Download Economics with Financial Literacy Unit #1: Intro to Economic

Economics with
Financial Literacy
Unit #1: Intro to Economic Reasoning
Big Ideas/Themes:
•
•
•
•
•
•
Factors of production
Production possibilities curve
Choice, scarcity & opportunity
cost
Economic systems
Three economic questions
Positive & negative externalities
Essential Questions:
• How can we make the best economic
choices?
• How do societies decide who gets
what goods & services?
• What role should the government play
in a free market economy?
Key Terms
•
•
•
•
•
•
Land, labor, capital &
entrepreneurship
Traditional, market, command &
mixed
Laissez faire
Adam Smith & Invisible Hand
Socialism
Communism
Projected Time
Allotment: 2.5 weeks
Next Generation Sunshine State Standards:
SS.912.E.1.1: Identify the factors of production and why they are necessary
for the production of goods and services.
SS.912.E.1.2: Analyze production possibilities curves to explain choice,
scarcity, and opportunity costs.
SS.912.E.1.3: Compare how the various economic systems (traditional,
market, command, mixed) answer the questions: (1) What to produce?; (2)
How to produce?; and (3) For whom to produce?
SS.912.E.2.2: Use a decision-making model to analyze a public policy issue
affecting the student's community that incorporates defining a problem,
analyzing the potential consequences, and considering the alternatives.
SS.912.E.2.11: Assess the economic impact of negative and positive
externalities on the local, state, and national environment.
SS.912.E.3.4: Assess the economic impact of negative and positive
externalities on the international environment.
SS.912.E.3.5: Compare the current United States economy with other
developed and developing nations.
Notes:
• Teachers should look for an opportunity to include the following health
benchmark while teaching this unit: HE.912.C.2.4
• Teachers should always look for opportunities to include the following
benchmarks for language arts: LACC.1112.SL.1.1, LACC.1112.SL.1.2,
LACC.1112.SL.1.3, LACC.1112.SL.2.4, LACC.1112.RH.1.1,
LACC.1112.RH.1.2, LACC.1112.RH.1.3, LACC.1112.RH.2.4,
LACC.1112.RH.2.5, LACC.1112.RH.2.6, LACC.1112.RH.3.7,
LACC.1112.RH.3.8, LACC.1112.RH.3.9, LACC.1112.RH.4.10,
LACC.1112.WHST.1.1, LACC.1112.WHST.1.2, LACC.1112.WHST.2.4,
LACC.1112.WHST.2.5, LACC.1112.WHST.2.6, LACC.1112.WHST.3.7,
LACC.1112.WHST.3.8, LACC.1112.WHST.3.9, and LACC.1112.WHST.4.10
Learning Goals
• Students will be able to identify the factors of production and why they are necessary for
the production of goods and services.
• Students will analyze production possibilities curves to explain choice, scarcity, and
opportunity costs.
• Students will be able to compare how the various economic systems (traditional, market,
command, mixed) answer the questions: (1) What to produce?; (2) How to produce?; and
(3) For whom to produce?
• Students will be able to use a decision-making model to analyze a public policy issue
affecting the student's community that incorporates defining a problem, analyzing the
potential consequences, and considering the alternatives.
• Students will assess the economic impact of negative and positive externalities on the
local, state, and national environment.
• Students will assess the economic impact of negative and positive externalities on the
international environment.
• Students will be able to compare the current United States economy with other
developed and developing nations.
“Economics with Financial Literacy” 2014-2015 1
Instructional Resources
Formative Assessment
Teachers should provide regular opportunities throughout
•
the unit to assess how students are progressing toward the •
learning goals. These assessments can be as simple as
monitoring student responses during a class discussion or as
formal as giving a low-stakes quiz. The feedback gained
•
should be used by the teacher to modify instruction and
move students toward mastery of the learning goals prior to
summative assessment.
•
•
56 different examples of formative assessment
•
https://docs.google.com/presentation/d/1nzhdnyMQmio5l
NT75ITB45rHyLISHEEHZlHTWJRqLmQ/pub?start=false&loop
=false&delayms=3000#slide=id.p
•
DBQ: Should the US Drill for Oil in Alaska's Wilderness?
