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MIAMI-DADE COUNTY PUBLIC SCHOOLS District Pacing Guide- Social Studies GRADE LEVEL OR COURSE TITLE: 12th Grade Economics with Financial Literacy 12th Grade Honors Economics with Financial Literacy COURSE DESCRIPTION: The grade 9-12 Economics course consists of the following content area strands: Economics and Geography. This course provides students with the opportunity to acquire an understanding of the way society organizes limited resources to satisfy unlimited wants, the major characteristics of the mixed market economic system in the United States, and how economic questions are answered. The grade 9 – 12 Economics course also includes financial literacy. Financial literacy includes the knowledge, understanding, skills, behaviors, attitudes, and values that will enable a student to make responsible and effective financial decisions on a daily basis. Financial literacy instruction shall be an integral part of instruction throughout the entire economics course and include information regarding earning income; buying goods and services; saving and financial investing; taxes; the use of credit and credit cards; budgeting and debt management, including student loans and secured loans; banking and financial services; planning for one’s financial future, including higher education and career planning; credit reports and scores; and fraud and identity theft prevention. Note: All benchmarks, vocabulary, and instructional resources related to financial literacy are highlighted in green. All financial literacy benchmarks are considered essential benchmarks. Honors/Advanced courses offer scaffolded learning opportunities for students to develop the critical skills of analysis, synthesis, and evaluation in a more rigorous and reflective academic setting. Students are empowered to perform at higher levels as they engage in the following: analyzing historical documents and supplementary readings, working in the context of thematically categorized information, becoming proficient in note-taking, participating in Socratic seminars/discussions, emphasizing free-response and document-based writing, contrasting opposing viewpoints, solving problems, etc. Students will develop and demonstrate their skills through participation in a capstone and/or extended researchbased paper/project (e.g., history fair, participatory citizenship project, mock congressional hearing, projects for competitive evaluation, investment portfolio contests, or other teacher-directed projects). Please note the following important general information regarding the Pacing Guides: The Pacing Guides outline the required curriculum for social studies, grades K-12, in Miami-Dade County Public Schools. Social Studies Pacing Guides have been developed for all elementary grade levels (K-5) and for each of the required social studies courses at the middle and senior high school levels. The Social Studies Pacing Guides are to be utilized by all teachers, grades K-12, when planning for social studies instruction. The Pacing Guides outline the required sequence in which the grade level or course objectives are to be taught. The Pacing Guides outline the pacing in which instruction should occur. Specifically, the Pacing Guides are divided into 9 week segments and provide an estimate of the number of traditional or block days needed to complete instruction on a given topic. Teachers should make every effort to stay on pace and to complete the topics in a given nine weeks. Slight variations in pacing may occur due to professional decisions made by the teacher or because of changes in school schedules. Benchmarks that are highlighted in yellow denote ESSENTIAL benchmarks. Each Social Studies Pacing Guide is divided into the following headings/categories to assist teachers in developing lesson plans: Grade Level or Course Title - The grade level and course title are listed in the heading of each page. Course Code - The Florida Department of Education Course Code is listed for the course. Topic - The general topic for instruction is listed; e.g., Westward Expansion. Pacing - An estimated number of traditional or block instructional days needed to complete instruction on the topic is provided. Strands and Standards – Strands and Standards from the Next Generation Sunshine State Standards (NGSSS) are provided for each topic. Nine Week Grading Period - Grading periods (1-4) are identified. Essential Content – This critically important column provides a detailed list of content/topics and sub topics to be addressed during instruction. NGSSS-SS Benchmarks – This critically important column lists the required instructional Benchmarks that are related to the particular topic. The Benchmarks are divided into Content Benchmarks and Skill Benchmarks. These benchmarks should be identified in the teacher’s lesson plans. Instructional Tools - This column provides suggested resources and activities to assist the teacher in developing engaging lessons and pedagogically sound instructional practices. The Instructional Tools column is divided into the following subparts: Core Text Book, Key Vocabulary, Technology (Internet resources related to a particular topic), Suggested Activities, Assessment, English Language Learner (ELL) Instructional Strategies, Related Programs (National, State, and/or District programs as they relate to a particular topic), and SPED (A link to the NGSSS-SS Access Points for Students with Cognitive Disabilities). Department of Social Sciences MIAMI-DADE COUNTY PUBLIC SCHOOLS District Pacing Guide- Social Studies GRADE LEVEL OR COURSE TITLE: 12th Grade Economics with Financial Literacy 12th Grade Honors Economics with Financial Literacy Internet resources applicable to all “Essential Content” and “Suggested Activities” found in this pacing guide: Dallas Federal Reserve: www.dallasfed.org Dr T's EconLinks: http://econlinks.com/ EconEdLink: http://www.econedlink.org/ Federal Reserve Bank Atlanta: http://www.frbatlanta.org/ Federal Reserve Bank: http://www.federalreserveeducation.org/ Federal Resources for Education Excellence (primary documents): http://www.ed.gov/free/ Florida Council on Economic Education: http://www.fcee.org/ Foundation for Teaching Economics: http://www.fte.org/ Gen i Revolution Online Personal Finance Game: www.councilforeconed.org/resource/gen-i-revolution/ JumpStart Coalition: http://www.jumpstartcoalition.org/ National Center on Education and the Economy: http://www.ncee.org/ National Council for the Social Studies: http://www.ncss.org/ OrleyAmosWorld: http://www.amosweb.com/ Resources for Economists on the Internet: http://www.rfe.org/ US Census (census.gov): http://www.census.gov/ Florida Literacy and Writing Standards for History/Social Studies 6-12: When planning lessons for instruction, teachers should address these state standards during their teaching of social studies content to ensure a systematic and proven approach to literacy and writing development. The Florida Standards are research and evidenced-based, aligned with college and work expectations, rigorous, and internationally benchmarked. For a complete listing of all Florida Standards, please visit: http://www.cpalms.org/Standards/lafs.aspx. Course themes identified under “Essential Content” are course themes that span multiple topics. For Economics with Financial Literacy, the following themes are identified: Competition – The struggle among sellers to attract consumers while lowering costs; rivalry for markets, jobs, consumers. Consumer Sovereignty – Role of consumer as a ruler of the market when determining the types of goods and services produced. Cost-Benefit Analysis – Way of thinking that compares the cost of an action to its benefits. Environment – Ideas about the consumption and conservation of natural resources. The impact of consumerism, globalization, industrialization, pollution. Financial Literacy – The knowledge, understanding, skills, behaviors, attitudes and values that enable responsible and effective financial decisions. Globalization – The process and impact of financial and investment markets engaged in global trade and the impact on resources, labor, consumers, the Department of Social Sciences MIAMI-DADE COUNTY PUBLIC SCHOOLS District Pacing Guide- Social Studies GRADE LEVEL OR COURSE TITLE: 12th Grade Economics with Financial Literacy 12th Grade Honors Economics with Financial Literacy environment and government. Incentives – A motivating influence which encourages action. People usually respond to both positive and negative incentives. Role of Markets – The role of free markets in determining price, resource allocation, interest rates and growth. Role of Government – The economic role played by government in a market economy to address policy, environmental and labor concerns, property rights and market competition. Scarcity – Fundamental economic problem that results from a combination of scare resources and virtually unlimited wants. Please see the addendum to each nine weeks Economics with Financial Literacy Pacing Guide for additional resources and best practices for infusing financial literacy skills into this course. Department of Social Sciences MIAMI-DADE COUNTY PUBLIC SCHOOLS District Pacing Guide- Social Studies GRADE LEVEL OR COURSE TITLE: 12th Grade Economics with Financial Literacy 12th Grade Honors Economics with Financial Literacy Topic 6: Labor Pacing Pacing Traditional Block Date(s) 5 days 2.5 days 10-27-16 to 11-3-16 10-27-16 to 11-3-16 or Traditional Block Date(s) 5 days 2.5 days 3-27-17 to 3-31-17 3-27-17 to 3-31-17 Essential Question(s): What factors determine the wages of workers and entrepreneurs in the global economy? Financial Literacy Essential Question: What are the skills and education needed to prepare for and thrive in a changing job market? STRAND(S) and STANDARD(S): Economics (Standard 1: Understand the fundamental concepts relevant to the development of a market economy.) Financial Literacy (Standard 1: Earning Income) Second Nine Weeks NGSSS-SS Benchmarks/Florida Standards Instructional Tools Essential Content