Unit I - Basics of Economics"

Chapter 1 "What is Economics?"

PowerPoint  - Introduction thru Chapter 1

Section 1 "Scarcity and the Science of Economics"

Section Ojectives:

1.  Explain the fundamental economic problem. 

           5(A,) 24(A,B,C),25(A)

2.  Examine the three basic economic questions every society must decide.

   5(A),12(B), 21(A),24(A,B,C),25(A)

Vocabulary for this Section 1

scarcity,economics, need, want, factors of production, land

capital, financial capital labor, entrepreneur, production,

Gross DomesticProduct (GDP)

Activities for this Section:

Quiz Section 1

Section 2 "Basic Economic Concepts"

Section Objectives:

1.  Explain the relationship among scarcity, value, utility, and wealth.

    5(A),12(B),12(A),24(A,B,C),25(A)

2.  Understand the circular flow of economic activity.

    6(A),6(B),24(A,B,C),25(A)

Vocabulary for this Section 2

economic product, good, consumer good, capital good, service, value, paradox of value, utility, wealth, market, factor market, product market, economic growth, productivity, division of labor, specialization, human capital, economic interdependence

Activities for this Section:

Quiz Section #2

Section 3 "Economic Choice and Decision-Making"

Section 3 Objectives:

1.  Analyze trade-offs and opportunity costs.

    5(A,B),6(A),24(A,B,C),25(A)

2.  Explain decision-making strategies.

    5(A,B),6((A), 24(A,B,C),25(A)

Vocabulary for this Section 3

trade-off,opportunity cost,production possibilities frontier,

cost-benefit analysis,free enterprise economy,standard of living

Activities for this Section:

Quiz Section #3

Video on Opportunity Costs

Video on PPF #1

Video on PPF #2

Chapter 2 "Economic Systems and Decision-Making"

PowerPoint for Chapter 2

Section 1 "Economic Systems"

Section Objectives:

1.  Describe the characteristics of the traditional, command, and market economies.

    10(A,B),12(A,B)

2.  Explain the advantages and disadvantages of the traditional, command, and market

    economies   

    10(A,B), 12(A,B)

Vocabulary for this Section 1

economy,economic system, traditional economy,command economy, market economy

Activities for this Section:

Section 2 "Evaluating Economic Performance"

Section Objectives:

1.  Describe the basic economic and social goals used to evaluate economic performance

4(A),16(A),

2.  Evaluate the trade-offs among economic and social goals.

16(A)

Vocabulary for this Section 2

Social Security, inflation, fixed income

Section 3 "Capitalism and Economic Freedom"

Section Objectives:

1. Explore the characteristics of a free enterprise system.

4(A,B),10(A,B),21(A,B)

2. Describe the role of the entrepreneur, the consumer, and government in a free enterprise economy

1(A,B ),4(A,B),15(A,B)

Vocabulary for this Section 3

capitalism, free enterprise, voluntary exchange, private property rights, profit, profit motive, competiton, consumer sovereignty, mixed economy, modified private enterprise

Activities for this Section:

Chapter 18 "Comparative Economic Systems"

Powerpoint for Chapter 18

Section 1 "The Spectrum of Economic Systems"

Section Objectives:

1.  Explain the advantages and disadvantages of Capitalism

4(A,B),10(A,B),19(A)

2.  Describe the differences among the doctrines of Socalism, Capitalism, and Communism

4(A,B),10(A,B),19(A)

3.  Compare the features of Communism to other types of economic systems

4(A,B),10(A,B),19(A)

Vocabulary for this Section 1

Capitalism

Socialism

Communism

Activities for this Section:

Section 2 "The Rise and Fall of Communism"

Section Objectives:

1.  Explain the rise of the Soviet economy under Lenin and Stalin

4(A,B),10(A,B),15(A),19(A,B)

2.  Describe the complexities of a centrally planned economy

4(A,B),10(A,B),15(A),19(A,B)

3.  Understand the forces that brought about the collapse of Communism as an economic system.

4(A,B),10(A,B),15(A),19(A,B)

Vocabulary for this Section 2

Five-Year Plan, collectivism, Gosplan, state farm, collective farm, piecework, storming, peristroika

Activities for this Section:

Section 3 "The Transition to Capitalism"

Section Objectives:

1.  List four problems encountered when an economy makes the transition to Capitalism.

4(A,B),10(A,B),15(A),19(A,B)

2.  Recognize the major countries and regions that are making the transition to Capitalism

4(A,B),10(A,B),15(A),19(A,B)

Vocabulary for this Section 3

privatization, Solidarity, black market, Great Leap Forward

Section 4 "The Various Faces of Capitalism"

Section Objectives:

1.  Explain the factors that encouraged economic growth in Japan

21(A,B),22(A,B),23(A,B,C,D)

2.  Rank the "Asian Tigers" according to per capita GNP

21(A,B),22(A,B),23(A,B,C,D)

3.  Describe Swedens retreat from Socalism

21(A,B),22(A,B),23(A,B,C,D)

Vocabulary for this Section 4

capital-intensive, keiretsu, infrastructure, collateral, transparency

Activities for this Section: