Economic Lesson Plans - Edition I Unit 1
Unit 1 - Describe fundamental economic concepts to obtain a foundation for employment in business.
- Lesson Plan 1: Scarcity, Choice, Opportunity Cost and Comparative Advantage. Using examples, explain how scarcity, choice, opportunity costs affect decisions that households, businesses, and governments make in the market place and explain how comparative advantage creates gains from trade.
- Lesson Plan 2: Circular Flow and the National Economy. Using the concept of circular flow, analyze the roles and the relationships between households, business firms, financial institutions, and government and non-government agencies in the economy of the United States.
- Lesson Plan 3: Law of Supply. Explain the law of supply and analyze the likely change in supply when there are changes in prices of the productive resources (e.g., labor, land, capital, including technology), or the profit opportunities available to producers by selling other goods or services, or the number of sellers in a market.
- Lesson Plan 4: Law of Demand. Explain the law of demand and analyze the likely change in demand when there are changes in prices of the goods or services, availability of alternative (substitute or complementary) goods or services, or changes in the number of buyers in a market created by such things as a change in income or availability of credit.
- Lesson Plan 5: Price in the Market. Analyze how prices send signals and provide incentives to buyers and sellers in a competitive market.
- Lesson Plan 6: Price, Equilibrium, Elasticity, and Incentives. Analyze how prices change through the interaction of buyers and sellers in a market including the role of supply, demand, equilibrium, elasticity, and explain how incentives (monetary and non-monetary) affect choices of households and economic organizations.