2026week1

Week 1: Core Concepts in Economics

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"While every state has its own economic education standards, they often derive them from The Council on Economics
Education' National Content Standards for Economics for K-12. Yet, according to CEE’s most recent biennial Survey of
the States, only 28 states require high school students to take a course in economics to graduate." -- Yahoo Finance --

Just think about how far behind students' knowledge of the economy is in states that do not require economics to
graduate from high school. Even in the 28 states requiring at least a one-semester high school economics course to
graduate, the States Departments' of Education might have watered the course down from what is taught inside a
a traditional high school economics course with high standards.

"High school economics introductory units focus on fundamental concepts of scarcity, opportunity
cost, and decision-making, alongside distinguishing between microeconomics and macroeconomics.
Key topics include factors of production, economic systems, incentives, and production possibility
curves to analyze how societies make choices." Ask Google AI 1

Standard 1: Core Concept: Introduction to Economics

INTRODUCTION:

Interactive Activities -- Chapter 1:

Terms in Economics

Economic Fallacies: Post Hoc and Fallacy of Composition

Chapter 1: I ntroduction to Economics

Reading Assignment -- Chapter 1:

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Economic goals focus on material prosperity, financial stability, and efficient resource use
(like growth, profit, low prices), while social goals center on human well-being, fairness, and
community welfare (like poverty reduction, equality, healthcare, education). Ask Google AI 1

Listed below are the seven economic goals for the U.S. Economy and also the Major Economic
Constraints to Economic Growth for the least-developed and less-developed countries of the
world (LDCs).

Interactive Activities -- Chapter 1:

The 7 E conomic Goals

T est Your Knowledge on the 7 Economic Goals

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(Drag the terms to the appropriate columns.)

(Click on the seven buttons.)

Interactive Activity -- Chapter 1:

M ajor Constraints for Least and Less Developed Countries (LDCs)

E conomic Systems

R esources

T rade Offs and Opportunity Cost

Introduction to Economics

(2:23 minutes)

(3:02 minutes)

(3:10 minutes)

Video Book -- Chapter 1:

T he Difference Between Scarcity and Shortage Used Incorrectly in News Articles

Interactive Multiple Choice Questions -- Chapter 1:

1 0 Interactive Multiple Choice Questions -- Chapter 1

"Set the standards high and students will reach those standards;
set the standards low and students will reach those standards."

--Steven Reff (author)--

Marginal Analysis: "The term "marginal" is a fundamental concept in high school economics,
meaning "additional" or "one more," and is used in marginal analysis to understand decisions
about extra costs (marginal cost) and extra benefits (marginal benefit) of producing or consuming
one more unit of something, helping students grasp core microeconomic ideas like profit
maximization and rational choices." Ask Google AI 2

Standard 1: Core Concept: Marginal Analysis

Interactive Activities -- Chapter 2:

Reading Assignment:

Chapter 2: M arginal Analysis, Part I

Marginal Analysis -- Studying for an Economics or Math Exam on the same day

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Estimated Learning Time: 3 to 4 class periods (45 min. each)

A re you smart enough to answer a college-level question on marginal analysis?

(Minimize your screen to 90%. Scroll down to Question #3 and answer the interactive
questions on the righthand side for Question #3 on the lefthand side. Enlarge the question.)

Steven M. Reff
Economics Lecturer
University of Arizona
(2007 - 2016)
The 2015 University of Arizona
Five-Star Faculty Award

S tudents' and Teachers' Testimonials

Interactive Activities -- Chapter 2:

Chapter 2 e Textbook, Part I

Reading Assignment -- Chapter 2

P roduction-Possibilities Basic Concepts

Production-Possiblities Frontier (10 Questions)

Standard 1: Core Concept: Production Possibilities Curve, Part I

"A traditional high school economics course typically includes the concept of the Production
Possibilities Curve (PPC), also known as the Production Possibilities Frontier (PPF), very early
in the curriculum. The PPC is usually introduced within the first unit or chapter of the course as it
serves as the foundational visual model for several core economic principles." Ask Google AI 3

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PPF (Absolute Advantage and Comparative Advantage)

PPF (Points on the PPF Graph)

PPF (Constant Cost vs. Increasing Cost)

(3:01 minutes)

(2:18 minutes)

(2:58 minutes)

Video Book -- Chapter 2:

(Make sure you take the 3 multiple choice questions underneath the video.)

You DO NOT have to VIEW the video links below if you read Chapter 1, but the videos
might be good "starter videos" for classroom instruction as a review AFTER the topic
has been taught.

The 3 self-graded multiple choice questions located UNDERNEATH the YouTube video
tests students knowledge of the subject.

You DO NOT have to VIEW the video links below if you read Chapter 2, but the videos
might be good "starter videos" for classroom instruction as a review AFTER the topic
has been taught.

The 3 self-graded multiple choice questions located UNDERNEATH the YouTube video
tests students knowledge of the subject.