Economics
Unit Curriculum Document
Unit Number and Title:
Time Frame:
Unit 1 – (Economic Foundations)
3 weeks (4 weeks in Spring Semester)
Curriculum
Concepts:
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Scarcity
Factors of Production
Opportunity Cost
Circular Flow Model
Economic Systems
American Free Enterprise System
Enduring Understandings (Big Ideas):
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Because productive resources are limited, people (and
societies) must choose which goods and services they will
produce
Different economic systems organize the production and
distribution of goods and services in different ways, based
on societal values
The student will know:
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Economic concepts of scarcity, opportunity costs and
factors of production
Essential Questions:
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Why can’t we have all the things we want?
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How do different societies answer this problem?
The student will be able to:
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Economic systems of free enterprise, socialism, and
communism
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Unit 1: Economic Foundations 2014-15
Explain why societies have to choose what goods and services
to produce
Explain how different societies answer the three basic
economic questions (what, how, for whom?)
Describe the four factors of production
Demonstrate how production-possibilities curves are used to
illustrate the concepts of opportunity cost and scarcity
Describe basic characteristics of economic systems (property
rights, incentives, economic freedom, competition, role of
government)
Describe economic rights outlined in the U.S. Constitution
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Economics
Unit Curriculum Document
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Basic characteristics and benefits of a free enterprise
system
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Circular-flow model of the economy
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Differentiate between the three systems and provide current
examples of each
Understand free enterprise, free market, and capitalism all
refer to our economic system
Analyze and cite the contributions of Friedrich Hayek, Milton
Friedman, John Maynard Keynes, and Adam Smith
Explain the benefits including individual freedom of
consumers and producers, variety of goods, responsive prices,
investment opportunities, and the creation of wealth
analyze the costs and benefits of U.S. economic policies
related to the economic goals of economic growth, stability,
full employment, freedom, security, equity (equal opportunity
versus equal outcome), and efficiency and any recent change
to US policy
Interpret the roles of resource owners (households) and firms
Create a circular-flow model using real-world examples
Explain how our government and the rest of the world affect
the circular-flow model
Student Understanding (student friendly TEKS)
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Standards reworded so that students have an understanding of the expectations for this unit. An excellent content objective to post
for students to see.
TEKS- Student Expectations and Knowledge and Skills Statement
(1)
(A)
(B)
(C)
(D)
Economics. The student understands the concepts of scarcity and opportunity costs. The student is expected to:
explain why scarcity and choice are basic economic problems faced by every society;
describe how societies answer the basic economic questions;
describe the economic factors of production; and
interpret a production-possibilities curve and explain the concepts of opportunity costs and scarcity.
(5) Economics. The student understands free enterprise, socialist, and communist economic systems. The student is expected to:
(A) describe the basic characteristics of economic systems, including property rights, incentives, economic freedom, competition, and the role of government;
(B) compare the free enterprise system, socialism, and communism using the basic characteristics of economic systems;
Unit 1: Economic Foundations 2014-15
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Economics
Unit Curriculum Document
(C) examine current examples of free enterprise, socialist, and communist economic systems;
(D) understand that the terms free enterprise, free market, and capitalism are synonymous terms to describe the U.S. economic system;
(E) analyze the importance of various economic philosophers, including Friedrich Hayek, Milton Friedman, John Maynard Keynes, and Adam Smith, and their impact on
the U.S. free enterprise system.
(6) Economics. The student understands the basic characteristics and benefits of a free enterprise system. The student is expected to:
(A) explain the basic characteristics of the U.S. free enterprise system, including private property, incentives, economic freedom, competition, and the limited role of
government;
(B) explain the benefits of the U.S. free enterprise system, including individual freedom of consumers and producers, variety of goods, responsive prices, investment
opportunities, and the creation of wealth
(C) analyze recent changes in the basic characteristics of the U.S. economy;
(D) analyze the costs and benefits of U.S. economic policies related to the economic goals of economic growth, stability, full employment, freedom, security, equity
(equal opportunity versus equal outcome), and efficiency.
(8)
(A)
(B)
(C)
Economics. The student understands the circular-flow model of the economy. The student is expected to:
interpret the roles of resource owners and firms in a circular-flow model of the economy and provide real-world examples to illustrate elements of the model;
explain how government actions affect the circular-flow model; and
explain how the circular-flow model is affected by the rest of the world.
(14) Economics. The student understands the role that the government plays in the U.S. free enterprise system. The student is expected to:
(A) identify economic concepts in the U.S. Constitution, including property rights and taxation;
(22) Social studies skills. The student applies critical-thinking skills to organize and use information acquired from a variety of valid sources, including electronic
technology. The student is expected to:
(A) analyze economic information by sequencing, categorizing, identifying cause-and-effect relationships, comparing, contrasting, finding the main idea, summarizing,
making generalizations and predictions, and drawing inferences and conclusions;
(B) create economic models, including production-possibilities curves, circular-flow charts, and supply-and-demand graphs, to analyze economic concepts or issues;
(C) explain a point of view on an economic issue;
(E) evaluate economic data using charts, tables, graphs, and maps
(23) Social studies skills. The student communicates in written, oral, and visual forms. The student is expected to:
(E) attribute ideas and information to source materials and authors.
Targeted College Readiness Standards:
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I.D.1
II.B.4
III.B.1
Unit 1: Economic Foundations 2014-15
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Economics
Unit Curriculum Document
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IV.B.4
V.A.2
Targeted ELPs:
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1E,F
2F
3E,J
4B, F
5B
Academic Vocabulary:
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Circular Flow
Factors of Production
Opportunity Cost
Language of Instruction:
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Scarcity
Free Enterprise System
Command Economy
Market Economy
Production Possibilities Curve
Trade-Offs
Utility
Instruction
Instructional Resources:
Technology:
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Suggested ways to incorporate technology and/or websites
into the unit
Exemplar Lessons:
Career Connections/Real Life Application:
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Suggested ways to make content relevant
Research Based Instructional Strategies:
Assessment
Student self-assessment & reflection:
Unit 1: Economic Foundations 2014-15
Acceptable evidence or artifacts:
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