Download Teacher: Janet Russello Year: 2010

Teacher: Janet Russello
Course: Economics
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Introduction to
Economics ~
Essential
Questions
Year: 2010-11
Month: All Months
Need, Want, Goods, Services, Scarcity, Economics, Shortage,
Entrepreneur, Factors of Production, Land, Labor, Capital, Trade-off,
Opportunity Cost, Marginal Cost, Marginal Benefit, Efficiency
Content
Skills
What is
Economics?
Analyze and
explain how
economics
affects
everyone
Scarcity and Analyze
the Factors of scarcity and
Production
choice and
explain why
they are the
basis of
economics
Explain the
term
entrepreneur
and provide an
example of an
entrepreneur
Assessments
Lessons
Standards
6.1.12.AEconomic
Systems ~
Evaluate the
strengths and
weaknesses of
traditional,
command and
market
economics.
6.1.12.BEconomic
Systems ~
Analyze the
impact of
traditional,
command and
market
economies on
the United
States
economy.
6.3.12.AScarcity and
Choice ~
Analyze
actions taken
as a result of
scarcity issues
in the
regional,
national and
international
economies.
6.3.12.B-
in today's
market place
Examine three
factors of
production and
the differences
between
physical and
human capital
Explain how
scarcity affects
the factors of
production
Scarcity and
Choice ~
Evaluate the
economic
reasoning
behind a
choice.
6.3.12.CScarcity and
Choice ~
Evaluate the
allocation of
resources used
to produce
goods and
services.
6.3.12.DScarcity and
Choice ~
Evaluate
regional,
national or
international
economic
decisions
using marginal
analysis.
6.3.12.EScarcity and
Choice ~
Analyze the
opportunity
cost of
decisions by
individuals,
businesses,
communities
and nations.
6.3.12.FScarcity and
Choice ~
Evaluate in
terms of
marginal
analysis how
incentives
influence
decisions of
consumers,
producers and
policy
makers.
Opportunity
Cost
Analyze why
every decision
involves tradeoffs
Summarize the
concept of
opportunity
cost
Analyze how
people make
decisions by
thinking at the
margin
6.3.12.DScarcity and
Choice ~
Evaluate
regional,
national or
international
economic
decisions
using marginal
analysis.
6.3.12.EScarcity and
Choice ~
Analyze the
opportunity
cost of
decisions by
individuals,
businesses,
communities
and nations.
6.3.12.FScarcity and
Choice ~
Evaluate in
terms of
marginal
analysis how
incentives
influence
decisions of
consumers,
producers and
policy
makers.
Production
Possibilities
Curves
Interpret a
production
possibilities
6.1.12.AEconomic
Systems ~
curve
Assess how
production
possibilities
curves show
efficiency,
growth, and
cost
Analyze and
explain why a
country's
production
possibilities
depend on its
resources and
technology
Evaluate the
strengths and
weaknesses of
traditional,
command and
market
economics.
6.1.12.BEconomic
Systems ~
Analyze the
impact of
traditional,
command and
market
economies on
the United
States
economy.
6.1.12.CEconomic
Systems ~
Assess the
strength of the
regional,
national
and/or
international
economy and
compare it to
other years
based upon
economic
indicators.
O
Economic Systems, Factor Payment, Profit, safety net, Standard of Living,
c
Innovation, Market, Household, Firm, Incentive, Centrally Planned
t Introduction to Economies, Laissez Faire, Private Property, Mixed Economy, Privatization,
o Economics ~ Free Enterprise System, Macroeconomics, Microeconomics, Public Goods,
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Poverty Threshold, Welfare, Grant
e
r Essential
Content
Skills
Assessments Lessons
Standards
Questions
Economic
Discuss the
Systems:
three key
Answering the economic
6.1.12.AEconomic
Systems ~
three
economics
questions
questions that
all societies
must answer
Analyze the
societal values
that determine
how a country
answers the
three
economic
questions
Summarize the
characteristics
of a traditional
economy
Evaluate the
strengths and
weaknesses of
traditional,
command and
market
economics.
6.1.12.BEconomic
Systems ~
Analyze the
impact of
traditional,
command and
market
economies on
the United
States
economy.
Economic
Analyze and
Systems: The explain why
Free Market markets exist
Analyze and
explain
circular flow
model of a
free market
economy
Summarize the
self-regulating
nature of the
marketplace
Examine the
advantages of
a free market
economy
6.1.12.AEconomic
Systems ~
Evaluate the
strengths and
weaknesses of
traditional,
command and
market
economics.
6.1.12.BEconomic
Systems ~
Analyze the
impact of
traditional,
command and
market
economies on
the United
States
economy.
Economic
Systems:
Centrally
6.1.12.AEconomic
Systems ~
Evaluate the
Summarize
how a
centrally
planned
Planned
Economies
economy is
organized
Compare and
contrast
socialism and
communism
Analyze and
explain the use
of central
planning in the
Soviet Union
and China
Compare and
contrast the
disadvantages
of a centrally
planned
economy
strengths and
weaknesses of
traditional,
command and
market
economics.
