and governments to achieve broad goals I can describe the Free enterprise (e.g., security, growth, freedom, efficiency, relationship between equity). a country’s production explain how governments with limited possibilities and its budgets consider revenues, costs available resources and opportunity when planning and technology expenditures (3.1.2) Days Unit/Topic Standards Activities Learning Targets (“I Vocabulary Can” Statements) Days Supply & SS-HS-3.3.1 ACT Bellringers I can explain the law Demand Student News Law of demand Students will explain and give examples of of demand 11-20 Demand Factors Substitution effect how numerous factors influence the supply Handout Income effect and demand of products (e.g., I can describe the Supply & Demand schedule cost of inputs, number of sellers: substitution and Demand Demand curve demand—income, utility, price of similar income effects Schedules Ceteris paribus products, consumers' preferences). DOK 2 Key Terms Normal good I can Construct a Chapter Inferior good SS-HS-3.3.2 demand curve using Assessment Complement Students will describe how specific financial Magazine given information Substitute Covers Elasticity of demand and non-financial incentives often influence Handout of Inelastic individuals differently (e.g., discounts, sales I can identify the factors affective Elastic promotions, trends, personal convictions). various demand supply/demand Unitary elastic determinants Exit Slips Total revenue SS-HS-3.3.3 Supply Students will explain how the level of I can describe the Law of supply competition in a market is largely determined effect that the Supply schedule by the number of buyers and sellers. demand Supply curve determinants have Elasticity of supply Marginal product of SS-HS-3.4.1 on a demand curve. labor Students will analyze the changing Fixed cost relationships among business, labor and I can explain the law Variable cost government (e.g., tariff policy, price controls, of supply Total cost subsidies, tax incentives) and how each has Marginal cost affected production, distribution and I can explain how Subsidy consumption in the United States or the firms decide to hire Excise tax world. DOK 3 labor, address costs, Regulation
and governments to achieve broad goals (e.g., security, growth, freedom, efficiency, equity). explain how governments with limited budgets consider revenues, costs and opportunity when planning expenditures (3.1.2) I can describe the relationship between a country’s production possibilities and its available resources and technology Free enterprise Days Unit/Topic Standards Activities Learning Targets (“I Can” Statements) Vocabulary Days 11-20 Supply & Demand SS-HS-3.3.1 Students will explain and give examples of how numerous factors influence the supply and demand of products (e.g., cost of inputs, number of sellers: demand—income, utility, price of similar products, consumers' preferences). DOK 2 SS-HS-3.3.2 Students will describe how specific financial and non-financial incentives often influence individuals differently (e.g., discounts, sales promotions, trends, personal convictions). SS-HS-3.3.3 Students will explain how the level of competition in a market is largely determined by the number of buyers and sellers. SS-HS-3.4.1 Students will analyze the changing relationships among business, labor and government (e.g., tariff policy, price controls, subsidies, tax incentives) and how each has affected production, distribution and consumption in the United States or the world. DOK 3 ACT Bellringers Student News Factors Handout Supply & Demand Schedules Key Terms Chapter Assessment Magazine Covers Handout of factors affective supply/demand Exit Slips I can explain the law of demand I can describe the substitution and income effects I can Construct a demand curve using given information I can identify the various demand determinants I can describe the effect that the demand determinants have on a demand curve. I can explain the law of supply I can explain how firms decide to hire labor, address costs, Demand Law of demand Substitution effect Income effect Demand schedule Demand curve Ceteris paribus Normal good Inferior good Complement Substitute Elasticity of demand Inelastic Elastic Unitary elastic Total revenue Supply Law of supply Supply schedule Supply curve Elasticity of supply Marginal product of labor Fixed cost Variable cost Total cost Marginal cost Subsidy Excise tax Regulation
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