Garfield Public Schools Social Studies Curriculum Economics Revision Committee: David Gray Eric Giamongo Giovanni Luciano Meghan DeCarlo Donald Campeau Daniel Rigoglioso Doug Fede George Ibach Emilia Kata-Kardjian Final Revision Date: August 1, 2012 Garfield Board of Education Dr. Kenneth Conte, President Mr. Tony Lio, Vice President Mr. Anthony Barckett Mr. Salvatore Benanti Mr. Richard Giacomarro Mr. Nikolce Milevski Mr. Charles Nucifora Mr. Edward Puzio Mr. Jeffrey Stewart Administration Nicholas Perrapato, Superintendent Dr. Lester Richens, State Monitor Mr. Tom Egan, Interim Business Administrator Curriculum Supervisor Alexandra Bellenger Assistant Curriculum Supervisor: Social Studies Brian Cameron Board Adoption Date August 27, 2012 Resolution # 08-122-12
Unit Overview Content Area: Social Studies Unit Title: Fundamental Economic Concepts Target Course/Grade Level: High School/Economics Duration: 6 Weeks Description This unit will focus on the fundamentals of economy theory and practice and will include lessons on owning a business, the factors of production, supply and demand, and other related topics. Students will determine what role economics plays in their lives and the role of the individual in the economic system of the United States. Students will also identify the different economic systems that operate around the world. Concepts & Understandings Concepts Understandings Resources People cannot have all the goods and services they want Decision Making because resources are limited. As a result, they must Factors of Production choose some things and give up others. People must compare the additional costs of alternatives with the additional benefits. Most choices involve doing a little more or a little less of something. Economists have classified land, labor, capital, and entrepreneurship as the resources needed to produce goods and services. Learning Targets CPI Codes 6.1.12.C.14.c 6.1.12.C.16.b 6.1.12.C.5.a 6.1.12.C.5.b 6.1.12.C.5.c 6.1.12.C.5.d 6.1.12.C.6.a 6.1.12.C.6.b 6.1.12.C.6.c 6.1.12.C.6.d 6.1.12.C.6.e 6.1.12.C.6.f 6.1.12.C.6.g 21 st Century Themes and Skills 21st Century themes and skills will be incorporated throughout all lessons and will be documented in teacher lesson plans. Guiding Questions How does the existence of scarcity force you to modify you needs? What are two factors of production used to make several common products? How does private property act as an incentive to conserve natural resources, which may seem abundant but are limitless? Why could investment in capital goods be important to the growth of a business? How can the pursuit of individual self-interest benefit society as a whole? Why might businesses in one country seek natural resources or other materials needed for production in another country? Do all choices have costs? Why might a legislative body such as Congress face difficulty when evaluating trade-offs and determining opportunity costs?
Why do you think many businesses produce more than one type of product? How does a production possibilities curve show the concept of opportunity cost? Why do economists use simplified models to explain the real world? What are some of the reasons why economists do not all agree on economic theories? Why would an economist and a politician approach an issue such as unemployment differently? How do you think people determine what their most important wants will be? Unit Results Students will... Analyze the basic economic questions facing the economic system or every nation. Assess the problem generated from the inability to satisfy unlimited wants with limited resources. Evaluate the choices that have to be made to use the factors of production efficiently with scarce resources. Determine the costs of the trade-offs that are involved each time economists make decisions. Interpret how a production possibilities curve illustrates how maximum combinations of goods and services can be produced with a given amount of resources. Describe the effectiveness of models created by economists to show the way the economic system works. Compare and contrast the different schools of thought that support the competing economic theories of economists. Relate issues in the current economic situation to basic economic theories. Suggested Activities The following activities can be incorporated into the daily lessons: Suggested Readings Dollars and Sense: Managing your money, Giesecke, Ernestine Influential Economists, Bussing-Burks, Marie An Inquiry into the Nature and Causes of the Wealth of Nations, Smith, Adam
Unit Overview Content Area: Social Studies Unit Title: Macroeconomic Institutions Target Course/Grade Level: High School/Economics Duration: 12 Weeks Description Students will learn about employment, labor, and the wage system. They will examine how the government spends and budgets money and well as about the banking system. Finally, they will discuss the Federal Reserve system, the stock markets, and investing. Concepts & Understandings Concepts Understandings The Labor Movement, Collective Bargaining, Wages, Since the 19th century, there has been an effort to Employment, Taxation, Budgeting, Money, Banking, organize labor in America. Over the course of many Federal Reserve System, Monetary Policy, Markets, decades, this effort has been met with much resistance Investing. from the government and from employers. There have been periods of success for organized labor especially during the Great Depression. Collective Bargaining is seen as the most useful aspect of unions. Throughout history unions have exerted pressure on the government and management to raise wages and working standards. Historically, employment in America has gone through various stages from inequality for women to a tiered wage system. Unions have had a great influence on correcting this. The government receives much of its income through various forms of taxation. The Federal, state, and local municipalities all have the power to raise revenue through taxation. To account for expenditures each year, all governments must perpare a budget and only the federal government can engage in deficit spending. Money has taken on many forms since the beginning of American history. From native wampum shells to paper money, there has been an evolution of currency. Today, money matters are controlled by the Federal Reserve System. Its job is to monitor interest rates, print money, and focus on other aspects of our economy. Banking in America has also evolved since the days of the Revolution. Now we have different levels of banking in America from Federal Reserve Banks to state and local banks. There are also banks for different needs such as credit unions, commerce banks, and savings and loan institutions. Our monetary policy is such that our printed money is backed by gold. The gold standard was set in the 20th century but due to financial crisis, we have gone off of this standard or have included silver as another measure of value. There are several types of markets in a free enterprise economy. The most popular is the NYSE where the majority of the world's stocks are traded. Learning Targets
