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.
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.
Economists do not operate in a vacuum. If an economist is going to suggest that the price of a good needs to be increased, he or she needs to consider who will bear the increase in costs. Will the costs be distributed equally or will one group pay more than another group? Furthermore, an economist should ask if there is a more efficient way to allocate the good than by means of a broad-based price increase. This lesson focuses on the drought that plagued the Northeast in the summer of 1999, supply, demand, and cost/benefit analysis.
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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.