Essential Questions

What economic choices do nations and individuals make?

What are the consequences of those choices?

Are the choices fair for everyone?

Unit Description

Students will learn that many economic decisions are made by individuals and nations daily and these decisions have both present and future consequences. Fundamental economic choices are what goods and services to produce, how to produce them, and who gets produced goods and services. The availability of productive resources and supply and demand help producers make choices about production and purchase of goods and services. Finally, students learn and understand how these factors are connected why and how nations trade in the global market.

Learning Objectives

Students will know:

  • Economic choices made by nations and individuals have consequences.

  • Fundamental economic decisions are what goods and services to produce, how to produce them and who will get them.

  • Economic decisions are based on the availability of productive resources.

  • Economic decisions are also based on supply and demand.

  • When regions and/or countries specialize, global trade occurs.

  • Supply and demand interact to determine the cost of a good or service.

  • Specialization leads to global trade.


Students will be able to:

  • Explain how individuals and nations may evaluate choices based on costs and benefits of those decisions.

  • Explain how specialization leads to global trade.

  • Explain economic decisions based on supply and demand.

  • Explain how specialization leads to global trade.

  • Explain how supply and demand interact to determine the cost of a good or service.