Basic Economic Concepts-Unit 1 (8-14%) Chapters 1 & 2
Economic Systems
Concepts
Market Economy
Command Economy
Mixed Economy
Choice
Scarcity
Tradeoffs
Opportunity Cost
Trade
Specialization
Equilibrium
Efficient
Production Possibilities
Frontier
Product Market
Comparative
Advantage
Normative
Economics
Absolute Advantage
Circular Flow
Diagram/Model
Three Basic
Economic
Questions
Positive Economics
Traditional
Economy
Marginal
Decisions
Inefficient
Firms
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Macroeconomics
Marginal Analysis
Role of Incentives
Resources/Factors Production
of Production
Possibilities
Curve
Households
Factor (Resource)
Market
Property Rights
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After this Unit you should be able to:
Microeconomics
Graphs
Production Possibility Curve
o Efficiency
o Inefficiency
o Attainable vs. unattainable combinations
o Growth
Circular Flow Model/Diagram
o Simple model: households, firms, factor (resource)
market, product market
o Adding government in last unit
Define the science of economics
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Make a distinction between the different types of economic systems
Distinguish between macroeconomics and microeconomics
Distinguish between opportunity cost, scarcity, and tradeoffs
Understanding how marginal analysis is the key to economic decision making
Understand specialization and the benefits of exchange (trade)
Understand how the factors of production along with technology play a role in economic growth
Use a production possibilities curve to demonstrate opportunity cost and growth
Distinguish between comparative advantage and absolute advantage
Describe how the circular flow diagram demonstrates the flow of money, goods, and services in a market economy
Make a distinction between positive economics and normative economics
List the three basic economic questions
Basic Economic Concepts-Unit 1 (8-14%) Chapters 1 & 2
Monday
4
Tuesday
5
Wednesday
Thursday
Friday
6
7
8
Class Expectations/Syllabus/
Textbooks
AP Pre-Test (50 Pts.)
AP Pre-Test
HW: Define Unit 1 Terms/Concepts
and Read Chapter 3
11
12
13
14
15
HW Check-Unit 1 Key Terms (30
Pts.)
Chapter 1 Quiz (25 Pts.)
Review AP Exams
Chapter 1 Intro/Notes
Finish Chapter 1 Notes
Class Activity Chapter 1 Problems:
p.20-22
- 2, 3, 4, 5, 6, 7, 8, 9, and 11 (15 Pts.)
Finish Chapter 1 Problems
Review Chapter 1 Problems
H.W: Read Chapter 2
18
19
20
21
22
Chapter 2 Quiz (25 Pts.)
Chapter 2 Notes
Finish Chapter 2 Notes
Unit 1 Quiz (25 Pts.) /
Class Activity Chapter 2 Problems
p.42-44
-2, 3, 4,5,7,8,9,12 (15 Pts.)
Finish Problems
25
26
27
28
29
Review Chapter 2 Problems
Review for Unit 1 Test
Unit 1 Test
30 Multiple Choice Question/1
Response Question (150 Pts.)
No School
HW: Define Unit 2 Terms/Concepts
and Read Chapter 3