Download What impact does scarcity have on the production, distribution, and

2009 Pequea Valley SD Curriculum
Social Studies 12
PEQUEA VALLEY SD
Date: May 25, 2010 ET
Curriculum:
Course:
Topic: Foundations
Subject(s):
of Economics
Days: 10
Grade(s):
Key Learning: The exchange of goods and services provides choices through which people can
fill their basic needs and wants.
Unit Essential Question(s):
What impact does scarcity have on the production,
distribution, and consumption of goods and services?
Concept:
Concept:
Concept:
Scarcity
Factors of Production
Opportunity Cost
6.2.12.A, 6.5.12.D, 6.5.12.F
6.3.12.E
Lesson Essential Question(s):
What is the problem of scarcity? (A)
Lesson Essential Question(s):
What are the four factors of production? (A)
Lesson Essential Question(s):
How does opportunity cost affect my life?
(A)
(A)
What role do you play in the circular flow of
economic activity? (ET)
6.3.12.E, 6.3.12.B
What choices do I make in my individual
spending habits and what are the
opportunity costs? (ET)
Vocabulary:
scarcity, economics, need, want,
Vocabulary:
Vocabulary:
land, labor, capital, entrepreneurship, factor trade-offs, opportunity cost, production
markets, product markets, economic growth possibility frontier, economic models, cost
benefit analysis
Concept:
Concept:
Concept:
Economic Systems
Economic and Social Goals
Free Enterprise
6.1.12.A, 6.2.12.A
6.2.12.I, 6.2.12.A, 6.2.12.B, 6.1.12.A, 6.4.12.B
6.2.12.I
Lesson Essential Question(s):
Which ecoomic system offers you the most
satisfaction? (A)
Lesson Essential Question(s):
What is the most and least important of the
economic and social goals? (A)
Lesson Essential Question(s):
To what extent are the five characteristics of
free enterprise capitalism found in the U.S.?
(A)
Vocabulary:
economic system, traditional economy,
command economy, market economy,
market capitalism, mixed economy,
socialism, communism
Vocabulary:
minimum wage, Social Security, inflation,
fixed income
Vocabulary:
voluntary exchange, free enterprise, private
property rights, profit, profit motive,
competition, consumer sovereignty, mixed
free enterprise economy
Page 1 of 2
2009 Pequea Valley SD Curriculum
Social Studies 12
Curriculum:
Course:
Topic: Foundations
Subject(s):
of Economics
PEQUEA VALLEY SD
Date: May 25, 2010 ET
Days: 10
Grade(s):
Additional Information:
Attached Document(s):
Page 2 of 2
2009 Pequea Valley SD Curriculum
Social Studies 12
Curriculum:
Course:
Vocab Report for Topic:
Subject(s):
Foundations of Economics
PEQUEA VALLEY SD
Date: May 25, 2010 ET
Days: 10
Grade(s):
Concept:
Scarcity
scarcity economics need want Concept: Factors of Production
land labor capital entrepreneurship factor markets product markets economic growth Concept: Opportunity Cost
trade-offs opportunity cost production possibility frontier economic models cost benefit analysis Concept: Economic Systems
economic system traditional economy command economy market economy market capitalism mixed economy socialism communism Concept: Economic and Social Goals
minimum wage Social Security inflation fixed income -
Page 1 of 2
2009 Pequea Valley SD Curriculum
Social Studies 12
Curriculum:
Course:
Vocab Report for Topic:
Subject(s):
Foundations of Economics
PEQUEA VALLEY SD
Date: May 25, 2010 ET
Days: 10
Grade(s):
Concept: Free Enterprise
voluntary exchange free enterprise private property rights profit profit motive competition consumer sovereignty mixed free enterprise economy -
Page 2 of 2
2009 Pequea Valley SD Curriculum
Social Studies 12
PEQUEA VALLEY SD
Date: May 25, 2010 ET
Curriculum:
Course:
Topic: Global
Subject(s):
Economics
Days: 10
Grade(s):
Key Learning: The new global economy is characterized with an increased emphasis on free
enterprise, trade and economic integration.
