CE.E.1.1.1-1.2


 * ===**Essential Standard(s)- Clarifying Objectives**===

===‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍**Learning Target/Task Analysis**===
 * Understand economies, markets and the role economic factors play in making economic decisions.**
 * CE.E.1.1** Compare how individuals and governments utilize scarce resources (human, natural and capital) in traditional, command, market and mixed economies.
 * CE.E.1.2** Analyze a market economy in terms of economic characteristics, the roles they play in decision-making and the importance of each role (e.g., private property, free enterprise, circular flow, competition and profit motive, and allocation of resources via the price system).
 * CE.E.1.3 ** Explain how supply and demand determine equilibrium price and quantity produced (e.g., any market example –apples, tires, etc.).
 * CE.E.1.4 ** Analyze the ways in which incentives and profits influence what is produced and distributed in a market system (e.g., supply, demand, What to Produce?, How to Produce It?, How Much to Produce?, For Whom To Produce It?, free enterprise, etc.).
 * CE.E.1.5 ** Compare how various market structures affect decisions made in a market economy (e.g., monopoly, oligopoly, monopolistic competition, pure competition, etc.).
 * CE.E.1.6 ** Compare national, state and local economic activity (e.g., resources, wages, production, employment, etc.). || ===‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍**Anchor Standard/Mathematical Practice(s)**=== ||
 * ===‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍**Information Technology Standard**=== || ===‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍**Revised Bloom's Level of thinking**=== ||

‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍**I can...**

 * I can compare how individuals and governments utilize scarce resources. (CE.E.1.1)
 * I can analyze a market economy in terms of economic characteristics, the roles they play in decision-making and the importance of each role. (CE.E.1.2)
 * I can explain how supply and demand determine equilibrium price and quantity produced. (CE.E.1.3)
 * I can analyze the ways in which incentives and profits influence what is produced and distributed in a market system. (CE.E.1.4)
 * I can compare how various market structures affect decisions made in a market economy. (CE.E.1.5)
 * I can compare national, state, and local economic activity. (CE.E.1.6)

===‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍**Essential Vocabulary**===

===‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍**Sample Assessments**=== ===‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍**Differentiation**===
 * Generate lists of resources needed to make certain products; classify the items listed as land, labor, capital, and entrepreneurial skills.
 * Have students create “factors of production” posters.
 * Predict the affect of scarcity on a product (such as crude oil, hogs or soybeans). Observe the product for one week on the commodities market. Evaluate prediction based on the data.
 * Using a circular flow diagram, trace the flow of the economy from a consumer’s perspective.
 * Develop a circular flow model of a product encompassing all aspects of the circular flow system.
 * Construct a supply and demand curve from a supply and demand schedule on a product such as a sweatshirt. Have the students reflect on how prices will changebecause

‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍**Intervention:**

 * Matching game in groups with the factors of production.
 * Scenario grouping: groups given scenarios to determine effect on supply, demand, and price.

‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍**Enrichment:**

 * Have students get into groups of four and design a cereal box targeted for early elementary children (kindergarten-2nd) and have a class choose which cereal box they like the best. This helps teach demand.

===‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍**Instructional Resources**===
 * Supply and Demand []
 * Factors of Production []
 * Comparing Economic Systems []
 * 6-12 Economic Resources []
 * Economic Resources for K-12 Teachers  []
 * Supply and Demand Curves Explained []

===‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍‍**Notes and Additional Information**===