Download Economics - Loudoun County Public Schools

History and Social Science: Economics
Economics Curriculum for Loudoun County Public Schools
Dr. Edgar B. Hatrick, Superintendent
Sharon D. Ackerman, Assistant Superintendent for Instruction
Eric Stewart, Director of Curriculum & Instruction
William F. Brazier, Instructional Supervisor for Social Science
Ashburn, Virginia, 2010
This curriculum document for Economics is organized to help teachers plan and carry out their instruction conceptually, so that students
can see patterns and connections among and between ideas and points of information. In this document, each unit’s learning outcomes or
objectives are listed first, followed by a conceptual mind map connecting the content. Following the mind map in each unit is a more linear
and traditional textual outline with references to points of content that students must learn. Each section of the unit outline is framed by
important conceptual questions that serve as a foundation for the teaching and learning of that section. All conceptual questions appear in
italics.
There are four units in the curriculum. Since the foundations of the units are conceptual, they take in and call for the study of more than just
the Virginia SOLs. SOL connections are listed in red on the “Objectives” page, and appear also in the branches of each unit’s mind map.
This means that when teachers focus on the objectives, and the concepts organized in the mind maps, they will include instruction in these
particular SOLs in addition to the more complete concepts and economic content described and indicated. It does not mean that instruction
in only those particular SOLs listed will adequately prepare students to understand the relevant concepts, ideas, or regions required by our
curriculum.
In this curriculum, Unit I is meant to serve as a foundational introduction to Economics. It should not last for more than 2-3 weeks. Units II,
III, and IV should last approximately 5 weeks each.
We hope teachers find that the Economic concepts contained and explained in this document serve as a productive mental framework for
students and for themselves. This instructional layout and approach offers cognitive structures that are essential to the solid comprehension
of our curriculum content.
By following this curriculum and helping students to master its content, teachers will assure that students fulfill the “Economics” portion of
the Virginia requirement for a year-long course on “Economics and Personal Finance.” This is a semester course. To meet the Virginia
requirement for the year-long course, students must take and pass a semester course in “Personal Finance” in addition to this course.
Special Thanks to Patti Coggins for developing the framework and conceptual foundations for this curriculum.
Ashburn, Virginia
2010
Economics Unit I: What is Economics?
EPF.1a, b
At the end of this unit, students will be able to:
1.
2.
3.
4.
Economics
Answer the question: “What is Economics?”
Explain why scarcity (limited resources) forces consumers and producers to make choices. (Includes EPF.1a)
Explain that economic goals help steer economic choices. (Includes EPF.1b)
Articulate in writing the 7 economic questions.
Scarcity
Economic Goals
Economic Questio
UNIT I. ECONOMICS: WHAT IS IT?
1. SCARCITY
1.1
1.1.1
ECONOMIC GOALS
United States
Unrestricted Decision Making
Economic Efficiency
Economic Equity
Economic Security
Full Employment
Price Stability
Economic Growth
1.2
ECONOMIC QUESTIONS
1.2.1
What Should be Produced?
1.2.2
What is the Goal of Government?
1.2.3
Who Should Produce?
1.2.4
Who Should Receive the Output of Production?
1.2.5
Who should receive government assistance?
1.2.6
How Should Growth be Handled?
1.2.7
How should Growth be Measured?
Unit II. ECONOMICS: WHAT…
EPF.1a,b,c,d,e,f EPF.2a,b,e,f,g,h,i,j EPF.3a,b,c,d
EPF.4a,b,c,d
EPF.8b,c,d EPF.10b,c
…should be produced?
…is the role of government in economics?
At the end of this unit, students will be able to:
1. Answer the questions:
• How do different types of economies determine what should be produced?