Course Themes Addressed: Florida Standard{s} Focus: Florida Standards Focus Activity: Competition LAFS.1112.RH.1.3: Evaluate various explanations for Have students conduct research and gather relevant information from multiple Cost-Benefit Analysis actions or events and determine which explanation best print and digital sources showing various explanations of the contributions made Environment accords with textual evidence, acknowledging where the text by immigrants, minorities, and women to the United States’ economy. Have Financial Literacy leaves matters uncertain. students prepare a written report and/or PowerPoint describing the contributions, Globalization as well as economic issues that are especially significant to minority groups Incentives LAFS.1112.WSHT.3.8: Gather relevant information from and/or women and propose methods that business and government could use to Role of Markets multiple authoritative print and digital sources, using promote increased economic equity for minorities and women. Students should Role of Government advanced searches effectively; assess the strengths and integrate information while avoiding plagiarism and follow a standard format for Scarcity limitations of each source in terms of the specific task, citation. purpose, and audience; integrate information into the text Labor Vocabulary/Identification: 401(k), affirmative action, arbitration, blue collar selectively to maintain the flow of ideas, avoiding plagiarism and overreliance on any one source and following a worker, collective bargaining, fringe benefit (e.g. health insurance, life Labor Force standard format for citation. insurance), full employment, glass ceiling, income distribution, individual Labor Unions Retirement Account (IRA), labor force, labor union, living wage, mediation, o History Content Benchmarks: minimum wage, National Labor Relations Board, outsourcing, pension, pink o Membership collar worker, right-to-work, semi-skilled labor, skilled labor, strike, theory of Trends SS.912.E.1.9: Describe how the earnings of workers are wages, unemployment, unskilled labor, wage discrimination, wages, white collar Unemployment determined. worker Anti-trust Laws Employment Trends Technology: SS.912.FL.1.1: Discuss that people choose jobs or careers o for which they are qualified based on non-income factors, Bureau of Labor Statistics: http://bls.gov/ such as job satisfaction, independence, risk, family, or Financial Literacy location. US Health & Human Services (Poverty): http://aspe.hhs.gov/poverty/ Types of Income emphasizing benefit-cost Suggested Activities: SS.912.FL.1.2: Explain that people vary in their willingness decisions related to jobs to obtain more education or training because these Have students identify non-income factors that influence career or job choice by and careers in the labor decisions involve incurring immediate costs to obtain interviewing three individuals who work at different jobs. market. possible future benefits. Describe how discounting the Wage Determination Department of Social Sciences MIAMI-DADE COUNTY PUBLIC SCHOOLS District Pacing Guide- Social Studies GRADE LEVEL OR COURSE TITLE: 12th Grade Economics with Financial Literacy 12th Grade Honors Economics with Financial Literacy Essential Content o Unskilled Workers o Semi-skilled Workers o Skilled Workers Second Nine Weeks NGSSS-SS Benchmarks/Florida Standards Instructional Tools future benefits of education and training may lead some Have students explain how people’s willingness to wait or plan for the future people to pass up potentially high rates of return that more affects their decision to get more education or job training in a dynamic and education and training may offer. changing labor market. SS.912.FL.1.3: Evaluate ways people can make more informed education, job, or career decisions by evaluating the benefits and costs of different choices. Have students speculate how a high school student might assess the future benefits of going to college, and describe how that assessment will affect the student’s decision to attend college. SS.912.FL.1.4: Analyze the reasons why the wage or salary paid to workers in jobs is usually determined by the labor market and that businesses are generally willing to pay more productive workers higher wages or salaries than less productive workers. Have students compare the benefits and costs or a college education to those of a technical school. Have students compare the unemployment rates of workers with different levels of education. Have students explain why wages or salaries vary among workers in different types of jobs and among workers in the same jobs. Have students explain how a waitress, a teacher, and a realtor are paid. Have students discuss why the productivity of workers is important to businesses. Have students use the Occupational Outlook Handbook at www.bls.gov/ooh to research three possible career choices. Have students compare and contrast educational background required, salaries, and long-term growth opportunities for each of the three career choices and decide which option to select. Have students make a list of different types of jobs and describe the different skills associated with each job. Have students respond to the following prompt: Do labor unions have enough power to prevent companies from outsourcing manufacturing and service jobs? Include a discussion of why this is occurring and how to minimize it, as well as the affect on the wages of American workers Have students debate an issue related to labor management relations; e.g., binding arbitration, Chinese competition, laborers replaced by machinery, closing factories, outsourcing. Have students write an editorial or letter to the editor expressing their views one or more of these issues. Have students role-play a collective bargaining between labor and management, e.g., the teacher’s union and the local school board, professional sports players and team owners, United Auto Workers and Ford Motor Company. Have students think about the fact that some states allow labor unions in Department of Social Sciences MIAMI-DADE COUNTY PUBLIC SCHOOLS District Pacing Guide- Social Studies GRADE LEVEL OR COURSE TITLE: 12th Grade Economics with Financial Literacy 12th Grade Honors Economics with Financial Literacy Essential Content Second Nine Weeks NGSSS-SS Benchmarks/Florida Standards Instructional Tools particular industries to require union membership for workers to be employed in that industry. Have students write about whether the advantages of compulsory union membership for a worker outweigh the disadvantages. Have students analyze why a specific economic issue is especially significant to minority groups and/or women; e.g., pay for comparable work, quota systems for hiring, discrimination and/or sexual harassment. Have students research and evaluate current laws that protect and/or promote women and minorities in the work place. Assessment: Develop rubrics and share with students for each of the above mentioned projects in order to increase opportunities for mastery of content and historical thinking skills. Each project or assignment should be assessed for content accuracy and skill development in terms of writing and reading comprehension. ELL: Use visual depictions of historical events in order to increase ELL students’ mastery of related content. SPED: Go the Department of Social Sciences’ website, http://socialsciences.dadeschools.net/, and look under “Curricular Documents,” Next Generation Sunshine State Standards” in order to download the PDF of Access Points for Students with Cognitive Disabilities related to this particular grade level. State and District Instructional Requirements: Teachers should be aware that State and District policy requires that all teachers K-12 provide instruction to students in the following content areas: AfricanAmerican History, Character Education, Hispanic contributions to the United States, Holocaust Education, and Women’s Contributions to the U.S. Detailed lesson plans can be downloaded from the Department of Social Sciences website, http://socialsciences.dadeschools.net/, under the headings “Character Education” and “Multicultural Support Documents.” Please note that instruction regarding the aforementioned requirements should take place throughout the entire scope of a given social studies course, not only during the particular month or day when a particular cultural group is celebrated or recognized. Department of Social Sciences MIAMI-DADE COUNTY PUBLIC SCHOOLS District Pacing Guide- Social Studies GRADE LEVEL OR COURSE TITLE: 12th Grade Economics with Financial Literacy 12th Grade Honors Economics with Financial Literacy Department of Social Sciences MIAMI-DADE COUNTY PUBLIC SCHOOLS District Pacing Guide- Social Studies GRADE LEVEL OR COURSE TITLE: 12th Grade Economics with Financial Literacy 12th Grade Honors Economics with Financial Literacy Topic 7: Financial Institutions Pacing Traditional Block Date(s) 10 days 5 days 11-4-16 to 11-21-16 11-4-16 to 11-21-16 Pacing or Traditional Block Date(s) 10 days 5 days 4-3-17 to 4-21-17 4-3-17 to 4-21-17 Essential Question(s): What types of financial institutions exist in the United States and how do financial markets work for the benefit of consumers, businesses, investors and government? Financial Literacy Essential Question(s): What does the expression “people don’t plan to fail, they fail to plan” mean? Why are savings, investments, insurance and good credit essential for a sound financial plan? STRAND(S) and STANDARD(S): Economics (Standard 1: Understand the fundamental concepts relevant to the development of a market economy.) Financial Literacy (Standard 3: Saving, Standard 4: Using Credit, Standard 5: Financial Investing, 6: Protecting and Insuring) Essential Content Course Themes Addressed: Competition Consumer Sovereignty Cost-Benefit Analysis Financial Literacy Globalization Incentives Role of Markets Role of Government Scarcity Financial Institutions Money and Banking Functions of Money o Medium of Exchange o Unit of Account o Store of Value Characteristics