Economics with Financial Literacy
UNIT – 01 Introduction to Economics
Scarcity requires people and societies to make economic decisions about how to utilize limited resources.
Engaging Question
 In a world of unlimited needs and wants, how do individuals and societies allocate limited resources
to meet these needs and wants?
Benchmark/Learning Target
SS.912.E.1.1:
Identify the factors of production and why
they are necessary for the production of
goods and services.
SS.912.E.1.2:
Analyze production possibilities curves to
explain choice, scarcity, and opportunity
costs.
SS.912.G.3.3:
Use geographic terms and tools to explain
differing perspectives on the use of
renewable and non-renewable resources
in Florida, the United States, and the
world.
Literacy Standards.
LAFS.1112.SL.1.1:
LAFS.1112.SL.1.3:
LAFS.1112.SL.2.4:
LAFS.1112.RH.1.1:
LAFS.1112.RH.1.2:
LAFS.1112.RH.1.3:
LAFS.1112.RH.2.4:
Writing Standards
LAFS.1112.WHST.1.1:
LAFS.1112.WHST.2.4:
Guiding Questions
The “Problem” of Economics
1. How do wants and needs differ?
2. Why do all people face scarcity
at all times?
3. What are the four factors of
production?
4. What is the relationship
between trade-offs and
opportunity costs, and support
with examples?
5. How can a society’s trade-offs
be shown on a production
possibilities curve?
Resources
The following lessons are available from:
VE4: Virtual Economics (original source is
italicized)
 Lesson 2: Scarcity: Everyone’s Problem is
the Entrepreneur’s Opportunity
Entrepreneurship in the U.S. Economy:
Teacher Resource Manuel
Online Video:
 ACDC Econ: Monsters Inc (factors of
production/PPC/consumer & capitail
goods)
 ACDC Econ: StarWars (Scarcity, Choices,
Exchange)
 Cave-O-Nomics: MARKETS: How the
Economy All Started...
 Markets
 Calculating Opportunity Cost
 Economic Efficiency
 Resources and Scarcity
 Resources: Hidden Value (Tragedy of
Commons)
*Video Resources must be watched to meet
literacy standards. Choose resource to meet the
needs of your students.
Online Lesson Plans:
 Defining Economics and the American
Dream
 What is Economics?
Suggested Writing Prompt:
 How can we measure what we gain and
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Quarter 1
(~10 days)
Sem 1: Aug 24-Sept 4
Quarter 3
(~11 days)
Sem 2: Jan 26- Feb 9
*2nd Sem days adjusted
for lack of Constitutional
mandates.
Vocabulary
Economics
Scarcity
Factors of Production
Productivity
Entrepreneurship Trade-Off
Opportunity Cost
Production Possibility Curve
Resources: Tragedy of the
Commons
Economics with Financial Literacy
lose when making choices?
SS.912.G.3.3:
Compare how the various economic
systems (traditional, market, command,
mixed) answer the questions: (1) What to
produce?; (2) How to produce?; and (3)
For whom to produce?
SS.912.E.2.12:
Construct a circular flow diagram for an
open-market economy including elements
of households, firms, government,
financial institutions, product and factor
markets, and international trade.
Literacy Standards.
LAFS.1112.SL.1.1:
LAFS.1112.SL.1.3:
LAFS.1112.SL.2.4:
LAFS.1112.RH.1.1:
LAFS.1112.RH.1.2:
LAFS.1112.RH.1.3:
LAFS.1112.RH.2.4:
Writing Standards
LAFS.1112.WHST.1.1:
LAFS.1112.WHST.2.4:
Economic Systems and Characteristics of
the American Economy
1. What three questions must all
economic systems answer?
2. What are the major types of
economic systems, their
advantages/disadvantages, and
their goals?
3. What are the roles of
government in our free
enterprise economy?
4.
5.
6.
How do freedom of enterprise
and freedom of choice apply to
the American economy?
What roles do private property,
the profit incentive, and
competition play in the
American economy?
How can people balance
economic rights with economic
responsibilities?
The following lessons are available from:
VE4: Virtual Economics (original source is
italicized)
 Lesson 10 - The Circular Flow of Economic
Activity Economics in Action: 14 Greatest
Hits for Teaching High School Economics
Online Lesson Plans:
 Economic Systems
 Pencils or Candies?
 Born on Third Base
Online Video:
 FED Reserve: Circular Flow Diagram
*Video Resources must be watched to meet
literacy standards. Choose resource to meet the
needs of your students.
Suggested DBQ: (1 DBQ or CISM per 9 weeks
required)
 DBQ: Capitalism vs. Communism
Suggested Writing Prompt:
 Consider how the element of prediction in
economics might be important in their
own lives. Is there a trend in the region
toward a growth or decline in the overall
number of jobs? How might such
economic predictions be important for
their futures?
 Choose two of the economic systems that
you have learned about and compare and
contrast the two. Be sure to include
positives and negatives of each. In
conclusion, synthesize what system you
believe is the best for our nation to
engage in. Be sure to give concrete
examples to support your answer.
 How do Mixed Economies divide the
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Economic System
Traditional Economy
Command Economy
Market Economy
Circular Flow of Economic
Activity
Mixed Economy
Capitalism
Laissez-Faire
Free Enterprise System
Profit Incentive
Competition Economic Efficiency
Standard of Living
Economics with Financial Literacy
decision making?
What are the key characteristics of the
American economic system and how are
they demonstrated throughout our
society?
Online Resource (look for your own lesson):
 http://www.econedlink.org/lessons/econ
omic-lessonsearch.php?type=educator&gid=4

