Download Economic Lesson Activities and Resources aligned to Arizona State

Economic Lesson Activities and Resources aligned to
Arizona State Economic Standards
Mesa Public Schools Economics and Marketing Teachers:
Please note, chapters from our district adopted textbook, ECONOMICS, Principles in
Action by Prentice Hall, copyright 2007 have been highlighted as they correspond to the
AZ economics standards activities and resources.
Concept 1: Foundations of Economics
PO 1. Analyze the implications of scarcity:
a. Limited resources and unlimited human wants influence choice at individual, national, and
international levels. Chapter 1.1
What is Economics
http://www.reffonomics.com/TRB/chapter1/whatiseconomics1.swf
Scarcity
http://www.reffonomics.com/textbook2/microeconomics2/swiftfile/Scarcity22.swf
Choice, Opportunity Costs and Decisions
Virtual Economics CD – Lesson 1 from FOCUS High School Economics 2nd Edition
Concepts: Scarcity, opportunity costs, tradeoffs
b. Factors of production (e.g., natural, human, and capital resources, entrepreneurship,
technology) Chapter 1.1
Factors of Production
http://www.reffonomics.com/TRB/chapter1/resources.swf
Getting More or Using Less
Virtual Economics CD – Lesson 8 from FOCUS High School Economics 2nd Edition
Concepts: productivity, specialization and division of labor, investment in capital
goods, and investment in human capital
Learn More, Earn More
Virtual Economics CD – Lesson 9 from FOCUS High School Economics 2nd Edition
Concepts: human capital, income, standard of living
c. Marginal analysis by producers, consumers, savers, and investors Chapter 1.2
The Economic Way of Thinking: Three Activities to Demonstrate Marginal
Analysis
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Economic Lesson Activities and Resources aligned to
Arizona State Economic Standards
Virtual Economics CD –Economics in Action, Lesson 6, 14 Greatest Hits for
Teaching High School Economics book
Until the Last Unit Equals …
Virtual Economics CD – Lesson 15 from FOCUS High School Economics, 2nd Edition
Concepts: marginalism, diminishing returns, marginal product, marginal cost
Dumptown, USA: Making a Ton of Difference
http://www.econedlink.org/lessons/index.php?lesson=746&page=teacher
Concepts: Benefit, budget, choice, communities and cities, cost/benefit analysis,
Costs, decision making, economic efficiency, incentive, marginal analysis,
role of government
PO 2. Analyze production possibilities curves to describe opportunity costs and trade-offs.
Chapter 1.3
Production Possibilities Curve Constant and Increasing Opportunity Cost
http://www.youtube.com/watch?v=SJQ56vJoy3Y
What's wrong with this picture? Concept: Opportunity cost Click on link below
paragraph for picture. The opportunity cost of getting the rebate includes the cost of
the stamp and envelope, plus the time it takes to fill out the form, cut out the UPC code,
get a copy of the receipt, address an envelope, and mail it off. For most of us, that cost
is greater than $1. (Click on the picture to download a high resolution version of the
image.)
http://www.econoclass.com/images/rebateform.jpg
Give and Take
Opportunity Costs http://www.reffonomics.com/TRB/chapter1/opportunitycost.swf
Scarcity and Choice
by Liudmila Guinkel (Russia) http://ecedweb.unomaha.edu/lessons/fems1.htm
Productive Resources, scarcity and opportunity costs
http://www.councilforeconed.org/ei/lessons/OldMac/lesson5/
PO 3. Describe the characteristics of the mixed-market economy of the United States:
Chapter 2
2
Economic Lesson Activities and Resources aligned to
Arizona State Economic Standards
a.
Property rights Chapter 2.4
Property Rights, the Tragedy of the Commons, and the Coase Theorem
Virtual Economics CD – FOCUS Economic Systems book by NCEE lesson 3
Concepts: Property rights, tragedy of the commons, coase theorem
Why are Some Nations Wealthy?
Virtual Economics CD, lesson 10 from FOCUS Economic Systems
Concepts: Economic growth, productivity, property rights, saving and investment,
physical capital and human capital, natural resources, trade
Property Rights and Contracts as Economic Institutions
Virtual Economics CD lesson 2 from FOCUS Institutions and Markets
Concepts: Private property, communal property, intellectual property, market
economy, incentives, legal foundations of a market economy, contracts
b. Profit motive Chapter 2.2
Video Cartoon – “Going Places” (1948) Fun and effective examples showing
capitalism, competition, and the profit motive.
http://www.youtube.com/watch?v=moMdcdKFBw0
c. Consumer sovereignty Chapter 2.2
d. Competition Chapter 2.2
Video clip: NASA contracts to private firm
http://www.msnbc.msn.com/id/21134540/vp/35725484#35604353
Small commercial firm lands contract with NASA. See video at link above.
Discussion questions online at www.izzit.org
Marketplace: Corporate Leap Frog
http://www.econedlink.org/lessons/index.php?lesson=505&page=teacher
Concepts: Advertising, competition, non-price competition, price
This lesson will focus on competition among sellers and the factors that can make one company more
successful than another in the same market. Competition between K-Mart, Wal- Mart, and Target
will be examined to see what kinds of competition (price and non-price) can help one company 'leap'
ahead of another.
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Economic Lesson Activities and Resources aligned to
Arizona State Economic Standards
Fad or Fortune (this lesson was designed for 6-8 gr. But see note below for
modifying it for 11th grade)
http://www.econedlink.org/lessons/index.php?lesson=579&page=teacher
Concepts: Choice, competition, demand, exchange, markets, scarcity, voluntary
exchange
“I tried a modified version of this with 11th grade students and they loved it. However, for any
other high school teachers wanting to tie this in with a lesson on demand, the numbers given do not
seem to have a lot of rhyme or reason to them. Students may argue that it does not reflect real
market conditions.”
- BJ St. Paul, MN
e. Role of the government Chapter 2.3
Video Cartoon – “Make Mine Freedom” (1948) Cold war cartoon that compares
the tenants of capitalism and communism.
http://www.youtube.com/watch?v=u6H63CD7uQA
Who Decides?
Virtual Economics CD, lesson 2 from FOCUS Economic Systems
Concepts: Resource allocation, market economy, command economy
Broad Social Goals
Virtual Economics CD, lesson 1 from FOCUS Economic Systems
Concepts: Broad social goals (efficiency, equity, freedom, growth, stability),
command economy, market economy
What and How Much should Government Do?
Virtual Economics CD, lesson 6 from FOCUS Economic Systems
Concepts: Role of government, command and market economy
f. Rational self-interest Chapter 2.2
g. Invisible hand Chapter 2.2
Saving, Investing, and the Invisible Hand
Virtual Economics CD – Lesson 17 from FOCUS High School Economics, 2nd Edition
Concepts: Saving, investment, the stock market, the bond market, primary and
secondary markets for financial securities, banks, the circular flow of income with
financial intermediaries, the “invisible hand”
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Economic Lesson Activities and Resources aligned to
Arizona State Economic Standards
PO 4. Evaluate the economic implications of current events from a variety of sources (e.g.,
magazine articles, newspaper articles, radio, television reports, editorials, internet sites).
Current Events: www.izzit.org. Go to current events blue circle and sign up for daily email alerts
featuring current events. Izzit.org provides discussion questions that go along with certain current events
featured. www.Izzit.org also provides current event news videos with discussion questions as well.
Current event videos from Wall Street Journal: http://online.wsj.com/video
Current events from EconEdLink: EconEdLink provides access to the latest economics news and
information. Come here to learn more about what's happening in the world of economics and access related
lesson plans. http://www.econedlink.org/current/
Wall Street Journal. (Get short, timely messages) from From http://twitter.com/WSJ
International Monetary Fund posts current event videos for review
http://www.imf.org/external/mmedia/index.aspx
A Word on the Economy: Why Is the Country Facing a Financial Crisis?
http://www.stlouisfed.org/education_resources/AWordontheEconomy/player.html
Need a little help understanding and explaining current events in financial markets to your students? Check
out this easy-to-understand presentation on the current economic situation, developed by Julie
Stackhouse, senior vice president of the Fed's Banking Supervision & Regulation division.