CPI Codes 6.1.12.C.5.a 6.1.12.C.5.b 6.1.12.C.5.c 6.1.12.C.5.d 6.1.12.C.6.a 6.1.12.C.6.b 6.1.12.C.6.c 6.1.12.C.6.d 6.1.12.C.6.e 6.1.12.C.6.f 6.1.12.C.6.g 21 st Century Themes and Skills 21st Century themes and skills will be incorporated throughout all lessons and will be documented in teacher lesson plans. Guiding Questions How do labor unions help all workers in America today. What are the different types of unions? What tools do labor unions utilize to assist the workers they represent? How are labor and management differences resolved when collective bargaining fails? What is importance of noncompeting labor grades? What are two different approaches to wage determination and why are wages different between men and women? How does the government spend and budget mone? In what ways do taxes impact the economic system? How are taxes classified and in what ways are taxes levied on individuals and corporations? What is the effectiveness of taxes? What is the progressive nature of the income tax and how does it adversely affect people in different socioeconomic groups? What are major sources of federal revenue other than taxes? What are the differences between the local, state, and national taxes and revenue systems? What are the advantages and disadvantages of the value added tax? How is the United States banking system affected by the Federal Reserve System, stock markets, and investing? How does government spending affect the economy? What are the major components of the federal budget? What are the similarities and differences among the expenditures of local, state, and national expenditures? How does the federal debt affect the economy? What are the functions of money? What are the four characteristics of money? How does monetary policy affect interest rates in the short- and long-term? Unit Results Students will... Assess the role labor unions have played in helping all workers in America today. Identify the types of unions and the tools they utilize to assist the workers they represent. Describe several ways to resolve labor and management differences when collective bargaining fails. Explain the importance of noncompeting labor grades. Describe two different approaches to wage determination. Describe the discrepancy in pay between men and women. Examine how the government spends and budgets money. Explain the economic impact of taxes.
Assess how taxes are classified and how they can be effective. Explain the progressive nature of the individual income tax. Identify other major sources of federal revenue. Differentiate between the local, state, and national taxes and revenue systems. Debate the advantages and disadvantages of the value added tax. Describe the United States banking system, the Federal Reserve System, stock markets, and investing. Evaluate how government spending affects the economy. Describe the major components of the federal budget. Differentiate the expenditures of local, state, and national expenditures. Relate the impact of the federal debt on the economy. Explain the functions of money and the four characteristics of money. Determine how monetary policy affects interest rates in the short- and long-term. Suggested Activities The following activities can be incorporated into the daily lessons:
Unit Overview Content Area: Social Studies Unit Title: Microeconomics Target Course/Grade Level: High School/Economics Duration: 7-8 Weeks Description Microeconomics is the study of suppy, demand, pricing, and the role of government in the market economy. Students will examine the effects of these concepts on the cost of economic product to consumers. Concepts & Understandings Concepts Understandings Demand, Supply, elasticity, diminishing return, utility Demand - Often hard to determine, a product or service is in demand when a consumer is willing to pay for a product that would otherwise be considered non-essential or not necessary for survival. Supply - the amount in which a manufacturer can produce and deliver to the consumer based on factors such as available resources, predicted demand, and other market factors. Elasticity - the degree to which a good or service can vary to meet market needs. Diminishing return - the principle or concept where when production exceeds demand, the profit margin can diminish. Utility - the ability for something to be useful Learning Targets CPI Codes 6.1.12.C.5.a 6.1.12.C.5.b 6.1.12.C.5.c 6.1.12.C.5.d 6.1.12.C.6.a 6.1.12.C.6.b 6.1.12.C.6.c 6.1.12.C.6.d 6.1.12.C.6.e 6.1.12.C.6.f 6.1.12.C.6.g 21 st Century Themes and Skills 21st Century themes and skills will be incorporated throughout all lessons and will be documented in teacher lesson plans. Guiding Questions What are meaning and concept of demand and the purpose of a demand schedule? What are the causes of a change in quantity demanded? What are the factors that could cause a change in demand? How does the demand curve to the diminishing marginal utility? How does the elasticity of demand for a product affect the economic system? How does theft affect the pricing of items and the availability of products and determine how those costs are absorbed into the profit margin and later added to costs? How are losses from thefts paid for? What is the meaning of supply and how can supply change? How does the theory of production relate to the overall economic system?
