Section 1:  Basics of Economics
Objectives: Students will be able to -
1. Define economics and describe why individuals must make choices.
2. Compare the concepts of scarcity and shortage.
3. Identify land, labor & capital as the three factors of production.
4. Explain the role of entrepreneurs.

Lesson 1-1: Introduction to Basic Economics

Lesson 2-1: Scarcity
HW-1
Need, Want, Economics,  Goods, Services, Scarcity, Shortage, 
1.  What is the difference between a Good and a Service?
2. Why is the idea of Scarcity a starting point for thinking economically?
3. How is Scarcity different from Shortages? 
4. Why might an economist look at hundreds of cars moving along an assembly line and say, “there is an example of scarcity.”

Lesson 3-1: Factors of Production
HW-2 
Factors of Production: (Land, Labor, Capital), Entrepreneur
1. What role do Entrepreneurs play in the economy?

Section 2 : Economic Choice
Objectives: Students will be able to –
1. Describe why every economic choice involves trade-offs.
2. Identify the trade-offs and opportunity of an economic choice.
3. Explain how people make decisions by thinking at the margin.

Lesson 1-2: Economic Choice
HW-3
Trade-off, Guns or butter, Opportunity Cost, Thinking at the margin, Efficiency
1. Present three examples that illustrate how all decision involve Trade-offs.
- Example: What shall I do after school? 
2. Why must the Opportunity cost of a decision always be something desirable?
3. Which factors would an employer consider if he or she were trying to decide whether to hire an additional worker?

Section 3 : Defining Economic systems
Objectives: Students will be able to –
1. Identify the three key economic questions of: 
 - What will you produce?
 - How will you produce it?
 - Who will consume what is produced?
2. Summarize the basic economic goals societies share.
3. Compare and contrast the four economic systems.

Lesson 1-3: Economic Systems
HW-4
Economic system, Traditional economy, Command economy, Free Market economy, Mixed economy
1. How do a Traditional economy, a Market economy, a Centrally planned economy, Free market economy, and a Mixed economy differ?
2. List Influences on the formation of Economic Systems

Lesson 2-3: Free Enterprise
HW-5
Free enterprise, Standard of living, Safety net
1. Why aren’t all people paid the same amount in Factor payments for the resources they provide?  Provide your own example of two unequal factor payments?
2. Why do governments provide Safety nets for their citizens?

Test: Secion 1 – 3

Section 4 : Market Economy
Objectives: Students will be able to –
1. Explain why markets exist
2. Analyze the free market economy
3. Understand the self-regulating nature of the marketplace
4. Identify the advantages of a free market economy

Lesson 1-4: Self Interest
HW-6
Market, Incentive, Self interest, Profit, Competition, Consumer Soverignty, Free Market
1. How does competition among firms benefit the consumer?
2. What is the connection between incentives and consumer soverignty in the free market?

Lesson 2-4: Voluntary Exchange
HW-7
Voluntary exchange, Friendly competition, Specialization
1. How does specialization make us more effficient?
2. When is a purchase or an exchange is not voluntary?

Lesson 3-4: International Trade

Section 5 : Command Economy
Objectives: Students will be able to -
1. Describe how a centrally planned economy is organized.
2. Analyze the centrally planned economy of the former Soviet Union
3. Identify the problems of a centrally planned economy.

Lesson 1-5: Command Economy
HW-8
Socialism, Communism, Authoritarian
1. How do socialism and communism differ?
2. Why did Soviet collectives offer little incentives to farmers?
3. In the Soviet Union, what was the opportunity cost of the emphasis on heavy industry?

Section 6: Modern Economies
Objectives: Students will be able to –
1. Explain the rise of mixed economic systems
2. Compare the mixed economies of various nations.
3. Explain the transition from centrally planned economies to market economies

Lesson 1-6: Mixed Economy
HW-9 
Laissez Faire, Transition, Privatize, Free enterprise
1. Why have some nations begun a transition to free enterprise?
2. Why are nations with centrally planned economies sometimes slow to succeed when they privatize industry?
3.  What benefits would a citizen of a centrally planned economy receive with a move toward a market based system.

Test: Chap 4 - 6

Section 7: American Free Enterprise
Objectives: Students will be able to –
1. List examples of how the government creates policies to serve public interest
2. Describe how government regulations to protect public health, safety, and the environment.
3. Describe how the government fights poverty and redistributes income
4. Explain how the government tracks and seeks to influence the business cycle.
5. Explain why and how the government encourages innovation

Lesson 1 – 7: Free Enterprise
HW-10
Public interest, Public policy, Public good, Interest group, Poverty Threshold, Public sector, Private sector, Free Rider
1. Identify four features of American free enterprise.
2. Give three examples of Public policy issues that affect American’s well-being.
3. How do Public disclosure laws help give consumers economic freedom?
4. How does Welfare attempt to raise poor people’s standard of living?
5. An old adage states, “Give a person a fish, feed him for a day; Teach a person how to fish, feed him for a lifetime.”  do any of the government programs in this section reflect this saying?   Explain you answer.

