MANCHESTER TOWNSHIP SCHOOL DISTRICT CURRICULUM

MANCHESTER TOWNSHIP SCHOOL DISTRICT CURRICULUM Content Area: Social Studies Course Title: Economics Grade Level: 11 12 Unit Plan 1 Introduction to Economics 5 Weeks Unit Plan 2 How Markets Work 8 Weeks Unit Plan 3 Business and Labor 4 6 Weeks Unit Plan 4 Money, Banking, and Finance 4 6 Weeks Unit Plan 5 Measuring Economic Performance 4 Weeks Unit Plan 6 Government and the Economy 5 Weeks Date Created: May, 2012 Board Approved on: August 22, 2012

Content Area: Social Studies Unit Title: Introduction to Economics Target Course/Grade Level: Economics/11-12 MANCHESTER TOWNSHIP SCHOOL DISTRICT Unit Overview Unit Summary: This unit will provide an introduction to the basic ideas of economics. Students will learn about scarcity, the factors of production, decision making, and opportunity cost. The discussion of scarcity and decision making continues in Chapter 2 with a look at how societies have developed different economic systems to make choices about resource allocation. Chapter 3 examines one of those systems, the American system of free enterprise. Primary interdisciplinary connections: History, Math, Business 21 st century themes: Critical Thinking and Problem Solving, Money Management, Civic Financial Responsibility, Risk Management and Insurance Learning Targets Standards: 6.1 U.S. History: America in the World- All students will acquire the knowledge and skills to think analytically about how past and present interactions of people, cultures, and the environment shape the American heritage. Such knowledge and skills enable students to make informed decisions that reflect fundamental rights and core democratic values as productive citizens in local, national, and global communities. 9.1 21st Century Life Skills- All students will demonstrate the creative, critical thinking, collaboration, and problem-solving skills needed to function successfully as both global citizens and workers in diverse ethnic and organizational cultures. 9.2 Personal Financial Literacy- All students will develop skills and strategies that promote personal and financial responsibility related to financial planning, savings, investment, and charitable giving in the global economy. Content Statements: 6.1.16. B- Scientific and technological changes have dramatically affected the economy, the nature of work, education, and social interactions. 9.1.12. A- The ability to recognize a problem and apply critical thinking and problem-solving skills to solve the problem is a lifelong skill that develops over time. 9.1.12. B- Gathering and evaluating knowledge and information from a variety of sources, including global perspectives, fosters creativity and innovative thinking. 9.2.12. B- Money management involves setting financial goals. 9.2.12. B- Money management is reliant on developing and maintaining personal budgets. 9.212. F- The potential for building and using personal wealth includes responsibility to the broader community and an understanding of the legal rights and responsibilities of being a good citizen. 9.2.12. G- There are common financial risks and ways to manage risks. CPI # Cumulative Progress Indicator (CPI) 6.1.12.B.16.a Explain why natural resources (i.e., fossil fuels, food, and water) continue to be a source of conflict, and analyze how the United States and other nations have addressed issues concerning the distribution and sustainability of natural resources. 9.1.12.A.1 Apply critical thinking and problem-solving strategies during structured learning experiences. 9.1.12.B.1 9.1.12.B.2 9.1.12.B.3 9.2.12.B.1 Present resources and data in a format that effectively communicates the meaning of the data and its implications for solving problems, using multiple perspectives. Create and respond to a feedback loop when problem solving. Assist in the development of innovative solutions to an onsite problem by incorporating multiple perspectives and applying effective problem-solving strategies during structured learning experiences, service learning, or volunteering. Prioritize financial decisions by systematically considering alternatives and possible consequences.

9.2.12.B.2 9.2.12.B.4 9.2.12.B.5 9.2.12.B.6 9.2.12.F.1 9.2.12.F.3 9.2.12.F.4 9.2.12.G.1 Compare strategies for saving and investing and the factors that influence how much should be saved or invested to meet financial goals. Analyze how income and spending plans are affected by age, needs, and resources. Analyze how changes in taxes, inflation, and personal circumstances can affect a personal budget. Design and utilize a simulated budget to monitor progress of financial plans. Summarize the concept and types of taxation used to fund public initiatives. Assess the impact of emerging global economic events on financial planning. Analyze how citizen decisions and actions can influence the use of economic resources to achieve societal goals and provide individual services. Analyze risks and benefits in various financial situations. Unit Essential Questions What is economics? Why is the term scarcity so important in economics? What are the three factors of production when it comes to economics? What is a trade-off and how is a trade-off linked with opportunity costs? What are the three economic questions societies ask? What is a free market system? What is a centrally planned economy? How does Gross Domestic Product (GDP) provide a means to analyze economic growth? What does GDP tell economists about the business cycles? How is economic stability measured? Unit Enduring Understandings Economics is the study of how people seek to satisfy their needs and wants by making choices. People, businesses, and governments must make choices because all resources are scarce. Scarcity means limited quantities of resources to meet unlimited needs or desires. The three factors of production are: Land which includes any natural resources used to produce goods and services. Labor is the effort that one person exerts for another and for which the first person is paid. Capital is any human-made resource used to produce goods and services. Every decision involves trade-offs. Trade-offs are all the alternatives that we give up when we choose one course of action over another. The most desirable alternative given up as the result of a decision is an opportunity cost. The three basic economic questions societies ask are: 1) what goods and services should be produced? 2) how should these goods and services be produced? and 3) who consumes these goods and services? A free market is a self-regulating economic system powered by individuals acting in their own self interests. The factors of production are privately owned, and individuals decide how to answer the three economic questions. In a centrally planned economy the central government controls the factors of production and answers the three basic economic questions for all of society. Two systems often mentioned when centrally planned economies are discussed are socialism and communism. A strong GDP reflects a healthy economy; a healthy economy is the result of a well-functioning free enterprise system. The GDP tells economists where the nation is within a business cycle and helps them predict business cycles. Indicators such as price levels and the health of the nation s financial institutions help measure economic stability.

