GVSD UBD Template Clarifications Documents
Course Title:
Unit 3 : Economics
Grade Level(s):
Time Frame: 5 weeks
6.3.9 Scarcity and Choice
6.3.9A Describe ways to deal with Scarcity
6.3.9D Explain marginal analysis and decision making (choice).
Basics Concepts : Economics is the study of human choices regarding the allocation of limited resources including money, time, goods, services, and raw materials.
How does scarcity influence the decisions people make?
What is the difference between a need and a want?
How does Opportunity Cost and the Law of Scarcity effect decision making?
Where do different economies fall on the economic spectrum?
How does surplus and shortage influence price?
How does supply and demand affect price in a market economy?
Why is economic interdependence an important concept in today’s world economy?
Students will know (knowledge):
A need is something essential for life.
A want is a luxury.
In order to get something, you must give something up all resources are limited (Law of Scarcity).
Traditional (Past customs), Market (supply and demand), and Command (government control).
Supply is the amount of good/service available at any given time.
Demand is the willingness of a consumer to buy a product.
As prices go up producers produce more and consumers demand less. As prices go down, producers produce less and consumers consume less (Law of Supply and
Demand).
Equilibrium price (point) is when quantity supplied equals quantity demanded.
That economies around the world must depend on each other.
The Economic Spectrum from Socialism to Capitalism.
Students will be able to (skills):
Create a budget.
Identify surplus and shortage based on supply and demand in our Mixed Economy.
Identify where countries lie on the Economic spectrum.

GVSD UBD Template Clarifications Documents
Summative Assessments:
After understanding how scarcity influences decision making, students will create and analyze a budget.
Formative Assessments:
Unit Test
Homework questions
Quiz(zes)
Introduction to Economics- reading / activity
Understanding Needs vs Wants
Law of Scarcity
3 Types of Economies / Economic Spectrum
Understanding Supply and Demand- law, graphs, equilibrium point (price), Price
Credit Card lesson
Summative Activity- Budget
Notes throughout the unit
RESOURCES
Moodle Site for additional readings, activities, web sites and video clips.
“In the Chips” – FTE website- http://www.fte.org/
Budget Excel Sheet for Budget Activity
Economic Spectrum Website- http://www.blackgold.ab.ca/ict/Division4/Social/Political%20Spectrum/index.htm
Money Managing- http://pbskids.org/itsmylife/money/managing/article9.html
Pricing (Supply and Demand)- http://www.econedlink.org/lessons/index.php?lesson=747&page=teacher
Online encyclopedia- http://www.encyclopedia.com/
Current Events / Journal Activity / Writing Activities throughout as recommended activities
(web blogging)
Need Law of Supply
Want Law of Demand
Opportunity Cost Equilibrium point (price)
Law of Scarcity Economic Interdependence
Economic Spectrum Demand
Surplus Shortage
Supply
Price

GVSD UBD Template Clarifications Documents