Download Economics - SS1111 Scope and Sequence

Economics - SS1111
Unit
Scope and Sequence
Topic Lesson Lesson Objectives
Introduction to Economics
What Is Economics?
Scarcity and the Factors of Production
Explain the role of entrepreneurs.
Explain why economists say all resources are scarce.
Explain why scarcity and choice are basic problems of economics.
Identify land, labor, and capital as the three factors of production, and identify the two types of capital.
Basic Economic Concepts
Explain the relationship among scarcity, value, utility, and wealth.
Understand the circular flow of economic activity.
Opportunity Cost
Describe why every decision involves trade-offs.
Explain how people make decisions by thinking at the margin.
Explain the concept of opportunity cost.
Production Possibilities Curves
Demonstrate how production possibilities curves show efficiency, growth, and cost.
Interpret a production possibilities curve.
Understand that a country's production possibilities depend on its available resources and technology.
Economic Systems
Answering the Three Economic Questions
Analyze the societal values that determine how a country answers the three economic questions.
Explain the characteristics of traditional, command, and market economies and describe the societal values that influence them.
Identify the three key economic questions of what to produce, how to produce, and who consumes what is produced.
The Free Market
Analyze a circular flow model of a free market economy.
Explain why markets exist.
Identify the advantages of a free market economy.
Understand the self-regulating nature of the marketplace.
Centrally Planned Economies
Analyze the centrally planned economy of the former Soviet Union.
Describe how a centrally planned economy is organized.
Identify the problems of a centrally planned economy.
©Edgenuity Inc.
Confidential
Page 1 of 12
Economics - SS1111
Unit
Scope and Sequence
Topic Lesson Lesson Objectives
Modern Economies
Compare the mixed economies of various nations along a continuum between centrally planned and free market systems.
Explain the rise of mixed economic systems.
Interpret a circular flow model of a mixed economy.
Understand the role of free enterprise in the economy of the United States.
American Free Enterprise
Benefits of Free Enterprise
Describe the role of the government in the U.S. free enterprise system.
Describe the tradition of free enterprise in the United States and the constitutional protections that underlie it.
Explain the basic principles of the U.S. free enterprise system.
Identify the role of the consumer in the U.S. free enterprise system.
Promoting Growth and Stability
Analyze how the government promotes economic strength.
Analyze the effect of technology on productivity.
Explain how the government tracks and seeks to influence business cycles.
Providing Public Goods
Analyze market failures.
Evaluate how the government allocates some resources by managing externalities.
Identify examples of public goods.
Providing a Safety Net
Describe the main programs through which the government redistributes income.
Summarize the U.S. political debate on ways to fight poverty.
Introducing Microeconomics: How Markets Work
Demand
What Is Demand?
Describe and illustrate the concept of demand.
Explain how demand and utility are related.
Factors Affecting Demand
Describe the factors that could cause a change in demand.
Explain what causes a change in quantity demanded.
Elasticity of Demand
Analyze the elasticity of demand for a product.
Explain why elasticity is a measure of responsiveness.
Understand the factors that determine demand.
©Edgenuity Inc.
Confidential
Page 2 of 12
Economics - SS1111
Unit
Scope and Sequence
Topic Lesson Lesson Objectives
Supply
Understanding Supply
Explain the law of supply.
Explain the relationship between elasticity of supply and time.
Interpret a supply graph using a supply schedule.
Costs of Production
Analyze the production costs of a firm.
Explain how a firm decides to shut down an unprofitable business.
Explain how firms decide how much labor to hire to produce a certain level of output.
Understand how a firm chooses to set output.
Changes in Supply
Analyze the effects of other factors that affect supply.
Identify how determinants such as input costs create changes in supply.
Identify three ways that the government can influence the supply of a good.
Understand supply and demand in the global economy.
Prices
Combining Supply and Demand
Analyze the effects of price ceilings and price floors.
Compare a market in equilibrium with a market in disequilibrium.
Explain how supply and demand create balance in the marketplace.
Identify how the government sometimes intervenes in markets to control prices.
Changes in Market Equilibrium
Explain how a market reacts to a fall in supply by moving to a new equilibrium.
