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Unit VII – Economics Choices

      EOC PREP

Competency Goal 7: The learner will investigate how and why individuals and groups make economic choices.

Generalizations

• Scarcity and the necessity of balancing wants and needs may influence production, consumption and economic choices.
• Investment in capital and human resources can affect production and influence the economic choices of groups and individuals.
• The way in which economic systems address the key economic questions may impact the role of consumers and producers.

Objectives

7.01 Describe the basic factors of production such as land, labor, capital, and entrepreneurial skills and their impact on economic activities.

Essential Questions

• How do the basic factors of production influence the choices made by producers and consumers?
• What effects do limited natural resources have on the choices made by producers and consumers?
• How are the four factors of production used in satisfying wants and needs?

Macro Concepts

Power
Systems

Micro Concepts

Factors of Production
Economic Activity

Factual Content

(Factors of Production)
Land
Labor
Capital
Entrepreneurship
(Economic Activity))
Economics
Want
Need
Renewable natural
resource
Nonrenewable natural
resources
Productivity
Four Basic Economic
Questions

7.02 Explain how scarcity influences producers and consumers to make choices.

Essential Questions

• Why is scarcity the biggest problem faced by all economies?
• How does scarcity affect price and the production and consumption of goods?
• How can scarcity affect economic interdependence?

Macro Concepts

Choices
Systems

Micro Concepts

Scarcity
Decision Process
Global Interdependence

Factual Content

(Scarcity)
Limited resources
Wants
Needs
Services
Goods
Wages
Salary
(Decision Process)
Decision-making model
Consumer
Producer
Pricing
Opportunity cost

7.03 Compare examples of tradeoffs and opportunity costs of economic choices.

Essential Questions

• Should a government offer economic incentives to a company considering locating to a particular area?
• What factors influence producers to increase or decrease output?
• What factors influence consumers to increase or decrease the consumption of goods?

Macro Concepts

Patterns
Choices

Micro Concepts

Individual Choices

Factual Content

(Individual Choices)
Wants and Needs
Immediate gratification
Incentives
Tradeoffs
Opportunity Cost
Fixed costs
Variable costs
Total costs

7.04 Analyze the impact on economic activities of specialization, division of labor, consumption and production increases.

Essential Questions

• How has mass production changed the way goods are produced and how does this affect markets?
• What effects do new technology, innovation and increased investment have on producers and consumers?
• What is the significance of education and training on the workforce?

Macro Concepts

Systems
Innovation

Micro Concepts

Specialization
Division of Labor
Consumption
Production

Factual Content

(Division of Labor)
Assembly line
Specialization
Mass production
Factory
(Production)
Technologies
Robotics
Invention
Innovation
Agribusiness
Business organizations
Human capital
Productivity
Types of workers
White collar
Blue collar
Skilled workers
Unskilled workers
Automation

7.05 Explain the impact of investment on human, capital, productive, and natural resources.

Essential Questions

• How can increased investment in capital goods and human capital lead to lower prices for the consumer?
• What effect does education and training for the workforce have on the quality of goods and services?
• How might an increase in the Producer Price Index impact consumers?

Macro Concepts

Change

Micro Concepts

Resources
Investment
Productivity

Factual Content

(Resources/Investment)
Resources
• Human
• Capital
• Natural
• Productive
Capital Goods
Consumer Goods
Producer Price Index (PPI)
(Productivity)
Output versus Input
Law of Diminishing
Return
Recycling
Education and training

7.06 Compare and contrast how different economic systems address key economic factors.

Essential Questions

• What are the advantages and disadvantages for a society that practices Adam Smith’s “Invisible Hand” theory?
• Should the government become involved in the economy and what are the advantages and disadvantages of its involvement?
• How do economic decisions in a non-capitalistic system impact consumers?

Macro Concepts

Systems

Micro Concepts

Economic Systems
Competition
Cooperation
Profit Motive
Consumer Sovereignty
Exchange

Factual Content

(Economic Systems)
Market
Laissez-faire
Wealth of Nations
Invisible hand
The Keynesian Theory
Free Enterprise
Capitalism
Traditional Society
Market Economy
Mixed Economy
Fiscal Policy
Deficit Spending
Private property
Profit motive
Incentives
(Communism-Command)
Communist Manifesto
Communism –
Command
Socialism

Primary Sources:

Before 1400 * 1400-1500 * 1501-1600 * 1601-1650 *1651-1700 *1701-1725 *1726-1750 * 1751-1775 *1776-1800

Ben's Guide: Our Nation

Other Resources

Timeline

Revolutionary War Cycle

Supplemental Readings

Introduction to Economics
Basic Economics