Module 34: Economics 101- Social Studies 2 - Course Guide

Module Overview:

In this module, students will learn to calculate the suggested retail price of items, show what competition does to prices and define the law of scarcity.

Module Materials:

  • Pencils
  • Crayons or colored pencils
  • Notebook
  • Scissors
  • Glue
  • Highlighter
  • Markers
  • Blank paper

Module Objectives:

Lesson # Lesson Title Objective(s)
1 Prices
  1. Calculate the suggested retail price of items.
2 Competition
  1. Show what competition does to prices.
3 Scarcity
  1. Define the law of scarcity.

Module Key Words:

Key Words
suggested retail price

Module Assignments:

Lesson # Lesson Title Page # Assignment Title
1 Prices 5 What Would My Product Cost? Assignment
2 Competition 5 Which Price Is Correct? Assignment
3 Scarcity 5 Scarcity vs. Price Assignment

Learning Coach Notes:

Lesson # Lesson Title Notes
1 Prices After completing this lesson, ask your student to explain how things are priced, what a suggested retail price is, and what is considered when coming up with a suggested retail price of a product.
2 Competition After completing this lesson, ask your student to explain what competition is and how it affects prices.
3 Scarcity After completing this lesson, ask your student to explain the law of scarcity.

Module Guiding Questions:

When a student starts a lesson ask them questions to check for prior knowledge and understanding and to review concepts being taught. At the end of the lesson ask the questions again to see if their answer changes.

Lesson Title Question
  1. What affects prices?
  1. What does competition do to prices?
  1. What is the law of scarcity?

Module Video Questions:

When a student watches a video take time to ask them questions about what they watched. Suggested questions for the videos in this module are listed here. Suggestion: Have the student watch the entire video first all the way through. Then have them watch the video a second time, as they watch it pause the video and ask the questions.

Lesson Title Video Question

Module Suggested Read Aloud Books:

Take time to read to your student or have them read aloud to you. Read a different book each day. While reading the book point out concepts being taught. You may purchase these books or find them at your local library. Suggested things to discuss while reading the book:

  • What is the main idea?
  • What are three things new you learned?
  • How does this book relate to what you are learning about?

# Book Author Lexile Level

Module Outing:

Take some time to apply what your student is learning to the real world. Suggested outings are below.

# Outing