Download Economics Curriculum - Groton Public Schools

Groton Public Schools
Curriculum Map
INTRODUCTION
Course Title: ECONOMICS
Curriculum Area and Grade: SOCIAL STUDIES ELECTIVE
Course Purpose:
The purpose of this course is to provide the students with an understanding of integrated macro and microeconomics. Students will gain knowledge
and skills in economic theory and practices, and an understanding of the effect government policies have on economic growth. The course will focus
on the nature and functions of markets as they apply to national economic issues and the global economy.
Major Learning Goals and Understandings:
Student Learning Expectation(s):
SE1
SE2
SE3
SE4
SE5
SE6
Apply effective analysis, synthesis, and evaluative processes that enable productive problem solving.
Communicate information clearly and effectively using a variety of tools/media in varied contexts and for a variety of purposes.
Work independently and collaboratively to solve problems and accomplish goals.
Use real-world digital and other research tools to access, evaluate and effectively apply information appropriate for authentic tasks.
Demonstrate innovation, flexibility and adaptability in thinking patterns, work habits, and working/learning conditions.
Value and demonstrate personal responsibility, character, cultural understanding, and ethical behavior.
21st Century Learning Expectation(s): (see attached: P21 Framework: www.P21.org )
1.
Learning and Innovation Skills
2. Life and Career Skills
3. Core subjects and 21st Century Themes
4. Information, Media and Technology Skills
Units/Theme/Concept and # of Weeks
1. ECONOMIC LITERACY: Foundations of Economic Concepts
2. MICROECONOMICS: Nature and Functions of Markets (5 weeks)
(4 weeks)
4. THE GLOBAL ECONOMY: International Trade, Global Institutions
3. MACROECONOMICS: Public Policy, and Measurements of
and Challenges (4 weeks)
Economic Performance (5 weeks)
Mapper/Author: Laura Lonardelli
Date Approved: August 2012
Unit 1: ECONOMIC LITERACY
Grade:
11-12
Subject:
SOCIAL STUDIES
Course:
ECONOMICS
Length of Unit:
4 WEEKS
Common Core State Standards
Reading and Writing Standards in History/Social Studies 11-12
R2. Determine the central ideas or information of a primary or secondary source; provide an accurate summary that makes clear the relationships
among the key details and ideas.
R4. Determine the meaning of words and phrases as used in a text.
W2d. Use precise language and domain-specific vocabulary to manage the complexity of the topic.
W4. Produce clear and coherent writing appropriate to task.
Supporting Standards
Voluntary National Content Standards in Economics
Unit 1 Economic Literacy
Standard 1: Productive resources are limited. Therefore, people cannot have all the goods and services they want; as a result, they must choose some
things and give up others.
Standard 3: Different methods can be used to allocate goods and services. People acting individually or collectively through government must
choose which methods to use to allocate different kinds of goods and services.
Connecticut State Standards
Part 2 – Standards
Key (GLE) Content Knowledge and Concepts/Skills
The students will know:
The students will be able to:
1. Foundational economics vocabulary and
concepts
2. Use of resources impacts the future
3. Economic statistics are measurements of
an economy’s sustainability
4. Global economic systems coexist and
are interdependent
1. Apply and use in context appropriate economic terms and
concepts in oral and written formats.
2. Understand the impact of economic choices on the allocation of
resources.
3. Interpret important economic statistics.
4. Explain the advantages and disadvantages of each economic
system and understand how they are interdependent.
Bloom’s Taxonomy Levels
Creating, Evaluating, Analyzing,
Applying, Understanding and
Remembering
All levels of Bloom’s
Taxonomy will be addressed in
a recursive manner throughout
the unit and course.
Big Idea and Essential Questions

Big Idea
Scarcity determines the allocation of resources.
Economic systems vary in different parts of the world.

