Download 1. Fundamental Economic Concepts

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Antelope Valley Union High School District
Social Studies - Economics
Curriculum Outline
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Course Title: Economics
Adopted: February 17, 1999
Department: Social Science
UC/CSU Requirement: Yes
Pre-Requisite: None
Fulfills CSF Requirement: Yes
Length of Course: One Semester
Fulfills H/S Graduation Credit As:
Required X__ Elective ____
Semester/Credits: 5
Grade Level: 12
I.
Course Description
The major emphasis of this course is upon studying the basic principles of economics to help
pupils understand the “demand” economic system within which they live, an to learn to analyze,
objectively, the wide range of problems that confront their society. The course briefly contrasts
other systems, such as “command” economics, with the United States economic system. The
course also identifies the growing problem caused by unlimited demands on limited natural
resources and by socioeconomic desires for a balanced ecology on the one hand and an increased
standard of living on the other. Appreciation is developed for the fact that sound economic
growth results only from increased productivity, and for the necessary role of investment capital
as the seed for future growth in either a “command” or a ‘demand” market system. The course
enables pupils to gain better understanding of how and why the United States economic system
works, how they can help it to serve them better. The methodology of the professional economist
and economics is studied in its historical context. The course also includes extensive reading,
and written and oral composition.
II.
Rationale
The economics semester course will increase understanding of how individuals and groups use
their limited resources to satisfy their basic needs and unlimited wants. the student will develop
essential decision-making skills necessary for dealing with critical issues in their local
communities, California, the United States, and global society.
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Social Studies - Economics
Curriculum Outline
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1. Skills Attainment And Social Participation
The student will develop and refine his or her basic study, critical thinking, and participatory
skills in each knowledge strand.
1.1
Locates/Organizes/Analyzes Information
The student will locate, organize, interpret, and analyze written information,
graphically organized information, information from electronic media, and cartoons.
013
1.1.1
Interprets Graphic Information
The student will interpret the information presented on a graph, chart, table,
or timeline. (Essential)
014
1.1.2
Graphs Information
The student will construct a graph, chart, table, and/or timeline that correctly
organizes given data. (Essential)
USIII-012
1.1.3
Locates Information
The student will use the electronic card catalog, encyclopedias, and other
resources to locate information. (Essential)
019
1.1.4
Analyzes Cartoon Or Slogan
The student will analyze the message or significance of a cartoon or slogan.
(Expected)
179
1.1.5
Analyzes Primary Sources
The student will analyze primary sources. (Expected)
1.2
Uses Critical Thinking
The student will use critical thinking skills through questioning and writing activities.
026
1.2.1
Evaluates Information
The student will evaluate information related to problem resolution (e.g.,
distinguish fact and opinion, recognize stereotypes and bias, identify
supporting information, judge quantity and quality of information, recognize
alternative solutions, predict probable consequences of events). (Expected)
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Social Studies - Economics
Curriculum Outline
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LA07-271
1.2.2
Expresses An Opinion
The student will express his or her opinion with reasons and supporting
evidence. (Essential)
1.3
Develops Participation Skills
The student will develop personal and interactive skills that will assist him or her to
work cooperatively with others.
032
1.3.1
Collectively Solves Problem
The student will develop strategies to collectively solve a problem.
(Essential)
1.4
Develops Communication Skills
The student will develop written communication skills.
042
1.4.1
Writes Essay
The student will write a multiple-paragraph essay using topic sentences,
supporting details, and conclusions. (Expected)
1.5
Practices Oral Communication Skills
The student will practice oral communication skills.
LA07-199
1.5.1
Practices Effective Listening
The student will practice effective listening in group and individual
situations. (Essential)
LA07-287
1.5.2
Engages In Discussions
The student will engage in classroom discussions. (Expected)
1.5.3
Gives Oral Presentations
The student will give oral presentations. (Expected)
1.6
Develops Computer Literacy
The student will develop necessary computer literacy skills.
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Social Studies - Economics
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037
1.6.1
Uses Computers For Research
The student will locate, organize, interpret, or analyze information using
computers and other electronic media. (Expected)
1.6.2
Uses Computers For Presentation
The student will demonstrate the use of a multimedia program for a
classroom presentation. (Extended)
2. Historical Literacy
The student will demonstrate an understanding of the historical development of economic
thought and systems.
2.1
Understands Economic Philosophies
The student will demonstrate knowledge of economic philosophies and their impact
on economic history.
2.1.1
Describes Various Economies
The student will describe the elements of traditional, command, and market
economies. (Essential)
047
2.1.2
Examines Economic Teachings
The student will examine the economic teachings of Adam Smith, Karl
Marx, and John Maynard Keynes and their influence on the economic
development of nations. (Expected)
090
2.1.3
Analyzes Economic Debates
The student will analyze contemporary debates regarding the appropriate
economic goals of society and how best to achieve them. (Expected)
3. Ethical Literacy
The student will demonstrate an understanding of the ethical issues that influence economic
decision making.
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Social Studies - Economics
Curriculum Outline
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3.1
Understands Relation Of Ethics/Economy
The student will demonstrate understanding of the relationships between ethics and
economic systems.
3.1.1
Develops Opinions - Economic Values
The student will develop and refine his or her own opinions about the
appropriate values that should underlie economic systems and policies.
(Expected)
4. Cultural Literacy
The student will demonstrate an understanding of the influence of cultural factors on economics.
4.1
Relates Economic/Cultural Changes
The student will demonstrate understanding that economic systems change to reflect
changes in culture.
4.1.1
Analyzes Cultural Economic Patterns
The student will analyze how the distinct cultural patterns of a country
influence economic development and policies, including the relationship
between the market and government and the economic roles of individuals.
(Extended)
5. Geographic Literacy
The student will demonstrate an understanding of the influence of geography on economics.
5.1
Understand Geographic Variables Of Economics
The student will understand the relationship between geographic variables and
economic systems.
5.1.1
Identifies Economic Differences Among Countries
The student will identify the economic differences among countries,
categorizing them according to their economic development. (Essential)
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5.1.2
Analyzes Geographic Factors Affecting Economics
The student will analyze how geographic factors affect patterns of economic
development, commerce, and monetary relations. (Expected)
6. Economic Literacy - Basic Concepts
The student will demonstrate an understanding of basic economic concepts, including scarcity,
factors of production, opportunity cost, and productivity.
6.1
Understands Basic Economic Concepts
The student will demonstrate understanding of and apply the basic economic concepts
of scarcity, opportunity costs, economic trade-offs, and productive resources.
001
6.1.1
Uses The Vocabulary Of Economics
The student will use the basic vocabulary of economics, including the terms
wants, goods, services, consumers, producers, and entrepreneurship.
(Essential)
006
6.1.2
Explains Scarcity/Opportunity Costs/Trade-Offs
The student will explain scarcity, opportunity costs, and trade-offs for both
producers and consumers and will illustrate their relationship to decisionmaking and the problem of scarcity. (Expected)
005
6.1.3
Describes/Explains The Factors Of Production
The student will describe the three factors of production—natural, human,
and capital resources—and will explain how they are combined to produce
goods and services. (Essential)
007
6.1.4
Defines The Concept Of Productivity
The student will define the concept of productivity. (Expected)
008
6.1.5
Analyzes Changes In Productivity And Their Implications
The student will analyze how productivity can be changed by use of
investment, technology, and innovation. (Expected)
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Social Studies - Economics
Curriculum Outline
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7. Economic Literacy - Similarities/Differences
The student will demonstrate an understanding of similarities and differences among the major
political-economic systems.
7.1
Understands Different Economic Systems
The student will demonstrate an understanding of the different economic systems.
089
7.1.1
Analyzes The Modified-Market Economy Of The United States
The student will analyze the strengths and weaknesses of the modifiedmarket economy in the United States, including such concepts as private
ownership, free enterprise, profit motive, consumer sovereignty, and
competition. (Expected)
090
7.1.2
Evaluates Different Economic Systems
The student will evaluate the different economic systems based on broad
societal goals, including freedom, efficiency, equity, security, and growth.
(Extended)
8. Economic Literacy - Microeconomics
The student will demonstrate an understanding of microeconomics, including resource allocation,
market forces, supply and demand, and individual behavior in the economy.
8.1
Understands Supply/Demand/Prices
The student will demonstrate understanding of the concepts of supply, demand, and
prices.
095
8.1.1
Uses The Vocabulary Of Microeconomics
The student will use the vocabulary of microeconomics, including the terms
market, market equilibrium, price, supply, and demand. (Essential)
096
8.1.2
Explains Market And Market Equilibrium Price
The student will explain how a market equilibrium price is determined.
(Essential)
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097
8.1.3
Analyzes The Effects Of Prices
The student will analyze the effects of prices on the behavior of buyers and
sellers. (Expected)
098
8.1.4
Explains Supply And Demand And Their Determinants
The student will explain the causes of changes in supply and demand.
(Essential)
099
8.1.5
Graphs Changes In Supply And Demand
The student will graph changes in supply and demand. (Essential)
100
8.1.6
Analyzes Effect Of Supply And Demand On Market Equilibrium
The student will analyze how supply and demand affect the market
equilibrium price. (Essential)
102
8.1.7
Describes Effect Of Price Controls: Ceilings And Floors
The student will describe, both graphically and in writing, how price ceilings
and price floors affect price, supply, and demand. (Expected)
103
8.1.8
Describes Elasticity Of Supply And Demand
The student will describe the concept of elasticity as it relates to price,
supply, demand, and related (substitute and complementary) goods.
(Expected)
8.2
Understands Competitive Markets
The student will demonstrate understanding of different market structures and
determine how their operation affects competition and prices.
108
8.2.1
Analyzes The Effects Of Competition
The student will analyze the effects of competition on prices and quality in
the marketplace. (Expected)
109
8.2.2
Defines Monopolies/Oligopolies/Monopolistic/Perfect Competition
The student will define the terms monopolies, oligopolies, and monopolistic
and perfect competitive markets. (Essential)
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110
8.2.3
Explains The Impact Of Markets On The Economy
The student will explain how monopolies, oligopolies, and monopolistic and
perfectly competitive markets impact consumers, producers, and the
economy as a whole. (Expected)
111
8.2.4
Describes Market Failures/Evaluates Corrections
The student will describe market failures, including externalities,
monopolies, public goods, and incomplete information, and will evaluate the
necessity of corrective action by the government through taxes, regulations,
and subsidies. (Expected)
8.3
Understands Income Distribution/Labor Markets
The student will demonstrate understanding of how income is distributed and how
workers and business owners organize their activities in a market economy.
116
8.3.1
Defines Earned Income, Rent, And Interest
The student will define the various types of earned income, rent, and
interest. (Expected)
117
8.3.2
Explains Transfer Payments
The student will explain how transfer payments differ from earned income.
(Expected)
118
8.3.3
Describes Public Policies To Redistribute Income
The student will describe four public policies that redistribute income.
(Expected)
119
8.3.4
Analyzes Poverty
The student will contrast absolute and relative poverty and analyze possible
causes, consequences, and solutions. (Expected)
120
8.3.5
Analyzes Labor Market Operations
The student will analyze the determinants of employment levels and wages
and the impact of unionization, minimum wage, and unemployment
insurance. (Expected)
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121
8.3.6
Describes Alternative Forms Of Business Organization
The student will describe alternative forms of business organization—single
proprietorship, partnership, and corporations—and their impacts on the
economy. (Essential)
9. Economic Literacy - Macroeconomics
The student will demonstrate an understanding of macroeconomics, including measures of
economic performance, the role of government, and the components of fiscal and of monetary
policy.
9.1
Understands Measurements Of Economic Performance
The student will demonstrate understanding of measures of economic performance.
126
9.1.1
Uses The Vocabulary Of Macroeconomics
The student will use the vocabulary of macroeconomics, including such
terms as inflation, Consumer Price Index, Gross Domestic Product,
aggregate supply and demand, unemployment, and the business cycle.
(Essential)
127
9.1.2
Describes Broad Macroeconomic Goals
The student will describe broad societal goals such as price stability,
economic growth, "full" employment, equity, efficiency, and security.
(Essential)
128
9.1.3
Examines Inflation/Deflation
The student will examine the measurement of inflation through the
Consumer Price Index and the effects of government policies, employment
levels, and aggregate supply and demand. (Essential)
129
9.1.4
Explains Gross Domestic Product
The student will explain the measurement and uses of the Gross Domestic
Product. (Essential)
130
9.1.5
Describes Aggregate Supply And Demand
The student will describe the components of aggregate supply and demand
and their relationship to prices, employment, and the business cycle.
(Expected)
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131
9.1.6
Describes Labor Force And Types Of Unemployment
The student will describe the term labor force, the four types of
unemployment, and the policies designed to increase employment levels.
(Essential)
132
9.1.7
Analyzes The Business Cycle
The student will analyze the four legs of the business cycle and the possible
relationship of each of them to aggregate supply, demand, and government
policies. (Essential)
9.2
Identifies/Analyzes Government Fiscal Policy
The student will identify and analyze the components, determinants, and impacts of
fiscal policy.
137
9.2.1
Analyzes The Effects Of Different Kinds Of Taxes
The student will contrast progressive, regressive, and proportional taxes and
will analyze their effects on different income groups. (Expected)
138
9.2.2
Explains The Political Nature Of Fiscal Policy
The student will explain conditions in which fiscal policy is influenced by
the political process. (Extended)
139
9.2.3
Describes Major Components Of The Federal Budget
The student will describe the major components of the federal budget.
(Expected)
140
9.2.4
Explains The Significance Of Federal Deficits
The student will explain the causes of federal deficits, their financing, and
their possible economic effects on interest rates and savings ("crowding out"
theory). (Expected)
141
9.2.5
Contrasts Federal Deficits And National Debt
The student will contrast yearly federal deficits with the accumulated public
(national) debt. (Expected)
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142
9.2.6
Explains Fiscal Policy And The Business Cycle
The student will explain how fiscal policy can be used to smooth out the
business cycle through the use of taxing and government spending.