How are the three stages of production constructed? How do the three stages of production relate to the concept of diminishing returns? How do the four key measures of cost relate to productivity? In what ways does price relate to producers and consumers and as a way to allocate economic products. How are prices determined in competitive markets? What are the consequences of having a fixed price in a market? Determine how the different aspects of competition affect the market. What are the problems caused by inadequate competition? What is the nature of positive and negative externalities? Why is there a need for limited government regulation over business? Unit Results Students will... Explain the meaning and concept of demand and the purpose of a demand schedule. Determine the causes of a change in quantity demanded. Identify the factors that could cause a change in demand. Relate the demand curve to the diminishing marginal utility. Analyze the elasticity of demand for a product. Examine how theft affects the pricing of items and the availability of products. Determine how those costs are absorbed into the profit margin and later added to costs. Identify items which could be stolen and determine who pays for the loss. Understand the meaning and concept of supply. Specify the reasons for a change in supply. Explain the theory of production. Describe the three stages of production and how they relate to the concept of diminishing returns. Relate productivity to cost and define the four key measures of cost. Relate price to producers and consumers and as a way to allocate economic products. Interpret how prices are determined in competitive markets. Describe the consequence of having a fixed price in a market. Determine how the different aspects of competition affect the market. Discuss the problems caused by inadequate competition. Explain the nature of positive and negative externalities. Analyze the need for limited government regulation over business. Suggested Activities The following activities can be incorporated into the daily lessons: Journal Writing and Expenditures - keep a journal of their expenditures. Items will be separated into goods and services, being specific about the nature of the entries and the amount spent on each. If you buy gas for your car, make a note of whether it was regular, premium, or some other type.
Unit Overview Content Area: Social Studies Unit Title: Scarcity/Value: The Fundamental Economic System Target Course/Grade Level: High School/Economics Duration: 4-5 Weeks Description During this unit of study, students will determine why scarcity/value is the fundamental economic system. Specifically, students will determine how the factors of production effect economics. Concepts & Understandings Concepts Understandings Scarcity Scarcity is the universal problem that faces all societies Choice because there are not enough resources to produce everything people want. Scarcity requires people to make choices about goals and services they use. Learning Targets CPI Codes 6.1.12.C.5.a 6.1.12.C.5.b 6.1.12.C.5.c 6.1.12.C.5.d 6.1.12.C.6.a 6.1.12.C.6.b 6.1.12.C.6.c 6.1.12.C.6.d 6.1.12.C.6.e 6.1.12.C.6.f 6.1.12.C.6.g 21 st Century Themes and Skills 21st Century themes and skills will be incorporated throughout all lessons and will be documented in teacher lesson plans. Guiding Questions How is the idea of scarcity related to the economic market? What are the factors of production? What are the three basic economic questions each society must answer? What are the four key elements of economics within its scope? What are the trade-offs that are present whenever choices are made? How are trade-offs, the costs in the form of opportunities given up when one course of action is chosen instead of another, evaluated by business leaders? What are the opportunity costs that an economy faces when resources are allocated to the production of one good instead of another? What are the differences between needs and wants and goods and services? What is the relationship among value, unity, and wealth? What is the importance of productivity? Unit Results Students will... Examine the nature of scarcity and show its relationship to economics.
