Economics Unit 2

Big Idea:

Science and technology affect the development of society (community). People organize economic systems to produce (make), distribute (give out), and consume (use or buy) goods and services.

Student Expectations:

Priority TEKS

ECON.2(A) understand the effect of changes in price on the quantity demanded and quantity supplied

Focus TEKS

ECON.2(B) identify the non-price determinants that create changes in supply and demand, which result in a new equilibrium price

ECON.2(C) interpret a supply-and-demand graph using supply-and-demand schedules

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

Ongoing TEKS

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

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 explain why equilibrium is a moving target that continuously adjusts to supply and demand.
• I will discuss how government intervention can result in disequilibrium with a desired result of equity.
• I will identify factors that affect supply and demand other than price.

Essential Questions:

• How does the interaction of supply and demand direct the economy?
• Why do shortages and surpluses exist?
• How is price used to distribute resources in a free market?

Extra Information:

Adopted Textbook:

District Grading Policy

Texas Gateway Online Resource Center