(Expected)
10. Economic Literacy - Monetary Policy
The student will demonstrate an understanding of the development of money and of the monetary
and banking systems.
10.1
Identifies And Analyzes Monetary Policy
The student will identify and analyze the major components and consequences of
monetary policy.
148
10.1.1
Defines Monetary Policy And Its Major Goals
The student will define monetary policy and its major goals for the
economy. (Essential)
149
10.1.2
Identifies Monetary Policy Tools/Describes Impact
The student will identify the three major monetary policy tools used by the
Federal Reserve Board and describe their intended impact. (Essential)
150
10.1.3
Contrasts/Analyzes Tight And Loose Monetary Policy
The student will contrast tight and loose monetary policies and analyze their
probable impacts on the economy and aggregate demand. (Essential)
152
10.1.4
Explains The Role Of The Federal Reserve System
The student will explain the role of the Federal Reserve System in relation
to commercial banks, monetary reserves, money supply, and interest rates.
(Expected)
153
10.1.5
Explains The Relationship Between Fiscal/Monetary Policy
The student will explain how fiscal and monetary policy can work together
to influence the national economy. (Expected)
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11. Economic Literacy - International Trade
The student will demonstrate an understanding of international monetary and trade relations and
the problems of developing nations.
11.1
Analyzes Benefits/Problems Of International Trade
The student will analyze the benefits and problems of international trade.
158
11.1.1
Uses The Vocabulary Of International Trade
The student will use the vocabulary of international trade, including the
terms trade surplus, trade deficit, protectionism, balance of trade, balance
of payments, and exchange rates. (Essential)
159
11.1.2
Analyzes Reasons For International Trade
The student will analyze the reasons for international trade, including
specialization, global interdependence, increased output, and differing
productive resources. (Essential)
160
11.1.3
Contrasts Absolute And Comparative Advantage
The student will contrast absolute and comparative advantage and will
explain their relation to international trade. (Essential)
161
11.1.4
Analyzes Government Trade Policy/Examines Effect
The student will analyze government policies (e.g., tariffs, quotas, trade
agreements) and examine how these policies affect the nation as a whole.
(Expected)
166
11.1.5
Analyzes Exchange Rates
The student will analyze how exchange rates are used to facilitate and affect
trade between countries. (Expected)
167
11.1.6
Describes Use Of Performance Measures Of International Trade
The student will describe how the concepts of balance of trade and balance
of payments are used to measure international trade. (Essential)
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172
11.1.7
Explains Regional/International Economic Organization/Agreements
The student will explain the purpose of regional/international trade
agreements, alliances, and organizations such as the European Economic
Community, the North American Free Trade Agreement, and the General
Agreement on Tariffs and Trade. (Expected)
173
11.1.8
Contrasts Developed And Developing Countries
The student will contrast conditions in developed and developing countries
and offer explanations for the differences. (Expected)
12. Sociopolitical Literacy
The student will demonstrate an understanding of the relationships among society, government,
and the economy.
12.1
Analyzes Connections - Society/Politics/Economics
The student will analyze the connections between society, politics, and economics.
12.1.1
Identifies Sociopolitical Influences On Economics
The student will identify the social and political concerns that have
influenced economic policies, including the roles of women and ethnic and
racial groups. (Essential)
12.1.2
Analyzes Influences Of Law On Economics
The student will analyze the role of law on economic decision making,
including key U.S. Supreme Court decisions affecting such issues as
appropriate market structures and labor-management relations. (Expected)
13. National Identity
The student will demonstrate an understanding of the influence of the American creed on
American economic development.
13.1
Understands Effects Of National Identity On Economics
The student will demonstrate understanding of how American national identity affects
the American economic system.
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13.1.1
Identifies Effects Of Political Values On Economics
The student will analyze how American political values affect economic
decision making. (Essential)
14. Constitutional Heritage
The student will demonstrate an understanding of the relationship between economic practice
and constitutional principles and values.
14.1
Understands Constitutional Effects On Economy
The student will demonstrate understanding of how American constitutional systems
affect the U.S. economy.
14.1.1
Analyzes Constitutional Effects On Economy
The student will analyze how constitutional principles affect the economic
roles of a variety of economic actors. (Expected)
15. Civic Values, Rights, And Responsibilities
The student will demonstrate an understanding of individual rights and responsibilities in the
American economy.
15.1
Understands Economic Rights/Responsibilities
The student will demonstrate understanding of individual rights and responsibilities in
the American economy.
15.1.1
Analyzes Constitutional Effects Of Economic Rights
The student will analyze how constitutional principles affect the economic
rights and responsibilities of a variety of economic roles in the American
economy. (Essential)
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