Download Economics Curriculum Map

Curriculum Unit
Name of Course: Economics
Brief Description (Course Catalog):
Length of Course (Qtr, Sem or Year):
Grade Level(s): 10-12
This course focuses on economic principles. Students begin by studying scarcity and comparing different types of
economic systems, especially free market and command economies. They then study demand and supply, the different
types of market organization, the role of the public sector in the market economy, GDP, income distribution,
unemployment, inflation, taxation, banking, fiscal and monetary policies, and international trade. Although useful, it is
not necessary to take Economics as a prerequisite for AP Economics. Algebra is a prerequisite for Economics
Semester
Instructional Unit
Name of Unit/Big Idea:
Brief Description:
Economic Decision-Making
Students examine how economists view the world, in both the making of individual decisions and the creation
of larger, aggregate economic systems.
Length of Course (Days/Weeks):
5 weeks
Essential Questions:
 Why does resource scarcity make economic decision-making important?
 What is a complete view of the costs and benefits of a decision?
 How can individuals make economic decisions that maximize utility?
 What systems have societies developed to make aggregate economic decisions, and what are their
strengths and weaknesses?
 When and how should government make aggregate decisions for the benefit of the society?
 How does the decision-making of individuals benefit the aggregate of society?
Content Standards:
SOC 6-8.15: Understand economic systems, with an emphasis on the United States
SOC 6-8.15.A: Understand how different economic systems operate in the exchange, production, distribution
and consumption of goods and services.
SOC 6-8.15.B: Understand that scarcity necessitates choices by consumers.
SOC 6-8.15.B.3b: Explain the effects of choice and competition on individuals and the economy as a whole.
SOC 6-8.15.C: Understand that scarcity necessitates choices by producers.
SOC 6-8.15.C.3: Identify and explain the effects of various incentives to produce a good or service.
SOC 6-8.15.E: Understand the impact of government policies and decisions on production and consumption in
the economy.
SOC 6-8.15.E.3b: Explain how laws and government policies establish rules that help a market economy
function effectively.
Common Core State ELA or Math Standards:
LA.K-12.L.CCR.4: Determine or clarify the meaning of unknown words and phrases by using context clues and
consulting general and specialized reference materials.
LA.K-12.L.CCR.6: Acquire and use accurately a range of general academic and domain-specific words and
phrases sufficient for reading, writing, speaking, and listening at the college and career readiness level;
demonstrate independence in gathering vocabulary knowledge when encountering an unknown term
important to comprehension or expression.
LA.K-12.R.CCR.7: Integrate and evaluate content presented in diverse media and formats, including visually and
quantitatively, as well as in words.
LA.K-12.R.CCR.1: Read closely to determine what the text says explicitly and to make logical inferences from it.
LA.K-12.R.CCR.10: Read and comprehend complex literary and informational texts independently and
proficiently.
Students will need to know . . . (content objectives)
Students will be able to . . . (skill objectives)
Resources and assessments
(common to all like classes)
1. The role of economic systems in allocating scarce
1. Define economics.
Resources:
resources.
2. Define opportunity cost and describe how it is
Economics, Wilson & Clark, with
2. How economic incentives affect an individual’s decisionused in individual decision-making
accompanying materials
making.
3. State the three basic economic questions.
Instructor PowerPoints
4. Contrast how a market economy and a command
EconUsa – Economic issue videos
economy each answer the three basic questions.
EconomistsDoItWithModels –
5. Describe the 'Invisible Hand' of Adam Smith.
Economic concept videos
6. Contrast the private sector and the public sector
Khan Academy – Economic
of an economy.
concept videos
7. Discuss how the market economy increases the
Mad Max in Thunderdome – movie
consumer's buying power and increases product
demonstrating primitive barter
variety.
economy
8. Discuss the incentives the market economy
Various U.S. and Soviet Union
provides producers to improve production and
economic propaganda videos
innovate.
Instructional Unit
Name of Unit/Big Idea:
Brief Description:
Markets and Microeconomics
Students examine the concepts of supply and demand, their effects on price and quantity, types of business
firms, how individual economic decisions aggregate to form markets, the characteristics of market
organization, problems with market, and the market for labor.
Length of Course (Days/Weeks):
8-9 weeks
Essential Questions:
 How does the consumer’s decision regarding quantity purchased in reaction to price create demand?
 How does the producer’s decision regarding quantity produced in reaction to price create supply?
 How does the interaction of supply and demand create market equilibrium?
 What happens when the market is not in equilibrium?
 How does the government interfere with market equilibrium?
 What are the characteristics of types of business firms?
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

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What are the characteristics of types of market organizations?
How do market organizations act in markets?
What are some problems with market economies?
How are costs and benefits of transactions shifted to parts of the economy not participating in the
transactions?
 What happens when the roles of producers and consumers are reversed in the labor market?
Content Standards:
SOC 6-8.15: Understand economic systems, with an emphasis on the United States
SOC 6-8.15.A: Understand how different economic systems operate in the exchange, production, distribution
and consumption of goods and services.
