Unit 3: Lesson 15 - Why Do Some People Earn More Than Others? Students examine and discuss visuals to identify an economic mystery regarding differences in income. They use the Guide to Economic Reasoning to analyze the problem and reach a tentative solution. Concepts: - Choice
- Incentive
- Opportunity Cost
- Human Capital
- Future Consequences
- Voluntary Trade
Standards: - Standard #2: Decision Making
- Standard #3: Allocation
- Standard #4: Incentives
- Standard #5: Trade
- Standard #13: Income
- Standard #15: Economic Growth
 Unit 3: Lesson 19 - Earning an Income Students examine the concept of income. They identify factors that generate in come, including entrepreneurial traits and changing conditions in labor markets. In learning how income is generated, students plan and make choices to enhance their own income-generating capacity. Concepts: - Entrepreneurship
- Income
- Entrepreneur
- Human Capital
- Labor
- Profit
- Capital
Standards: - Standard #4: Incentives
- Standard #9: Competition and Market Structure
- Standard #13: Income
- Standard #14: Entrepreneurship
Unit 7: Lesson 43 - Why Are Some Nations Wealthy? Students work in groups to examine data from several nations regarding size, natural resources, and population. Using these data, they try to identify the nations and predict whether each nation is rich or poor. Students rank the nations from richest to poorest. After the mystery nations are revealed, students discuss economists' findings about the factors that contribute most to long-term economic growth. Concepts: - Economic Growth
- Natural Resources
- Human Capital
- Physical Capital
- Productivity
- Property Rights
- Trade
- Savings
Standards: - Standard #15: Economic Growth
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