Essential Question
What are the choices and consequences of scarcity in an economic market?
How do different economic systems function and allocate resources?
Part 3 – Common Unit Assessments
Formative Assessments: Students will demonstrate a functional use of economic terms in discussion, writing tasks, and presentation through
periodic formative assessments, quizzes and lesson activities.
 Textbook Quizzes and practice sheets
 Periodic Dipsticks for reading comprehension
 Quick-Write (ex. What does the phrase “there’s no such thing as a free lunch” mean in economic terms?)
Summative Assessments: Students will write a formal two-page essay with at least one draft at the end of the unit to demonstrate their analytical
and organizational skills in response to an essay prompt. They will be required to incorporate explanatory diagrams and graphs to clarify their
analyses.
Suggested Essay Prompts
 To what extent does self-interest impact the economy as whole? (Unit Theme)
 Conduct a cost-benefit analysis as you are considering taking an afterschool and weekend job. (Application)
 Research the characteristics of a traditional economy, a command economy, and a market economy. Use specific examples to illustrate
how each economy meets its economic goals. (Analysis)
 Research an economist and explain the impact of his/her economic philosophy has on modern economic thinking. (Independent)
Technological Applications: Students will use computer programs to create supply and demand curves, line graphs, bar charts, and other
explanatory diagrams in summative assessments. Economic data bases (University of Michigan) and government websites will be incorporated into
lessons.
 Create a web page comparing the development of technology in North Korea and South Korea (computer programs)
 Investigate consumer behavior in one industry over a period of one decade. Use statistical data to identify and analyze a trend. (internet)
Part 4 – Common/Assured Learning Experiences
The first unit, Economic Literacy, will have lessons that incorporate teaching strategies and learning skills for all modalities of learning.
Essential to this unit is Vocabulary building, Graphic Organizers for complex concepts, and reading from the text.
The common learning experiences are aligned with the Common Core Standards for Reading and Writing in Social Studies.

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
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Cooperative learning/grouping strategies
Group discussions
Socratic Seminars
Simulation Activity
Independent research
Part 5-Teacher Notes
TEXTBOOK: ECONOMICS- CONCEPTS AND CHOICES
Unit 1 Economic Literacy Chapters 1-3
Holt-McDougal 2011
SIMULATION ACTIVITY AT THE END OF THE UNIT
(Standards 1, 3 National Voluntary Content Standards)
Activity resources are selected to accompany the first unit. The culminating activity (requires full class participation) is
adapted from FTE and is called “The More, The Merrier”. Students will apply economic concepts throughout the activity and
will simulate a transition from a closed, non-competitive market to one that is open and highly competitive. Students will
experience the reality that opening markets to entry and exit of buyers and sellers increases output, reduces prices, and makes
possible higher standards of living for all.
Foundation for Teaching Economics (FTE) This institution has teacher resources such online lessons, video of lessons and instructional methods,
and activities that are accessible to students and teachers.
www.fte.org
National Council on Economic Education- Benchmarks
Unit 2 - Nature and Functions of Markets
Grade:
Subject:
Course:
Length of Unit:
11-12
SOCIAL STUDIES
ECONOMICS
(5 weeks)
Common Core State Standards
Reading and Writing standards in History/Social Studies 11-12
R2. Determine the central ideas or information of a primary or secondary source; provide an accurate summary that makes clear the relationship
among the key details and ideas.
R4. Determine the meaning of words and phrases as used in a text.
W2d. Use precise language and domain-specific vocabulary to manage the complexity of the topic.
W4. Produce clear and coherent writing appropriate to task.
Supporting Standards
Voluntary National Content Standards in Economics
Unit 2 Microeconomics: Nature and Functions of Markets
Standard 4: People respond predictably to positive and negative incentives.
Standard 8: Prices send signals and provide incentives to buyers and sellers. When supply and demand changes, market prices adjust, affecting
incentives.
Standard 9: Competition among sellers lowers costs and prices, and encourages producers to produce more of what consumers want and are willing
and able to buy. Competition among buyers increases prices and allocates goods and services to those people who are willing and able to pay for
them.
Connecticut State Standards
Part 2 – Standards
Key (GLE) Content Knowledge and Concepts/Skills
The students will know:
1. Incentives influence consumer and
market behaviors.
2. Supply, demand, and prices are
interrelated.
3. Market competition affects economic
growth.
Bloom’s Taxonomy Levels
Creating, Evaluating, Analyzing,
Applying, Understanding and
Remembering
The students will be able to:
1. Identify the positive and negative incentives and their affects
on product markets.
2. Understand how supply and demand determines market prices.
3. Evaluate market competition and the extent to which it leads to
economic growth.
All levels of Bloom’s
Taxonomy will be addressed in
a recursive manner throughout
the unit and course.
Big Idea and Essential Questions

Big Idea
People respond to incentives and allocate resources for the highest return.
Market equilibrium is dynamic.
Market competition leads to economic growth.

