Economics
Course Description
Economics should include a study of the allocation of scarce resources
and their alternative uses for satisfying human wants. This course
should examine basic models of decision-making at various levels and
in different areas including: decisions made as a consumer, producer,
saver, investor, and voter; business decisions to maximize profits; and
public policy decisions in specific markets dealing with output, and
prices in the national economy.
SCARCITY
Proficiency Statements and Indicators:
Explain that because of scarcity (the fact that productive
resources are limited and cannot satisfy all human wants for goods
and services), societies must develop economic systems to determine
how goods and services will be produced and distributed.
- Explain how consumers and producers confront the concepts of scarcity,
choice, and opportunity cost.
- Define each of the productive resources (natural, human, capital) and
identify the returns on each.
- Identify the characteristics of traditional, market, command, and
mixed economies.
- Compare and contrast how the various economic systems answer
the questions: What to produce? How to produce it?, and For whom to
produce?
- Use a production possibilities curve to explain the concepts of choice,
scarcity, opportunity cost, tradeoffs, unemployment, productivity, and growth.
- Identify and explain the basic economic goals of freedom, efficiency,
equity, security, and growth.
- Use a decision-making model to solve economic problems.
Sample Student Activities/Projects:
- Survey newspapers and magazines to find articles describing life indifferent
economic systems. Construct a bulletin board or collage showing the different
characteristics of various economic systems.
- List different ways of allocating tickets to the Super Bowl. Discuss the
fairness and efficiency of different allocation mechanisms.
- Interview two people over the age of 65 for their memories of wartime shortages.
Compile a list and discuss those items which were rationed.
- Write an essay describing the difficulties of changing from a command to market
economy.
- Write a short play describing how the life of a specific family would change if the
U.S. adapted a command economy.
- Analyze their school as an example of a traditional economic system, listing
similarities and differences.
- Discuss why the United States has been successful in answering the
three economic questions.
- Evaluate the opportunity cost of career choices and factors which
influence those choices.
- Analyze newspaper articles about current economic and political issues.
Identify basic economic goals that affect these issues.
- Describe how different economic systems might solve specific allocation
problems (e.g., who gets apartments, cars, blue jeans, the best cuts of meat, etc.).
- Use a decision model to decide if the United States should designate more
forest land as "wilderness", where no economic activity can take place.