Unit Essential Question(s):
Should the U.S. continue on its path toward supporting
global standards of free trade and increased economic
integration.
Concept:
Concept:
Absolute and Comparative
Advantage
Barriers to International Trade Foreign Exchange and Trade
Deficits
6.2.12.H
Concept:
6.4.12.C, 6.2.12.L
6.4.12.A, 6.4.12.F
Lesson Essential Question(s):
Lesson Essential Question(s):
Why is comparative advantage the basis for What is the argument between free trade
iternational trade? (A)
and trade barriers? (A)
Lesson Essential Question(s):
Why has the value of the dollar been
decreasing? (A)
Vocabulary:
exports, imports, absolute advantage, PPF,
comparative advantage, opportunity cost
Vocabulary:
tariff, quota, protective tariff, revenue tariff,
protectionists, free traders, infant industries
argument, most favored nation clause,
balance of payments, WTO, NAFTA
Vocabulary:
foreign exchange, foreign exchange rate,
fixed exchange rates, flexible exchange
rates, floating exchange rates, trade deficits,
trade surplus, trade-weighted value of the
dollar
Concept:
Concept:
Concept:
Economic Development
Achieving Economic
Development
The Transition to Capitalism
6.4.12.F
6.1.12.B
6.4.12.F
Lesson Essential Question(s):
What obstacles do developing nations face
that make economic growth difficult? (A)
Lesson Essential Question(s):
What avenues are open to help developing
countries? (A)
Lesson Essential Question(s):
What recommendations would you have to
help communist countries move toward a
more free enterprise system? (A)
Vocabulary:
developing country, primitive equilibrium,
takeoff, crude birthrate, life expectancy, zero
population growth, external debt, default,
capital flight
Vocabulary:
micro loan, IMF, World Bank, soft loan,
expropriation, free-trade area, customs
union, European Unon, euro, ASEAN, cartel
Vocabulary:
capitalism, privatization, vouchers, FiveYear Plan, Gosplan, collectivization,
perestroika, Great Leap Forward, solidarity,
black market, capital-intensive, keiretsu,
population density
Page 1 of 2
2009 Pequea Valley SD Curriculum
Social Studies 12
PEQUEA VALLEY SD
Date: May 25, 2010 ET
Curriculum:
Course:
Topic: Global
Subject(s):
Economics
Days: 10
Grade(s):
Concept:
Concept:
Concept:
Globalization: Characteristics
and Trends
Global Problems and
Economic Incentives
Applying the Economic Way of
Thinking
6.2.12.L, 6.5.12.E
6.4.12.G, 6.5.12.E
6.3.12.D, 6.4.12.A, 6.4.12.C, 6.5.12.E
Lesson Essential Question(s):
Does globalization hurt or help the U.S.
economy? (A)
Lesson Essential Question(s):
What are the negative effects of
globalization on the environment? (A)
Lesson Essential Question(s):
What changes would you make to our
current economic system and what
economic goal would it support? (A)
Vocabulary:
globalization, multinational, outsourcing,
GATT, division of labor, comparative
advantage, European Coal and Steel
Community, Free Trade Area of the
Americas
Vocabulary:
scarcity, subsistence, renewable resource,
hydropower, biomass, gasohol,
nonrenewable resource, glut, pollution, acid
rain, pollution permit
Vocabulary:
cost-benefit analysis, opportunity costs,
modified free enterprise economy
Additional Information:
Attached Document(s):
Page 2 of 2
2009 Pequea Valley SD Curriculum
Social Studies 12
Curriculum:
Course:
Vocab Report for Topic:
Subject(s):
Global Economics
PEQUEA VALLEY SD
Date: May 25, 2010 ET
Days: 10
Grade(s):
Concept:
Absolute and Comparative Advantage
exports imports absolute advantage PPF comparative advantage opportunity cost Concept: Barriers to International Trade
tariff quota protective tariff revenue tariff protectionists free traders infant industries argument most favored nation clause balance of payments WTO NAFTA Concept: Foreign Exchange and Trade Deficits
foreign exchange foreign exchange rate fixed exchange rates flexible exchange rates floating exchange rates trade deficits trade surplus trade-weighted value of the dollar Concept: Economic Development
developing country primitive equilibrium takeoff crude birthrate life expectancy zero population growth external debt default capital flight -
Page 1 of 3
2009 Pequea Valley SD Curriculum
Social Studies 12
Curriculum:
Course:
Vocab Report for Topic:
Subject(s):
Global Economics
PEQUEA VALLEY SD
Date: May 25, 2010 ET
Days: 10
Grade(s):
Concept: Achieving Economic Development
micro loan IMF World Bank soft loan expropriation free-trade area customs union -
European Unon euro ASEAN cartel Concept: The Transition to Capitalism
capitalism privatization vouchers Five-Year Plan Gosplan collectivization perestroika Great Leap Forward solidarity black market capital-intensive keiretsu population density Concept: Globalization: Characteristics and Trends
globalization multinational outsourcing GATT division of labor comparative advantage European Coal and Steel Community Free Trade Area of the Americas Concept:
Global Problems and Economic Incentives
scarcity subsistence renewable resource Page 2 of 3
2009 Pequea Valley SD Curriculum
Social Studies 12
Curriculum:
Course:
Vocab Report for Topic:
Subject(s):
Global Economics
PEQUEA VALLEY SD
Date: May 25, 2010 ET
Days: 10
Grade(s):
hydropower biomass gasohol nonrenewable resource glut pollution acid rain pollution permit Concept: Applying the Economic Way of Thinking
cost-benefit analysis opportunity costs modified free enterprise economy -
Page 3 of 3
2009 Pequea Valley SD Curriculum
Social Studies 12
PEQUEA VALLEY SD
Date: May 25, 2010 ET
Curriculum:
Course:
Topic: Investment
Subject(s):
Days: 10
Grade(s):
Key Learning: Wealth can grow with the benefits of time and compounding.
Unit Essential Question(s):
What is the best approach to long range investment.
Concept:
Concept:
Stocks, Mutual Funds, Broker & Bonds
Short Term Investments
6.5.12.g
6.2.12.D, 6.5.12.g, 6.4.12.D
Lesson Essential Question(s):
What is the pros and cons of each of the investment options? (A)
Lesson Essential Question(s):
What short term investment vehicle is the best for me? (A)
Vocabulary:
interest, risk, ticker symbol, stocks, mutual funds, bonds, stock
broker
Vocabulary:
savings account, money market fund, certificate of deposit
Additional Information:
Attached Document(s):
Page 1 of 1
2009 Pequea Valley SD Curriculum
Social Studies 12
Curriculum:
Course:
Vocab Report for Topic:
Subject(s):
Investment
PEQUEA VALLEY SD
Date: May 25, 2010 ET
Days: 10
Grade(s):
Concept:
Stocks, Mutual Funds, Broker & Bonds
interest risk ticker symbol stocks mutual funds bonds stock broker Concept: Short Term Investments
savings account money market fund certificate of deposit -
Page 1 of 1
2009 Pequea Valley SD Curriculum
Social Studies 12
PEQUEA VALLEY SD
Date: May 25, 2010 ET
Curriculum:
Course:
Topic: Government
Subject(s):
Revenue and Spending
Days: 10
Grade(s):
Key Learning: The process of taxation and spending helps guide our economic system.
Unit Essential Question(s):
What elements of taxation and/or spending would you
change and what effect would it have on our economy?
Concept:
Concept:
Concept:
The Economics of taxation.
Federal, State, and Local
Revenue Systems
Current Tax Issues and
Reforms
6.3.12.E, 6.3.12.C, 6.2.12.G
6.3.12.E
6.3.12.F, 6.2.12.G, 6.2.12.J
Lesson Essential Question(s):
What type of taxe would you prefer to have
for our country? (A)
Lesson Essential Question(s):
Lesson Essential Question(s):
Where does the federal government receive What change would you make to our current
its revenue from? (A)
tax policy? (A)
Vocabulary:
sin tax, incidence of a tax, tax loophole,
individual income tax, sales tax, tax return,
benefit principle of taxation, ability to pay
principle, proportional tax, average tax rate,
Medicare, progressive tax rate, marginal tax
rate, regressive tax
Vocabulary:
IRS, payrol withholding system, indexing,
FICA, payroll tax, corporate income tax,
excise tax, estate tax, gift tax, customs duty,
user fee, intergovernmental revenue,
property tax, tax assessor, natural
monopoly
Vocabulary:
payroll withholding statement, accelerated
depreciation, investment tax credit,
alternative minimum tax, capital gains, flat
tax, value-added tax
Concept:
Concept:
Concept:
The Economics of government Federal, State, and Local
Spending
Government Expenditures
Deficits, Surpluses, and the
National Debt
6.2.12.H, 6.2.12.I, 6.3.12.E
6.3.12.F, 6.2.12.H
6.2.12.I, 6.3.12.F
Lesson Essential Question(s):
In what ways has spending by the public
sector changed in the last fifty years? (A)
Lesson Essential Question(s):
What changes would you make to the U.S.
budget? (A)
Lesson Essential Question(s):
How dangerous is the current National Debt
of the U.S.? (A)
Vocabulary:
pork, public sector, private sector, transfer
payment, grant-in-aid, subsidy, distribution
of income
Vocabulary:
federal budget, fiscal year, appropriations
bill, budget deficit, budget surplus,
mandatory spending, discretionary
spending, Medicare, Mdicaid, balanced
budget amendment, intergovernmental
expenditures
Vocabulary:
deficit spending, national debt, balanced
budget, trust fund, per capita, crowding-outeffect, pay-as-you-go provision, line-item
veto, spending cap, entitlement
Page 1 of 2
2009 Pequea Valley SD Curriculum
Social Studies 12
Curriculum:
Course:
Topic: Government
Subject(s):
Revenue and Spending
PEQUEA VALLEY SD
Date: May 25, 2010 ET
Days: 10
Grade(s):
Additional Information:
Attached Document(s):
Page 2 of 2
2009 Pequea Valley SD Curriculum
Social Studies 12
Curriculum:
Course:
Vocab Report for Topic:
Subject(s):
Government Revenue and Spending
PEQUEA VALLEY SD
Date: May 25, 2010 ET
Days: 10
Grade(s):
Concept:
The Economics of taxation.
sin tax incidence of a tax tax loophole individual income tax sales tax tax return benefit principle of taxation ability to pay principle proportional tax average tax rate Medicare progressive tax rate marginal tax rate regressive tax Concept: Federal, State, and Local Revenue Systems
IRS payrol withholding system indexing FICA payroll tax corporate income tax excise tax estate tax gift tax customs duty user fee intergovernmental revenue property tax tax assessor natural monopoly Concept: Current Tax Issues and Reforms
payroll withholding statement accelerated depreciation investment tax credit alternative minimum tax capital gains flat tax value-added tax -
Page 1 of 2
2009 Pequea Valley SD Curriculum
Social Studies 12
Curriculum:
Course:
Vocab Report for Topic:
Subject(s):
Government Revenue and Spending
PEQUEA VALLEY SD
Date: May 25, 2010 ET
Days: 10
Grade(s):
Concept: The Economics of government Spending
pork public sector private sector transfer payment grant-in-aid subsidy distribution of income Concept: Federal, State, and Local Government Expenditures
federal budget fiscal year appropriations bill budget deficit budget surplus mandatory spending discretionary spending Medicare Mdicaid balanced budget amendment intergovernmental expenditures Concept: Deficits, Surpluses, and the National Debt
deficit spending national debt balanced budget trust fund per capita crowding-out-effect pay-as-you-go provision line-item veto spending cap entitlement -
Page 2 of 2
2009 Pequea Valley SD Curriculum
Social Studies 12
PEQUEA VALLEY SD
Date: May 25, 2010 ET
Curriculum:
Course:
Topic: Macroeconomics
Subject(s):
Days: 10
Grade(s):
Key Learning: The health of our economy can be mearsured by GDP, inflation and
unemployment.
Unit Essential Question(s):
Based upon the key economic indicators, how healthy is
the U.S. economy?
Concept:
Concept:
Concept:
Real GDP
Population Growth
Poverty
6.1.12.C
6.1.12.C
Lesson Essential Question(s):
How do I measure economic performance?
(A)
Lesson Essential Question(s):
In what ways does the consumer sector
affect the economic performance of a
nation? (A)
Lesson Essential Question(s):
How does our free enterprise sysetm deal
with the resulting inequality in income
distribution? (A)
Vocabulary:
macroeconomics, GDP, intermediate
products, secondhand sales, nonmarket
transactions, underground economy, base
year, real GDP, current GDP, per capita
GDP, GNP, NNP, NI, PI, DPI, household,
unrelated individual, family, output
expenditure model, net exports of goods
and services
Vocabulary:
census, urban population, rural population,
center of population, infrastructure, baby
boom, population pyramid, dependency
ration, demographers, fertilty rate, life
expectancy, net immigration
Vocabulary:
poverty threshold, poverty guidelines,
Lorenz curve, welfare, food stamps,
Medicaid, Earned Income Tax Credit,
enterprise zone, workforce, negative income
tax
6.1.12.C, 6.1.12.D
Page 1 of 3
2009 Pequea Valley SD Curriculum
Social Studies 12
PEQUEA VALLEY SD
Date: May 25, 2010 ET
Curriculum:
Course:
Topic: Macroeconomics
Subject(s):
Days: 10
Grade(s):
Concept:
Concept:
Concept:
Business Cycles
Inflation
Unemployment
6.1.12.D
6.1.12.C
6.1.12.C
Lesson Essential Question(s):
At what point of the business cycle are we
currently in? (A)
Lesson Essential Question(s):
How does inflation hurt both individuals and
society? (A)
Lesson Essential Question(s):
What type of unemployment are you most
susceptible to? (A)
Vocabulary:
business cycles, business fluctiuation,
recession, peak, trough, expansion, trend
line, depression, depression scrip, leading
economic indicator, composite index of
leading economic indicators, econometric
model
Vocabulary:
inflation, deflation, price index, CPI, market
basket, base year, creepting inflation,
hyperinflation, stagflation, PPI, implicit GDP
price deflator
Vocabulary:
civilian labor force, labor force, unemployed,
unemployment rate, frictional
unemployment, structural unemployment,
outsourcing, technological unemployment,
cyclical umemployment, seasonal
umemployment, GDP gap, misery index,
discomfort index
Concept:
Concept:
Concept:
The Evolution, Functions and
Characteristics of Money
The Development of Modern
banking
The Federal Reserve System
and Monetary Policy
6.1.12.C
6.1.12.C
6.2.12.C
Lesson Essential Question(s):
How has money evolved and what are its
functions? (A)
Lesson Essential Question(s):
Lesson Essential Question(s):
How does fractional reserve banking work to How is the Federal Reserve System
regulate the money supply? (A)
organized and how does it conduct
monetary policy? (A)
Vocabulary:
Federal Reserve System, Federal Reserve
Notes, barter economy, commodity money,
flat money, specie, monetary unit, medium
of exchange, measure of value, store of
value, demand deposit accounts, M1 M2
Vocabulary:
state bank, legal tender, national bank,
national currency, gold certificate, silver
certificate, central bank, bank run, bank
holiday, fractional reserve system, legal
reserves, reserve requirement, member
bank reserves, excess reserves
Vocabulary:
member bank, monetary policy, interest
rate, easy monetary policy, tight monetary
policy, open market operations, discount
rate, prime rate, quantity theory of money,
currency, coins, bank holding companies,
Regulation Z
Concept:
Concept:
Concept:
Macroeconomic Equilibrium
Stabilization Policies
Economics and Politics
6.1.12.C
6.3.12.F
6.3.12.F
Lesson Essential Question(s):
(A)
Lesson Essential Question(s):
(A)