Essential Question
How do incentives influence market behavior?
What is the relationship between supply, demand, and price?
Why does an economy grow with increased market competition?
Part 3 – Common Unit Assessments
Formative Assessments: Students will demonstrate mastery of economic concepts and applications in classroom discussion, writing tasks and
problem solving tasks through periodic formative assessments, quizzes and lesson activities.
 Textbook Quizzes and practice sheets
 Periodic Dipsticks for reading comprehension
Summative Assessments: In addition to section and chapter tests and quizzes, students will write a two page formal essay with at least one draft
that will demonstrate their analytical and organizational skills in response to the cumulative activity. They will be required to incorporate
explanatory supply and demand curves to clarify their analyses.
Suggested Cumulative Activities
 Document Based Assessments Fueling Automobile Demand (synthesis) or Monopoly is Not a Game (synthesis)
 Case Study Analysis of Entertainment Industry (BET) (HBO) (FOX)
 Case Study on Prices of Concert Tickets
 Apple or PC- Whose Market is it Anyway? (analysis)
Technological Applications: Students will use computer programs to create supply and demand curves, line graphs, bar charts, and other
explanatory diagrams in summative assessments. Economic data bases, advertising cost-benefit analyses, and websites will be incorporated in the
content.
 Produce a 3-5-slide animated Power point demonstrating externalities that affect the supply and demand curve for a product
 Produce a 3-5 slide animated Power point demonstrating change in equilibrium price and the factors affecting the change
Part 4 – Common/Assured Learning Experiences
The second unit, Microeconomics: Nature and Functions of Markets, students will experience lessons that incorporate teaching strategies and
learning skills for all modalities of learning. Essential to this unit will be the development of supply and demand curves, calculations on elasticity of
supply and demand, externalities and production costs.
Cooperative learning/grouping strategies
Socratic seminar
In class reading with discussion
Data base internet search
Simulation Activity
Part 5-Teacher Notes
Unit 2 MICROECONOMICS: Nature and Functions of Markets Chapters 4-6
SIMULATION ACTIVITY AT THE END OF THE SECOND UNIT
(Standards 4, 8,9 National Voluntary Content Standards)
Activity resources are selected to accompany the second unit. The culminating activity (requires full class participation) is
adopted from FTE and is called The Demise of the Soviet Union. Students will apply unit two economic concepts and will
simulate ministries of the former USSR and their dilemma of deteriorating economic growth. Students will experience the
political and social forces behind the collapse of the soviet economy.
Foundation for Teaching Economics (FTE) This institution has teacher resources such as online lessons, video, reproducible
student handouts and other materials for the simulation activity.
Unit 3 MACROECONOMICS: Public Policy and Measurements of Economic Performance (5)
Grade:
11-12
Course:
ECONOMICS
Subject:
SOCIAL STUDIES
Length of Unit:
(5 weeks)
Common Core State Standards
Supporting Standards
National voluntary Content Standards in Economics
10. Institutions evolve in market economies to help individuals and groups accomplish their goals. Clearly defined property rights are essential to a
market economy.
16. There is an economic role for government in a market economy.
20. Federal government budgetary policy and the Federal Reserve System’s monetary policy influence overall levels of employment, output, and
prices.
Connecticut State Standards
Part 2 – Standards
Key (GLE) Content Knowledge and Concepts/Skills
The students will know:
The students will be able to:
1. Banks and other financial institutions are 1. Identify the various financial institutions and explain their role in
essential for a market economy to work.
the U.S. economy.
2.
There are different ways to measure
growth of the economy.
3. Government’s fiscal policy affects all
sectors of the economy.
Bloom’s Taxonomy Levels
Creating, Evaluating, Analyzing,
Applying, Understanding and
Remembering
2. Apply GDP, unemployment and inflation rates, as measurements
of the economy.
3. Evaluate government policy’s affects on economic performance.
All levels of Bloom’s
Taxonomy will be addressed
in a recursive manner
Big Idea and Essential Questions

Big Idea
Financial institutions are essential to making the economy work.
Economic performance can be measured.
Fiscal policy affects economic growth.

Essential Question
What are financial institutions and what do they do?
How do we measure economic growth?
What is fiscal policy?
Part 3 – Common Unit Assessments
Formative Assessments: Students will demonstrate mastery of macroeconomic topics and applications in classroom discussion, writing tasks, and
problem solving tasks through periodic formative assessments, quizzes, and lesson activities.


