They build communities of their own similar to the one in the book. They use their model communities as the springboard to a discussion of basic economic terms and concepts. Goods in the Soviet Union were available as public goods. Now they are private goods. Students see the effects this change has had on the economy.
Students identify goods and services and learn that specialization leads to greater interdependence.
The Opportunity Cost of a Lifetime - All economic questions and problems arise from scarcity. Economics assumes people do not have the resources do satisfy all of their wants. Therefore, we must make choices about how to allocate those resources. We make decisions about how to spend our money and use our time. This lesson focuses on the idea that every choice involves a cost.