Economic Environment

Learning Goal:

  • Students will understand what economics is and why it’s important
  • Students will know the difference between economic systems
  • Students will understand supply, demand, and equilibrium price
  • Students will understand why and how the health of the economy is measured
In class, we'll cover the following sections from our book using the links and materials below.

  • We'll eliminate classroom chairs to learn about scarcity
    • Use this link to come up with ideas in groups on how to distribute our limited number of chairs and vote on the best
    • Sealed-bid auction
  • We'll watch this video from Crash Course Econ that touches on many of the topics from this section
    • Sketchnote as we watch
    • What is economics? 
  • Another short video on scarcity
  • We'll check this definition and video on opportunity cost from Investopedia
  • With your partner, come up with a list of three items you purchased or choices you made and their opportunity costs. Add your list to this collaboration page
  • Economies of scale
    • What retail stores would be an example of this principle?
  • Macro vs micro economics
  • Check Understanding



Economic Systems

old world flags
In class, we will check out this video on economic systems and this infographic.  The key thing to remember is that modern economies are not completely free market or completely planned. There is a spectrum of government control, as shown in the infographic.








Supply, Demand, & Equilibrium Price

  • Demand
  • Law of Demand
  • Demand Curve
  • Supply
  • Law of Supply
  • Supply Curve
  • Equilibrium: Where Supply and Demand Intersect










We'll look at what our book has to say about demand, supply, and equilibrium. Then we'll check out the above videos to help reinforce the concepts (CrashCourse for sure). 

We'll also look at this helpful infographic on supply and demand


In your groups, come up with an example of either high supply, low demand or high demand, and low supply. You will act out your example as a skit. (CHANGE TO SUPPLY AND DEMAND CARD GAME)


Infographics

We'll use this link to learn about infographics and C.R.A.P. design. 

The Assignment - Supply and Demand in Your Life Infographic 25 pts

Choose one of the infographic tools covered in class. The instructions from this link can be used as a GUIDE (don't worry about the top two sections).

Step 1: Find an article about supply/demand that affects your life. You might search for 'peanut butter demand' or 'strawberry supply shortage' or 'coffee prices demand supply'. 

Step 2: You will turn the information you find into a visual using the infographic. 

You may work with one other person. Points awarded/lost based on the creative/original computer rubric. Send me your infographic on Schoology AND add it to this collaborative page

Requirements:
  • Find an article that affects your daily life
  • What is the article about (visuals & text)? 3 pts
  • How does the article affect your daily life? 5 pts
  • What is influencing the supply/demand of the product/good/service from your article? Reflection & critical thinking. 7 pts
  • Include the URL of the article you used 2 pts
  • C.R.A.P. design 5 pts
  • Quality/effort 3 pts

Health & Stages of the Economy

economy

In class, we'll preview the next section of your book and talk about goals for a healthy economy. We'll read, annotate (notes/highlight), and mind map this section using the tools below.

Scrible Annotation Tool - Install extension and create an account (Bounce App Plan B)
  • We'll demo basic use
Popplet or Coggle (create account) Mind mapping
  • We'll look at basic use, collaboration, and exporting
First, use Scrible to read and annotate (highlight and add notes) the section of your book linked above. Focus on learning the following:
  • What is GDP? What does it include? What does it show? Why is it important?
  • What does the unemployment rate tell us about the economy?
  • What is inflation? What is deflation? What is price stability?
  • What is the CPI? What does it show? What does it include?
After you have read and annotated using Scrible, work with another person (across from you, diagonal to you, or beside you) to create a mind map with the important things you learned from the section. Use either Popplet or Coggle. Finally, add your mind map to this collaborative page.

We may also look at these infographics below:


We'll watch this video in class to help reinforce what we learned (full video).

The video we watched touched on the business cycle or stages of the economy. We talk briefly about what your book has to say.


Economic Environment Chapter Review

Use this review guide to study for your test. Each group will get a section of the review. Use Google Forms to create at least five questions for us to use for review. Add a link to your Google Form quiz to this collaborative page