Unit Learning Targets (Objectives) Students will... Explain why scarcity and choice are basic problems of economies. Identify land, labor, and capital as the three factors of production, and identify the two types of capital. Determine why every decision involves trade-offs and explain the concept of opportunity costs. Identify the three key economic questions of what to produce, how to produce, and who consumes what is produced. Describe the characteristics of traditional, command, and market economies and describe the societal values that influence them. Examine how a centrally planned economy is organized as well as identify the problems of a centrally planned economy. Explain how the government tracks and seeks to influence business cycles. Explore how the government promotes economic strength and stability. Evidence of Learning Formative Assessments Entrance and Exits Cards Thinking Critically and Response Questions Verbal Response Questioning Cooperative Projects Section Assessment Questions Section Quizzes Chapter Review Questions & Worksheets Supportive Transparencies Current Events Chapter and/or Unit Test(s) Summative Assessments Teacher will develop notes, outlines, PowerPoint presentations, discussions, projects, reports, simulations, media presentations, cooperative activates, supportive transparencies/questions, daily homework assignments, quizzes and chapter test that will provide evidence for student learning of the economic content. Students will demonstrate knowledge through: Section Quizzes Section and/or Unit Test(s) Cooperative Learning Activities/Projects Wall Street Journal Current Events Assessment Video Analysis Modifications (ELLs, Special Education, Gifted and Talented) written directions, study guides, cooperative activities, supplementary materials, alternative assessments, visual learning, and student specific IEP modifications and 504 plans Curriculum development Resources/Instructional Materials/Equipment Needed /Teacher Resources: Prentice Hall Economics: Principles in Action Annotated Teacher s Edition, 2007, Ch. 1-3 Prentice Hall Teacher Express: Plan, Teach, Asses Resource Binder, 2007 The Wall Street Journal- classroom edition Projector Overhead Transparencies Media Center TV/DVD SMARTBoard/Whiteboard www.moneyskill.org http://jumpstart.org/activities-an-initiatives.html www.americasaves.org www.daveramsey.com http://www.moneyskill.org http://www.fdic.gov/consumers/consumer/moneystart/overview.html

http://www.frbsf.org/community/webresources/bankersguide.pdf http://practicalmoneyskills.com/ http://www.uen.org/cc/uen/pub/displaycorecourse.action?ccld=520802 http://educationcents.org/?gclid=cngp0-7vjalcfq9n2godgxjoug Teacher Notes: Students will complete various individual and cooperative assignments to help gain a better understanding of the term economics. A detailed study guide for each of the three chapters in Unit 1 will provide them with vocabulary terms, class activities and homework assignments within the Unit. Also, various primary and secondary resources will be provided to help student s better gain an understanding of economics. The following are various activates to help with that understanding: Web Activities: from EconEDLink.org Primary and Secondary Reading: Students will read from textbook as well as revlevant current event articles. Economic Vocabulary Activity (key terms) Math Practice Activity: Students will work with a Production Possibilities Curve and understand what it means to have a point on, inside or outside the curve. Critical Thinking Activity: Students will decipher between needs and wants in their own lives and how it affects their economic decisions. Economic Vocabulary Activity, Define circular flow chart Cooperative Learning Activity: Students will have an economic summit as leaders of various government structures. They will be faced with multiple issues that political leaders must answer in terms of the economy. Video Analysis: Students will watch DiscoverEcon DVD and appropriate clips from Yahoo Finance, CNN Money, Dave Ramsey or CNBC focusing on the concept of economic growth

Content Area: Social Studies Unit Title: How Markets Work Target Course/Grade Level: Economics/11-12 MANCHESTER TOWNSHIP SCHOOL DISTRICT Unit Overview Unit Summary: This unit discusses the factors that affect the way markets perform. Students will gain knowledge about supply and demand and how they are considered one of the basic building blocks of the marketplace and price. This unit will also cover the four types of markets structures and how the government intervenes to protect completion, a key element of free enterprise in the marketplace. Primary interdisciplinary connections: History, Math, Business, Science 21 st century themes: : Critical Thinking & Problem Solving, Creativity and Innovation, Collaboration, Teamwork and Leadership, Accountability, Productivity and Ethics, Income and Careers, Money Management, Planning, Saving, and Investing, Becoming a Critical Consumer, Finance Career Cluster, Science, Technology, Engineering & Mathematics Career Cluster Learning Targets Standards: 6.1 U.S. History: America in the World- All students will acquire the knowledge and skills to think analytically about how past and present interactions of people, cultures, and the environment shape the American heritage. Such knowledge and skills enable students to make informed decisions that reflect fundamental rights and core democratic values as productive citizens in local, national, and global communities. 6.2 World History/Global Studies- All students will acquire the knowledge and skills to think analytically and systematically about how past interactions of people, cultures, and the environment affect issues across time and cultures. Such knowledge and skills enable students to make informed decisions as socially and ethically responsible world citizens in the 21st century 9.1 21st-Century Life & Career Skills- All students will demonstrate the creative, critical thinking, collaboration, and problem-solving skills needed to function successfully as both global citizens and workers in diverse ethnic and organizational cultures. 9.2 Personal Financial Literacy- All students will develop skills and strategies that promote personal and financial responsibility related to financial planning, savings, investment, and charitable giving in the global economy. 9.4 Career and Technical Education- All students who complete a career and technical education program will acquire academic and technical skills for careers in emerging and established professions that lead to technical skill proficiency, credentials, certificates, licenses, and/or degrees. (For descriptions of the 16 career clusters, see the Career Clusters Table.) Content Statements: 6.1.16. B, C, D- Scientific and technological changes have dramatically affected the economy, the nature of work, education, and social interactions. 6.2.6.C- Technological innovation, economic interdependence, changes in population growth, migratory patterns, and the development, distribution, and use of natural resources offer challenges and opportunities that transcend regional and national borders. 9.1.12. A- The ability to recognize a problem and apply critical thinking and problem-solving skills to solve the problem is a lifelong skill that develops over time. 9.1.12. B- Gathering and evaluating knowledge and information from a variety of sources, including global perspectives, fosters creativity and innovative thinking. 9.1.12. C- Collaboration and teamwork enable individuals or groups to achieve common goals with greater efficiency. 9.1.12. F- The nature of the 21st-century workplace has shifted, demanding greater individual accountability, productivity, and collaboration. 9.2.12. A- Educational achievement, career choice, and entrepreneurial skills all play a role in achieving a desired lifestyle.

