Grade 12

Economics

Week 1 March 30-April 3

Social Studies Objectives: Students will be able to: 

• Explain scarcity and opportunity cost
• Apply the concepts of scarcity and opportunity cost to the world around them by describing their real-life experiences with the two concepts

Lessons

Lesson 1: Complete both IXL activities to learn the basics of the concepts at the core of all economic topics OR one of the Newsela articles and complete the quiz.

Lesson 2: Choose two videos to watch

Lesson 3: Choose one of the current events articles and respond to the questions.

Lesson 4: Respond to the questions in the assessment section.

IXL

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E.2 Cost and Benefit  
E.3 Opportunity Cost  

Newsela

From pumpkin spice to eggnog, seasonal food lovers gotta have it

What is really scarce in a water drought?

Enrichment Activities

• Survey your friends and family about whether they have experienced any scarcity this past week.  What items did they want that were scarce?  How did they deal with the scarcity (did they purchase a substitute good? Record their responses in complete sentences.  After completing this survey, assess how scarcity has impacted those in your social circle and make a prediction as to whether these types of scarcity will continue over the next four weeks.
• Explain the concept of opportunity cost to three people.  Ask them to describe their own opportunity costs over the last few days and record their responses.  Determine whether you think understanding opportunity cost helps us make decisions.

Videos

Scarcity
Scarcity and Opportunity Cost
Opportunity Cost and Cost/Benefit

Current Events

Why are there toilet paper shortages around the world?

Airlines are doing away with middle seats and beverage service

• Summarize the article in your own words.
• What are your thoughts on the article?
• Identify ways the author tries to bias the reader (word choice, single sided reporting, appealing to emotions, etc.)

Assessments

• List five decisions you have had to make in the last week.  Explain why you chose what you chose and what your opportunity cost was.
• Describe how the idea of scarcity impacts consumer behavior.
• Describe a time in the last few weeks where you have experienced scarcity of a traditionally available commodity (try to use an example other than toilet paper).  How did this scarcity impact you?

Vocabulary

Scarcity- the state of being scarce or in short supply; shortage.

Opportunity Cost- the loss of potential gain from other alternatives when one alternative is chosen.