Unit Theme: The U.S. Economy is the result of the decisions we make every day about producing, earning, saving, investing, and spending. What types of things are PRODUCED? How do people EARN money? How and where do people SAVE money? How do people SPEND their money?
Economics is the study of the production, distribution, and consumption of goods and services. 2 Types: Macroeconomics and Microeconomics What do you think is the difference? Macroeconomics: BIG PICTURE – looking at the general aspects of the economy (i.e. the supply and demand) Microeconomics: SMALL PICTURE – looking at a particular aspect of the economy (i.e. your personal budget) What is Economics?
On your cover page include: The title of the unit: All About Economics The definition of “economics.” At least 10 words you might associate with economics. At least 3 pictures related to the words you chose. COLOR! DO NOT GLUE FLAT Unit Cover Page: R36
The Economic Problem: R36 Under your cover page, write: We have unlimited “wants” for goods and services, but limited resources to produce them.
Needs & Wants: L37-R38 L37 R38 WANTS: Goods and services that go beyond basic necessities (needs). NEEDS: Goods and services necessary to sustain human life. Directions: Using the newspaper ads and pamphlets provided, locate 7-10 examples of needs and wants, each. Cut out the pictures and glue them in the appropriate category (needs or want). Write a short explanation as to why the item is a need or want. When you have finished, raise your hand so that I can check your paper .
Balancing Wants & Needs L39 Based on the newspaper ads activity, how might wants and needs effect how you can spend your money? Explain your answer. What factors might influence your decision to buy something?
Budgeting Terms: L39 Budget – a system to balance income and spending. Income – any money received for compensation on a weekly or monthly basis (i.e. money for chores). Expenditures – expenses (what you spend your money on). Fixed costs – recurring expenses that usually remain the same. Variable costs – recurring expenses that fluctuate (i.e. clothing & entertainment).
Personal Budgets/Your Budget: R40 Following the directions on the handouts, complete the budgeting activities on both sheets. On the “Your Budget” handout, shade in the needs and wants listed under the expenditures column using 2 different colors. Include a key that shows which color is which. Come to the front table and fill in the chart I have created listing the expenditures from your budget and how much they cost (do not list duplicate items).
The Price is Right: L41 Based on the “school store” activity, how did the availability of certain items effect the prices you decided to change for your items (for example, did you have to raise or lower your prices?). Why do you think the availability of an item or product effects its price?
Supply and Demand: R42 Read the passage on the green handout and complete the questions on the other side. Make sure you glue, tape, or staple this handout on page R42. Do not glue it flat!
Supply and Demand Curves: L41 Using the graph paper supplied, create 3 graphs:
one demonstrating the Law of Supply,
one demonstrating the Law of Demand, and
one when supply and demand are equal.
When you complete your graphs, glue them in as a flap. Underneath, write a short paragraph explaining what each graph demonstrates.
Law of Supply: L41 Supply Price Quantity
Law of Demand: L41 Demand Price Quantity
Equilibrium: L41 Demand What happens when supply and demand intersect? Price Supply Quantity
Review of Economic Concepts: L43 To review the economic concepts we have gone over in this unit, you will be writing a song that explains the various concepts such as: Needs vs. wants Supply and demand Macro and microeconomics Budgeting Etc. You may create your own original tune or choose a popular song (new or old) and write yours to the tune of it. Your song should have a title. Extra credit will be given to students who perform their song for the class. You may work by yourself, as a duet, or as a trio. Have fuuuuunnn and be creative!!!!