of Money o Durability o Portability o Divisibility o Uniformity o Limited Supply o Acceptability Composition of Money o M1, M2 Department of Social Sciences Second Nine Weeks NGSSS-SS Benchmarks/Florida Standards Instructional Tools Florida Standard{s} Focus: Florida Standards Focus Activity: LAFS.1112.RH.3.7: Integrate and evaluate multiple sources Have students create a PowerPoint showing their portfolios from the stock of information presented in diverse formats and media (e.g., market simulation, explaining their investment choices, and providing an analysis visually quantitatively, as well as in words.) of the profits and losses from the mock stock market simulation (see Technology section below for links to simulations) and include a reflection on what they LAFS.1112.WSHT.1.2: Write informative/explanatory texts, learned. Detailed lesson plans (12 Economics LP038 Stock Market Research including the narration of historical events, scientific Project - Part 2) are available to support this activity at the M-DCPS Learning procedures/experiments, or technical processes. Village. See the following link: Senior High Lesson Plans - 12 Economics LP038 Stock Market Research.pdf Students should explain procedures and processes Content Benchmarks: used in stock selection, as well as graphs and charts to visually and quantitatively show results. SS.912.E.1.13: Explain the basic functions and characteristics of money, and describe the composition of Vocabulary/Identification: the money supply in the United States acceptability, bankruptcy, bear market, borrowing, brokerage firm, bull market, SS.912.E.1.14: Compare credit, savings, and investment capital gain, capital loss, central bank, certificate of deposit, checking account, services available to the consumer from financial commercial bank, consumer loan, corporate bond, credit, credit card, credit institutions. unions, current financial meltdown, debit card, default, demand deposits (checks), disposable income, diversification, Dow Jones Industrial Average, SS.912.E.1.15: Describe the risk and return profiles of durability, electronic banking, equities, Federal Depository Insurance Corporation various investment vehicles and the importance of (FDIC), Federal Reserve System, fiat money, financial asset, financial institution, diversification. financial institution, financial planning, financial system, foreclosure, functions of money, futures, gold standard, greenback, insurance, interest rates, investment, SS.912.E.1.16: Construct a one-year budget plan for a junk bond, life insurance, limited supply, liquidity, loan, medium of exchange, specific career path including expenses and construction of money, money market account, money supply (M1, M2, M3), mortgage, a credit plan for purchasing a major item. municipal bond, mutual fund, New York Stock Exchange, options, personal MIAMI-DADE COUNTY PUBLIC SCHOOLS District Pacing Guide- Social Studies GRADE LEVEL OR COURSE TITLE: 12th Grade Economics with Financial Literacy 12th Grade Honors Economics with Financial Literacy Essential Content Financial Literacy o Financial Planning o Budgeting o Spending and Credit o Savings and Investing Financial Markets o Stocks o Bonds o Mutual Funds o Retirement Accounts o Real Estate o Diversification Second Nine Weeks NGSSS-SS Benchmarks/Florida Standards SS.912.FL.3.3: Compare the difference between the nominal interest rate which tells savers how the dollar value of their savings or investments will grow, and the real interest rate which tells savers how the purchasing power of their savings or investments will grow. SS.912.FL.3.4: Describe ways that money received (or paid) in the future can be compared to money held today by discounting the future value based on the rate of interest. SS.912.FL.3.5: Explain ways that government agencies supervise and regulate financial institutions to help protect the safety, soundness, and legal compliance of the nation’s banking and financial system. Instructional Tools income, portability, portfolio, predatory lending, primary and secondary mortgage market, principle and interest, prospectus, real estate (real asset), representative money, retirement, risk and reward, rule of 72, S&P 500, savings, savings account, savings and loan associations, savings bond, Securities and Exchange Commission (SEC), share, speculation, stock broker, stock exchange, stock market, stock split, store of value, student loans, the OTC market, underwater, uniformity, unit of account Technology: Bankrate: http://www.bankrate.com/ CNN Money.com: http://money.cnn.com/ Florida Stock Market Simulation: http://www.floridasms.com/ The Stock Market Game: http://www.stockmarketgame.com SS.912.FL.4.1: Discuss ways that consumers can compare the cost of credit using the annual percentage rate (APR), initial fees charged, and fees charged for late payment or missed payments. SS.912.FL.4.2: Discuss that banks and financial institutions sometimes compete by offering credit at low introductory rates, which increase after a set period of time or when the borrower misses a payment or makes a late payment. SS.912.FL.4.3: Explain that loans can be unsecured or secured with collateral, that collateral is a piece of property that can be sold by the lender to recover all or part of a loan if the borrower fails to repay. Explain why secured loans are viewed as having less risk, lenders charge a lower interest rate than they charge for unsecured loans. SS.912.FL.4.4: Describe why people often make a cash payment to the seller of a good-called a down payment-in order to reduce the amount they need to borrow. Describe why lenders may consider loans made with a down payment to have less risk because the down payment gives the borrower some equity or ownership right away and why these loans may carry a lower interest rate. SS.912.FL.4.5: Explain that lenders make credit decisions based in part on consumer payment history. Credit bureaus record borrowers’ credit and payment histories and provide that information to lenders in credit reports. Department of Social Sciences (Additional web-based resources relevant to the 12th Grade Economics course can be found on the second page of this Pacing Guide.) MIAMI-DADE COUNTY PUBLIC SCHOOLS District Pacing Guide- Social Studies GRADE LEVEL OR COURSE TITLE: 12th Grade Economics with Financial Literacy 12th Grade Honors Economics with Financial Literacy Essential Content Second Nine Weeks NGSSS-SS Benchmarks/Florida Standards SS.912.FL.4.6: Discuss that lenders can pay to receive a borrower’s credit score from a credit bureau and that a credit score is a number based on information in a credit report and assesses a person’s credit risk. Instructional Tools SS.912.FL.4.8: Examine the fact that failure to repay a loan has significant consequences for borrowers such as negative entries on their credit report, repossession of property (collateral), garnishment of wages, and the inability to obtain loans in the future. SS.912.FL.4.9: Explain that consumers who have difficulty repaying debt can seek assistance through credit counseling services and by negotiating directly with creditors. SS.912.FL.4.10: Analyze the fact that, in extreme cases, bankruptcy may be an option for consumers who are unable to repay debt, and although bankruptcy provides some benefits, filing for bankruptcy also entails considerable costs, including having notice of the bankruptcy appear on a consumer’s credit report for up to 10 years. SS.912.FL 4.12: Discuss that consumers who use credit should be aware of laws that are in place to protect them and that these include requirements to provide full disclosure of credit terms such as APR and fees, as well as protection against discrimination abusive marketing or collection practices. SS.912.FL.4.13: Explain that consumers are entitled to a free copy of their credit report annually so they can verify that no errors were made that might increase their cost of credit. SS.912.FL.5.2: Explain how the expenses of buying, selling, and holding financial assets decrease the rate of return from an investment. SS.912.FL.5.9: Identify why investors should be aware of tendencies that people have that may result in poor choices, which may include avoiding selling assets at a loss because they weigh losses more than they weigh gains and investing in financial assets with which they are familiar, such as their own employer’s stock or domestic rather than international stocks. Department of Social Sciences Suggested Activities: Have students create a concept map explaining the basic functions and characteristics of money, and describe the composition of the money supply in the United States. Have students create a brochure showing the major products and services available at financial institutions today. Have students diagram and explain the Financial Planning Pyramid and write about the relationship between risk and reward. A detailed lesson plan (12 Economics LP039 Financial Planning Pyramid) is available to support this activity at the M-DCPS Learning Village. See the following link: Senior High Lesson Plans - 12 Economics LP039 Financial Planning Pyramid.pdf Have students create mock investment portfolios using four different scenarios: a young college graduate, single mom with young child, middle-aged couple with three teenagers and an elderly widow. Have students focus on the principles of risk and reward and the importance of diversification when developing these mock portfolios. Have students construct a one-year budget plan for a specific career path including expenses and construction of a credit plan for purchasing a major item. Have students complete select activities from the Florida Council on Economic Education’s Financial Freedom Program: www.fcee.org/educationalresources/financial-freedom. MIAMI-DADE COUNTY PUBLIC SCHOOLS District Pacing Guide- Social Studies GRADE LEVEL OR COURSE TITLE: 12th Grade Economics with Financial Literacy 12th Grade Honors Economics with Financial Literacy Essential Content Second Nine Weeks NGSSS-SS Benchmarks/Florida Standards Instructional Tools