Textbook Quizzes and practice sheets
Periodic Dipsticks for reading comprehension
Summative Assessments: In addition to section and chapter tests and quizzes, students will research and create a Power point or poster presentation
to illustrate the indicators used to assess the state of the national economy. Research for current information will be required.
Suggested Content for Presentation
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List of indicators and definitions
Changes in the indicator and implication for the economy
Prediction and rationale of what impact the indicator may have on the economy in the near future
Technological Applications: Students will complete internet research and Power point to create the summative project.
Part 4 – Common/Assured Learning Experiences
The third unit, Macroeconomics: Public Policy and Measurements of Economic Growth, students will experience lessons that incorporate teaching
strategies and learning skills for all modalities of learning. Essential to this unit will be the function of the Federal Reserve, banking institutions, and
the components of GDP used to measure economic growth.
Cooperative learning/grouping strategies
Socratic seminar
In class reading with discussion
Graph and statistical analysis
Creation of Visuals with presentation
Part 5-Teacher Notes
Unit 3 MACROECONOMICS: PUBLIC POLICY AND MEASUREMENTS OF ECONOMIC GROWTH
CULMINATING ACTIVITY AT THE END OF THE SECOND UNIT
(Standards 10, 16, 20 of National Voluntary Content Standards)
Activity resources adapted from FTE will include case study readings on property rights in various parts of the world. Students will
examine Less Developed Countries (LCD’s) and evaluate the government policy of property rights in those nations. The impact of the
policy on economic growth will be in their analyses. This can be completed as a written assignment, cooperative class assignment, or
ongoing as the unit progresses.
Foundation for teaching Economics (FTE) This institution has teacher resources such as online lessons, video, reproducible student
handouts and others materials for this case study activity.
Unit 4 THE GLOBAL ECONOMY: International Trade, Global Institutions and Challenges (4)
Grade:
11-12
Subject:
SOCIAL STUDIES
Course:
ECONOMICS
Length of Unit:
4 weeks
Common Core State Standards
Supporting Standards
National Council on Economic Education
1. Specialization and Trade: Nations specialize in what they can produce and then trade with others.
5. Gain from Trade: Voluntary exchange occurs only when all participating nations expect to gain.
15. Economic Development: Investment in factories, machinery, new technology, and in the health, education and training of people can raise the
standards of living.
Connecticut State Standards
Part 2 – Standards
Key (GLE) Content Knowledge and Concepts/Skills
The students will know:
1. Nations, states and individuals have
various levels of specialization.
2. Global institutions help invest in the
economy and improve people’s
standard of living.
3. Economic challenges can be overcome
with economic planning.
Bloom’s Taxonomy Levels
Creating, Evaluating, Analyzing,
Applying, Understanding and
Remembering
The students will be able to:
1. Understand ways and reasons for regional specialization in
production.
2. Identify ways global institutions can help raise the standard of
living.
3. Understand how global planning and investment benefits
everyone.
All levels of Bloom’s
Taxonomy will be addressed
in a recursive manner
Big Idea and Essential Questions

Big Idea
Economic growth is sustained from the specialized production of goods and services.
There are global institutions that help develop international trade.
There are many challenges to sustain a nation’s economic growth.

Essential Question
How does a nation sustain economic growth?
What global institutions help international trade?
What are the challenges to a nation’s economic growth?
Part 3 – Common Unit Assessments
Formative Assessments: Students will demonstrate their mastery of the global economy in reading and writing tasks, periodic formative
assessments, quizzes and lesson activities.
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

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Textbook Quizzes and practice sheets
Periodic Dipsticks for reading comprehension
Graphic organizers
Current events and world economic news
Summative Assessments:
Students will write a one page summary that reflects the challenges a developing region of the world has regarding its economic growth. Students
will be required to use periodicals, main stream media sources, and internet research.
Students will complete chapter and section quizzes and will complete the cumulative application assessment called “Australia and Argentina: A
Study in Contrast.” (sample attached)
Part 4 – Common/Assured Learning Experiences
The fourth unit, The Global Economy, students will experience lessons that incorporate teaching and learning strategies and learning skills for all
modalities of learning. Essential to this unit will be recognizing why nations and/or regions of the world specialize in production, and what global
institutions do to help regions and/or nations to sustain economic growth.
Cooperative learning/grouping strategies
Socratic seminar
In class reading with discussion
Lesson activities and simulations
Part 5-Teacher Notes
Unit 4 THE GLOBAL ECONOMY: INTERNATIONAL TRADE, GLOBAL INSTITUTIONS AND CHALLENGES
(Standards 1, 5,15 of NCEE)
Economic cause and effect: Capitalism and Poverty theme will be the common thread as global challenges are addressed.
The role of global institutions such as the IMF and World Bank will be incorporated as ways to secure the future growth
of regions/nations in the global market as they overcome multiple challenges.