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Unit 1: Ch. 1 What is Economics?

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

Note: Either number one or number two is required, you may do both.

1. Listen to the lecture and take notes each day (5 points each day)

1 2 3 4

2. Read a lesson from the chapter and answer 5 questions (5 points each lesson)

1 2 3 4

3. (Required) Make vocabulary flashcards or a notebook from board list. Learn the words. (10 pts)

4. Choose up to 2 worksheets. (5 points each)

6. Choose a type of business to start up. Decide what to produce and how and for whom to produce it. 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 when studying. (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. Name the two types of exchange other than barter that developed because of the difficulties connected with barter. Create a table that lists at least two to three benefits and drawbacks for each of the three types of exchange. Discuss the table and try to come up with one more item for each category. Make another chart showing at least three samples of how each type of exchange is used today.

B Layer: Choose one - 8 points (You must earn a minimum of 5 points to get credit)

On you own or with a group of 2 to 3 other students and complete one of the following scenarios. Each student in the group must write a good, 5 to 7 sentence paragraph summarizing the activity.

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. Answer the 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 6 points to get credit)

1. Do you think entrepreneurs are important to the economy in the United States?

2. What advise would you give to a small manufacturing business to help them increase their productivity.

3. Explore an economic action that involved the environment. Do you think the trade-offs involved were worth the benefits?

4. Explore how economic interdependence operates within a specific industry or company. What factors that lead to economic interdependence are most important?