Download Economics Course-wide Essential Questions How should

Economics Course Title Course-­wide Enduring Understandings Economic decision-­‐making requires making choices about cost, benefits and allocation of resources. Economic systems develop and change because of scarcity and society’s response to the three economic questions: what to produce, how to produce and for whom to produce. Economic institutions evolve in a market economy to help individuals and groups accomplish their goals. Social conditions affect business and there are risks and benefits to various investments. A nation’s overall levels of income, employment and inflation are determined by the interaction of spending and production decisions made bay all households, firms, government agencies and others in the economy. There is an economic role for government in a market economy whenever the benefits of a government policy outweigh its costs. Course-­wide Essential Questions How should economies around the world be structured to meet the needs and wants of its citizens? What is the most effective economic system? How do both self-­‐interest and selfishness affect economies? Why are financial, credit, housing and labor so interconnected? Should the American government provide more or less regulation in the economy? How has the role of consumer credit affected the American economic system? What are the most pressing, current economic issues facing the United States? Economics Course Title Enduring Understandings ONE Essential Questions “Students will understand that…” “Students will explore…” 1. Productive resources are 1.
limited. 2. People can’t have all the goods and services they want; as a result they must choose some things and give 2.
up others. 3. Scarcity drives people, businesses and governments to make economic decisions regarding what, how and for whom to produce. Knowledge Expectations “Students will know…” What is the decision-­‐
making process that involves opportunity cost, incentives and cost-­‐benefit analysis? What are the advantages and disadvantages of our mixed market economy? 1.
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Skill Expectations “Students will be able to…” Define scarcity. 1. Analyze the Define concept of scarcity economics, through a study of opportunity current events. cost, marginal 2. Apply the concept and of opportunity diminishing costs to the utility. production Define and possibility graph. apply the three 3. Analyze different economic economic systems questions. i.e. market, Define the command, difference traditional and between compare the different advantages and economic disadvantages. systems. Assessments 1. Scarcity in the news activity. 2. Analyze excerpts from Freakonomics. 3. Production Possibility group activity 4. Magic of Market simulation 5. Circular Flow simulation 6. Ultimatum game – greed. 7. Is capitalism good for the poor activity? Spectrum analysis. 8. Reading and pop quizzes. 9. Unit Exam Enduring Understandings TWO Essential Questions “Students will understand that…” “Students will explore…” Knowledge Expectations “Students will know…” 1. Define and illustrate the Law of Demand 1. What is demand? 2. What is supply? 1. Price and output adjustments within a given economy are influenced by the Law of Supply and Demand. 3. What factors affect supply and demand? 4. What effect does price ceiling have on a good/service? 5. How do producers decide what to charge for their product? 2. Define and illustrate the concept of elasticity 3. Define and illustrate the Law of Supply 4. Define and illustrate a Price Floor 5. Define and illustrate Price 6. How does the “invisible Ceiling hand’ guide the market 6. Effects of price to equilibrium? floors and price ceilings. Skill Expectations “Students will be able to…” 1. Graph the law of supply and demand. 2. Illustrate changes of supply and demand related to current events. 3. Analyze the effects that a price ceiling and price floor will have on market conditions. 4. Compare the elasticity of demand for multiple products. Assessments 1. Diminishing marginal return simulation. 2. Watch The Persuaders. 3. Elasticity worksheets. 4. Fold-­‐It simulation and Cost Production worksheet. 5. In the Chips Simulation. 6. Interaction of Supply and Demand Graphs. 7. Unit Exam Enduring Understandings THREE Essential Questions “Students will understand that…” “Students will explore…” 1. A Variety of market structures and business organizations exist within a market economy that can encourage or restrict competition. 1. What are the four market types? 2. Describe the defining characteristics for each market types? 3. Why is competition a pillar of the free enterprise economy? 4. Why are monopolies heavily regulated in the U.S.? Knowledge Expectations “Students will know…” 1. The difference between the four market types -­‐-­‐ Perfect Competition, Monopoly, Monopolistic Competition, Oligopoly 2. The difference between Sole Proprietorship, Partnership, Corporations, and Non-­‐Profit organizations Skill Expectations “Students will be able to…” 1. Compare and contrast the four market types. Assessments 1. Comparison chart types of businesses. 2. Develop and 2. Big Business debate. interpret graphs 3. Watch parts of Wal-­‐
based on the Mart – The High Cost characteristics of of Low Prices Enron, the market types. and The Corporation. 3. Explain in detail 4. Labor Simulation the advantages 5. Stock Market and disadvantages Simulation of a sole 6. Innovative company proprietorship, research partnership and a 7. Unit Exam corporation. 4. Research new and innovative companies. Enduring Understandings FOUR Essential Questions “Students will understand that…” “Students will explore…” 1. Through the powers of taxation, spending and providing services to the American government influences consumers as well as the economy. 2. The United States government uses fiscal policy and monetary policy to influence the economy and the Federal Reserve System to help achieve economic stability Knowledge Expectations “Students will know…” 1. What is the difference between demand/supply 1. Define and and aggregate illustrate demand/aggregate aggregate supply. demand and 2. What impacts supply changes in 2. Define and aggregate supply illustrate and demand inflation, GDP 3. How do federal, and state and local unemployment. governments make 3. Define and use of taxes? illustrate how 4. How do interest inflation, GDP rates affect the and economy? unemployment are 5. Describe the tools interconnected. the Federal Reserve has at 4. Define the role their disposal to of the Federal affect the Reserve. economy? 5. Explain the 6. How and why is the importance of housing market our tax system. interconnected and crucial to our economy? Skill Expectations “Students will be able to…” Assessments 1. Distinguish between macro and microeconomic concepts. 1. Reading Quiz – GDP and o
ther indicators. 2. Illustrate aggregate 2.
Metaphor activity for supply and demand and explain through graphing Macroeconomics. 3. Aggregate demand what changes aggregate and supply graphs. supply and demand. 4. Unemployment 3. Explain and illustrate how simulation. the distribution of income 5. Distribution of impacts the Unite States. Income chair simulation. 4. Explain and analyze how 6. Inflation skit. the American Economy 7. The Economic Crisis was negatively impacted of 2008 project in 2008. 8. Filing taxes activity 5. File federal and state 9. Federal budget income taxes. simulation 10.
National Debt activity 6. Create a web diagram that 11. Allen Greenspan DVD illustrates how the Fed influences the economy.