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Week 2/ August 14 to August 18

August 14 2017

Standard:

SSEF1 The student will explain why limited productive resources and unlimited wants result in scarcity, opportunity costs, and tradeoffs for individuals, businesses, and governments.

a. Define scarcity as a basic condition that exists when unlimited wants exceed limited productive resources.

b. Define and give examples of productive resources (factors of production) (e.g., land (natural), labor (human), capital (capital goods), entrepreneurship).

c. Explain the motivations that influence entrepreneurs to take risks (e.g., profit, job creation,

innovation, and improving society).

 

EQ:   What are the four factors of production?  Give an example of each of the four factors.

 

Activator:

Classnotes:

People respond to incentives in predictable ways.  In the study of economics, an incentive motivates individuals, businesses, and/or governments to undertake an action or avoid an action. Incentives are positive when these actors in the economy choose an option associated with a perceived benefit or gain. Incentives are negative, sometimes called disincentives, when actors in the economy avoid a particular option because they associate it with a cost that is too high. 

Factors of Production are the building blocks of the economy.  Capital Goods are man-made tools used to make other things (ex. tractors, factories).  Entrepreneurship is the willingness to combine all factors and start a business to provide goods and services.  Entrepreneurs are the owners, who take risks to make profit, create jobs, innovate, and improve society.  Land is natural resources such as oil, coal, natural gas, timber, iron ore, etc.  Labor is the human workers in an economy. This can also be reflective of human capital which is the knowledge and skills workers have.

 

Students will examine a scenario and determine opportunity costs and trade offs.

https://www.youtube.com/watch?v=SDVWr93Z9Yc

https://www.youtube.com/watch?v=-gGbAA_-IC4

Teaching Strategies:

Students will be introduced to the concept of factors of production.  Each of the factors will be introduced and students will be expected to identify each of the factors of production.  Students will be provided with a reading, where they will identify the factors of production in the scenario.

Presentation CLICK HERE

Summarizer: Find one article online.  In the article identify the four factors of production.  Make sure to write down the title, and be specific about each factor of production.  Some of the class will share.

Differentiation:

Direct instruction, guided reading, and video

 

August 15 2017

Essential Question:

SSEF1 The student will explain why limited productive resources and unlimited wants result in scarcity, opportunity costs, and tradeoffs for individuals, businesses, and governments.

a. Define scarcity as a basic condition that exists when unlimited wants exceed limited productive resources.

b. Define and give examples of productive resources (factors of production) (e.g., land (natural), labor (human), capital (capital goods), entrepreneurship).

c. List a variety of strategies for allocating scarce resources.

EQ: How does scarcity of resources influence the choices of individuals, businesses, and government?

 

Activator:

Classnotes:

Allocate means to distribute.  In economics, we must decide how to distribute our scarce factors of production.  Will it be based on price, first-come, majority rule, contests, force, sharing lottery, authority, first-come first-serve, lottery, personal characteristics, etc.?  Another way to state is:  How is something distributed?  Lottery, fight, etc.?

Students will be asked the following:  What do the following materials have in common: coal, water, land, trees, and rubber.  Quiz may be given on Socrative.

 

Teaching Strategies:

Students will be asked to consider the term allocate.  They will discuss with a neighbor what the term allocate mean.  They will then be placed in groups of 4-5 and be asked to allocate a lollipop.  This will lead to a general discussion on allocation.  Students will then work on a worksheet that asks them to decide how dialysis machines should be allocated.  Students will share how they would allocate these resources.

Students will take a quiz covering all fundamental economic concepts we have discussed so far.  To view the main ideas covered on the quiz: CLICK HERE.

Dialysis Allocation Activity CLICK HERE

Summarizer:

Socrative exit ticket/ Class code 880cce2d/ Teacher question: Define allocation in your own terms.

 

August 16 2017

Essential Question:

EQ: How does scarcity of resources influence the choices of individuals, businesses, and government?

 SSEF1 The student will explain why limited productive resources and unlimited wants result in scarcity, opportunity costs, and tradeoffs for individuals, businesses, and governments.

a. Define scarcity as a basic condition that exists when unlimited wants exceed limited productive resources.

b. Define and give examples of productive resources (factors of production) (e.g., land (natural), labor (human), capital (capital goods), entrepreneurship).

c. List a variety of strategies for allocating scarce resources.

d. Define opportunity cost as the next best alternative given up when individuals, businesses, and governments confront scarcity by making choices. 

