Lesson Plan Course Title: Principles of Business, Marketing, and Finance

Transcription

1 Lesson Plan Course Title: Principles of Business, Marketing, and Finance Session Title: Discovering Business Cycles Performance Objective: The student differentiates between the types of economic systems with emphasis on the private enterprise system and the United States economy. Specific Objectives: (3)(B) Identify business cycles. Preparation TEKS Correlations: This lesson, as published, correlates to the following TEKS. Any changes/alterations to the activities may result in the elimination of one or more of the TEKS listed. Interdisciplinary Correlations: English: English I (c) The student is expected to: (8)(B) read in such varied sources as diaries, journals, textbooks, maps, newspapers, letters, speeches, memoranda, electronic texts, and other media; (6)(A) expand vocabulary through wide reading, listening, and discussing; and, (4)(F) compile written ideas and representations into reports, summaries, or other formats and draw conclusions. Economics: Economics (c) The student is expected to: (19)(C) Analyze the impact of business cycles on U.S. history. Instructor/Trainer References: 1. Brown, Betty J. and Clow, John E. (2003). Introduction to Business: Fifth Edition. New York: Glencoe/Mac-Graw Hill. Instructional Aids: 1. Optional Overhead, SmartBoard, Internet, ELMO (if available and where applicable) Materials Needed: 1. Textbook 2. Internet 1

2 Learner Preparation: Learners will review vocabulary terms the night before and read textbook the night before. Lesson Plan Vocabulary (Please see PowerPoint pages 1 3. Share with students prior to guided practice): Business Cycle The movement of the economy from good times to bad times and back again in four stages: prosperity, recession, depression, and recovery. The rise and fall of economic activity over time. Prosperity [Peak] The high point of a business cycle, also called the peak, when employment is high, the demand for goods and services is high, and business are turning out goods and services as fast as they can. Recession [Contraction] A stage in the business cycle in which the economy is in a period of decline spending falls so fewer goods and services are demanded and unemployment rises. Depression [Trough] The lowest point in a business cycle. It is also considered a deep recession. A depression is characterized by high unemployment and low productivity. Recovery [Expansion] A rise in business activity after a recession or depression. Production starts to increase, unemployment decreases, and GDP grows. General Economic Activity Indicators Gross Domestic Product, Unemployment, Inflation, and National Debt Gross Domestic Product (GDP) The total dollar value of all the goods and services produced in a country in a given year. Productivity A measure of how much a country produces. Unemployment Rate Percentage that reflects the number of people who are able to work but do not have a job during a given period of time. Inflation Rate Percentage that reflects a general increase in the cost of goods and services. National Debt The total amount of money a government owes. Budget Deficit When the government spends more on programs than it collects in taxes, or expenses exceed 2

3 income. Budget Surplus When the government collects more in taxes than it spends on programs, or income exceeds expenses. Brown, Betty J. and Clow, John E. (2003). Introduction to Business: Fifth Edition. New York: Glencoe/Mac-Graw Hill. Introduction (LSI Quadrant I): Prosperity, recession, depression, and recovery are terms representative of business cycle phases. We often hear these terms, but do we know what they mean? What phase of the business cycle are we experiencing today? What makes the economy move from one phase to another? Who or what are the key players? Today, we will learn the answer to all of these questions as we identify parts of the business cycle. Outline Outline (LSI Quadrant II): Instructors can use the PowerPoint presentation, slides, handouts, and note pages to support and reinforce the following outline. MI Outline Notes to Instructor See Multiple Intelligences (MI) key below. I. Application Guided Practice A. Complete an activity in which the student labeling the parts of a business cycle. B. Match the words peak, trough, contraction, and expansion to parts of a business cycle. II. Application Independent Practice A. Complete a grid that identifies characteristics of the parts of the business cycle using economic indicator descriptions. B. Complete a puzzle that reinforces terms taught during class I. Application Guided Practice A. Distribute Discovering Busi Cycle (Microsoft Word) 1. Complete page 1 2. Answer key is on page 3. Instructor can use Smartboard, ELMO, o overhead with PowerP page 4 during this acti B. Distribute Discovering Busi Cycle (Microsoft Word) 1. Complete page 1 2. Answer key is on page 4 II. Application Independent Pract A. Distribute Discovering Busin Cycle (Microsoft Word) 1. Complete page 2 2. Answer key is on page B. Distribute Discovering Busin Cycle (Microsoft Word) 1. Complete page 3 2. Answer key is on page 3