PO 5. Interpret economic information using charts, tables, graphs, equations, and diagrams.
Refer to Teacher’s Edition, pg. x and xi
Concept 2: Microeconomics
PO 1. Describe how the interdependence of both households and firms is affected by trade,
exchange, money, and banking: Chapter 2.2
a. Why voluntary exchange occurs only when all participating parties expect to gain from
the exchange. Chapter 17.1
Why are Some Nations Wealthy
Virtual Economics CD, lesson 10 from FOCUS Economic Systems
Concepts: Economic growth, productivity, property rights, saving and investment,
physical capital and human capital, natural resources, trade
b. Role and interdependence of households, firms, and government in the circular flow model
of economic activity. Chapter 2.2
The Circular Flow(s)
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Economic Lesson Activities and Resources aligned to
Arizona State Economic Standards
Virtual Economics CD, lesson 16, from FOCUS High School Economics, 2nd Edition
Concepts: Productive resources, resource payments, interdependence, circular
flow of goods, services, productive resources, and money payments
Markets and the Market System
Virtual Economics CD, lesson 1 from FOCUS Institutions and Markets
Concepts: Product markets, factor markets, allocative efficiency, circular flow
model, shortage, surplus, market prices, law of demand, law of supply
c. Role of entrepreneurs in a market economy and how profit is an incentive that leads
entrepreneurs to accept risks of business failure Chapter 1.1 and 8.1
Entrepreneurship
http://www.stlouisfed.org/education_resources/assets/lesson_plans/04ITV_Entr
epreneurship.pdf
In this lesson, students will learn how to assess the life and work of an entrepreneur from the list
of famous entrepreneurs provided, and a list of entrepreneurial traits and characteristics that
foster self-worth and individualism. From the Inside the Vault article, "Do You Want to be Your
Own Boss?"
The Entepreneur in you?
http://www.econedlink.org/lessons/index.php?lesson=264&page=teacher
Concepts: Entrepreneurship, incentive, risk
d. Financial institutions and securities markets Chapter 11
e. Importance of rule of law in a market economy for enforcement of contracts.
Chapter 2.2
PO 2. Describe how markets function: Chapters 4, 5, 6, 7
a. Laws of supply and demand (Demand chapter 4, Supply chapter 5)
Demand and Supply—It’s What Economics Is About!
http://www.stlouisfed.org/education_resources/assets/lesson_plans/05ITV_OilPrices.pdf
Upon completion of this lesson, students will be able to list the determinants of demand and supply,
recognize which factors will cause demand curves or supply curves to shift, determine equilibrium
using a demand/supply graph, and show the effects on price and quantity when equilibrium changes.
From the Inside the Vault article, "What Is Driving Oil Prices?"
Supply and Demand Lesson on YouTube
http://www.youtube.com/user/economicsfun#p/u/24/OYaoc2N2lhI
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Economic Lesson Activities and Resources aligned to
Arizona State Economic Standards
b. How a market price is determined Chapter 6
Markets Interact
Virtual Economics CD, lesson 5 from FOCUS High School Economics, 2nd edition
Concepts: Equilibrium price and quantity, supply and demand, interdependence
A Classroom Market for Crude Oil
Virtual Economics CD, Lesson 3 from FOCUS High School Economics, 2nd edition
Concepts: supply, demand, market clearing price, surplus, shortage
c. Graphs that demonstrate changes in supply and demand Chapter 4.2
Graphin Girls- AP Economics Music Video #2 Class of 2010
http://www.youtube.com/watch?v=AlvSfFdxqc0
Pearl Exchange Activity- A hands-on activity where students buy and sell
pearls in a simulated market.
http://www.youtube.com/watch?v=aeZwvE00TV4
Shifting Curves: Demand and Supply Shifts in the Gasoline Market
http://www.stlouisfed.org/education_resources/assets/lesson_plans/07ITV_Shift
ingCurves.pdf
Students create a graph of gasoline supply and demand and identify the market-clearing price.