6.1.12.BEconomic
Systems ~
Analyze the
impact of
traditional,
command and
market
economies on
the United
States
economy.
6.2.12.HMarkets and
the Functions
of
Governments
~ Evaluate the
economic
roles of
governments.
Economic
Systems:
Mixed
Economies
Explain the
rise of mixed
economic
systems
Interpret and
explain a
circular flow
model of a
mixed
economy
Compare the
mixed
economies of
various
nations by
creating a
chart that
defines a
6.1.12.AEconomic
Systems ~
Evaluate the
strengths and
weaknesses of
traditional,
command and
market
economics.
6.1.12.BEconomic
Systems ~
Analyze the
impact of
traditional,
command and
market
continuum
between
centrally
planned and
free market
systems
Analyze the
role of free
enterprise in
the United
States
economy
economies on
the United
States
economy.
6.2.12.AMarkets and
the Functions
of
Governments
~ Analyze the
flows of
products,
resources and
money in a
mixed
economy.
American Free Discuss the
Enterprise:
basic
Benefits of
principles of
Free
the U.S. free
Enterprise
enterprise
system
Identify the
role of the
consumer in
the American
economy
Assess the
constitutional
protections
that underlie
free enterprise
Explain why
the
government
may intervene
in the
marketplace
and provide
two examples
6.1.12.AEconomic
Systems ~
Evaluate the
strengths and
weaknesses of
traditional,
command and
market
economics.
6.1.12.BEconomic
Systems ~
Analyze the
impact of
traditional,
command and
market
economies on
the United
States
economy.
Promoting
Growth and
Stability
6.1.12.AEconomic
Systems ~
Evaluate the
strengths and
Explain why
the
government
tracks and
seeks to
influence
business
cycles
Summarize
how the
government
promotes
economic
strength
Analyze the
factors that
increase
productivity
Providing
Explore
Public Goods examples of
public goods
Analyze
market failures
Examine how
the
government
allocates some
resources by
managing
externalities.
weaknesses of
traditional,
command and
market
economics.
6.1.12.BEconomic
Systems ~
Analyze the
impact of
traditional,
command and
market
economies on
the United
States
economy.
6.2.12.HMarkets and
the Functions
of
Governments
~ Evaluate the
economic
roles of
governments.
6.1.12.AEconomic
Systems ~
Evaluate the
strengths and
weaknesses of
traditional,
command and
market
economics.
6.1.12.BEconomic
Systems ~
Analyze the
impact of
traditional,
command and
market
economies on
the United
States
economy.
6.1.12.CEconomic
Systems ~
Assess the
strength of the
regional,
national
and/or
international
economy and
compare it to
other years
based upon
economic
indicators.
Providing a
Safety Net
Identify and
explain the
debate in the
U.S. over the
ways to fight
poverty
Identify and
explain the
debate in the
U.S. over the
ways to fight
poverty
Assess the
main programs
through which
the
government
redistributes
income
Analyze and
explain how
government
encourages
private efforts
to help the
needy
6.1.12.AEconomic
Systems ~
Evaluate the
strengths and
weaknesses of
traditional,
command and
market
economics.
6.1.12.BEconomic
Systems ~
Analyze the
impact of
traditional,
command and
market
economies on
the United
States
economy.
N
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v How
e Markets
m Work ~
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Essential
Questions
Law of Demand, Ceteris Paribus, Normal Good, Inferior Good, Demographic,
Complements, Substitutes, Elasticity of Demand, Law of Supply, Marginal
Product of Labor, Fixed Cost, Variable Cost, Total Cost, Marginal Cost,
Subsidy, Excise Tax, Regulation, Equilibrium, Shortage, Surplus, Minimum
Wage, Inventory, Fad, Rationing, Black Market, Perfect Competition,
Commodity, Start-up Costs, Monopoly, Patent, Franchise, License,
Differentiation, Antitrust laws
Content
Skills
Assessments
Lessons
Standards
Understanding Explain the
Demand
law of demand
Analyze and
explain how
the
substitution
effect and the
income effect
influence
decisions
Create a
demand
schedule for
an individual
and a market
Interpret a
demand graph
using demand
schedules
6.2.12.AMarkets and
the Functions
of
Governments
~ Analyze the
flows of
products,
resources and
money in a
mixed
economy.
6.2.12.EMarkets and
the Functions
of
Governments
~ Predict how
changes in
supply and
demand affect
equilibrium
price and
quantity sold.
Shifts in the
Demand
Curve
6.2.12.AMarkets and
the Functions
of
Governments
~ Analyze the
flows of
products,
resources and
money in a
mixed
Compare and
contrast the
difference
between
change in
quantity
demand and a
shift in the
demand curve
Assess the
factors that
Elasticity of
Demand
create changes
in demand and
that can cause
a shift in the
demand curve
Discuss how a
change in
demand for
one good can
affect demand
for a related
good
economy.