Summative Assessment
Be sure to follow the percentage guidelines for levels of
content complexity to ensure that teacher-created
assessments meet expectations for depth of knowledge in
the social studies classroom:
Assessments for Standard Curriculum
• 20% Level 1 (Recall)
• 50% Level 2 (Basic Application of Concepts and
Skills)
• 25% Level 3 (Strategic Thinking & Complex
Reasoning)
• 5% Level 4 (Extended Thinking & Complex
Reasoning)
Assessments for Honors-Level Curriculum
• 15% Level 1 (Recall)
• 30% Level 2 (Basic Application of Concepts and
Skills)
• 40% Level 3 (Strategic Thinking & Complex
Reasoning)
• 15% Level 4 (Extended Thinking & Complex
Reasoning)
•
•
•
•
•
•
•
•
Primary Lesson Resources
Scarcity and the Factors of Production, 3–7
FL 44, Scarcity and the Factors of Production, 3–7,
Opportunity Cost, 8–12, Production Possibilities
Curves, 13–18, Chapter Assessment, 20
Answering the Three Economic Questions, 23–28, The
Free Market, 29–34, Centrally Planned Economies, 35–
38, Mixed Economies, 39–45, Chapter Assessment, 46
Externalities, 65–67, Negative Externalities, 311, Case
Study, 490
"Guns or Butter," 9, 12, Self-Interest, 33, Adam Smith,
33, Classical Economics, 399–400, Keynesian
Economics, 400–404, Supply-Side Economics, 404–
405, Fiscal Policy in American History, 405–407, Milton
Friedman, 436
Supportive Lesson Resources
DBQ: Food Production Revolutions
http://www.whiteplainspublicschools.org/cms/lib5/N
Y01000029/Centricity/Domain/353/DBQ%20Food%20
Production%20Revolutions.pdf
Case Study, 16, 42, 60, 93, 127, 150, 169, 210, 223,
262, 281, 329, 352, 371, 402, 432, 466, 490; Economic
Simulations, 17, 38, 53, 95, 120, 142, 181, 192, 240,
251, 294, 317, 345, 382, 396, 430, 464, 491, Essential
Question Activity, 388
Trade Barriers and Agreements, 455–459, Measuring
Trade, 463–467, Levels of Development, 481–486,
Issues in Development, 487–494, Case Study, 490,
Economies in Transition, 495–500, Challenges of
Globalization, 501–509
The World Economy, 474–479, Measuring Trade, 463–
467, Levels of Development, 481–486, Issues in
Development, 487–494, Economies in Transition, 495–
500, Challenges of Globalization, 501–509
http://www.econedlink.org/
http://www.fte.org/teacher-resources/lesson-plans/
http://www.councilforeconed.org/resources/type/clas
sroom-resources/
http://www.federalreserveeducation.org/resources/cl
assroom/lesson-plans/
“Economics with Financial Literacy” 2014-2015 2
Economics with
Financial Literacy
Unit #2: Financial Literacy
Projected Time
Allotment: 3 weeks
Big Ideas/Themes:
Next Generation Sunshine State Standards:
• Money and Money Supply
• SS.912.E.1.13: Explain the functions and characteristics of money, and
describe the composition of the money supply in the United States.
• Financial Institutions
• SS.912.E.1.14: Compare credit, savings, and investment services available
• Financial Assets and Diversification
to consumers from financial institutions.
• Budgeting, and Financing a Major
• SS.912.E.1.15: Describe the risk and return profiles of various investment
Purchase
vehicles and the importance of diversification.
Essential Questions:
• SS.912.E.1.16: Construct a one-year budget plan for a specific career
path including expenses and construction of a credit plan for purchasing
• How does money serve the needs of
a major item.
society?
• What services do financial institutions
Notes:
provide?
• How do your savings and investment • Teachers MUST include the following mathematics benchmarks while
teaching this unit: MA.912.F.1.1, MA.912.F.3.2, MA.912.F.3.3,
choices affect your future?
MA.912.F.3.4, MA.912.F.3.5, MA.912.F.3.6, MA.912.F.3.9,
• How does one construct a budget plan?
MA.912.F.3.10, MA.912.F.3.11, MA.912.F.3.12, MA.912.F.3.13,
And how can one plan to finance a major
MA.912.F.3.14, MA.912.F.4.1, MA.912.F.4.2, MA.912.F.4.3,
purchase?
MA.912.F.4.4, MA.912.F.4.6, MA.912.F.4.7, MA.912.F.4.8, MA.912.F.4.9,
MA.912.F.4.10, MA.912.F.4.11, MA.912.F.4.12, and MA.912.F.4.14.
Key Terms:
• Money, Medium of Exchange, Unit of • Teachers should always look for opportunities to include the following
benchmarks for language arts: LACC.1112.SL.1.1, LACC.1112.SL.1.2,
Account, Store of Value, Fiat Money
LACC.1112.SL.1.3,
LACC.1112.SL.2.4, LACC.1112.RH.1.1,
• Liquidity, Fractional Reserve Banking,
LACC.1112.RH.1.2, LACC.1112.RH.1.3, LACC.1112.RH.2.4,
Mortgage, Interest, Principal
LACC.1112.RH.2.5, LACC.1112.RH.2.6, LACC.1112.RH.3.7,
• Financial Asset, Diversification, Portfolio
LACC.1112.RH.3.8, LACC.1112.RH.3.9, LACC.1112.RH.4.10,
LACC.1112.WHST.1.1, LACC.1112.WHST.1.2, LACC.1112.WHST.2.4,
LACC.1112.WHST.2.5, LACC.1112.WHST.2.6, LACC.1112.WHST.3.7,
LACC.1112.WHST.3.8, LACC.1112.WHST.3.9, and LACC.1112.WHST.4.10
•
•
•
•
Learning Goals
Students will be able to explain the basic functions and characteristics of money, and
describe the composition of the money supply in the United States.
