Unit Name: Intro to Economics

Subject/Topic Area(s): Economics

Grade Level: 12
Time Frame: 2 weeks

Class Description/Developmental Needs of Students:

30 Students, all seniors. 26 Caucasian, 3 Asian American, 1 African American.
1 Student with minor autism and requires more time for assignments. She also has trouble reading body
language so it is important to be very direct and clear when speaking to her. 1 Student with anxiety, must be
allowed extra time for tests and assignments if necessary.
There are two English learners in this class. One is a foreign exchange student from Switzerland who speaks
English, but it is his third language in terms of fluency. He understands English very well, but needs to be
spoken to slowly. His writing is also perfectly readable, just has the occasional grammar or mistranslation. He is
very close to being fluent once he grasps the finer details of conversational English. He tends to speak formally
because thats the way he was taught.
The other is a transfer from Venezuela who arrived in the United States three years ago. Her mother is
American, so despite her Spanish upbringing she has been speaking English her entire life. While she speaks at
a very high level she reads and writes several grade levels below the senior level. She struggles to spell and her
spelling mistakes are often a distraction in her writing. Also while she can read English it takes her more time
and often gives her headaches.

STAGE ONE: DESIRED RESULTS

ESTABLISHED GOALS (State and/or National Content Standard (s)):
Common Core Standards
Key Ideas and Details:
CCSS.ELA-LITERACY.RH.11-12.1
Cite specific textual evidence to support analysis of primary and secondary sources, connecting insights gained
from specific details to an understanding of the text as a whole.
CCSS.ELA-LITERACY.RH.11-12.2
Determine the central ideas or information of a primary or secondary source; provide an accurate summary that
makes clear the relationships among the key details and ideas.
CCSS.ELA-LITERACY.RH.11-12.3
Evaluate various explanations for actions or events and determine which explanation best accords with textual
evidence, acknowledging where the text leaves matters uncertain.
1

Craft and Structure:

CCSS.ELA-LITERACY.RH.11-12.4
Determine the meaning of words and phrases as they are used in a text, including analyzing how an author uses
and refines the meaning of a key term over the course of a text.

Range of Reading and Level of Text Complexity:

CCSS.ELA-LITERACY.RH.11-12.10
By the end of grade 12, read and comprehend history/social studies texts in the grades 11-CCR text complexity
band independently and proficiently.
California Standards Grade 12
Principles of Economics
12.1 Students understand common economic terms and concepts and economic reasoning.
1. Examine the causal relationship between scarcity and the need for choices.
2. Explain opportunity cost and marginal benefit and marginal cost.
3. Identify the difference between monetary and nonmonetary incentives and how changes in incentives cause
changes in behavior.
4. Evaluate the role of private property as an incentive in conserving and improving scarce resources, including
renewable and nonrenewable natural resources.
5. Analyze the role of a market economy in establishing and preserving political and personal liberty (e.g.,
through the works of Adam Smith).

UNDERSTANDINGS: U
Students will develop a basic understanding of
the various economics systems and how they
function.
Students will learn basic economic vocabulary
like scarcity, Trade-offs, opportunity cost and
others that set the foundation of the economic
education moving forward.
Students will learn about incentives and how
they drive an economy.
Students will understand both negative and
positive externalities and how they affect the
decisions we make.

ESSENTIAL QUESTIONS: Q
What drives the decisions you make every
day?
What is the difference between the things
you want and the things you need?
How much does something truly cost?
How do incentives effect you wants and
needs?

KNOWLEDGE: K

SKILLS: S
2

Students will have a working knowledge of all

economic systems.
Students will know how tradeoffs affect the
decisions we make every day.
Students will understand that cost doesnt
mean the price, but rather that every choice we
make has a broader cost: opportunity cost.
Students will understand how our everyday
choices (and therefor the economy) are driven
by incentives.
Students will understand that the choices we
make that might benefit them could have a
negative effect on those around them:
externalities.

Students will be able to read economic

articles and summarize findings.
Students will be able to describe and
analyze the most basic elements that drive
an economy.
Students will be able to correctly identify
the various types of economic systems and
the driving forces behind them.
Students will be able to read an economic
article and identify its key components.

STAGE TWO: ASSESSMENT EVIDENCE

PERFORMANCE TASKS (STUDENTS WILL
DEMONSTRATE STANDARD BY): T

OTHER EVIDENCE (FORMATIVE): OE

Stranded on a Desert Island

Students are given an activity where they are to
imagine they are stuck on a desert island. They are
given a list of items they could possibly have with
them and told they can only have five and are asked to
explain why. Teaches them to differentiate clearly
between needs and wants. It also prompts them to
think about how our needs and wants effect our day to
day decisions. The students will do this particular
assignment in groups pretending to be stranded
together. This kind of group work helps support my
students with special needs and normally need more
time to complete the assignment. By having them be
stranded together all the answers from their group will
be similar and turned in together.

