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Business Essentials

Business Essentials


Chapter 1 Economic Decisions and Systems

  • Distinguish the difference between wants and needs
  • Distinguish between goods and services
  • Describe the types of economic resources used in a completed object
  • Describe the basic economic problem
  • Explain the purpose of each step of the decision-making model 
  • Apply the decision-making model to a product they want to purchase
  • Identify 3 economic questions
  • Differentiate among the main types of economic systems
  • Describe the economic system of the United States
  • Learn about the economic systems of foreign countries that represent the
    economic systems we have studied


Week of February 17th

Monday: No school.

Tuesday: Presenting projects.

Wednesday: Presenting projects.

Thursday: Finish presenting projects, fill out a Google Sheet for your economic system so we can compare all 4 to each other.

Friday: Finish 1-3 the study guide for our test.

Week of February 10th

Monday: Students are working on their projects. Students drew the name of several countries. We will be looking at their economic well being and get an idea of how different economic systems compare to each other.

Tuesday: Projects.

Wednesday: Projects.

Thursday: Projects.

Friday: No school, inservice.


Week of February 3rd

Monday: Students are working on the supply and demand overview.


Tuesday: Finished the supply and demand overview. We discussed a lot of global issues right now with the coronavirus and how that is impacting our stock market. We also talked about the Statue of the Union Adress tonight. Students filled out an overview of 1-1 over supply and demand.


Wednesday: Students got into groups to share their answers with each other and check for understanding.


Thursday: We are beginning to look at Economic Systems. Students are defining the 4 economic systems we will be looking at. Students drew the name of a country that they will research. They are looking at the literacy rate, imports, exports, government styles...


Friday: Finish 1-3, discussed rubrics of PowerPoint or Google Slides as well as the content rubric.


Week of January 27th

Monday: Today we talked about economic resources and factors of production. Students made a list of the types of resources that would be required if they were building a house. We are discussing natural, human and capital resources. 

Tuesday: We defined some vocabulary words and then talked about economic decisions that are either tradeoffs or opportunity costs. Students wrote 10 statements that were either tradeoff or opportunity cost.

Wednesday: Today students are researching a business decision and tell me whether it was a tradeoff or opportunity cost. They will mingle intentionally with other students to share their ideas.

Thursday: Students are going to learn how to use the 6 Decision Making Steps Model to decide what or whether to make a specific purchase of their choice.

Friday: Students will share their decision-making models with each other. We will do a review on everything we have talked about so far.


Week of January 20th


Monday: Inservice, no school.


Tuesday: Continue presentations.


Wednesday: Finish presentations. Students will take the Richardstep test that is a great test to help students discover their strengths and weaknesses. Click on this link to access the test:

Students are saving their results to a Word document and will reflect tomorrow, today if time presents. Students will begin a short assignment reflecting on their strengths and weaknesses. This will wrap up our mini-unit on Job Shopping.


Thursday: Students will turn in a short assignment reflecting on their strengths and weaknesses. This will wrap up our mini-unit on Job Shopping. Today we will do an activity to set the stage for Chapter 1—Economic Decisions and Systems. Students will participate in a discussion through Google Sheets by brainstorming what types of jobs thrive during good economic times and what types of jobs thrive during challenging economic times. This link is also shared in the Google Classroom.


Friday: Continue our list of exploring what economic conditions dictate to the American entrepreneur and worker. 





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