9.2.12. A- Income affects spending decisions and lifestyle. 9.2.12. B- Money management requires understanding of cash flow systems and business practices. 9.2.12. D- Appropriate application of basic economic principles leads to wiser decisions for individual, family, and business financial planning. 9.2.12. E- The ability to prioritize wants and needs assists in making informed investments, purchases, and decisions. 9.4.12. F- Systems: 1) Roles within teams, work units, departments, organizations, inter-organizational systems, and the larger environment impact business operations. 2) Key organizational systems impact organizational performance and the quality of products and services. 3) Understanding the global context of 21st-century industries and careers impacts business operations. 9.4.12.O- Communication Skills: All clusters rely on effective oral and written communication strategies for creating, expressing, and interpreting information and ideas that incorporate technical terminology and information. 9.4.12. O- Problem-Solving and Critical Thinking: Critical and creative thinking strategies facilitate innovation and problem-solving independently and in teams. 9.4.12. O- Systems: 1) Roles within teams, work units, departments, organizations, inter-organizational systems, and the larger environment impact business operations. 2) Key organizational systems impact organizational performance and the quality of products and services. 3) Understanding the global context of 21st-century industries and careers impacts business operations. CPI # Cumulative Progress Indicator (CPI) 6.1.12.B.16.a Evaluate the economic, political, and social impact of new and emerging technologies on individuals and nations. 6.1.12.C.16.b Predict the impact of technology on the global workforce and on entrepreneurship. 6.1.12.D.16.a Analyze the impact of American culture on other world cultures from multiple perspectives. 6.1.12.D.16.b Explain how and why technology is transforming access to education and educational practices worldwide. 6.1.12.D.16.c Determine past and present factors that led to the widening of the gap between the rich and poor, and evaluate how this has affected individuals and society. 6.2.12.C.6.a 9.1.12.A.1 9.1.12.A.2 9.1.12.B.1 9.1.12.B.3 9.1.12.C.1 9.1.12.F.1 9.2.12.A.3 9.2.12.A.4 9.2.12.A.8 9.2.12.B.2 Evaluate efforts of governmental, nongovernmental, and international organizations to address economic imbalances and social inequalities. Apply critical thinking and problem-solving strategies during structured learning experiences. Participate in online strategy and planning sessions for course-based, school-based, or outside projects. Present resources and data in a format that effectively communicates the meaning of the data and its implications for solving problems, using multiple perspectives. Assist in the development of innovative solutions to an onsite problem by incorporating multiple perspectives and applying effective problem-solving strategies during structured learning experiences, service learning, or volunteering. Enlist input from experts in the field, community members, and other stakeholders to design a service-learning activity that addresses a local, national, or worldwide need. Explain the impact of current and emerging technological advances on the demand for increased and new types of accountability and productivity in the global workplace. Analyze how the economic, social, and political conditions of a time period can affect starting a business and can affect a plan for establishing such an enterprise. Summarize the financial risks and benefits of entrepreneurship as a career choice. Analyze how personal and cultural values impact spending and other financial decisions. Compare strategies for saving and investing and the factors that influence how much should be saved or invested to meet financial goals.

9.2.12.D.9 9.2.12.D.10 9.2.12.E.1 9.2.12.E.2 9.4.12.F.34 9.4.12.F.35 9.4.12.F.36 9.4.12.O.4 9.4.12.O.5 9.4.12.O.8 9.4.12.O.11 9.4.12.O.12 9.4.12.O.13 9.4.12.O.17 9.4.12.O.35 9.4.12.O.36 S-IC.4 S-IC.6. RST.11-12.4. RST.11-12.5. RST.11-12.8. WHST.11-12.4. WHST.11-12.6. WHST.11-12.7. Assess the role of revenue-generating assets as mechanisms for accruing and managing wealth. Compare and contrast the past and present role of government in the financial industry and in the regulation of financial markets. Analyze and apply multiple sources of financial information when prioritizing financial decisions. Determine how objective, accurate, and current financial information affects the prioritization of financial decisions. Describe the nature and types of business organizations to build an understanding of the scope of organizations. Discuss the concepts, processes, and skills used to identify new ideas, opportunities, and methods and to create or start a new finance project or venture. Analyze the contribution of accounting systems to the fiscal stability of businesses. Select and employ appropriate reading and communication strategies to learn and use technical concepts and vocabulary in practice. Demonstrate use of the concepts, strategies, and systems for obtaining and conveying ideas and information to enhance communication. Use correct grammar, punctuation, and terminology to write and edit documents. Apply active listening skills to obtain and clarify information. Develop and interpret tables, charts, and figures to support written and oral communications. Listen to and speak with diverse individuals to enhance communication skills. Employ critical thinking skills (e.g., analyze, synthesize, and evaluate) independently and in teams to solve problems and make decisions. Describe the nature and types of business organizations to build an understanding of the scope of organizations. Examine and summarize roles within teams, work units, departments, organizations, inter-organizational systems, and the larger environment to understand the nature and scope of organizations in this cluster. Use data from a sample survey to estimate a population mean or proportion; develop a margin of error through the use of simulation models for random sampling. Evaluate reports based on data Determine the meaning of symbols, key terms, and other domain-specific words and phrases as they are used in a specific scientific or technical context relevant to grades 11 12 texts and topics. Analyze how the text structures information or ideas into categories or hierarchies, demonstrating understanding of the information or ideas. Evaluate the hypotheses, data, analysis, and conclusions in a science or technical text, verifying the data when possible and corroborating or challenging conclusions with other sources of information. Produce clear and coherent writing in which the development, organization, and style are appropriate to task, purpose, and audience. Use technology, including the Internet, to produce, publish, and update individual or shared writing products in response to ongoing feedback, including new arguments or information. Conduct short as well as more sustained research projects to answer a question (including a self-generated question) or solve a problem; narrow or broaden the inquiry when appropriate; synthesize multiple sources on the subject, demonstrating understanding of the subject under investigation.