Naked Economics Chapter 1/2 Key Terms and

Concepts: As they read chapter one in Naked
Economics they will be asked to define key terms as
they come up in the reading on a handout the teacher
provides. They will do this for both chapter one and
chapter two. This will be completed through reading
assignments as well as in class lecture and group
work.

Game Theory Game

Before reviewing the basics of Game Theory and
incentives, we will use two students to demonstrate
how it works. Two students will be charged with the
same crime and separated. While one is listening to
loud music they will be explained their rights. There

Name that System!

Building off their Economics Systems Chart they are
given a handout that gives an example of some event
taking place in an economy and the students must
determine from the results what kind of economy its
taking place in. They will fill this chart in as they are

The Puzzling Puzzles of Harry Harlow and Edward

Deci: A handout to help them summarize they
knowledge they gained from a reading on incentives.
How incentives effect their day to day decisions and
why, only this time they are provided the science
behind it.

are incentives to ratting on your partner, but also to

both of you staying quiet. Students will get a very real
representation of how Game Theory and incentives
work. Game theory is often presented in a series of
charts and diagrams, so by actually acting out how it
works it differentiates the material for the more visual
learners.

lectured on it from a power point.

Reading Quizzes:
Students will be given reading quizzes the following
class after a reading has been assigned. They will be
testing both for content and understanding and are
generally 5-6 questions long.
Economics Systems Chart:
Students will work in groups to fill out a graphic
organizer that explains how each major economic
system works. Who started that economy, how
economic decisions are made, what is the role of the
government, etc. This will be done in groups of 4 and
will be taken from their book as well as a variety of
online sources using Chromebooks.
Unit Exam: This will be a Twiz (Test/Quiz) because
the unit is so short. It wont be a full length test but it
will certainly cover more content then a quiz. We are
not taking a full length test because this is such a short
unit and does not call for it. This is only to test their
understanding moving forward.

STAGE THREE: LEARNING PLAN

(UNIT SEQUENCE)
LEARNING ACTIVTIES (WHERETO): L
1. Course overview and syllabus review. Not flashy, but has to be done. W,O
2. Introduce the Essential Questions for the unit so students know what they should expect to understand
by the end of the unit W, O
3. Introduce the desert island activity and ask them what things they would want to bring to a desert island
and why? H
4. Handout Naked Economics to each student and read the excerpt on incentives. E,
5. Give them the key terms sheet for chapter one and have them complete it for homework. E, W
6. Reading quiz #1 on Chapter 1 of Freakonomics. These quizzes are graded in the same class period and
given back to students for immediate feedback. E, R
7. Review all the key concepts from chapter 1: Scarcity, basic economic questions, factors of production,
incentives, opportunity cost/benefit. Ask for answers from the students with their homework in front of
them and tweak their answers so they have everything they need to know. This is the foundation we will
build off for the rest of the semester so its important they have a firm understanding of these key terms.
R, E, E, T
8. Game Theory Game T, H, R,E
9. Give them the excerpt from Drive that focuses on rewards and motivation. E
10. Give them The Puzzling Puzzles of Harry Harlow and Edward Deci worksheet when they have
completed the reading to help them review what they learned. H, E
11. Reading quiz #2 on chapter 2 of Naked Economics R, E
12. Economics system lecture! H, E, T
13. Economics systems chart! Woo! E, T
14. Give them they Name that System handout to help them synthesize all the information they just learned
about the economic systems. T, E, E
15. Teach externality and how it can be both positive and negative depending on the situation. E
16. Watch The Corporation (16:26 18:08) These are examples of negative externalities T, E
17. Twiz on unit one Basics of Economics, Economic systems, Chapter 1 &2 of Naked Economics

MONDAY
TUESDAY
1/5/15
1/6

1/7

No School

Review Course Overview

No School

WEDNESDAY

THURSDAY
1/8

FRIDAY
1/9

Discuss Desert Island

No Class
Project
Syllabus Review
Why did you choose
the 5 items you
Desert Island project in groups of 4.
ended up with? (Get
The students pretend to be stranded
a few different ones
together to help them identify the
from different
difference between wants and
groups)
needs.
What was the
This will be done in groups
biggest driving
to ensure its completion by
factor that made you
everyone.
chose them?
Be sure to keep the
instructions short and
Hand out Naked Econ
simple and to watch
w/key terms sheet.
cadence, to aid the Els.
Before giving them
the handout remind
them of the unit
goals.
Explain that they
will be getting some
of these answers
from the reading
tonight.
Also be using these
during lectures to
make sure they have
all the info for their
tests.
To differentiate I have made
an adjusted reading. It is
both shorter and I have
highlighted the specific key
terms that they are supposed
to get from the reading. This
will support both my
students who need
accommodations and are
learning English.
Read Excerpt from
Freakonomics on Incentives
Have them fill in the
first few terms on
their term sheet with
6

HW: Complete desert island project

(if necessary) and come ready to
discuss their choices tomorrow.