Explain how a market reacts to shifts in demand by moving to a new equilibrium.
Identify the determinants that create changes in price.
The Role of Prices
Analyze the role of prices in a free market.
Describe the relationship between prices and the profit incentive.
Explain how a price-based system leads to a wider choice of goods and efficient allocation of resources.
List the advantages of a price-based system.
©Edgenuity Inc.
Confidential
Page 3 of 12
Economics - SS1111
Unit
Scope and Sequence
Topic Lesson Lesson Objectives
Market Structures
Perfect Competition
Describe prices and output in a perfectly competitive market.
Describe the four conditions that are in place in a perfectly competitive market.
List two common barriers that prevent firms from entering a market.
Monopoly
Describe characteristics and give examples of monopoly.
Describe how monopolies are formed, including government monopolies.
Explain how a firm with a monopoly sets output and price, and why companies practice price discrimination.
Monopolistic Competition and Oligopoly
Describe characteristics and give examples of monopolistic competition.
Explain how firms compete without lowering prices.
Understand how firms in a monopolistically competitive market set output.
Market Failures
Describe the nature of resource immobility.
Discuss the problems caused by inadequate competition.
Explain the nature of positive and negative externalities.
Understand the importance of having adequate information.
Regulation and Deregulation
Define deregulation, and list its effects on several industries.
List three market practices that the government regulates or bans to protect competition.
Understand how firms use market power.
Business and Labor
Business Organizations
Sole Proprietorships
Analyze the advantages of a sole proprietorship.
Analyze the disadvantages of a sole proprietorship.
Explain the characteristics of sole proprietorships.
Partnerships
Analyze the advantages of partnerships.
Analyze the disadvantages of partnerships.
Compare and contrast the different types of partnerships.
©Edgenuity Inc.
Confidential
Page 4 of 12
Economics - SS1111
Unit
Scope and Sequence
Topic Lesson Lesson Objectives
Corporations, Mergers, and Multinationals
Analyze the advantages of incorporation.
Analyze the disadvantages of incorporation.
Compare and contrast corporate combinations.
Describe the role of multinational corporations.
Explain the characteristics of corporations.
Other Organizations
Identify the different types of cooperative organizations.
Understand how a business franchise works.
Understand the purpose of nonprofit organizations, including professional and business organizations.
Employment, Labor, and Wages
The Labor Movement
Describe the major labor developments since World War II.
Discuss the development of the labor movement from the late 1700's to the 1930's.
Explain why unions are still important today.
Relate labor's successes during the Great Depression.
Resolving Union and Management Differences
Describe several ways to resolve labor and management differences when collective bargaining fails.
Explain the differences among kinds of union arrangements.
Labor and Wages
Describe three different approaches to wage determination.
Explain the importance of noncompeting labor grades.
Identify four main categories of labor.
Employment Trends and Issues
Describe reasons for the discrepancy in pay between men and women.
Explain why union membership has declined.
Money, Banking, and Finance
Money and Banking
Money
Describe the three uses of money.
Explain the six characteristics of money.
Understand the sources of money's value.
©Edgenuity Inc.
Confidential
Page 5 of 12
Economics - SS1111
Unit
Scope and Sequence
Topic Lesson Lesson Objectives
The History of American Banking
Describe developments in banking during the twentieth century.
Describe the shifts between centralized and decentralized banking before the Civil War.
Explain how the banking system was stabilized in the later 1800s.
Banking Today
Explain how the money supply in the United States is measured.
Explain the functions of financial institutions.
Identify different types of financial institutions.
Understand the changes brought about by electronic banking.
Financial Markets
Savings and the Financial System
Explain how the financial system works to transfer funds from savers to borrowers.
Explain why saving is important for capital information.
Understand the role of the major nondepository financial institutions in the financial system.
Investment Strategies and Financial Assets
Describe the characteristics of major financial assets.
Describe the three characteristics of bonds.
Identify four important investment considerations.
Understand four views of market for financial assets.
The Stock Market
Describe how stocks are traded.
Explain the causes and effects of the Great Crash in 1929.
Identify how stock performance is measured.
