Unit 2: Concepts of Microeconomics
Duration of Days: 17
Students will be able to explain how scarcity forces individuals and societies to make trade-offs
Students will be able to identify and explain the laws of supply and demand
Students will be able to use the concept of elasticity to determine how sensitive consumers and producers are to changes in price
Students will be able to understand the costs of production
Students will be able to identify the causes and consequences of inflation
Students will be able to identify pros and cons of union membership and collective bargaining
Evaluate whether the benefit of an additional choice outweighs its cost.
Predict how shifts in consumer preferences, resource costs, or market conditions alter equilibrium price and quantity.
Explain how businesses determine the most profitable level of output.
Analyze how a rising price level impacts consumer purchasing power, real wages, and savers.
Evaluate how union membership and collective bargaining influence labor market dynamics
Students will be given real-life individual & market scenarios and must successfully graph initial data and 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 student panel 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.