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What Is Economics? Chapter 1 Section 1  Chapter 1 SECTION 1 Scarcity and the Factors of Production Essential Questions What Is ECONOMIC DICTIONARY NGSSS Guiding Question Chapter 1 UNIT 1: As you read the section, look for the How does scarcity Economics? LA.1112.1.6 Use multiple strategies to develop definitions of these Key Terms: How does economics affect everyone? vocabulary. force people to make • need • labor SS.912.E.1.1 Identify factors of production and economic choices? • want • capital CHAPTER 1: their necessity to making goods and services. Copy this cause-and-effect chart and fill • goods • physical capital How can we make the best economic choices? SS.912.E.2 Understand the concepts relevant to it in as you read. Essential Question, Chapter 1 the national economy. • services • human capital • scarcity Needs and Wants Resources SS.912.E.2.3 Research the contributions of A. Definition: A. Definition: key individuals of various backgrounds in the • economics How can we make the best B. Unlimited B. development of the U.S. • shortage C. Examples: C. Examples: Introduce the Chapter economic choices? • entrepreneur • factors of ACTIVATE PRIOR KNOWLEDGE production Necessity of Making Choices • land In this chapter students will learn how individuals, businesses, and governments make economic choices. Tell students to complete the warmup W Economics and You There are so many ways you could spend activity in the Essential Questions Journal. your money. You really want that new video game. You also want to attend an upcoming concert. At the same time, you need to pay your car insurance. With limited funds, you can’t have it all. How will you choose? DIFFerentiated Instruction KEY What’s true for you is also true for your neighbors, your school, the gas station on the corner, a major television network, and the U.S. Congress. L1 Special Needs Economics is the study of how individuals, businesses, and governments L2 Basic make choices when faced with a limited supply of resources. Principles in Action Scarcity forces us all to make choices by making us ELL English Language Learners need something decide which options are most important to us. In this section, you will essential for survival LPR Less Proficient Readers examine the problem of scarcity as it relates to such varied resources as water and the ingredients needed to make a plate of French fries. L3 All Students want something that people desire but that L4 Advanced Students is not necessary for Scarcity and Choice survival The study of economics begins with the fact that people cannot have everything they need and want. A need is something essential for survival such as food or medical care. A want is something that we desire but that goods the physical online Visit www.PearsonSchool.com/PHecon is not necessary for survival, such as video games or stylish haircuts. objects that someone produces for an interactive textbook with built-in activities on People satisfy their needs and wants with goods and services. Goods are physical objects that someone produces, such as food, clothing, or video economic principles. services the actions or games. Services are actions or activities that one person performs for activities that one person • The Wall Street Journal Classroom Edition another. Medical care and haircuts are services. performs for another Video presents a current topic related to making economic decisions. Next Generation Sunshine State Standards • Yearly Update Worksheet provides an annual Section 1: Scarcity and the Factors of Production update, including a new worksheet and lesson on LA.1112.1.6, SS.912.E.1.1, SS.912.E.2, SS.912.E.2.3 on the go online online online this topic. Section 2: Opportunity Cost Go to the Visual Glossary Go to Action Graph Online Go to How the Economy Works • On the Go resources can be downloaded so LA.1112.1.6, SS.912.E.1.1, SS.912.E.1.7, SS.912.E.3.6 To study anywhere, anytime, download these Online for an interactive review for animated versions of key Online for an interactive lesson online resources at PearsonSchool.com/PHecon of opportunity cost. charts and graphs. on the role of the entrepreneur. students and teachers can connect with economics Section 3: Production Possibilities Curves LA.1112.1.6, MA.912.A.2, SS.912.E.1.2, SS.912.E.2.3 anytime, anywhere. 