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Map: Economics 12
Type: Consensus
Author: Joseph D’Antono
Created: 11/06/2007
Grade Level: 12
School Year: 2007-2008
District/Building: Minisink Valley CSD/High School
Last Updated: 11/06/2007
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Essential Questions
Content
Skills
Assessments
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Standards/PIs
Define economics
What is scarcity and choice
What do economists do
Identify scarcity as it relates to
economic behavior
List and explain the four factors
of production
Compare and contrast
economic systems
How do societies address the
economic questions
Scarcity, Trade-off,
Opportunity Cost
Factors of Production
Economic Questions
Economic Systems
Adam Smith
Micro/Macro Economics
Economic Models
Define Key Terms
Compares Economic Systems
Applies the Economic
Questions to Economic
Systems
Interprets Economic Models
Weekly Quizzes
Chapter Tests
Various Writing Assignments
Economic Model Analysis
SS4-K1-1A
SS4-K1-1B
SS4-K1-1C
SS4-K1-1E
SS4-K1-1G
What are the principles of the
U.S. economic system
What is circular flow
The U.S. economy as a market
system
What are countries economic
goals
capitalism
eminent domain
profit motive
consumer sovereignty
specialization
circular flow
GDP
market system
depression/recession
Define Key Terms
Identify the principles of
capitalism
trace the circular flow of
money
Identify the 3 main
components of GDP
Distinguish between direct and
indirect factors of production
Weekly Quizzes
Chapter Tests
Various Writing Assignments
Economic Model Analysis
SS4-K1-1B
SS4-K1-1D
SS4-K1-1G
Essential Questions
Content
Skills
Assessments
Standards/PIs
Demand
Supply
How Prices are Determined
Demand (Curve, Law of,
Elasticity of)
Supply (Curve, Law of,
Elasticity of)
Marginal Utility
Market/Equilibrium Price
Alfred Marshall - Principles of
Economics
Define Key Terms
Interpret Demand/Supply
Curve, Law of, Elasticity of
Constructs Supply/Demand
Curves to calculate Market
Price
Compare/Contrast classical
vs. "neoclassical" economics
Weekly Quizzes
Chapter Tests
Various Writing Assignments
Economic Model Analysis
UNIT TEST
SS4-K1-1B
SS4-K1-1D
SS4-K1-1E
SS4-K1-1F
Business Organizations:
Sole Proprietorship,
Partnership, Corporation
Corporate Formation
proprietorship
partnership
corporation
(un)limited liability
(un)limited life
stockholders/shareholders
charter
proxy
video - Tucker
Define Key Terms
Compare/Contrast Business
Organizations
Distinguish
Advantages/Disadvantages of
Business Organizations
Weekly Quizzes
Chapter Tests
Various Writing Assignments
Economic Model Analysis
SS4-K1-1D
SS4-K2-1D
Essential Questions
Content
Skills
Assessments
Standards/PIs
Business Finance
Corporate Stocks and Bonds
Financial Statements
investment banking
financing, equity, short
term/long term
stocks, bonds, firms, broker
income statement, annual
report, balance sheet
SEC
Bull/Bear Market
video - Wall Street
Define Key Terms
Understand factors affecting
stock price
Research key components of
companies that trade on a
major market
Analyze performance of
companies that trade on a
market
Analyze balance sheet, annual
report, income statement, P/E
ratio
Weekly Quizzes
Chapter Tests
Various Writing Assignments
Economic Model Analysis
Stock Project
SS4-K1-1B
SS4-K1-1D
SS4-K1-1E
SS4-K1-1G
Production vs. Productivity
Production Organization
Production
Productivity
Input/Output
Fixed/Variable Cost
(dis)economies of scale
law of diminishing return
Apprentice project
Define Key Terms
Explain differences between
production/productivity
Identify point of diminishing
returns
Distinguish between
fixed/variable costs
Identify optimum level of
production through the analysis
of production/cost charts
Marketing products
Weekly Quizzes
Chapter Tests
Various Writing Assignments
Economic Model Analysis
Apprentice Project
SS4-K1-1B
SS4-K1-1C
SS4-K1-1D
SS4-K1-1E
SS4-K1-1G
Monopoly and Its Effects
Economics of Monopoly Power
Business Combinations
Anti Trust Laws
competition (imperfect,
monopolistic)
product differentiation
monopoly, oligopoly
patents, copyrights
types of mergers
anti trust laws
concentration ratio
Define Key Terms
Identify characteristics of a
monopoly
Compare/Contrast perfect
competition and monopoly
Analyze advertising in
portraying product
