Economics Course Title Course-wide Enduring Understandings Economic decision- making requires making choices about cost, benefits and allocation of resources. Economic systems develop and change because of scarcity and society s response to the three economic questions: what to produce, how to produce and for whom to produce. Economic institutions evolve in a market economy to help individuals and groups accomplish their goals. Social conditions affect business and there are risks and benefits to various investments. A nation s overall levels of income, employment and inflation are determined by the interaction of spending and production decisions made bay all households, firms, government agencies and others in the economy. There is an economic role for government in a market economy whenever the benefits of a government policy outweigh its costs. Course-wide How should economies around the world be structured to meet the needs and wants of its citizens? What is the most effective economic system? How do both self- interest and selfishness affect economies? Why are financial, credit, housing and labor so interconnected? Should the American government provide more or less regulation in the How has the role of consumer credit affected the American economic system? What are the most pressing, current economic issues facing the United States?
Economics Course Title Enduring Understandings ONE Skill 1. Productive resources are limited. 2. People can t have all the goods and services they want; as a result they must choose some things and give up others. 3. Scarcity drives people, businesses and governments to make economic decisions regarding what, how and for whom to produce. 1. What is the decision- making process that involves opportunity cost, incentives and cost- benefit analysis? 2. What are the advantages and disadvantages of our mixed market 1. Define scarcity. 2. Define economics, opportunity cost, marginal and diminishing utility. 3. Define and apply the three economic questions. 4. Define the difference between different economic systems. 1. Analyze the concept of scarcity through a study of current events. 2. Apply the concept of opportunity costs to the production possibility graph. 3. Analyze different economic systems i.e. market, command, traditional and compare the advantages and disadvantages. 1. Scarcity in the news activity. 2. Analyze excerpts from Freakonomics. 3. Production Possibility group activity 4. Magic of Market simulation 5. Circular Flow simulation 6. Ultimatum game greed. 7. Is capitalism good for the poor activity? Spectrum analysis. 8. Reading and pop quizzes. 9. Unit Exam
Enduring Understandings TWO Skill 1. Price and output adjustments within a given economy are influenced by the Law of Supply and Demand. 1. What is demand? 2. What is supply? 3. What factors affect supply and demand? 4. What effect does price ceiling have on a good/service? 5. How do producers decide what to charge for their product? 6. How does the invisible hand guide the market to equilibrium? 1. Define and illustrate the Law of Demand 2. Define and illustrate the concept of elasticity 3. Define and illustrate the Law of Supply 4. Define and illustrate a Price Floor 5. Define and illustrate Price Ceiling 6. Effects of price floors and price ceilings. 1. Graph the law of supply and demand. 2. Illustrate changes of supply and demand related to current events. 3. Analyze the effects that a price ceiling and price floor will have on market conditions. 4. Compare the elasticity of demand for multiple products. 1. Diminishing marginal return simulation. 2. Watch The Persuaders. 3. Elasticity worksheets. 4. Fold- It simulation and Cost Production worksheet. 5. In the Chips Simulation. 6. Interaction of Supply and Demand Graphs. 7. Unit Exam
Enduring Understandings THREE Skill 1. A Variety of market structures and business organizations exist within a market economy that can encourage or restrict competition. 1. What are the four market types? 2. Describe the defining characteristics for each market types? 3. Why is competition a pillar of the free enterprise 4. Why are monopolies heavily regulated in the U.S.? 1. The difference between the four market types - - Perfect Competition, Monopoly, Monopolistic Competition, Oligopoly 2. The difference between Sole Proprietorship, Partnership, Corporations, and Non- Profit organizations 1. Compare and contrast the four market types. 2. Develop and interpret graphs based on the characteristics of the market types. 3. Explain in detail the advantages and disadvantages of a sole proprietorship, partnership and a corporation. 4. Research new and innovative companies. 1. Comparison chart types of businesses. 2. Big Business debate. 3. Watch parts of Wal- Mart The High Cost of Low Prices Enron, and The Corporation. 4. Labor Simulation 5. Stock Market Simulation 6. Innovative company research 7. Unit Exam
Enduring Understandings FOUR Skill 1. Through the powers of taxation, spending and providing services to the American government influences consumers as well as the economy. 2. The United States government uses fiscal policy and monetary policy to influence the economy and the Federal Reserve System to help achieve economic stability 1. What is the difference between demand/supply and aggregate demand/aggregate supply. 2. What impacts changes in aggregate supply and demand 3. How do federal, state and local governments make use of taxes? 4. How do interest rates affect the 5. Describe the tools the Federal Reserve has at their disposal to affect the 6. How and why is the housing market interconnected and crucial to our 1. Define and illustrate aggregate demand and supply 2. Define and illustrate inflation, GDP and unemployment. 3. Define and illustrate how inflation, GDP and unemployment are interconnected. 4. Define the role of the Federal Reserve. 5. Explain the importance of our tax system. 1. Distinguish between macro and microeconomic concepts. 1. Reading Quiz GDP 2. Illustrate aggregate and other indicators. supply and demand and 2. Metaphor activity for explain through graphing Macroeconomics. what changes aggregate 3. Aggregate demand supply and demand. and supply graphs. 4. Unemployment 3. Explain and illustrate how simulation. the distribution of income 5. Distribution of impacts the Unite States. Income chair 4. Explain and analyze how simulation. the American Economy 6. Inflation skit. was negatively impacted 7. The Economic Crisis in 2008. of 2008 project 8. Filing taxes activity 5. File federal and state 9. Federal budget income taxes. simulation 6. Create a web diagram 10. that National Debt activity illustrates how the Fed 11. Allen Greenspan DVD influences the economy.