About This Chapter
Below is a sample breakdown of the Scarce Economic Resource Markets chapter into a 5-day school week. Based on the pace of your course, you may need to adapt the lesson plan to fit your needs.
|Day||Topics||Key Terms and Concepts Covered|
|Monday||Resource markets||Raw material, manufacturing and labor resources|
|Tuesday||Product markets||Roles of producers and consumers, the circular flow model|
|Wednesday||Labor markets||Factors affecting supply and demand in the labor market|
|Thursday||Financial markets||Capital, stocks, bonds and crowdfunding|
|Friday||Land and natural resources||Land supply, scarcity of nonrenewable resources|
1. Roles of Consumers & Producers in a Resource Market
When you go to the store, you are a consumer. However, did you know that chances are you've been a producer as well? This lesson explains how roles are reversed in resource markets.
2. The Labor Market in Economics
Every wonder why a CEO with a bachelor's degree makes more than a teacher with a master's degree? As this lesson explains, labor is just like any other good in an economic world and is subject to supply and demand.
3. Using Financial Markets to Allocate Capital in Economic Systems
Every company wants to make money, but sometimes it takes money to make even more money. Just like many students use student loans instead of saving for years to go to college, firms have a number of ways to raise capital.
4. Land & Natural Resources: Scarcity & Allocation
This lesson explores the importance of two very unique resources to economic development: land and natural resources. It explains how land can last forever, while some natural resources can run out. That said, both require expert management.
5. What is the Basic Economic Problem of Scarcity?
Why do we have to make choices and trade-offs? Why does it cost money to produce and consume the goods society wants? The answer is scarcity. Through this lesson, you will gain a better understanding of the concept of scarcity and why it forces us to make decisions and trade-offs everyday.
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