Island Economy Assignment

Economics » Scarcity - Basic Concepts of Economics


Scarcity - Basic Concepts of Economics
Chapter 1- Scarcity

Chapter 1 encompasses the problem of scarcity.  Students will study and demonstrate knowledge of dealing with the problem of scarcity in learning about the following concepts;

Scarcity, Needs & Wants, Factors of Production, Consumers & Producers, Opportunity Cost, Production Possibilities Frontier.

The Story of Stuff - Watch this video in prep for conducting the the activity on Changing Behaviors.




    The Scarcity Shortage (doc file - 31 KB)
    An article on how scarcity is no longer the number one question in Economics.
    I am A Pencil (pdf file - 61 KB)
    9/28/09 - To learn the concept of the factors of production students will complete the 2 worksheets at the end (p. 17-18) to describe the resources being used in producing a pencil (reading p. 15-16)..
    Factors of Production Notes (ppt file - 60 KB)
    9/28/09 - Notes introduce the factors of production and may be used to assist in completing the "I am a Pencil" worksheets.
    College PACED Guide (pdf file - 53 KB)
    Students are to complete this chart to answer the "problem" Where am I going to college? Fill in the top of each column with the following: Cost, Location, Offerings, College Campus Environment. Down the left side list 3-4 colleges you are interested in going to (ex.Cortland, North Carolina, Harvard, Plattsburgh) Use the open space in the chart to list characteristics under each criteria.
    Applying Comparative Advantage (doc file - 1.55 MB)
    Where it says "Answer" you may type your answer directly into this area. Then you may save the file to your folder adn either email it to me or print it to hand it in.

    "pdf file: You need Adobe Acrobat Reader (version 5 or higher) to view this file. Download the free Adobe Acrobat Reader for PC or Macintosh."
    "PPT file: You need Microsoft PowerPoint to view this file. Download a free PowerPoint viewer for PC or Macintosh.
    "doc file: You need the Microsoft Word program, a free Microsoft Word viewer, or a program that can import Word files in order to view this file. To learn more about the free Microsoft Word Viewer, visit the Microsoft Word website."
    "docx file: You need the Microsoft Word program, a free Microsoft Word viewer, or a program that can import Word files in order to view this file. To learn more about the free Microsoft Word Viewer, visit the Microsoft Office Viewer for Word 2007 File Format."


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    Article fro Bag of Tricks activity.
    »Dieting? Put Your Money Where Your Fat Is
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    »Video Lectures
    Instead of reading the text, you can do your outlines on these videos. They are also great review for the tests.

Objectives

· Analyze the advantages and disadvantages of different systems in the process of designing an ideal economy.

· Engage in problem-solving activities with others that focus on questions that are central to the organization of the ideal economy.

Materials

Time

Three to four class periods

Evaluation

Group record sheets can be turned in and group presentations can be evaluated.

For a more individual evaluation, students can respond to the questions on the handout, "Evaluation of Your Island Economy." This can be used as a test or assessment covering basic economic concepts, including many from Lesson 1 and 2.

Vocabulary

natural resources land, labor and capital socio-economic goals

trade-offs opportunity costs scarcity

Suggested Procedure

1) Divide students into groups of four.

2) Read the Island scenario to the whole class. Have students select roles in their groups.

3) Have each group discuss the questions on the handout Setting up Your Island Economy and record their answers.

4) Then have each group draw one (or more) of the Problem Solving cards from a hat and work out a solution.

5) Ask each group to record their decisions and report back to the whole class how they set up their economy, what their issue was, and how they proposed to deal with it. Use this as a time to facilitate whole class discussion on the questions.

6) Have students prepare for and then individually perform the "Evaluation of Your Island Economy."

 

 

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