A.G.B.U.M.H.S
Economics TWS
January 8th-18th 2013 (Quarter 3, Semester 2)
Mr. Wang
Standard 12.1: Students understand common economic terms and concepts and economic reasoning
12.1.2: Explain opportunity cost and marginal benefit and marginal cost
12.1.3: Identify the difference between monetary and nonmonetary incentives and how changes in incentives cause changes in
Behavior
12.1.4: Evaluate the role of private property as an incentive in conserving and improving scare resources, including renewable
And nonrenewable natural resources
12.1.5: Analyze the role of a market economy in establishing and preserving political and personal liberty (e.g., through the
works of Adam Smith)
Date
TH 1.8
Discussion/ Lecture/ Activity
Students answer the pre-reading question on the handout, then pass
out the reading (pg 1-3, 12-17), and read and answer the remaining
questions. Discuss: Are they surprised by the findings? What is
economics? (the student of how people make decisions). What is
“economics”? What do you want to learn from this class?—
Students share answers/ Read section from “Freakonomics” to add
to discussion of what is econ?
Lesson Objectives
Students will be able to
describe the meaning of
the term “economics”
Homework
How does the
economy affect
people’s lives?
Bring a current
news article to
class which
helps answer
this question.
Include a 1
paragraph
summary of the
article to share.
Chapter 1.1
Reading
Response
Students will open an account at Marketwatch.com
F 1.9
Warm-Up: Review: What is “economics”? What do you want to
learn from this class?—Students share answers/ Read section from
“Freakonomics” to add to discussion of what is econ?
Direct Instruction: Chapter 1: What is Economics? Section 1:
Scarcity and the Factors of Production, interactive lecture
Guided Practice: Introduce Questions/Lead Discussion
Student Application: If you had $200 to spend in a week, what
would you buy? Consider none of the essentials (food, shelter) were
provided for you. What would you buy now? Create a chart of their
needs vs. their wants.
Closure: Exit slip: What you learned today
Students will characterize
a good or a service as a
want, need, or both;
Describe the
characteristics of a
successful entrepreneur
M 1.10
Student Activity: Castle Construction Activity: To illustrate the
principle of scarcity, your kingdom (groups of 3-4 people) will
build a castle. You have one class period to complete your castle. It
is advised that you plan your building techniques before you begin
to build your castle. The tallest castle, which must be able to stand
on its own, wins the competition (5 bonus points)! You may use the
following supplies and nothing more! Supplies: 10 plastic cups, 6
straws, 30 inches of scotch tape, 4 sheets of 8x11 inch white paper,
1 pair of scissors.
Answer: What was the greatest challenge in building your castle?
What would you need to make your castle more successful? How
does this activity illustrate the concept of scarcity?
DUE: Chapter 1.1 Reading Response
Warm-Up: Warm-up: Discuss the want-satisfaction chain—
Students chart their want to want-satisfaction and answer: What is
the greatest obstacle in satisfying your want?
Direct Instruction: Ch 1.1: Scarcity and the Factors of Production,
interactive lecture cont’
Students will evaluate the
impact of scarce
resources
T 1.11
Guided Practice: Start students on work (model
Students will identify the
factors of production
needed by a business
Chapter 1.2 &
1.3 & 1.4
Reading
Response (Due
Tuesday)
question/answer)
W 1.14
Th1.15
Student Application: Chapter 1, Section 1 Review Questions: 17& 9 (pg 7)
Closure: Review answers
Senior Day: Improv
DUE: Chapter 1.2 & 1.3 & 1.4 Reading Response
Warm-Up: Warm-up: What is one economic decision you have
made today? Why do you consider it an “economic” decision?
Direct Instruction: Chapter 1, Section 2: Opportunity Cost
interactive lecture
Guided Practice: Model work on WS
Student Application: Opportunity Cost WS (EQJ) (pg 10)
Closure: Review answers
Warm-Up: Introduction: Chapter 1.2: Cost/Benefit Analysis
(Power point) & Decision Making at the Margin (pg 12)
Diminishing marginal utility activity: Donuts and diminishing
marginal utility. Volunteer will eat donut halves and record their
want of another half after each half. Class will predict and chart
results.
Student Application: TED TALK:
Students will analyze the
trade offs involved in
business making; Explain
how changing economic
factors can change
decisions and opportunity
costs
Complete
classwork
Students will provide
examples of decision
making at the margins
TED Talk: Due
Friday: What did
Jeff Smith see
from prison that
changed his
opinion about the
prison system?
What does he
suggest? Is this a
good idea?
TED Talk: Due
Friday
http://www.ted.com/talks/jeff_smith_lessons_in_business_from_prison.html
Closure: Review answers
F 1.16
M 1.19
T 1.20
Warm-Up: Introduction: Your class decided to hold a community
breakfast fundraiser…
Direct Instruction: Chapter 1, Section 3: Production Possibilities
Curves, interactive lecture
Guided Practice: Review Production Possibilities Curve (pg 14)
Student Application: What and How Much to Produce WS (EQJ,
pg 8)
Closure: Review answers
MLK Day
Warm-Up: Review: List and describe the three factors of
production/What are trade-offs, and why does every decision
involve a trade-off?/Why is it important to compare marginal costs
with marginal benefits?
Direct Instruction: Chapter 1, Section 3: Production Possibilities
Curves, interactive lecture
Guided Practice: Introduce topic: What are some choices car
manufacturers are making as consumers demand more fuel efficient
cars? (including smaller, solar or electric cars)
Student Application: Quick write: How does a car company use
the production possibility curve to help determine trade-offs and
opportunity costs of their choices?
Closure: Review answers
DUE: TED TALK
Student Activity: Ch 2.1: Answering the Three Economic
Questions—ACTIVITY (See lesson 2 PDF)
Students work in groups to produce a good—Scarcity of resources
means they did not make as many as people want—Discuss ways
Students will interpret
production possibilities
curves
Students will interpret
production possibilities
curves
Students will give
examples of different
ways in which the three
key economic questions
can be answered
TED Talk: Due
Friday
Reading Response:
Chapter 2.1 & 2.2
(Due Tuesday)
goods can be allocated & the 3 economic questions their group must
answer