Unit 2: Microeconomics
About Unit 2
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Lessons build on one another and are designed to be used sequentially. If you plan to use one of the lessons in isolation, review the Overview documents (Unit 1 and Unit 2).
2.1 Coffee Market
Engaging in a coffee market simulation, students learn how buyer-seller interactions determine prices in a perfectly competitive market.
2.2 Law of Demand
Using data from the Coffee Market Simulation, students explore the law of demand and practice graphing the demand curve.
2.3 Introduction to Firms
Students operate a competitive hat firm to prepare for mastering the law of supply.
2.4 Law of Supply
Students explore how prices affect the quantity supplied and practice graphing supply curves.
2.5 Shifts in Demand
Students identify factors that increase or decrease demand and practice shifting the demand curve, explaining the resulting change in market equilibrium.
2.6 Shifts in Supply
Students identify factors that increase or decrease supply and practice shifting the supply curve, explaining the resulting change in market equilibrium.
2.7 Review To Date
Through station rotations, students review key concepts from Units 1 and 2 to prepare for the first assessment.
2.8 Review and Assessment Preview
Students review Units 1 and 2 concepts, preview the first Unit 2 assessment, and understand assessment rubrics.
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2.9 An Economic Story
Creating a story, students apply and demonstrate their understanding of economic concepts from Units 1 and 2.
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2.10 Introduction to Market Failure
Through a simulation on the tragedy of the commons, students explore market failure and the government's role in addressing it.
2.11 Public Goods
Students learn about public goods, the free-rider problem, and how the government provides public goods to address market failure.
2.12 Externalities
Exploring positive and negative externalities, students discuss possible government interventions to remedy these market failures.
2.13 Market Structures
Introducing four market structures, students compare outcomes for consumers and firms in each structure.
2.14 Government Interference or Intervention?
Students explore different perspectives on government involvement in markets through a simulated Twitter conversation.
2.15 Labor Markets
Students study factors influencing wages and how labor market supply and demand shifts affect equilibrium wage rates.
2.16 Exploring the Minimum Wage
Through interactive activities, students analyze arguments surrounding the federal minimum wage and assess their opinions.
2.17 Income Inequality
Using manipulatives and data analysis, students explore income distribution and government redistribution programs.
2.18 Connections Across Units: Part 1
Students link concepts from Units 1 and 2 to an economic issue of their choice, preparing for the summative assessment.
2.19 Connections Across Units: Part 2
Continuing to link concepts from Units 1 and 2 to current economic issues, students prepare for the summative assessment.
2.20 Economics in Plain Sight
Students complete an in-class assessment identifying and analyzing economic concepts from real-world sources.
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