6.2.12.EMarkets and
the Functions
of
Governments
~ Predict how
changes in
supply and
demand affect
equilibrium
price and
quantity sold.
Summarize
how to
calculate
elasticity of
demand
Identify and
explain the
factors that
affect
elasticity
Analyze and
explain how
firms use
elasticity and
revenue to
make
decisions
6.2.12.AMarkets and
the Functions
of
Governments
~ Analyze the
flows of
products,
resources and
money in a
mixed
economy.
6.2.12.EMarkets and
the Functions
of
Governments
~ Predict how
changes in
supply and
demand affect
equilibrium
price and
quantity sold.
Understanding Explain the
Supply
law of supply
Interpret a
supply
schedule and a
supply graph
Analyze and
explain the
6.2.12.AMarkets and
the Functions
of
Governments
~ Analyze the
flows of
products,
relationship
between
elasticity of
supply and
time
resources and
money in a
mixed
economy.
6.2.12.EMarkets and
the Functions
of
Governments
~ Predict how
changes in
supply and
demand affect
equilibrium
price and
quantity sold.
Cost of
Production
Explain how
firms decide
how much
labor to hire in
order to
produce a
certain level of
output
Analyze the
production
costs of a firm
Summarize
how a firm
chooses to set
output
Evaluate the
factors that a
firm must
consider
before
shutting down
an
unprofitable
business
6.2.12.AMarkets and
the Functions
of
Governments ~
Analyze the
flows of
products,
resources and
money in a
mixed
economy.
6.2.12.BMarkets and
the Functions
of
Governments ~
Evaluate the
operation of
noncompetitive
markets.
Changes in
Supply
Analyze and
explain how
factors such as
input costs
create changes
6.2.12.AMarkets and
the Functions
of
Governments ~
Combining
Supply and
Demand
in supply
Propose three
ways that the
government
can influence
the supply of
goods
Explore other
factors that
affect supply
Analyze and
explain how
firms choose a
location to
produce
goods
Analyze the
flows of
products,
resources and
money in a
mixed
economy.
6.2.12.BMarkets and
the Functions
of
Governments ~
Evaluate the
operation of
noncompetitive
markets.
6.2.12.EMarkets and
the Functions
of
Governments ~
Predict how
changes in
supply and
demand affect
equilibrium
price and
quantity sold.
Explain how
supply and
demand create
equilibrium in
the
marketplace
Summarize
what happens
to prices when
equilibrium is
disturbed
Examine two
ways that the
government
steps in to
control prices
Analyze the
6.2.12.EMarkets and
the Functions
of
Governments
~ Predict how
changes in
supply and
demand affect
equilibrium
price and
quantity sold.
6.2.12.FMarkets and
the Functions
of
Governments
impact of
price ceilings
and price
floors on a
free market
~ Identify and
analyze forces
that can
change price.
Changes in
Market
Equilibrium
Explain why a
free market
naturally tends
to move
toward
equilibrium
Compare and
contrast how a
market reacts
to an increase
or decrease in
supply and
demand
6.2.12.EMarkets and
the Functions
of
Governments
~ Predict how
changes in
supply and
demand affect
equilibrium
price and
quantity sold.
6.2.12.FMarkets and
the Functions
of
Governments
~ Identify and
analyze forces
that can
change price.
The Role of
Prices
Identify and
explain the
many roles
that prices
play in a free
market
List the
advantages of
a price-based
system
Explain how a
price-based
system leads
to a wider
choice of
goods and
more efficient
use of
resources
6.2.12.EMarkets and
the Functions
of
Governments
~ Predict how
changes in
supply and
demand affect
equilibrium
price and
quantity sold.
6.2.12.FMarkets and
the Functions
of
Governments
~ Identify and
analyze forces
Compare the
relationship
between prices
and profit
incentives
that can
change price.
Perfect
Competition
Identify four
conditions that
are in place in
a perfectly
competitive
market
List two
common
barriers that
prevent firms
from entering
a market
Explain how
prices and
output
function in a
perfectly
competitive
market
6.2.12.EMarkets and
the Functions
of
Governments
~ Predict how
changes in
supply and
demand affect
equilibrium
price and
quantity sold.
6.2.12.FMarkets and
the Functions
of
Governments
~ Identify and
analyze forces
that can
change price.
Monopoly
Analyze
characteristics
and give
examples of a
monopoly
Summarize
how
monopolies,
including
government
monopolies
are formed
Explain how a
firm with a
monopoly
makes output
decisions
Explain why
monopolists
6.2.12.HMarkets and
the Functions
of
Governments
~ Evaluate the
economic
roles of
governments.
sometimes
practice price
discrimination
Monopolistic
Competition
and
Oligopoly
Analyze
characteristics
and give
examples of
monopolistic
competition
Summarize how
firms compete
without lower
prices
Assess how
firms in a
monopolistically
competitive
market set
output
Analyze
characteristics
and give
examples of
oligopoly
Regulation
and
Deregulation
Discuss ways
in which firms
might try to
increase their
market power
Propose three
market
practices that
the
government
regulates or
bans to protect
6.2.12.EMarkets and
the Functions
of
Governments
~ Predict how
changes in
supply and
demand affect
equilibrium
price and
quantity sold.
