- 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.
In 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.
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].
Our book defines economics as, "... the study of how humans make choices under conditions of scarcity."
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. Be ready to share.
Demand, Supply, & Equilibrium Price
We will watch this video that gives a quick introduction to supply and demand. I'll share another example about cheese a friend of mine experienced when teaching on a tropical island in the Pacific Ocean.
When we are talking about demand, you need to think of it from a consumer's perspective. What is demand? What is the law of demand? Click on the link above to learn what your book has to say. Talk with someone close by about an example of the law of demand (not in your book). Be ready to share.
Think about supply from the perspective of the supplier or business. What is supply? What is the law of supply? Click on the link above to learn what your book has to say.
When are both consumers and suppliers happy? We'll use the link above to learn about equilibrium, surplus, and shortage in the hotdog vendor business. Talk with someone close by about an example of surplus and shortage. Be ready to share.
You may team up with one other person or fly solo. Create a children's story that demonstrates/explains high supply and low demand (surplus), or high demand and low supply (shortage), or the law of demand, or the law of supply (focus on one). Think about elements of storytelling. Think about the visuals you're using. Try to be creative. The tool you use to create the story is up to you. It might be an online story maker, or Google Docs, or Google Slides.
Use this rubric to guide and self-assess your work. We will look at some examples in class. Meet with me in class to discuss and get feedback on your project. Send me your finished project, completed rubric, and who you worked with on Google Classroom.
Health & Stages of the Economy
In class, we'll preview the next section of your book and talk about goals for a healthy economy.
You can team up with one or two people (three max). Use your book or other resources (eg. infographics) to answer the questions below. Put your answers in a Google Doc.
- What is GDP? What does it include? 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?
After you've found your answers, create a new page in your document. With your partner, you will write a one to two paragraph news article (real or fake) that includes two of the economic indicators from above. Use some creativity to describe how the economic indicators you included will impact people either positively or negatively. Use this tool to generate an image for a news headline that will go before your paragraphs. Add your story to this collaborative page. Be ready to share.
We may also look at these infographics below:
The video we watched touched on the business cycle or stages of the economy. We talk briefly about what your book has to say.
CREATE TEMPLATE FOR NEWS STORY??