Objectives:
After this module, students will be able to:
Standards:
College Board Microeconomics Content Area
I. Basic Economic Concepts
C. Comparative advantage, absolute advantage, specialization, and trade
Georgia Performance Standards:
SSEMI1 The student will describe how households, businesses, and governments are interdependent and interact through flows of goods, services, and money.
a. Illustrate by means of a circular flow diagram, the Product market; the Resource (factor) market; the real flow of goods and services between and
among businesses, households, and government; and the flow of money.
b. Explain the role of money as a medium of exchange.
Web based activities for this module:
Watch the following videos by topic:
Utility Maximization Rule:The Circular Flow Model:Below are links for application practice:
Non-Web based activities for this module:
After this module, students will be able to:
- Calculate Marginal Utility per dollar spent
- Determine the optimal quantity of goods to purchase in order to maximize utility
- Identify each step in the exchange of goods, resources, and money between Households, Firms, and the Government
Standards:
College Board Microeconomics Content Area
I. Basic Economic Concepts
C. Comparative advantage, absolute advantage, specialization, and trade
Georgia Performance Standards:
SSEMI1 The student will describe how households, businesses, and governments are interdependent and interact through flows of goods, services, and money.
a. Illustrate by means of a circular flow diagram, the Product market; the Resource (factor) market; the real flow of goods and services between and
among businesses, households, and government; and the flow of money.
b. Explain the role of money as a medium of exchange.
Web based activities for this module:
Watch the following videos by topic:
Utility Maximization Rule:The Circular Flow Model:Below are links for application practice:
Non-Web based activities for this module:
- Ch. 1 and 2 in your textbook
- Economics workbook activities - see Edmodo for sections and due dates