Students learn about the determinants of supply and demand. They graph a decrease in demand for
gasoline and a decrease in supply of gasoline to understand how those factors affect prices. Note:
Students should know what supply and demand are and be able to graph supply and demand data as
well as draw supply and demand graphs. From the Inside the Vault article, "Why Do Gasoline Prices
React to Things That Have Not Happened?"
The Market Never Stands Still
Virtual Economics CD, lesson 4 from FOCUS High School Economics, 2nd edition
Concepts: Determinants of demand shifts and determinants of supply shifts
d. How price ceilings and floors cause shortages or surpluses Chapter 6.1
Price Controls – Too high or too low
Virtual Economics CD, lesson 6 from FOCUS High School Economics, 2nd edition
Concepts: Markets and prices, supply and demand, price ceiling, price floor,
shortages and surpluses, rationing
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Economic Lesson Activities and Resources aligned to
Arizona State Economic Standards
e. Comparison of monopolistic and competitive behaviors Chapter 7.1 and 7.2
Econ Concepts in 60 Seconds: Perfect Competition in the Short Run
http://www.youtube.com/watch?v=yY8f571AUxk
Perfect Competition Inc- AP Economics Music Video #1 Class of 2010
http://www.youtube.com/watch?v=8IDK_37fAMs&feature=channel
Econ Concepts in 60 Seconds: The Ultimate Monopoly Review for AP Economics
http://www.youtube.com/watch?v=F9qw7LeeCKw
When there isn’t pure competition
Virtual Economics CD, lesson 14 from FOCUS High School Economics, 2nd edition
Concepts: Competition and market structures, interdependence in imperfect
competition, non-price competition, collusion, antitrust policy and regulation of
natural monopolies
f. Theory of production and the role of cost Chapter 5.2
Focus on Economic Data: U.S. Employment and the Unemployment Rate - March
7, 2008 http://www.econedlink.org/lessons/index.php?lesson=757&page=teacher
Concepts: Costs, costs of production, economic growth, factor endowments, full
employment, labor, labor force, labor market, macroeconomic indicators,
production, productivity, trade-offs among goals, types of unemployment,
unemployment, unemployment rate
PO 3. Describe how government policies influence the economy: (Fiscal policy chapter 15.1
and monetary policy chapter 16.1)
a. Need to compare costs and benefits of government policies before taking action
Fed Orders Interest Rate Cut
http://www.econedlink.org/lessons/index.php?lesson=29&page=teacher
Concepts: Aggregate Demand (AD), deflation, federal reserve, federal reserve
structure, fiscal policy, Gross Domestic Product (GDP), inflation, monetary policy,
tools of the Federal Reserve
b. Use of federal, state, and local government spending to provide national defense; address
environmental concerns; define and enforce property, consumer and worker rights;
regulate markets, and provide goods and services Chapter 15
The Role of Government: The National Debt vs. The Deficit
http://www.econedlink.org/lessons/index.php?lesson=184&page=teacher
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Economic Lesson Activities and Resources aligned to
Arizona State Economic Standards
Concepts: Budget, budget deficit, budget surplus, fiscal policy, national debt,
surplus
Public Goods
Virtual Economics CD, lesson 11 from FOCUS High School Economics, 2nd edition
Concepts: Public goods and services, taxes, non-exclusion principle, shared
consumption, “free riding” problems
Third-party Costs and Benefits
Virtual Economics CD, lesson 12 from FOCUS High School Economics, 2nd edition
Concepts: Market failures, externalities (spillover benefits and costs), transaction
costs
Rich Man, Poor Man
Virtual Economics CD, lesson 10 from FOCUS High School Economics, 2nd edition
Concepts: Income, transfer payments, personal distribution of income, functional
distribution of income, proprietors’ income, corporate profits
c. Effects of progressive, proportional, and regressive taxes on different income groups
Chapter 14.1
Income Taxes: Who Pays and How Much?
