is an important element of economic choice ~ Identify the assumptions involved in creating a production possibilities curve ~ Determine why future production possibilities might differ from current production possibilities
Lesson 4: Identify and describe the difficulties associated with barter ~ Identify and describe the difficulties associated with barter ~ Explain why true self-sufficiency is rare ~ Identify the economic benefits of interdependence
C Layer: no more than 85 points
Daily Work: (25 points)
Either number one or number two is required; if you do both the extra points will count toward
your supplemental work.
1. Listen to the lecture and take notes each day (5 points each day)
1-1 Decisions & Resources
1-2 Scarcity & Choice
1-3a Trade-offs & Opportunity Costs
1-4 Exchange Possibilities
2. Read a lesson from the chapter. Answer one question chosen at random in oral defense, or write out the answers to the assigned questions (5 points each lesson).
Read: p.3-7 p.8-10 p11-12 p.12-14 p.15-18
Answer: p.7 #2-6 p.10 #2-6 p.14 #5,6 p.14 #2-4 p.18 #2-6
Vocabulary (Required): (20 points)
Note: Supplementary C-layer activities may not be substituted for Vocabulary points, but vocabulary evaluations may be repeated until the maximum points are achieved.
3. Study vocabulary from the unit. Create any study aids needed to learn the words such as flash
cards or a notebook. Demonstrate your understanding of the words through orally defending 10
words, by taking a written test on 10 words, or by writing a short in-class paper using all of the
vocabulary words in context.
Supplemental C-layer Assignments: (40 points)
You must orally defend what you have learned from each of the following assignments:
Note: Activities worth 5 points should take about 15 minutes.
4. (Up to 25 pts) Bookwork in #2 completed in addition to lecture - _____ points
5. (Up to 10 pts) Choose 1 or 2 worksheets at 5 points each - _____ points
Mathematics Challenge Consumer
6. Choose a type of business to start up. Decide what to produce and how and for whom to produce it. Create a model, drawing or prototype of your product. Create a list of some of the main factors of production that they will need to run the business. (10 points)
7. Make a graphic organizer that identifies the three questions that all economic systems must address. Give specific examples of how you answer these questions for two different types of businesses or organizations; one that provides a service and one that produces a consumer good. These businesses should be something in which you participate; your job, a family ranch, school activities etc. (If necessary, ask the teacher for an example of a graphic organizer.) (10 points)
8. Assume that you have $50 and need to decide how best to spend the money. Build a decision making grid like the one in figure 1.2 showing at least three alternatives and three activities. Answer the following questions: Which choice satisfies the greatest number of criteria? And, What is the opportunity cost of this choice? (5 points)
9. Create a graphic organizer to identify three forms of exchange along with the characteristics of each form of exchange. (5 points)
10. Partner activities and projects: (10 points)
With or without a partner complete one or two of the following activities:
a. Choose a product that you have used or purchased. Create a flowchart that organizes the economic flow for that product from producers to consumers. Use the flowchart example in lesson 1.1 as a model. List specific examples of each item in the chart.
b. List at least four different types of companies and decide how these companies answer the three economic questions. Make a chart or diagram that compares these companies.
c. Choose an industry or business and create a production possibilities curve for two products. (Refer to the example in figure 1.3.) Develop a scenario that would shift the production possibilities curve to the right and then create a second graph that shows how the curve has shifted. Explain what changing factors caused the shift.
d. Create a chart that shows the differences between microeconomics and macroeconomics.
Make a poster that illustrates these concepts.
B Layer: Choose one - 7 points (You must earn a minimum of 5 points to get credit and follow the requirements of the B level rubric on the board. Remember, each person involved will need to write a paragraph summarizing the activity.)
Work on your own or with a group of 2 to 3 other students to complete one of the following scenarios. Each student in the group must write a good, 5 to 7 sentence paragraph summarizing the activity and discussing what you have learned.
a. Your group will play the role of entrepreneurs who have decided to produce an entertainment guide for the High School. The guide will provide highlights of upcoming events as well as listings of local restaurants. Create a sample guide and answer the following questions: What natural resources, human resources, and capital resources will we need to produce and sell an entertainment guide?
b. Imagine that the students in your group are the mangers of a large company that is deciding whether to move its main factory from the United States to Mexico. Debate the benefits versus the trade-offs and opportunity costs of moving the factory to Mexico. Half of your group should support the move the other half should support staying in the US. After the debate discuss which trade-offs or benefits were most convincing in their debates.
c. Review a newspaper section covering local, national, or international news. Make a list of
each example of economic interdependence that you find in the newspaper section. For each
item on the list, list the benefits and drawbacks, if any, the individuals, groups, or nations
involved. Discuss the benefits and drawbacks of economic interdependence. Make a chart or
diagram showing how you and your families are economically interdependent with producers
outside of your homes.
A Layer: Choose One - 7 points (You must earn a minimum of 5 points to get credit and follow the requirements of the A level rubric on the board.) Mrs. Cook's web site: lc020.k12.sd.us
1. Do you think entrepreneurs are important to the economy in the United States?
2. What is the most important factor in increasing small business productivity?
3. Explore an economic action that involved the environment. Do you think the trade-offs involved were worth the benefits?
4. Explore modern examples of scarcity. Do you agree that scarcity is the most basic problem of economics?