Unit Essential Questions What is the law of demand? What are the three characteristics of a demand curve? Explain why the law of demand can apply only in a free market economy. What is an example of something you consider an inferior good? Explain elasticity of demand in your own words. How do we calculate total revenue? What is the law of supply? What is the difference between supply and quantity supplied? How does the quantity supplied of a good with a large elasticity of supply react to a price change? How does the marginal product of labor change as more workers are hired? What is the impact of diminishing marginal returns on labor? How do you calculate marginal cost? How do subsides affect supply? Why does the government impose excise taxes? What is unique about an equilibrium price? What situation can lead to excess demand? How is a price floor different from a price ceiling? What conditions lead to a surplus? Describe characteristics and give examples of perfect completion. How do start-up costs discourage entrepreneurs from entering a market? What can a firm with market power do? Why does government usually approve of natural monopolies? What are the four conditions of monopolistic completion? What are antitrust laws? Under what conditions will the government approve a merger? Unit Enduring Understandings Consumers buy more of a good when its price decreases and less when its price increases. The demand curve shows the relationship between the price of the good and the quantity a person will purchase; the curve assumes that other factors remain constant; the curve slopes downward to the right. In a free market economy, prices fluctuate according to the market. According to the law of demand, consumer s purchasing decisions are based on these free-market price fluctuations. Examples will vary but should include goods students would buy less of or not at all, if their incomes increased, such as macaroni and cheese or generic brands of breakfast cereal. Elasticity of demand measures how drastically buyers will increase or decrease their demand for a good when the price rises or falls. Total revenue is determined by multiplying the quantity of goods sold by the price charged. The producers will offer more of a good as its price increases. A price change will cause a change in the quantity supplied, whereas an outside factor, such as inclement weather, causes a change in supply. A good with a large elasticity of supply will be very responsive to changes in price. Supply will rise swiftly in response to price increase. The marginal product of labor increases up to a point and then decreases as still more workers are hired. Diminishing marginal returns will probably have a negative effect on labor: as the firm experiences less new output per worker, fewer new workers will be hired, and some may be let go. Marginal cost is calculated by finding out how much additional cost results from each additional unit produced. For example, in the duffel bag example, the marginal cost of the first duffel bag was $8.00 because total cost rose from $36.00 to $44.00 with the production of one bag. A subsidy lowers marginal cost and thus increases supply. Governments may use excise taxes to discourage sales of products that are thought to be harmful to the public. The equilibrium price is unique because it is the point where the price and amount supplied are equal tot the price and amount demanded. Excess demand occurs when the quantity demanded is more than the quantity supplied. This can occur when the actual price in the market is lower than the equilibrium price. A price floor is a government-set minimum price for certain goods or services. A price ceiling is

government set maximum price that can be charged for a good or service. Surpluses are caused by shifts in the supply curve, which cause quantity supplied to exceed quantity demanded. Surpluses can also occur if consumers demand far less of a good then they did previously. Many buyers and sellers participate in the market; sellers offer identical products; informed buyers and sellers; and ability for sellers to enter or exit the market freely. High start-up costs discourage new ventures by creating the potential for large losses. Many people are unwilling to take the risk of starting a new business. A company with market power can control prices and output. Natural monopolies operate at a lower cost to both consumers and producers, so they are generally allowed because they are the most efficient source of that good or service. Many firms, few artificial barriers to entry, slight control over price, differentiated products. Antitrust laws are designed to encourage completion in the marketplace. The government approves mergers only when the combined company will not be able to exert unfair control over markets or prices. Unit Learning Targets (Objectives) Students will... Explain the law of demand. Create a demand schedule for an individual and a market. Interpret demand graph using demand schedules. Understand the difference between a change in quantity demanded and a shift in the demand curve. Analyze how the change in the price of one good can affect demand for a related good. Explain how to calculate elasticity of demand. Describe how firms use elasticity and revenue to make decisions. Explain the law of supply. Identify the relationship between elasticity of supply and time. Explain how firms decide how much labor to hire to produce a certain level of output. Analyze the production costs of firms. Identify how determinants such as input costs create changes in supply. Understand supply and demand in the global economy. Analyze the effects of other factors that affect supply. Evidence of Learning Formative Assessments Entrance and Exits Cards Thinking Critically and Response Questions Verbal Response Questioning Cooperative Projects Section Assessment Questions Guided Reading and Review Case Studies in Free Enterprise Section Quizzes Chapter Review Questions & Worksheets Presentation Rubrics Supportive Transparencies Video Analysis Current Events Chapter and/or Unit Test(s)

Summative Assessments Teacher will develop notes, outlines, PowerPoint presentations, discussions, projects, reports, simulations, media presentations, cooperative activates, supportive transparencies/questions, daily homework assignments, quizzes and chapter test that will provide evidence for student learning of the economic content. Students will demonstrate knowledge through: Section Quizzes Section and/or Unit Test(s) Cooperative Learning Activities/Projects Wall Street Journal Current Events Assessment Economic Assessment Rubrics Video Analysis Modifications (ELLs, Special Education, Gifted and Talented) written directions, study guides, cooperative activities, supplementary materials, alternative assessments, visual learning, and student specific IEP modifications and 504 plans Curriculum development Resources/Instructional Materials/Equipment Needed /Teacher Resources: Prentice Hall Economics: Principles in Action Annotated Teacher s Edition, 2007, Ch. 4-7 Prentice Hall Teacher Express: Plan, Teach, Asses Resource Binder, 2007 The Wall Street Journal- classroom edition Projector Overhead Transparencies Media Center TV/DVD SMARTBoard/Whiteboard Naked Economics: Undressing the Dismal Science by Wheelan Economic Assessment Rubric (provides sample evaluation materials for writing assignments) www.moneyskill.org http://jumpstart.org/activities-an-initiatives.html www.americasaves.org www.daveramsey.com http://www.moneyskill.org http://www.fdic.gov/consumers/consumer/moneystart/overview.html http://www.frbsf.org/community/webresources/bankersguide.pdf http://practicalmoneyskills.com/ http://www.uen.org/cc/uen/pub/displaycorecourse.action?ccld=520802 http://educationcents.org/?gclid=cngp0-7vjalcfq9n2godgxjoug Teacher Notes: Students will complete various individual and cooperative assignments to help gain a better understanding of the term economics. A detailed study guide for each of the four chapters in Unit 2 will provide them with vocabulary terms, class activities and homework assignments within the Unit. Also, various primary and secondary resources will be provided to help student s better gain an understanding of economics. The following are various activates to help with that understanding: Investigate shifts in demand for a product of their choice and decide what factors caused the change through written responses. Invite a local business owner to talk about how he/she decides how much of a product to produce and responds to fluctuations in the prices of supplies. Then have students discuss whether the business owners supply is elastic or inelastic. Choose a business to research and list the fixed and variable costs.

