Title: 3 Economic Questions

Write down the Essential Question.

Objective (What?) SWBAT identify and explain the 3 basic economic questions every society must face, and compare how utility differs from one region to another.

DOL (how?) Given an exit card, 100% of students will: 1. List the 3 basic questions and provide 2 examples for each. 2. Given two resources, compare how utility differs from one region to another.

Why?: understanding scarcity of resources and how societies use these resources is key to understanding economics.

Standards: Econ 3.1.a

EQ: What 3 economic questions do all societies face, and why are they important?

Think / Write / Share What types of things do you think the Inuit

need to consider regarding their survival?

How do you think they manage their resources?

Do you think the Inuit survive through individual effort, or community effort? Why?

How does their experience differ from ours?

Objective (What?) SWBAT identify and explain the 3 basic economic questions every society must face, and compare how utility differs from one region to another.

DOL (how?) Given an exit card, 100% of students will: 1. List the 3 basic questions and provide 2 examples for each. 2. Given two resources, compare how utility differs from one region to another.

Why?: understanding scarcity of resources and how societies use these resources is key to understanding economics.

Standards: Econ 3.1.a

EQ: What 3 economic questions do all societies face, and why are they important?

Objective (What?) SWBAT identify and explain the 3 basic economic questions every society must face, and compare how utility differs from one region to another.

DOL (how?) Given an exit card, 100% of students will: 1. List the 3 basic questions and provide 2 examples for each. 2. Given two resources, compare how utility differs from one region to another.

Why?: understanding scarcity of resources and how societies use these resources is key to understanding economics.

Standards: Econ 3.1.a

EQ: What 3 economic questions do all societies face, and why are they important?

Think/Write/Share How would you describe each scene? Who or what determines what consumers

get in each cartoon? What advantage / disadvantage do you see

with each?

Because resources are scarce, every society and nation has to answer 3 core economic questions. What to produce?

How to produce?

For whom to produce?

Think/Write/Share – Give me 2 examples you think would fall into each category (What … How … Whom)

Objective (What?) SWBAT identify and explain the 3 basic economic questions every society must face, and compare how utility differs from one region to another.

DOL (how?) Given an exit card, 100% of students will: 1. List the 3 basic questions and provide 2 examples for each. 2. Given two resources, compare how utility differs from one region to another.

Why?: understanding scarcity of resources and how societies use these resources is key to understanding economics.

Standards: Econ 3.1.a

EQ: What 3 economic questions do all societies face, and why are they important?

Question 1: What Will Be Produced?

Societies must decide on mix of goods

to produce ▪ depends on their natural resources

Some countries allow producers and consumers to decide

In other countries, governments decide

Must also decide how much to produce; choice depends on societies’ wants

Objective (What?) SWBAT identify and explain the 3 basic economic questions every society must face, and compare how utility differs from one region to another.

DOL (how?) Given an exit card, 100% of students will: 1. List the 3 basic questions and provide 2 examples for each. 2. Given two resources, compare how utility differs from one region to another.

Why?: understanding scarcity of resources and how societies use these resources is key to understanding economics.

Standards: Econ 3.1.a

EQ: What 3 economic questions do all societies face, and why are they important?

Question 2: How Will It Be Produced? Production decisions involve using

resources efficiently ▪ Influenced natural resources

Societies adopt different approaches ▪ labor-intensive methods versus capital-

intensive methods depends on availability

Objective (What?) SWBAT identify and explain the 3 basic economic questions every society must face, and compare how utility differs from one region to another.

DOL (how?) Given an exit card, 100% of students will: 1. List the 3 basic questions and provide 2 examples for each. 2. Given two resources, compare how utility differs from one region to another.

Why?: understanding scarcity of resources and how societies use these resources is key to understanding economics.

Standards: Econ 3.1.a

EQ: What 3 economic questions do all societies face, and why are they important?

Question 3: For Whom Will It Be Produced?

