Q1 W3 August 2017

Short video on What is Economics?

TeacherKristen Smith
Subject AreaAdvanced U.S. History/Career Planning
Grade Level8th
Week #August 28-31 2017
Unit of InstructionExploring Social Studies
Standard(s) Taught

SS.8.E.1.1- Examine motivating economic factors that influenced the development of the United States economy over time, including scarcity, supply and demand, opportunity cost, incentives, profits, and entrepreneurial aspects.

SS.8.E.2.2- Explain the economic impact of government policies

Learning Targets and Learning Criteria

Student Goals:

  1. Students will learn about important vocabulary terms relating to economics. 
  2. Examine motivating economic factors that influence the United States.
  3. Discuss economic impacts. 
Classroom Activities

Students will come into class and be introduced to an economic problem- Scarce chairs! Students will have to come up with some possible solutions and that will lead us into our classroom discussion, of economics.

Students will complete pages 16-17 in their workbooks

Students will then work together in groups to create a business plan. They will take on the roles of entrepreneurs and invent an item that would be beneficial to our school or student body.  Students need to create a detailed plan of the cost of the item, how much profit they will make on each item. They should also consider the demand for the item they will sell at our school. They will present their items on Wednesday 8/30/17

We will also have a short quiz on vocabulary terms and primary and secondary sources this Wednesday. 

Vocabulary Terms to Remember:

  • Opportunity Cost: The cost of passing up the second choice when making a decision.
  • Capital: money and human made goods that people use to produce goods and services.
  • Entrepreneur: a person who starts and runs a business
  • Market economy: economic system in which buyers and sellers choose to do business with those who satisfy their needs and wants best
  • Free enterprise system: economic system in which people are free to control and produce goods
  • Tariff: a tax on imports
Assignments Due
  1. Page 16-17 in the work book

2) Economic Business plan 


Additional Resources

ALL IEP and ESOL accommodations will be provided daily.

When a student is absent, it is their responsibility to check the absent files in class and copy notes from a peer.  Students will have the number of days absent to complete missing work.  If you need any assignments emailed, please contact me at smithk@ivyhawnschool.org or on remind use the class code: IH8US to get updates.