SS.912.E.2.3:
Research contributions of entrepreneurs,
inventors, and other key individuals from
various gender, social and ethnic
backgrounds in the development of the
United States.
SS.912.E.3.6:
Differentiate and draw conclusions about
historical economic thought theorized by
economists.
Literacy Standards.
LAFS.1112.SL.1.1:
LAFS.1112.SL.1.3:
LAFS.1112.SL.2.4:
LAFS.1112.RH.1.1:
LAFS.1112.RH.1.2:
LAFS.1112.RH.1.3:
LAFS.1112.RH.2.4:
Writing Standards
LAFS.1112.WHST.1.1:
LAFS.1112.WHST.2.4:
What do Economists do?
1. How do economists use models
to study the real world?
2. Why are there different schools
of economic thought?
3. What individuals have
contributed historical economic
thought significant to society?
Microeconomics
Macroeconomics
Economic Model
Online Lesson Plans:
 Is Capitalism Good for the Poor?
Suggested Writing Prompts:
 What principles guide an economic way of
thinking? Your principles should show that
you understand how people make choices
and how those decisions affect others.
 Economists use the scientific method to
analyze economic events and predict
outcomes. Explain and show how they use
graphs to analyze the relationship
between two sets of date. Use an
economic model to help explain how the
world works. Models can take various
forms such as diagrams, equations or
descriptions.
ESE/ESOL Strategies:
Pairs Check
Cornell Notes
Thinking Maps
Ticket out the Door
3-2-1
Mix-Pair-Share
Literacy Circles
Advanced/Honors Classes: For
all advanced/honors classes the
expectation is to increase the
rigor, research and writing
expectations, along with the
speed at which the curriculum is
taught.
Student Misconceptions:
 Students need to understand the difference between opportunity cost and trade-offs. An individual may have several trade-offs but only one opportunity cost. In
reality, there is only one other “thing” that can be done with your time/money, etc.

Students must understand the production possibility curve, and that in order to move along the curve, one of the two items are being given up to produce the other.
Walk students through this. Use easy numbers to make the example a reality for students. Give them examples from their own life.

Students need to understand the difference between scarcity and shortage. Shortage is temporary, whereas scarcity is an ongoing challenge.
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