Understand the benefits and risks of buying stock.
Introducing Macroeconomics: Measuring Economic Performance
Economic Instability
Unemployment
Describe frictional, seasonal, structural, and cyclical unemployment.
Describe how full employment is measured.
Explain why full employment does not mean that every worker is employed.
©Edgenuity Inc.
Confidential
Page 6 of 12
Economics - SS1111
Unit
Scope and Sequence
Topic Lesson Lesson Objectives
Inflation
Describe recent trends in the inflation rate.
Explain the effects of rising prices.
Identify the causes and effects of inflation.
Understand the use of price indexes to compare changes in prices over time.
Poverty
Analyze the distribution of income in the United States.
Define who is poor, according to government standards.
Describe the causes of poverty.
Summarize government policies intended to combat poverty.
Business Cycles and Fluctuations
Explain the phases of the business cycle.
Identify five causes of the business cycles.
Economic Performance
Measuring the Nation's Output
Describe the limitations of GDP.
Explain how Gross Domestic Product (GDP) is measured.
Understand the importance of GDP.
GDP and Changes in the Price Level
Describe three price indices.
Explain how a price index is constructed.
Understand the difference between real and current GDP.
GDP and Population
Describe the factors affecting future population growth.
Explain how population is estimated in the U.S.
Economic Growth
Describe how economists measure the growth of the United States economy.
Explain the importance of economic growth.
Outline the factors of economic growth.
©Edgenuity Inc.
Confidential
Page 7 of 12
Economics - SS1111
Unit
Scope and Sequence
Topic Lesson Lesson Objectives
Government and the Economy
Sources of Government Revenue
The Economics of Taxation
Explain the economic impact of taxes.
List the three criteria for effective taxes.
Understand how taxes are classified.
Understand the two primary principles of taxation.
The Federal Tax System
Describe the importance of the corporate tax structure.
Explain the progressive nature of the individual income tax.
Identify other major sources of federal revenue.
State and Local Tax Systems
Differentiate between state and local revenue systems.
Explain how state governments collect taxes and other revenues.
Interpret paycheck deductions.
Current Tax Issues
Debate the advantages and disadvantages of the value-added tax.
Describe the major tax reforms since 1980.
Discuss why future tax reforms will occur.
Explain the features of a flat tax.
Government Spending
The Economics of Government Spending
Describe how government spending impacts the economy.
Describe two kinds of government expenditures.
Explain why and how government expenditures have grown since the 1940s.
Federal Government Expenditures
Describe the parts of the federal budget.
Explain how the federal budget is established.
State and Local Government Expenditures
Explain how state and local governments approve spending.
Identify the major categories of local government expenditures.
Identify the major categories of state government expenditures.
©Edgenuity Inc.
Confidential
Page 8 of 12
Economics - SS1111
Unit
Scope and Sequence
Topic Lesson Lesson Objectives
Fiscal Policy
Understanding Fiscal Policy
Analyze the impact of fiscal policy decisions on the economy.
Describe how the government uses fiscal policy as a tool for achieving its economic goals.
Explain how the government creates the federal budget.
Identify the limits of fiscal policy.
Fiscal Policy Options
Compare and contrast classical economics and Keynesian economics.
Explain the basic principles of supply-side economics.
Understand the role that fiscal policy has played in American history.
Budget Deficits and the National Debt
Analyze how budget deficits add to the national debt.
Explain the importance of balancing the budget.
Identify how a government can reduce budget deficits and the national debt.
Summarize the problems caused by the national debt.
The Federal Reserve and Monetary Policy
The Federal Reserve System
Describe the structure of the Federal Reserve System.
Explain the major regulatory responsibilities of the Fed.
Federal Reserve Functions
Describe how the Federal Reserve regulates the banking system.
Describe how the Federal Reserve serves banks.
Describe how the Federal Reserve serves the federal government.
Understand the Federal Reserve's role in regulating the nation's money supply.
Monetary Policy
Describe the use of fractional reserves.
Understand the tools used to conduct monetary policy.
Monetary Policy, Banking, and the Economy
Describe how interest rates are affected by political pressure.