Students will compare credit, savings, and investment services available to consumers
from financial institutions.
Students will be able to describe the risk and return profiles of various investment
vehicles and the importance of diversification (e.g., savings accounts, certificates of
deposit, mutual funds, Individual Retirement Accounts).
Students will construct a one-year budget plan for a specific career path including
expenses, and they will construct a credit plan for purchasing a major item.
“Economics with Financial Literacy” 2014-2015 3
Instructional Resources
Formative Assessment
Teachers should provide regular opportunities throughout
the unit to assess how students are progressing toward the
learning goals. These assessments can be as simple as
monitoring student responses during a class discussion or
as formal as giving a low-stakes quiz. The feedback gained
should be used by the teacher to modify instruction and
move students toward mastery of the learning goals prior
to summative assessment.
•
•
•
•
•
56 different examples of formative assessment
https://docs.google.com/presentation/d/1nzhdnyMQmio5l
NT75ITB45rHyLISHEEHZlHTWJRqLmQ/pub?start=false&loop
=false&delayms=3000#slide=id.p
Summative Assessment
Be sure to follow the percentage guidelines for levels of
content complexity to ensure that teacher-created
assessments meet expectations for depth of knowledge in
the social studies classroom:
Assessments for Standard Curriculum
• 20% Level 1 (Recall)
• 50% Level 2 (Basic Application of Concepts and
Skills)
• 25% Level 3 (Strategic Thinking & Complex
Reasoning)
• 5% Level 4 (Extended Thinking & Complex
Reasoning)
•
•
•
•
•
Primary Lesson Resources
Prentice Hall Economics – Ch. 10, Sec. 1 (Money)
Prentice Hall Economics – Ch. 10, Sec. 3 (Money
Supply and Financial Institutions)
Prentice Hall Economics – Ch. 11, Secs. 1-3 and/or
Everfi Modules 1, 3, and 9 (Financial Assets and
Diversification)
Prentice Hall Economics – pp. PF4-PF5 and PF22-PF27
and/or Everfi Game (Budgeting, and Financing a Major
Purchase)
Supportive Lesson Resources
Prentice Hall Economics – Personal Finance Handbook,
pp. PF1-PF49
Everfi Modules and Game,
http://www.everfi.com/everfi
Financial Freedom (Florida Council on Economic
Education), http://www.fcee.org/educationalresources/financial-freedom/
Florida Stock Market Challenge (Florida Council on
Economic Education), http://www.floridasms.com/
Learning, Earning, and Investing for a New Generation
and Gen I Revolution Online Personal Finance Game
(Council for Economic Education),
http://www.councilforeconed.org/resource/learningearning-and-investing-for-a-new-generation/ and
http://www.genirevolution.org/
Assessments for Honors-Level Curriculum
• 15% Level 1 (Recall)
• 30% Level 2 (Basic Application of Concepts and
Skills)
• 40% Level 3 (Strategic Thinking & Complex
Reasoning)
• 15% Level 4 (Extended Thinking & Complex
Reasoning)
“Economics with Financial Literacy” 2014-2015 4
Economics with
Financial Literacy
Unit #3: Supply and Demand
Big Ideas/Themes:
• Supply, demand, quantity supplied,
and quantity demanded
• Equilibrium price
• Market structures
• Marginal cost analysis
• Price and non-price competition
• Wage and price controls
Essential Questions:
• How do we decide what to buy?
• How do suppliers decide what goods
and services to offer?
• What is the right price?
Key Terms
• Law of demand
• Law of supply
• Monopoly, oligopoly, monopolistic
competition, pure competition
Projected Time
Allotment: 3 weeks
Next Generation Sunshine State Standards:
SS.912.E.1.4: Define supply, demand, quantity supplied, and quantity
demanded; graphically illustrate situations that would cause changes in each,
and demonstrate how the equilibrium price of a product is determined by
the interaction of supply and demand in the market place.
SS.912.E.1.6: Compare the basic characteristics of the four market structures
(monopoly, oligopoly, monopolistic competition, pure competition).
SS.912.E.1.7: Graph and explain how firms determine price and output
through marginal cost analysis.
SS.912.E.1.8: Explain ways firms engage in price and non-price competition.
SS.912.E.2.1: Identify and explain broad economic goals.
SS.912.E.2.4: Diagram and explain the problems that occur when
government institutes wage and price controls, and explain the rationale for
these controls.
SS.912.E.2.6: Examine the benefits of natural monopolies and the purposes
of government regulation of these monopolies.
