Download Unit 2 Curriculum

Economics with Financial Literacy 2102335 Economics with Financial Literacy Honors 2102345 Next Generation Sunshine State Standards Unit 2 Overview: In this unit students will understand that markets allocate society’s resources through the forces of supply and demand. Efficient market solutions emerge from individual producers and consumers pursuing their own self-­‐ interest. Focus Content Standards (Mastery): Focus standards are the big ideas in the unit -­‐ which students must walk away to have content mastery. Focus Content Standards SS.912.E.1.4: Define supply, demand, quantity supplied, and quantity demanded; graphically illustrate situations that would cause changes in each, and demonstrate how the equilibrium price of a product is determined by the interaction of supply and demand in the market place. SS.912.E.1.6: Compare the basic characteristics of the four market structures (monopoly, oligopoly, monopolistic competition, pure competition). SS.912.E.1.7: Graph and explain how firms determine price and output through marginal cost analysis. SS.912.E.1.8: Explain ways firms engage in price and non-­‐price competition. SS.912.E.2.1: Identify and explain broad economic goals. SS.912.E.2.4: Diagram and explain the problems that occur when government institutes wage and price controls, and explain the rationale for these controls. SS.912.E.2.6: Examine the benefits of natural monopolies and the purposes of government regulation of these monopolies. VOCABULARY Unit 2 •
•
•
•
•
•
•
•
•
Law of Demand, change in quantity demanded vs. change in demand, demand shifters Law of Supply, change in quantity supplied vs. change in supply, supply shifters Elastic vs. Inelastic Equilibrium price and quantity, disequilibrium Marginal cost analysis, profit maximization (MR = MC) Wage and price controls (price floor-­‐minimum wage, price ceiling-­‐rent control), shortage, surplus Market Structures-­‐Monopoly, oligopoly, monopolistic competition, pure competition, commodity, barriers to entry, start-­‐up costs, cartels, collusion Natural monopolies, government regulations, economies of scale Price and non-­‐price competition This is a working document that will continue to be revised and improved taking your feedback into consideration. 1 Pasco County Schools, 2016-­‐2017 Economics with Financial Literacy 2102335 Economics with Financial Literacy Honors 2102345 Focus Questions/ Learning Targets/Procedural Knowledge: Unit 2 Focus Questions: •
How do we decide what to buy? •
Why does the demand curve shift? •
How do suppliers decide what goods and services to offer? •
How can a producer maximize profits? •
Why does the supply curve shift? •
How do markets affect your choices? •
What is the right price? •
How does competition affect your choices? •
What are the characteristics of the four market structures? •
Why does the government allow natural monopolies? Learning Targets: •
Determinants of Supply and Demand •
The effects of price controls on markets. •
Characteristics of market structures. •
The role of governments in regulating markets. Procedural Knowledge: •
Define supply, demand, quantity supplied, and quantity demanded; graphically illustrate situations that would cause changes in each, and demonstrate how the equilibrium price of a product is determined by the interaction of supply and demand in the marketplace. •
Compare the basic characteristics of the four market structures (monopoly, oligopoly, monopolistic competition, pure competition). •
Graph and explain how firms determine price and output through marginal cost analysis. •
Explain ways firms engage in price and non-­‐price competition. •
Identify and explain broad economic goals. •
Diagram and explain the problems that occur when government institutes wage and price controls, and explain the rationale for these controls. •
Examine the benefits of natural monopolies and the purposes of government regulation of these monopolies This is a working document that will continue to be revised and improved taking your feedback into consideration. 2 Pasco County Schools, 2016-­‐2017 Economics with Financial Literacy 2102335 Economics with Financial Literacy Honors 2102345 The resources listed under "Try These for Sure" are lessons or activities that were highly suggested by Pasco teachers to have your students’
experience. The "Additional Resources" area contains aligned teacher tools, professional development videos, and open educational resources.
