Unit 2: Choices and Decision Making
Embedded Files
Impact Chapter: 3
ReadyGen Alignment: Module 2A/B
Text Alignment: Alexander Who Used to Be Rich Last Sunday and A Chair for My Mother
Text Alignment: Money Matters! and I Wanna Iguana
Unit Overview: How do we get what we want and need?
In this unit, students will explore the concepts of choices and decision-making, particularly in relation to consumer behavior and financial decisions. They will learn about the roles of consumers, distributors, producers, and processors in the production and distribution of goods and services. Students will understand the difference between needs and wants, identify examples of goods and services, and analyze how scarcity of resources affects the cost of goods and services. They will also develop an understanding of long-term financial goals and short-term goals to make informed financial decisions. Throughout the unit, students will engage in activities and problem-solving exercises to develop their decision-making skills and predict the positive and negative consequences of their choices.
Prepared Graduates:
Evaluate how scarce resources are allocated in societies through analysis of individual choice, market interaction, and public policy.
Apply economic reasoning skills to make informed personal financial decisions (PFL).
Grade Level Expectation(s):
3. Economics and 5. Personal Financial Literacy
Explain how scarcity of resources means individuals may not have access to the goods and services they want or need. (3.1)
Investigate costs and benefits to make informed financial decisions (PFL). (5.1)
The highlighted evidence outcomes are the priority for all students, serving as the essential concepts and skills. It is recommended that the remaining evidence outcomes listed be addressed as time allows, representing the full breadth of the curriculum.
Students Can (Evidence Outcomes):
Explain the scarcity of goods and resources. (3.1.a)
Identify and categorize goods and services and provide examples of each. (3.1.b)
Give examples of choices people make when resources are scarce. (3.1.c)
Identify possible solutions when there are limited resources and unlimited wants. (3.1.d)
Assess priorities when making financial decisions. (5.1.a)
Classify goals. For example: A need or want, or short-term or long-term goals. (5.1.b)
Recognize that different goods and services have different monetary values. (5.1.c)
Acknowledge that financial priorities vary among people and communities for goods and services. For example: going to the hairdresser, buying brand-name items. (5.1.d)
Predict positive and negative consequences when making financial decisions. For example: if…Then…decision making. (5.1.e)
Solve simple financial word problems to aid in making financial decisions. For example: A video game costs $20. If I earn $5 per week in allowance, I will need to save for ___ weeks to earn enough money. (5.1.f)
Colorado Essential and Nature of Skills
Demonstrate an understanding of cause and effect related to personal decisions (Critical Thinking and Analysis).
Recognize problems that arise from scarcity and their respective solutions (Critical Thinking and Analysis).
Identify consequences (positive and negative) of a financial decision (Critical Thinking and Analysis).
Economic thinkers analyze choices that individuals make to predict patterns and determine demand.
Economic thinkers analyze how goods and services are produced and priced.
Economic thinkers analyze scarcity of resources and its impact on the cost of goods and services.
Financially capable individuals use good decision-making tools in planning their spending and saving.
Financially capable individuals make financial decisions based on responsible evaluation of the consequences.
Inquiry Questions
How does scarcity affect purchasing decisions?
What goods and services do you use?
How are resources used in various communities?
What do people and communities do when a resource is scarce?
How do individuals make and analyze the consequences of financial decisions?
What strategies can help individuals achieve their short-term goals and long-term goals?
What is a financial goal?
How can I use my math skills and strategies to help me make financial decisions?
Disciplinary, Informational, and Media Literacies
Apply disciplinary concepts such as decision-making, exchange, and markets to determine the benefits and costs of a particular choice.
Compare the benefits and costs of individual choices.
Identify positive and negative incentives that influence the decisions people make.
Academic Vocabulary and Language Expectations
consumer, distributor, goods, manufactured, needs, processor, producer, scarcity, services, long term goal, short term goal
Possible Assessments:
Inquiry Project from Chapter 3
Lesson Tests (1-5) and Chapter Overview Assessment Chapter 3
Instructional Resources & Notes:
Chapter 3 from Impact
Research Companion
Inquiry Journal
Explorer Magazine
Supplemental Resources
Junior Achievement: Lessons
Page updated
Report abuse