Economic Environment

CHANGE SECTION

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.

economicsIn our last section, we saw how the economic environment was one of the external forces that can impact business. We want to have a basic understanding of economics. 








classroom chair
We'll number off the class and every other person will lose their chair. Use this collaborative link to come with ideas on how our limited chairs should be distributed. 

An economist might suggest that we use a [sealed-bid auction].

This activity helps introduce the idea of scarcity, which is an important concept in the study of economics. We'll check out a definition of scarcity and video on this page


Our book defines economics as, "... the study of how humans make choices under conditions of scarcity." 

crashcourse econ one

We'll watch the video linked above from Crash Course Econ that introduces economics, scarcity, and opportunity cost. Talk with someone around you about an opportunity cost you have or may experience. 



Economic Systems

old world flagsA country's economic system (communism <--> socialism <--> capitalism) tries to answer the following questions: 
  • What to produce?
  • How to produce it?
  • Who gets it?
In class, we will look at this infographic about economic systems.  The key thing to remember is that modern economies are not completely 
world
free market or completely planned. There is a spectrum of government 
control, as shown in the infographic.

Congrats! You just inherited a country (Canada 1, France 2, Sweeden 3, Japan 4, Russia 5, Cuba 6, Australia 7). Each group will get a country. Learn about their economic system and use this collaborative link to share what you found. What type of economic system do they use? Why should we live there or what are advantages of their economic system?

Where is the U.S. on the spectrum?

Demand, Supply, & Equilibrium Price

aston martin
From a business standpoint, demand, supply, and equilibrium are important concepts to understand. We'll look at what our book (linked above) has to say about:
  • Demand, Law of Demand, Demand Curve
  • Supply, Law of Supply, Supply Curve
  • Equilibrium: Where Supply and Demand Intersect
Then we'll check out these videos to help reinforce the concepts. We'll also look at this helpful infographic on supply and demand.

Time permitting, try your hand at this supply and demand game or this supply and demand trading game

The Challenge - Supply/Demand Children's Story

Can you explain a concept to a child? You might need to use the Feynman Technique

You may team up with one other person or fly solo. Create a children's story that demonstrates/explains high supply and low demand, or high demand and low supply, or the law of demand, or the law of supply. Think about elements of storytelling. Think about the visuals you're using. Try to be creative. 

RUBRIC


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