Notes:
• Teachers should always look for opportunities to include the following
benchmarks for language arts: LACC.1112.SL.1.1, LACC.1112.SL.1.2,
LACC.1112.SL.1.3, LACC.1112.SL.2.4, LACC.1112.RH.1.1,
LACC.1112.RH.1.2, LACC.1112.RH.1.3, LACC.1112.RH.2.4,
LACC.1112.RH.2.5, LACC.1112.RH.2.6, LACC.1112.RH.3.7,
LACC.1112.RH.3.8, LACC.1112.RH.3.9, LACC.1112.RH.4.10,
LACC.1112.WHST.1.1, LACC.1112.WHST.1.2, LACC.1112.WHST.2.4,
LACC.1112.WHST.2.5, LACC.1112.WHST.2.6, LACC.1112.WHST.3.7,
LACC.1112.WHST.3.8, LACC.1112.WHST.3.9, and LACC.1112.WHST.4.10
Learning Goals
• Students will be able to define supply, demand, quantity supplied, and quantity
demanded; graphically illustrate situations that would cause changes in each, and
demonstrate how the equilibrium price of a product is determined by the interaction of
supply and demand in the market place.
• Students will compare the basic characteristics of the four market structures (monopoly,
oligopoly, monopolistic competition, pure competition).
• Students will be able to graph and explain how firms determine price and output through
marginal cost analysis.
• Students will be able to explain ways firms engage in price and non-price competition.
• Students will be able to identify and explain broad economic goals.
• Students will diagram and explain the problems that occur when government institutes
wage and price controls, and explain the rationale for these controls.
• Students will examine the benefits of natural monopolies and the purposes of
government regulation of these monopolies.
“Economics with Financial Literacy” 2014-2015 5
Instructional Resources
Formative Assessment
Teachers should provide regular opportunities throughout
the unit to assess how students are progressing toward the
learning goals. These assessments can be as simple as
monitoring student responses during a class discussion or
as formal as giving a low-stakes quiz. The feedback gained
should be used by the teacher to modify instruction and
move students toward mastery of the learning goals prior
to summative assessment.
•
56 different examples of formative assessment
https://docs.google.com/presentation/d/1nzhdnyMQmio5l
NT75ITB45rHyLISHEEHZlHTWJRqLmQ/pub?start=false&loop
=false&delayms=3000#slide=id.p
Summative Assessment
Be sure to follow the percentage guidelines for levels of
content complexity to ensure that teacher-created
assessments meet expectations for depth of knowledge in
the social studies classroom:
Assessments for Standard Curriculum
• 20% Level 1 (Recall)
• 50% Level 2 (Basic Application of Concepts and
Skills)
• 25% Level 3 (Strategic Thinking & Complex
Reasoning)
• 5% Level 4 (Extended Thinking & Complex
Reasoning)
Assessments for Honors-Level Curriculum
• 15% Level 1 (Recall)
• 30% Level 2 (Basic Application of Concepts and
Skills)
• 40% Level 3 (Strategic Thinking & Complex
Reasoning)
• 15% Level 4 (Extended Thinking & Complex
Reasoning)
•
•
•
•
•
•
•
•
•
•
•
•
•
•
Primary Lesson Resources
Understanding Demand, 85–90, Shifts in the Demand
Curve, 91–96, Elasticity of Demand, 97–105, Chapter
Assessment, 106, Understanding Supply, 109–115,
Costs of Production, 116–122, Changes in Supply, 123–
129, Chapter Assessment, 130,
Perfect Competition, 159–163, Monopoly, 164–173,
Monopolistic Competition and Oligopoly, 174–179,
Chapter Assessment, 186
Production Costs, 118–120, Setting Output, 120–122
Non-price Competition, 175–176, Price War, 179
Economic Systems, 22, The Free Market, 29–34,
Centrally Planned Economies, 35–38, Chapter
Assessment, 46
Supportive Lesson Resources
DBQ: Problems at the Pump
http://morningsidecenterteachablemoment.org/tm/high/gas.html
Combining Supply and Demand, 133–140, Changes in
Market Equilibrium, 141–147, The Role of Prices, 148–
155, Chapter Assessment, 156
Price Ceiling, 137–138, Price Floors, 139–140,
Document-Based Assessment, 157, 245
Regulation and Deregulation, 180–184, Chapter
Assessment, 186, Document-Based Assessment, 187
American Free Enterprise, 48–75, Providing Public
Goods, 62–67, Providing a Safety Net, 68–72, Fiscal
Policy Options, 399–407, Monetary Policy and
Macroeconomic Stabilizations, 435–440
http://www.econedlink.org/
http://www.fte.org/teacher-resources/lesson-plans/
http://www.councilforeconed.org/resources/type/clas
sroom-resources/
http://www.federalreserveeducation.org/resources/cl
assroom/lesson-plans/
“Economics with Financial Literacy” 2014-2015 6
Economics with
Financial Literacy
Unit #4: Factor and Firm Markets
Big Ideas/Themes:
• Business organizations
• Earnings of workers
• Entrepreneurs and inventors
Essential Questions:
• How does competition affect your
choices?
