Unit 1: Basic Economic Concepts

Can include, but is not limited to:
The economic perspective: scarcity and choice, rational behavior, marginalism, benefits and costs
Macroeconomics vs. microeconomics
Employment and efficiency
Production possibilities
Law of increasing opportunity costs
Characteristics of the market system
The invisible hand
Circular Flow

Can include, but is not limited to:
In this first unit, we will be introduced to the fundamental economic concepts such as scarcity and opportunity costs. We will study comparative advantage to determine the basis on which mutually advantageous trade can take place between countries. Other basic concepts that are explored include the functions performed by an economic system and the way the tools of supply and demand can be used to analyze a market economy.

Students will complete several quizzes and an objective test at the end of the unit.