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Understanding Economics: Scarcity, Opportunity Costs, and Human Capital

This 8th-grade economics course, taught by Spencer Williams, provides foundational knowledge on key economic concepts such as scarcity, opportunity costs, and the impacts of resources on decision-making. Students will explore how these factors influence individuals and organizations, as well as the importance of investing in human capital for economic improvement. By analyzing real-world examples, learners will gain insights into the relationship between economics and everyday decisions. Office hours are by appointment, and resources align with Arizona Department of Education standards.

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Understanding Economics: Scarcity, Opportunity Costs, and Human Capital

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  1. Economics8th Grade Spencer Williams

  2. Teacher: Spencer Williams Email: smw749@email.arizona.edu Office Hour: By appointment

  3. Standards • From the Arizona Department of Education website • (http://www.azed.gov/standards-practices/academic-standards/social-studies/) • Strand 5: Economics • Concept 1: Foundations of Economics • PO 2. Analyze how scarcity, opportunity costs, and trade off influence decision making. • PO 5. Describe the impacts of distribution and availability of natural resources on an economy. • Concept 2: Micro Economics • PO 2. Explain the impacts on governmental investment in human capital

  4. Context Context - Students have a basic understanding of the relationship between economics and an individual or organization. Students are able to provide examples of how the economy can affect the decision making of an individual or organization. Students are able to define and provide examples of investments in human capital within our own economy.

  5. Economics and Human Capital In this class students will demonstrate their understanding of basic economic concepts including: resource distribution, resource cost, scarcity, and opportunity costs. Students will then provide an example of how investments in human capital can improve or damage the condition of an individual or organization.

  6. Concept 3 2 1 0 __/15 Grading for class

  7. 5 4 3 2 __/10 Grading for Class (cont)

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