Lesson 1: The Fundamentals

Lesson Overview

This lesson is designed to introduce and/or review a variety of economic concepts, all within the context of understanding the relationship between the environment and the economy. Integral to this understanding will be an introduction of institutions and a look at how institutions are key, both historically and currently, to learning why standards of living vary by nation.  

Key Terms & Economic Concepts

ChoicesIncentivesProperty Rights
Economic GoalsInstitutionsReal GDP per Capita
Externality Marginal Rule of Law
GDPMarketsScarcity
Hierarchy of NeedsOpportunity Cost

Objectives

Students will be able to:

  • Understand a variety of economic concepts and principles
  • Apply economic concepts and principles in issues dealing with the environment
  • Recognize the role institutions play in determining a nation’s standard of living
  • Apply Maslow’s ‘Hierarchy of Needs’ to individuals and nations over time
  • Discuss what causes environmental issues to be addressed or not addressed
  • Visualize how real GDP changed by nation over time
  • Visualize how life span and population health changed by nation over time

Time Required

1 class period (50 minutes)

Materials

Lesson 1 Key Ideas

  1. An understanding of economic concepts and principles helps students understand and critically analyze issues, including those related to the environment.
  2. Knowledge of institutions is key to understanding why some nations are wealthy and measured by real GDP per capita and others are not.
  3. Decisions made by nations today have both short- and long-range impact on their citizenry.
  4. Health of a nation’s citizenry improves the nations wealth and longevity.
  5. Nations, as well as states and cities, have disparity in relative wealth.
  6. It is not until basic needs such as food and shelter are met that other societal issues such as a cleaner environment can be addressed.

Support Materials