AUSTIN INDEPENDENT SCHOOL DISTRICT
SUBJECT/COURSE: Economics
IPG: First Six Weeks
GRADE LEVEL: 12
MAJOR CONCEPT #1: Needs and Wants
Overarching Idea
Scarcity exists because a society’s needs and wants are always greater than the supply of
resources.
Guiding
Questions
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Overarching Idea
Guiding
Questions
How do needs and wants affect a society’s economy?
What types of choices do people have to make in order to satisfy their needs and wants?
How does the scarcity of “time” impact the needs and wants of a society?
MAJOR CONCEPT #2: Economic Systems
An economic system is the method a society uses to produce and distribute goods and services.
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How do the goals and values of a society determine its economic system?
How do the four different economic systems address the issues of production and consumption in
their respective societies?
How do societies within different economic systems decide to distribute their available goods and
services?
MAJOR CONCEPT #3: Supply and Demand
Overarching Idea
The law of supply and demand helps buyers and sellers determine the point of equilibrium.
Guiding
Questions
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How do choices made by producers impact supply and demand?
How do economic freedom, self-interest, and profit motive impact supply and demand?
How can external factors raise or lower the supply and demand of goods and services?
©Austin Independent School District, 2009-2010
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AUSTIN INDEPENDENT SCHOOL DISTRICT
SUBJECT/COURSE: Economics
IPG: First Six Weeks
GRADE LEVEL: 12
MAJOR CONCEPT #4: Market Structures
Overarching
Market structures reflect a range of competitive practices.
Idea
Guiding
Questions
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How does government promote competition within market structures?
How does competition apply to the marketplace?
Why does competition impact market structures?
©Austin Independent School District, 2009-2010
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