http://www.stlouisfed.org/education_resources/assets/lesson_plans/06ITV_Inco
meTaxes.pdf
Using data collected from the Internal Revenue Service for the tax year 2003, students will
become involved in an inquiry of individual federal income taxes. The lesson is divided into sections
that address specific questions, such as: Why do we have an individual income tax? What is
individual federal income tax? How is it paid? When is it paid? How is the individual income tax
structured? What is a perfect tax structure? What are the different categories of taxes? What is
the correlation between tax burden and income groups? What if the tax structure were changed?
What effects would a different tax structure have on taxpayers? What effect would a different
tax structure have on the government? From the Inside the Vault article, "Income Taxes: Who Pays
and How Much?"
U.S. Income Inequality: It's Not so Bad
http://www.stlouisfed.org/education_resources/assets/lesson_plans/10ITV_Inco
meInequality.pdf
The lead article in the spring 2010 issue of Inside the Vault discusses redistributing wealth
through taxation. In this lesson, students will examine the ability-to-pay principle of taxation.
Students will compare a progressive tax system and a flat tax system by analyzing the same
household scenarios using one system and then the other.
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Economic Lesson Activities and Resources aligned to
Arizona State Economic Standards
d. Role of self-interest in decisions of voters, elected officials, and public employees
Public Choice: Economics goes to Washington and into the voting booth
Virtual Economics CD, lesson 13 from FOCUS High School Economics, 2nd edition
Concepts: Self-interest, expected benefits and costs of voting, information and
search costs, special interest effects, government failure
Concept 3: Macroeconomics
PO 1. Determine how inflation, unemployment, and gross domestic product statistics are used in
policy decisions. (Inflation, chapter 13.2, Unemployment chapter 13.1, GDP chapter 12.1
as they relate to monetary and fiscal policy chapters 14, 15, 16)
Which Came First—Democracy or Growth?
http://www.stlouisfed.org/education_resources/assets/lesson_plans/09ITV_Democracy
Growth.pdf
Students will compute real Gross Domestic Product (GDP) and GDP per capita for three fictional countries
and will answer questions related to actual data on GDP and GDP per capita. The Index of Economic
Freedom will be used to compare and contrast the relationship between the degree of a country’s economic
freedom and the total output of that country and its standard of living. Students will both map and rank a
sample of countries using GDP, GDP per capita and freedom index data. From the Inside the Vault article,
"Which Came First—Democracy or Growth?"
PO 2. Explain the effects of inflation and deflation on different groups (e.g., borrowers v.
lenders, fixed income/cost of living adjustments). Chapter 13.2
Economic Ups and Downs
Virtual Economics CD, lesson 18 from FOCUS High School Economics, 2nd Edition
Concepts: Business cycles, GDP, Unemployment, CPI, recession, inflation, economic
growth, fiscal policy
PO 3. Describe the economic and non-economic consequences of unemployment. Chapter 13.1
What Is Unemployment, How Is It Measured, and Why Does the Fed Care?
http://www.stlouisfed.org/education_resources/assets/lesson_plans/GeoFREDUnemploy
ment.pdf
In this lesson, students read and interpret choropleth maps, which contain unemployment data. They
compare verbal descriptions of the labor market from the Federal Reserve’s Beige Book with the mapped
data. In addition, students compare unemployment data for different years. Students access or observe
how to access this data online.
PO 4. Analyze fiscal policy and its effects on inflation, unemployment, and economic growth.