• Why do some businesses succeed
and others fail?
• How can workers best meet the
challenges of a changing economy?
Key Terms
• Sole proprietorship, partnership,
corporation, Limited Liability
Corporation
• Minimum wage, the market value of
the product produced, and workers’
productivity
•
•
•
Projected Time
Allotment: 1 weeks
Next Generation Sunshine State Standards:
SS.912.E.1.5: Compare different forms of business organizations.
SS.912.E.1.9: Describe how the earnings of workers are determined.
SS.912.E.2.3: Research contributions of entrepreneurs, inventors, and other
key individuals from various gender, social, and ethnic backgrounds in the
development of the United States.
Notes:
• Teachers should always look for opportunities to include the following
benchmarks for language arts: LACC.1112.SL.1.1, LACC.1112.SL.1.2,
LACC.1112.SL.1.3, LACC.1112.SL.2.4, LACC.1112.RH.1.1,
LACC.1112.RH.1.2, LACC.1112.RH.1.3, LACC.1112.RH.2.4,
LACC.1112.RH.2.5, LACC.1112.RH.2.6, LACC.1112.RH.3.7,
LACC.1112.RH.3.8, LACC.1112.RH.3.9, LACC.1112.RH.4.10,
LACC.1112.WHST.1.1, LACC.1112.WHST.1.2, LACC.1112.WHST.2.4,
LACC.1112.WHST.2.5, LACC.1112.WHST.2.6, LACC.1112.WHST.3.7,
LACC.1112.WHST.3.8, LACC.1112.WHST.3.9, and LACC.1112.WHST.4.10
Learning Goals
Students will be able to compare different forms of business organizations.
Students will be able to describe how the earnings of workers are determined.
Students will research contributions of entrepreneurs, inventors, and other key
individuals from various gender, social, and ethnic backgrounds in the development of the
United States.
“Economics with Financial Literacy” 2014-2015 7
Instructional Resources
Formative Assessment
Teachers should provide regular opportunities throughout the unit to assess
how students are progressing toward the learning goals. These assessments
can be as simple as monitoring student responses during a class discussion or
as formal as giving a low-stakes quiz. The feedback gained should be used by
the teacher to modify instruction and move students toward mastery of the
learning goals prior to summative assessment.
•
•
56 different examples of formative assessment
https://docs.google.com/presentation/d/1nzhdnyMQmio5lNT75ITB45rHyLISH
EEHZlHTWJRqLmQ/pub?start=false&loop=false&delayms=3000#slide=id.p
Summative Assessment
Be sure to follow the percentage guidelines for levels of content complexity to
ensure that teacher-created assessments meet expectations for depth of
knowledge in the social studies classroom:
Assessments for Standard Curriculum
• 20% Level 1 (Recall)
• 50% Level 2 (Basic Application of Concepts and Skills)
• 25% Level 3 (Strategic Thinking & Complex Reasoning)
• 5% Level 4 (Extended Thinking & Complex Reasoning)
Assessments for Honors-Level Curriculum
• 15% Level 1 (Recall)
• 30% Level 2 (Basic Application of Concepts and Skills)
• 40% Level 3 (Strategic Thinking & Complex Reasoning)
• 15% Level 4 (Extended Thinking & Complex Reasoning)
•
•
•
•
•
•
•
Primary Lesson Resources
Business Organizations, 190, Sole
Proprietorship, 191–195,
Partnerships and Franchises, 196–
201, Corporations, Mergers, and
Multinationals, 202–207, Nonprofit
Organizations, 208–209, Case
Study, 210, Chapter Assessment,
214, Document-Based Assessment,
215
Entrepreneurs, 4–7, 162, 167–168,
192, Innovators, 15, 30, 53, 95, 114,
146, 167, 211, 237, 260, 298, 328,
340, 376, 406, 436, 452, 499
Supportive Lesson Resources
DBQ: Rockefeller: Monster
Monopolist or Marketplace Hero?
http://ryorama.com/files/Rockefell
er_Bklt.pdf
Earnings Statement, PF44, PF45,
Labor and Wages, 226–234
http://www.econedlink.org/
http://www.fte.org/teacherresources/lesson-plans/
http://www.councilforeconed.org/r
esources/type/classroomresources/
http://www.federalreserveeducati
on.org/resources/classroom/lesson
-plans/
“Economics with Financial Literacy” 2014-2015 8
Economics with
Financial Literacy
Unit #5: Indicators of Economic Performance
Projected Time
Allotment: 1.5 weeks
Big Ideas/Themes:
• The Business Cycle
• Broad Economic Goals
• Economic Growth and Capital Deepening
• Causes and Effects of Inflation
Next Generation Sunshine State Standards:
• SS.912.E.1.12: Examine the four phases of the business cycle (peak,
contraction – unemployment, trough, expansion – inflation)
• SS.912.E.2.1: Identify and explain broad economic goals (i.e., freedom,
efficiency, equity, security, growth, price stability, full employment).
