GVSD UBD Template Clarifications Documents
Course Title:
Unit 3: Economics
Grade Level(s):
Time Frame: 5 weeks
Stage 1: IDENTIFY DESIRED RESULTS
Pennsylvania Content Standards
Standard Area - 6.1: Scarcity and Choice
6.1.7.A: Explain how limited resources and unlimited wants cause scarcity.
6.1.7.B: Compare decisions made because of limited resources and unlimited wants.
Describe how resources are combined to produce different goods and services.
6.1.7.C: Define opportunity cost and describe the opportunity cost of personal choice.
6.1.7.D: Explain how positive and negative incentives affect behavior.
Standard Area - 6.2: Markets and Economic Systems
6.2.7.A: Describe the interaction of consumers and producers of goods and services in the state and
national economy.
6.2.7.B: Explain why and how market competition takes place.
6.2.7.C: Explain how advertising influences economic decisions.
6.2.7.D: Explain the effects that changes in price have on buyers and sellers.
6.2.7.E: Explain the causes and effects of expansion and contraction of businesses.
6.2.7.F: Explain the influence of private economic institutions on the local and state economy.
6.2.7.G: Examine how various economic systems address the three basic questions.
What to produce?
How?
For whom?
CC.8.5: Reading Informational Text: Students read, understand, and respond to
informational text – with emphasis on comprehension, making connections among ideas and
between texts with focus on textual evidence.
CC.8.6: Writing: Students write for different purposes and audiences. Students write
clear and focused text to convey a well-defined perspective and appropriate content.
(Updated 2015)
Major Learnings
Basics Concepts: Economics is the study of human choices regarding the allocation of limited resources
including money, time, goods, services, and raw materials.
Essential Questions
How does scarcity influence the decisions people make?
Guiding Questions
GVSD UBD Template Clarifications Documents
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?
Knowledge/Skills
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.
Stage 2: DETERMINE ACCEPTABLE EVIDENCE
Summative Assessments:
After understanding how scarcity influences
decision making, students will create and
analyze a budget.
Formative Assessments:
Unit Test
Homework questions
Quiz(zes)
Learning Plan STAGE 3: DEVELOP LEARNING PLAN
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
GVSD UBD Template Clarifications Documents
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 Websitehttp://www.blackgold.ab.ca/ict/Division4/Social/Political%20Spectrum/index.htm
Money Managinghttp://pbskids.org/itsmylife/money/managing/article9.html
Pricing (Supply and Demand)http://www.econedlink.org/lessons/index.php?lesson=747&page=teacher
Online encyclopediahttp://www.encyclopedia.com/
Current Events / Journal Activity / Writing Activities throughout as recommended activities
(web blogging)
Unit Vocabulary
Need
Want
Opportunity Cost
Law of Scarcity
Economic Spectrum
Surplus
Supply
Price
Law of Supply
Law of Demand
Equilibrium point (price)
Economic Interdependence
Demand
Shortage