Unit One:
Fundamental Economic Concepts

This unit will begin by analyzing the basic concepts that are used in the study of economics. The main question presented will simply be: “ What is Economics?” We will look at the different economic systems: Market, Traditional, and Command and we will discuss the different types of business organizations and economics institutions.
Unit One Objectives: Students understand common economic terms and concepts and economic reasoning.
1. Examine the causal relationship between scarcity and the need for choices
2. Explain opportunity cost and marginal benefit and marginal cost
3. Distinguish the difference between monetary and non monetary incentives and how changes in incentives cause changes in behavior.
4. Identify the purpose of economics and the different economic schools of thought.
5. Evaluate the role of private property as an incentive in conserving and improving scarce resources, including renewable and non-renewable natural resources
6. Analyze the role of a market economy in establishing and preserving political and personal liberty (e.g., through the works of Adam Smith).

Unit activities will include:
Lectures: Meaning of Economics/Scarcity, Case Study: Env vs. Economy, Economic Systems,
Prominent Economists
Discussions: Govt. and Opportunity Cost (Drugs/Environment)
Group Projects: Newscast & Talk Show
Simulation: Circular Flow Activity
Videos: Microeconomics-Introduction, Film-Animal Farm (1999)
clips:Environmental Connection, Entrepreneurship - Apple

Tentative Schedule for Unit #1:
 

Date:	In Class Assignment	Homework
FRI 1/16	Economics Stock Reports/Final Government Questions---Iowa Caucuses coming UP!	Download Introduction Economics Documents Economics Curriculum/Binder Setup Economics Unit 1 Print out, have parents sign and return 1/26 Economics Green Sheet You might Want to get into a group (6) for this assignment and come see me to get an early start Economic Systems Newscast Make sure to bring your organized binders to the final old urls... Unit 1 Unit 2 Unit 3 Unit 4 Bring your Gov. books to the final to return to the library
Wed 1/21	Government Final Exam/Get into groups for the Newscast/ Scarcity Simulation,	Take & Bring your results from the the National Economics Test Download Econ Intro Lecture Notes Organize your notebook for the second semester as follows Label the Outside (Side and Front) Put in binder separaters and label Units 1 thru 6 Label the units as they were on the board today in class and put all your stock stuff in unit 3 Print out and put unit introductions at the start of every unit
Mon 1/26	Review scarcity simulation Activity: Nations and trade Activity:A Nation of Couch Potatoes	Download Econ Intro Lecture Notes, Read Text Book Pages 5-9
Tue 1/27	Mini-Lecture "What is Economics" Opportunity Costs Discussion: Air Bags, Drug Legalization, Film Clip(Guns vs Butter), (Baseball Tickets)	Read Text pgs 10-20; Read Bush Articles
Wed 1/28	Continue Lecture: Opportunity Costs and the Environment; Assign Newscast Assignment	Read Chapter 2 pgs 43-46; Work on Newscast Prep Production Possibilities Assignment.
Thurs 1/29	Mini-Lecture Economic Systems, (Film Clip)	Read Text pgs. 21-25, 28 & News CastPrep Read & Do Questions and Chart for Economic Systems
Fri 1/30	ClassNewscast, Begin Prepping for Talk Show	Read Text pgs. 40-47;
Mon 2/2/03	Circular Flow Activity;Mini-Lecture Economic Theory	HW Talk Show Prep; Read Economic Schools of Thought
Tues 2/3	Tallk Show: Great Economists; How Much Government Involvement Activity;	Studyguide Unit 1 in progress Talk Show Prep; Print out Talk Show Notes Talk Show Notes A; Talk Show Notes B Chapters 1-3;
Tues 2/3	Tallk Show: The Great Economists (except Mr. Davey); How Much Government Involvement Activity;	Studyguide Unit 1 in progress Chapters 1-3;
Wed 2/4	Circular Flow Activity; Mini-Lecture Economic Theory Karl Marx and Adam Smith McDonalds Skit	Studyguide Unit 1 in progress Chapters 1-3;
Thurs 2/5	Comparative Economics: Animal Farm	Studyguide Unit 1 in progress Chapters 1-3;
Fri 2/6	Comparative Economics: Animal Farm	Studyguide Unit 1 in progress Chapters 1-3;