Download Theme: Economics at a Personal Level

ECONOMICS
Theme 1: Economics at a Personal
Level
Potential Content:
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Essential Questions:
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When do consumers have
autonomy or sovereignty and do
they use it appropriately?
Explain the best predictors of a
person’s future financial goals?
How much easy credit is too
much? When does easy credit
hurt an individual’s personal
finances?
Do current conditions encourage
entrepreneurship? Explain
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Consumer
o Citizen as Consumer
o Consumerism
o Consumer Sovereignty
Supply and Demand
Revenue and Costs
Labor
o Unions
o Poverty
o Immigration
o Income Distribution
o Safety Regulations
Advertising
o Creating Markets
o Manipulating Markets
o Effect on Consumers
Personal Finances
o Credit Cards
o Budgeting
o Bank Accounts
o Interest Rates
o Good Debt v Bad Debt
o Credit Scores/Privacy
Sample Tasks and Assignments:
ASK:
o What is the difference between a want and a need?
o When does an economic desire become a demand?
ACQUIRE:
o Examine your family’s budget or your own personal budget.
ANALYZE:
o How has modern technology changed the understanding of wants and needs?
o Examine several different types of credit offers like credit card, student loans, emergency
loans, home mortgages and lines of credit. Discuss the benefits and drawbacks to each
type of credit.
APPLY:
o Change your family’s or personal budget assuming a 10% pay cut and defend your
expenditure choices.
o Create a personal budget for you 5 years after high school and defend your choices.
Econ 1
ECONOMICS
Sample Culminating Assessments:
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ESSAY: Should regulations encourage entrepreneurship?
PROJECT: Create your own business plan.
CRITICAL RESPONSE: Critically analyze current advertisements in order to determine the
intellectual and emotional response used to stimulate consumerism.
IMAGINATIVE WRITING: Develop an ad campaign.
RESOURCES:
Textbooks:
 To be adopted
Literature and documents:
 Nickel and Dimed, by Barbara Ehrenrich
Films:
 Thirty Days: Living on Minimum Wage
 Stossel in the Classroom, ABC Video
 Salt of the Earth, 1954, PPS Mulimedia Library
 Frontline, Merchants of Cool, 2001
 Juggling Work and Family,
 People Like Us: Social class in America, PBS
 Frontline, Secret History of the Credit Card, 2005, PPS Multimedia Library
Role-plays and simulations:
Other:
 Capstone, by NCEE
 Financial Fitness for Life, by NCEE
 Learning, Earning and Investing, by NCEE
 Financial planners speakers
 National Council for Economics Education web site, www.ncee.net
POSSIBLE CONNECTIONS:
 The effect of labor unions on the economic system of the United States
 The effect of immigration on the entire economy
 Rights of citizens versus rights of consumers
 Personal relationship to Government Safety Nets
 Personal relationship to Outsourcing
Econ 2
ECONOMICS
Theme 2: Economic Theory
Essential Questions:
 Which economic theory explains
the America’s economy?
 Which economic theory is the ideal
economic theory and why is it
better than others?
 Which economic theory has had the
greatest impact on the world’s
economy?
 How should a society react to
scarcity? How should a government
react to scarcity?
Concepts:
 History of Economic Development
 Traditional
 Specialization
 Subsistence
 Feudalism
 Mercantilism
 Market
 Command
 Mixed
 History of Economic Theory
 Scarcity
 Factors of Production
 Adam Smith, David Ricardo, Thomas Malthus,
Karl Marx and other economic philosophers
 Four Economic Questions
Sample Tasks and Assignments:
ASK:
o What are the basic economic questions in the United States?
o How do economies differ from one another?
ACQUIRE:
o Research examples of economic theories in practice.
ANALYZE:
o How do we answer the basic economic questions in the United States?
o Read and respond to the “Sacred Rac” anthropological study.
o Compare the ideology of two or more economic philosophers.
APPLY:
o Imagine you are creating your own society, how would you answer the basic economic
questions?
Sample Culminating Assessments:
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ESSAY: Should the economic system of the United States be changed?
PROJECT: Create a game or simulation demonstrating how one economic system
functions.
CRITICAL RESPONSE: Explain the merits and flaws of the Communist Manifesto.
Explain the merits and flaws of one economic theory.
IMAGINATIVE WRITING: Write a dialogue between yourself and two or more
economic philosophers.
Econ 3
ECONOMICS
RESOURCES:
Textbooks:
 To be adopted
Literature and documents:
 The Worldly Philosophers, by Robert L. Heilbroner
 The Communist Manifesto by Karl Marx and Fredrick Engels
 Wealth of Nations, by Adam Smith
 New Ideas From Dead Economists, by Todd G. Buchholz and Martin Feldstein
 The New Industrial State, by John Kenneth Galbraith
 The Affluent Society, by John Kenneth Galbraith
 The Theory of the Leisure Class, by Thorstein Veblen
Films:
 Greed, by John Stossell
Role-plays and simulations:
Other:
 National Council for Economics Education web site, www.ncee.net
POSSIBLE CONNECTIONS:
 The different economies of countries from around the world
 Economic systems versus political systems
 Role of government
 The role and success of the average person in different economic systems
Econ 4
ECONOMICS
Theme 3: Economics at the
Institutional Level
Essential Questions:
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How do institutions impact the
world’s economy?
