Lesson Title: Economics of Energy

Lesson Authors: Laurent Pelletier

Audience/Course: Economics (geared for seniors)

Time/Duration: As little as a class period, as long as a couple of weeks

Context: 

• Standard: 12.1.1 Examine the causal relationship between scarcity and the need for choices. 
• Standard: 12.1.2 Explain opportunity cost and marginal benefit and marginal cost.
  • Students understand common economic terms and concepts and economic reasoning.trade offs, opportunity cost, needs vs wants
• Standard: 12.1.3  Identify the difference between monetary and nonmonetary incentives and how changes in incentives cause changes in behavior.
  • Students understand common economic terms and concepts and economic reasoning. 
• Standard: 12.2.1 Understand the relationship of the concept of incentives to the law of supply and the relationship of the concept of incentives and substitutes to the law of demand.
  • Students analyze the elements of America’s market economy in a global setting. 
• Standard: 12.2.8  Explain the role of profit as the incentive to entrepreneurs in a market economy.
  • Students analyze the elements of America’s market economy in a global setting. 
• Standard: 12.3.2 Identify the factors that may cause the costs of government actions to outweigh the benefits.
  • Students analyze the influence of the federal government on the American economy