Economics Unit 1 (Fundamental Economic Concepts) Mastery Checklist – Angel, McGarvey, Wludyga
Georgia Performance Standards
(GPS)
SSEF1 The student will explain why limited productive resources and unlimited wants result in
scarcity,
opportunity costs, and trade-offs for individuals, businesses and governments.
a. Define scarcity as a basic condition which exists when unlimited wants exceed limited productive
resources.
b. Define and give examples of productive resources (factors of production):as land (natural), labor
(human), entrepreneurship.
c. List a variety of strategies for allocating scarce resources.
d. Define opportunity cost as the next best alternative given up when individuals, businesses and
governments confront scarcity by making choices.
SSEF2 The student will give examples of how rational decision-making entails comparing the
marginal
benefits and the marginal costs of an action.
a. Illustrate by means of a production possibilities curve the trade-offs between two options.
b. Explain that rational decisions occur when the marginal benefits of an action equal or exceed the
marginal costs.
SSEF3 The student will explain how specialization and voluntary exchange between buyers and
sellers increase the satisfaction of both parties.
a. Give examples of how individuals and businesses specialize.
b. Explain that both parties gain as a result of voluntary, non-fraudulent exchange.
SSEF4 The student will compare and contrast different economic systems and explain how they
answer the three basic economic questions of what to produce, how to produce, and for whom to
produce.
a. Compare command, market, and mixed economic systems with regard to private ownership,
profit motive, consumer sovereignty, competition, and government regulation.
b. Evaluate how well each type of system answers the three economic questions and meets the
broad social and economic goals of freedom, security, equity, growth, efficiency, and stability.
SSEF5 The student will describe the roles of government in a market economy.
a. Explain why government provides public goods and services, redistributes income, protects
property rights, and resolves market failures.
b. Give examples of government regulation and deregulation and their effects on consumers and
producers.
SSEF6 The student will explain how productivity, economic growth, and future standards of living
are influenced by investment in factories, machinery, new technology, and the health, education,
and training of people.
a. Define productivity as the relationship of inputs to outputs.
b. Give illustrations of investment in equipment and technology and explain their relationship to
economic growth.
c. Give examples of how investment in education can lead to a higher standard of living.
SSEMI1 The student will describe how households, businesses, and governments are
interdependent and interact through flows of goods, services, and money.
a. Illustrate by means of a circular flow diagram, the Product market; the Resource (factor) market;
the real flow of goods and services between and among businesses, households, and government;
and the flow of money.
b. Explain the role of money as a medium of exchange.
Name _________________________________
Learning Tasks
Date
(www.miltonangel.wordpress.com)
Course Syllabus
Unit Checklist
o Unit Study Guide
o
o
1/6
25 pts.
1/6
Econ Mingling
5 pts.
Scarcity/Allocation Activity5 pts.
1/7
1/8
Date
Points Teacher
Completed earned Initials
N/A
N/A
o
o
Scarcity Island/Resources 20 pts. 1/11,1/12
Opportunity Cost-4 Corners
Activity
10 pts.
1/13
o Circular Flow-Econos Act. 10 pts.
1/14
o Circular Flow-Debrief/?s 14 pts.
1/15
MLK Holiday
1/18
o
Production Possibilities
Worksheet
16 pts.
Quiz-Ch. 1 15 pts.
o Economics Systems Chart 15 pts
1/20
1/20
o
1/21
Economic Goals-Logo/
Bumper Sticker Act.
15 pts.
o Productivity Activity
15 pts.
Quiz-Ch. 2, 7.1 20 pts.
o Unit 1 Performance Task 100pts
(Digital Portfolio)
o *Personal Finance Task* 15pts
(early dismissal)
o Perf. Task Presentations 5 pts.
Unit 1 Test-Ch. 1, 2, 7.1
100 pts.
Additional points: Choose from
enrichment activities on website
(see list and points on next page)
N/A
N/A
1/19
1/22
1/25
1/25,1/26
1/28
1/27
1/29, 2/1
2/2
N/A
N/A
N/A
N/A
N/A
N/A
Unit 1 - Class Performance Grade: ________ / 205 pts.
Enrichment Activities (assignments can be found on the website under Unit 1 at www.miltonangel.wordpress.com):
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View the Economics USA video—“Resources and Scarcity” (1st segment only on oil in Alaska) at http://www.learner.org/series/econusa/unit14/
and answer the questions from the class website. (12 pts.)
Read and answer questions from “The Circular Flow of Resources, Goods, Services and Money Payments.” (22 pts.)
Comparative Systems Worksheet—U.S., North Korea, Chad (30 pts.)
Role of Government questions (17 pts.)
Economic Report of the President/Goals of the U.S. (18 pts.)
Design a business (firm), using the four productive resources to explain how the business will be developed and operate. Typed, minimum 1 page-12 pt.
font, 1” margins. (20 pts.) (not on class website)
Pencils and Politics—reading and questions (7 pts.)
Reading and questions—“Adam Smith on the Division of Labor” (7 pts.)
Listen to and summarize a story from NPR’s “Planet Money” podcast. http://www.npr.org/sections/money/127413729/podcast/ Summary should
include details from the story, emphasizing the economic content. Minimum 1 page typed-12 pt. font, 1” margins. (not on class website) (25 pts.)
Crossword Puzzle (15 pts.)