TUESDAY
1/12 1/13
Reading Quiz #1 on Chapter 1 of
Freakonomics and NE Chapter 1
This is only a 10 point quiz
and acts as an attendance
check as well as a check for
understanding.
The one student with
autism is only graded on
completion. He answers are
corrected and returned to
her to make sure she gets
all the proper information.
The questions are kept
short and simple for the
ELs to make sure the quiz
can be completed in a
reasonable amount of time.
Review Key Concepts: Scarcity,
basic econ questions, factors of
production, incentives, opp.
Cost/benefit
This is done through a

teacher supervision.
Have them give me
a few answers so I
make sure they
know what they do
and dont need to
know.
Gives them a
baseline for what
they should be
writing on each
term.

HW: Read Chapter 1 from

N.E. and know key terms
(abbreviated reading for
ELs and special needs)

THURSDAY
1/14

TUESDAY

1/15

1/20

Reading Quiz #2 on NE
Same premise as the
reading quiz on Tuesday

TWIZ
Accommodations for
ELs: Word bank for
the short answer.
Access to a
dictionary.
Accommodations for
Special needs: Extra
time for both of them
as needed. They will
just inform me at the
end and I will hold
their TWIZ until
tutorial the following
Wednesday.

Economics systems chart and

lecture.
A very simple graphic
organizer accommodate
the lecture.
The lecture will outline
the basics of each
economic system
(market, communist,
socialist, etc) and the
graphic organizer is
there to help them
identify what they need
to know about each one.
This also cuts down on
the amount of notes
being taken and focuses
all students solely on
what they need to know.

Intro to market system:

Wheat Game (New Unit)

power point.
They will take notes on
their key term sheet from
the class before.
Key questions for the
lecture: What is an
incentive? Is it always a
positive thing? How do
incentives affect me or
you? Whats an example of
an incentive (ans:
advertising or promotional
deals)? How much does
something cost?
Lay out three items and let
each student guess the cost.
Anybody who guess
correctly can have the item.
They will throw out the
price (ex: $4.99), but that
isnt how much it costs.
The answer is it costs the
opportunity of having the
other two items. That is
opportunity cost. (This is a
visual example all students
will be able to recall
moving forward.
Understanding cost is key.

Game Theory Game

Another visual
representation of how game
theory works. It is
incentives, personified.
This builds off the earlier
lecture but also puts a face
on a very complicated idea.
By having the students act
out The Prisoners
Dilemma they are more
likely to retain the
information.
It also increases
comprehension for the ELs
and students with special
needs. Game theory is
usually explained through
complicated graphs and

Name that system! Handout

This is a pair activity.
Make sure to pair Els
and Special needs with
people who can help
them.
Based on what they just
learned, and using their
graphic organizer, they
will be given a series of
questions. Each question
will outline a scenario
and the students must
identify in which kind of
economy its taking
place.
Teach Externality
Sets up the film clip that
follows.
Externality is the run
off of the factors of
production. Ex: while a
corporation may
produce a great product
it may also create a
negative externality in
(ask for example)
environmental damage.
Segway into the video
The Corp excerpt
12:35-23:30
Video talks about
nuclear run off and how
corporations go through
various channels (legal
and illegal) to bury the
extent of their damage
to the environment.
Negative externalities,
personified.
Once the film has
concluded ask them of
examples of positive
externalities.
Talk about Twiz on Tuesday
8

diagrams. Acting it out will

not only give it real world
implications but also make
the information more
accessible.

Drive excerpt Rewards and

motivation
Again, refer them to their
key term guide.
Abbreviate the reading for
those with
accommodations. Highlight
key terms and shorten it.
HW: Ch. 2 of NE
Abbreviate for ELs

It is not open note, but

they should study from
their notes and from all
the graphic organizers
they have been
provided.
It is not a full exam.
Hence TWIZ

HW: Beginning of CH. 3 of

NE and review for TWIZ on
Tuesday.

HW: Answer Qs from Wheat

Game

REFLECTIONS
Describe how you anticipate measuring the effectiveness of this lesson in helping students meet the learning
goals.

This unit is purely introductory and is there to set a good foundation for the students to work with moving
through the rest of the semester. This unit will be effective is students can:
1. Identify basic economic terminology.
2. Understand the difference between wants and needs and how they affect our day to day decision making
process.
3. Understand the role of incentives and how they drive us and the economy.
4. Understand the various economic systems prevalent in todays world and how they work.
5. Understand how every decision has a cost, and that means so much more than somethings physical price.
6. How externalities, both negative and positive, have long reaching consequences and benefits depending on
how they are implemented.
All of these goals for the unit can be measured within the assessments I will provide and students will be able to
use this foundation to move into the much broader and more complicated world of macroeconomic theory in the
unit that follows!

10