Download SC-Economics Scope and Sequence

SC-Economics
Unit
Scope and Sequence
Topic Lesson Lesson Objectives
Introduction to Economics
Impacts of Scarcity and Choice
Scarcity and the Factors of Production
Explain the role of entrepreneurs.
Explain why economists say all resources are scarce.
Explain why scarcity and choice are basic problems of economics.
Identify land, labor, and capital as the three factors of production, and identify the two types of capital.
Basic Economic Concepts
Explain the relationship among scarcity, value, utility, and wealth.
Understand the circular flow of economic activity.
Opportunity Cost
Describe why every decision involves trade-offs.
Explain how people make decisions by thinking at the margin.
Explain the concept of opportunity cost.
Supply, Demand, and Their Effects
Supply
Understanding Supply
Explain the law of supply.
Explain the relationship between elasticity of supply and time.
Interpret a supply graph using a supply schedule.
Costs of Production
Analyze the production costs of a firm.
Explain how a firm decides to shut down an unprofitable business.
Explain how firms decide how much labor to hire to produce a certain level of output.
Understand how a firm chooses to set output.
Changes in Supply
Analyze the effects of other factors that affect supply.
Identify how determinants such as input costs create changes in supply.
Identify three ways that the government can influence the supply of a good.
Understand supply and demand in the global economy.
Demand
What Is Demand?
Describe and illustrate the concept of demand.
Explain how demand and utility are related.
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Page 1 of 11
SC-Economics
Unit
Scope and Sequence
Topic Lesson Lesson Objectives
Factors Affecting Demand
Describe the factors that could cause a change in demand.
Explain what causes a change in quantity demanded.
Elasticity of Demand
Analyze the elasticity of demand for a product.
Explain why elasticity is a measure of responsiveness.
Understand the factors that determine demand.
Prices
Combining Supply and Demand
Analyze the effects of price ceilings and price floors.
Compare a market in equilibrium with a market in disequilibrium.
Explain how supply and demand create balance in the marketplace.
Identify how the government sometimes intervenes in markets to control prices.
Changes in Market Equilibrium
Explain how a market reacts to a fall in supply by moving to a new equilibrium.
Explain how a market reacts to shifts in demand by moving to a new equilibrium.
Identify the determinants that create changes in price.
The Role of Prices
Analyze the role of prices in a free market.
Describe the relationship between prices and the profit incentive.
Explain how a price-based system leads to a wider choice of goods and efficient allocation of resources.
List the advantages of a price-based system.
Market Structures
Perfect Competition
Describe prices and output in a perfectly competitive market.
Describe the four conditions that are in place in a perfectly competitive market.
List two common barriers that prevent firms from entering a market.
Monopoly
Describe characteristics and give examples of monopoly.
Describe how monopolies are formed, including government monopolies.
Explain how a firm with a monopoly sets output and price, and why companies practice price discrimination.
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Page 2 of 11
SC-Economics
Unit
Scope and Sequence
Topic Lesson Lesson Objectives
Monopolistic Competition and Oligopoly
Describe characteristics and give examples of monopolistic competition.
Explain how firms compete without lowering prices.
Understand how firms in a monopolistically competitive market set output.
Market Failures
Describe the nature of resource immobility.
Discuss the problems caused by inadequate competition.
Explain the nature of positive and negative externalities.
Understand the importance of having adequate information.
Regulation and Deregulation
Define deregulation, and list its effects on several industries.
List three market practices that the government regulates or bans to protect competition.
Understand how firms use market power.
Sources of Income in a Free-Enterprise Economy
Business Organizations
Business Types and Entrepreneurs
Differentiate corporations operating for profit and those that are nonprofit
Discuss the risks and rewards of entrepreneurship
Investigate the three major types of business organizations
Sole Proprietorships
Analyze the advantages of a sole proprietorship.
Analyze the disadvantages of a sole proprietorship.
Explain the characteristics of sole proprietorships.
Partnerships
Analyze the advantages of partnerships.
Analyze the disadvantages of partnerships.
Compare and contrast the different types of partnerships.
Corporations, Mergers, and Multinationals
Analyze the advantages of incorporation.
Analyze the disadvantages of incorporation.
Compare and contrast corporate combinations.
Describe the role of multinational corporations.
Explain the characteristics of corporations.
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Page 3 of 11
SC-Economics
Unit
Scope and Sequence
Topic Lesson Lesson Objectives
Other Organizations
Identify the different types of cooperative organizations.
Understand how a business franchise works.
Understand the purpose of nonprofit organizations, including professional and business organizations.
American Free Enterprise
Benefits of Free Enterprise
Describe the role of the government in the U.S. free enterprise system.
Describe the tradition of free enterprise in the United States and the constitutional protections that underlie it.
Explain the basic principles of the U.S. free enterprise system.
Identify the role of the consumer in the U.S. free enterprise system.
Promoting Growth and Stability
Analyze how the government promotes economic strength.