Writing Activity: Complete a writing assignment describing which market structures are the most realistic, which are the least realistic, and why. Web Activities: from EconEDLink.org Primary and Secondary Reading: Students will read from textbook as well as relevant current event articles. Economic Vocabulary Activity (key terms) Math Practice Activity: Students will work with fictional production cost schedules and demand curves to determine optimal production levels. Math Practice Activity: Have student create two multi-flow chart graphic organizers that depict the factors that affect elasticity of supply. The center of one organizer should be labeled Inelastic Supply, and the center of the other should be labeled Elastic Supply. Have students fill in the factors that lead to each condition. Critical Thinking Activity: Imagine a scenario of market disequilibrium and devise a solution. Display this situation and the market correction on a graph. Have groups of four to six students plan and present a brief skit that demonstrates the basic movement toward equilibrium in the market place. They should present situations in which demand and supply interact, resulting in a price change. Encourage the groups to be creative in their presentations, but also limit them to a presentation time of five minutes or less. Stress that their brief skit should dramatize the market tendency toward equilibrium. Ask students to identify several high-tech products that are currently on the market that they would like to own but think are too expensive to purchase at this time. Have students choose one of these products. Then have each student create a cause-effect chart highlighting factors that are likely to change the supply, demand, and price, thus leading to a new equilibrium. Encourage volunteers to explain their charts to the class. (6.2) Have students write a persuasive letter in support of a price-based market system. Suggest that they focus on the advantages of this system in terms of flexibility and a wider variety of goods. Encourage students to include as many real-life examples as they can. (6.3) Economic Vocabulary Activity, Define circular flow chart Creative Learning Activity: Create poster(s) comparing and contrasting the four types of market structure. Check of students notebooks. The Wall Street Journal, Classroom Edition access using web codes given in textbook via http://phschool.com, http://www.ncee.net /resources, http://www.macropolo-education.org/, http://www.econedlink.org/ Video Analysis: Students will watch DiscoverEcon DVD and appropriate clips from Yahoo Finance, CNN Money, Dave Ramsey or CNBC focusing on the concept of economic growth

Content Area: Social Studies Unit Title: Business and Labor Target Course/Grade Level: Economics/11-12 MANCHESTER TOWNSHIP SCHOOL DISTRICT Unit Overview Unit Summary: In this unit you will learn how the world of work is organized. Students will develop an understanding of the types of business organizations, including sole proprietorships, partnerships, and corporations. Students will learn about labor, the history and development of organized labor as well as factors that determine wages as well as trends in the makeup of the labor force and in wages and benefits. Primary interdisciplinary connections: History, Math, Business, Science, Art 21 st century themes: Critical Thinking & Problem Solving, Creativity and Innovation, Collaboration, Teamwork and Leadership, Accountability, Productivity and Ethics, Income and Careers, Money Management, Planning, Saving, and Investing, Becoming a Critical Consumer, Finance Career Cluster, Science, Technology, Engineering & Mathematics Career Cluster Learning Targets Standards: 6.1 U.S. History: America in the World- All students will acquire the knowledge and skills to think analytically about how past and present interactions of people, cultures, and the environment shape the American heritage. Such knowledge and skills enable students to make informed decisions that reflect fundamental rights and core democratic values as productive citizens in local, national, and global communities. 6.2 World History/Global Studies- All students will acquire the knowledge and skills to think analytically and systematically about how past interactions of people, cultures, and the environment affect issues across time and cultures. Such knowledge and skills enable students to make informed decisions as socially and ethically responsible world citizens in the 21st century 9.1 21st-Century Life & Career Skills- All students will demonstrate the creative, critical thinking, collaboration, and problem-solving skills needed to function successfully as both global citizens and workers in diverse ethnic and organizational cultures. 9.2 Personal Financial Literacy- All students will develop skills and strategies that promote personal and financial responsibility related to financial planning, savings, investment, and charitable giving in the global economy. 9.4 Career and Technical Education- All students who complete a career and technical education program will acquire academic and technical skills for careers in emerging and established professions that lead to technical skill proficiency, credentials, certificates, licenses, and/or degrees. (For descriptions of the 16 career clusters, see the Career Clusters Table.) Content Statements: 6.1.16. B, C, D- Scientific and technological changes have dramatically affected the economy, the nature of work, education, and social interactions. 6.2.6.C- Technological innovation, economic interdependence, changes in population growth, migratory patterns, and the development, distribution, and use of natural resources offer challenges and opportunities that transcend regional and national borders. 9.1.12. A- The ability to recognize a problem and apply critical thinking and problem-solving skills to solve the problem is a lifelong skill that develops over time. 9.1.12. B- Gathering and evaluating knowledge and information from a variety of sources, including global perspectives, fosters creativity and innovative thinking. 9.1.12. C- Collaboration and teamwork enable individuals or groups to achieve common goals with greater efficiency. 9.1.12. F- The nature of the 21st-century workplace has shifted, demanding greater individual accountability, productivity, and collaboration.