RESOURCES Textbook Aligned Resources Try These for Sure! Additional Resources Prentice Hall: Economics Chapters 4,5,6, 7 Economics textbook: Understanding Demand, 85–90, Shifts in the Demand Curve, 91–96, Elasticity of Demand, 97–105, Chapter Assessment, 106, Understanding Supply, 109–115, Costs of Production, 116–122, Changes in Supply, 123– 129, Chapter Assessment, 130 Perfect Competition, 159–163, Monopoly, 164–173, Monopolistic Competition and Oligopoly, 174–179, Chapter Assessment, 186 Production Costs, 118–120, Setting Output, 120–122 Non-­‐price Competition, 175–176, Price War, 179 Activities to reinforce learning concepts: Supply, Demand and Equilibrium ! Graphing with whiteboards: demand, supply and price controls ! EconAlive: Analyzing Supply and Demand Headlines ! EconAlive: Banana market Market Structures Market Structures and Oligopoly Game https://cfelton.wikispaces.com/file/.../4+market+structures+and+olig
opoly+game.pptx Teaching Tools for Microeconomics: John Stossel Series-­‐Clip 5 Rent Control http://stosselintheclassroom.org Monopoly Sticker Shock: Why are eyeglasses so expensive? http://www.cbsnews.com/news/luxottica-­‐eyewear-­‐why-­‐are-­‐glasses-­‐
expensive/ https://www.khanacademy.org http://highered.mheducation.com/sites/9970960097/student
_view0/paul_soloman_videos.html http://www.econedlink.org/ http://www.fte.org/teacher-­‐resources/lesson-­‐plans/ http://www.councilforeconed.org/resources/type/classroom-­‐
resources/ http://www.federalreserveeducation.org/resources/classroo
m/lesson-­‐plans/ http://www.criticalcommons.org/ http://www.stosselintheclassroom.org/ http://www.cpalms.org/Public/PreviewCourse/Previw/13324 This is a working document that will continue to be revised and improved taking your feedback into consideration. 3 Pasco County Schools, 2016-­‐2017 Economics with Financial Literacy 2102335 Economics with Financial Literacy Honors 2102345 Differentiation & Enrichment Using Explicit Instruction principles such as structured modeling, demonstration, explanation, sufficient supported practice, review and feedback. Clarifying directions by providing them in oral and written forms, going over each part one at time, having students rephrase or repeat, encouraging clarifying questions, and providing examples. Using Advance organizers (prior to lessons) and summaries (following lessons), such as guided notes, charts, outlines and webs. Using visual, auditory, and kinesthetic strategies including maps, illustrations, stories, videos and guest speakers to introduce and reinforce social studies content. Clarifying social studies textbook readings by direct teaching and practice of vocabulary before reading; breaking down reading assignments into small segments; and summarizing key ideas before, during and after reading. Using mnemonic devices and other memory strategies such as acronyms, songs, highlighting, keywords and pictures. Create a Kahoot Open ended projects Choice Menus Problem Based Learning Tasks Tiered Assignments Individual learning contracts Specialized grading rubrics Create a website/ documentary to explain a topic SCAMPER (substitute, combine, adapt, magnify, put to other uses, eliminate, reverse or rearrange) Socratic Seminars Curriculum compacting. This is a working document that will continue to be revised and improved taking your feedback into consideration. 4 Pasco County Schools, 2016-­‐2017 Economics with Financial Literacy 2102335 Economics with Financial Literacy Honors 2102345 Unit Scale: The unit scale is a curricular organizer for PLCs to use to begin unpacking the unit. It should prompt PLCs to further explore question #1, “What do we expect all students to learn?” Notice that all standards are placed at a 3.0 on the scale, regardless of their complexity. A 4.0 extends beyond 3.0 content and helps students to acquire deeper understanding/thinking at a higher taxonomy level than represented in the standard (3.0). It is important to note that a level 4.0 is not a goal for the academically advanced, but rather a goal for ALL students to work toward. A 2.0 on the scale represents a “lightly” unpacked explanation of what is needed, procedural and declarative knowledge i.e. key vocabulary, to move students towards proficiency of the standards. 4.0 In addition to displaying a 3.0 performance, the student must demonstrate in-­‐depth inferences and applications that go beyond what was taught within these standards. Examples:
3.0 •
Differentiate between demand and supply shifters and their impact on the market price and quantity
•
Critique the impact of government regulations-price floors/price ceilings
•
Apply marginal cost analysis to determine optimal output.
The Student will: •
Define supply, demand, quantity supplied, and quantity demanded; graphically illustrate situations that would cause changes in each, and demonstrate how
the equilibrium price of a product is determined by the interaction of supply and demand in the marketplace.
•
Compare the basic characteristics of the four market structures (monopoly, oligopoly, monopolistic competition, pure competition).
•
Graph and explain how firms determine price and output through marginal cost analysis. Students will be able to explain ways firms engage in price and
non-price competition.
2.0 •
Students will be able to identify and explain broad economic goals.
•
Students will diagram and explain the problems that occur when government institutes wage and price controls, and explain the rationale for these controls.