differentiation
Analyze impact of a monopoly
on output and prices
Weekly Quizzes
Chapter Tests
Various Writing Assignments
Economic Model Analysis
UNIT TEST
SS4-K1-1B
SS4-K1-1C
SS4-K1-1D
SS4-K1-1E
SS4-K1-1G
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Differentiate companies and
their concentration ratio
Identify business combinations
Distinguish the differences
between horizontal and vertical
mergers
Evaluate the effectiveness of
regulatory commissions and
laws on monopolies
Essential Questions
Content
Skills
Assessments
Labor Force Trends
Job Earning Potential
Labor Unions
work force (white/blue collar),
types of workers
derived demand
(supply/demand graph)
union goals
craft/industrial unions
AFL-CIO
John L. Lewis, Cesar Chavez
collective bargaining process
mediation/arbitration
management/labor tactics
Identify Key Terms
Distinguish types of workers
Analyze data and graphs
related to wages
Identify factors affecting supply
of and demand for labor
Identify types of unions
Explain major goals of unions
Understand labor unrest and
methods to solve labor
disputes
Simulate process of collective
bargaining
Weekly Quizzes
Chapter Tests
Various Writing Assignments
Economic Model Analysis
SS4-K1-1B
SS4-K1-1C
SS4-K1-1D
SS4-K1-1G
Financial Planning
Spending, Saving, Investing
Buying with cash/credit
Income:
Wages and Salaries, Savings
and Investment
Personal Budget and Estate
Planning
Using Credit (Borrowing
Money/Loans)
Identify Key Terms
Establish Financial Goals and
Budgeting in preparing a
financial plan
Analyze methods of
Investment
Assess credit options
Weekly Quizzes
Chapter Tests
Various Writing Assignments
Economic Model Analysis
UNIT TEST
SS4-K1-1B
SS4-K1-1C
SS4-K1-1G
Assessments
Standards/PIs
Essential Questions
Content
Skills
Importance of the Role of
Government in the Economy
Responsibility of the
Government in Budget
Preparation
Fiscal Responsibility of State
and Local Government
Why do we pay taxes
Is the tax system working
What is the importance of
economic growth
The government and economic
growth
various economic roles of
government
government regulations
the changing role of
government
components of federal, state,
local budgets
fiscal responsibility of
government
different types of taxes
advantages/disadvantages of
the tax system
components of economic
growth
role of government in
economic growth
Identify Key Terms
Identify Economic Roles of
Government
Analyze the increasing role of
government in the economy
since the 1930's
Explain the purpose of budgets
Compare/Contrast
government budgets at the
federal, state, and local levels
Identify the major sources of
revenue and expenditures in a
government budget
Discuss the five functions of a
tax system
Compare/Contrast taxes as
progressive, proportional, or
regressive
Review major federal, state,
and local taxes
Evaluate the fairness of a tax
system
Identify ways to evaluate any
system of taxes
Understand the difference
between a direct and indirect
tax
Identify the major components
of economic growth
Analyze the role of
government in economic
growth
Weekly Quizzes
Chapter Tests
Various Writing Assignments
Economic Model Analysis
UNIT TEST
SS4-K1-1B
SS4-K1-1D
SS4-K1-1G
Standards/PIs
The Nations Money Supply
The Fluctuating Value of Money
Types of Banking Institutions
Business of Banking
Organization of the Federal
Reserve
Monetary Policy and the
Federal Reserve
value of money, (CPI, medium
of exchange, Gresham's Law)
U.S. currency (fiat money)
causes of inflation
money supply
types of banks
the business of banking (assets
and liabilities,
loans/mortgages)
FDIC
structure of the federal reserve
system
functions of the federal reserve
system (monetary policy,
reserve ratio, discount rate,
open market operations)
Identify Key Terms
Identify the kinds of money
used in the U.S. today
Explain how index numbers are
created
Define and give examples of
inflation
Compare/Contrast
demand-pull and cost-push
inflation
Identify and explain the
components of money supply
Identify the differences
between commercial and thrift
institutions
Analyze a bank balance sheet
(assets - liabilities = net worth)
How do banks create money (
I = P x R x Time )
Explain the importance of FDIC
today
Break down the Federal
Reserve system
Identify the functions of the
Federal Reserve in the U.S.
