Micro05

Unit Title: Supply & Demand

Topics: scarcity, interdependence, free market, supply and demand

Summary: In this unit, students will experience a "scarcity" of materials in order to define this concept. They will explore the concept of interdependence among groups caused by scarcity and the need for a system to organize delivering goods and services. They will form small businesses in order to design and produce good and services. They will experience doing business in a "free market" and explain what this means.

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Stage 1:

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State: TEXAS Number: (7) Economics. The student understands the concept of an economic system.(A)define and identify examples of scarcity; (B)explain the impact of scarcity on the production, distribution, and consumption of goods and services; (C)explain the impact of scarcity on interdependence within and among communities; (D)explain the concept of a free market. 3.7A,B,C,D; 3.8B,C,D

Understandings:

Scarcity of vital goods can create both greater cooperation and greater conflict among communities and peoples

Price is not made up out of thin air or set by some power or otherwise fixed, but determined by supply and demand

Questions:

What does it cost and why? Is the price fair? (Is the question fair?)

Knowledge and Skills:

The student is expected to define and identify examples of scarcity. (TEKS 3.7A)

The student is expected to explain the impact of scarcity on the production, distribution, and consumption of goods and services. (TEKS 3.7B)

The student is expected to explain the impact of scarcity on interdependence within and among communities. (TEKS 3.7C)

The student is expected to explain the concept of a free market. (TEKS 3.7D)

The student is expected to use a problem-solving process to identufy a problem, gather information, list and consider options, consider advantages and disadvantages, choose...