How goods and services are distributed involves two questions

▪ how should each person’s share be determined?

▪ how will goods and services be delivered to people?

Objective (What?) SWBAT identify and explain the 3 basic economic questions every society must face, and compare how utility differs from one region to another.

DOL (how?) Given an exit card, 100% of students will: 1. List the 3 basic questions and provide 2 examples for each. 2. Given two resources, compare how utility differs from one region to another.

Why?: understanding scarcity of resources and how societies use these resources is key to understanding economics.

Standards: Econ 3.1.a

EQ: What 3 economic questions do all societies face, and why are they important?

You are the leader of a small war torn village in Europe (circa 1800) that had to relocate because of fighting. With limited supplies and tools, you move your 300 villagers to a forested region that has good water access (rivers and lakes). The only problem is that winter is fast approaching.

Examine the 3 basic economic questions for this society.

What to produce?

How to produce?

For whom to produce? ▪ AB group discussion. (3 minutes)

Objective (What?) SWBAT identify and explain the 3 basic economic questions every society must face, and compare how utility differs from one region to another.

DOL (how?) Given an exit card, 100% of students will: 1. List the 3 basic questions and provide 2 examples for each. 2. Given two resources, compare how utility differs from one region to another.

Why?: understanding scarcity of resources and how societies use these resources is key to understanding economics.

Standards: Econ 3.1.a

EQ: What 3 economic questions do all societies face, and why are they important?

0 5 Utility - Utility is the satisfaction or pleasure one

gains from consuming a product/service/resource. Utility = Use

Think / Write / Share

What would cause utility to change from one region of a country to another? From one part of the world to another?

What products or resources can you think of that will change how a product/service/resource is used?

Objective (What?) SWBAT identify and explain the 3 basic economic questions every society must face, and compare how utility differs from one region to another.

DOL (how?) Given an exit card, 100% of students will: 1. List the 3 basic questions and provide 2 examples for each. 2. Given two resources, compare how utility differs from one region to another.

Why?: understanding scarcity of resources and how societies use these resources is key to understanding economics.

Standards: Econ 3.1.a

EQ: What 3 economic questions do all societies face, and why are they important?

Think / Write / Share

Analyze the images above. How is the resource in the middle used differently in the images on the left and right? What factors are behind this difference?

Objective (What?) SWBAT identify and explain the 3 basic economic questions every society must face, and compare how utility differs from one region to another.

DOL (how?) Given an exit card, 100% of students will: 1. List the 3 basic questions and provide 2 examples for each. 2. Given two resources, compare how utility differs from one region to another.

Why?: understanding scarcity of resources and how societies use these resources is key to understanding economics.

Standards: Econ 3.1.a

EQ: What 3 economic questions do all societies face, and why are they important?

Think / Write / Share

Analyze the images above. How is the resource in the middle used differently in the images on the left and right? What factors are behind this difference?

Objective (What?) SWBAT identify and explain the 3 basic economic questions every society must face, and compare how utility differs from one region to another.

DOL (how?) Given an exit card, 100% of students will: 1. List the 3 basic questions and provide 2 examples for each. 2. Given two resources, compare how utility differs from one region to another.

Why?: understanding scarcity of resources and how societies use these resources is key to understanding economics.

Standards: Econ 3.1.a

EQ: What 3 economic questions do all societies face, and why are they important?

2 minutes

On the right hand side of your notes please answer the essential question:

Closure

Objective (What?) SWBAT identify and explain the 3 basic economic questions every society must face, and compare how utility differs from one region to another.

DOL (how?) Given an exit card, 100% of students will: 1. List the 3 basic questions and provide 2 examples for each. 2. Given two resources, compare how utility differs from one region to another.

Why?: understanding scarcity of resources and how societies use these resources is key to understanding economics.

Standards: Econ 3.1.a

EQ: What 3 economic questions do all societies face, and why are they important?