2 WHAT IS ECONOMICS? CHAPTER 1 SECTION 1 3 NGSSS ECON13_SE_FL_CH01_CO.indd 2 3/1/11 2:49:39 PM ECON13_SE_FL_CH01_S01.indd 3 3/1/11 7:28:29 AM Block Scheduling Pressed for Time Next Generation Sunshine State Standards BlocK 1 Teach lessons for Sections 1 Visual resources Use How the and 2, briefly introducing the Section 2 Economy Works, the Visual Glossary, Section 1: LA.1112.1.6, SS.912.E.1.1, SS.912.E.2, material on trade-offs and focusing on and the Action Graphs Online to help SS.912.E.2.3 opportunity cost. students master the main concepts Section 2: LA.1112.1.6, SS.912.E.1.1, SS.912.E.1.7, from the chapter: factors of production, SS.912.E.3.6 BlocK 2 Teach the Section 3 lesson, omitting the Extend activity. opportunity cost, and production Section 3: LA.1112.1.6, MA.912.A.2, SS.912.E.1.2, possibilities curves. SS.912.E.2.3 2 Unit 1 ECON13_TE_FL_CH01_S01.indd 2 3/8/11 10:55:13 PM Chapter 1 • Section 1 SECTION 1 Scarcity and the Factors of Production What Is Guiding Question ECONOMIC DICTIONARY NGSSS Guiding Question Chapter 1 As you read the section, look for the How does scarcity Economics? LA.1112.1.6 Use multiple strategies to develop definitions of these Key Terms: How does scarcity force people vocabulary. force people to make • need • labor SS.912.E.1.1 Identify factors of production and economic choices? • want • capital to make economic choices? their necessity to making goods and services. Copy this cause-and-effect chart and fill • goods • physical capital SS.912.E.2 Understand the concepts relevant to it in as you read. Essential Question, Chapter 1 the national economy. • services • human capital • scarcity Needs and Wants Resources Get Started SS.912.E.2.3 Research the contributions of A. Definition: A. Definition: key individuals of various backgrounds in the • economics How can we make the best B. Unlimited B. development of the U.S. • shortage Needs and Wants Resources C. Examples: C. Examples: economic choices? • entrepreneur A. A need is A. Goods are • factors of something essential physical objects production Necessity of Making Choices for survival; a want is someone produces; • land something desired services are actions but not essential. one person performs B. Unlimited for another. W Economics and You There are so many ways you could spend C. Example of a B. Limited your money. You really want that new video game. You also want to need: medical care; C. Examples: land, attend an upcoming concert. At the same time, you need to pay your car example of a labor, and capital insurance. With limited funds, you can’t have it all. How will you choose? want: video games (physical and human) What’s true for you is also true for your neighbors, your school, the gas station on the corner, a major television network, and the U.S. Congress. Economics is the study of how individuals, businesses, and governments make choices when faced with a limited supply of resources. Principles in Action Scarcity forces us all to make choices by making us Necessity of Making Choices need something decide which options are most important to us. In this section, you will essential for survival examine the problem of scarcity as it relates to such varied resources as water and the ingredients needed to make a plate of French fries. LESSON GOALS want something that people desire but that Students will: is not necessary for Scarcity and Choice survival • Know the Key Terms. The study of economics begins with the fact that people cannot have everything they need and want. A need is something essential for survival • Characterize a good or service as a need, a want, such as food or medical care. A want is something that we desire but that goods the physical or both. is not necessary for survival, such as video games or stylish haircuts. objects that someone produces • Describe the characteristics of a successful People satisfy their needs and wants with goods and services. Goods are physical objects that someone produces, such as food, clothing, or video entrepreneur. services the actions or games. Services are actions or activities that one person performs for activities that one person • Identify the factors of production needed by a another. Medical care and haircuts are services. performs for another business. • Evaluate the impact of scarce resources. Next Generation Sunshine State Standards BEFORE CLASS Section 1: Scarcity and the Factors of Production LA.1112.1.6, SS.912.E.1.1, SS.912.E.2, SS.912.E.2.3 on the go online online online Have students complete the graphic organizer as Section 2: Opportunity Cost Go to the Visual Glossary Go to Action Graph Online Go to How the Economy Works they read. As an alternate activity, have students LA.1112.1.6, SS.912.E.1.1, SS.912.E.1.7, SS.912.E.3.6 To study anywhere, anytime, download these Online for an interactive review for animated versions of key Online for an interactive lesson complete the Guided Reading and Review online resources at PearsonSchool.com/PHecon Section 3: Production Possibilities Curves of opportunity cost.
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