Unit 1: Basic Economics Concepts
Duration of Days: 17
Students will know how to analyze the concept of opportunity cost by evaluating how scarce resources force individuals and societies to make trade-offs
Students will know how the law of demand operates within a market economy, specifically how changes in price influence consumer behavior
Students will know the mathematical and practical differences between simple and compound interest,
Students will know the institutional mechanics of how banks work, including how financial intermediaries use deposits to issue loans
Students will know the operational mechanics of credit cards, including how revolving credit functions, how interest charges are avoided or accrued, and how to evaluate the impact of credit usage on personal financial health.
Analyze and annotate complex, SAT-style informational texts that outline historical and modern economic decisions, identifying text evidence to explain how individuals and societies calculate opportunity costs and navigate scarcity.
Deconstruct graphic data and market scenarios to map out the law of demand, translating real-world consumer behavior into demand schedules and graphs while practicing data interpretation skills critical for standardized testing.
Calculate and compare financial models using the formulas for simple and compound interest to visually and mathematically analyze how time, interest rates, and principal amounts affect debt and wealth accumulation.
Deconstruct a standard credit card disclosure agreement (Schumer Box) to identify the mechanics of revolving credit, calculating how interest charges, minimum payments, and grace periods function in real-world scenarios.
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Students will be given real-life market scenarios and must successfully graph the resulting changes
Students will take unit quizzes and demonstrate vocabulary/term mastery
Students will participate in a panel discussion centered on a real-life scenario
Participate in structured debates and cost-benefit analyses
Students will be provided with two opposing, rigorous texts regarding concepts from this unit, and must write an argument on their position as to why their belief is correct.