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Richmond Public Schools Department of Curriculum and Instruction Curriculum Pacing and Resource Guide ~ Unit Plan Course Title/ Course #: Civics and Economics/ #2080/2082 Unit Title/ Marking Period # (MP): Economic Concepts/ MP3 Start day: 98 Meetings (Length of Unit): 11 Desired Results ~ What will students be learning? Standards of Learning/ Standards CE.11 The student will demonstrate knowledge of how economic decisions are made in the marketplace by a) applying the concepts of scarcity, resources, choice, opportunity cost, price, incentives, supply and demand, production, and consumption; b) comparing the differences among traditional, free market, command, and mixed economies; c) describing the characteristics of the United States economy, including limited government, private property, profit, and competition. Essential Understandings/ Big Ideas People make choices about how to use limited resources, decide the ownership of resources, and structure markets for the distribution of goods and services. Every country must develop an economic system to determine how to use its limited productive resources. The key factor in determining the type of economy a country has is the extent of government involvement. The United States economy is primarily a free market economy; but because there is some government involvement it is characterized as a mixed economy. Government intervenes in a market economy when the perceived benefits of a government policy outweigh the anticipated costs. Civics and Economics Page | 1 Key Essential Skills and Knowledge Essential Knowledge: CE11a The student will demonstrate knowledge of how economic decisions are made in the marketplace by applying the concepts of scarcity, resources, choice, opportunity cost, price, incentives, supply and demand, production, and consumption. Scarcity is the inability to satisfy all wants at the same time. All resources and goods are limited. This requires that choices be made. Resources are factors of production that are used in the production of goods and services. Types of resources are natural, human, capital, and entrepreneurship. Choice is selection of an item or action from a set of possible alternatives. Individuals must choose or make decisions about desired goods and services because these goods and services are limited. Opportunity cost is what is given up when a choice is made—i.e., the highest valued alternative is forgone. Individuals must consider the value of what is given up when making a choice. Price is the amount of money exchanged for a good or service. Interaction of supply and demand determines price. Price determines who acquires goods and services. Incentives are things that incite or motivate. Incentives are used to change economic behavior. Supply and demand: Interaction of supply and demand determines price. Demand is the amount of a good or service that consumers are willing and able to buy at a certain price. Supply is the amount of a good or service that producers are willing and able to sell at a certain price. Production is the combining of human, natural, capital, and entrepreneurship resources to make goods or provide services. Resources available and consumer preferences determine what is produced. Consumption is the using of goods and services. Consumer preferences and price determine what is purchased and consumed. CE11b The student will demonstrate knowledge of how economic decisions are made in the marketplace by comparing the differences Civics and Economics Page | 2 among traditional, free market, command, and mixed economies. The three basic questions of economics What will be produced? Who will produce it? For whom will it be produced? Each type of economy answers the three basic questions differently. Characteristics of major economic systems No country relies exclusively on markets to deal with the economic problem of scarcity. Traditional economy Economic decisions are based on custom and historical precedent. People often perform the same type of work as their parents and grandparents, regardless of ability or potential. Free market economy Private ownership of property/resources Profit motive Competition Consumer sovereignty Individual choice Minimal government involvement in the economy Command economy Central ownership (usually by government) of property/resources Centrally-planned economy Lack of consumer choice Mixed economy Individuals and businesses are owners and decision makers for the private sector. Government is owner and decision maker for the public sector. Government’s role is greater than in a free market economy and less than in a command economy. Most economies today, including the United States, are mixed economies. CE11c The student will demonstrate knowledge of how economic decisions are made in the marketplace by describing the characteristics Civics and Economics Page | 3 of the United States economy, including limited government, private property, profit, and competition. Characteristics of the United States economy Markets are generally allowed to operate without undue interference from the government. Prices are determined by supply and demand as buyers and sellers interact in the marketplace. Private property: Individuals and businesses have the right to own real and personal property as well as the means of production without undue interference from the government. Profit: Profit consists of earnings after all expenses have been paid. Competition: Rivalry between producers and/or between sellers of a good or service usually results in better quality goods and services at lower prices. Consumer sovereignty: Consumers determine through purchases what goods and services will be produced. Government involvement in the economy is limited. Most decisions regarding the production of goods and services are made in the private sector. Essential Skills: Create and explain maps, diagrams, tables, charts, graphs, and spreadsheets. (CE.1b) Review information for accuracy, separating fact from opinion. (CE.1e) Distinguish between relevant and irrelevant information. (CE.1d) Identify a problem, weigh the expected costs and benefits and possible consequences of proposed solutions, and recommend solutions, using a decision-making model. (CE.1f) Vocabulary Academic Apply Characteristic Compare Concepts Contrast Create Determine Civics and Economics Content Alternative Capital Resource Central/Centrally Owned Choice Command Economy Competition Market/Market Place Minimal Mixed Economy Natural Resource Opportunity Cost Preference Price Page | 4 Explain Identify Review Consumer Sovereignty Consumers Consumption Distribution Economics Economy Entrepreneurship/ Entrepreneur Factors Forgone Free Market Economy Goods Historical Precedent Human Resource Inability Incentive Individual Choice interaction interaction Interference Intervene Primarily Private Property/Private Sector Produce/Producers Production Profit/ Profit Motive Public Property/ Public Sector Resources rivalry satisfy Scarcity Services Society Supply and Demand Traditional Economy Assessment Evidence ~ What is evidence of mastery? What did the students master & what are they missing? Assessment/ Evidence Check for Understanding Strategies Exit Tickets Interactive Notebooks Practice SOL Test Questions DBQ Interactive Achievement Assessments Non-linguistic Representations Teacher Made Assessments VGLA Documents for 2008 Standards Civics and Economics Page | 5 Learning Plan ~ What are the strategies and activities you plan to use? Learning Experiences/ Best Practices Learning Experiences Students can evaluate charts. CE11b, Civics Today, pg. 408 & 409(#6), CE11a, Civics Today, pg. 449, 459 (#19&20), 463, 464 Students can practice reading circle and line graphs. Skill Builder, Civics Today, pgs. 415, 457 Students can analyze and interpret political cartoons. CE11a, Civics Today, pg. 409 &465 Students can analyze maps and graphs, CE11b, Civics Today, pg. 568 Given a scenario, students can determine whether price will go up or down depending on the effects of supply or demand. Example: A cold spell killed orange trees in Florida. What will happen to the price of organs? CE11a Students can work in groups or alone to determine what resources go into the production of commonly used goods such as chicken noodle soup or paper. CE11a. Students can answer the following question in paragraph form. Explain why private property is an essential characteristic of the U.S. economy. CE11c Students can create written or illustrated examples of the basic economic concepts being exercised. Students could also do this as a power point presentation. CE11a Students can assign a report card grade for each type of economic system. They can then give a written explanation as to why they gave that grade and how the system could improve the grade. CE11b Students can use newspapers, ads, and magazines to create vocabulary collages. CE11a-c Students can go on a gallery walk of images and determine which types of economic systems is on display. CE11b Students can create Frayer models for key vocabulary. CE11a-c http://www.theteachertoolkit.com/index.php/tool/frayer-model Students can create foldables for the types of economic systems Civics and Economics Instructional Strategies Compare and Contrast DBQ Drawing Inferences Evaluating and Reading Charts, Graphs & Tables Frayer Model Gallery Walks Graphic Organizers Interactive Notebooks Interpreting Political Cartoons Non-linguistic Representations Role Play Simulations Sorting Activities Narrative or Short Answer Writing Page | 6 and/or the characteristics of the American economy. CE11b,c http://rpshistory.weebly.com/high-yield-activities.html Students can create VENN diagrams comparing and contrasting free market, mixed and command economies. Students can sort scenarios about economic systems. CE11b Students can participate in a simulation to develop a better understanding of the effects of different types of economic systems on consumers. Students will be divided into groups and will create “badges” according to guidelines provided by the “government.” A class discussion follows the simulation. CE11b Students can play on-line review games from SOL Pass, reviewgamezone.com, etc. Students can play BINGO using the vocabulary terms from CE11a,b,c. Students can create narrative stories or comic strips using key economic concepts. CE11a-c http://www.readwritethink.org/files/resources/interactives/comic / Students can complete a DBQ essay comparing capitalism with communism. CE11b http://rpshistory.weebly.com/uploads/2/7/3/6/27363111/economi cs__dbq.pdf Students can complete a graphic organizer while watching a Brain Pop video on supply and demand. CE11a https://www.brainpop.com/socialstudies/economics/supplyandde mand/ Technology Integrations Students can create power point presentations for key vocabulary and concepts. Students can complete graphic organizers while watching on-line videos. Resources Text Book/Materials: Civics Today: Unit 6, Chapters 18-21 pp 402-477 Everything I Need to Know for the SOL by Cutlip FastTrack Book: 114-130 Civics and Economics Page | 7 Interactive Reading and Notetaking Pearson Coach and Assessment: pages 95-101 Thunks 08 Civics and Economics Review Virginia Experience by Gallopade VGLA Documents for 2008 Standards ICIVICS Lesson Plans: https://www.icivics.org/teachers/lesson-plans/government-economy-0 (also covers monopolies and federal agencies/consumer rights) https://www.icivics.org/teachers/lesson-plans/market-economy-0 (also covers some aspects of CE11a,b) Web Resources: SOL Pass: http://www.solpass.org/ce.php United Streaming: http://www.discoveryeducation.com/ RPS Social Studies Weebly: http://rpshistory.weebly.com/ Brain Pop: https://www.brainpop.com/socialstudies/economics/ EconEdLink: http://www.econedlink.org/ Virginia Department of Education VDOE Released Tests: http://www.doe.virginia.gov/testing/sol/released_tests/index.shtml VDOE Scope and Sequence: http://www.doe.virginia.gov/testing/sol/standards_docs/history_socialscience/2008/lesson_plans/index.shtml VDOE Curriculum Framework: http://www.doe.virginia.gov/testing/sol/standards_docs/history_socialscience/index.shtml VDOE Instructional Resources http://www.doe.virginia.gov/instruction/history/resources.shtml Checking for Understanding Strategies http://nau.edu/uploadedFiles/Academic/CAL/History/HistorySocial_Studies_Education/Formative%20Assessment%20in%20Social%20Studies.pdf http://www.readingquest.org/strat/ www.reviewgamezone.com Civics and Economics Page | 8 Cross Curricular Connection Math: Students will learn how to analyze charts, graphs and tables. English: Students can write narratives and/or complete a DBQ essay. Students can write short answers to critical thinking questions. Civics and Economics Page | 9