Economics:
Markets & Economic Systems
Standards in Focus:
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NVES 6--When individuals, regions, and nations specialize in what they can produce at the lowest cost and then trade with others, both production and consumption increase.
NVES 7--A market exists when buyers and sellers interact. This interaction determines market prices and thereby allocates scarce goods and services.
NVES 8--Prices send signals and provide incentives to buyers and sellers. When supply or demand changes, market prices adjust, affecting incentives.
NVES 9--Competition among sellers usually lowers costs and prices, and encourages producers to produce what consumers are willing and able to buy. Competition among buyers increases prices and allocates goods and services to those people who are willing and able to pay the most for them.
Level 5-Personal Exploration
LT 9:I can critically evaluate the efficacy of government interventions in market regulation, drawing upon real-world examples to assess the impact on market prices and overall outcomes. Furthermore, I can engage in a rigorous analysis of the statement "Competition benefits all participants in a market," employing multiple perspectives and empirical evidence to construct a nuanced critique of its validity.
P
Building a Book
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Create a children's book aimed at both teaching a concept from this unit. While your writing and/or analysis must be original in nature, you may use images you find used on the web or AI generate images. Any image you did not create or take from a clip/image library, must have a photo credit.
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Rubric
Level 4-Create and Design It
N
Demand Intro
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Exploit it or protect it: Explore aspects of the United States Economy.
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What is the biggest sector in danger of a bubble forming and/or bursting?
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If you found a bubble how could you exploit it as an investor or how could you protect yourself against its burst if you are a producer?
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Create a series of podcasts, blog posts, videos etc. to make either fellow investors, producers, and/or policy makers aware of the coming potential calamity?
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Rubric (will be flexible in conference with what you want to create to meet your goal)
Level 3-Compare & Contrast It!
LT 7: I can devise a plan leveraging specialization and trade to enhance production and consumption in a developing nation.
LT 8: I can analyze market dynamics and infer shifts in the allocation of goods and services, drawing conclusions on their impact on economic development.
K
Diagnose an Economy (Trade)
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Diagnose an Economy
L
Diagnose an Economy (Markets)
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Diagnose a Market
M
Assessment
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Level 3 Assessment
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80% is considered passing.
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Teacher check when done
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Earn Badge & Move to N!
Level 2-Apply It!
LT 4: I can create simple graph(s) illustrating the relationship between specialization, trade, and production/consumption; and the relationship(s) between supply and demand.
LT 5: I can compare the benefits of specialization and trade with the drawbacks of self-sufficiency in an economy.
LT 6: I can compare the roles of buyers and sellers in a market.
J
Level 2 Quiz
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Level 2 Quiz
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80% is considered passing.
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Teacher check when done
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Earn Badge & Move to K!
Level 1-Do You Remember?
LT 1: I can explain the concept of specialization and trade, including how individuals, regions, and nations specialize in producing goods at the lowest cost and engage in trade with others.
LT 2: I can identify the primary purpose of markets in an economy, including how markets facilitate the exchange of goods and services among buyers and sellers.
LT 3: I can define what determines market prices and explain the basic role of prices in sending signals to both buyers and sellers. I can also understand some basic adjustments in market prices in response to changes in supply or demand.
D
Price Ceilings and Floors
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Conference w/Rimmey
E
Level 1 Quiz
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Level 1 Quiz
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80% is considered passing.
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Teacher check when done
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Earn Badge & Move to F!