Chapters 15.1 and 15.2
Aggregate Supply and Demand: The Sum of Their Parts
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Economic Lesson Activities and Resources aligned to
Arizona State Economic Standards
Virtual Economics CD, lesson 20, from FOCUS High School Economics, 2nd edition
Concepts: Aggregate demand and supply, GDP, Fiscal policy, monetary policy
PO 5. Describe the functions of the Federal Reserve System (e.g., banking regulation and
supervision, financial services, monetary policy) and their influences on the economy. Chapter
16.1 and 16.2
Macroeconomic Stabilization Policies and Institutions
Virtual Economics CD, lesson 10 from FOCUS Institutions and Markets
Concepts: Unemployment, inflation, fiscal policy, automatic stabilizers, monetary policy,
central banks (Federal Reserve Bank), discount rate, reserve requirement, open market
operations
Focus on Economic Data: The Federal Reserve and Monetary Policy, April 28, 2010
http://www.econedlink.org/lessons/index.php?lesson=909&page=teacher
Concepts: Central banking system, Federal Reserve, macroeconomic indicators,
monetary policy, money supply, tools of the Federal Reserve
PO 6. Explain the effects of monetary policy on unemployment, inflation, and economic growth.
Chapter 16.2
Money, Interest and Monetary Policy
Virtual Economics CD, lesson 19, from FOCUS High School Economics, 2nd edition
Concepts: Money supply, inflation, open market operations, reserve requirements,
discount rate, interest rate
PO 7. Determine how investment in factories, machinery, new technology, and the health,
education, and training of people can raise future standards of living. Chapter 3
Learn More, Earn More
Virtual Economics CD – Lesson 9 from FOCUS High School Economics 2nd Edition
Concepts: Human capital, income, standard of living
Concept 4: Global Economics Chapters 17 and 18
PO 1. Analyze the similarities and differences among economic systems: Chapter 2
a. Characteristics of market, command, and mixed economic systems, including roles of
production, distribution, and consumption of goods and services Chapter 2
Broad Social Goals of an Economic System
Virtual Economics CD, lesson 2 from FOCUS High School Economics, 2nd edition
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Economic Lesson Activities and Resources aligned to
Arizona State Economic Standards
Concepts: Broad social goals (economic efficiency, equity, freedom, growth,
security, stability), tradeoffs, market economy, command economy
b. Benefits and costs of market and command economies Chapter 2
Crossing Borders: The Globalization Debate
http://www.stlouisfed.org/education_resources/assets/lesson_plans/08ITV_Globa
lization.pdf
Students will consider both sides of the globalization debate—the benefits and the costs—by
reading and discussing the article "Crossing Borders: The Globalization Debate" from the Spring
2008 issue of Inside the Vault. Working in groups, students will analyze statements regarding the
benefits and costs of globalization, categorize the statements and discuss them.
c. Characteristics of the mixed-market economy of the United States including such
concepts as private ownership, profit motive, consumer sovereignty, competition, and
government regulation Chapter 3
d. Role of private property in conserving scarce resources and providing incentives in a
market economy
Eminent Domain
http://www.stlouisfed.org/education_resources/assets/lesson_plans/07ITV_Emin
entDomain.pdf
Students will examine three Supreme Court rulings and analyze possible positive and negative
impacts of the Court's decision on eminent domain. The lesson covers: benefits, costs, eminent
domain, public good and trade-offs. From the Inside the Vault article, "Eminent Domain: Should
Private Property Be Taken for Public Use?"
PO 2. Describe the effects of international trade on the United States and other nations:
a. How people and nations gain through trade Chapter 17.1 and 17.3
Why is Globalization so Controversial
Virtual Economics CD, lesson 1 from FOCUS Globalization
Concepts: Economic institutions, barriers to trade, voluntary exchange,
specialization, factor endowments, gains from trade
b. How the law of comparative advantage leads to specialization and trade Chapter 17.1
Econ Concepts in 60 Seconds: Comparative Advantage
http://www.youtube.com/watch?v=FpTBjRf8lGs&feature=related
Why People Trade, Domestically and Internationally
Virtual Economics CD, lesson 2 from FOCUS Globalization
12
Economic Lesson Activities and Resources aligned to
Arizona State Economic Standards
Concepts: Absolute advantage, comparative advantage, opportunity cost,
production possibilities table
c. Effects of protectionism, including tariffs and quotas on international grade and on a
nation’s standard of living Chapter 17.2
Hey, Hey! Ho, Ho! Why Do We Need the WTO?