9.2.12. A- Educational achievement, career choice, and entrepreneurial skills all play a role in achieving a desired lifestyle. 9.2.12. A- Income affects spending decisions and lifestyle. 9.2.12. B- Money management requires understanding of cash flow systems and business practices. 9.2.12. D- Appropriate application of basic economic principles leads to wiser decisions for individual, family, and business financial planning. 9.2.12. E- The ability to prioritize wants and needs assists in making informed investments, purchases, and decisions. 9.4.12. F- Systems: 1) Roles within teams, work units, departments, organizations, inter-organizational systems, and the larger environment impact business operations. 2) Key organizational systems impact organizational performance and the quality of products and services. 3) Understanding the global context of 21st-century industries and careers impacts business operations. 9.4.12.O- Communication Skills: All clusters rely on effective oral and written communication strategies for creating, expressing, and interpreting information and ideas that incorporate technical terminology and information. 9.4.12. O- Problem-Solving and Critical Thinking: Critical and creative thinking strategies facilitate innovation and problem-solving independently and in teams. 9.4.12. O- Systems: 1) Roles within teams, work units, departments, organizations, inter-organizational systems, and the larger environment impact business operations. 2) Key organizational systems impact organizational performance and the quality of products and services. 3) Understanding the global context of 21st-century industries and careers impacts business operations. CPI # Cumulative Progress Indicator (CPI) 6.1.12.B.16.a Evaluate the economic, political, and social impact of new and emerging technologies on individuals and nations. 6.1.12.C.16.b 6.1.12.D.16.a 6.1.12.D.16.b 6.1.12.D.16.c 6.2.12.C.6.a 9.1.12.A.1 9.1.12.A.2 9.1.12.B.1 9.1.12.B.3 9.1.12.C.1 9.1.12.F.1 9.2.12.A.3 9.2.12.A.4 9.2.12.A.8 Predict the impact of technology on the global workforce and on entrepreneurship. Analyze the impact of American culture on other world cultures from multiple perspectives. Explain how and why technology is transforming access to education and educational practices worldwide. Determine past and present factors that led to the widening of the gap between the rich and poor, and evaluate how this has affected individuals and society. Evaluate efforts of governmental, nongovernmental, and international organizations to address economic imbalances and social inequalities. Apply critical thinking and problem-solving strategies during structured learning experiences. Participate in online strategy and planning sessions for course-based, school-based, or outside projects. Present resources and data in a format that effectively communicates the meaning of the data and its implications for solving problems, using multiple perspectives. Assist in the development of innovative solutions to an onsite problem by incorporating multiple perspectives and applying effective problem-solving strategies during structured learning experiences, service learning, or volunteering. Enlist input from experts in the field, community members, and other stakeholders to design a service-learning activity that addresses a local, national, or worldwide need. Explain the impact of current and emerging technological advances on the demand for increased and new types of accountability and productivity in the global workplace. Analyze how the economic, social, and political conditions of a time period can affect starting a business and can affect a plan for establishing such an enterprise. Summarize the financial risks and benefits of entrepreneurship as a career choice. Analyze how personal and cultural values impact spending and other financial decisions.

9.2.12.B.2 9.2.12.D.9 9.2.12.D.10 9.2.12.E.1 9.2.12.E.2 9.4.12.F.34 9.4.12.F.35 9.4.12.F.36 9.4.12.O.4 9.4.12.O.5 9.4.12.O.8 9.4.12.O.11 9.4.12.O.12 9.4.12.O.13 9.4.12.O.17 9.4.12.O.35 9.4.12.O.36 S-IC.4 S-IC.6 RST.11-12.4. RST.11-12.5. RST.11-12.8. Compare strategies for saving and investing and the factors that influence how much should be saved or invested to meet financial goals. Assess the role of revenue-generating assets as mechanisms for accruing and managing wealth. Compare and contrast the past and present role of government in the financial industry and in the regulation of financial markets. Analyze and apply multiple sources of financial information when prioritizing financial decisions. Determine how objective, accurate, and current financial information affects the prioritization of financial decisions. Describe the nature and types of business organizations to build an understanding of the scope of organizations. Discuss the concepts, processes, and skills used to identify new ideas, opportunities, and methods and to create or start a new finance project or venture. Analyze the contribution of accounting systems to the fiscal stability of businesses. Select and employ appropriate reading and communication strategies to learn and use technical concepts and vocabulary in practice. Demonstrate use of the concepts, strategies, and systems for obtaining and conveying ideas and information to enhance communication. Use correct grammar, punctuation, and terminology to write and edit documents. Apply active listening skills to obtain and clarify information. Develop and interpret tables, charts, and figures to support written and oral communications. Listen to and speak with diverse individuals to enhance communication skills. Employ critical thinking skills (e.g., analyze, synthesize, and evaluate) independently and in teams to solve problems and make decisions. Describe the nature and types of business organizations to build an understanding of the scope of organizations. Examine and summarize roles within teams, work units, departments, organizations, inter-organizational systems, and the larger environment to understand the nature and scope of organizations in this cluster. Use data from a sample survey to estimate a population mean or proportion; develop a margin of error through the use of simulation models for random sampling. Evaluate reports based on data. Determine the meaning of symbols, key terms, and other domain-specific words and phrases as they are used in a specific scientific or technical context relevant to grades 11 12 texts and topics. Analyze how the text structures information or ideas into categories or hierarchies, demonstrating understanding of the information or ideas. Evaluate the hypotheses, data, analysis, and conclusions in a science or technical text, verifying the data when possible and corroborating or challenging conclusions with other sources of information. Unit Essential Questions What is a business organization? What is a sole proprietorship? Explain the characteristics of partnerships. How do general partnerships, limited partnerships, and limited liability partnerships differ? What is stock? Unit Enduring Understandings A business organization is an establishment formed to carry on a commercial enterprise. A sole proprietorship is a business owned and managed by one individual. A general partnership is a partnership in which partners share equally in both responsibility and

