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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