Download course description - Walker County Schools

Revised February 2006
COURSE DESCRIPTION
TWELFTH GRADE ECONOMICS
Twelfth-grade Economics is a required study of the workings and institution of modern-day economic systems. Students
apply the knowledge and understanding acquired in their study of economic factors over time to their study of contemporary
problems in economics. The study of economics includes the use and interpretation of charts, graphs, tables, and other
expressions of statistical data. This is a study of modern-day economic systems and economic theory. A combination of three
learning approaches is used in this course; the free enterprise learning approach, the active approach, and the decision-making
approach.
COURSE CONTENT
Subject: Economics
Grade: 12th Grade
WR= writing prompts listed
SE = Student Edition
TWE = Teacher Wraparound Edition
NOTE: AHSGE REMEDIATION WEBSITE = www1cschools.org (click technology, AHSGE PREP, Social Studies, flashcards, etc.)
CS
WR
1
TWE
25
TWE
470
TWE
10
2
TWE
18
TWE
39
TWE
36
TWE
44
TWE
32
AHSGE
Content Standards
1. Explain the role of scarcity in answering the basic economic questions of
what, how, how much, and for whom to produce
A. Identifying the positive and negative aspects of economic growth
Example: opportunity cost
B. Explaining how voluntary trade between nations illustrates the benefits of
comparative advantage
Example: geographic allocation of resources determining trade advantage
C. Identifying how factors of production and the circular flow of goods and
services meet market needs
2. Compare the development and characteristics of the world’s traditional,
command, and market economies.
A. Identifying contributors to modern economics
Examples: Adam Smith and laissez-faire, Karl Marx and Communism
B. Describing the struggle experienced by economies in transition from one
type of economic system to another.
Examples: Russia, Vietnam, Romania, Iraq, China
C. Explaining how the desire for growth potential, labor supplies, product
supplies, and adaptive capability influence a country’s choice of
economic system
D. Comparing the costs and benefits of economic growth
E. Explaining why the characteristics of a market economy result in a
thriving economy
Examples: importance of well-defined private property rights, importance
of a well-functioning price system
2
Resource
SE / TWE: 15, 22, 43-44, 362363, 365-368
SE / TWE: 469, 470
SE / TWE: 7-10, 372-373,
550
SE / TWE: 18, 141, 204, 266,
381, 500, 527, 551
SE / TWE: 34-39, 496-499,
501-507
SE / TWE: 33-39, 491-494
SE / TWE: 15, 22, 43-44, 362,
363, 365-368
SE / TWE: 36-38, 560
Date
Taught
CS
WR
TWE
490491
3
TWE
93
TWE
155
4
TWE
209
TWE
209
TWE
209
AHSGE
Content Standards
F. Contrasting economic systems of various countries with the market
system of the United States
Examples: Japan, Germany, United Kingdom, China, Cuba, North Korea,
Mexico, Canada, transitioning economies of the former Soviet Union;
3. Analyze graphs to determine changes in supply and demand and their
effect on equilibrium price and quality.
A. Illustrating how changes in the determinants of supply and demand affect
the supply and demand for products in the market
Examples: prices of related goods, consumer tastes and preferences,
expectations of future prices, number of consumers and producers
B. Explaining the impact of government imposed price ceilings and floors
and the impact of taxes on the market demand for a product
4. Explain the impact of the labor market on the market economy of the
United States.
Resource
SE / TWE: 38, 493, 494, 498,
499, 509-514
SE / TWE: 89-93, 95-99, 101,
102, 104-107, 116-120
SE / TWE: 151, 152
Examples: effects of different types of labor unions, the role played by labor
productivity
A. Identifying regional characteristics of the labor force of the United States
SE / TWE: 209
Examples: Providing breakdown of gender, race, socioeconomic
background, education, age, and regional specialization
B. Explaining how supply and demand for labor affect wages
SE / TWE: 207, 208, 455
C. Describing characteristics that are most likely to increase wages and
nonwage benefits
SE / TWE: 207, 208
Examples: skills, productivity, education, occupation, mobility
5. Explain the competitive nature of the market system
5
TWE
64
A. Comparing the structures of sole proprietorships, partnerships,
corporations, and cooperatives
Examples: purely competitive markets, oligopolistic markets,
governmental- created monopolies, natural monopolies
3
SE / TWE: 57-65
Date
Taught
CS
WR
TWE
39
TWE
66
TWE
316
6
TWE
51
AHSGE
Content Standards
B. Describing how market exchange serves as a means of economic planning
for producers
C. Describing costs and benefits of entrepreneurial decisions
D. Describing the structure and functions of financial markets, including the
stock market and the bond market
6. Explain the costs and benefits of government intervention in the
economy of the United States.
A. Identifying economic goals for the economy of the United States
Resource
SE / TWE: 36, 37, 47
SE / TWE: 24, 48, 49, 58, 59,
61, 62, 64, 65
SE / TWE: 313-316, 318-326,
329-333
SE / TWE: 41-44, 51, 363,
365, 367, 368, 382
TWE
66
TWE
183
Examples: economic growth, economic efficiency, economic security,
economic freedom
B. Tracing the impact of government regulations on business and labor
relations
C. Explaining conditions under which government intervention may be
chosen
SE / TWE: 51, 66, 178, 181183, 194-197
SE / TWE: 50, 51, 66, 179183, 203
TWE
229
Examples: absence of incentives, negative externalities, need for consumer
and labor protection
D. Comparing principles and systems of taxation at national, state, and local
levels
SE / TWE: 226-229, 231-236,
238-242
TWE
278
Examples: flat tax, progressive, regressive, and proportional taxes, income,
sales, property, and excise taxes
E. Predicting the effect of public policy decisions on the individual
TWE
270
Examples: positive and negative externalities, public goods and services
versus private goods and services
F. Explaining costs and benefits of running a deficit and large national debt
in an economy
TWE
170
Examples: rising interest rates, crowding-out effect, hyperinflation of
currency, stimulation of a sluggish economy
G. Describing the effect of the patent system of the United States on the
number of inventions produced by American inventors
4
SE / TWE: 188-189, 210, 282,
283, 480
SE / TWE: 272-278
SE / TWE: 170
Date
Taught
CS
WR
7
TWE
348
7. Describe methods by which the United States measures domestic output,
national income, and price level.
TWE
526
Examples: Gross Domestic Product (GDP), National Income (NI), Personal
Income (PI), Disposable Income (DI), price indexes, Consumer Price Index
(CPI), GDP deflator
A. Identifying the contribution of final goods and services to the computation
of the GDP
B. Comparing data from various regions of the U. S. and other national
economies
C. Describing the function and construction of the CPI
TWE
354
8
TWE
380
TWE
392
TWE
387
TWE
381
TWE
387
TWE
383
9
TWE
222
229
AHSGE
Content Standards
Examples: construction of the market basket, current versus real dollars
8. Describe the effect of fluctuations in national output and its relationship
to the causes and costs of unemployment and inflation.
A. Identifying factors involved in the business cycle
Resource
SE / TWE: 342-344
SE / TWE: 522-525
SE / TWE: 352, 389
SE / TWE: 378-379
Examples: phases, causes, indicators
B. Contrasting monetary, cost-push and demand-pull inflation
SE / TWE: 391
C. Contrasting frictional, structural, seasonal, and cyclical unemployment
SE / TWE: 384-386
D. Describing components of the unemployment statistic as defined by the
Bureau of Labor Statistics
E. Identifying reasons for regional differences in unemployment statistics
SE / TWE: 382-383
F. Discussing the positives and negatives of government policies affecting
unemployment and underemployment
SE / TWE: 226, 449, 454
Examples: minimum wage, age regulations; include examples p. 85
G. Comparing causes for unemployment in Alabama to those of the nation.
9. Describe economic stabilization policies of the United States.
A. Explaining how the levels of taxes, government spending, and interest
rates affect consumer consumption and saving
5
SE / TWE: 385-386
SE / TWE: 384-386
SE / TWE: 181, 223-225, 419,
429
Date
Taught
CS
WR
TWE
454
AHSGE
Content Standards
B. Explaining fiscal policy options for manipulating levels of output and
inflation
Resource
SE / TWE: 447-454, 456-459
Examples: Keynesian theory, supply-side theory, monetarist theory,
rational expectations theory
10. Explain the role of money and the structure of the banking system of
the United States.
10
TWE
290
TWE
298
TWE
305
11
TWE
413
TWE
420
TWE
411
Examples: Federal Reserve Bank, U. S. Treasury, federally funded
insurance programs
A. Contrasting the effectiveness of bartering and money exchange in an
economic system
B. Explaining the creation of money through the multiplier effect.
C. Explain origins of the Federal Reserve Bank and its influence on inflation
and deflation.
D. Explaining the function of federally funded insurance programs in
protecting consumers’ savings
Examples: protection of personal bank accounts by Federal Savings and
Loan Insurance Corporation (FSLIC) and Federal Deposit Insurance
Corporation (FDIC); include examples p. 85
11. Explain the past and present impact of the Federal Reserve on the
economy of the United States.
A. Describing the structure and monetary policies of the Federal Reserve
SE / TWE: 285, 286, 288, 377
SE / TWE: 292-298, 448
SE: 85
SE / TWE: 301, 302
SE / TWE: 407-410, 415-424
B. Describing tools available to the Federal Reserve to stabilize the economy
SE / TWE: 419-424
Examples: altering reserve requirement, changing discount rate, performing federal open-market operations
C. Identifying primary responsibilities of the Federal Reserve
SE / TWE: 410, 411, 413, 415
Examples: serving as “Bankers’ Bank,” creating a stable banking system,
conducting monetary policy, stabilizing the business cycle and inflation
rate; include examples p. 86
6
Date
Taught
CS
WR
12
TWE
526
527
TWE
485
TWE
469
TWE
476
TWE
479
AHSGE
Content Standards
12. Explain the basic elements of international trade
A. Analyzing the impact of developing nations on the global economy
Resource
SE / TWE: 521, 522, 524-526,
530, 531
B. Analyzing the impact of the trade deficit on the economy of the United
States
C. Explaining how trading according to the Law of Comparative Advantage
benefits both poor and wealthy trading nations
D. Analyzing the impact of trade policy on international trade
SE / TWE: 484, 485
E. Describing political and economic alliances
SE / TWE: 476-479, 535, 536
Examples: OPEC, General Agreement on Tariffs and Trade (GATT),
NAFTA, European Economic Community, (EEC), European Union;
include examples p. 86
7
SE / TWE: 469, 470, 521
SE / TWE: 472-479
Date
Taught
ECONOMICS
PACING GUIDE
9-WEEK COURSE
*Note: this is a 9-week course
WEEK #
Week 1
Week 2
Week 3
Week 4
Week 5
CHAPTER
TITLE
Chapter 1
What is Economics?
Chapter 2
Economic Systems and Decision Making
Chapter 3
Business Organizations
Chapter 4
Demand
Chapter 5
Supply
Chapter 6
Prices and Decision Making
Chapter 7
Market Structures
Chapter 8
Employment, Labor, and Wages
Chapter 9
Sources of Government Revenue
Chapter 10
Government Spending
Chapter 11
Money and Banking
Chapter 12
Financial Markets
Chapter 13
Economic Performance
8
DATES
TAUGHT
WEEK #
Week 6
Week 7
Week 8
Week 9
CHAPTER
TITLE
Chapter 14
Economic Instability
Chapter 15
The Fed and Monetary Policy
Chapter 16
Achieving Economic Stability
Chapter 17
International Trade
Chapter 18
Comparative Economic Systems
Chapter 19
Developing Countries
Chapter 20
Global Economic Challenges
FINAL EXAM
9
DATES
TAUGHT