09/10/15
Chapter 1: Foundations of Economics
Learning Objective: I can define economics.
DA-Define economics.
Create word web on the board based on key terms from the DA. Discuss...
Why is it important to understand/study economics?
Analysis of Adam Smith's quote (Click green to access google doc. Please don't edit.) :
"He generally, indeed, neither intends to promote the public interest, nor knows how much he is promoting it. By...directing that industry in such a manner as its produce may be of the greatest value, he intends only his own gain, and he is in this, as in many other cases, led by an invisible hand to promote an end which was no part of his intention. Nor is it always the worse for the society that it was no part of it. By pursuing his own interest he frequently promotes that of the society more effectually than when he really intends to promote it."
Chapter 1: Foundations of Economics
Learning Objective: I can define economics.
DA-Define economics.
Create word web on the board based on key terms from the DA. Discuss...
Why is it important to understand/study economics?
Analysis of Adam Smith's quote (Click green to access google doc. Please don't edit.) :
"He generally, indeed, neither intends to promote the public interest, nor knows how much he is promoting it. By...directing that industry in such a manner as its produce may be of the greatest value, he intends only his own gain, and he is in this, as in many other cases, led by an invisible hand to promote an end which was no part of his intention. Nor is it always the worse for the society that it was no part of it. By pursuing his own interest he frequently promotes that of the society more effectually than when he really intends to promote it."
- Break into pairs, read the quote and highlight key points. Classroom discussion following the completion of group work.
- Activity: As a class, match the command terms with cooresponding definitions.