•
What is the role of Government in Economics? (Includes EPF.8b)
2. Explain how unlimited wants and scarce resources influence decision making. (Includes EPF.1a,b)
3. Compare and contrast the differences between a market, mixed, command and traditional economy. (Includes EPF.1e)
4. Summarize Adam Smith’s theory of “Free Enterprise,” as the basis of a market economy. (Includes EPF 1f)
5. Identify goods and services, factors of production and trade-offs in your everyday lives. (Includes EPF.1d,)
6. Apply the law of supply or demand in a given situation. (Includes EPF.2e; EPF.3a,b,c,d; EPF.4a,d; EPF.10b)
7. Make the connection between competition, price and profit in a market/mixed economy. (Includes EPF.2h)
8. Defend the notion that “monopolies destroy free market competition.” (Includes EPF.2h,i)
9. Illustrate the circular flow of economic activity (Includes EPF.2j)
10. Compare the role of government in the decision of what to produce in market, mixed, command and traditional economies. (Includes
EPF.8b,c,d)
11.
Determine which U.S. economic goals could be affected by the economic factors and principles studied in this unit (Principles in objectives 1-9
above).
UNIT II. ECONOMICS: WHAT…
1. SHOULD BE PRODUCED?
1.1
MARKET
1.1.1
Adam Smith
Free Enterprise
1.2
MIXED
1.2.1
Choice
Opportunity Cost 1.a
MARGINAL COSTS 1.C, 10.C
MARGINAL BENEFITS 1.C, 10.C
Consequences 1.b
INTENDED
UNINTENDED
Government Incentives 2.a
1.2.2
Supply and Demand 3.a, 10.b
Price 3.b, d
LAW OF SUPPLY 4.A
No. Of Producers
Technology
Government Policy
LAW OF DEMAND 4.A, D
No. Of Consumers
Consumer Sovereignty
Consumer skills/knowledge 4.a
ELASTICITY 3.C
Income
CEILINGS/FLOORS 3.D
EQUILIBRIUM 3.B
Profit 2.e
MARKET EFFICIENCY
1.2.3
Factors of Production
Human 4.a, b
PRODUCTION COST
INCOME POTENTIAL
Land
Capital Goods (technology)
1.2.4
Competition
Price
PROFIT 2.C
Monopoly 2.j
1.2.5
Circular Flow 2.j
Increased productivity 2.f
Decreased productivity 2.f
1.3
COMMAND
1.4
TRADITIONAL
2. IS THE ROLE OF GOVERNMENT IN ECONOMICS?
2.1
COMMAND ECONOMY
2.2
MARKET/MIXED ECONOMY
2.2.1
Regulation 8.c
2.2.2
Re-distribution 8.d
2.2.3
Protection 8.b
Unit III. ECONOMICS: WHO…
EPF.1e,f EPF.2a,c,d EPF.8a
…should produce?
…should receive the output of production?
…should receive government assistance?
At the end of this unit, students will be able to:
1. Discuss how market, mixed, command and traditional economies decide the following “who” questions (Includes EPF.1e):
• Who should do the producing in an economy?
• Who should receive the output of that production?
• Who should receive government assistance to meet their economic needs?
2. Apply Adam Smith’s theory of “Free Enterprise,” to the “who” questions for market/mixed economies. (Includes EPF.1f)
3. Differentiate between different business models in the market and mixed economies (Includes EPF.2d):
a. Sole Proprietorship
b. Partnership
c. Corporation
d. Franchise
e. Cooperative
4. Compare/contrast the roles of a business owner with an entrepreneur in a market or mixed economy (Includes EPF.2c)
5. Make a distinction between the role of government in market, mixed, command and traditional economies. (Includes EPF.2a; EPF.8a)
6. Determine which U.S. economic goals could be affected by the economic factors and principles studied in this unit (Principles in
objectives 1-5 above).