Analyze the effect of technology on productivity.
Explain how the government tracks and seeks to influence business cycles.
Providing Public Goods
Analyze market failures.
Evaluate how the government allocates some resources by managing externalities.
Identify examples of public goods.
Providing a Safety Net
Describe the main programs through which the government redistributes income.
Summarize the U.S. political debate on ways to fight poverty.
Personal Economic Decisions
Personal Economic Choices
Financial Priorities and Goals
Describe how to establish financial goals and priorities.
Using a Budget
Develop a budget for managing income and expenses.
A Savings Plan
Describe the role of a savings and an insurance program in financial planning.
Investment Goals and Strategies
Explain the role of investment, life insurance, and overall financial planning.
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Page 4 of 11
SC-Economics
Unit
Scope and Sequence
Topic Lesson Lesson Objectives
Using Credit Wisely
Compare credit costs.
Explain the advantages and disadvantages of using credit.
List the different types of credit.
Influences on Personal Economic Choices
Setting Lifestyle Goals
Discover personal work preferences.
Identify values and interests and the role they play in making career decisions.
Coping with Financial Responsibility
Identify and list personal changes that might affect finances.
List several sources of help for financial problems.
List ways to adjust to economic changes.
Types of Careers
Determine the requirements and opportunities for careers that are of interest.
Identify career clusters and their wide rage of occupations.
All About Taxes
Describe how to determine whether income tax is owed.
Identify five characteristics of a good tax system.
List the basic forms of taxes and the services they finance.
List the steps involved in completing a federal tax return.
The Role of Advertising
Compare the benefits and drawbacks of advertising.
The Institutions of the Free Market
Comparing the Free Market
Answering the Three Economic Questions
Analyze the societal values that determine how a country answers the three economic questions.
Explain the characteristics of traditional, command, and market economies and describe the societal values that influence them.
Identify the three key economic questions of what to produce, how to produce, and who consumes what is produced.
The Free Market
Analyze a circular flow model of a free market economy.
Explain why markets exist.
Identify the advantages of a free market economy.
Understand the self-regulating nature of the marketplace.
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Page 5 of 11
SC-Economics
Unit
Scope and Sequence
Topic Lesson Lesson Objectives
Centrally Planned Economies
Analyze the centrally planned economy of the former Soviet Union.
Describe how a centrally planned economy is organized.
Identify the problems of a centrally planned economy.
Modern Economies
Compare the mixed economies of various nations along a continuum between centrally planned and free market systems.
Explain the rise of mixed economic systems.
Interpret a circular flow model of a mixed economy.
Understand the role of free enterprise in the economy of the United States.
Employment Institutions in the Free Market
The Labor Movement
Describe the major labor developments since World War II.
Discuss the development of the labor movement from the late 1700's to the 1930's.
Explain why unions are still important today.
Relate labor's successes during the Great Depression.
Resolving Union and Management Differences
Describe several ways to resolve labor and management differences when collective bargaining fails.
Explain the differences among kinds of union arrangements.
Labor and Wages
Describe three different approaches to wage determination.
Explain the importance of noncompeting labor grades.
Identify four main categories of labor.
Employment Trends and Issues
Describe reasons for the discrepancy in pay between men and women.
Explain why union membership has declined.
Monetary and Securities Institutions in the Free Market
Money
Describe the three uses of money.
Explain the six characteristics of money.
Understand the sources of money's value.
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Page 6 of 11
SC-Economics
Unit
Scope and Sequence
Topic Lesson Lesson Objectives
Banking Today
Explain how the money supply in the United States is measured.
Explain the functions of financial institutions.
Identify different types of financial institutions.
Understand the changes brought about by electronic banking.
Savings and the Financial System
Explain how the financial system works to transfer funds from savers to borrowers.
Explain why saving is important for capital information.
Understand the role of the major nondepository financial institutions in the financial system.
Investment Strategies and Financial Assets
Describe the characteristics of major financial assets.
Describe the three characteristics of bonds.
Identify four important investment considerations.
Understand four views of market for financial assets.
The Stock Market
Describe how stocks are traded.
Explain the causes and effects of the Great Crash in 1929.
Identify how stock performance is measured.
Understand the benefits and risks of buying stock.
The Government's Role
The American Tax System
The Economics of Taxation
Explain the economic impact of taxes.
List the three criteria for effective taxes.
Understand how taxes are classified.
Understand the two primary principles of taxation.
The Federal Tax System
Describe the importance of the corporate tax structure.
Explain the progressive nature of the individual income tax.
Identify other major sources of federal revenue.
State and Local Tax Systems
Differentiate between state and local revenue systems.
Explain how state governments collect taxes and other revenues.
Interpret paycheck deductions.
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Page 7 of 11
SC-Economics
Unit
Scope and Sequence
Topic Lesson Lesson Objectives
Current Tax Issues
Debate the advantages and disadvantages of the value-added tax.