Does the government affect the
performance of the economy? If so
how?
Could we have our current national
economy without the creation of
the monopolies of our past?
When should a government have
the authority to create policies that
will affect the performance of the
economy?
What is an effective policy for
addressing poverty?
Do poor people deserve to be poor?
Explain.
In today’s economy, do the benefits
of labor unions out-weigh the
restrictions they place on the free
market?
Concepts:
 Money
o Changing Definition and Function
 Unemployment
o Frictional, structural, cyclical and hidden
o Underemployment
o Employment Demographics
 Inflation
o Types of Inflation
o Deflation
o Supply Shocks
o Effects on individuals, families and
businesses
 Income and Wealth Distribution
o Minimum Wage
 Government Involvement
o Monetary Policy (Federal Reserve System)
o Fiscal Policy
o Debt and Deficit
o Supply Side Economics
o Taxation
o Federal
o State and Local
 Safety Net Business Structures
o Corporations, Partnership and Private
Ownership
o Monopoly and Oligopoly
o Perfect and Imperfect Competition
 Business Cycle
o Causes of business cycles
o Theory v reality
o Sticky Wage and Price Theory
o Phases of business cycle
 Financial Markets
o Stocks
o Bonds
o Commodities
o Regulation
 Labor
o Unions
o Poverty
o Immigration
o Income Distribution
Econ 5
ECONOMICS
Sample Tasks and Assignments:
ASK:
 How does the United States government intervene in the economy?
 What are the key elements in developing a successful business plan?
 How does laissez-faire economics affect business practices?
ACQUIRE:
 Stock Market Exercise
 Investigate ways that different types of fiscal policy affect different socioeconomic groups in
society.
ANALYZE:
 Evaluate economic data to determine phase of business cycle and who is benefiting most from
current economic conditions.
 Research a successful business to determine the reasons for its success.
 Research a failed business and determined what made it fail.
APPLY:
 Write a financial plan to improve an economy of one country.
 Create a potentially successful business model that would include required components of a
business, meets societal wants and/or needs, meets local, state and federal laws and
troubleshoots potential problems
Sample Culminating Assessments:
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ESSAY: Does immigration to the United States create growth or drain vital resources in the
economy?
PROJECT: Create a fair tax system for the United States.
CRITICAL RESPONSE: Read the current president’s plan for the economy and critique.
IMAGINATIVE WRITING: Write a narrative from the perspective of someone living under a
different economic system.
RESOURCES:
Textbooks:
 To be adopted
Literature and documents:
 Tragedy of the Commons, by Garrett Hardin
 Freakanomics, by Steven D. Levitt and Stephan J. Dubner
 Economic Apartheid in America: A Primer on Economic Inequality and Security, by Chuck
Collins, Felice Yeskel
 Greenspan’s Fraud, by Ravi Batra
 The Overworked American, by Juliet Schorr
 The Overspent American, by Juliet Schorr
 Holding the Line, by Barbara Kingsolver
Econ 6
ECONOMICS
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The Wealth Inequality Reader edited by Dollars and Sense Magazine
Left Business Observer
Economist Magazine
Dollars and Sense
Films:
 Frontline, Is Walmart good for America?
 Walmart: The High Cost of Low Prices, 2005
 Enron: The Smartest Guys in the Room, 2005
 The Corporation, 2003
 Arms for the Poor, 2001
 Frontline, Two Nations of Black America, 1998
 Wall Street, 1987
 Frontline,
Role-plays and simulations:
Other:
 The Federal Reserve, www.federalreserve.gov
 EconEd Link, www.econedlink.org
 National Council for Economics Education, www.ncee.net
POSSIBLE CONNECTIONS:
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The different economies of countries from around the world
Economic systems versus political systems
Role of government
The role and success of the average person in different economic systems
Econ 7
ECONOMICS
Theme 4: Global Economy
Essential Questions:
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How should the cost of oil be
controlled to best support the
global economy?
Where should the line be drawn
between economic freedom and
economic policy?
What would happen if there were
no governmental controls on
international business practices?
How much influence should
powerful governments have over
the economic future of developing
nations?
How much influence have multinational corporations had on the
world economy and has the
influence been beneficial?
Is economic growth and
environmental quality mutually
exclusive?
