8-17-15 Economics - Trousdale County Schools

Trousdale County Schools Focused Lesson Plan 2015-16
Teacher: Heather Smith
Unit Name: Scarcity and Economic Reasoning
Unit #: 1
Unit Length: 8/3-8/31
Week _3____ of ____4__
Tennessee State Standard(s) to be taught: (Write the entire standard)
E.1 Define each of the productive resources (natural, human, capital) and explain why they are necessary for
the production of goods and services. (E)
E.2 Explain how consumers and producers confront the condition of scarcity, by making choices that involve
opportunity costs and tradeoffs. (E)
E.3 Identify and explain the broad goals of economic policy such as freedom, efficiency, equity, security,
growth, price stability, and full employment. (C, E)
E.4 Describe how people respond predictably to positive and negative incentives. (C, E)
E.5 Explain that voluntary exchange occurs when all participating parties expect to gain. (E)
E.6 Compare and contrast how the various economic systems (traditional, market, command, mixed) try to
answer the questions: What to produce? How to produce it? For whom to produce? (E)
E.7 Describe how clearly defined and enforced property rights are essential to a market economy. (E)
E.8 Use a production possibilities curve to explain the concepts of choice, scarcity, opportunity cost,
tradeoffs, unemployment, productivity, and growth. (E)
E.9 Compare and contrast the theoretical principles of the economic systems of capitalism, socialism, and
communism, and use historical examples to provide evidence of their effectiveness. (E, H)
E.10 Examine informational text and primary sources to analyze the major ideas of the
following economists:
Adam Smith
Thomas Malthus
Karl Marx
John Maynard Keynes
Friedrich Hayek
Milton Friedman
Ben Bernanke
I Can Statements :
Compare and Contrast the various economic systems
Analyze the effectiveness of each of the economic systems
Compare the ideas of major economists
Accommodations for students, both regular and special populations :
Group Work
Unit Vocabulary:
Capital (natural and human)
Opportunity Cost
Free Market Economy
Laissez Faire
Daily Agenda
Resources, Technology, Formative and/or Summative
Assessments, Assignments, and a Daily Activity for citing
text based evidence in conversations and/or writing
Monday (8/17)
Tuesday (8/18)
 Chapter 2-Sections 1 and 2 Vocabulary Activity
 Sections 1 and 2 Guided Reading
 Notes over sections 1 and 2
Textbook, Guided Reading, Notes, PowerPoint
Wednesday (8/19)
Thursday (8/20)
 Bellringer Quiz over vocabulary (Sec. 1 and 2)
 Group Activity with Economic Systems
 Students present their findings
Friday (8/21)