Explain how monetary policy affects interest rates in the short run.
Identify the two major definitions of money.
Relate monetary expansion to inflation in the long run.
©Edgenuity Inc.
Confidential
Page 9 of 12
Economics - SS1111
Unit
Scope and Sequence
Topic Lesson Lesson Objectives
Attaining Economic Stability
The Cost of Economic Instability
Describe the social costs of instability.
Explain the economic costs of instability.
Macroeconomic Equilibrium
Describe the importance of aggregate demand.
Examine the nature of macroeconomic equilibrium.
Explain the concept of aggregate supply.
Stabilization Policies
Distinguish between supply-side economics and fiscal policy.
Explain the operations and impact of fiscal policy.
State the basic assumptions of monetary policy.
Economics and Politics
Explain why monetary policy sometimes conflicts with other economic policies.
Recognize that economists have differing views.
Understand the way that politics and economics interact.
The Global Economy
Comparative Economic Systems
The Spectrum of Economic Systems
Compare the features of communism to other types of economic systems.
Describe the differences among the doctrines of socialism, capitalism, and communism.
Explain the advantages and disadvantages of capitalism.
The Rise and Fall of Communism
Describe the complexities of a centrally planned economy.
Explain the rise of the Soviet economy under Lenin and Stalin.
Understand the forces that brought about the collapse of communism as an economic system.
The Transition to Capitalism
List four problems encountered when an economy makes the transition to capitalism.
Recognize the major countries and regions that are making the transition to capitalism.
The Various Faces of Capitalism
Describe Sweden's retreat from socialism.
Explain the factors that encouraged economic growth in Japan.
Rank the "Asian Tigers" according to per capita GNP.
©Edgenuity Inc.
Confidential
Page 10 of 12
Economics - SS1111
Unit
Scope and Sequence
Topic Lesson Lesson Objectives
International Trade
Why Nations Trade
Analyze the impact of U.S. imports and exports on the United States and its trading partners.
Analyze the locations of resources and evaluate the significance of these locations.
Explain the concepts of absolute and comparative advantage and apply the concept of comparative advantage to explain why and how countries trade.
Trade Barriers and Agreements
Compare the effects of free trade and trade barriers on economic activities.
Define various types of trade barriers.
Evaluate the benefits and costs of participation in international trade agreements.
Explain the role of multinationals in the global market.
Understand arguments in favor of protectionism.
Measuring Trade
Analyze how changes in exchange rates of world currencies affect international trade.
Analyze the effects of changes in exchange rates on the balance of trade.
Describe the effect of various exchange rate systems.
Economic Development and Transition
Levels of Development
Describe the characteristics of developed nations and less developed countries.
Identify the tools used to measure levels of development.
Understand how levels of development are ranked.
Understand what is meant by developed and less developed countries.
Issues in Development
Analyze how political factors and debt are obstacles to development.
Describe the effects of the unequal distribution of the factors of production.
Identify the causes and effects of rapid population growth.
Understand the importance of human capital to development.
Financing Development
Describe the functions of various international economic institutions.
Identify the purposes of foreign aid.
Understand the role investment plays in development.
Transitions to Free Enterprise
Describe the actions that China's communist government has taken to introduce free market reforms to China.
Describe the political and economic changes that have taken place in Russia in recent decades.
Identify some important steps in moving from a centrally planned economy toward a free market economy.
©Edgenuity Inc.
Confidential
Page 11 of 12
Economics - SS1111
Unit
Scope and Sequence
Topic Lesson Lesson Objectives
Global Economic Challenges
The Global Demand for Resources
Explain Malthus's views on population growth.
Explain the importance of conserving nonrenewable resources.
Identify other resources endangered by population growth.
List ways that people are using renewable energy resources to conserve scarce resources.
Economic Incentives and Resources
Describe government efforts to limit pollution.
Explain how the price system helps conserve water, natural gas, and oil.
State the importance of using resources wisely.
Applying the Economic Way of Thinking
Describe the reasoned approach to economic decision making.
Understand how our market economy will be able to cope with the future.
©Edgenuity Inc.
Confidential
Page 12 of 12