Virtual Economics CD, lesson 11 from FOCUS Institutions and Markets
Concepts: International economic institutions, gains from trade, tariffs, public
goods, market failures, monetary policy, property rights, competition
d. How exchange rates work and how they affect international trade Chapter 17.3
The Family Vacation
http://www.econedlink.org/lessons/index.php?lesson=798&page=teacher
Concepts: Exchange, Exchange Rate, Money
Students will take a surprise trip around the world. As they travel, they will use clues to discover
where they are going. They will then figure out how much money they have spent in U.S. dollars,
using exchange rates.
The Big Mac Index
http://www.econedlink.org/lessons/index.php?lesson=156&page=teacher
Concepts: Characteristics of money, currency, exchange rate, price
How fast can you say "twoallbeefpattiesspecialsaucelettucecheesep
icklesonionsonasesameseedbun?" This question was asked of millions of TV viewers in the now
famous 1970s McDonald's television commercial promoting the Big Mac.
e. How the concepts of balance of trade and balance of payments are used to measure
international trade Chapter 17.3
Trade, Investment, and the Balance of Payments
Virtual Economics CD, lesson 12 found in FOCUS Globalization
Concepts: Balance of payments, current account, financial account, balance of
trade, credits, debits, exports, imports, investment, saving
f. Factors that influence the major world patterns of economic activity including the
different costs of production between developed and developing countries Chapter 5.2
and chapter 18
Marketplace: Doing Business in Afghanistan
http://www.econedlink.org/lessons/index.php?lesson=773&page=teacher
13
Economic Lesson Activities and Resources aligned to
Arizona State Economic Standards
Concepts: Benefit, choice, costs, costs of production, economic growth,
entrepreneur, externalities, incentive, investment, public goods, role of
government, trade-off
g. Economic connections among different regions, including changing alignments in world
trade partners Chapter 17.2
Why is Globalization so Controversial
Virtual Economics CD, lesson 1 from FOCUS Globalization
Concepts: Economic institutions, barriers to trade, voluntary exchange,
specialization, factor endowments, gains from trade, (WTO)
h. Identify the effects of trade agreements (e.g., North American Free Trade Chapter
17.2
The NAFTA Debate
Virtual Economics CD, lesson 18 from FOCUS International Economics
Concepts: Free trade agreements, tariffs and trade policy
Concept 5: Personal Finance Refer to pages 501 – 528 the textbook’s personal
finance handbook for PO1 – PO 6
PO 1. Explain how education, career choices, and family obligations affect future income. Refer
to p. 516-517
Invest in Yourself
Virtual Economics CD, lesson 3 from Learning Earning and Investing High School
Concepts: Human capital, income, investment in human capital, opportunity costs
PO 2. Analyze how advertising influences consumer choices. (Demand, chapter 4 helpful)
Marketplace: Real(ity) Estate
http://www.econedlink.org/lessons/index.php?lesson=371&page=teacher
Concepts: Advertising, Choice, Competition, Trade-off
This lesson teaches students about opportunity cost through some steps of buying a house. It also shows
students how advertising affects consumer decision-making.
Marketplace: Teen Nightclubs
http://www.econedlink.org/lessons/index.php?lesson=479&page=teacher
Concepts: Advertising markets
14
Economic Lesson Activities and Resources aligned to
Arizona State Economic Standards
PO 3. Determine short-and long-term financial goals and plans, including income, spending,
saving,and investing. P. 506 and Chapter 11.1 and 11.2 helpful
National Endowment of Financial Education High School Financial Planning Program
http://hsfpp.nefe.org/
PO 4. Compare the advantages and disadvantages of using various forms of credit and the
determinants of credit history. P. 512
Extra Credit: It's No Fairy Tale
http://www.stlouisfed.org/education_resources/assets/lesson_plans/08ITV_ExtraCredi
t.pdf
This lesson uses a specific scenario to demonstrate how to apply the statistical and economic information in
"Extra Credit: The Rise of Short-term Liabilities," the lead article in the fall 2008 issue of Inside the
Vault. Students read a story that illustrates some of the trends and concerns discussed in the article. The
facts of the story are then analyzed to identify the debt trap and to generate solutions to the problem.