• SS.912.E.2.5: Analyze how capital investments may impact productivity
and economic growth.
Essential Questions:
• What are the phases of the business • SS.912.E.2.7: Identify the impact of inflation on society.
cycle?
• SS.912.E.3.1: Demonstrate the impact of inflation on world economies.
• What are the broad economic goals?
• How does the economy grow? And what Note:
• Teachers should always look for opportunities to include the following
is the role of capital deepening?
benchmarks for language arts: LACC.1112.SL.1.1, LACC.1112.SL.1.2,
• What are the causes and effects of
LACC.1112.SL.1.3, LACC.1112.SL.2.4, LACC.1112.RH.1.1,
inflation?
LACC.1112.RH.1.2, LACC.1112.RH.1.3, LACC.1112.RH.2.4,
LACC.1112.RH.2.5, LACC.1112.RH.2.6, LACC.1112.RH.3.7,
Key Terms:
LACC.1112.RH.3.8, LACC.1112.RH.3.9, LACC.1112.RH.4.10,
• Expansion, Economic Growth, Peak
LACC.1112.WHST.1.1, LACC.1112.WHST.1.2, LACC.1112.WHST.2.4,
Contraction,
Trough,
Recession,
LACC.1112.WHST.2.5, LACC.1112.WHST.2.6, LACC.1112.WHST.3.7,
Depression, Stagflation
LACC.1112.WHST.3.8, LACC.1112.WHST.3.9, and LACC.1112.WHST.4.10
•
•
•
•
•
Learning Goals
Students will examine the four phases of the business cycle (peak, contraction –
unemployment, trough, expansion – inflation).
Students will be able to identify and explain broad economic goals.
Students will analyze how capital investment may impact productivity and economic
growth.
Students will be able to identify the impact of inflation on society.
Students will be able to demonstrate the impact of inflation on world economies.
“Economics with Financial Literacy” 2014-2015 9
Instructional Resources
Formative Assessment
Teachers should provide regular opportunities
throughout the unit to assess how students are
progressing toward the learning goals. These assessments
can be as simple as monitoring student responses during
a class discussion or as formal as giving a low-stakes quiz.
The feedback gained should be used by the teacher to
modify instruction and move students toward mastery of
the learning goals prior to summative assessment.
•
56 different examples of formative assessment
https://docs.google.com/presentation/d/1nzhdnyMQmio
5lNT75ITB45rHyLISHEEHZlHTWJRqLmQ/pub?start=false&l
oop=false&delayms=3000#slide=id.p
•
DBQ – What Caused the Great Depression?
•
•
•
•
•
•
•
•
•
Summative Assessment
•
Be sure to follow the percentage guidelines for levels of
content complexity to ensure that teacher-created
assessments meet expectations for depth of knowledge in
the social studies classroom:
Primary Lesson Resources
Prentice Hall Economics – Ch. 12, Sec. 2 (Business Cycle)
Prentice Hall Economics – Ch. 2, Sec. 1 (Broad Economic
Goals – Freedom, Efficiency, Equity, Security, and
Growth)
Prentice Hall Economics – Ch. 16, Sec. 4 (Broad
Economic Goal – Price Stability)
Prentice Hall Economics – Ch. 13, Sec. 1 (Broad
Economic Goal – Full Employment)
Prentice Hall Economics – Ch. 12, Sec. 3 (Economic
Growth)
Prentice Hall Economics – Ch. 13, Sec. 2 (Inflation)
Supportive Lesson Resources
http://www.econedlink.org/
http://www.fte.org/teacher-resources/lesson-plans/
http://www.councilforeconed.org/resources/type/classr
oom-resources/
http://www.federalreserveeducation.org/resources/clas
sroom/lesson-plans/
Assessments for Standard Curriculum
• 20% Level 1 (Recall)
• 50% Level 2 (Basic Application of Concepts and
Skills)
• 25% Level 3 (Strategic Thinking & Complex
Reasoning)
• 5% Level 4 (Extended Thinking & Complex
Reasoning)
Assessments for Honors-Level Curriculum
• 15% Level 1 (Recall)
• 30% Level 2 (Basic Application of Concepts and
Skills)
• 40% Level 3 (Strategic Thinking & Complex
Reasoning)
• 15% Level 4 (Extended Thinking & Complex
Reasoning)
“Economics with Financial Literacy” 2014-2015 10
Economics with
Financial Literacy
Unit #6: Government and the Economy
Big Ideas/Themes:
• Incidence of a Tax and Tax Structures
• Fiscal Policy
• Budget Deficits and National Debt
• Federal Reserve System
• Monetary Policy
Projected Time
Allotment: 3 weeks
Next Generation Sunshine State Standards:
• SS.912.E.2.8: Differentiate between direct and indirect taxes, and
describe the progressivity of taxes (progressive, proportional,
regressive).
• SS.912.E.1.10: Explain the use of fiscal policy (taxation, spending) to
promote price stability, full employment, and economic growth.
