Unit 8: Economics and You
Embedded Files
Colorado Story Chapter: 8
ReadyGen Alignment: Module 4B
Skill Alignment: Being financially literate, conscious decision making, understanding information from different sources
Unit Overview: What factors help us make economic choices?
In this unit, students will explore the concepts of economics and personal financial literacy. They will learn about the production of goods and services, the role of incentives in production, and the factors of production: natural, human, and capital resources. Students will also develop an understanding of making choices, opportunity costs, and the trade-offs involved in decision-making. By understanding the concepts of choice and opportunity cost, students will gain the skills necessary to make informed decisions. They will explore how productive resources shape economic activity in Colorado and the broader implications of these choices. This unit will provide students with practical knowledge and skills for managing their personal finances and making informed economic decisions in their lives.
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. PFL
Explain how people respond to positive and negative incentives. (3.1)
Determine the opportunity cost when making a personal choice. (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):
Define positive and negative economic incentives and describe how people typically respond when given positive or negative incentives. (3.1.a)
In a given situation, create a plan of appropriate incentives to achieve a desired result. For example: offering a prize to the person who picks up the most trash on the playground. (3.1.b)
Give examples of the kinds of goods and services produced in Colorado in different historical periods and their connection to economic incentives. (3.1.c)
Explain how productive resources (natural, human, and capital) have influenced the types of goods produced and services provided in Colorado. (3.1.d)
Define choice and opportunity cost. (5.1.a)
Determine the relationship between long-term goals and opportunity cost. (5.1.b)
Analyze scenarios of choices including opportunity cost. (5.1.c)
Colorado Essential and Nature of Skills
Set goals and develop strategies which take into account positive and negative incentives in order to remain focused on learning goals (Perseverance and Resilience).
Ask questions to develop further personal understanding of how to make informed purchases (Critical Thinking and Analysis).
Economic thinkers study positive incentives and how they influence behavior predictably over time. For example: Responsible individuals save for the future and move for better job opportunities.
Economic thinkers study how negative incentives influence behavior predictably over time. For example: People move or refuse to relocate due to poor climate or resource shortages.
Financially capable individuals analyze opportunity costs associated with making decisions.
Financially capable individuals analyze data to forecast possible outcomes.
Financially capable individuals understand that the relationship between choice and opportunity cost leads to good decision-making. For example: A business may have an opportunity to purchase inexpensive land, but the cost may be in the travel time.
Financially capable individuals compare the benefits and costs of individual choices
Inquiry Questions
Why are different goods and services important at different times in Colorado's history?
How have science and technology changed the economy of Colorado?
How have natural, human, and capital resources had both positive and negative impacts on the development of Colorado?
How can you explain why people or communities make the decisions that they do?
What different ways does an individual have to get information when deciding between purchase options?
How do you know when a good decision has been made about a purchase?
How do you know when a bad decision has been made about a purchase?
Disciplinary, Informational, and Media Literacies
Draw evidence from literary or informational texts to support analysis, reflection, and research.
Identify disciplinary concepts and ideas associated with a compelling question that are open to different interpretations.
Identify the main idea, sequence of events, and cause and effect in a social studies context.
Present information orally and in writing.
Academic Vocabulary and Language Expectations
capital resources, economics, human resources, incentive, non-renewable, renewable, choice, decision, opportunity cost, risk, trade off
Possible Assessments:
Chapter 8, lessons 1-2 from Colorado Story
Chapter Assessment
Writing Activities
DBQ Item Set
Lessons 1-2 Review
Instructional Resources & Notes:
Chapter 8 from Colorado Story
Go to the Source Activity from Colorado Story
Lesson Suggestions from Colorado Story
Supplemental Resources
Junior Achievement: Lessons
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