This unit provides a foundational exploration of economics, examining how individuals and organizations manage resources to satisfy unlimited wants despite inherent scarcity. Students analyze the three primary types of resources—natural, human, and manufactured—and the necessity of making choices that involve opportunity costs.
The curriculum details the four factors of production—land, labour, capital, and entrepreneurship—alongside their respective economic rewards: rent, wages, interest, and return on investment.
Finally, the unit evaluates the critical roles of internal and external stakeholders, from shareholders to the broader society, who are affected by business activities. This overview establishes the essential framework for understanding the business environment.
Curriculum
- 3 Sections
- 12 Lessons
- 6 Weeks
- Section 1.1: Basic Economic ConceptEconomics examines the management of limited resources against unlimited human wants. This disparity creates scarcity, forcing individuals, firms, and governments to make choices. These decisions occur within markets, where buyers and sellers meet to facilitate transactions through the supply process.7
- 1.1Lesson 1.1.1: Needs and Wants
- 1.2Lesson 1.1.2: Economic Resources (Natural, Human, and Manufactured)
- 1.3Lesson 1.1.3: Choice and Opportunity Cost
- 1.4Lesson 1.1.4: Direct and Indirect Consumption
- 1.5Lesson 1.1.5: Markets and Transactions
- 1.6Lesson 1.1.6: The Relationship Between Demand and Supply
- 1.7Quiz 10 Questions
- Section 1.2: Factors of ProductionProduction requires four essential inputs: land, labour, capital, and entrepreneurship. Each factor earns a specific reward—rent for land, wages or salaries for labour, return on investment for capital, and profit or loss for the enterprising individual within our economy. Vital.5
- Section 1.3: StakeholdersStakeholders are entities influenced by business operations. Internal stakeholders, such as owners and employees, have a direct interest in the firm’s success. External stakeholders, including customers, suppliers, and the government, are indirectly affected by the organization’s decisions and performance.3