Describe the factors of production. Analyze the three basic economic questions each society must answer. Define economics and identify the four key elements within its scope. Determine the trade-offs that are present whenever choices are made. Identify trade-offs as the costs in the form of opportunities given up when one course of action is chosen instead of another. Evaluate the opportunity cost that an economy faces when resources are allocated to the production of one good instead of another. Determine the difference between needs and wants and goods and services. Explain the relationship among value, unity, and wealth. Describe the importance of productivity. Suggested Activities The following activities can be incorporated into the daily lessons: Suggested Reading The Wealth of Nations, Smith, Adam
Unit Overview Content Area: Social Studies Unit Title: Saving and Investing Target Course/Grade Level: High School/Economics Duration: 2-3 Weeks Description During this unit of study, students will examine the positives of saving money. Specifically, students will assess the different savings opportunities that are available to individuals. Concepts & Understandings Concepts Understandings Investment Individuals must determine the risks and rewards of Assets investing money in high risk savings accounts. A critical part of the financial system is when funds are lent from one individual or business to another. Learning Targets CPI Codes 9.2.12.A.1-12 9.2.12.B.1-10 9.2.12.C.1-8 9.2.12.D.1-13 9.2.12.E.1-9 9.1.12.F.1-9 9.1.12.G.1-10 21 st Century Themes and Skills 21st Century themes and skills will be incorporated throughout all lessons and will be documented in teacher lesson plans. Guiding Questions What are choices that people have to make when determining how best to save? What are the steps to saving? How can individuals determine the amounts of funds to set aside for saving? How can an individual determine what vehicle for saving is the best: Savings Acct., Money Market, or Time Deposit (CD)? What factors determine the frequency of deposit and when to invest a portion of what you have saved? What are the similarities and differences among the various saving vehicles? What is the role of the FDIC and NCUA? What is the importance of being a stockholder and bondholder? What are the differences between stocks and bonds? How can investors benefit from stocks? What are various trade- offs, opportunity costs, and risks in investing? What is the role of the stock exchange? Why are the securities markets heavily regulated by the federal government (SEC)? Unit Results Students will... Communicate the "Big Idea": Resources are limited so people have to make choices. Identify the Steps to Saving Determine amounts of funds to set aside for saving Define, identify and choose what vehicle for saving is the best: Savings Acct., Money Market, or Time Deposit (CD). Define, identify and decide on frequency of deposit and when to invest a portion of what you have saved.
Compare and contrast various saving vehicles. Understand the role of the FDIC and NCUA. Define with application the following: stockholders, capital gain, capital lose, treasury bills, treasury bonds, treasury notes, stock market index, broker, mutual funds and savings bonds. Determine the importance of being a stockholder and bondholder. Identify differences between stocks and bonds. Explain ways investors can benefit from stocks. Recognize various trade- offs, opportunity costs, and risks in investing. Understand the role and identify the stock exchange. Understand why the securities markets are heavily regulated by the federal government (SEC). Suggested Activities The following activities can be incorporated into the daily lessons:
Unit Overview Content Area: Social Studies Unit Title: The Individual s Role as a Consumer Target Course/Grade Level: High School/Economics Duration: 4-5 Weeks Description During this unit of study, students will analyze the tools and theories necessary to be a responsible consumer. Students will examine the terms necessary to relate to real-world scenarios to be a quality consumer. Concepts & Understandings Concepts Understandings Consumerism There are many factors that determine how individuals can Rational choices make responsible purchases and investments. In order to make a rational choice, individuals must gather as much information as possible. Learning Targets CPI Codes 9.2.12.A.1-12 9.2.12.B.1-10 9.2.12.C.1-8 9.2.12.D.1-13 9.2.12.E.1-9 9.1.12.F.1-9 9.1.12.G.1-10 21 st Century Themes and Skills 21st Century themes and skills will be incorporated throughout all lessons and will be documented in teacher lesson plans. Guiding Questions Why do people make certain spending choices? How do people deal with everyday economic problems? How can people relate the terms consumer, disposable income, discretionary income, rational choice to their choices? What tools that will help students become rational consumers? How should consumers use information to develop personal buying principles and strategies? Why is it important for consumers to know the following terms: competitive advertising, informative advertising, bait and switch, warranty, comparison shopping, brand name, generic name? How can individuals determine a sense and awareness of consumerism What are the effects on business and understanding consumers' rights and responsibilities? Unit Results Students will... Critique the reasons people make certain spending choices. Analyze the theories and analytical tools to deal with everyday economic problems Define the terms: consumer, disposable income, discretionary income, rational choice Identify tools that will help students become rational consumers. Analyze information to develop personal buying principles and strategies. Recognize content vocabulary: competitive advertising, informative advertising, bait and switch, warranty, comparison shopping, brand name, generic name. Determine a sense and awareness of consumerism; examining its effects on business and understanding consumers' rights and responsibilities.
Suggested Activities The following activities can be incorporated into the daily lessons: