Fatmeh Reda What is Economics? Grade Level: 11th Grade Topic: Chapter 1: What is Economics? Section 1: Scarcity and the Science of Economics Objectives: 1. In this section, students will learn why scarcity is the basic economic problem that faces every society and why scarcity requires us to make choices. 2. Students will be able to differentiate between a need and a want. 3. Students will be able to understand WHAT, HOW, and FOR WHOM things are produced. High School Content Expectations: E1 The Market Economy 1.1 Individual, Business, and Government Choices- Explain and demonstrate how economic organizations confront scarcity and market forces when organizing, producing, using, and allocating resources to supply the marketplace. 1.1.1: Scarcity, Choice, Opportunity Cost, and Comparative Advantage: Using examples, explain how scarcity, choice, opportunity costs affect decisions that households, businesses, and governments makes in the market pace and explain how comparative advantage creates gains from trade. Materials Required: Bellringer overhead Section One Powerpoint Slides Graphic Organizer Worksheet #1: Economic Choices Graphic Organizer Worksheet #2: Factors of Production Jose’s Flashcards Special Adaptations: Differentiating between Needs and Wants using Flashcards of pictures cut from magazines (Jose) “Factors of Production” Visual Worksheet (Jose) Procedure: 1. Introductory Activity to whole unit: Bellringer Activity On the Promethean Overhead, put up the slide for the Bellringer Activity and have students write down the following question in their notebooks and answer it: 1) Do you think there are some resources in the world that are limited? 2) What makes a resources limited? Discussion: Talk with the students about their answers. Discuss with them the types of things that they encounter in their daily lives that they might think is limited in the world, and what makes it limited. Bring up scenarios of impoverished societies in the world and talk about what kinds of resources do they not have, and how they compare to the United States. 2. Main Assignments or Activities: A. On the Promethean Overhead: Powerpoint presentation of Section One. Go through the slides with the kids and point out all the pictures in the presentation that would help visualize the information for them. As the lecture is going on, have them take notes in the notebooks and remind them that good notes make homework and studying later on easier. B. When the lecture is on Needs and Wants, have the students break up into pairs and work on developing a list in their notes on what they think are needs and what wants are. After about 5-10 minutes, have them share with the class. a. Adaptations: For Jose, pair him up with his table buddy and they will start off with two pages, one with the word ‘NEED’ on it and the other with ‘WANT’. Then give them a stack of flashcards that were made by cutting out pictures of various products and things from magazines and newspapers and have Jose and his partner first go through them and identify each one. The name of each object is written on the back of the each flashcard. Then, together, have them identify whether each picture is a need or a want and pile them by the appropriate sign. C. When the Notes are on the section about the ‘Three basic questions” and the ‘Factors of Production,’ have them fill out the graphic organizers that will be passed out and to include examples as we go along. 3. Closing Activity/Assessment Activity: As homework, pass out the ‘What is Economics?’ worksheet. Go over the directions in class with them before they leave. They must have both sides of the worksheet filled out. Jose: go over his assignment with him and make sure he understands the directions.