The Inuit people of northern Canada provide an example of a traditional economy. For thousands of years, Inuit parents have taught their children the survival skills needed to survive in the Arctic Circle's severe climate. Students will research the Inuit economy and compare and contrast it with the United States' market economy.
In this lesson students watch a 60 minutes report on the market for truffles. The report explains how high demand from consumers coupled with the uncontrollable nature of truffle production affects the market. Students identify major concepts in the report as well as their supporting details, using an interactive note-taker.
Students will apply the concepts of scarcity, choice, and opportunity costs using a production possibilities curve. Students will interpret points inside and outside the curve. As an extension, students will see the relationship between a country's aggregate production function and its production possibilities curve.
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This publication contains complete instructions for teaching the lessons in Capstone. When combined with a textbook, Capstone provides activities for a complete high school economics course. 45 exemplary lessons help students learn to apply economic reasoning to a wide range of real-world subjects.
6 out of 45 lessons from this publication relate to this EconEdLink lesson.
This publication contains 10 lessons that reintroduce an ethical dimension to economics in the tradition of Adam Smith, who believed ethical considerations were central to life.
5 out of 12 lessons from this publication relate to this EconEdLink lesson.
This publication helps students analyze energy and environment issues from an economics perspective.
4 out of 10 lessons from this publication relate to this EconEdLink lesson.