ECONOMICS
Leverington
Unit 1: Foundations
01/06/14
Primary Objective:
Analyze the implications of scarcity.
- limited resources and unlimited
human wants influence choices
at individual, national, and
international levels.
Vocabulary Words:
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
scarcity
economics
limited resources
unlimited wants
factors of production
capital
entrepreneurship
technology
marginal
production
possibilities
11. opportunity costs
12. trade offs
13. renewable
14. standard of living
15. cost
Schedule:
m01/06: Course Introduction
t01/07: PACED Decision Making Models
w01/08: Scarcity
x: Ch1. Sec. 1 – Q’s 1-4 and 6
r01/09: Thinking at the Margin
f01/10: Opportunity Costs
DUE: Ch1. Sec. 2 – Q’s 1-4 and 9
m01/13: Opportunity Cost Discussion
t01/14: Production Possibilities Curves
DUE: Ch 1, Sec3 – Q’s 1-3 and 5
w01/15: PPF, trade offs, and opportunity cost
r01/16: Test Review
f01/17: TEST + Marketplace
Fun Facts
Economist of the Unit
‘The power of
population is
indefinitely greater
than the power in the
earth to produce
subsistence for man.’
-Thomas Malthus
Thomas Malthus
“On any given day in
the United States
about one-quarter of
the adult population
visits a fast food
restaurant.”
- Eric Schlosser