Name:____________________________________ Block:___________ Unit 1 – ECONOMICS (MICRO) Learning Targets How will it be addressed? Text Sect/Pages Question to Answer 1) Chapter 1 – What is Economics? - Define the fundamental economic problem; difference in needs and wants 2) Analyze the 3 Basic questions societies must answer 3) Interpret the Factors of Production and the scope of economics Ch1/S1/PG 6 Read, Lecture, Video, Group work Define the fundamental economic problem? Ch1/S1/PG 7 Read, Discussion Explain the 3 questions societies must answer? Ch1/S1/PG 8-10 Read, Lecture, Discussion, 4) Identify the Basic Economic Concepts; Value & Utility; Circular Flow; Economic Growth Ch1/S2/PG 13-17 Read, Lecture, Video, Group work List and provide an example of each of the factors of production. Interpret the concept of Paradox of Value. 5) Describe the economic choices required when making decisions for an economy. Ch1/S3/PG 19-25 6) Chapter 2 – Economic Systems and Decision Making - Identify and explain the types of economic systems; examples, advantages, disadvantages 7) Evaluate Economic Performance with goals; Decide tradeoffs based on goals Ch2/S1/PG 33-41 Read, Lecture, Activity, HW PG28 #18-28 Read, Group Skits – Developing an Economy, Discuss Predict a logical economic choice scenario. Explain the differences in the types of economic systems. Ch2/S2/PG 43-46 Read, Discussion, Notes 8) Interpret the American Free Enterprise; Characteristics; Roles Ch2/S3/PG 48-53 9) Should Minimum Wage be increased? PG 30-31, Graphic Organizer Ch3/S1/PG 61-70 Read, Lecture, Group work, HW PG56 #17-27 Read, Discussion, Debate, Persuasive Essay Create a scenario in which the govt might be required to make decisions between goals. Explain Free Enterprise. 10) Chapter 3 – Business Organizations - Describe the types of Business Organizations; How to Form each, advantages, disadvantages Read, Groups-Create Business Plan 11) Methods for Growing a Business Ch3/S2/PG72-77 Read, Lecture 12) Describe nonprofit organization; examples Ch3/S3/PG79-83 Read, Lecture, Discussion, HW PG86 #21-29 Should Minimum wage be increased why? Select 1 type of business organization and explain why a business would choose this type. Interpret a method for growing a business. Name a type of nonprofit organization and explain their role? KEY TERMS 1) Scarcity 6) Utility 11) Opportunity Cost 2) Economics 7) Paradox of Value 12) Economic System 16) Social Security 17) Free Enterprise 3) Entrepreneur 8) Factor Market 13) Socialism 18) Unlimited Liability 9) Product Market 14) Communism 5) Value 10) Trade-Offs 15) Minimum Wage 19) Dividend 20) Stock 4) Gross Domestic Product Activities/Videos/Instruction Video – Nature of Economy Video- Operation of Economy Create a Business Plan Debate – Minimum Wage Developing an Economy Skit JOURNAL Each day you will journal in this section of your notebook answering these questions about today’s learning targets: August 5, 2014 1) Journal Question will be provided on a daily basis in which you will log the question and answer it in your journal. a. Journal Question Answer 2) GOTS: What did I learn or GET from today’s lesson. 3) NEEDS: Something from today’s lesson that you need or would like to know more about. 4) Costa Question: (Create a Question from today’s lesson using Costa Levels of learning and provide the answer.) a. Costa Question Answer: CONCEPT MAPS Key Terms will be due upon completion of the unit, so each day you will need to complete an appropriate number to stay on pace for the end of the unit. 1) Key Terms will be done in the form of a concept map. A concept map includes the word, text definition, min of 3 synonyms’, picture, and the definition in your own words that will help you remember it on the tests. 2) Example: Definition from text/notes Min of 3 synonyms Word Picture Definition in your own words that will help you remember it for the test. NOTES Cornell style notes (do not rewrite the chapter) Limit to 1-2 pages, with a minimum of 5 sentence summary will be due for each chapter in the unit. Write a good summary that lets me know you understand, this will limit the amount of notes you have to take. HOMEWORKS Homework assignments can be found on this learning target handout. One homework for each chapter will be required.