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    Economic Foundations and

    Economic Systems

    Invisible Hand Cartoon

     

    Overarching Question:

     

    What are the basic foundation blocks of economics and the distribution of scarce resources?

     

    Previous Unit:

     

    None

     

     

    This Unit:

     

    Economic Foundations and

    Economic Systems

     

    Next Unit:

     

    Free Enterprise and the

    American System

     

     

     

    Invisible Hand 

    Adam Smith 

     

     Invisible Hand 2 

     

     

    Questions to Focus Assessment and Instruction:

    1. How do scarcity, choice and opportunity cost affect the circular flow of economics?

    2. What are the risks, rewards and characteristics or entrepreneurship?

    3. Compare and contrast the functions and constraints facing economic institutions including small and large businesses, labor unions, banks, and households

    4. Identify the impact of prices and signals as it relates to buyers and sellers in a competitive market

    5. Identify the impact that improvements in physical and human capital have on the market

    6. Identify and evaluate the strengths and weaknesses of major economic systems including their historical/philosophical roots

    7. Identify and interpret the factors that impact the economic growth of developing nations

    8. Identify the three basic questions of an economy and use them to compare and contrast various economic systems 

    Vocabulary:
    scarcity
    choice
    opportunity costs
    households
    business
    governments
    risk
    returns
    entrepreneurship

    individuals
    income
    productive resources
    firms
    consumption 

    economic systems
    natural resources
    human/physical capital
    property rights
    free trade
    standard of living
    socialist (command) economy
    mixed economy
    market economy
    transitional economy 

     

     Lessons:

    Scarcity Auction Activity and Operating on the Margin Activity

    Comparing Economic Systems (needs to be linked to the lesson contained within the standard assessment of 3.1)

Last Modified on February 14, 2018