1.2 Basic Economic Concepts
Unit 1 Lesson 2: Basic Economic Concepts
Lesson Objectives
By the end of this lesson, students should be able to:
- Explain the relationship among scarcity, value, utility, and wealth.
- Demonstrate understanding by illustrating the circular flow of economic activity.
Reading Assignment
Read pages 12-18 in Economics: Principles & Practices. Complete the Guided Reading (print it) as you read. Turn it in after you have completed it.