Download PDF of Complete Unit Plan

Economics
Mr. Rodrigues
UNIT
State Standards
Introduction
e-Learning Links (these and others also
listed at www.jimrodslz.com )
Marchand and Halttunen American
History Image Collection
http://historyproject.ucdavis.edu/imageappus.php
The History Project at UC Davis' image
collection for US History
National Archives
http://www.archives.gov/
Phenomenal repository of primary source
materials and government documents.
Assignments
Economics
This course covers the major concepts of micro and macro economics.
Microeconomics studies how individual parts of an economy work, while
macroeconomics looks at the bigger economic picture. Students will also learn how
the forces of supply and demand allocate scarce resources. Upon completion of this
course, students will be able to:






Bureau of Engraving and Printing
This site provides information about the
printing of our country’s currency and
postage stamps. It also includes a link to a
kids’ page with games and activities, as
well as links to other government agencies.
( http://www.bep.treas.gov/ )
The Mint
This site provides many different economic
resources for teachers and students such as
information on government spending, how
to create your own budget, and your role in
the economy.
( http://www.themint.org/ )
Week
#
Grade Twelve - History-Social Science
Better Business Bureau
This site presents instant access to advice,
news, and alerts to businesses and
consumers. The information it provides can
help consumers protect themselves against
fraudulent organizations and scams.
( http://www.bbb.org/ )
Internal Revenue Service’s Tax Interactive
A fun and comprehensive site explaining
what taxes are and why people pay them. It
also provides a glossary of tax terms and a
"teachers’ toolkit" of additional resources.
(
http://www.irs.gov/app/understandingTaxes
/index.jsp )
Key Vocabulary




Discuss human needs and wants, and the roles played by economics.
Have a basic understanding of the different economic systems that have
been developed.
Explain the laws of supply and demand, and the flow of money via
capitalism.
Describe the interactions of business and labor in the free enterprise
system.
Explain the functions of money and the role of banks in a capitalist
system.
Describe the functions of government and taxation in a free enterprise
system.
Discuss economic growth and how it is measured and regulated.
Identify such figures as Adam Smith, Andrew Carnegie, and Karl Marx.
Read and Create various graphs and tables.
Explain the importance of trade among nations of all sizes throughout the
world.
Syllabus
Class Rules and Expectations
Computer Use
Completing your assignments
BLOG: How it pertains to you and some of your assignments
Podcasts: How it pertains to you and some of your assignments
Tests
Grading
Revised: 7/18/2007
Page 1
National Council on Economic Education
Explore the National Council on Economic
Education’s Web site and read about the
campaign for economic literacy.
( http://www.nationalcouncil.org/ )
Power Standards
Resources for Economists Explore this
comprehensive Web site, which includes a
link to teaching resources.
( http://rfe.wustl.edu)
U.S. Business Advisor
Describing itself as "the one-stop electronic
link to government for business," this site
provides links to federal government
information, services, and transactions.
( http://www.business.gov/ )
The Big Question
Unit 12.1 The Free Enterprise System

Overarching Question
1) Why can’t we have everything we want?

Scarcity exists and, therefore, people
must make choices.
Markets act as rationing devices for
scarce resources.
12.1 Students understand common
economic terms and concepts and
economic reasoning.
1. Examine the causal relationship
between scarcity and the need for choices.
(Chapter 1, pgs. 3-9)
2. Explain opportunity cost and marginal
benefit and marginal cost. (Chapter 1,
pgs. 8-9)
3. Identify the difference between monetary
and nonmonetary incentives and how
changes in incentives cause changes in
behavior. (Chapter 4, pgs. 47-52)
4. Evaluate the role of private property as an
incentive in conserving and improving
scarce resources, including renewable and
nonrenewable natural resources. E-learning
WebQuest, Assignment 3.
5. Analyze the role of a market economy in
establishing and preserving political and
personal liberty (e.g., through the works of
Adam Smith). (Chapter 2, pgs. 19-24)
Revised: 7/18/2007
Assignment 1 - Standards 12.1.1, 12.1.2, 12.1.5, 12.2.3, and 12.2.10
1) Read Chapter 1 What is Economics (pgs. 3-13).
a) Complete the following:
i)
Check Your Understanding (pg. 8) #1 and 2
ii) Answer: Chapter 1 Review questions (pgs. 14-15): Vocabulary
Review (all), Chapter Quiz #1-8 and Write About Economics
iii) Worksheets # 1 and 4
2) Complete the Chapter 1 Mastery Questions below.
3) View the PowerPoint presentation What is Economics?
a) Complete the corresponding worksheet.
Assignment 2 -- Standard 12.1.5 and 12.2.3
4) Read Chapter 2 Economic Systems (pgs. 16-27).
a) Complete the following:
i)
Check Your Understanding (pg. 22) #1, 2 and 3
ii) Answer: Chapter 2 Review questions (pgs. 28-29): Vocabulary
Review (all), Chapter Quiz #1-7 and Write About Economics
iii) Worksheets #11 and 13
5) Create a MindMap comparing each of the economic systems discussed in this
Chapter (e.g. how do they each answer the 3 basic economic questions).
6) Complete the Chapter 2 Mastery Questions below.
7) View the PowerPoint presentation Economic Systems
a) Complete the corresponding worksheet.
Assignment 3 – Standard 12.1.3, 12.1.4, 12.2.1, 12.2.2
8) Read Chapter 4 Producers and Supply (pgs. 47-52).
a) Complete the following:
i)
Check Your Understanding (pg. 49) #1, 2 and 3
ii) Check Your Understanding (pg. 50) #1 and 2
iii) Answer: Chapter 4 Review questions (pgs. 53-55): Vocabulary
Review (all), Chapter Quiz #1-8 and Write About Economics
Chapter 1

Scarcity

Economics

Goods

Service

Factors of
production

Natural resource

Labor

Capital

Entrepreneur

Opportunity cost

Specialization

Technology
Chapter 2

Economic system

Traditional system

Market system

Consumer

Command system

Mixed system

Standard of living
Chapter 4

Executive

Law of supply

Incentive

Supply curve

Supply

Cost of production
Page 2
iv) Worksheets # 28 and 31
Create a MindMap explaining the reason(s) for a shift in either direction on
the supply curve.
10) Complete the Chapter 4 Mastery Questions below.
11) View the PowerPoint presentation Supply
a) Complete the corresponding worksheet.
12) Complete the WebQuest requirements (research and a PowerPoint
presentation; sample shown) Government and the Environment and submit
your PowerPoint presentation for review.
9)
Mastery Questions
Chapter 1
1) In your own words, explain what is meant by scarcity.
2) In your own words, explain what is meant by economics.
3) Explain the difference between goods and services.
4) What is a factor of production?
5) Describe each of the four groups the factors of production a broken down
into.
6) What is an entrepreneur and what do they do?
7) Explain what is meant by opportunity cost.
8) What is specialization and how is it related to economics?
9) What is productivity and why is it important to business?
Chapter 2
10) What are the 3 basic economic questions that all economic systems must
answer?
11) Explain how a traditional economic system operates.
12) What is a pure market system? What is another name for this type of
system?
13) In your own words, describe the characteristics of a Market Economy.
14) In your own words, explain a pure command economy.
15) How does a mixed system differ from a pure system?
16) What are the goals of any economic system?
17) Who was Karl Marx, and what economic system did he advocate? Why?
18) How does each economic system answer the 3 basic economic questions?
Chapter 4
19) What is profit?
20) In your own words, explain the law of supply.
21) How does the cost of production affect supply?
22) Why are higher prices an incentive to produce more goods?
23) How can technology affect supply?
24) In your own words, explain opportunity cost.
Project 1
Create a MindMap that explains the three basic questions that all economic
systems must answer.
Project 2
Create a MindMap the compares the four economic systems.
BLOG:
Revised: 7/18/2007
Page 3
The Big Question

Markets act as rationing devices for
scarce resources.

Economic forces beyond the U.S.
border affect the United States
economy.

People’s skills and wages vary in a
labor market.
12.2 Students analyze the elements of
America's market economy in a global
setting.
1. Understand the relationship of the
concept of incentives to the law of supply
and the relationship of the concept of
incentives and substitutes to the law of
demand. (Chapter 4, pgs. 47-52) See
Assignment 3.
2. Discuss the effects of changes in supply
and/ or demand on the relative scarcity,
price, and quantity of particular products.
(Chapter 3 pgs. 33-41 and Chapter 4, pgs.
47-52)
Also see Assignment 3.
3. Explain the roles of property rights,
competition, and profit in a market
economy. (Chapter 1, pgs. 10-11 and
Chapter 2, pgs. 19-27) See Assignments 1
and 2
4. Explain how prices reflect the relative
scarcity of goods and services and perform
the allocative function in a market economy.
(Chapter 5, pgs. 57-63)
5. Understand the process by which
competition among buyers and sellers
determines a market price. (Chapter 8, pgs.
99-108)
6. Describe the effect of price controls on
buyers and sellers. (Chapter 8, pgs. 101102)
7. Analyze how domestic and international
competition in a market economy affects
goods and services produced and the quality,
quantity, and price of those products. (
Chapter 1, pgs. 3-13, Chapter 2, pgs. 17-27,
and Chapter 8, pgs. 99-108
Revised: 7/18/2007
Money Wise Teen website
Unit 12.2 Market Economy
The Consumer Action Web site
This handbook provides valuable advice to
consumers on making purchasing decisions
and also details regulations protecting
peoples’ rights as consumers.
( http://www.consumeraction.gov/ )
Assignment 4 – Standard 12.2.2
1) Read Chapter 3 Consumers and Demand (pgs. 33-42).
a) Answer:
i)
Check Your Understanding (pg. 36) #1, 2 and 3
ii) Check Your Understanding (pg. 39) #1 and 2
iii) Check Your Understanding (pg. 40) #1 and 2
iv) Check Your Understanding (pg. 41) #1 and 2
Stock information:
b) Complete the following:
i)
Answer: Chapter 3 Review questions (pgs. 43-45): Vocabulary
Yahoo
Review (all), Chapter Quiz #1-8 and Write About Economics
ii) Worksheets #20, 22, and 23
Excite
2) Create a MindMap explaining the reason(s) for a shift in either direction in the
demand curve.
CNN Money
a) View the PowerPoint presentations: Demand
A vast reference for economic and financial
b) Complete the corresponding worksheet.
information, this site includes a currency
3) Complete the Chapter 3 Mastery Questions below
calculator, the latest world and national
news, and up-to-date coverage of stocks,
Assignment 5 – Standard 12.2.4
bonds, and commodities.
4) Read Chapter 5 How Prices Are Determined? (pgs. 57-64)
(http://money.cnn.com/markets/currencies/
a) Answer:
)
i)
Check Your Understanding (pg. 60) # 1 and 2
b) Complete the following:
New York Stock Exchange
i)
Answer: Chapter 5 (pgs. 65-67): Vocabulary Review (all), Chapter
This site provides a comprehensive look at
Quiz #1-8 and Write About Economics
the U.S. stock market. It covers historical
ii) Worksheets #38, 40 and 41
events impacting the market, an
5) View the PowerPoint presentations: How Prices Are Determined.
explanation of how and why stocks are
a) Complete the corresponding worksheet.
bought and sold, current market
6) Create a MindMap that shows how prices are determined in a market
information, and much more.
economy.
( http://www.nyse.com/ )
U.S.Securities and Exchange Commission
A valuable source of investment guidance,
advice, and information. The site includes
an explanation of the role and duties of the
SEC.
( http://www.sec.gov/)
U.S.Small Business AdministrationThis
site provides in-depth guidance on starting,
financing, and expanding a small business.
It includes a shareware library of programs
useful in operating a business.
( http://www.sbaonline.sba.gov/ )
Assignment 6 – Standard 12.207, 12.2.8
7) Read Chapter 6 American Business (pgs. 72-80)
a) Answer:
i)
Check Your Understanding (pg. 74) all
ii) Check Your Understanding (pg.79) all
b) Complete the following:
i)
Answer: Chapter 6 (pgs. 81-83): Vocabulary Review (all), Chapter
Quiz #1-8 and Write About Economics
ii) Worksheets #46 and 47
8) View the PowerPoint presentations: American Business.
a) Complete the corresponding worksheet.
Assignment 7 – Standard 12.2.9, 12.5.3
9) Read Chapter 7 Stocks and Bonds (pgs. 85-96)
a) Answer:
i)
Check Your Understanding (pg. 87) # 1 and 2
ii) Check Your Understanding (pg. 89) all
b) Complete the following:
i)
Answer: Chapter 7 (pgs. 96-97): Vocabulary Review (all), Chapter
Quiz #1-7 and Write About Economics
ii) Worksheets #56 and 58
10) View the PowerPoint presentations: Stocks and Bonds.
Chapter 3

Demand

Law of demand

Graph

Demand curve

Income

Substitute goods

Interchangeability

Complementary
goods
Chapter 5

Equilibrium price

Surplus

Inventory

Shortage
Chapter 6

Circular flow of
income

Revenue

Loss

Sole
proprietorship

Partnership

Corporation

Stock stockholder

Dividend

Board of directors

Franchise
Chapter7

Invest

Preferred Stock

Common stock

Investment

Capital gain

Capital loss

Interest

Stockbroker

Stock market

Bond

Creditor

Securities
Chapter 8

Competition

Prefect
competition

Monopoly

Utility company

Warranty
Page 4
8. Explain the role of profit as the incentive
to entrepreneurs in a market economy.
(Chapter 2, pgs. 17-27, Chapter 6, pgs. 7374)
9. Describe the functions of the financial
markets. (Chapter 7, pgs. 85-95, Chapter 13,
pgs. 171-177, Chapter 14, pgs. 182-187)
10. Discuss the economic principles that
guide the location of agricultural production
and industry and the spatial distribution of
transportation and retail facilities. (Chapter
1, pgs. 3-13) See Assignment 1.
a) Complete the corresponding worksheet.
11) Stock Market Project Instructions
a) SimuStock
Assignment 8 – Standard 12.2.5, 12.2.6 and 12.2.7
12) Read Chapter 8 Competition (pgs. 99-108)
a) Answer:
i)
Check Your Understanding (pg. 102) # 1 and 2
ii) Check Your Understanding (pg. 104) all
iii) Check Your Understanding (pg.107) all
b) Complete the following:
i)
Answer: Chapter 8 (pgs. 109-111): Vocabulary Review (all),
Chapter Quiz #1-8 and Write About Economics
ii) Worksheets #64 and 67
13) View the PowerPoint presentations: Competition.
a) Complete the corresponding worksheet.
Mastery Questions
Chapter 3
1) What is demand?
2) In your own words, explain the Law of Demand.
3) What does a demand curve show?
4) What factors can change demand?
5) When a demand curve shifts to the right, what does this mean?
6) When a demand curve shifts to the left, what does this mean?
7) How is demand affected by income?
8) How is demand affected by substitute goods?
9) How does the interchangeability of goods affect demand?
10) How do complementary goods affect demand?
Chapter 5
11) How do supply and demand together determine price?
12) What is a surplus and how is it caused?
13) What is a shortage and how is it caused?
14) Explain what happens at the equilibrium point.
Chapter 6
15) Explain the circular flow of income
16) Explain why profit is important in American business
17) What are the three forms of business ownership and how are they
different?
18) Why do corporations issue stock?
Chapter 7
19) What two ways are there for an individual to make money on the stock
market?
20) What are two types of stocks and how are they different?
21) What is a bond?
22) What is the Securities and Exchange Commission responsible for?
23) What are four guidelines for people thinking about investing in the stock
market?
24) How do eTrade and Ameritrade work?
25) Explain the difference4 between a capital gain and a capital loss.
Revised: 7/18/2007
Page 5
26)
27)
28)
29)
30)
31)
32)
33)
34)
What is the stock market?
What is Dow Jones?
What is Wall Street?
What is a Bull Market?
What is a Bear market?
What is NASDAQ?
What is a stock symbol? An example?
What is a share of stock?
How do you buy stock?
Chapter 8
35) Give two reasons why competition is important.
36) What are four characteristics of perfect competition
37) What are three characteristics of monopolies?
38) In The Wealth of Nations, what did Adam Smith think about completion
and the nation?
BLOG:
What did you learn from the stock market project?
The Big Question

Markets act as rationing devices for
scarce resources.

The Government can influence the
economy.

People’s skills and wages vary in a
labor market.
Federal Reserve Bank of Minneapolis
Keep informed of the latest news and
policies of the Fed, study U.S. economic
statistics, and link to any of the other
eleven regional Federal Reserve Banks.
( http://woodrow.mpls.frb.fed.us/ )
U.S.Treasury Department
12.3 Students analyze the influence of the
federal government on the American
economy.
1. Understand how the role of government
in a market economy often includes
providing for national defense, addressing
environmental concerns, defining and
enforcing property rights, attempting to
make markets more competitive, and
protecting consumers' rights. (Chapter 2,
pgs. 25-27, Chapter 19, pgs. 244-252,
Chapter 20, pgs. 257-258)
2. Identify the factors that may cause the
costs of government actions to outweigh the
benefits. (Chapter 2, pgs. 22-26, Chapter 19,
pgs. 250-251, 253)
3. Describe the aims of government fiscal
policies (taxation, borrowing, spending)
and their influence on production,
employment, and price levels. (Chapter
19, pgs. 248-249, Chapter 20, pgs. 257-261,
Revised: 7/18/2007
A resource for information on the people,
places, and events pertaining to the U.S.
Treasury and its departments, including the
Internal Revenue Service, U.S. Customs
Service, Secret Service, and the U.S. Mint.
( http://www.ustreas.gov/ )
Assignment 9 – Standard 12.3.1, 12.3.2, 12.3.3
1) Read Chapter 19 Government in a Free Market Economy (pgs. 244-253)
a) Answer:
i)
Check Your Understanding (pg. 246) # 1 and 2
ii) Check Your Understanding (pg. 248) all
iii) Check Your Understanding (pg. 250) all
b) Complete the following:
i)
Answer: Chapter 19 (pgs. 254-256): Vocabulary Review (all),
Chapter Quiz #1-6 and Write About Economics
ii) Worksheets #163 and 166
2) View the PowerPoint presentations: Government Revenue.
a) Complete the corresponding worksheet.
Assignment 10 – Standard 12.3.1, 12.3.2, 12.3.3
3) Read Chapter 20 Government Budget and National Debt (pgs. 258-262)
a) Answer:
i)
Check Your Understanding (pg. 260) all
ii) Check Your Understanding (pg. 261) all
b) Complete the following:
i)
Answer: Chapter 20 (pgs. 263-264): Vocabulary Review (all),
Chapter Quiz #1-7 and Write About Economics all
ii) Worksheets #174 and 175
4) View the PowerPoint presentations: Government Budget and National Debt.
a) Complete the corresponding worksheet.
Assignment 11 – Standard 12.3.3, 12.3.4
5) Read Chapter 18 The Problem of Poverty (pgs. 227-236)
a) Answer:
i)
Check Your Understanding (pg. 144) all
ii) Check Your Understanding (pg. 146) all
iii) Check Your Understanding (pg. 147) all
iv) Check Your Understanding (pg. 149) all
b) Complete the following:
Chapter 19

Laissez Faire

Income tax

Sales tax

Excise tax

Estate tax

Inheritance tax
Chapter 20

Government
revenue

Expenditure

Budget surplus

Budget deficit

National debt

Bankrupt
Chapter 21

Fiscal policy

Monetary policy

Reserve
requirement

Discount rate

Prime rate

Supply-side
economics
Page 6
i)
Chapter 21, pgs. 268-274)
4. Understand the aims and tools of
monetary policy and their influence on
economic activity (e.g., the Federal
Reserve). (Chapter 21, pgs. 267-274)
6)
7)
8)
Answer: Chapter 18 (pgs. 237-239): Vocabulary Review (all),
Chapter Quiz #1-9 and Write About Economics
ii) Worksheets #155, 157 and 158
View the PowerPoint presentations: The Problem of Poverty.
a) Complete the corresponding worksheet.
Read Chapter 21 Trying to Solve the Economy’s Problems (pgs. 268-274)
a) Answer:
i)
Check Your Understanding (pg. 269) # 1 and 2
ii) Check Your Understanding (pg. 270) all
iii) Check Your Understanding (pg.272) all
b) Complete the following:
i)
Answer: Chapter 21 (pgs. 275-277): Vocabulary Review (all),
Chapter Quiz #1-8 and Write About Economics
ii) Worksheets #184 and 186
View the PowerPoint presentations: Trying to Solve the Economy’s Problems.
a) Complete the corresponding worksheet.
Mastery Questions
Chapter 18
1)
2)
3)
4)
5)
How is poverty measured?
What are four things that could affect a person’s standard of living?
How is income transferred to the poor?
What are social insurance and social welfare programs for?
What is meant by cost of living?
Chapter 19
1) List 3 goods and 3 services the government provides.
2) Describe three ways the government regulates economic activity.
3) Explain why the government collects taxes.
4) Explain how the government uses taxes to provide goods and services.
5) What is meant laissez faire when it comes to the economy?
6) What is FICA and what is it more commonly known as?
7) From where does the government get the major portion of its tax
revenue?
Chapter 20
8) Explain what is meant by the national debt.
9) What is the national debt currently at?
10) Explain how the government finances the national debt.
11) List two facts about the growth of the national debt.
12) Define interest.
Chapter 21
13) How is fiscal policy used to control inflation and unemployment?
14) What is the current unemployment rate?
15) What is the projected inflation for this year?
16) Describe three ways the Federal Reserve can affect the money supply.
17) Who is the current Chairman of the Federal Reserve and why does he
have so much power?
18) What is meant by a discount rate and how does it differ from the prime
rate?
Revised: 7/18/2007
Page 7
19) What action did President Reagan take to show his belief in supply-side
economics?
BLOG:
12.4 Students analyze the elements of the
U.S. labor market in a global setting.

People’s skills and wages vary in a
labor market.
1. Understand the operations of the labor
market, including the circumstances
surrounding the establishment of
principal American labor unions,
procedures that unions use to gain
benefits for their members, the effects of
unionization, the mini-mum wage, and
unemployment insurance. (Chapter 9, pgs.
113-120, Chapter 10, pgs. 125-135)
2. Describe the current economy and labor
market, including the types of goods and
services produced, the types of skills
workers need, the effects of rapid
technological change, and the impact of
international competition. Chapter 1, pgs. 36, Chapter 4, pgs. 51-52, Chapter 9, pgs.
114-119, Chapter 10, pgs. 133-134, Chapter
15, pgs. 197-199)
3. Discuss wage differences among jobs and
professions, using the laws of demand and
supply and the concept of productivity.
(Chapter 9, pgs. 113-119)
4. Explain the effects of international
mobility of capital and labor on the U.S.
economy. (Chapter 22, pgs. 281-289)
The World BankExplore the World Bank
online resources. Links include learning
materials for the classroom, how to
research with World Bank tools, and many
other fascinating facts.
( http://www.worldbank.org/ )
United States Department of Labor—
Bureau of Labor Statistics
This site provides current U.S. and regional
economic data, such as unemployment and
earnings figures. It also includes links to
news releases and other publications.
( http://www.bls.gov/ )
Assignment 12 – Standard 12.4.1, 12.4.2, 12.4.3
1) Read Chapter 9 Workers and Wages (pgs. 113-120)
a) Answer:
i)
Check Your Understanding (pg. 116) # 1
ii) Check Your Understanding (pg. 117) all
iii) Check Your Understanding (pg. 119) all
b) Complete the following:
i)
Answer: Chapter 9 (pgs. 121-123): Vocabulary Review (all),
Chapter Quiz #1-8 and Write About Economics
2) View the PowerPoint presentations: Workers and Wages.
a) Complete the corresponding worksheet.
Assignment 13 – Standard 12.4.1, 12.4.2
3) Read Chapter 10 Labor Unions (pgs. 125-135)
a) Answer:
i)
Check Your Understanding (pg. 128) all
ii) Check Your Understanding (pg. 131) all
iii) Check Your Understanding (pg. 133) all
iv) Check Your Understanding (pg. 134) all
b) Complete the following:
i)
Answer: Chapter 10 (pgs. 136-137): Vocabulary Review (all),
Chapter Quiz #1-8 and Write About Economics
ii) Worksheets #83 and 85
4) View the PowerPoint presentations: Labor Unions.
a) Complete the corresponding worksheet.
Assignment 14 – Standard 12.4.2, 12.5.1
5) Read Chapter 15 Gross Domestic Product (pgs. 193-201)
a) Answer:
i)
Check Your Understanding (pg. 195) all
ii) Check Your Understanding (pg. 196) all
iii) Check Your Understanding (pg. 199) all
b) Complete the following:
i)
Answer: Chapter 15 (pgs. 202-203): Vocabulary Review (all),
Chapter Quiz #1-8 and Write About Economics
ii) Worksheets #127 and 130
6) View the PowerPoint presentations: Gross Domestic Product.
a) Complete the corresponding worksheet.
Assignment 15 – Standard 12.4.4, 12.6.1, 12.6.2, 12.6.3, 12.6.4
7) Read Chapter 22 International Trade (pgs. 281-289)
a) Answer:
i)
Check Your Understanding (pg. 284) all
ii) Check Your Understanding (pg. 285) all
iii) Check Your Understanding (pg. 288) all
b) Complete the following:
i)
Answer: Chapter 22 (pgs. 290-291): Vocabulary Review (all),
Chapter Quiz #1-8 and Write About Economics
ii) Worksheets #190, 191, 193
Revised: 7/18/2007
Chapter 9

Wages

Labor force

Minimum wage
Chapter 10

Labor union

Union dues

Union shop

Agewncy shop

Right-to-work law

Closed shop

Fringe benefit

Collective
bargaining

Strike

Scab laborer

Boycott

Lockout

Arbitration
Chapter 15

Statistic

Gross Domestic
Product

Gross National
Product
(eLearning)

Inflation

Real GDP

Business cycle

Eexpansion

Peak

Contraction

Recession

Depression

Trough
Chapter 22

Import

Export

International
trade

Comparative
advantage

Trade surplus

Trade deficitfree
Page 8
8)
View the PowerPoint presentations: International Trade.
a) Complete the corresponding worksheet.
9) Read Chapter 23 Developing Countries (pgs. 293-302)
a) Answer:
i)
Check Your Understanding (pg. 295) all
ii) Check Your Understanding (pg. 298) all
iii) Check Your Understanding (pg. 300) all
iv) Check Your Understanding (pg. 300) all
b) Complete the following:
i)
Answer: Chapter 23 (pgs. 303-305): Vocabulary Review (all),
Chapter Quiz #1-8 and Write About Economics
10) View the PowerPoint presentations: Developing Countries.
a) Complete the corresponding worksheet.
Mastery Questions
Chapter 9
1) Who makes up the labor force?
2) How does the demand for goods and services affect the demand for labor?
3) List three things that may affect wages.
4) Explain how better capital resources can affect workers.
5) What is the current minimum wage in California? The Federal minimum
wage?
6) What is productivity and why is it important to businesses?
7) Why does the government need to set a minimum wage?
8) What is a living wage?






trade
Protectionism
Tariff
Revenue tariff
Protective tariff
Import quota
Embargo
Chapter 23