Weekly Quizzes
Chapter Tests
Various Writing Assignments
Economic Model Analysis
UNIT TEST
SS4-K1-1B
SS4-K1-1D
SS4-K1-1E
SS4-K1-1G
FINAL EXAM (1 Semester
Course)
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economy
Illustrate how the Federal
Reserve manipulates monetary
policy
Compute the deposit multiplier
to calculate the reserve ratio of
member banks in the Federal
Reserve system
Describe the Fed's role in open
market operations
Essential Questions
Content
Skills
Assessments
Standards/PIs
Essential Questions
Content
Skills
Assessments
Standards/PIs
Essential Questions
Content
Skills
Assessments
Standards/PIs
Essential Questions
Content
Skills
Assessments
Standards/PIs
Essential Questions
Content
Skills
Assessments
Standards/PIs
Key to Standards used in this Map
SS4-K1-1A [1 occurrence] - SS Standard 4 - Key Idea 1 [Economics i] - Performance Indicator 1A - analyze the effectiveness of varying ways societies, nations, and regions
of the world attempt to satisfy their basic needs and wants by utilizing scarce resources. [Commencement]
SS4-K1-1B [10 occurrences] - SS Standard 4 - Key Idea 1 [Economics i] - Performance Indicator 1B - define and apply basic economic concepts such as scarcity,
supply/demand, opportunity costs, production, resources, money and banking, economic growth, markets, costs, competition, and world economic systems.
[Commencement]
SS4-K1-1C [5 occurrences] - SS Standard 4 - Key Idea 1 [Economics i] - Performance Indicator 1C - understand the nature of scarcity and how nations of the world make
choices which involve economic and social costs and benefits. [Commencement]
SS4-K1-1D [9 occurrences] - SS Standard 4 - Key Idea 1 [Economics i] - Performance Indicator 1D - describe the ideals, principles, structure, practices, accomplishments,
and problems related to the United States economic system. [Commencement]
SS4-K1-1E [6 occurrences] - SS Standard 4 - Key Idea 1 [Economics i] - Performance Indicator 1E - compare and contrast the United States economic system with other
national economic systems, focusing on the three fundamental economic questions. [Commencement]
SS4-K1-1F [1 occurrence] - SS Standard 4 - Key Idea 1 [Economics i] - Performance Indicator 1F - explain how economic decision making has become global as a result of
an interdependent world economy. [Commencement]
SS4-K1-1G [9 occurrences] - SS Standard 4 - Key Idea 1 [Economics i] - Performance Indicator 1G - understand the roles in the economic system of consumers, producers,
workers, investors, and voters. [Commencement]
SS4-K2-1D [1 occurrence] - SS Standard 4 - Key Idea 2 [Economics ii] - Performance Indicator 1D - present economic information and conclusions in different formats,
including graphic representations, computer models, research reports, and oral presentations. [Commencement]
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