Lesson 2 – 7: Government Regulations
Video: Scaring Ourselves to death.

Lesson 3 – 7: GDP and the Business Cycle
- GDP & Busines cycle worksheet
- Innovation

Section 8: Local Economic conditions
Objectives: Students will be able to –
1. Identify the economic resources available in the Pikes Peak region
2. Understand how the various cities and rural areas are interdependent
3. Identify the major sources of income and employment in Teller County.
4. Describe how local government influences private business through licensing, zoning, and regulation.

Lesson 1 – 8: Pikes Peak Region Economics
HW-11
Resources, Consumer, Supply, Demand, Marketing
1. Identify the major sources of revenue available to the Pikes Peak economic region.
2. Identify the cultural influences found in the Pikes Peak economic region.
3. Identify the energy resources found in the pikes peak economic region.
4. Describe the various governmental bodies which influence the Pikes Peak economic region.
5. How does the scarcity of water effect the Pikes Peak economic region

Lesson 2 - 8: Guest Speaker 

Test: Chap 7 – 8

Section 9:  Economic Development
Objectives: Students will be able to –
1. Understand what is meant by developing and developed nations
2. Describe the characteristics of developing and developed nations
3. Understand how resource distribution and physical capital GDP influence development.
4. Analyze how political factors and debt are obstacles to development.

Lesson 1-9: Levels of development
HW-12
Developed nation, Less Developed nation, Subsistence farming, Industrialization
1.  Why are developed nations often referred to as industrialized nations?

Lesson 2-9: Effects of Natural Resources and Production.
HW-13
Per Capita Gross Domestic Product, Literacy Rate, Infrastructure, Population growth rate
1. Why is Per Capita GDP a better measure of development than GDP?
2. List and describe three characteristics of developed nations and three characteristics of developing nations.

Lesson 3-9. Influences of Government
HW-14
Arable land, Malnutrition
1. How does malnutrition affect human capital?
2. The USA has a population of approximately 303 million and a population growth rate of 0.8%.  By how many people do you expect the nation’s population to increase next year.

Section 10:  International Trade
Objectives: Students will be able to –
1. Explain how resource distribution affects trade.
2. Identify the major imports, exports and trading partners of the United States.
3. Describe the effects of trade on employment.
4. Explain the effects of trade barriers.

Lesson 1-10:  Comparative advantage in resources and Trade
HW-15
Absolute Advantage, Law of Comparative Advantage
1. Susan grows coffee in a North Dakota green house under sunlamps.  Growing coffee this way takes a lot of effort and money.  She also grows sunflowers, which are easy to grow in the dry climate in which she lives.  In which crop does she have a comparative advantage?  Explain why.

Lesson 2-10:  Effects of Trade of manufacturing and employment
HW-16
Export, Import
1.Why is a nation with abundant rresources better off trading than being self-sufficient?
2. Specialization and trade can result in shifting employment patters.
   (a) What possibilities are available to people who lose their jobs due to changes in employment patterns.
   (b) What are the advantages and disadvantages of each possibility.

Lesson 3-10:  Trade Barriers
HW-17
Voluntary export restraint, Trade Barrier, Import Quota, Tariff, Protectionism, NAFTA
1. Explain the effects of trade barriers on manufacturers, workers, and consumers.
2. Describe the three arguments in favor of protectionism. 

Test: Sections 9 - 10

Section 11:  Classifying Economic Regions
Objectives: Students will be able to –
1. Explain how the following natural factors influence the development of an economic region.
  (a) Topography   (b) Climate   (c) Natural Resources   (d) Water
2.  Analyze the Cultural influences on the development of an economic region.
3.  Describe how a region’s acceptance of technology  influences economic development.
4.  Describe how economic freedom and government regulations define the development of an economic region.

Lesson 1-11: What is an economic region?

Lesson 2-11:  Natural influences on economic development
HW-18
Topography, Climate, Natural resources
1,  What are the four natural influences on the development of an economic region 

Lesson 3-11: Influences of Culture and Technology.
HW-19
Culture, Technology
1, Explain how culture helps define an economic region
2, Explain how education and technology help determine the economic growth of an economic region?

Lesson 4-11. Influences of economic freedom and government regulations
HW-20
1, How does increased economic freedom work toward a greater standard of living?

Quiz: Sections 11