Unit 1 - Fundamentals of Economics
Unit Description and Learning Goal:
Welcome to the inescapable world of economics!
In this introductory unit, you will examine the basic concepts of economics. You will develop an understanding of the economic problem as it relates to scarcity and choice. With unlimited wants but limited resources, individuals, as well as entire economic sectors, such as households, businesses, government and foreign markets must make choices about how to best allocate scarce economic resources.
You will examine basic economic concepts related to the relationship between the supply and demand of a product and how price affects these concepts. This relationship can be described using statistics, charts and graphs and you will learn to analyze and manipulate these economic tools.
You will describe the factors of production (i.e., labor,
capital, land, entrepreneurship), and will be able to analyze
the implications of the scarcity of these factors
for sustainable development.
You will learn about Economic thoughts.
UNIT 1: GOALS
- You will be able to examine the basic concepts of economics.
- You will develop an understanding of the economic problem as it relates to scarcity and choice.
- You will understand with unlimited wants but limited resources, individuals, as well as entire economic sectors, such as households, businesses, government and foreign markets must make choices about how to best allocate scarce economic resources.
Students to post their questions here.
- Please follow the Economics Report format discussed in class and attached with the assignment.