SOC 6-8.15.B: Understand that scarcity necessitates choices by consumers.
SOC 6-8.15.B.3b: Explain the effects of choice and competition on individuals and the economy as a whole.
SOC 6-8.15.C: Understand that scarcity necessitates choices by producers.
SOC 6-8.15.C.3: Identify and explain the effects of various incentives to produce a good or service.
SOC 6-8.15.E: Understand the impact of government policies and decisions on production and consumption in
the economy.
SOC 6-8.15.E.3b: Explain how laws and government policies establish rules that help a market economy
function effectively.
Common Core State ELA or Math Standards:
LA.K-12.L.CCR.4: Determine or clarify the meaning of unknown words and phrases by using context clues and
consulting general and specialized reference materials.
LA.K-12.L.CCR.6: Acquire and use accurately a range of general academic and domain-specific words and
phrases sufficient for reading, writing, speaking, and listening at the college and career readiness level;
demonstrate independence in gathering vocabulary knowledge when encountering an unknown term
important to comprehension or expression.
LA.K-12.R.CCR.7: Integrate and evaluate content presented in diverse media and formats, including visually and
quantitatively, as well as in words.
LA.K-12.R.CCR.1: Read closely to determine what the text says explicitly and to make logical inferences from it.
LA.K-12.R.CCR.10: Read and comprehend complex literary and informational texts independently and
proficiently.
Students will need to know . . . (content objectives)
Students will be able to . . . (skill objectives)
Resources and assessments
(common to all like classes)
1. Demand and supply analysis
1. State the law of demand and its causes.
Resources:
2.How the output and the price of goods
2. State the determinants of demand and show how
Economics, Wilson & Clark, with
are determined in the market system.
changes in determinants affect the demand curve.
accompanying materials
3. The effects of government intrusion on
3. State the law of supply.
Instructor PowerPoints
market system.
4. State the determinants of supply and how
EconUsa – Economic issue videos
4. Elasticity of demand and supply.
changes in the determinants affect the supply curve.
EconomistsDoItWithModels –
5. The structure/form of different business
5. Show graphically the equilibrium price and
Economic concept videos
organizations: sole proprietorship,
quantity of a market.
Khan Academy – Economic
partnership, and corporation.
6. Show graphically the effect of a change in a
concept videos
6. Mergers.
7. The organization of markets: perfect
competition, monopolistic competition,
oligopoly, and monopoly.
monopolistic competition, oligopoly, and
monopoly.
8. The Law of Diminishing Marginal
Product and its effect on cost curves in the
short run.
9. The long run average cost curve.
10. Derived Demand
11. Demand and supply of labor
12. Effect of minimum wages on labor
determinant of supply or demand on the market's
equilibrium price and quantity.
7. Graphically display an effective price floor and
effective price ceiling.
8. State the initial and long term effects of effective
price floors and ceilings on the market for a good.
9. Graphically display a perfectly elastic, elastic,
inelastic, and perfectly inelastic demand and supply
curves.
10. Use the total revenue test to determine whether
or not the equilibrium price and quantity of a good
is located in the elastic, inelastic, or unit elastic range
of the demand curve.
11. State how business organizations differ.
12. Compare the advantages and disadvantages
between different business organizations.
13. Identify different mergers and relate their
possible effects on competition.
14. State the characteristics of a perfectly
competitive market.
1. Compare the market demand curve and the firm's
demand curve in a perfectly competitive market.
2. Analyze the effects of economic profits or losses
on a market's equilibrium price and quantity in a
perfectly competitive market.
3. State the characteristics of a monopolistic
market.
4. Compare the market demand curve and the firm's
demand curve in a monopolistic market.
5. Contrast the efficiency of a perfectly competitive
market and a monopolistic market from a societal
point of view.
6. State the characteristics of a monopolistically
competitive market.
7. State the characteristics of an oligopolistic
market.
8. Critique the kinked demand curve of oligopolies.
9. Relate the role of advertising (non-price
competition) in each of the market organizations.
10. State the law of diminishing marginal product.
Capitalism: A Love Story
Inside Job
11. Relate how the law of diminishing marginal
product affects the short run cost curves of a firm.
12. Distinguish between the short run and the long
run.
13. Draw the long run average cost curve of a firm
and separate the curve into regions with increasing
returns to scale, constant returns to scale, and
decreasing returns to scale.
14. Given an output schedule determine the total
product, average product, and marginal product.
15. Define derived demand and contrast with the
demand of a good/service
16. Graph the demand and supply of labor for the
market and for the individual firm.
17. Display graphically how changes in the market
demand and supply for labor affects the firm's
demand and supply of labor.
18. Show graphically the effects of an effective
minimum wage on the demand and supply of labor.
19. Define monopsony and state its effects on the
number of workers hired and the their wage rates.
20. Describe the economic effects of a union on the
market demand and supply of labor and on
monopsonies.