Subject: Economics
1. Topic-
Analyze Economic Decisions
 
2. Content-
Scarcity
What Factors Influence Economic Decisions
*Scarcity
*Opportunity Costs
*Tradeoffs
*Decision making
 
3. Goals: Aims/Outcomes-
1.Discuss scarcity and Supply and Demand
2.Analyze opportunity costs
3.Evaluate tradeoffs and decision making
 
4. Objectives-
1.(EPO)UW.G7.5SS.C1.PO2
Analyze How Scarcity, opportunity Costs, and Tradeoffs influence decision making
2.Evaluate How Scarcity Influences decision making
3.Conceptualize tradeoffs resulting in opportunity costs
 
5. Materials and Aids-
(EPO)UW.G7.5SS.C1.PO2
PowerPoint "Economic Decision Making"
 
6. Procedures/Methods-

A. Introduction-

1.Review Key Economic Vocabulary Terms
2.Ask students to give a brief explanation of tradeoffs
3.Essential Questions:What is scarcity? How does it influence decision making?
4. What are trade offs? How does it influence decision making?What are opportunity costs?
5. What is the relationship between decision making and opportunity costs?
6. How do scarcity, opportunity costs, and tradeoffs impact individuals and society?
 

B. Development-

1.Students answer Socratic questioning using Higher Order Thinking Skills (HOTS)
2.Teacher provides examples of types of tradeoffs and opportunity costs.
3.Teacher provides analysis of decision making.
 

C. Practice-

1.Students discuss tradeoffs
2.Students evaluate tradeoffs
3.Teacher discuss opportunity costs.
 

D. Independent Practice-

1.Students analyze tradeoffs
2.Students write a sample budget with tradeoffs
3. Students discuss with each other decision making.
 

E. Accommodations (Differentiated Instruction)-

1.Write on whiteboard sample budget
2.Pair SPED students with peer tutor
3.Reduce for SPED students amount of vocabulary to key terms
 

F. Checking for understanding-

1.Oral responses
2.Formative assessment on factors influencing decision making
 

G. Closure-

1.Review Big Ideas:Scarcity causes tradeoffs which result in opportunity costs.
 
7. Evaluation-
1.Quiz Factors influencing economic decision making
 
8. Teacher Reflection-
Will the students understand that scarcity forces individuals to provide tradeoffs in order to maintain a viable budget?
 

This Lesson Plan is available at (www.teacherjet.com)