4 Summary I. Summary Review Questions A. Answer questions from the Quiz Show. Evaluation I. Evaluation A. Students individually research this country s economic indicators and relate them to the business cycle. Extension/Enrichment I. Extension/Enrichment A. Students explore other website activities based on similar content. B. Students research the beginning of the last recession. I. Summary Review Questions A. Display review questions saved in the Quiz Show section of the PowerPoint, pages (View in Slide Show mode.) I. Evaluation A. Utilize the Economic Indicator Analysis Microsoft Word document to complete this activity. B. Teacher can divide students into small groups. C. Teacher can assign students to different periods or sets of months, i.e., separate by presidential terms, historical eras, or years. D. Students can expand research beyond cited websites. I. Extension/Enrichment A. Allow students to explore other websites activities based on similar content such as: ex.html B. Engage the students in a research project in which they determine the beginning month/year of the last US recession. 1. Students determine resources needed to substantiate response. Copy and paste Multiple Intelligences Graphic in appropriate place in left column. Verbal Linguistic Logical Mathematical Visual Spatial Musical Rhythmic Bodily Kinesthetic Intra- Personal Interpersonal Naturalist Existentialist 4

5 Application Guided Practice (LSI Quadrant III): Distribute Microsoft Word document entitled: Discovering Business Cycles, page 1 (the answers can be found on Discovering Business Cycles Answer Sheet on page 4). Independent Practice (LSI Quadrant III): Distribute Microsoft Word document entitled: Discovering Business Cycles, pages 2 and 3 (the answers can be found on Discovering Business Cycles Answer Sheet on page 4). Review (LSI Quadrants I and IV): Summary Question: List the four business cycle phases. Answer: Prosperity, recession, depression, and recovery. Question: What is a characteristic of Recovery? Answer: Decreased prices (deflation) Question: Describe and list the general economic activity indicators? Answer: They are major influencers (measures) of a country s economic performance - - GDP, National Debt, Inflation, Unemployment. Question: Changes in GNP influences the business cycle. True or False? Answer: True Question: Which part of the business cycle is also referred to as the trough? Answer: Depression Informal Assessment (LSI Quadrant III): Evaluate answers to independent practice. Address issues raised in independent practice. Formal Assessment (LSI Quadrant III, IV): Evaluation Economic Indicator Analysis A grading rubric is attached (Business Cycle Assessment Rubric). Rubric can be modified or replaced using 5

6 Students can be placed in collaborative groups to complete project. Teacher can assign students to different periods or sets of months, i.e., separate by presidential terms, historical eras, or years. Students can expand research beyond cited websites. Extension/Enrichment (LSI Quadrant IV): Allow students to explore other websites activities based on similar content such as: Engage the students in a research project in which they determine the beginning month/year of the last U.S. recession. Useful websites:

7 ECONOMIC INDICATOR ANALYSIS Instructions: Complete the table using data about US economic indicators. Access the US Department of Labor s website for the Bureau of Labor Statistics, the US Department of Treasury s website for the Bureau of the Public Debt, and, US Department of Commerce s website for the Bureau of Economic Analysis, Replace the periods with consecutive months or quarters, i.e., May 2009 (Period 1) through September 2009 (Period 5). Prepare graphs displaying the various economic indicator trend data researched. Use the graphs to determine the phase of the business cycle. Present graphs and business cycle results to class. Indicator Period 1 Period 2 Period 3 Period 4 Period 5 Unemployment Rate Inflation Rate Productivity National Debt (Public Debt) Gross Domestic Product Other 7