Concepts:
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Origins of Trade
Globalization
o Ricardo and the theory of comparative
advantage
o Restriction of Trade
o Global Economic Organizations: WTO,
NAFTA, CAFTA, OPEC, EU
o Multi-National Corporations
o Outsourcing
o Labor Conditions
o Economic Roots of Terrorism
Standards of Living
o Race and Class
o Gender
o Culture
Economics and the Natural Environment
o Environmental Footprint
o Technology
Geopolitical Impact on the World Economy
o Strategies for Developing Nations; World
Bank and IMF
o Debt
International Relations (From Diplomacy to
Conflict)
Sample Tasks and Assignments:
ASK:
o What is the global economy?
ACQUIRE:
o Research the role of geopolitical institutions.
o Research one developing economies policy changes and resulting changes in the economy and
standard of living.
ANALYZE:
o Who “wins” and “loses” from global trade?
o What is the impact of debt on developing nations?
APPLY:
o Write a policy change for one aspect of the global economy.
Econ 8
ECONOMICS
Sample Culminating Assessments:
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ESSAY: Is the global economy fair?
PROJECT: Create a visual metaphor of the global economy.
CRITICAL RESPONSE: Respond to the theory that everyone benefits from free trade.
IMAGINATIVE WRITING: Develop graphic novel that shows a world without international
trade.
RESOURCES:
Textbooks:
Literature and documents:
Films:
 Roger and Me, 1989
 Life and Debt, 2001
 Commanding Heights: The Battle for the World Economy, 2002
 The Corporation, 2003
 Earth and the American Dream, 1992, PPS Multimedia Library
 Toxic Sludge is Good for You: The Public Relations Industry Unspun, 2002, PPS Multimedia
Library
Role-plays and simulations:
Other:
 Fish Banks Exercise
 Cascade Policy Institute
 Star Power
 Global Water Forum
 United for a Fair Economy
 Environmental Footprint Exercise
POSSIBLE CONNECTIONS:
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Economic theories supporting globalization
Personal finance under different economic models
Distribution of wealth globally
Conflicts of interest between national and international economic institutions
Econ 9
ECONOMICS
Theme 5: Sustainability
Concepts:
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Essential Questions:
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Do market economies have a
built in bias towards the
objectification of Nature?
Explain.
Does individualism subvert
communal and ecological
values? Explain.
Can the world economy achieve
sustainability? Explain.
What might happen if there
were no governmental controls
on international business
practices?
Is economic growth and
environmental quality mutually
exclusive?
Are there limits to economic
growth?
When should external costs
force regulation?
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External costs
o Positive and negative external costs
Sustainable Development
o Urban Planning
o Product Design
o Environmental Footprint
o Carrying Capacity
o Localism vs. globalism
Technology
o Alternative energy
o Recycling
o Biomass
o Resource Management
Energy
o Oil
o Alternative energy fuel sources
o Global Warming
o Timber supplies
o Food
o Water
Sample Tasks and Assignments:
ASK:
o What is sustainability?
o What qualifies as a resource?
ACQUIRE:
o Research environmental management policies.
o Research a business’ ecological practices and how it impacts their profits.
ANALYZE:
o How has the development of market economies changed our resource management?
o Who benefits from our current system of resource management?
o Can we grow our way to a cleaner economy?
APPLY:
o Write a plan for the world to cut greenhouse gas emissions to pre-1970 levels.
o Create an ad campaign to convince consumers or businesses to support sound ecological
practices.
o Create a plan to supply a salmon run that does not negatively impact economic growth.
Econ 10
ECONOMICS
Sample Culminating Assessments:
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ESSAY: Support a plan of action that enhances Ecological Systems and sustains our economy.
PROJECT: Create a presentation detailing how your school or city could better manage its
natural resources. Present to an appropriate audience.
CRITICAL RESPONSE: Create a T-chart to explain the degree in which an Inconvenient Truth
be verified?
IMAGINATIVE WRITING: Write a speech from the perspective of a multi-national corporation
executive that justifies outsourcing.
RESOURCES:
Textbooks:
 To be adopted
 Rethinking Globalization, by Bill Bigelow and Jim Petersen
 The Line Between Us, by Bill Bigelow
Literature and documents:
 Natural Capitalism, by Paul Hawken
 The Ecology of Commerce, by Paul Hawken
 The Environment in Crisis: An Environmental Reader from Dollars & Sense, by Daniel
Fireside, Toussaint Losier, Adria Scharf, and Thad Williamson
 Hubbert’s Peak, by Ken Deffeyes
 Beyond Oil, by Ken Deffeyes
Films:
 Life and Debt, 2001
 Earth and the American Dream, 1992, PPS Multimedia Library
 Thirst, 2004
 Farming the Seas
Other resources:
 Global Water Forum
 United for a Fair Economy
 Environmental Footprint Exercise
 Peak Oil, www.peakoil.com/
POSSIBLE CONNECTIONS:
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Different economic systems and differing types of resource management
Wealth inequality and access to cleaner environment and safer resources
Effects of more environmentally safe practices on personal budgets
Conflicts of interest between national and international economic institution
Differing levels of environmental quality throughout the world.
Econ 11