• SS.912.E.2.9: Analyze how changes in federal spending and taxation
affect budget deficits and surpluses and the national debt.
• SS.912.E.2.10: Describe the organization and functions of the Federal
Reserve System.
• SS.912.E.1.11: Explain how the Federal Reserve uses tools of monetary
policy (discount rate, reserve requirement, open market operations) to
promote price stability, full employment, and economic growth.
• SS.912.E.2.1: Identify and explain broad economic goals [Goal of Price
Stability].
• SS.912.E.3.6: Differentiate and draw conclusions about historical
economic thought theorized by economists [Keynes and Friedman].
Essential Questions:
• What are the features of a tax system?
• What are the goals and limits of fiscal
policy? What economic ideas have
shaped fiscal policy?
• What are the effects of budget deficits
and national debt?
• How is the Federal Reserve System
organized? What does the Federal
Reserve System do?
• How does the Federal Reserve control
Note:
the amount of money in use?
• Teachers MUST include the following mathematics benchmark while
teaching this unit: MA.912.F.4.5
Key Terms:
• Teachers should look for opportunities to include the following
• Progressive Tax, Proportional Tax,
benchmarks for language arts: LACC.1112.SL.1.1, LACC.1112.SL.1.2,
Regressive Tax
LACC.1112.SL.1.3, LACC.1112.SL.2.4, LACC.1112.RH.1.1,
• Expansionary Fiscal Policy, Contractionary
LACC.1112.RH.1.2, LACC.1112.RH.1.3, LACC.1112.RH.2.4,
Fiscal Policy, Multiplier Effect
LACC.1112.RH.2.5, LACC.1112.RH.2.6, LACC.1112.RH.3.7,
• Reserve Requirement, Discount Rate,
LACC.1112.RH.3.8, LACC.1112.RH.3.9, LACC.1112.RH.4.10,
Open Market Operations
LACC.1112.WHST.1.1, LACC.1112.WHST.1.2, LACC.1112.WHST.2.4,
• Expansionary Monetary Policy (or Easy
LACC.1112.WHST.2.5, LACC.1112.WHST.2.6, LACC.1112.WHST.3.7,
Money Policy), Contractionary Monetary
LACC.1112.WHST.3.8, LACC.1112.WHST.3.9, and LACC.1112.WHST.4.10
Policy (or Tight Money Policy)
•
•
•
•
•
•
•
Learning Goals
Students will be able to differentiate between direct and indirect taxes, and describe the
progressivity of taxes.
Students will be able to explain the use of fiscal policy to promote price stability, full
employment, and economic growth.
Students will analyze how changes in federal spending and taxation affect budget deficits
and surpluses and the national debt.
Students will be able to describe the organization and functions of the Federal Reserve
System.
Students will be able to explain how the Federal Reserve uses tools of monetary policy to
promote price stability, full employment, and economic growth.
Students will be able to identify and explain the economic goal of price stability.
Students will be able to differentiate and draw conclusions about historical economic
thought theorized by John Maynard Keynes and Milton Friedman.
“Economics with Financial Literacy” 2014-2015 11
Instructional Resources
Formative Assessment
Teachers should provide regular opportunities throughout
the unit to assess how students are progressing toward the
learning goals. These assessments can be as simple as
monitoring student responses during a class discussion or
as formal as giving a low-stakes quiz. The feedback gained
should be used by the teacher to modify instruction and
move students toward mastery of the learning goals prior
to summative assessment.
•
56 different examples of formative assessment
https://docs.google.com/presentation/d/1nzhdnyMQmio5
lNT75ITB45rHyLISHEEHZlHTWJRqLmQ/pub?start=false&lo
op=false&delayms=3000#slide=id.p
•
DBQ – The Preamble and the Federal Budget: Are We
Slicing the Pie Correctly?
