The Foundation of Economics: Review Lesson & Quiz
In the previous lessons (see links below), students have learned some of the basic terms that make up the economic structure. Now is the time to review their knowledge of those terms. Review with students the previous terms provided in this Economics Series, then ask students to to do the activity listed below before handing out the Economics Quiz provided in this lesson plan.
Ask students to consider their own household. During this exercise, if the student is employed they should use their own information. Otherwise they should use the information of their parents. Ask students to answer the following questions as a way to see economics terms in their own individual lives.
- What type of labor does your household provide? (Ask students to name at least one labor resource.)
- What land resource is used when performing this type of labor? (Ask students to name at least five land resources.)
- What capital resource is used when performing this type of labor?(Ask students to name at least 5 capital resources.)
- How does scarcity have an impact on providing this type of labor? (Students should be able to come up with at least 3 ways that scarcity could impact this type of labor.)
Review the information students have provided to you. Now, ask students to remove a resource from each question. Discuss with students how the loss of this resource impacts the other resources as well as the production provided. For instance, if the student is a grill cook, how is their production affected if there are no heat lamps? How is production affected if there is a lack of one of the members of the team? How is production affected if there is a lack of beef?
This activity is meant to be a fun way for students to review what they know while also being able to see how each items has a part to play in economics. Thoroughly review this material before proceeding to the attached quiz.