Lesson Essential Question(s):
(A)
Vocabulary:
Vocabulary:
Vocabulary:
Page 2 of 3
2009 Pequea Valley SD Curriculum
Social Studies 12
Curriculum:
Course:
Topic: Macroeconomics
Subject(s):
PEQUEA VALLEY SD
Date: May 25, 2010 ET
Days: 10
Grade(s):
Additional Information:
Attached Document(s):
Page 3 of 3
2009 Pequea Valley SD Curriculum
Social Studies 12
Curriculum:
Course:
Vocab Report for Topic:
Subject(s):
Macroeconomics
PEQUEA VALLEY SD
Date: May 25, 2010 ET
Days: 10
Grade(s):
Concept:
Real GDP
macroeconomics GDP intermediate products secondhand sales nonmarket transactions underground economy base year real GDP current GDP per capita GDP GNP NNP NI PI DPI household unrelated individual family output expenditure model net exports of goods and services Concept: Population Growth
census urban population rural population center of population infrastructure baby boom population pyramid dependency ration demographers fertilty rate life expectancy net immigration -
Page 1 of 4
2009 Pequea Valley SD Curriculum
Social Studies 12
Curriculum:
Course:
Vocab Report for Topic:
Subject(s):
Macroeconomics
PEQUEA VALLEY SD
Date: May 25, 2010 ET
Days: 10
Grade(s):
Concept: Poverty
poverty threshold poverty guidelines Lorenz curve welfare food stamps Medicaid Earned Income Tax Credit enterprise zone workforce negative income tax Concept: Business Cycles
business cycles business fluctiuation recession peak trough expansion trend line depression depression scrip leading economic indicator composite index of leading economic indicators econometric model Concept: Inflation
inflation deflation price index CPI market basket base year creepting inflation hyperinflation stagflation PPI implicit GDP price deflator -
Page 2 of 4
2009 Pequea Valley SD Curriculum
Social Studies 12
Curriculum:
Course:
Vocab Report for Topic:
Subject(s):
Macroeconomics
PEQUEA VALLEY SD
Date: May 25, 2010 ET
Days: 10
Grade(s):
Concept: Unemployment
civilian labor force labor force unemployed unemployment rate frictional unemployment structural unemployment outsourcing technological unemployment cyclical umemployment seasonal umemployment GDP gap misery index discomfort index Concept: The Evolution, Functions and Characteristics of Money
Federal Reserve System Federal Reserve Notes barter economy commodity money flat money specie monetary unit medium of exchange measure of value store of value demand deposit accounts M1 M2 Concept: The Development of Modern banking
state bank legal tender national bank national currency gold certificate silver certificate central bank bank run bank holiday fractional reserve system legal reserves reserve requirement member bank reserves excess reserves -
Page 3 of 4
2009 Pequea Valley SD Curriculum
Social Studies 12
Curriculum:
Course:
Vocab Report for Topic:
Subject(s):
Macroeconomics
PEQUEA VALLEY SD
Date: May 25, 2010 ET
Days: 10
Grade(s):
Concept: The Federal Reserve System and Monetary Policy
member bank monetary policy interest rate easy monetary policy tight monetary policy open market operations discount rate prime rate quantity theory of money currency coins bank holding companies Regulation Z -
Page 4 of 4
2009 Pequea Valley SD Curriculum
Social Studies 12
PEQUEA VALLEY SD
Date: May 25, 2010 ET
Curriculum:
Course:
Topic: Supply
Subject(s):
and Demand
Days: 10
Grade(s):
Key Learning: The forces of supply and demand determine the quantity and price of goods and
services sold in a market.
Unit Essential Question(s):
How is price determined and what is it's role in a free
enterpise system?
Concept:
Concept:
Concept:
Law of Demand
Changes in Demand
Elasticity of Demand
6.2.12.F
6.5.12.A
Lesson Essential Question(s):
How do you determine demand for a
product and what does it's curve look like?
(A)
Lesson Essential Question(s):
In your life experience what causes and
increase or decrease in demand? (A)
Lesson Essential Question(s):
Why is gasoline an inelastic item? (A)
Vocabulary:
market economy, demand, microeconomics,
demand schedule, demand curve, Law of
Demand, market demand curve, marginal
utility, diminishing marginal utility
Vocabulary:
change in quantity demanded, income
effect, substitution effect, change in
demand, substitutes, complements
Vocabulary:
elasticity, demand elasticity, elastic,
inelastic, unit elastic
Concept:
Concept:
Concept:
Supply
Law of Supply
Elasticity of Supply
6.5.12.B
6.5.12.B
6.5.12.B
Lesson Essential Question(s):
How do you determine the direction of a
supply curve? (A)
Lesson Essential Question(s):
What forces determine an increase or
decrease in supply? (A)
Lesson Essential Question(s):
Why is it easier to increase or decrease the
production of certain goods. (A)
Vocabulary:
supply, Law of Supply, supply schedule,
supply curve, market supply curve, quantity
supplied,
Vocabulary:
change in quantity supply, change in supply,
resources, productivity, taxes and subsidies,
expectations, government regualations,
number of sellers, technology
Vocabulary:
supply elasticity, elastic supply, inelastic
supply, unit elastic supply, production
consideration
6.5.12.A
Page 1 of 2
2009 Pequea Valley SD Curriculum
Social Studies 12
PEQUEA VALLEY SD
Date: May 25, 2010 ET
Curriculum:
Course:
Topic: Supply
Subject(s):
and Demand
Days: 10
Grade(s):
Concept:
Concept:
Concept:
Price as a Rationing Device
Equilibrium Price
Social Goals & Market
Efficiency
6.2.12.E, 6.2.12.F
6.4.12.E
6.2.12.K, 6.3.12.A, 6.4.12.E
Lesson Essential Question(s):
What is the best rationing device for our
economic system? (A)
Lesson Essential Question(s):
How do you determine quilibrium price? (A)
Lesson Essential Question(s):
Why would government interfere with the
markets determination of equilibrium? (A)
Vocabulary:
price, rationing, ration coupon, rebate
Vocabulary:
economic model, equilibrium price, surplus,
shortage, change in demand/supply
Vocabulary:
price ceiling, minimum wage, price floor,
target price, nonrecourse loan, deficiency
payment
Additional Information:
Attached Document(s):
Page 2 of 2
2009 Pequea Valley SD Curriculum
Social Studies 12
Curriculum:
Course:
Vocab Report for Topic:
Subject(s):
Supply and Demand
PEQUEA VALLEY SD
Date: May 25, 2010 ET
Days: 10
Grade(s):
Concept:
Law of Demand
market economy demand microeconomics demand schedule demand curve Law of Demand market demand curve marginal utility diminishing marginal utility Concept: Changes in Demand
change in quantity demanded income effect substitution effect change in demand substitutes complements Concept: Elasticity of Demand
elasticity demand elasticity elastic inelastic unit elastic Concept: Supply
supply Law of Supply supply schedule supply curve market supply curve quantity supplied -
Page 1 of 2
2009 Pequea Valley SD Curriculum
Social Studies 12
Curriculum:
Course:
Vocab Report for Topic:
Subject(s):
Supply and Demand
PEQUEA VALLEY SD
Date: May 25, 2010 ET
Days: 10
Grade(s):
Concept: Law of Supply
change in quantity supply change in supply resources productivity taxes and subsidies expectations government regualations number of sellers technology Concept: Elasticity of Supply
supply elasticity elastic supply inelastic supply unit elastic supply production consideration Concept:
Price as a Rationing Device
price rationing ration coupon rebate Concept: Equilibrium Price
economic model equilibrium price surplus shortage change in demand/supply Concept: Social Goals & Market Efficiency
price ceiling minimum wage price floor target price nonrecourse loan deficiency payment -
Page 2 of 2