Summative Assessment
Be sure to follow the percentage guidelines for levels of
content complexity to ensure that teacher-created
assessments meet expectations for depth of knowledge in
the social studies classroom:
•
•
•
•
•
•
•
•
•
•
Primary Lesson Resources
Prentice Hall Economics – Ch. 14, Sec. 1 and Everfi
Module 7 (Tax Structures)
Prentice Hall Economics – Ch. 15, Sec. 1 & 2 (Fiscal
Policy & John Maynard Keynes)
Prentice Hall Economics – Ch. 15, Sec. 3 (Budget Deficits
and the National Debt)
Prentice Hall Economics – Ch. 16, Sec. 1 & 2 and Everfi
Module 2 (Federal Reserve System)
Prentice Hall Economics – Ch. 16, Sec. 3 and Everfi
Module 2 (Tools of Monetary Policy)
Prentice Hall Economics – Ch. 16, Sec. 4 (Goal of Price
Stability and Milton Friedman)
Supportive Lesson Resources
http://www.econedlink.org/
http://www.fte.org/teacher-resources/lesson-plans/
http://www.councilforeconed.org/resources/type/class
room-resources/
http://www.federalreserveeducation.org/resources/cla
ssroom/lesson-plans/
Assessments for Standard Curriculum
• 20% Level 1 (Recall)
• 50% Level 2 (Basic Application of Concepts and
Skills)
• 25% Level 3 (Strategic Thinking & Complex
Reasoning)
• 5% Level 4 (Extended Thinking & Complex
Reasoning)
Assessments for Honors-Level Curriculum
• 15% Level 1 (Recall)
• 30% Level 2 (Basic Application of Concepts and
Skills)
• 40% Level 3 (Strategic Thinking & Complex
Reasoning)
• 15% Level 4 (Extended Thinking & Complex
Reasoning)
“Economics with Financial Literacy” 2014-2015 12
Economics with
Financial Literacy
Big Ideas/Themes:
• Absolute and Comparative Advantage
• Trade Barriers and Agreements
Unit #7: International Trade
Projected Time
Allotment: 1 week
Next Generation Sunshine State Standards:
• SS.912.E.3.2: Examine absolute and comparative advantage, and explain
why most trade occurs because of comparative advantage.
• SS.912.E.3.3: Discuss the effect of barriers to trade and why nations
sometimes erect barriers to trade or establish free trade zones.
Essential Questions:
• Why do nations trade?
• What are the arguments for and against Note:
• Teachers MUST include the following mathematics benchmark while
trade barriers and agreements?
teaching this unit: MA.912.F.4.13
Key Terms:
• Teachers should look for opportunities to include the following
benchmarks for language arts: LACC.1112.SL.1.1, LACC.1112.SL.1.2,
• Import, Export, Interdependence
LACC.1112.SL.1.3, LACC.1112.SL.2.4, LACC.1112.RH.1.1,
• Tariff, Quota, Embargo, Protectionism,
LACC.1112.RH.1.2, LACC.1112.RH.1.3, LACC.1112.RH.2.4,
Free Trade, WTO, NAFTA, Exchange Rate,
LACC.1112.RH.2.5, LACC.1112.RH.2.6, LACC.1112.RH.3.7,
Appreciation/Depreciation, Balance of
LACC.1112.RH.3.8, LACC.1112.RH.3.9, LACC.1112.RH.4.10,
Trade, Trade Surplus/Deficit
LACC.1112.WHST.1.1, LACC.1112.WHST.1.2, LACC.1112.WHST.2.4,
LACC.1112.WHST.2.5, LACC.1112.WHST.2.6, LACC.1112.WHST.3.7,
LACC.1112.WHST.3.8, LACC.1112.WHST.3.9, and LACC.1112.WHST.4.10
Learning Goals
• Students will examine absolute and comparative advantage, and be able to explain why
most trade occurs because of comparative advantage.
• Students will discuss the effect of barriers to trade and be able to explain why nations
sometimes erect barriers to trade or establish free trade zones.
“Economics with Financial Literacy” 2014-2015 13
Instructional Resources
Formative Assessment
Teachers should provide regular opportunities throughout
the unit to assess how students are progressing toward the
learning goals. These assessments can be as simple as
monitoring student responses during a class discussion or
as formal as giving a low-stakes quiz. The feedback gained
should be used by the teacher to modify instruction and
move students toward mastery of the learning goals prior
to summative assessment.
•
56 different examples of formative assessment
https://docs.google.com/presentation/d/1nzhdnyMQmio5l
NT75ITB45rHyLISHEEHZlHTWJRqLmQ/pub?start=false&loop
=false&delayms=3000#slide=id.p
•
•
•
•
•
•
Primary Lesson Resources
Prentice Hall Economics – Ch. 17, Sec. 1 (Absolute and
Comparative Advantage)
Prentice Hall Economics – Ch. 17, Sec. 2 (Trade
Barriers and Agreements)
Supportive Lesson Resources
http://www.econedlink.org/
http://www.fte.org/teacher-resources/lesson-plans/
http://www.councilforeconed.org/resources/type/clas
sroom-resources/
http://www.federalreserveeducation.org/resources/cl
assroom/lesson-plans/
Summative Assessment
Be sure to follow the percentage guidelines for levels of
content complexity to ensure that teacher-created
assessments meet expectations for depth of knowledge in
the social studies classroom:
Assessments for Standard Curriculum
• 20% Level 1 (Recall)
• 50% Level 2 (Basic Application of Concepts and
Skills)
• 25% Level 3 (Strategic Thinking & Complex
Reasoning)
• 5% Level 4 (Extended Thinking & Complex
Reasoning)
Assessments for Honors-Level Curriculum
• 15% Level 1 (Recall)
• 30% Level 2 (Basic Application of Concepts and
Skills)
• 40% Level 3 (Strategic Thinking & Complex
Reasoning)
• 15% Level 4 (Extended Thinking & Complex
Reasoning)
“Economics with Financial Literacy” 2014-2015 14