SS.912.FL.5.10: Explain that people vary in their willingness to take risks because the willingness to take Have students explain how savings can result in getting more goods and risks depends on factors such as personality, income, and services in the future. family situation. Have students explain what will happen to the purchasing power of savings, SS.912.FL.5.11: Describe why an economic role for a given the nominal interest rate and the rate of inflation over one year. government may exist if individuals do not have complete information about the nature of alternative investments or Have students use spreadsheet software to calculate the amount a 10-year old access to competitive financial markets. would need to save today in order to pay for one year of college tuition eight years from now. SS.912.FL.5.12: Compare the Securities and Exchange Commission (SEC), the Federal Reserve, and other Have students explain the role of government agencies charged with regulating government agencies regulate financial markets. financial institutions play in helping to protect the safety, soundness, and legal compliance of the nation’s banking system. These agencies include the Federal Reserve System, the Office of the Comptroller of the Currency, the Consumer Financial Protection Bureau, the FDIC, and state banking departments. Have students use the APR, initial fees, late fees, nonpayment fees, and other relevant information to compare the cost of credit from various sources for the purchase of a product. Have students explain why a bank may offer low-rate introductory credit offers. Have students give examples of collateral used to secure a loan, such as a house for a mortgage or a car for a car loan and explain why lenders charge lower interest rates on mortgages as compared to unsecured loans. Have students explain how a down payment reduces the total amount financed and why this reduces monthly payment and/or the length of the loan and explain why a borrower who has made a down payment has an incentive to repay a loan or make payments on time. Have students list factors from an individual’s credit history or credit application that may cause a lender to deny credit and explain what credit bureaus do. Note: Chapter 4 from Building Wealth: A Beginner’s Guide to Securing Your Financial Future can be used in conjunction with or instead of the activities related to credit and personal debt. http://www.dallasfed.org/microsites/mob/wealth/chapters/invest/index.html Have students explain the concept of a credit score and what it indicates about a borrower and explain why certain factors, such as having many credit cards with large lines of credit and large balances, might hurt a credit score. Have students write a scenario about the future opportunities a person can lose by failing to repay loans as agreed. Department of Social Sciences MIAMI-DADE COUNTY PUBLIC SCHOOLS District Pacing Guide- Social Studies GRADE LEVEL OR COURSE TITLE: 12th Grade Economics with Financial Literacy 12th Grade Honors Economics with Financial Literacy Essential Content Second Nine Weeks NGSSS-SS Benchmarks/Florida Standards Instructional Tools Have students identify the costs and benefits associated with using different credit counseling services. Have students investigate the costs of bankruptcy by examining the bankruptcy laws in Florida. Have students explain why it is important that consumers have full information about loans and explain the information on a credit disclosure statement. Have students explain why it is important to check the accuracy of the information recorded on a credit report and know what steps to take to correct errors on credit reports. Have students identify and compare the administrative costs of several mutual funds and estimate the differences in the total amount accumulated after 10 years for each mutual fund, assuming identical market performance. Have students explain why investors may sell stocks that have gained in value, but hold ones that have lost value and explain why this might not make sense. Have students identify an example of why an investor may have a bias toward familiar investments and why this may or may not be a rational decision. Have students explain how the portfolio of a retiree might differ from that of a young, single person. Have students explain why it is important for individuals to have accurate information about a company’s sales and profits when investing in that company. Have students conduct research to learn about the SEC or the Federal Reserve and identify their roles in regulating markets. Assessment: Develop rubrics and share with students for each of the above mentioned projects in order to increase opportunities for mastery of content and historical thinking skills. Each project or assignment should be assessed for content accuracy and skill development in terms of writing and reading comprehension. ELL: Use visual depictions of historical events in order to increase ELL students’ mastery of related content. Related Programs: Stock Market Game Department of Social Sciences MIAMI-DADE COUNTY PUBLIC SCHOOLS District Pacing Guide- Social Studies GRADE LEVEL OR COURSE TITLE: 12th Grade Economics with Financial Literacy 12th Grade Honors Economics with Financial Literacy Essential Content Second Nine Weeks NGSSS-SS Benchmarks/Florida Standards Instructional Tools SPED: Go the Department of Social Sciences’ website, http://socialsciences.dadeschools.net/ , and look under “Curricular Documents,” Next Generation Sunshine State Standards” in order to download the PDF of Access Points for Students with Cognitive Disabilities related to this particular grade level. State and District Instructional Requirements: Teachers should be aware that State and District policy requires that all teachers K-12 provide instruction to students in the following content areas: AfricanAmerican History, Character Education, Hispanic contributions to the United States, Holocaust Education, and Women’s Contributions to the U.S. Detailed lesson plans can be downloaded from the Department of Social Sciences website, http://socialsciences.dadeschools.net/, under the headings “Character Education” and “Multicultural Support Documents.” Please note that instruction regarding the aforementioned requirements should take place throughout the entire scope of a given social studies course, not only during the particular month or day when a particular cultural group is celebrated or recognized. Department of Social Sciences MIAMI-DADE COUNTY PUBLIC SCHOOLS District Pacing Guide- Social Studies GRADE LEVEL OR COURSE TITLE: 12th Grade Economics with Financial Literacy 12th Grade Honors Economics with Financial Literacy Topic 8: Measuring Economic Performance Pacing Traditional Block Pacing Date(s) 6 days 3 days 11-22-16 to 12-2-16 11-22-16 to 12-2-16 or Traditional Block Date(s) 6 days 3 days 5-1-17 to 5-8-17 5-1-17 to 5-8-17 Essential Question(s): What are the major economic indicators/how are they used to determine the health of the economy and whether or not the United States is meeting its economic goals? Financial Literacy Essential Question: How can the three major economic indicators (GDP, Unemployment Rate and the CPI) be useful in making financial decisions about saving, investing and career moves? STRAND(S) and STANDARD(S): Economics (Standard 1: Understand the fundamental concepts relevant to the development of a market economy. Standard 2: Understand the fundamental concepts relevant to the institutions, structure, and functions of a national economy.) Financial Literacy (Standard 1: Earning Income, Standard 3: Saving) Second Nine Weeks NGSSS-SS Benchmarks/Florida Standards Instructional Tools Essential Content Course Themes Addressed: Florida Standard{s) Focus: Florida Standards Focus Activity: Competition LAFS.1112.RH.3.9: Integrate information from diverse Have students use primary and secondary sources such as The Economist, Consumer Sovereignty sources, both primary and secondary, into a coherent Business Week, www.bls.gov or www.bea.gov to interpret current economic Cost-Benefit Analysis understanding of an idea or event, noting discrepancies indicators by using headlines and statistics related to GDP, CPI (inflation), the Environment among sources. unemployment rate, bankruptcies, retail sales, housing starts, consumer Financial Literacy confidence, etc. Have students work in small groups to analyze the current state Globalization LAFS.1112.WSHT.4.10: Write routinely over extended time of the economy based on their research and note any discrepancies among Role of Markets frames (time for research, reflection, and revision) and sources. Role of Government shorter time frames (a single sitting or a day or two) for a Vocabulary/Identification: range of tasks, purposes, and audiences. aggregate demand, aggregate supply, business cycle, business investment, Measuring Economic Content Benchmarks: consumer expectations, Consumer Price Index, consumption expenditures, costPerformance SS.912.E.1.12: Examine the four phases of the business push inflation, cyclical unemployment, deflation, deflation, demand-pull inflation, cycle (peak, contraction - unemployment, trough, expansion depression, discouraged worker, durable goods, economic growth, economic Gross Domestic Product/ – inflation.) indicators, efficiency, expansion, exports, final goods and services, food stamps, Gross National Product frictional unemployment, full employment, full employment, GDP per capita, o Consumption SS.912.E.2.5: Analyze how capital investments may impact government expenditures, Great Depression, Gross Domestic Product, gross Expenditures productivity and economic growth. investment, Gross National Product, hyper-inflation, imports, inflation, jobless o Business Investment recovery, lagging indicators, leading indicators, market basket, net exports, o Government SS.912.E.2.7: Identify the impact of inflation on society. nominal GDP, non-durable goods, offshoring, outsourcing, peak, poverty, Expenditures poverty level, price-level, productivity, purchasing power, real GDP, recession, o