Lesson Plans

November 30th

We will start by going over the course descriptor( Open CIA Student Descriptor ) and expectations of the class.Can be viewed at the bottom of the page. Next students will then download the Learning Skills and Work Habits. For homework, students will have to choose two skills and complete the form with the two skills. Do not fill in the Midterm or Final Review sections, Save the file and email it to Mr. Fleming before next Wednesday. They need to explain why they want to work on those skills, how they are going to do it, and how their progress can be measured . The class will be reintroduced to the expectations on how to complete research projects and how to write a bibliography. Students will then work on the Economic Introduction Question together in small groups. Reasoning with Evidence (What Made You Say That?) Once they are finished the class will discuss their decisions. Next students will be introduced to the definition of economics that we will be using in this class. Students will then have to complete for homework either a vocabulary word map 2 OR a 4 square vocabulary approach of the following terms: allocate(v), limited, unlimited, needs(n), wants(n), goods(n), services(n), resource(n), scarce/scarcity.

An Introductory Question in Economics

You and your group are the owners of a business. What kind of business is not important. Three men have come to you looking for work. You have only one job to offer: the work cannot be divided among the three of them and they are all equally qualified. One of your goals is to make the world a better place by hiring the man who needs the job most.

The first man is the poorest of the three. If improving human welfare is your primary aim, then presumably he should get the job. Or maybe not. The second man is not the poorest, but he is the unhappiest because he has only recently become poor and he is not accustomed to the deprivation. Offering him the job will cause the greatest gain in happiness. The third man is neither the poorest nor the unhappiest. But he has a chronic health problem, that he has not complained about his whole life, that can be cured with the wages from the job. Thus giving him the job would have the most profound effect on an individual's quality of life.

Who should get the job? Your group's job is to decide who gets the job and why you choose him. Everyone should record their group's choice and why they choose that person.

December 1st

The teacher will check to make sure that their vocabulary homework is complete. Discuss why a vocabulary study like this may be helpful to learn new words. Discuss the words. Next the three students will present a short skit about economics. Discuss what the skit shows. Students will be broken up into groups and given a short reading about an aspect of economics. Each student will become an expert on that aspect and teach it to the group. (Jigsaw Learning). The teacher will then wrap up the topic with a short teacher lecture.

December 2nd

The class will start by reviewing Economics as a Social Science, Scientific Method, Normative and Analytical / Positive Economics. (remember to connect to the learning goals) We will then take notes and discuss Scarcity and Choice.

Scarcity and Choice

  • Scarcity necessitates choice; therefore trade-offs cannot be avoided.
  • Opportunity cost is the "next best" alternative.

Discussion - 'choosing is refusing'

Characteristics of Cost

  • all costs are costs to the decision-maker and are thus subject in nature: costs are TO someone.
  • only actions have costs; "things" have no cost independent of decisions about using them.
  • all costs lie in the future; the anticipation of future consequences shapes peoples decision.

To the decision-maker, the relevant value of something is its marginal value. Marginal is similar to additional or "a little or a little less". (costs and benefits)

E.g. a person's willingness to bear costs is situation-specific: the marginal value of a cup of water is very low to those who can quickly turn on the tap; its value is high to someone dying of thirst in a desert.

Prices reflect opportunity costs and help buyers make decisions.

  • costs and price are not the same, in economic terms
  • a rising price (or a high price) means that buyers bear higher opportunity costs; they must give up more to obtain something. All other things being equal, they will choose to buy less.
  • a failing price (or a low price) means that buyers bear lower opportunity costs; they must give up less of other things to obtain something. They will choose to buy more.
  • Law of Demand

Prices reflect opportunity costs for suppliers, too.

  • suppliers make choices, they could supply other things
  • as the opportunity cost of supplying things to others decrease, people are willing to supply more.
  • Law of Supply

Review the difference between cost and price. Students will then be download the reading Trade-Offs and Opportunity Costs. Students complete the reading and the questions either as individuals or as a small group. The entire class will discuss the reading and check the answers.


December 5th

To begin with the class will create the success criteria for the scarcity learning goal. Review scarcity and opportunity cost by answering the success criteria.Then the class will be introduced to how graphs help people understand the trends in economics using the reading (handout), Using Graphs to Understand Relationships. As the class is discussing this, we will also look at the skills needed to create a useful graph. Next together the class will then construct a checklist for the graphing application part of the rubric. The class will look at Small Group Discussions (REASONING WITH EVIDENCE: WHAT MADE YOU SAY THAT?) to reinforce the idea of opportunity cost and trade offs. For the last thirty minutes, students will have time to work on their Graphing Assessment. Students are reminded to think of and include a good title, a straight line, appropriate labels on the line, as well as labeling both the x and y axis correctly. Make sure that you proofread your writing and say what you would like to say.

December 6th

The class will start by finishing up the Small Group Discussions (REASONING WITH EVIDENCE: WHAT MADE YOU SAY THAT?) Students will then work on the document: Identifying Opportunity Cost. Here students will try and determine the decisions and why people make the decisions they make based on opportunity cost either in small groups or as individuals.