 

Activator:

Students will be asked to clear there desks except for a clean sheet of paper and a pencil.  They will then be asked to write down everything they can remember about economics up to this point.

 

Teaching Strategies:

Using student created lists, students will discuss the fundamentals of economics that we have discussed so far.

Students will then take a quiz covering Fundamentals of Economics

 

Summarizer:

Students will be provided with an article/ video that will introduce them to the concept of marginal costs.

Click here to view a video on Marginal Thinking.

Click here to read and answer questions related to rational thinking and marginal costs.

 

 

August 17 2017

Essential Question:

SSEF2 The student will give examples of how rational decision making entails comparing the marginal benefits and the marginal costs of an action.

a. Illustrate by means of a production possibilities curve the trade offs between two options.

b. Explain that rational decisions occur when the marginal benefits of an action equal or exceed the marginal costs.

EQ: How does scarcity of resources influence the choices of individuals, businesses, and government?

 

Activator:

Classnotes:

 

Not all decisions are “all or nothing”.  With some decisions, we must decide whether we should do a little more or a little less.  (Should I sleep ten more minutes?  Should I eat another piece of pizza?)  This is referred to as making decisions “at the margin”. In economics Marginal means additional.  A rational decision will occur where the marginal benefit is greater than or equal to the marginal cost of a decision.

Marginal benefit refers to the additional positive value one receives from undertaking one more unit of an action.  Marginal cost refers to the additional amount of effort, expense, or time one incurs from undertaking one more unit of an action.

 

Make a list of decisions that are "all or nothing" and decision that you can make that involve "doing a little more, or a little less."  Discuss as a class.

 

Teaching Strategies:

Students will be introduced to the concepts of marginal cost and marginal benefit, diminishing marginal utility, and thinking at the margin.  First they will participate in a scenario that displays marginal benefits and marginal costs as it relates to the concept of cleaning a dirty lake.  Once the simulation is complete the main points will be emphasized.

Lesson is available in Unit 1 Fundamentals of Economics as a PDF titled Marginal Thinking. CLICK HERE

 

Summarizer:

Socrative exit ticket/ Class code 880cce2d

Differentiation:

Practical activity related to economic concept

 

August 18 2017

Essential Question:

 SSEF2 The student will give examples of how rational decision making entails comparing the marginal benefits and the marginal costs of an action.

a. Illustrate by means of a production possibilities curve the trade offs between two options.

b. Explain that rational decisions occur when the marginal benefits of an action equal or exceed the marginal costs.

EQ: How does scarcity of resources influence the choices of individuals, businesses, and government?

 

Activator:

Classnotes:

 

The concepts of scarcity, trade-offs, opportunity cost, and decision making at the margin can all be observed on a production possibilities curve/ frontier.

Production Possibilities Curve/Frontier:

 

Trade-offs:  Refrigerators or cars

Opportunity Cost:  If I move from Point A to Point B, I give up refrigerators.  If I move from Point C to Point B, I give up cars.

Scarcity:  The curve is the limit of resources.  Points A, B, and C are productively efficient.

Point X: All resources are not being used (during a recession)

Point Y:  Unattainable using current resources

Production Possibilities Curve

PPC above show:

Trade-offs:  Refrigerators or cars

Opportunity Cost:  If I move from Point A to Point B, I give up refrigerators.  If I move from Point C to Point B, I give up cars.

Scarcity:  The curve is the limit of resources.  Points A, B, and C are productively efficient.

Point X: All resources are not being used (during a recession)

Point Y:  Unattainable using current resources

 

 

Students will come in and pick  up resource strip.  Students must cut out strip, glue the strip, and decide whether to make triangles or squares. 

 

Teaching Strategies:

Lesson will begin with a general discussion of what has occurred as students are cutting triangles or squares.  As a class we will graph what students choose creating a Production Possibilities Curve.

Make sure students see scarcity, tradeoffs, opportunity cost, and efficiency on the production possibilities curve.  Also display the concept of underutilization of resources, as well as points  that are currently unattainable on the curve.  Students will understand the concept of efficiency, inefficiency, and unobtainable as represented on the production possibilities curve.

Triangle vs square cut out CLICK HERE

PPC Presentation CLICK HERE

Summarizer:

Socrative exit ticket/ Class code 880cce2d

 

 

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