•
Law of Demand, quantity demanded
•
Law of Supply, quantity supplied
•
Equilibrium price
•
Market Structures-Monopoly, oligopoly, monopolistic competition, pure competition
•
Draw and Label a Supply and Demand Graph •
Students will examine the benefits of natural monopolies and the purposes of government regulation of these monopolies The student will recognize or recall specific vocabulary, such as: The student will perform basic processes, such as: This is a working document that will continue to be revised and improved taking your feedback into consideration. 5 Pasco County Schools, 2016-­‐2017 Economics with Financial Literacy 2102335 Economics with Financial Literacy Honors 2102345 1.0 With help, partial success at 2.0 content but not at score 3.0 content Unit 2 : Unpacking the Standard(s): What do we want students to Know, Understand and Do (KUD): Unit: Economics Cluster: Supply & Demand – How Markets Work Standard(s): SS.912.E.1.4: Define supply, demand, quantity supplied, and quantity demanded; graphically illustrate situations that would cause changes in each, and demonstrate how the equilibrium price of a product is determined by the interaction of supply and demand in the market place. SS.912.E.1.6: Compare the basic characteristics of the four market structures (monopoly, oligopoly, monopolistic competition, pure competition). SS.912.E.1.7: Graph and explain how firms determine price and output through marginal cost analysis. SS.912.E.1.8: Explain ways firms engage in price and non-­‐price competition. SS.912.E.2.1: Identify and explain broad economic goals. SS.912.E.2.4: Diagram and explain the problems that occur when government institutes wage and price controls, and explain the rationale for these controls. SS.912.E.2.6: Examine the benefits of natural monopolies and the purposes of government regulation of these monopolies Understand: “Essential understandings,” or generalizations, represent ideas that are transferable to other contexts. Key Learning: In this unit, students will understand how markets allocate society’s resources through the forces of supply and demand. Efficient market solutions emerge from individual producers and consumers pursuing their own self-­‐ interest. Unit Focus Question: How do markets affect your choices? Lesson Focus Questions: •
How do we decide what to buy? •
Why does the demand curve shift? •
How do suppliers decide what goods and services to offer? •
How can a producer maximize profits? •
Why does the supply curve shift? •
How do markets affect your choices? •
What is the right price? •
How does competition affect your choices? •
What are the characteristics of the four market structures? •
Why does the government allow natural monopolies? Know: Declarative Knowledge: Facts, vocab, information Do: Procedural knowledge: Skills, strategies and processes that are transferrable to other contexts. •
Law of Demand, change in quantity demanded vs. change in demand, •
Students will define supply, demand, quantity supplied, and quantity demanded; graphically illustrate shifters situations that would cause changes in each, and demonstrate how the equilibrium price of a product is determined by the interaction of supply and demand in the marketplace. •
Law of Supply, change in quantity supplied vs. change in supply, supply shifters •
Students will be able to compare the basic characteristics of the four market structures (monopoly, oligopoly, monopolistic competition, pure competition). •
Elastic vs. Inelastic •
Students will be able to graph and explain how firms determine price and output through marginal cost •
Equilibrium price, quantity, disequilibrium analysis. •
Marginal cost analysis, profit maximization (MR = MC) This is a working document that will continue to be revised and improved taking your feedback into consideration. 6 Pasco County Schools, 2016-­‐2017 Economics with Financial Literacy 2102335 Economics with Financial Literacy Honors 2102345 •
•
•
•
Wage and price controls (price floor-­‐minimum wage, price ceiling-­‐rent control), shortage, surplus Market Structures-­‐Monopoly, oligopoly, monopolistic competition, pure competition, barriers to entry, start-­‐up costs, cartels, collusion Natural monopolies, government regulations, economies of scale Price and non-­‐price competition •
•
•
•
Students will be able to explain ways firms engage in price and non-­‐price competition. Students will be able to identify and explain broad economic goals. Students will diagram and explain the problems that occur when government institutes wage and price controls, and explain the rationale for these controls. Students will examine the benefits of natural monopolies and the purposes of government regulation of these monopolies
Unit 2: Sample Learning Progression Scale (for a chunk of learning): The learning progression scale unwraps the cognitive complexity of a focus standard for the unit, using student friendly language. The purpose is to articulate distinct levels of knowledge and skills relative to a specific topic and provide a roadmap for designing instruction that reflects a progression of learning. The sample learning progression scale shown below is just one example for PLCs to use as a springboard when creating their own scales for student-­‐owned progress monitoring. The learning progression scale should prompt teams to further explore question #2, “How will we know if and when they’ve learned it?” for each of the focus standards in the unit and make connections to Design Question 1, “Communicating Learning Goals and Feedback” (Domain 1: Classroom Strategies and Behaviors). Keep in mind that a 3.0 on the scale indicates proficiency and includes the actual standard. A level 4.0 extends the learning to a higher cognitive level. Like the unit scale, the goal is for all students to strive for that higher cognitive level, not just the academically advanced. A level 2.0 outlines the basic declarative and procedural knowledge that is necessary to build towards the standard. Next Generation Sunshine State Standards: Standard: SS.912.E.1.4: Define supply, demand, quantity supplied, and quantity demanded; graphically illustrate situations that would cause changes in each, and demonstrate
how the equilibrium price of a product is determined by the interaction of supply and demand in the market place.
Score 4.0 3.5 Learning Progression Sample Tasks I can evaluate the impact of market forces on Demand and supply and the effect
on prices. Draw a supply and demand graph at demonstrate how market forces cause shifts
and affect equilibrium price and quantity.
I can do everything at a 3.0, and I can demonstrate partial success at score 4.0. I can analyze how demand and supply interact in the market to determine
3.0 equilibrium price and quantity. Show the impact of price floors and price ceiling
on prices. 2.5 I can do everything at a 2.0, and I can demonstrate partial success at score 3.0. I can define the Law of Demand and Law of Supply I need prompting and/or support to complete 2.0 tasks. 2.0 1.0 Draw and label a graph showing equilibrium price and quantity. Show a price
floor and resulting surplus; price ceiling and resulting shortage.
Draw and label a graph showing demand and supply.
This is a working document that will continue to be revised and improved taking your feedback into consideration. 7 Pasco County Schools, 2016-­‐2017 Economics with Financial Literacy 2102335 Economics with Financial Literacy Honors 2102345 This is a working document that will continue to be revised and improved taking your feedback into consideration. 8 Pasco County Schools, 2016-­‐2017