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Conceptual understandings in Unit One focus on Nine Economic Concepts (which are bolded below)

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Conceptual understandings in Unit One focus on Nine Economic Concepts (which are bolded below)

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Economics is a social science characterized by interdependence, which focuses on how people interact with each other to improve their economic well-being, influenced and enabled by their values and their natural surroundings.

The economic world is dynamic in nature and constantly subject to change.

Economic theories are based on logic and empirical data, using models to represent and analyze this complex reality. Individual and collective motivations and behaviors are complex and diverse, and their understanding entails the interaction of a variety of disciplines such as philosophy, politics, history, and psychology.

Economic decision-making impacts the relative economic well-being of individuals and societies.

The central problems of economics are scarcity and choice. This forces societies to face trade-offs, opportunity costs and the challenge of sustainability.

Debates exist in economics regarding the potential conflicts between economic growth and equity and between free markets and government intervention.

Endless economic growth, based on the consumption of finite resources, cannot continue indefinitely. New economic models and social movements have challenged mainstream opinion about the purpose of growth and how the economy could be redesigned to support long-term prosperity.

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This unit is made up of two lessons. We will spend approximately ten class hours on this unit.

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Module 1 focuses on what economics is, and how it relates to our world. There are four lessons. We will learn our first two graphs here: the PPC model, and the circular flow diagram.

Lesson 1 Economics as a social science

Lesson 2 The problem of choice

Lesson 3 The production possibilities curve (PPC) model

Lesson 4 Modeling the economy (Circular flow diagram)

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Module 2 - How do economists approach the world

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Module 2 - How do economists approach the world

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Module 2 focuses on how economists gather data, organize their thinking, and communicate their conclusions. It is made up of two lessons.

Lesson 1 Economic methodology

Lesson 2 History of economic thought