Economics Unit 1

Big Idea:

People organize economic systems to make, distribute, and consume goods/services.

Student Expectations:

Priority TEKS

ECON.1(A) explain why scarcity and choice are basic economic problems faced by every society

ECON.1(C) describe the economic factors of production

ECON.1(D) interpret a production-possibilities curve and explain the concepts of opportunity costs and scarcity

ECON.12(A) describe the functions of money

Focus TEKS

ECON.5(A) describe the basic characteristics of economic systems, including property rights, incentives, economic freedom, competition, and the role of government

ECON.5(B) compare the free enterprise system, socialism, and communism using the basic characteristics of economic systems

ECON.6(A) explain the basic characteristics of the U.S. free enterprise system, including private property, incentives, economic freedom, competition, and the limited role of government

ECON.6(B) explain the benefits of the U.S. free enterprise system, including individual freedom of consumers and producers, variety of goods, responsive prices, investment opportunities, and the creation of wealth

ECON.6(C) analyze recent changes in the basic characteristics of the U.S. economy

ECON.6(D) analyze the costs and benefits of U.S. economic policies related to the economic goals of economic growth, stability, full employment, freedom, security, equity (equal opportunity versus equal outcome), and efficiency

ECON.7(A) analyze the costs and benefits of the purchase, use, or disposal of personal and business property

ECON.8(A) interpret the roles of resource owners and firms in a circular-flow model of the economy and provide real-world examples to illustrate elements of the model

ECON.8(B) explain how government actions affect the circular-flow model

ECON.12(B) describe the characteristics of money, including commodity money, fiat money, and representative money

Ongoing TEKS

ECON.1(B) describe how societies answer the basic economic questions

ECON.5(C) examine current examples of free enterprise, socialist, and communist economic systems

ECON.5(D) understand that the terms free enterprise, free market, and capitalism are synonymous terms to describe the U.S. economic system

ECON.7(B) identify and evaluate examples of restrictions that the government places on the use of business and individual property

Student Learning Targets:

• I will identify how scarcity affects all economic decisions.
• I will discuss the economic factors of production.
• I will explain why there are different economic systems.
• I will compare different economic systems.
• I will discuss opportunity costs and identify their role in economic decisions.
• I will understand the role and function of money.

Essential Questions:

• What are the problems all societies have and what have they created to solve them, include the components of those systems?
• How do the functions & characteristics of money influence individuals, corporations, and the government?
• What are the economic factors of production?

Extra Information:

Adopted Textbook:

District Grading Policy

Texas Gateway Online Resource Center