Unit 1: Global Economics

What is the main difference between a need and a want?
What is the difference between a good and a service?
What are the 3 types of economic resources and an example
The basic economic problem and decision making process
What are the economic questions and systems?
The four principles on which the U.S economic system is based
How the price of a product affects supply and demand
How the market price for a product is determined
What causes inflation?

Compare and contrast needs and wants
Distinguish between goods and services
Describe the types of economic resources
Identify the basic economic problem and how to use the
decision making process
Identify the three economic questions
Differentiate among the main types of economic systems
Describe the economic system of the United States
Describe supply and demand orally and with graphs
Discuss how supply and demand affect the price of products and services
Explain causes of inflation and deflation

• Individual reading of text and articles

• Analyze videos

• Use of vocabulary terms during conversation

• Game based learning

• Mastery based assessments
• Simulations