Net Exports SS.912.FL.1.5: Discuss reasons why changes in economic savings rate, seasonal worker, stagflation, structural unemployment, trough, Aggregate Demand and conditions or the labor market can cause changes in a underemployment Aggregate Supply worker’s income or may cause unemployment. Consumer Price Index Technology: o Business Cycle SS.912.Fl.3.2: Examine the ideas that inflation reduces the Conference Board (confidence and other indicators): http://www.conferenceo Expansion Department of Social Sciences MIAMI-DADE COUNTY PUBLIC SCHOOLS District Pacing Guide- Social Studies GRADE LEVEL OR COURSE TITLE: 12th Grade Economics with Financial Literacy 12th Grade Honors Economics with Financial Literacy Essential Content o Peak o Contraction o Trough Economic Growth Productivity Capital Investment Full Employment Economic Challenges Technology Financial Literacy Real vs. Nominal rates of return Employment statistics Inflation Second Nine Weeks NGSSS-SS Benchmarks/Florida Standards Instructional Tools value of money, including savings, that the real interest rate board.org/ expresses the rate of return on savings, taking into account the effect of inflation and that the real interest rate is EconData: http://www.econdata.net/ calculated at the nominal interest rate minus the rate of inflation. EconMagic: http://www.economagic.com/ (Additional web-based resources relevant to the 12th Grade Economics course can be found on the second page of this Pacing Guide.) Suggested Activities: Have students explain, orally or in writing, how economic performance is measured; e.g., Consumer Price Index (CPI), Gross National Product (GNP), Gross Domestic Product (GDP), Per Capita Income (CPI). Have students use www.bls.gov and www.bea.gov to interpret graphs and tables that illustrate economic performance. Have students research and discuss the economic performance of the United States’ economy during different historical periods. Have student construct a graph showing the U.S. business cycles beginning with the end of the Civil War. Have students read, review, and critique magazine and newspaper articles that assess the current performance of the United States’ economy. Have students propose, through team or small group discussion, ideas to enhance the performance of the United States’ economy. Have students watch and discuss “The Story of Stuff,” www.storyofstuff.org. Have students describe examples from the film demonstrating negative externalities. Teacher tools are available through the website. Have students explain how an increase in the demand for mobile applications might impact the wages paid to software developers. Have students explain the effects of a recession on the unemployment rate. Have students explain why savers expect a higher nominal interest rate when inflation is expected to be high. Assessment: Develop rubrics and share with students for each of the above mentioned projects in order to increase opportunities for mastery of content and historical thinking skills. Each project or assignment should be assessed for content accuracy and skill development in terms of writing and reading comprehension. Department of Social Sciences MIAMI-DADE COUNTY PUBLIC SCHOOLS District Pacing Guide- Social Studies GRADE LEVEL OR COURSE TITLE: 12th Grade Economics with Financial Literacy 12th Grade Honors Economics with Financial Literacy Essential Content Second Nine Weeks NGSSS-SS Benchmarks/Florida Standards Instructional Tools ELL: Use visual depictions of historical events in order to increase ELL students’ mastery of related content. SPED: Go the Department of Social Sciences’ website, http://socialsciences.dadeschools.net/, and look under “Curricular Documents,” Next Generation Sunshine State Standards” in order to download the PDF of Access Points for Students with Cognitive Disabilities related to this particular grade level. State and District Instructional Requirements: Teachers should be aware that State and District policy requires that all teachers K-12 provide instruction to students in the following content areas: African-American History, Character Education, Hispanic contributions to the United States, Holocaust Education, and Women’s Contributions to the U.S. Detailed lesson plans can be downloaded from the Department of Social Sciences website, http://socialsciences.dadeschools.net/, under the headings “Character Education” and “Multicultural Support Documents.” Please note that instruction regarding the aforementioned requirements should take place throughout the entire scope of a given social studies course, not only during the particular month or day when a particular cultural group is celebrated or recognized. Department of Social Sciences MIAMI-DADE COUNTY PUBLIC SCHOOLS District Pacing Guide- Social Studies GRADE LEVEL OR COURSE TITLE: 12th Grade Economics with Financial Literacy 12th Grade Honors Economics with Financial Literacy Topic 9: Government and the Economy Pacing Traditional Block Date(s) 15 days 7.5 days 12-5-16 to 12-23-16 12-5-16 to 12-23-16 Pacing or Traditional Block Date(s) 15 days 7.5 days 5-8-17 to 5-26-17 5-8-17 to 5-26-17 Essential Question(s): What role does government play in trying to stabilize the economy through fiscal and monetary policies? What is the impact of the resulting national debt on consumers, businesses and government? Financial Literacy Essential Question: What are the different types of taxes that must be paid to the federal, state and local government and what types of goods and services are provided in return? How are taxes paid and/or filed? STRAND(S) and STANDARD(S): Economics (Standard 1: Understand the fundamental concepts relevant to the development of a market economy. Standard 2: Understand the fundamental concepts relevant to the institutions, structure, and functions of a national economy.) Financial Literacy (Standard 1: Earning Income, Standard 2: Buying Goods and Services, Standard 3: Saving, Standard 5: Financial Investing) Second Nine Weeks NGSSS-SS Benchmarks/Florida Standards Instructional Tools Essential Content Course Themes Addressed Florida Standard{s} Focus: Florida Standards Focus Activity: Cost-Benefit Analysis LAFS.1112.RH.4.10: By the end of grade 12, read and Have students read about the history and purposes of taxation and how taxes Financial Literacy comprehend history/social studies texts in the grades 11are classified. Have students interview family members and/or members of the Globalization CCR text complexity band independently and proficiently. community about their views of the fairness and the efficiency of the various Incentives types of taxes, Have students plan, revise, edit and rewrite a letter to a member Role of Markets LAFS.1112.WSHT.2.5: Develop and strengthen writing as of Congress expressing their informed opinion about what is most significant Role of Government needed by planning, revising, editing, rewriting, or trying a about the current tax system. Scarcity new approach, focusing on addressing what is most Vocabulary/Identification: significant for a specific purpose and audience. Government and the 1040 Form, balanced budget, Board of Governors, budget deficit, budget Economy Content Benchmarks: surplus, Congressional Budget Office (CBO), contractionary fiscal policy, contractionary monetary policy, corporate income tax, direct tax, discount rate, Taxes and Government SS.912.E.1.10: Explain the use of fiscal policy (taxation, discretionary spending, easy money policy, economic growth, entitlements, Spending spending) to promote price stability, full employment, and estate tax, expansionary fiscal policy, expansionary monetary policy, Direct and Indirect Taxes economic growth. externalities (positive and negative), federal budget, Federal Funds Rate, Progressive, Proportional, Federal Open Market Committee (FOMC), Federal Reserve, Federal Reserve Regressive Taxes SS.912.E.1.11: Explain how the Federal Reserve uses the District, Federal Reserve System, FICA, financial stimulus, fiscal policy, fiscal Fiscal Policy tools of monetary policy (discount rate, reserve requirement, year, gift tax, individual income tax, Internal Revenue Service, Keynesian o Government Spending open market operations) to promote price stability, full economics, mandatory spending, Medicare, monetary policy, money multiplier o Tax Policies employment, and economic growth. formula, national debt, Office of Management and Budget (OMB), Open Market The Federal Budget and Operations, personal exemption, Prime Interest Rate, progressive tax, property Deficits Department of Social Sciences MIAMI-DADE COUNTY PUBLIC SCHOOLS District Pacing Guide- Social Studies GRADE LEVEL OR COURSE TITLE: 12th Grade Economics with Financial Literacy 12th Grade Honors Economics with Financial Literacy Essential Content o Deficit Spending o National Debt o Entitlements o Social Security Monetary Policy o Discount Rate o Reserve Requirement o Open Market Operations Organization and Function of the Federal Reserve System Public Policy Analysis Positive and Negative Externalities Financial Literacy The Role of Government o Incentives o Disincentives Taxes Second Nine Weeks NGSSS-SS Benchmarks/Florida Standards Instructional Tools SS.912.E.2.2: Use a decision-making model to analyze a tax, proportional tax, regressive tax, Required Reserve Ratio, sales tax, Social public policy issue affecting the student's community that Security, supply-side economics, tax, tax base, tax deductions, tax return, tax incorporates defining a problem, analyzing the potential revenue, taxable income, tight money policy, Treasury bonds, W-2 Form, consequences, and considering the alternatives. withholding tax. SS.912.E.2.4: Diagram and explain the problems that occur when government institutes wage and price controls, and explain the rationale for these controls. The Commanding Heights (PBS): http://www.pbs.org/wgbh/commandingheights/ SS.912.E.2.8: Differentiate between direct and indirect taxes, and describe the progressivity of taxes (progressive, proportional, regressive). SS.912.E.2.9: Analyze how changes in federal spending and taxation affect budget deficits and surpluses and the national debt. SS.912.E.2.10: Describe the organization and functions of the Federal Reserve System. SS.912.FL.1.6: Explain that taxes are paid to federal, state, and local governments to fund government goods and services and transfer payments from government to individuals and that the major types of taxes are income taxes, payroll (Social Security) taxes, property taxes, and sales taxes. SS.912.FL.1.7: Discuss how people’s sources of income, amount of income, as well as the amount and type of spending affect the types and amount of taxes paid. SS.912.FL.2.7: Examine governments establishing laws and institutions to provide consumers with information about goods or services being purchased and to protect consumers from fraud. SS.912.FL.3.6: Describe government policies that create incentives and disincentives for people to save. SS.912.FL.5.1: Compare the ways that federal, state, and local tax rates vary on different types of investments. Describe the taxes effect on the after-tax rate of return on an Department of Social Sciences Technology: Bureau of Economic Analysis: http://bea.gov/ (Additional web-based resources relevant to the 12th Grade Economics course can be found on the second page of this Pacing Guide.) Suggested Activities: Have students complete sample IRS tax forms, e.g., W2, W4, 1040EZ and 1040. Teacher materials, support and simulations are available through www.irs.gov/app/understandingTaxes/index/jsp/ Have students think about the national debt and the negative consequences to operating a government in such high indebtedness and also about the ability of the government to print its own currency. Have students write to explain why the government does not print enough money to pay off the national debt and specifically include what would happen to the U.S. economy if the government chose this course. Have students think about the U.S. government as an extremely large buyer of goods and services in the marketplace and about the consequences of doing so during a stagnant economy. Have students write about how increased government spending would theoretically stimulate a stagnant economy. Have students write about how tax cuts would theoretically stimulate a stagnant economy. Have students think about what would happen if Congress, in an attempt to stop inflation, froze the prices of all goods and services in America and set them at today’s prices. Have students write a persuasive essay on whether the longterm effects of this policy are advantageous or disadvantageous to the economy. Have students explain the various effects that changing interest rates have on the economy and how the Federal Reserve Bank's Board of Governors tries to control the growth of the U.S. economy by raising or lowering those rates. Have students demonstrate the multiplier effect through a small group activity MIAMI-DADE COUNTY PUBLIC SCHOOLS District Pacing Guide- Social Studies GRADE LEVEL OR COURSE TITLE: 12th Grade Economics with Financial Literacy 12th Grade Honors Economics with Financial Literacy Essential Content Second Nine Weeks NGSSS-SS Benchmarks/Florida Standards Instructional Tools investment. where choices about spending and saving affect gross domestic product and economic growth. SS.912.FL.5.8: Discuss ways that the prices of financial assets are affected by interest rates and explain that the Have students relate the multiplier effect to fiscal and monetary policy through prices of financial assets are also affected by changes in teacher led discussion. A detailed lesson plan (12 Economics LP021 domestic and international economic conditions, monetary Introduction to Economic Growth and Macroeconomics) is available to support policy, and fiscal policy. this activity at the M-DCPS Learning Village. See the following link: Senior High Lesson Plans - 12 Economics LP021 Introduction to Economic.pdf Have students think about the benefits of saving money from the perspective of both the individual and society in general. Have students write about the positive and negative effects of savings. Have students calculate the amount of taxes a person is likely to pay when given information or data about the person’s sources of income and amount of spending and identify which level of government receives the tax revenue for a particular tax and describe what is done with the tax revenue. Have students investigate the tax rates on different sources of income and on different types of goods that are purchased. Have students draft a complaint letter to an appropriate firm or agency about a problem the consumer has encountered with a purchase. Have students explain why traditional IRAs (individual retirement accounts), Roth IRAs, and educational savings accounts provide incentives for people to save. Have students calculate the real, after-tax rates of return for groups of stocks and bonds, given tax rates and inflation rates. Have students give an example of a change in interest rates affecting the current value of a financial asset that pays returns in the future. Explain why the current value increases when interest rates fall. Explain how a change in economic growth might change the value of a stock held by an investor. Assessment: Develop rubrics and share with students for each of the above-mentioned projects in order to increase opportunities for mastery of content and historical thinking skills. Each project or assignment should be assessed for content accuracy and skill development in terms of writing and reading comprehension. ELL: Department of Social Sciences MIAMI-DADE COUNTY PUBLIC SCHOOLS District Pacing Guide- Social Studies GRADE LEVEL OR COURSE TITLE: 12th Grade Economics with Financial Literacy 12th Grade Honors Economics with Financial Literacy Essential Content Department of Social Sciences Second Nine Weeks NGSSS-SS Benchmarks/Florida Standards Instructional Tools Use visual depictions of historical events in order to increase ELL students’ mastery of related content. SPED: Go the Department of Social Sciences’ website, http://socialsciences.dadeschools.net/, and look under “Curricular Documents,” Next Generation Sunshine State Standards” in order to download the PDF of Access Points for Students with Cognitive Disabilities related to this particular grade level. State and District Instructional Requirements: Teachers should be aware that State and District policy requires that all teachers K-12 provide instruction to students in the following content areas: AfricanAmerican History, Character Education, Hispanic contributions to the United States, Holocaust Education, and Women’s Contributions to the U.S. Detailed lesson plans can be downloaded from the Department of Social Sciences website, http://socialsciences.dadeschools.net/, under the headings “Character Education” and “Multicultural Support Documents.” Please note that instruction regarding the aforementioned requirements should take place throughout the entire scope of a given social studies course, not only during the particular month or day when a particular cultural group is celebrated or recognized. MIAMI-DADE COUNTY PUBLIC SCHOOLS District Pacing Guide- Social Studies GRADE LEVEL OR COURSE TITLE: 12th Grade Economics with Financial Literacy 12th Grade Honors Economics with Financial Literacy Topic 10: The Global Economy Pacing Pacing Traditional Block Date(s) 9 days 4.5 days 1-9-17 to 1-20-17 1-9-17 to 1-20-17 Traditional Block Date(s) 8 days 4 days 5-22-17 to 6-8-17 5-22-17 to 6-8-17 or Essential Question(s): What are the advantages and disadvantages to consumers, businesses, investors and government from international trade and globalization? Financial Literacy Essential Question: What challenges and opportunities face entrepreneurs, investors and consumers in the age of globalization? STRAND(S) and STANDARD(S): Economics (Standard 2: Understand the fundamental concepts relevant to the institutions, structure, and functions of a national economy. Standard 3: Understand the fundamental concepts and interrelationships of the United States economy in the international marketplace.) Geography (Standard 2: Understand physical and cultural characteristics of places. Standards 3: Understand the relationships between the Earth's ecosystems and the populations that dwell within them. Standard 4: Understand the characteristics, distribution, and migration of human populations.) Financial Literacy (Standard 6: Protecting and Insuring) Second Nine Weeks NGSSS-SS Benchmarks/Florida Standards Instructional Tools Essential Content Department of Social Sciences MIAMI-DADE COUNTY PUBLIC SCHOOLS District Pacing Guide- Social Studies GRADE LEVEL OR COURSE TITLE: 12th Grade Economics with Financial Literacy 12th Grade Honors Economics with Financial Literacy Essential Content Course Themes Addressed: Competition Consumer Sovereignty Cost-Benefit Analysis Environment Financial Literacy Globalization Incentives Role of Markets Role of Government Scarcity The Global Economy International Trade Comparative Advantage and Absolute Advantage Open Model Economy Circular Flow Trade Barriers Trade Agreements o NAFTA o EU o WTO Economic Development Balance of Trade Developing Nations Developed Nations Financing Economic Development Negative and Positive Externalities Globalization o Interdependence of economies o Renewable and nonrenewable resources o Sustainability o Inflation, Unemployment, Economic Growth Financial Literacy Department of Social Sciences Second Nine Weeks NGSSS-SS Benchmarks/Florida Standards Instructional Tools Florida Standard{s} Focus: Florida Standards Focus Activity: LAFS.1112.RH.2.4: Determine the meaning of words and Have students read about and explain David Ricardo’s theory of comparative phrases as they are used in a text, including analyzing how advantage and analyze its effect on international trade. Determine the meaning of the words and phrases used by David Ricardo in excerpts from On the an author uses and refines the meaning of a key term over Principles of Political Economy and Taxation to the explanation of comparative the course of the text. advantage in the textbook. Content Benchmarks: Vocabulary/Identification: SS.912.E.2.11: Assess the economic impact of negative and positive externalities on the local, state, and national absolute advantage, balance of trade, barriers to trade, bootleg, brain drain, environment. carbon footprint, comparative advantage, copyright, currency exchange, debt forgiveness, developed country, developing country, economic development, SS.912.E.2.12: Construct a circular flow diagram for an euro, European Union, exchange rate, export, foreign aid, foreign debt, foreign open-market economy including elements of households, investment, free trade agreements, free trade zones, free-trade agreement, firms, government, financial institutions, product and factor glasnost and perestroika, globalization, Gross Domestic Product per capita, markets, and international trade. identity theft, import, import quota, infant industry, infant mortality rate, intellectual property, International Monetary Fund, international division of labor, SS.912.E.3.1: Demonstrate the impact of inflation on world law of comparative advantage, less developed country, life expectancy, literacy economies. rate, microlending, multi-national corporation, NAFTA, non-governmental organizations (NGOs), offshoring, OPEC, opportunity cost, outsourcing, patent, SS.912.E.3.2: Examine absolute and comparative population growth rate, population growth, protectionism, remittance payment, advantage, and explain why most trade occurs because of specialization, sustainable development, tariffs, tariffs and quotas, Thomas comparative advantage. Malthus, trade barrier, trade deficit, trade surplus, trade war, World Bank, World Trade Organization SS.912.E.3.3: Discuss the effect of barriers to trade and Technology: why nations sometimes erect barriers to trade or establish free trade zones. Bureau of Economic Analysis: http://bea.gov/ SS.912.E.3.4: Assess the economic impact of negative and positive externalities on the international environment. CIA World Factbook Online: https://www.cia.gov/library/publications/the-worldfactbook/ SS.912.E.3.5: Compare the current United States economy with other developed and developing nations. European Union: http://europa.eu/ Population Reference Bureau: http://www.prb.org/ SS.912.G.2.2: Describe the factors and processes that contribute to the differences between developing and developed regions of the world. The Commanding Heights (PBS): http://www.pbs.org/wgbh/commandingheights/ The Economist: http://www.economist.com/ SS.912.G.3.3: Use geographic terms and tools to explain differing perspectives on the use of renewable and nonrenewable resources in, the United States, and the world. (Additional web-based resources relevant to the 12th Grade Economics course can be found on the second page of this Pacing Guide.) SS.912.G.4.4: Use geographic terms and tools to analyze Suggested Activities: MIAMI-DADE COUNTY PUBLIC SCHOOLS District Pacing Guide- Social Studies GRADE LEVEL OR COURSE TITLE: 12th Grade Economics with Financial Literacy 12th Grade Honors Economics with Financial Literacy Essential Content Identity and intellectual property theft in a global economy Second Nine Weeks NGSSS-SS Benchmarks/Florida Standards Instructional Tools case studies of issues in globalization. Have students work in small groups to create a bulletin board, or posters, showing the circular flow diagram in an open-market economy. SS.912.FL.6.9: Explain that the loss of assets, wealth, and future opportunities can occur if an individual’s personal Have students think about the different types of trade barriers between countries, information is obtained by others through identity theft and the purpose of trade barriers from the perspective of one country and the then used fraudulently, and that by managing their personal consequences of such trade barriers on another country. Have students information and choosing the environment in which it is research and debate the advantage and disadvantages of free trade and revealed, individuals can accept, reduce, and insure against protectionism. the risk of loss due to identity theft. Have students write a letter to the editor or an editorial about the impact of SS.912.FL.6.10: Compare federal and state regulations that international trade on a selected regional, national, or local economic issue; e.g., provide some remedies and assistance for victims of identity tariffs, unemployment, inflation, rising expectations of citizens in developing theft. nations, most favored nation trading status. Have students think about the challenges the U.S. faces in today’s global economy. Explain to your reader how technological industries can both help and harm the economic situation in the U.S. Have students work in small groups to identify examples of the internationalization of the world’s economy; e.g., flows of goods/services/capital, labor mobility, cultural/intellectual/technological exchanges. Have students watch “Pennies A Day” from www.izzit.org/. Have students discuss economic challenges in developing countries and the role of microlending as a possible solution to this problem. Have students work in small groups to research the important economic facts about selected world regions. Have students create maps that show the distribution of economic freedom. Detailed lesson plans (LP016 and LP017) are available to support this activity at the M-DCPS Learning Village. See the following link: LP16 Economics Senior High Lesson Plans - 12 Economics LP016 Distribution of Economic.pdf LP17 Economics Senior High Lesson Plans - 12 Economics LP017 Distribution of Economic.pdf Have students research the environmental and economic impact of the British Petroleum Deep Water Horizon oil rig explosion and spill in the Gulf of Mexico. Have students analyze the costs of this disaster and the pros and cons of offshore drilling in general, and for the State of Florida in particular. Have students write a Florida legislator expressing their views Department of Social Sciences MIAMI-DADE COUNTY PUBLIC SCHOOLS District Pacing Guide- Social Studies GRADE LEVEL OR COURSE TITLE: 12th Grade Economics with Financial Literacy 12th Grade Honors Economics with Financial Literacy Essential Content Second Nine Weeks NGSSS-SS Benchmarks/Florida Standards Instructional Tools Have students simulate a G-20 Summit. Have students work in small groups to research and represent the interests of specific countries on issues such as trade, environmental protection, globalization, labor conditions. Have students describe problems that occur when an individual is a victim of identity theft. Students will give specific examples of how online transactions, online banking, email scams, and telemarketing calls can make consumers vulnerable to identity theft. Describe the conditions under which individuals should and should not disclose their Social Security number, account numbers, or other sensitive personal information. Have students recommend actions a victim of identity theft should take to limit losses and restore personal security. Assessment: Develop rubrics and share with students for each of the above mentioned projects in order to increase opportunities for mastery of content and historical thinking skills. Each project or assignment should be assessed for content accuracy and skill development in terms of writing and reading comprehension. ELL: Use visual depictions of historical events in order to increase ELL students’ mastery of related content. Related Programs: Model United Nations SPED: Go the Department of Social Sciences’ website, http://socialsciences.dadeschools.net/, and look under “Curricular Documents,” Next Generation Sunshine State Standards” in order to download the PDF of Access Points for Students with Cognitive Disabilities related to this particular grade level. State and District Instructional Requirements: Teachers should be aware that State and District policy requires that all teachers K-12 provide instruction to students in the following content areas: AfricanAmerican History, Character Education, Hispanic Contributions to the United States, Holocaust Education, and Women’s Contributions to the U.S. Detailed lesson plans can be downloaded from the Department of Social Sciences Department of Social Sciences MIAMI-DADE COUNTY PUBLIC SCHOOLS District Pacing Guide- Social Studies GRADE LEVEL OR COURSE TITLE: 12th Grade Economics with Financial Literacy 12th Grade Honors Economics with Financial Literacy Essential Content Department of Social Sciences Second Nine Weeks NGSSS-SS Benchmarks/Florida Standards Instructional Tools website, http://socialsciences.dadeschools.net/, under the headings “Character Education” and “Multicultural Support Documents.” Please note that instruction regarding the aforementioned requirements should take place throughout the entire scope of a given social studies course, not only during the particular month or day when a particular cultural group is celebrated or recognized. MIAMI-DADE COUNTY PUBLIC SCHOOLS District Pacing Guide- Social Studies GRADE LEVEL OR COURSE TITLE: 12th Grade Economics with Financial Literacy 12th Grade Honors Economics with Financial Literacy Financial Literacy Instructional Unit PACING Dates Traditional 15 Days Optional Last 3 Weeks of Block 7.5 Course ESSENTIAL QUESTION: What skills and knowledge do I need to be able to manage money responsibly and have a successful and financially stable future? Note to teachers: The last 15 days of the academic year are designed to deliver instruction regarding financial literacy. The Department of Social Sciences has created and published 15 comprehensive lesson plans for each grade level K-12. To access these lesson plans, go to the Department of Social Sciences’ website and click on the Financial Literacy icon, as seen below. Lessons are designed around national financial literacy standards and contain all pertinent resources a teacher needs to implement the lessons. See flyer below for additional information. Department of Social Sciences MIAMI-DADE COUNTY PUBLIC SCHOOLS District Pacing Guide- Social Studies GRADE LEVEL OR COURSE TITLE: 12th Grade Economics with Financial Literacy 12th Grade Honors Economics with Financial Literacy Program Overview EverFi Financial Literacy™ Student Length: 6 hours (approximate) Meets 53 of the 107 Florida Standards for economics. Topics Covered: •Credit scores, •consumer fraud and protection, •budgeting, •insurance, •credit cards, •student loans, •1040’s, •FAFSA, •mortgages, •taxes, •stocks, •savings, •401k’s EverFi™ - Assist students in learning critical financial literacy skills. The web based program is plug and play ready and assists teachers in efficiently providing critical need financial skills in a fun and engaging digital environment. The system automatically records student progress and reports the unique score of each user back to the teacher. The program is engaging, easy to use, and provides students with a wonderful background on the essential skills that are critical for their future financial success. The resource contains 10 modules covering over 600 topics including banking, credit scores, insurance, credit cards, student loans, mortgages, taxes, stocks, savings, 401k’s and other critical concepts. Video, animations, 3-D gaming, avatars, and social networking – bring complex financial concepts to life for today’s digital generation. Students who successfully complete the course earn certification in financial literacy, which can be a powerful tool for job applications, college search, and internships. Vault – Understanding Money™ Student Length: 2.5 Hours (approximate) Meets 28 of 30 Florida Standards for Grade 4 economics and financial literacy. Meets 18 Florida Standards for Grade 4 LAFS Topics Covered: •Responsible Money Choices • Income and Careers • Planning & Money Management • Credit & Borrowing • Insurance & Safety Management • Savings & Investing •wants and needs • scarcity and choice Vault - Understanding Money is an interactive course designed to introduce financial literacy skills early in a child’s cognitive development. Vault™ features 6 learning groups that focus on skill building and decision-making, from learning how to control spending, to going to trusted adults for financial advice. Rich Assessment Data Each learning group contains assessments that measure student knowledge gains throughout the program. Personalized Goal-Setting & Interactive Learning Students will “unlock” games and will apply their learning in a variety of story-based simulations. These activities challenge students to make choices in real-life scenarios to achieve important goals around saving, job planning, and budgeting. Students will earn a certification upon completion of the curriculum, a representation of the important financial concepts they have mastered. Department of Social Sciences MIAMI-DADE COUNTY PUBLIC SCHOOLS District Pacing Guide- Social Studies GRADE LEVEL OR COURSE TITLE: 12th Grade Economics with Financial Literacy 12th Grade Honors Economics with Financial Literacy Steps to Access I. Activating Administrative Account • Go to http://www.everfi.com/login • Click “sign up” on the top right of the screen. • Type in your school site registration site code (see list) and click “I’m a teacher”. • Complete the fields, enter your email address, create a • password and fill remaining fields. Click finished! II. Creating Classes and Class Codes 1. Once logged in, select the “classes” tab from the top navigation bar. 2. On the dropdown and select “create class”. 3. Select the appropriate curriculum (if applicable). Name the class the and click “add class”. (This will automatically generate a class registration code that will be stored on your dashboard. Students will use this class code in the same manner in which you registered.) III. Activating and Registering for Student Accounts 1. Go to www.everfi.com/login 2. Select “sign up” at the top right of the screen. 3. Enter the class registration code for YOUR class. 4. Select “I’m a student Student” 5. Fill in all the required fields.-You DO NOT have to enter an email address. Department of Social Sciences MIAMI-DADE COUNTY PUBLIC SCHOOLS District Pacing Guide- Social Studies GRADE LEVEL OR COURSE TITLE: 12th Grade Economics with Financial Literacy 12th Grade Honors Economics with Financial Literacy Department of Social Sciences MIAMI-DADE COUNTY PUBLIC SCHOOLS District Pacing Guide- Social Studies GRADE LEVEL OR COURSE TITLE: 12th Grade Economics with Financial Literacy 12th Grade Honors Economics with Financial Literacy Additional Useful Online Resources for Financial Literacy Instruction: Financial Literacy from Florida’s Chief Financial Officer: The Department of Social Sciences is pleased to provide information regarding Mr. Jeff Atwater, Florida’s Chief Financial Officer, FREE online fi -DCPS employees can access this FREE online financial literacy learning resource by clicking on the following link: http://www.myfloridacfo.com/YMM/default.aspx. Valuable information is available from this website regarding understanding credit and debt, saving and spending, planning for life’s events, such as saving for college, buying a car, and accessing health care, and even games for students to teach them impo resources are also available in Spanish by clicking on the “Spanish” tab at the bottom of the page. H & R Block’s Budget Challenge: http://www.hrblockdollarsandsense.com/ Everyone knows money doesn't grow on trees. At least they will if H&R Block has any say in it. By learning strong budgeting skills and fiscal discipline early, kids can gain the knowledge and confidence to manage their own financial future. Our free H&R Block Budget Challenge encourages students to learn personal finance in a fun, engaging way while competing against other classrooms and students for $3 million in classroom grants and student scholarships. National Education Association’s Warehouse on Teaching Financial Literacy: http://www.nea.org/tools/lessons/resources-for-teaching-financial-literacy.html Use these resources to supplement your curriculum and help students gain the financial literacy skills they’ll need to manage their financial resources effectively throughout their lives. Department of Social Sciences MIAMI-DADE COUNTY PUBLIC SCHOOLS District Pacing Guide- Social Studies GRADE LEVEL OR COURSE TITLE: 12th Grade Economics with Financial Literacy 12th Grade Honors Economics with Financial Literacy DISCOVERY EDUCATION RESOURCES TOPIC 6: LABOR Videos: The Plight of Laborers The PBS NewsHour: Many Left Uncounted in Nation's Official Jobless Rate Division of Labor The United State's Changing Job Force The Decreasing Power of Unions Pressures on Domestic and International Workers Hidden Agenda The Triangle Shirtwaist Fire The Jungle: A View of Industrial America The Great Depression in America Economically-driven Social Change Images: Education Pays Cesar Chavez Leading a Farm Workers' March Audio: Social Reform Movements: Labor Movements & Unions The Great Depression: Effects: The Need for Organized Labor Articles: National Industrial Recovery Act Open Shop Closed- Shop Agreement Activity: Election 2012: Week 07: The Economy TOPIC 7: FINANCIAL INSTITUTIONS Videos: Money The PBS NewsHour: Evaluating and Preventing a Massive Financial Crisis The PBS NewsHour: Bailout of Mortgage Firms Could Set Risky Precedent The PBS NewsHour: The State Of Student Loans: More Debt, More Defaults, More Problems Making Money Grow Developing a Financial Plan Figuring Interest Rewards and Risks of Credit Cards Getting a Loan: Car, School, or Home Department of Social Sciences MIAMI-DADE COUNTY PUBLIC SCHOOLS District Pacing Guide- Social Studies GRADE LEVEL OR COURSE TITLE: 12th Grade Economics with Financial Literacy 12th Grade Honors Economics with Financial Literacy Saving Investing Types of Investment Opportunities Choosing an Investment Strategy Long-Term Savings and Investing Images: Crowd of Depositors Stands Outside the Union Bank A troubled S&L. Audio: Stuff You Should Know Podcast: Cash, Debit, or Credit: Which is best? Articles: Investment Banking TOPIC 8: MEASURING ECONOMIC PERFORMANCE Videos: Wealth of Nations Measuring Economic Development Gross National Product Origin of Supply Other Aggregates America's Modern Recession 2008 Stock Market Crash Maintaining, Expanding, and Sharing Production Song: Lodge McCammon Songs: Full Employment Articles: National Income Gross National Product Cost of Living Business Cycle TOPIC 9: GOVERNMENT AND THE ECONOMY Videos: Tools Economists and Governments Use to Control and Manipulate the Economy An Introduction to Microeconomic Concepts The Role of the Federal Reserve Government Responses to Market Failure The PBS NewsHour: Evaluating and Preventing a Massive Financial Crisis The PBS NewsHour: Arrogance, Ignorance Recurring in Economic History Department of Social Sciences MIAMI-DADE COUNTY PUBLIC SCHOOLS District Pacing Guide- Social Studies GRADE LEVEL OR COURSE TITLE: 12th Grade Economics with Financial Literacy 12th Grade Honors Economics with Financial Literacy Reagan and the US Economy Consequences of Deregulation in the Airline Industry The Price of Progress 2008 Stock Market Crash Monetary Policy Federal Reserve Act Fiscal Policy Opportunity & Public Policy America's Failing Infrastructure Culture Clip: Taxes Images: "Old Reliable." Articles: Income Tax Skill Builder: How the Fed Controls the U.S. Economy TOPIC 10: THE GLOBAL ECONOMY Videos: Trade Policy Globalization's Impact Leveling the Playing Field? The Washington Consensus Climate Change, Species Loss, & Resource Renewal International Exchange Rates & Profitability Free Trade Fair Trade Is the World Flat? Trading Blocks and Agreements International Organizations American Jobs Moving to China The Future of America in the Face of Outsourcing Cheap Labor Driving the Global Economy Wal-Mart Economics Three Commutes It's a Win-Win Economies Intertwined World Poverty & Uncertainty Reasons for Poverty & Affluence The World Bank and the International Monetary Fund Globalization Helping Less Developed Countries Department of Social Sciences