Unit+5-+Economic+Systems


 * Unit 5: Economic Systems **
 * **__ Time Frame: __**** 2 Weeks ** ||
 * **__ Essential Standards: __**
 * __ E. 1.1 __**Compare how individuals and governments utilize scarce resources
 * __ E. 1.2 __**Analyze a market economy in terms of economic characteristics, the roles they play in decision-making and the importance of each role
 * __ E. 1.3 __**Explain how supply and demand determine equilibrium price and quantity produced
 * __ E. 1.4 __**Analyze the ways in which incentives and profits influence what is produced and distributed in a market system
 * __ E. 1.5 __**Compare how various market structures affect decisions made in a market economy
 * __ E. 1.6 __**Compare national, state and local economic activity ||
 * **__ Essential Questions: __**
 * 1. Why is scarcity the biggest problem faced by all economies? **
 * 2. Why is private ownership of resources a vital part of the free enterprise system? **
 * 3. What are the advantages and disadvantages of different types of economic systems? **
 * 4. Why do consumers choose substitute goods and how do these goods impact price? **
 * 5. What impact can the government have on competition and how does its influence affect both consumers and producers? **
 * 6. What effects do limited natural resources have on the choices made by producers and consumers? **
 * 7. Why might a nation choose one economic system over another? **
 * 8. Why is competition good for consumers? **
 * 9. **
 * 10. **
 * 11. ** ||
 * **__ Essential Understandings: __** ||
 * **__ Vocabulary: __**
 * Types of Economic Systems: Traditional, Market, Command, Mixed**
 * Scarcity**
 * Trade Offs**
 * Opportunity** **Cost**
 * Factors of Production (Natural Resources, Labor, Capital, Entrepreneurship)**
 * Profit**
 * Profit Motive**
 * Circular Flow**
 * Free Enterprise**
 * Capitalism**
 * Competition**
 * Supply (Schedules & Curves)**
 * Demand (Schedules & Curves)**
 * Equilibrium**
 * Basic Economic Questions (What, How, For Whom)**
 * Goods**
 * Services**
 * Invisible Hand Theory**
 * Monopoly**
 * Oligopoly**
 * NC’s Economy**
 * Human resource**
 * Private property**
 * Wage**
 * Production** ||
 * **__ Technology: __** ||
 * **__ Resources/Activities: __**
 * Classify examples of the factors of production **
 * Create supply/demand charts and graphs **
 * Create a chart illustrating different types of economic systems **
 * Compare wages in various economic systems **
 * Fill in a circular flow chart ** ||
 * **__ Assessments/Performance Tasks: __** ||