6.2.12.FMarkets and
the Functions
of
Governments
~ Identify and
analyze forces
that can
change price.
6.2.12.HMarkets and
the Functions
of
Governments
~ Evaluate the
economic
roles of
governments.
6.2.12.HMarkets and
the Functions
of
Governments
~ Evaluate the
economic
roles of
governments.
competition
Summarize
deregulation,
and list its
effects on
several
industries
D
e
c Business
e and Labor
m ~
b
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Essential
Questions
Sole Proprietorship, Business Organization, Business License, Zoning Laws,
Liability, Fringe Benefits, Partnership, Assets, Business Franchise, Royalties,
Corporation, Stock, Bond, Dividend, Horizontal Merger, Vertical Merger,
Conglomerate, Cooperative, Non profit Organization, Professional
Organization, Business Association, Trade Association, Labor Force,
Outsourcing, Off shoring, Glass Ceiling, Labor Union, Featherbedding, Strike,
Collective Bargaining, Mediation, Arbitration
Content
Skills
Assessments
Lessons
Standards
Business
Organizations:
Sole
Proprietorship
Summarize the
characteristics
of sole
proprietorships
Analyze and
explain the
advantages of
a sole
proprietorship
Analyze and
explain the
disadvantages
of a sole
proprietorship
6.5.12.CWork and
Earnings ~
Analyze the
costs and
benefits of
organizing a
business as a
sole
proprietorship,
partnership or
corporation.
Business
Organizations:
Partnerships
and
Franchises
Compare and
contrast
different types
of partnerships
Analyze and
explain the
advantages of
partnerships
Analyze and
explain the
disadvantages
of partnerships
Summarize
how a
6.5.12.CWork and
Earnings ~
Analyze the
costs and
benefits of
organizing a
business as a
sole
proprietorship,
partnership or
corporation.
business
franchise
operates
Corporations, Evaluate the
Mergers, and characteristics
Multinationals of
corporations
Analyze and
explain the
advantages of
incorporation
Analyze and
explain the
disadvantages
of
incorporation
Assess the role
of
multinational
corporations
6.5.12.CWork and
Earnings ~
Analyze the
costs and
benefits of
organizing a
business as a
sole
proprietorship,
partnership or
corporation.
Nonprofit
List and
Organizations explain the
different types
of cooperative
organizations
List and
explain the
different types
of cooperative
organizations
Analyze and
explain the
purpose of
nonprofit
organizations,
including
professional
and business
organizations
6.5.12.CWork and
Earnings ~
Analyze the
costs and
benefits of
organizing a
business as a
sole
proprietorship,
partnership or
corporation.
Labor Market Explain how
Trends
trends in the
labor force are
tracked
Compare and
contrast past
6.5.12.AWork and
Earnings ~
Analyze the
factors
and present
occupational
trends
Summarize
how the U. S.
labor force is
changing
Explain trends
in the wages
and benefits
paid to U.S.
workers
influencing
wages.
Labor and
Wages
Analyze and
explain how
supply and
demand in the
labor market
affect wage
levels
Explain how
skill levels and
discrimination
affect wage
levels
Analyze and
explain how
laws against
wage
discrimination
affect wage
levels
Assess other
factors
affecting wage
levels, such as
minimum
wage and
workplace
safety laws
6.5.12.AWork and
Earnings ~
Analyze the
factors
influencing
wages.
6.5.12.DWork and
Earnings ~
Analyze the
role of profits
and losses in
the allocation
of resources in
a market
economy.
Organized
Labor
Analyze and
explain why
American
workers have
formed labor
unions
6.4.12.AEconomic
Interdependence
~ Analyze how
specialization
may increase
Summarize
the history of
the labor
movement in
the United
States
Analyze and
explain the
reasons for the
decline of the
labor
movement
Explain how
labor and
management
negotiate
contracts
the standard of
living.
6.5.12.A-Work
and Earnings ~
Analyze the
factors
influencing
wages.
J
Money, Medium of Exchange, Barter, Unit of Account, Store of Value,
a
Currency, Bank, Greenback, Gold Standard, Foreclosure, Liquidity, Demand
n Money,
Deposit, Default, Mortgage, Credit Card, Interest, Principal, Debit Card,
u Banking, and Creditor, Investment, Financial System, Mutual Fund, Hedge Fund,
a Finance ~
Diversification, Portfolio, Prospectus, Yield, Savings Bond, Municipal Bond,
r
Corporate Bond, Junk Bond, Share, Capital Gains, Capital Loss, Stock
y
Exchange, Futures, Options, Bear Market, Speculation
Essential
Questions
Content
Skills
Money
Summarize the
three uses of
money
Explore the six
characteristics
of money
Explain the
sources of
money's value
The History of Explain the
American
shifts between
Banking
centralized
and
decentralized
banking
before the
Civil War
Analyze and
Assessments
Lessons
Standards
6.2.12.FMarkets and
the Functions
of
Governments
~ Identify and
analyze forces
that can
change price.
6.1.12.DEconomic
Systems ~
Describe
historical
examples of
expansion,
recession, and
explain how
government
reforms
stabilized the
banking
system in the
later 1800s
Summarize
the
developments
in banking in
the early
1900s
Compare and
contrast the
causes of two
recent banking
crises
depression
internationally.
Banking
Today
Summarize
how the
money supply
in the United
States is
measured
Assess the
functions of
financial
institutions
Evaluate the
different types
of financial
institutions
Analyze and
explain the
impact of the
changes
brought about
by electronic
banking
6.1.12.BEconomic
Systems ~
Analyze the
impact of
traditional,
command and
market
economies on
the United
States
economy.
Saving and
Investing
Explain how
investing
contributes to
the free
enterprise
system
6.5.12.GWork and
Earnings ~
Analyze the
risks and
returns of
Summarize
how the
financial
system brings
together savers
and borrowers
Analyze and
explain the
role of
financial
intermediaries
in the financial
system
Discuss the
trade-offs
among
liquidity,
return, and
risk
various
investments.
Bonds and
Evaluate the
other Financial characteristics
Assets
of bonds as
financial
assets
Assess the
different types
of bonds
Rate the
characteristics
of other types
of financial
assets
Summarize
four different
types of
financial asset
markets
6.5.12.GWork and
Earnings ~
Analyze the
risks and
returns of
various
investments.
The Stock
Market
6.2.12.DMarkets and
the Functions
of
Governments
~ Evaluate
changes in
economic
Compare and
explain the
benefits and
risks of buying
stock
Summarize
how stocks are
traded
Explain how
stock
performance is
measured
Analyze the
Great Crash of
1929 and
compare it to
recent stock
market events
F
e
b
r
u Measuring
a Economic
r Performance ~
y
Essential
Questions
institutions
over time (e.g.
stock markets,
nongovernment
organizations).
6.5.12.GWork and
Earnings ~
Analyze the
risks and
returns of
various
investments.
National Income Accounting, Gross Domestic Product, Intermediate
Goods, Durable Goods, Non durable Goods, Nominal GDP, Real GDP,
Gross National Product, Depreciation, Price Level, Aggregate Supply,
Aggregate Demand, Business Cycle, Expansion, Economic growth, Peak,
Contraction Recession, Depression, Stagflation, Leading Indicators, Real
GDP Per Capita, capital Deepening, Saving, Technological Progress,
Unemployment, Globalization, Inflation, Purchasing Power, Price Index,
Consumer Price Index, Market Basket, Inflation Rate, Quantity Theory,
Wage-Price Spiral, Fixed Income, Deflation, Poverty Threshold, Poverty
Rate, Income Distribution, Food Stamp Program, Lorenz Curve, Enterprise
Zone, Block Grant, Workfare
Content
Skills
Gross
Domestic
Product
Demonstrate
how gross
domestic
product (GDP)
is calculated
Compare and
contrast
between
nominal and
real GDP
Prioritize the
main
limitations of
GDP and
explain the
factors that
influence GDP
Assessments
Lessons
Standards
6.2.12.AMarkets and
the Functions
of
Governments
~ Analyze the
flows of
products,
resources and
money in a
mixed
economy.
6.3.12.CScarcity and
Choice ~
Evaluate the
allocation of
Explore other
output and
income
measures
resources used
to produce
goods and
services.
Business
Cycles
Analyze and
explain the
phases of a
business cycle
Summarize the
four factors
that keep the
business cycle
going
Analyze and
explain how
the economist
forecast
fluctuations in
the business
cycle
Analyze and
explain the
impact of
business
cycles in U.S.
history
6.1.12.BEconomic
Systems ~
Analyze the
impact of
traditional,
command and
market
economies on
the United
States
economy.
6.3.12.EScarcity and
Choice ~
Analyze the
opportunity
cost of
decisions by
individuals,
businesses,
communities
and nations.
Economic
Growth
Explain how
economic
growth is
measured
Summarize
what capital
deepening is
and how it
contributes to
economic
growth
Analyze
saving and
investment
and explain
how they are
related to
economic
6.4.12.BEconomic
Interdependence
~ Analyze the
relationships
between trade,
competition,
productivity.
6.4.12.DEconomic
Interdependence
~ Explain how
the locations of
resources,
transportation
and
communication
networks and
growth
Summarize
the impact of
population
growth,
government,
and foreign
trade on
economic
growth
technology have
affected
international
economic
patterns.
6.5.12.B-Work
and Earnings ~
Evaluate how
changes in
education,
incentives,
technology and
capital
investment alter
productivity.
6.5.12.G-Work
and Earnings ~
Analyze the
risks and
returns of
various
investments.
Unemployment Differentiate
between
frictional,
seasonal,
structural, and
cyclical
employment
Summarize
how full
employment is
measured
Explain why
full
employment
does not mean
that every
worker is
employed
6.5.12.AWork and
Earnings ~
Analyze the
factors
influencing
wages.
Inflation
6.2.12.FMarkets and
the Functions
of
Governments
Explain the
effects of
rising prices in
the
marketplace
Analyze and
explain the use
of price
indexes to
compare
changes in
prices over
time
Compare and
contrast
the effects of
inflation and
explain recent
trends in the
inflation rate
Poverty
M
a
r Government
c and the
h Economy ~
Essential
Questions
~ Identify and
analyze forces
that can
change price.
Assess who is
poor,
according to
government
standards
Discuss the
causes of
poverty
Chart the
distribution of
income in the
United States
Summarize
government
policies
intended to
combat
poverty
6.4.12.AEconomic
Interdependence
~ Analyze how
specialization
may increase
the standard of
living.
6.5.12.E-Work
and Earnings ~
Compare
distribution of
wealth across
nations.
Tax, Revenue, Progressive Tax, Proportional Tax, Regressive Tax, Tax
Base, Individual Income Tax, Corporate Income Tax, Property Tax, Sales
Tax, Incidence of a Tax, Withholding, Tax Return, Taxable Income,
Personal Exemption, Tax Deduction, Tax Credit, Estate Tax, Gift Tax,
Tariff, Tax Incentive, Mandatory Spending, Discretionary Spending,
Entitlement, Budget, Operating Budget, Capital Budget, Balanced Budget,
Tax Exempt, Real Property, Personal Property, Tax Assessor
Content
Skills
What are
taxes?
Analyze and
explain the
Assessments
Lessons
Standards
6.2.12.GMarkets and
sources of the
government's
authority to
tax
Compare and
contrast the
types of tax
bases and tax
structures
Assess the
characteristics
of a good tax
Explain who
bears the
burden of a
tax
the Functions
of
Governments
~ Evaluate
types of tax
systems.
6.2.12.JMarkets and
the Functions
of
Governments
~ Evaluate the
social,
political and
economic
changes in tax
policy using
cost/benefit
analysis.
Federal Taxes Summarize the
process of
paying
individual
income taxes
Explore the
basic
characteristics
of corporate
income taxes
Summarize the
purpose of
Social
Security,
Medicare, and
unemployment
taxes
6.2.12.GMarkets and
the Functions
of
Governments
~ Evaluate
types of tax
systems.
6.2.12.JMarkets and
the Functions
of
Governments
~ Evaluate the
social,
political and
economic
changes in tax
policy using
cost/benefit
analysis.
Federal
Spending
6.1.12.BEconomic
Systems ~
Analyze the
impact of
Distinguish
between
mandatory and
discretionary
spending
A
p
r
i Government
l and the
Economy ~
Evaluate the
major
entitlement
programs
Discuss
discretionary
spending and
list its
categories
Analyze and
explain the
impact of
federal aid to
state and local
governments
traditional,
command and
market
economies on
the United
States
economy.
State and
Explore how
Local Taxes states use a
and Spending budget to plan
their spending
Analyze and
explain how
states spend
monies raised
through
taxation
Assess the
major sources
of state tax
revenue
Analyze and
explain local
government
spending and
sources of
revenue
6.2.12.GMarkets and
the Functions
of
Governments
~ Evaluate
types of tax
systems.
6.2.12.JMarkets and
the Functions
of
Governments
~ Evaluate the
social,
political and
economic
changes in tax
policy using
cost/benefit
analysis.
Fiscal Policy, Federal Budget, Fiscal Year, Appropriations Bill,
Expansionary Policy, Contractionary Policy, Classical Economics,
Productive Capacity, Demand-side Economics, Multiplier Effect,
Automatic Stabilizer, Supply-side Economics, Budget Surplus, Budget
Deficit, Treasury Bill, Treasury Note, Treasury Bond, National Debt,
Crowding-out effect, Monetary Policy, Reserves, Reserves, Reserve
Requirements, Check Clearing, Bank Holding Company, Federal Funds
Rate, Discount Rate, Money Creation, required Reserve Ratio, Money
Multiplier, Formula, Excess Reserves, Prime Rate, Open Market
Operations, Monetarism, Easy Money Policy, Tight Money Policy, Inside
Lag, Outside Lag
Essential
Questions
Content
Skills
Assessments
Lessons
Standards
Understanding Explain how
Fiscal Policy the federal
budget is
created
Analyze and
explain the
impact of
expansionary
and
contractionary
fiscal policy
on the
economy
Evaluate the
limits of fiscal
policy
6.2.12.KMarkets and
the Functions
of
Governments
~ Analyze the
impact of
media on
decisionmaking of
consumers,
producers and
policymakers.
6.3.12.FScarcity and
Choice ~
Evaluate in
terms of
marginal
analysis how
incentives
influence
decisions of
consumers,
producers and
policy
makers.
Fiscal Policy
Options
6.2.12.KMarkets and
the Functions
of
Governments
~ Analyze the
impact of
media on
decisionmaking of
consumers,
producers and
policymakers.
Compare and
contrast
classical
economics and
Keynesian
economics
Summarize the
principles of
supply-side
economics
Analyze and
explain the
role that fiscal
Budget
Deficits and
the National
Debt
policy has
played in
American
history
6.3.12.FScarcity and
Choice ~
Evaluate in
terms of
marginal
analysis how
incentives
influence
decisions of
consumers,
producers and
policy
makers.
Explain the
importance of
balancing the
budget
Analyze and
explain how
budget deficits
add to the
national debt
Summarize
the problems
caused by the
national debt
Analyze and
explain how
political
leaders have
tried to control
the deficit
6.2.12.BMarkets and
the Functions
of
Governments ~
Evaluate the
operation of
noncompetitive
markets.
6.2.12.CMarkets and
the Functions
of
Governments ~
Analyze
policies
designed to
raise or lower
interest rates
and how the
Federal
Reserve Board
influences
interest rates.
6.2.12.DMarkets and
the Functions
of
Governments ~
Evaluate
changes in
economic
institutions
over time (e.g.
stock markets,
nongovernment
organizations).
The Federal
Reserve
System
Summarize
banking
history in the
United States
Analyze why
the Federal
Reserve Act of
1913 led to
further reform
Examine the
structure of the
Federal
Reserve
System
6.2.12.CMarkets and
the Functions
of
Governments
~ Analyze
policies
designed to
raise or lower
interest rates
and how the
Federal
Reserve Board
influences
interest rates.
6.2.12.KMarkets and
the Functions
of
Governments
~ Analyze the
impact of
media on
decisionmaking of
consumers,
producers and
policymakers.
6.2.12.LMarkets and
the Functions
of
Governments
~ Analyze
how policies
and
international
events may
change
exchange
rates.
Federal
Reserve
Functions
Assess the
Federal
Reserve and
explain how it
serves the
federal
government
Analyze and
explain how
the Federal
Reserve serves
banks
Analyze how
the Federal
Reserve
regulates the
banking
system and its
role in
regulating the
nation's money
supply
6.2.12.CMarkets and
the Functions
of
Governments
~ Analyze
policies
designed to
raise or lower
interest rates
and how the
Federal
Reserve Board
influences
interest rates.
6.2.12.KMarkets and
the Functions
of
Governments
~ Analyze the
impact of
media on
decisionmaking of
consumers,
producers and
policymakers.
6.2.12.LMarkets and
the Functions
of
Governments
~ Analyze
how policies
and
international
events may
change
exchange
rates.
Monetary
Policy Tools
Summarize the
process of
money
creation
Analyze and
explain how
the Federal
Reserve uses
reserve
requirements,
the discount
rate, and open
market
operations to
implement
monetary
policy
Monetary
Explain
Policy and
monetary
Macroeconomic policy and
Stabilization
how it works
6.2.12.CMarkets and
the Functions
of
Governments
~ Analyze
policies
designed to
raise or lower
interest rates
and how the
Federal
Reserve Board
influences
interest rates.
6.2.12.KMarkets and
the Functions
of
Governments
~ Analyze the
impact of
media on
decisionmaking of
consumers,
producers and
policymakers.
6.2.12.LMarkets and
the Functions
of
Governments
~ Analyze
how policies
and
international
events may
change
exchange
rates.
6.2.12.CMarkets and
the Functions
of
Analyze and
explain the
problem of
timing in
implementing
monetary
policy
Analyze and
explain how
the Fed's
monetary
policy can
involve
predicting
business
cycles
Contrast two
general
approaches to
monetary
policy
M
a
y The Global
Economy ~
Governments
~ Analyze
policies
designed to
raise or lower
interest rates
and how the
Federal
Reserve
Board
influences
interest rates.
6.2.12.KMarkets and
the Functions
of
Governments
~ Analyze the
impact of
media on
decisionmaking of
consumers,
producers and
policymakers.
6.2.12.LMarkets and
the Functions
of
Governments
~ Analyze
how policies
and
international
events may
change
exchange
rates.
Export, Import, Absolute Advantage, Comparative Advantage, Law of
Comparative Advantage, Interdependence, Trade Barrier, Tariff, Import Quota,
Sanctions, Embargo, Trade War, Protectionism, Infant Industry, Free Trade,
Free-trade Zone, Exchange Rate, Appreciation, Depreciation, Foreign
Exchange Market, Fixed Exchange-rate System, Flexible Exchange-rate
System, Balance of Trade, Trade Surplus, Trade Deficit, Balance of Payments
Essential
Questions
Content
Skills
Assessments Lessons
Standards
Absolute and Evaluate, list
Comparative and explain
Advantage
the impact of
the unequal
distribution of
resources
Apply the
concepts of
specialization
and
comparative
advantage to
explain why
countries
trade
Analyze and
summarize the
position or
role of the
United States
in world trade
Assess the
effects of
trade on
employment
6.2.12.AMarkets and the
Functions of
Governments ~
Analyze the
flows of
products,
resources and
money in a
mixed
economy.
6.4.12.BEconomic
Interdependence
~ Analyze the
relationships
between trade,
competition,
productivity.
6.4.12.CEconomic
Interdependence
~ Evaluate how
a nation might
benefit by
lowering or
removing trade
barriers.
Trade Barriers Evaluate the
and
types of trade
Agreement
barriers and
the effects of
these barriers
on economic
activities
Summarize
arguments in
favor of
protectionism
Evaluate the
benefits and
cost of
participation
6.4.12.BEconomic
Interdependence
~ Analyze the
relationships
between trade,
competition,
productivity.
6.4.12.CEconomic
Interdependence
~ Evaluate how
a nation might
benefit by
lowering or
Measuring
Trade
J
u
n
e
in
international
trade
agreements
Explain the
role of
multinationals
in the global
market
removing trade
barriers.
Analyze and
explain how
exchange
rates of world
currencies
change
Evaluate the
various
exchange rate
systems and
explain their
effect
Compare and
contrast
balance of
trade and
balance of
payments
Analyze and
explain the
causes and
effects of the
U.S. trade
deficit
6.4.12.BEconomic
Interdependence
~ Analyze the
relationships
between trade,
competition,
productivity.
6.4.12.CEconomic
Interdependence
~ Evaluate how
a nation might
benefit by
lowering or
removing trade
barriers.
Development, Development Nation, Less Developed Country, Newly
Industrialized Country, Per Capita GDP, Industrialization, Literacy Rate, Life
Expectancy, Infant Mortality Rate, Subsistence Agriculture, Population Growth
Rate, Malnutrition, Internal Financing, Foreign Investment, Foreign Direct
Investment, Foreign Portfolio Investment, Debt Rescheduling, Stabilization
The Global
Program, Nongovernmental Organization, Privatization, Special Economic
Economy ~
Zone, Globalization, Off shoring, Remittances, "Brain Drain", Sustainable
Development, Deforestation
Essential
Questions
Content
Skills
Assessments
Lessons
Standards
Levels of
Discuss the
Development concepts of
developed
nations and
less developed
nations and
contrast the
distinctions
between them
Explore the
tools used to
measure levels
of
development
Examine how
levels of
development
are ranked
6.3.12.AScarcity and
Choice ~
Analyze actions
taken as a result
of scarcity
issues in the
regional,
national and
international
economies.
6.4.12.GEconomic
Interdependence
~ Evaluate
characteristics
and distribution
of international
economic
activities.
Issues in
Discuss the
Development causes and
effects of
rapid
population
growth
Analyze and
explain how
political
factors and
debt are
obstacles to
development
Summarize
the role
investment
and foreign
aid play in
development
6.3.12.AScarcity and
Choice ~
Analyze actions
taken as a result
of scarcity
issues in the
regional,
national and
international
economies.
6.4.12.GEconomic
Interdependence
~ Evaluate
characteristics
and distribution
of international
Compare and
contrast the
functions of
various
international
economic
institutions
economic
activities.
Economies in Explore the
Transition
characteristics
of economic
transition
Analyze and
summarize the
political and
economic
changes that
have taken
place in
Russia since
the fall of
communism
Analyze and
list the reasons
for rapid
economic
growth in
China and
India
Summarize
the economic
challenges
facing Africa
and Latin
America
6.1.12.CEconomic
Systems ~
Assess the
strength of the
regional,
national and/or
international
economy and
compare it to
other years
based upon
economic
indicators.
6.3.12.AScarcity and
Choice ~
Analyze actions
taken as a result
of scarcity
issues in the
regional,
national and
international
economies.
6.4.12.GEconomic
Interdependence
~ Evaluate
characteristics
and distribution
of international
economic
activities.
Challenges in Summarize
Globalization globalization.
List and
explain the
6.1.12.CEconomic
Systems ~
Assess the
factors that
promoted its
spread
Compare and
contrast four
problems
linked to
globalization
Analyze and
explain three
challenges
that
globalization
creates
Summarize
the
characteristics
needed for
American
workers and
companies to
succeed in the
future
strength of the
regional,
national and/or
international
economy and
compare it to
other years
based upon
economic
indicators.
6.3.12.AScarcity and
Choice ~
Analyze actions
taken as a result
of scarcity
issues in the
regional,
national and
international
economies.
6.4.12.GEconomic
Interdependence
~ Evaluate
characteristics
and distribution
of international
economic
activities.