SS:EC:2: Basic Economic Concepts

Essential Question:

What are the main building blocks of a free market economy, and how do they help it work?

Portrait of a Graduate:

Critical Thinking: Students will analyze how supply, demand, and competition influence market operations and decision-making.
Global Citizenship: Students will explore how free market principles operate in different settings and their effects on global economic dynamics.
Responsibility: Encourage responsible consumer behavior through an understanding of market forces.

Inquiry Question:

What are the key parts of a free market economy and why are they important?

2. Inquiry Question:

How does the market mechanism decide what prices should be?

3. Inquiry Question:

In what ways do the basic concepts of a free market economy show up in our daily lives?

Student Outcomes:

Students will identify and describe key components of a free market economy, such as supply and demand, competition, and the role of prices.

2. Student Outcomes:

Students will explain the role of the market mechanism in determining prices and how it affects the availability of goods and services.

3. Student Outcomes:

Students will apply their understanding of free market concepts by identifying their presence in everyday life and analyzing their impact on consumers and businesses.

Skills Demonstrated:

Standard:

New Hampshire Social Studies Standard SS:EC:2: Basic Economic Concepts

Resources:

[Our Hidden Google Drive Resource link]

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