Unit 3 Economics

CTE Competencies:

Demonstrating Workplace Readiness Skills: Personal Qualities and People Skills

  • 1: Demonstrate positive work ethic.
  • 2: Demonstrate integrity.
  • 3: Demonstrate teamwork skills.
  • 4: Demonstrate self-representation skills.

Demonstrating Workplace Readiness Skills: Professional Knowledge and Skills

  • 8: Demonstrate effective speaking and listening skills.
  • 9: Demonstrate effective reading and writing skills.
  • 10: Demonstrate critical thinking and problem-solving skills.
  • 15: Demonstrate time-, task-, and resource-management skills.

Demonstrating Workplace Readiness Skills: Technology Knowledge and Skills

  • 18: Demonstrate proficiencies with technologies common to a specific occupation.
  • 19: Demonstrate information technology skills.
  • 20: Demonstrate an understanding of Internet use and security issues.

Developing Basic Economic Concepts and Structures

  • 39: Explain Adam Smith’s characteristics of a market economy.

Understanding the Role of Producers and Consumers in a Market Economy

  • 42: Identify the role of entrepreneurs.
  • 44: Describe how costs and revenues affect profit and supply.
  • 45: Describe how increased productivity affects costs of production and standard of living.
  • 47: Describe the effects of competition on producers, sellers, and consumers.

Demonstrating Knowledge of a Nation’s Economic Goals

  • 64: Examine basic economic concepts and their relation to product prices and consumer spending.
  • 67: Describe common types of contracts and the implications of each.

Class Materials:

Activities

Video: