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Scope and Sequence 2009-2010 TEXARKANA INDEPENDENT SCHOOL DISTRICT I = Introduced P = Practiced M= Mastered 118.2 Economics with Emphasis on the Free Enterprise System and Its Benefits, (One-Half Credit). High School 1 (c.1) The student understands the rights and responsibilities of consumers in the U.S. free enterprise system. The student is expected to: (A) Analyze the economic rights and responsibilities of individuals IPM as consumers (B) Analyze the consequences of an economic decision made by an IPM individual consumer (c.2) The student understands the rights and responsibilities of businesses in the U.S. free enterprise system. The student is expected to: (A) Analyze the economic rights and responsibilities of businesses Such as: illegal workers, sweat shops, defective product, recall procedures and tobacco industry cover-up (B) Analyze the consequences of an economic decision made by a business (C) Analyze the ethics policy of a selected business Such as: accounting practices and illegal workers 2 Grading Period 3 4 5 PM PM PM PM IP IP M IP IP M IP IP M IP IP M P PM P PM PM PM (D) Identify and evaluate ordinances and regulations that apply to the establishment of various types of businesses Such as: zoning laws, anti-trust legislation, smoking ordinance and noise ordinance (c.3) The student understands the right to own, use, and dispose of private property. The student is expected to: (A) Analyze an example of the responsible purchase, use, or IPM disposal of personal and business property (B) Identify and evaluate examples of restrictions that the government places on the use of business and individual property IPM Such as: zoning laws, ordinances against pornography, smoking and alcohol (c.4)The student understands the basic principles of the U.S. free enterprise system. The student is expected to: (A) Explain the basic principles of the U.S. free enterprise system IPM 6 including profit motive, voluntary exchange, private property rights, and competition •Relationship between competition (the “invisible hand”) and profit incentive •Conditions necessary for pure competition (B) Explain the benefits of the U.S. free enterprise system including individual freedom of consumers and producers, variety of goods, responsive prices, and investment opportunities Identify contributions of entrepreneurs past and present, Mary K Ash, Bill Gates, Truman Arnold (c.5)The student understands the concepts of scarcity and opportunity costs. The student is expected to: (A) Explain why scarcity and choice are basic problems of economics (B) Interpret a production-possibilities curve and explain the concepts of opportunity costs and scarcity •How a production possibilities curve helps determine which goods are produced •How opportunity costs and production possibilities are used to make economic decisions, including examples of trade-offs (c.6)The student understands the circular-flow model of the economy. The student is expected to: (A) Interpret a circular-flow model of the economy and provide real-world examples to illustrate elements of the model (B) Explain how government actions affect the circular-flow model (c.7)The student understands the interaction of supply, demand, and price. The student is expected to: (A) Identify the determinants that create changes in supply, demand, and price •The law of demand, including exceptions •Demand elasticity •The law of supply, including exceptions •Supply elasticity •The law of diminishing marginal utility •Aggregate supply •Aggregate Demand (B) Interpret a supply-and-demand graph using supply-and-demand schedules •Supply and demand curves, given appropriate data •Causes and effects of shifts in supply and demand curves (c.8)The student understands the role of financial institutions in saving, investing, and borrowing. The student is expected to: IP PM PM IPM PM PM IPM PM PM IPM IP PM IPM PM PM IPM PM PM IPM PM PM (A) Explain the functions of financial institutions and how the role of financial institutions has changed over time •How the Federal Reserve regulates financial institutions •Differentiate among commercial banks, savings and loans, IPM PM PM credit unions, finance companies, and consumer finance companies •The creation and role of the FDIC (B) Analyze how financial institutions affect households and I IP IPM businesses (c.9)The student understands types of business ownership and types of market structures. The student is expected to: (A) Explain the characteristics of sole proprietorships, partnerships, I IPM and corporations (B) Analyze the advantages and disadvantages of sole I IPM proprietorships, partnerships, and corporations (C) Describe characteristics and give examples of pure competition, monopolistic competition, oligopoly, and monopoly I IPM •Four types of monopolies and gives examples of each: geographic, technological, governmental, and natural (c.10)The student understands traditional, command, and market economic systems. The student is expected to: (A) Explain the characteristics and give examples of traditional, command, and market economic systems •The societal values that influence traditional, command, and market economies IPM •How prices and products are determined in different types of markets (B) Compare the U.S. free enterprise system with other economic IPM systems (c.11) The student understands the basic concepts of consumer economics. The student is expected to: (A) Analyze the factors involved in the process of acquiring consumer goods and services including credit, interest, and I insurance (B) Compare different means by which savings can be invested and the risks and rewards each poses to the consumer I Such as: demand deposits, time deposits, commodities, stocks and bonds, and mutual funds (C) Analyze the economic impact of investing in the stock and bond markets Such as: stock market crash of 1929, junk bonds and ENRON (c.12)The student understands the geographic significance of the economic factors of production. The student is expected IP PM IP PM IPM to: (A) Describe the effects of the unequal distribution of economic factors of production •Land – distribution of natural resources •Labor - the factors in the labor market that affect wages (e.g., skills, location, type of job), including the effects of the unequal distribution of available jobs •Capital (B) Analyze the locations of resources used in the production of an economic good and evaluate the significance of the locations •The locations of resources used in the production of an economic good and evaluates the significance of the locations •Types of jobs included in major job categories: blue-collar, white-collar, and service; or unskilled, semiskilled, and professional (c.13) The student understands the reasons for international trade and its importance to the United States. The student is expected to: (A) Explain the concepts of absolute and comparative advantages (B) Apply the concept of comparative advantage to explain why and how countries trade (C) Analyze the impact of U.S. imports and exports on the United States and its trading partners •How foreign trade works •Ways nations limit trade, including tariffs, revenue tariffs, protective tariffs, import quotas, and embargoes •Causes and the long-range effects of trade restrictions •The difference between a positive and a negative balance of payments (D) Analyze changes in exchange rates of world currencies and the effects on the balance of trade (c.14)The student understands the issues of free trade and the effects of trade barriers. The student is expected to: (A) Compare the effects of free trade and trade barriers on economic activities •The effects of current international trade agreements (orally or in writing) •The difference between a positive and a negative balance of payments (B) Evaluate the benefits and costs of participation in international free-trade agreements Such as: NAFTA, the European Union, UN Oil for Food Program, the movement of the economy to service industries (c.15)The student understands the role that the government I IP PM IPM IPM IPM IPM IPM IPM IPM plays in the U.S. free enterprise system. The student is expected to: (A) Describe the role of government in the U.S. free enterprise system IPM •The purpose of usury laws (i.e. government regulatory legislation and laissez-faire (B) Evaluate government rules and regulations in the U.S. free enterprise system (c.16)The student understands the goals of economic growth, stability, full employment, freedom, security, equity, and efficiency as they apply to U.S. economic policy. The student is expected to: (A) Describe the goals of U.S. economic policy (B) Analyze how economic growth, stability, and full employment are measured •The stages of production: increasing, diminishing, and negative returns •How national income is determined: by measuring the amount earned by businesses and individuals or by measuring the value of goods and services produced •The effects of inflation and deflation on real income •The factors that influence national income (e.g., efforts of workers, level of employment, quality and quantity of fixed capital), including the impact of societal values on economic development •Three measures of inflation: consumer price index, producer price index, and the implicit GNP deflator •Demand-pull inflation and cost-push inflation •How the federal deficit is measured (c.17)The student understands the economic impact of fiscal policy decisions at the local, state, and national levels. The student is expected to: (A) Identify types of taxes at the local, state, and national levels and the economic importance of each •Goals of various tax systems (e.g., fairness, ease of operation, clarity, sufficient revenue) (orally or in writing) •Three forms of taxation: proportional, progressive, and regressive •Taxes affect allocation of resources and productivity •Major sources of federal revenue: Social Security, income, corporate, excise, estate, and gift taxes and customs duties •Sources of state and local revenue: sales, property, in heritance, excise, estate, and income taxes IPM IPM I IP[ IPM I IP IPM •Major spending areas of the U.S. government (e.g., national defense, Social Security payments, interest on the deficit) •The allocation of tax revenues by state governments (e.g., property taxes used to fund schools) (B) Analyze the categories of revenues and expenditures in the U.S. federal budget •The importance of a balanced governmental budget (orally or in writing) •The government provides for the public well-being through income redistribution: public assistance (e.g., Supplemental Security Income) and social insurance (e.g., Social Security) •Major spending areas of the U.S. government (e.g., national defense, Social Security payments, interest on the deficit) (C) Analyze the impact of fiscal policy decisions on the economy •How the goals of a nation affect the type of economic system that develops within that nation, using real-world examples •The impact of fiscal policy decisions on the local, state, and national economies (c.18)The student understands the role of the Federal Reserve System in establishing monetary policy. The student is expected to: (A) Explain the structure of the Federal Reserve System •Types of money used in the U.S.: currency, checks, and near monies (e.g., savings account balances, time deposits, annuities) •Tight and loose money policies and analyzes the impact of each on the economy •Organization and function of the Federal Reserve System (the Fed) (B) Analyze the three basic tools used to implement U.S. monetary policy •Monetary policy (inducing changes in the money supply and interest rates for the purpose of stimulating the economy during recession and or to restrain economic activity during periods of inflation) •Fiscal policy (influencing the economy through taxation and government expenditures) •Incomes policy (influencing the economy through wage and price guidelines) •The impact of the methods that the Fed uses to implement monetary policy and control the U.S. money supply: changing reserve requirements, issuing paper currency and coins, buying or selling government securities (open-market operations), and changing the rate of interest that member banks are required to IPM IPM I I IPM IP IPM pay for loans (short-term commercial paper) (c.19)The student understands economic ideas and decisions from the past that have influenced the present and those of today that will affect the future. The student is expected to: (A) Analyze the importance of various economic philosophers such as John Maynard Keynes, Karl Marx, and Adam Smith and their impact on the U.S. free enterprise system (B) Trace the history of the labor movement in the United States •The appeal of labor unions to workers during the 19th century •The significance of key events in the history of the labor movement, including the formation of the Knights of Labor (1869) and the American Federation of Labor (AFL) (1886), the Haymarket riots (1886) and the Pullman strike (1894), the National Labor Relations (Wagner) Act (1935), the formation of the Congress of Industrial Organizations (CIO) (1938), the Taft-Hartley Act (1947), and the air traffic controllers’ strike (1981) •The types of union shops: closed, open; the declining importance of unionized labor •The relative importance of major issues generally considered during collective bargaining: wages, fringe benefits, working conditions, working hours, job security, and grievance procedures (orally or in writing) •The process of collective bargaining (e.g., negotiation, mediation, arbitration) •Right to work vs. closed nion shops •Appreciates the importance of compromise when resolving union–management disputes •How unions use picketing and boycotts as part of their strategy during strikes •Ways that management may respond to a strike, in including lockouts, strike breakers, and injunctions (C) Analyze the impact of business cycles on U.S. history •The causes of business cycles and gives examples •The phases of a business cycle: expansion, peak (prosperity), contraction, and trough •Differentiate between a recession and a depression (D) Identify the contributions of entrepreneurs, past and present, such as Mary Kay Ash, Andrew Carnegie, and Bill Gates Michael Dell and Steve Jobs. •Define entrepreneur and give examples of the contributions of contemporary entrepreneurs (e.g., Mary Kay Ash; Berry Gordy, Jr.; Bill Gates; Dave Thomas; Ted Turner; Sam Walton; Les Wexner, Ray Croch) (c.20)The student understands economic concepts embodied in IPM IPM IPM IPM historical documents including the U.S. Constitution. The student is expected to: (A) Identify economic concepts in the U.S. Constitution including property rights and taxation (B) Analyze the impact of economic concepts in the U.S. Constitution on contemporary issues and policies •The causes and effects of the collapse and subsequent federal bail-out of savings and loans in 1989–1990 •The roles of antitrust legislation and regulatory agencies •The results of Ronald W. Reagan’s supply-side economic program (c.21)The student understands how societal values affect a nation's economy. The student is expected to: (A) Analyze the societal values that determine how a country answers the basic economic questions •Answer the basic questions faced by every economic system: What goods and services will be produced? How will they be produced? Who will produce them? For whom will they be produced? (B) Describe the societal values that influence traditional, command, and market economies •Traditional •Command •Market (c.22)The student understands the impact of a nation's culture on its level of economic development. The student is expected to: (A) Describe the level of economic development of selected nations (B) Analyze how societal values affect the economic development of nations (c.23)The student applies critical-thinking skills to organize and use information acquired from a variety of sources including electronic technology. The student is expected to: IPM I PM IP P PM I P PM I PM I P M (A) Analyze information by sequencing, categorizing, identifying cause-and-effect relationships, comparing, contrasting, finding the main idea, summarizing, making generalizations and predictions, and drawing inferences and conclusions •The four types of unemployment: cyclical, frictional, IP IP IPM seasonal, and structural •The characteristics of developing nations: low per capita GNP, traditional (agricultural) economic system, limited technology, a growing population, poor health conditions, and a low literacy rate (B) Create economic models such as production-possibilities curves, circular-flow charts, and supply-and-demand graphs to analyze economic data •Measures of cost: fixed, variable , total, marginal, and average •Difference between total revenue and marginal revenue •How to determine maximum profits •The importance of the break-even point •Variables that create shifts in supply and demand •The importance of the equilibrium price IP IP IPM •How differences in elasticity affect the rate at which prices change •Differences between gross income, net income, and profit •Explains how the law of diminishing returns affects business decisions •Create an economic model to illustrate the application of the theories of Thomas Malthus to the problems of developing nations •Creates economic models to analyze economic data (e.g., production possibilities curves, circular-flow charts, supply and demand graphs (C) Create a product on a contemporary economic issue or topic IPM using critical methods of inquiry (D) Explain a point of view on an economic issue •Compare and contrast capitalist and socialist economies •The economy of one of the independent nations that emerged IPM IPM IPM from the breakup of the U.S.S.R. in 1991 •The pros and cons of multi-national corporations from various points of view (e.g., stockholders, the U.S. government) (E) Analyze and evaluate the validity of information from primary and secondary sources for bias, propaganda, point of view, and IP IP IPM frame of reference •The sources of investment capital for developing nations (e.g., domestic earnings and savings, foreign aid, foreign investment) (F) Evaluate economic-activity patterns using charts, tables, graphs, and maps (G) Use appropriate mathematical skills to interpret social studies information (c.24)The student communicates in written, oral, and visual forms. The student is expected to: (A) Use social studies terminology correctly (B) Use standard grammar, spelling, sentence structure, and punctuation (C) Transfer information from one medium to another including written to visual and statistical to written or visual using computer software as appropriate (D) Create written, oral, and visual presentations of social studies information (c.25)The student uses problem-solving and decision-making skills, working independently and with others, in a variety of settings. The student is expected to: (A) Use a problem-solving process to identify a problem, gather information, list and consider options, consider advantages and disadvantages, choose and implement a solution, and evaluate the effectiveness of the solution IPM IPM IPM IPM IPM IPM IPM IPM IPM IPM IPM IPM IPM IPM IPM IPM IPM IPM IPM IPM IPM •The advantages and disadvantages of geographic, occupational, and resource specialization (B) Use a decision-making process to identify a situation that requires a decision, gather information, identify options, predict consequences, and take action to implement a decision •The purpose of market research IPM IPM IPM •The changing role of marketing in the U.S. in the 20th century •Use a decision-making process to identify a situation that requires a decision, gather information, identify options, predict consequences, and take action to implement a decision (c.26)The student understands the effects of science and technology on an economy. The student is expected to: (A) Analyze the effect of technology on productivity IPM IPM IPM Such as: assembly lines, automation, computers and Internet (B) Analyze the economic effects of the development of IPM IPM IPM communication and transportation systems in the United States (C) Analyze the economic impact of obsolescence created by IP IPM IPM technological innovations (D) Analyze how technological innovations change the way goods IP IPM IPM are manufactured, marketed, and distributed (c.27)The student understands the economic effects of scientific discoveries and technological innovations on households, businesses, and government. The student is expected to: (A) Give examples of types of economic information available as a result of technological innovations Such as: computer trading of stocks and bonds, online banking, loans and purchasing (B) Explain how scientific discoveries and technological innovations create the need for rules and regulations to protect individuals and businesses Such as: privacy, taxation, alcohol, pornography and pharmaceutical sales IPM IPM IPM IPM PM PM