Describe the major tax reforms since 1980.
Discuss why future tax reforms will occur.
Explain the features of a flat tax.
Government Spending
The Economics of Government Spending
Describe how government spending impacts the economy.
Describe two kinds of government expenditures.
Explain why and how government expenditures have grown since the 1940s.
Federal Government Expenditures
Describe the parts of the federal budget.
Explain how the federal budget is established.
State and Local Government Expenditures
Explain how state and local governments approve spending.
Identify the major categories of local government expenditures.
Identify the major categories of state government expenditures.
National Economic Policy
Economic Performance
Measuring the Nation's Output
Describe the limitations of GDP.
Explain how Gross Domestic Product (GDP) is measured.
Understand the importance of GDP.
GDP and Changes in the Price Level
Describe three price indices.
Explain how a price index is constructed.
Understand the difference between real and current GDP.
GDP and Population
Describe the factors affecting future population growth.
Explain how population is estimated in the U.S.
Economic Growth
Describe how economists measure the growth of the United States economy.
Explain the importance of economic growth.
Outline the factors of economic growth.
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Page 8 of 11
SC-Economics
Unit
Scope and Sequence
Topic Lesson Lesson Objectives
Fiscal Policy
Understanding Fiscal Policy
Analyze the impact of fiscal policy decisions on the economy.
Describe how the government uses fiscal policy as a tool for achieving its economic goals.
Explain how the government creates the federal budget.
Identify the limits of fiscal policy.
Fiscal Policy Options
Compare and contrast classical economics and Keynesian economics.
Explain the basic principles of supply-side economics.
Understand the role that fiscal policy has played in American history.
Budget Deficits and the National Debt
Analyze how budget deficits add to the national debt.
Explain the importance of balancing the budget.
Identify how a government can reduce budget deficits and the national debt.
Summarize the problems caused by the national debt.
The Federal Reserve and Monetary Policy
The Federal Reserve System
Describe the structure of the Federal Reserve System.
Explain the major regulatory responsibilities of the Fed.
Federal Reserve Functions
Describe how the Federal Reserve regulates the banking system.
Describe how the Federal Reserve serves banks.
Describe how the Federal Reserve serves the federal government.
Understand the Federal Reserve's role in regulating the nation's money supply.
Monetary Policy
Describe the use of fractional reserves.
Understand the tools used to conduct monetary policy.
Monetary Policy, Banking, and the Economy
Describe how interest rates are affected by political pressure.
Explain how monetary policy affects interest rates in the short run.
Identify the two major definitions of money.
Relate monetary expansion to inflation in the long run.
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Page 9 of 11
SC-Economics
Unit
Scope and Sequence
Topic Lesson Lesson Objectives
Economic Instability
Unemployment
Describe frictional, seasonal, structural, and cyclical unemployment.
Describe how full employment is measured.
Explain why full employment does not mean that every worker is employed.
Inflation
Describe recent trends in the inflation rate.
Explain the effects of rising prices.
Identify the causes and effects of inflation.
Understand the use of price indexes to compare changes in prices over time.
Poverty
Analyze the distribution of income in the United States.
Define who is poor, according to government standards.
Describe the causes of poverty.
Summarize government policies intended to combat poverty.
Business Cycles and Fluctuations
Explain the phases of the business cycle.
Identify five causes of the business cycles.
Attaining Economic Stability
The Cost of Economic Instability
Describe the social costs of instability.
Explain the economic costs of instability.
Macroeconomic Equilibrium
Describe the importance of aggregate demand.
Examine the nature of macroeconomic equilibrium.
Explain the concept of aggregate supply.
Stabilization Policies
Distinguish between supply-side economics and fiscal policy.
Explain the operations and impact of fiscal policy.
State the basic assumptions of monetary policy.
Economics and Politics
Explain why monetary policy sometimes conflicts with other economic policies.
Recognize that economists have differing views.
Understand the way that politics and economics interact.
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Page 10 of 11
SC-Economics
Unit
Scope and Sequence
Topic Lesson Lesson Objectives
Trade and Economic Development
The Global Economy
Global Economics and Development
Compare the characteristics of developed economies with those of developing and underdeveloped economies
Differentiate between developed, developing, and underdeveloped countries
Evaluate the standard of living in various countries by using GDP per capita
Explain the relationship between economics and development
Changing Economies
Analyze the benefits and risks of changing economic systems
Describe the economic systems found around the world and identify countries utilizing these systems
Discuss the reasons some countries are changing their economic systems
Trace the development of the Chinese economy from a command to a mixed economy
International Trade
Describe the reasons why nations trade with each other
Discuss the costs and benefits of free trade agreements
Explain the function of trade barriers
Summarize the function of the exchange rate and how it affects the trade of goods and services
International Interdependence
Discuss the role of technology and how it has impacted trade and communication
Evaluate the pros and cons of globalization
Explain the role of resources on economic interdependence
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Page 11 of 11