Why must stockholder pay taxes on dividends? How does a business franchise work? What are royalties? What groups of people does the government consider to be (a) in the labor force; (b) employed; (c) unemployed? How do the laws of supply and demand affect the labor market? How do minimum wage and safety laws affect wages? What are some of the key goals of labor unions? How are strikes damaging to workers and companies? liability. A limited partnership is a partnership in which only one partner has unlimited personal liability for the firm s actions; the other partners contribute only money. A limited liability partnership is a partnership in which all partners are limited partners with limited liability. Stock is a share representing an owned portion of a corporation. Profit is a form of income, and dividends are the portion of corporate profits that is paid to stockholders. Stockholders must then pay income tax on the profit they receive from dividends. Franchises are semi-independent businesses that pay fees and royalties to a parent company in return for the exclusive right to sell a certain product or service in a given area. Royalties are a percentage of earnings paid by franchises to parent companies. When demand for labor is high and there is lack of labor supplied to meet this demand, wages and employment opportunities for workers increase; when demand for labor is low and the supply of labor is high, wages and employment opportunities decrease. Minimum wage laws help poor workers earn enough to support themselves; however, by increasing the price of labor, a minimum wage potentially removes employment opportunities from those that need it most. Laws increasing safety at the work place may decrease wages because workers are willing to work for lower wages when jobs are safer. Improving working conditions, increasing wages, gaining employee benefits. Strikes are damaging to workers as they do not receive any wages while on strike and could lose their jobs if their strike causes the permanent closure of the company. Companies lose large amounts of money during a strike, which could potentially cause the permanent closure of the business. Unit Learning Targets (Objectives) Students will... Explain the characteristics of sole proprietorships. Analyze the advantages and disadvantages of a sole proprietorship. Compare and contrast the different types of partnerships. Analyze the advantages and disadvantages of partnerships. Explain the characteristics of corporations. Compare and contrast corporate combinations. Understand how business franchise works. Identify the different types of cooperative organizations Understand the purpose of nonprofit organizations, including professional and business organizations.

Evidence of Learning Formative Assessments Entrance and Exits Cards Thinking Critically and Response Questions Verbal Response Questioning Cooperative Projects Wall Street Journal Business Section Analysis Section Assessment Questions Section Quizzes Chapter Review Questions & Worksheets Supportive Transparencies Current Events Video Analysis Chapter and/or Unit Test(s) Summative Assessments Teacher will develop notes, outlines, PowerPoint presentations, discussions, projects, reports, simulations, media presentations, cooperative activates, supportive transparencies/questions, daily homework assignments, quizzes and chapter test that will provide evidence for student learning of the economic content. Students will demonstrate knowledge through: Section Quizzes Section and/or Unit Test(s) Cooperative Learning Activities/Projects Wall Street Journal Current Events Assessment Video Analysis Midterm Exam Modifications (ELLs, Special Education, Gifted and Talented) Written directions, study guides cooperative activities, supplementary materials, alternative assessments, visual learning, and student specific IEP modifications and 504 plans. Curriculum development Resources/Instructional Materials/Equipment Needed /Teacher Resources: Prentice Hall Economics: Principles in Action Annotated Teacher s Edition, 2007, Ch. 8-9 Prentice Hall Teacher Express: Plan, Teach, Asses Resource Binder, 2007 The Wall Street Journal- classroom edition Projector Overhead Transparencies Media Center TV/DVD SMARTBoard/Whiteboard www.moneyskill.org http://jumpstart.org/activities-an-initiatives.html www.americasaves.org www.daveramsey.com http://www.moneyskill.org http://www.fdic.gov/consumers/consumer/moneystart/overview.html http://www.frbsf.org/community/webresources/bankersguide.pdf http://practicalmoneyskills.com/ http://www.uen.org/cc/uen/pub/displaycorecourse.action?ccld=520802 http://educationcents.org/?gclid=cngp0-7vjalcfq9n2godgxjoug

Teacher Notes: Students will complete various individual and cooperative assignments to help gain a better understanding of the term economics. A detailed study guide for each of the two chapters in Unit 3 will provide them with vocabulary terms, class activities and homework assignments within the Unit. Also, various primary and secondary resources will be provided to help student s better gain an understanding of economics. The following are various activates to help with that understanding: Web Activities: from EconEDLink.org Primary and Secondary Reading: Students will read from textbook as well as relevant current event articles. Economic Vocabulary Activity (key terms) Basic Economics: A Common Sense Guide to the Economy, 3 rd Edition by Sowell The Wall Street Journal, Classroom Edition access using web codes given in textbook via http://phschool.com, http://www.ncee.net /resources, http://www.macropolo-education.org/, http://www.econedlink.org/ Organize class into four or more groups. Each group will be responsible for one segment of the community. Have each group use community resources to determine what types of businesses are and are not allowed in each area of the community. Students should also investigate the area s zoning laws and determine why certain businesses are restricted from certain areas. A representative from each group should make a short oral presentation. (8.1) Distribute list of the top 50 franchise, classify the franchises, and purpose what kinds of businesses work best as a franchise. Interview family members and friends of different generations who are part of the American labor force. Evaluate how the responses vary among each generation. Have student s research merger and acquisition activity in the United States over the past 20 years. Ask students to create graphs to display their research. (8.3) Have students create charts or graphs that summarize trends in the composition of the labor force in the past fifty years. Charts should focus on college graduates, women, and temporary workers. (9.1) Debate current labor issues including minimum wage and employer-provided health care. Role-play focusing on collective bargaining dispute. In-depth discussion of specific questions and concepts from the material as needed. Check of students notebooks. Economic Vocabulary Activity, Define circular flow chart Cooperative Learning Activity: Ask students to investigate the types of benefits that are offered to employees. Why and how are these benefits significant? Ask them to consider what these benefits cost employers and employees and why some workers receive more benefits than others. Have them find out whether there are any workers who do not get benefits at all. Ask students to share their findings and to relate them to information about the trends in wages and benefits described in the text. Video Analysis: Students will watch DiscoverEcon DVD and appropriate clips from Yahoo Finance, CNN Money, Dave Ramsey or CNBC focusing on the concept of economic growth

Content Area: Social Studies Unit Title: Money, Banking, and Finance Target Course/Grade Level: Economics/11-12 MANCHESTER TOWNSHIP SCHOOL DISTRICT Unit Overview Unit Summary: In this unit, students will be introduced to the world economy of money, banking, and finance. Throughout the chapters, students will learn about the characteristics of money, the historical role of banks, and trends in banking today. They will also examine the world of finance and develop an understanding of savings and investment, including investment options such as stocks and bonds. Primary interdisciplinary connections: History, Math, Business, Science, Art 21 st century themes: Critical Thinking & Problem Solving, Creativity and Innovation, Collaboration, Teamwork and Leadership, Accountability, Productivity and Ethics, Income and Careers, Money Management, Credit and Debt Management, Planning, Saving, and Investing, Becoming a Critical Consumer, Business, Management & Administration Career Cluster, Finance Career Cluster Learning Targets Standards: 6.1 U.S. History: America in the World- All students will acquire the knowledge and skills to think analytically about how past and present interactions of people, cultures, and the environment shape the American heritage. Such knowledge and skills enable students to make informed decisions that reflect fundamental rights and core democratic values as productive citizens in local, national, and global communities. 6.2 World History/Global Studies- All students will acquire the knowledge and skills to think analytically and systematically about how past interactions of people, cultures, and the environment affect issues across time and cultures. Such knowledge and skills enable students to make informed decisions as socially and ethically responsible world citizens in the 21st century 9.1 21st-Century Life & Career Skills- All students will demonstrate the creative, critical thinking, collaboration, and problem-solving skills needed to function successfully as both global citizens and workers in diverse ethnic and organizational cultures. 9.2 Personal Financial Literacy- All students will develop skills and strategies that promote personal and financial responsibility related to financial planning, savings, investment, and charitable giving in the global economy. 9.4 Career and Technical Education- All students who complete a career and technical education program will acquire academic and technical skills for careers in emerging and established professions that lead to technical skill proficiency, credentials, certificates, licenses, and/or degrees. (For descriptions of the 16 career clusters, see the Career Clusters Table.) Content Statements: 6.1.16. B, C, D- Scientific and technological changes have dramatically affected the economy, the nature of work, education, and social interactions. 6.2.6.C- Technological innovation, economic interdependence, changes in population growth, migratory patterns, and the development, distribution, and use of natural resources offer challenges and opportunities that transcend regional and national borders. 9.1.12. A- The ability to recognize a problem and apply critical thinking and problem-solving skills to solve the problem is a lifelong skill that develops over time. 9.1.12. B- Gathering and evaluating knowledge and information from a variety of sources, including global perspectives, fosters creativity and innovative thinking. 9.1.12. C- Collaboration and teamwork enable individuals or groups to achieve common goals with greater efficiency. 9.1.12. F- The nature of the 21st-century workplace has shifted, demanding greater individual accountability, productivity, and collaboration.

9.2.12. A- Educational achievement, career choice, and entrepreneurial skills all play a role in achieving a desired lifestyle. 9.2.12. A- Income affects spending decisions and lifestyle. 9.2.12. B- Money management requires understanding of cash flow systems and business practices. 9.2.12. D- Appropriate application of basic economic principles leads to wiser decisions for individual, family, and business financial planning. 9.2.12. E- The ability to prioritize wants and needs assists in making informed investments, purchases, and decisions. 9.4.12. F- Systems: 1) Roles within teams, work units, departments, organizations, inter-organizational systems, and the larger environment impact business operations. 2) Key organizational systems impact organizational performance and the quality of products and services. 3) Understanding the global context of 21st-century industries and careers impacts business operations. 9.4.12.O- Communication Skills: All clusters rely on effective oral and written communication strategies for creating, expressing, and interpreting information and ideas that incorporate technical terminology and information. 9.4.12. O- Problem-Solving and Critical Thinking: Critical and creative thinking strategies facilitate innovation and problem-solving independently and in teams. 9.4.12. O- Systems: 1) Roles within teams, work units, departments, organizations, inter-organizational systems, and the larger environment impact business operations. 2) Key organizational systems impact organizational performance and the quality of products and services. 3) Understanding the global context of 21st-century industries and careers impacts business operations. CPI # Cumulative Progress Indicator (CPI) 6.1.12.B.16.a Evaluate the economic, political, and social impact of new and emerging technologies on individuals and nations. 6.1.12.C.16.b 6.1.12.D.16.a 6.1.12.D.16.b 6.1.12.D.16.c 6.2.12.C.6.a 9.1.12.A.1 9.1.12.A.2 9.1.12.B.1 9.1.12.B.3 9.1.12.C.1 9.1.12.F.1 9.2.12.A.1 9.2.12.A.3 9.2.12.A.4 Predict the impact of technology on the global workforce and on entrepreneurship. Analyze the impact of American culture on other world cultures from multiple perspectives. Explain how and why technology is transforming access to education and educational practices worldwide. Determine past and present factors that led to the widening of the gap between the rich and poor, and evaluate how this has affected individuals and society. Evaluate efforts of governmental, nongovernmental, and international organizations to address economic imbalances and social inequalities. Apply critical thinking and problem-solving strategies during structured learning experiences. Participate in online strategy and planning sessions for course-based, school-based, or outside projects. Present resources and data in a format that effectively communicates the meaning of the data and its implications for solving problems, using multiple perspectives. Assist in the development of innovative solutions to an onsite problem by incorporating multiple perspectives and applying effective problem-solving strategies during structured learning experiences, service learning, or volunteering. Enlist input from experts in the field, community members, and other stakeholders to design a service-learning activity that addresses a local, national, or worldwide need. Explain the impact of current and emerging technological advances on the demand for increased and new types of accountability and productivity in the global workplace. Analyze the relationship between various careers and personal earning goals. Analyze how the economic, social, and political conditions of a time period can affect starting a business and can affect a plan for establishing such an enterprise. Summarize the financial risks and benefits of entrepreneurship as a career choice.