Developed country

Developing
country

Per capita GCP

Subsistence
farming

Literacy rate

Life expectancy

Infant mortality
rate

Foreign aid
Chapter 10
9) Give two reasons why labor unions were formed in the United States.
10) What is the Labor Market?
11) What are the three kinds of union membership?
12) Describe three ways that labor and management reach agreements.
13) What are current membership trends in labor unions?
14) Why do businesses hire scab labor?
15) Would you be a scab laborer? Why or why not?
16) Are lockouts fair? Why or why not?
17) Are closed shops fair? Why or why not?
18) Update the chart on page 134 with current union membership numbers.
What is the trend for each union? Overall?
19) What are healthcare benefits?
20) What is unemployment insurance?
Chapter 15
21) What does GDP measure?
22) What is the difference between GDP and GNP?
23) Why is the GDP not necessarily a good way to measure a country’s
quality of life?
24) What is the current GDP and GNP for the United States?
25) What is stagflation?
26) What is the difference between nominal and real data?
Chapter 22
27) How are specialization and trade related?
28) What are two benefits of international trade?
Revised: 7/18/2007
Page 9
29)
30)
31)
32)
33)
34)
35)
36)
37)
38)
What are two ways that a country can limit trade?
Why do we have a trade embargo against Cuba?
How does international trade allow countries to specialize?
What are international trade agreements?
What is Outsourcing?
What are Maquiladoras?
What is NAFTA?
What is the European Union (EU)?
What is the World Trade Organization (WTO)?
What is Globalization?
Chapter 23
39) How do developed countries differ from developing countries?
40) How do developed countries help developing countries?
41) What are two common problems in developing nations?
Project 1
1) Investigate: Create a chart similar to the one used in Worksheet 193 and
find out what the dollar is worth against the currencies of the following
countries:
a) Mexico
b) Nicaragua
c) Brazil
d) Japan
e) China
f)
European Union
g) Ghana
h) South Africa
i)
Kenya
Project 2
2) Investigate: What is the trade surplus or deficit of the United States with
the countries:
a) Japan
b) Germany
c) China
d) Malaysia
e) Thailand
f)
France
g) Argentina
h) South Africa
i)
Kenya
j)
Cuba
Project 3
3) Create a chart similar to the one on page 117 and update it with current
figures.
a) What is the difference in income between a high school graduate and
a non-graduate?
b) A high school graduate and a college graduate (bachelor’s degree)?
Project 4
4) Select 3 unions and create a MindMap indicating the following:
a) What kind of workers do they represent (in what type of industry)?
Revised: 7/18/2007
Page 10
b)
c)
d)
e)
Where is their national headquarters located? Local headquarters?
Who are their national leaders?
Membership: national and local?
What, if any, issues are they faced with?
Project 5
5) Create a MindMap showing and explaining the characteristics of the
business cycle.
BLOG
The Big Question:

The Government can influence the
economy.

The economic health of the nation
can be seen through aggregate data.
12.5 Students analyze the aggregate
economic behavior of the U.S. economy.
1. Distinguish between nominal and real
data. (Chapter 15, pgs. 193-199) See
Assignment 14.
2. Define, calculate, and explain the
significance of an unemployment rate, the
number of new jobs created monthly,
inflation or deflation rate, and a rate of
economic growth. (Chapter 16, pgs. 205212, Chapter 17, pgs. 215-223)
3. Distinguish between short-term and longterm interest rates and explain their relative
significance. (Chapter 7, pgs. 85-87, Chapter
12, pgs. 155-163)
Assignment 16 – Standard 12.5.2
1) Read Chapter 16 Inflation (pgs. 205-211)
a) Answer:
i)
Check Your Understanding (pg. 207) all
ii) Check Your Understanding (pg. 210) all
b) Complete the following:
i)
Answer: Chapter 16 (pgs. 212-213): Vocabulary Review (all),
Chapter Quiz #1-7 and Write About Economics
ii) Worksheets #137 and 139
2) View the PowerPoint presentations: Inflation.
a) Complete the corresponding worksheet.
3) Read Chapter 17 Unemployment (pgs. 215-223)
a) Answer:
i)
Check Your Understanding (pg. 217) all
ii) Check Your Understanding (pg. 220) all
iii) Check Your Understanding (pg. 222) all
b) Complete the following:
i)
Answer: Chapter 17 (pgs. 224-225): Vocabulary Review (all),
Chapter Quiz #1-8 and Write About Economics
ii) Worksheets #145, 148 and 149
4) View the PowerPoint presentations: Unemployment.
a) Complete the corresponding worksheet.
Assignment 17– Standard 12.5.3
5) Read Chapter 11 Consumer Spending (pgs. 141-150)
a) Answer:
i)
Check Your Understanding (pg. 144) all
ii) Check Your Understanding (pg. 146) all
iii) Check Your Understanding (pg. 147) all
iv) Check Your Understanding (pg. 149) all
b) Complete the following:
i)
Answer: Chapter 11 (pgs. 151-153): Vocabulary Review (all),
Chapter Quiz #1-9 and Write About Economics
ii) Worksheets #91 and 94
6) View the PowerPoint presentations:Consumer Spending.
a) Complete the corresponding worksheet.
7)
Revised: 7/18/2007
Read Chapter 12 Saving and Borrowing (pgs. 155-163)
a) Answer:
i)
Check Your Understanding (pg. 160) all
ii) Check Your Understanding (pg. 162) all
b) Complete the following:
i)
Answer: Chapter 12 (pgs. 164-165): Vocabulary Review (all),
Chapter Quiz #1-7 and Write About Economics
Chapter 16

Deflation

Consumer Price
index

Fixed Income

Cost-of-living
Raise (COLA)

Pension

Demand-pull
inflation

Cost-pull inflation
Chapter 17

Unemployment
rate

Cyclical
unemployment

Seasonal
unemployment

Structural
unemployment

Frictional
unemployment
Chapter 12

Annually

Financial
institution

Compound
interest

Money market
account

Time-deposit
account

Certificate of
deposit (CD)

Withdraw

Credit

Principal

Collateral
Page 11
8)
ii) Worksheets #101, 103 and 104
View the PowerPoint presentations: Saving and Borrowing.
a) Complete the corresponding worksheet.
Mastery Questions
Chapter 16
1. What are the characteristics of inflation?
2. What are the characteristics of recession?
3. How does inflation differ from deflation?
4. Is the United States experiencing inflation or deflation at this time?
5. What is the purpose of the Consumer Price Index?
6. What is the CPI at now?
7. What are two causes of inflation?
8. What is hyperflation?
Chapter 17
9. What is the current unemployment rate in California? In the
Nation?
10. How many jobs were created last month?
11. What is the purpose of unemployment insurance?
12. How do you file for unemployment insurance?
Chapter 11
13. What is the difference between a full warranty and a limited
warranty?
14. Explain bait and switch advertising.
15. What is the consumer Product Safety Commission responsible for?
16. What is the Federal Deposit Insurance Corporation responsible for?
Chapter 12
17. Why should you save?
18. What are two reasons for borrowing money?
19. Compare and contrast 3 types of savings accounts.
20. What should you look for when looking for credit or a loan?
21. What are interest rates and why do lending facilities charge them?
22. What are current fixed loan interest rates for purchasing a home?
23. What are current rates for purchasing a new car? A used car?
24. How does the government influence interest rates?
Project 1
1) Look up the interest rates on the following major credit cards: American
Express, Master Card, Visa, and Discover Card.
2) Look up the interest rates on the following store cards: JCPenney, Sears,
Mervyns and Macy’s.
3) Create a chart showing the percentages. If you were going to apply for 1
of each category card, which would it be? Why?
BLOG
The Big Question
See Assignment 15
Economic forces beyond the U.S. border
affect the United States economy.
Revised: 7/18/2007
Page 12
12.6 Students analyze issues of
international trade and explain how the
U.S. economy affects, and is affected by,
economic forces beyond the United States’
borders.
1. Identify the gains in consumption and
production efficiency from trade, with
emphasis on the main products and
changing geographic patterns of
twentieth-century trade among countries
in the Western Hemisphere. (Chapter 22,
pgs. 281-289) (See Assignment 15)
2. Compare the reasons for and the effects of
trade restrictions during the Great
Depression compared with present-day
arguments among labor, business, and
political leaders over the effects of free trade
on the economic and social interests of
various groups of Americans. (Chapter 22,
pgs. 281-289) (See Assignment 15)
3. Understand the changing role of
international political borders and territorial
sovereignty in a global economy. (Chapter
22, pgs. 281-289) (See Assignment 15)
4. Explain foreign exchange, the manner
in which exchange rates are determined,
and the effects of the dollar's gaining (or
losing) value relative to other currencies.
(Chapter 22, pg. 289) (See Assignment 15)
Miscellaneous:
Project 1
Career Research
Why do people get the wages they do?
2. What determines the wage of a worker?
3. What professions are losing ground?
4. Which professions are gaining ground?
5. What is happening to factory jobs?
1. Pick 3 jobs with low wages and 3 jobs with high wages.
2. Why are those low wages low? Why are they high?
3. What does a person have to do to reach those wages? Specifically!
4. Explain how Supply and Demand determines the value of the jobs you chose.
5. Where do thes people work (explain the company they work for).
FINAL EXAM
Revised: 7/18/2007
Page 13