UNIT III. ECONOMICS: WHO…
1. SHOULD PRODUCE? 1.E
1.1
1.1.1
MARKET ECONOMY 1.F
Adam Smith
Free Enterprise
1.2
1.2.1
MIXED
Business
Sole Proprietorship
Partnership
Corporation
Franchise
Cooperative
1.2.2
Entrepreneurs 2.c
Free Enterprise
1.2.3
Government
Public Benefits 8.a
Incentives 2.a
1.3
1.3.1
1.4
1.4.1
COMMAND
Government
TRADITIONAL ECONOMY
Subsistence
2. SHOULD RECEIVE GOVERNMENT ASSISTANCE?
2.1
MARKET
2.1.1
2.2
Government assistance means market failure
MIXED
2.2.1
2.3
Those deemed "in need"
COMMAND
2.3.1
2.4
All
TRADITIONAL
2.4.1
No Government Assistance
3. SHOULD RECEIVE THE OUTPUT OF THE PRODUCTION?
3.1
MARKET ECONOMY
3.1.1
3.2
Free Enterprise
MIXED ECONOMY
3.2.1
Consumers 1.a
Choice
OPPORTUNITY COST 1.C
Marginal Costs
Marginal Benefits
CONSEQUENCES
Intended
Unintended 1.b
Consumer Sovereignty
BUSINESS RESPONSE 2.B
Competition
GOVERNMENT RESPONSE 2.A
Incentives 2.a
Marginal Costs
3.2.2
Business 1.a
Choice
OPPORTUNITY COST 1.C
Marginal Costs
Marginal Benefits
CONSEQUENCES
Intended
Unintended 1.b
3.2.3
3.3
3.3.1
3.4
3.4.1
Government
COMMAND ECONOMY
Government
TRADITIONAL ECONOMY
Subsistence
UNIT IV. Economics: HOW…
(EPF.5a,b,c,d EPF.6a,b EPF.7a,b,c,d EPF.8e EPF.9a,b,c,d,e,f,g)
…should growth be handled?
…should growth be measured?
At the end of this unit, students will be able to:
1. Answer the questions:
• How is economic growth handled in different types of economies?
• How is economic growth measured in different types of economies?
2. Explain what is meant by economic stability (Includes EPF.5d)
3. Demonstrate an understanding of the stabilizing tools used by The Federal Reserve in its monetary policy in the U.S. (Includes EPF.6a;7a,b)
4. Describe how The Federal Reserve serves as the bank of banks in the U.S. (Includes EPF.6b)
5. Analyze the role of financial markets in market and mixed economies (Includes EPF.6b)
6. Demonstrate an understanding of the stabilizing tools used by the Federal Government in its fiscal policy in the U.S. (Includes EPF.6a,b EPF.7b,c,d; EPF.8e)
7. Construct a diagram of the business cycle in the U.S. and evaluate its stabilizing effects on the U.S. economy (Includes EPF.5c)
8. Give several examples of the economic interdependence in today’s global community and explain how specialization leads to comparative or absolute advantage
(Includes EPF.9a,b,g)
9. Evaluate the effectiveness of today’s global trade agreements and trade organizations (Includes EPF.9a,f)
10. Formulate potential solutions to the problem of trade deficits and surpluses that lead to trade barriers such as protectionism and tariffs (Includes EPF.9c,d,e)
11. Analyze a country’s economic situation by applying economic indicators such as GDP, CPI, the unemployment rate and the rate of inflation (Includes EPF.5a,b)
12. Determine which U.S. economic goals could be affected by the economic factors and principles studied in this unit (Principles in objectives 2-11 above).
UNIT IV. ECONOMICS: HOW…
SHOULD GROWTH BE HANDLED?
1.1
1.1.1
ECONOMIC STABILITY 5.D
Market/Mixed
Monetary Policy 5.b
FEDERAL RESERVE 7.A
STABILIZING TOOLS 7.B
Expansionary
Contractionary
Automatic
Fiscal Policy 6.a, b
FEDERAL BUDGET
Debt/Expenses 7.d
Revenue/Taxes 7.c, 8e
STABILIZING TOOLS
Expansionary
Contractionary
Automatic
Business Cycle 5.c
Trade 9a
DEFICIT AND SURPLUS 9.C
BARRIERS 9.E
Protectionism
Tariffs
EXCHANGE RATE 9.D
AGREEMENTS AND ORGANIZATIONS
World Trade Organization (WTO)
United Nations
World Bank
SPECIALIZATION
Comparative Advantage 9.b
Absolute Advantage 9.b
INTERDEPENDENCE 9.G
1.1.2
Command
1.1.3
Traditional
2. SHOULD GROWTH BE MEASURED?
2.1
ECONOMIC INDICATORS 5.A
2.1.1
GDP
2.1.2
CPI
2.1.3
Unemployment rate