Using an online calculator, students calculate the amount of time it takes to pay off a credit card based on
the monthly payment amount.
Consumer credit: Buy now, pay later, And more
http://ecedweb.unomaha.edu/lessons/buy9-12.pdf
Concepts: Credit, consumer credit, decision making, opportunity cost, interest
PO 5. Explain the risk, return, and liquidity of short-and long-term saving and investment
vehicles. P. 506
The Benefits of Investing Early
http://www.econedlink.org/lessons/index.php?lesson=603&page=teacher
Concepts: Interest, Investing, Savers
The students will see how compounding returns make investing at a young age pay off.
National Endowment of Financial Education High School Financial Planning Program
http://hsfpp.nefe.org/
PO 6. Identify investment options, (e.g., stocks, bonds, mutual funds) available to individuals
and households. P. 506
Developing a Financial Investment Portfolio
http://www.econedlink.org/lessons/index.php?lesson=566&page=teacher
Concept: Investment
Saving, Investing, and the Invisible Hand
Virtual Economics CD, lesson 17, from FOCUS High School Economics, 2nd edition
15
Economic Lesson Activities and Resources aligned to
Arizona State Economic Standards
Concepts: Saving, investment, the stock market, the bond market, primary and secondary
markets for financial securities, banks, the circular flow of income with financial
intermediaries, the invisible hand.
How Stock Markets Work
http://finance.yahoo.com/education/stocks/article/101017/How_Stock_Markets_Work
Teacher Helpful Resources
Arizona Council on Economics Education: http://www.azecon.org/
Workshops and courses
Council of Economic Education- Key Concept Lesson Plans:
http://www.ncee.net/resources/lessons.php
Council for Economic Education http://www.councilforeconed.org/
Check out our collection of over 80 economics and personal finance publications for your
K-12 classroom. http://store.councilforeconed.org/
Books referenced in this document from NCEE: FOCUS High School Economics, 2nd edition, FOCUS
Globalization, FOCUS Institutions and Markets, FOCUS Economic Systems, Virtual Economics CD (these
books can also be found on the Virtual Economics CD)
EconEdLink: http://www.econedlink.org/lessons/
Econoclass
Economic Concept Photos to use to introduce different economic concepts
Summary: This is a series of photos depicting scenes we'll likely never see in the real world.
Ask your students to explain why. The photos can be used to introduce new concepts or to
review definitions.
http://www.econoclass.com/whatswrongwithpicture.html
Economics University online: www.Reffonomics.com
Federal Reserve Bank educational websites
http://stlouisfed.org/education_resources/lesson_plans_9-12.cfm
http://dallasfed.org/educate/index.html
Financial crisis and the Fed’s response: http://www.frbsf.org/econanswers/crisis.htm
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Economic Lesson Activities and Resources aligned to
Arizona State Economic Standards
Foundation for Teaching Economics: http://www.fte.org/teacher-resources/lesson-plans/
National Endowment of Financial Education High School Financial Planning Program
http://hsfpp.nefe.org/
Student Resources for High School Economics
http://highschooleconomics.groupsite.com/link/go/76393854?lpx=1
Technology Resources
Exchange Rates Calculator: http://www.x-rates.com/
Hans Rosling World Development Lecture: http://www.youtube.com/watch?v=hVimVzgtD6w
Highest Movie Tickets sales adjusted for inflation:
http://www.boxofficemojo.com/alltime/adjusted.htm
Inflation Calculator: http://data.bls.gov/cgi-bin/cpicalc.pl
National Debt Clock: http://www.brillig.com/debt_clock/
Videos:
Crisis of Credit: http://www.crisisofcredit.com/
Jacob Clifford’s econ lessons in 60 to 90 seconds:
http://www.youtube.com/user/ACDCLeadership?blend=2&ob=1
Wall Street Journal videos: http://online.wsj.com/video
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