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Credit 1

Learning Standard 12.1

Students understand common economic terms and concepts and economic reasoning.

12e.1.1

Examine the causal relationship between scarcity and the need for choices.

12e.1.2

Explain opportunity cost and marginal benefit and marginal cost.

12e.1.3

Identify the difference between monetary and nonmonetary incentives and how changes in incentives cause changes in behavior.

12e.1.4

Evaluate the role of private property as an incentive in conserving and improving scarce resources, including renewable and nonrenewable natural resources.

12e.1.5

Analyze the role of a market economy in establishing and preserving political and personal liberty (e.g., through the works of Adam Smith).

Textbook Assignments

Choose any of the following to supplement assignments done in class:

Chapters 1-3

(Please Write out all Questions when doing Section and Chapter Reviews!!)

Section reviews are worth 2 assignments

Chapters reviews are worth 3 assignments

Chapter 1 review pg. 28, Chapter 2 review pg 54, Chapter 3 review pg. 82,
Students must complete: Identifying key terms, Reviewing Facts, Thinking Critically, Applying Economic Concepts, and Math Practice.

Mandatory Assignment

Write an essay describing the effect that Adam Smith had on conventional economic thoughts as described on pg. 18 of the text.

**Essay must be at least 15 sentences with an opening and conclusion, and answer all three questions for assignment credit*** (worth 1 assignment)

Where was Adam Smith born, and what is his most famous book? What was Smiths most "important contribution"? Explain the idea of laissez-faire and how it is evident in the workings of the American economy.

Ed Jones Educational Center

Credit 1

Learning Standard 12.1

Textbook Assignments

Mandatory Assignment

Ed Jones Educational Center