8 DISCOVERING BUSINESS CYCLES Instructions: Label the parts of the business cycle using the following terms: Prosperity, Depression, Recovery, and Recession. Match: Draw a line to match parts of the business cycle with terms that describe them. Prosperity Depression Recovery Recession Contraction Trough Peak Expansion Instructions: Show your understanding of the economic indicators by using the following terms to describe how unemployment and productivity affect the business cycle: Increases Decreases High Low Unemploymen t Productivity Recover y Prosperit y Recessio n Depressio n 8

9 DISCOVERING BUSINESS CYCLES Instructions: Show your understanding of the economic indicators by using the following terms ACROSS 1. Lowest point in the business cycle 3. Prosperity, recession, depression, and recovery 4. Contraction 6. Reflects the general increase in the cost of goods and services 7. A general decrease in the costs of goods and services 8. A rise in business activity after a recession or depression 9. When the government spends more on programs than it collects in taxes or expenses exceed income DOWN 2. Characterized by low unemployment and high productivity 5. The total amount of money the government owes 9

10 DISCOVERING BUSINESS CYCLES Answer Key Page 1 Business Cycle See Business Cycle Model in textbook Matching Prosperity Peak Depression Trough Recovery Expansion Recession Contraction Page 2 Recovery Prosperity Recession Depression Unemployment Decreases Low Increases High Productivity Increases High Decreases Low Page 3 Across 1. Depression 3. Business Cycle 4. Recession 6. Inflation 7. Deflation 8. Recovery 9. Budget Deficit Down 2. Prosperity 5. National Debt 10

11 Graphing : BUSINESS CYCLES Student Name: Title CATEGORY SCORE Title is creative and Title clearly relates to A title is present at A title is not present. clearly relates to the the problem being the top of the graph. problem being graphed (includes graphed (includes dependent and dependent and independent variable) independent and is printed at the variable). It is printed top of the graph. at the top of the graph. Labeling of X axis The X axis has a clear, neat label that describes the units used for the independent variable (e.g, days, months, participants' names). The X axis has a clear label that describes the units used for the independent variable. The X axis has a label. The X axis is not labeled. Labeling of Y axis The Y axis has a clear, neat label that describes the units and the dependent variable (e.g, % of dogfood eaten; degree of satisfaction). The Y axis has a clear label that describes the units and the dependent variable (e.g, % of dogfood eaten; degree of satisfaction). The Y axis has a label. The Y axis is not labeled.

12 Type of Graph Chosen Graph fits the data well and makes it easy to interpret. Neatness and Attractiveness Preparedness Exceptionally well designed, neat, and attractive. Colors that go well together are used to make the graph more readable. Student is completely prepared and has obviously rehearsed. Graph is adequate and does not distort the data, but interpretation of the data is somewhat difficult. Neat and relatively attractive. A ruler and graph paper (or graphing computer program) are used to make the graph more Student seems pretty prepared but might have needed a couple more rehearsals. Graph distorts the data somewhat and interpretation of the data is somewhat difficult. Lines are neatly drawn but the graph appears quite plain. The student is somewhat prepared, but it is clear that rehearsal was lacking. Graph seriously distorts the data making interpretation almost impossible. Appears messy and "thrown together" in a hurry. Lines are visibly crooked. Student does not seem at all prepared to present. Content Collaboration with Peers Shows a full understanding of the topic. Almost always listens to, shares with, and supports the efforts of others in the group. Tries to keep people working well together. Shows a good understanding of the topic. Usually listens to, shares with, and supports the efforts of others in the group. Does not cause "waves" in the group. Shows a good understanding of parts of the topic. Often listens to, shares with, and supports the efforts of others in the group but sometimes is not a good team member. Does not seem to understand the topic very well. Rarely listens to, shares with, and supports the efforts of others in the group. Often is not a good team member. Timeliness Business Cycle All graphs were completed in a timely manner. Trended data from graphs greatly supports business cycle and A majority of the graphs were completed in a timely manner. Trended data from graphs somewhat supports business cycle and One-half of the graphs were completed in a timely manner. Trended data from graphs did not support business cycle and presentation Atleast one graph was completed in a timely manner. Trended data from graphs are incomplete and no business cycle was declared. (1) Deduct points for formating, neatness and attractiveness. (2) Modify or create a new rubric by going to

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