Unit 7- Economics
In this unit...
Students will understand that ...
People make economic choices based on wants and needs in a free enterprise system.
Wants and needs can be met through appropriate earning, saving and investment strategies.
Individuals make a difference.
Innovation changes the way people live.
Students will keep considering the following questions:
How can you use your money wisely?
How do you determine how you are going to meet your needs and wants?
How can individuals make a difference?
How does innovation affect people’s lives?
Students will work on the following skills/concepts:
a free enterprise system is an economy in which the people and private businesses decide what goods to make and buy and what work to do.
supply and demand affect the price of a good or service.
the cost of production and selling price affect profits.
individuals such as Henry Ford, Mary Kay Ash, and Milton Hershey have started businesses in the community.
Students will be skilled at:
creating a simple budget.
researching information and geographic data using a variety of resources.
interpreting and creating visuals.
expressing ideas orally and in writing based on knowledge and experiences.
using technology to create written and visual material to express ideas.
using a problem-solving process.
Critical Vocabulary
donate
entrepreneur
free market
profit
scarcity
Unit 7 Test- Wednesday, April 12th
Unit 7 Review- Answer Key
Unit 7 Review- Blank Copy