Economics

What's Happening in Class??

7th grade students will study Economics in the Fall.  They will be taking a better look at the study of economics and how our economy works.  We will discuss the economic facts of life - scarcity, opportunity cost, and decisions.  Students will then gain an understanding of the five basic laws of economics - supply, demand, equilibrium, increased/decreased supply, and increased/decreased demand - and how changes in these factors can lead to surpluses and shortages.  Students will then discuss the six major concepts of economics.  The students will use this knowledge to support their participation in the Illinois Economics Poster Contest.  
Once the students have a foundational understanding of economics we will move on to discuss personal finance.  Students will types of money, banking basics, earning income, and developing a personal budget.  


Crash Course in History: Capitalism - http://www.youtube.com/watch?v=B3u4EFTwprM&sns=em


Economic Concepts Poster Website:
http://www.econed-il.org/icee/econposter.shtml



* Econ Quiz #1 - Friday, 2/8
   - Define economics
   - Economic facts of life
   - 5 assumptions of a competitive market
   - Define: Capitalism, Free Enterprise, Free Market, Free Trade
   - Law of Supply + graph
   - Law of Demand + graph
   - Law of Equilibrium + graph
   - Shortage and Surplus

* Econ Quiz #2 - Friday, 2/22
   - Law of Increased/Decreased Supply (how line on graph is affected)
   - Law of Increased/Decreased Demand (how line on graph is affected)
   - Factors for shifts in Supply and Demand
   - Finding the new Equilibrium on a graph

* 6 Concepts of Economics - In class on Friday, 2/22
   - Students will discuss the economic concepts in class and develop an example for each one.
     > Goods and Services, Opportunity Cost, Productive Resources, Specialization, Scarcity,
        and Producers and Consumers.

* Economic Concept Poster - Due Friday, 3/15
   - Rubric can be downloaded below

* Personal Finance - Activities completed in class over several days
  - Types of money
  - Banking basics
  - Earning income
  - Saving and Budgeting

* Developing a Personal Budget - Due Friday, 5/17
   - Use the information and example from class to develop a personal budget




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Mary Esquivel,
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Scarcity.pdf
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