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Teacher: Janet Russello Course: Economics S e p t e m b e r Introduction to Economics ~ Essential Questions Year: 2010-11 Month: All Months Need, Want, Goods, Services, Scarcity, Economics, Shortage, Entrepreneur, Factors of Production, Land, Labor, Capital, Trade-off, Opportunity Cost, Marginal Cost, Marginal Benefit, Efficiency Content Skills What is Economics? Analyze and explain how economics affects everyone Scarcity and Analyze the Factors of scarcity and Production choice and explain why they are the basis of economics Explain the term entrepreneur and provide an example of an entrepreneur Assessments Lessons Standards 6.1.12.AEconomic Systems ~ Evaluate the strengths and weaknesses of traditional, command and market economics. 6.1.12.BEconomic Systems ~ Analyze the impact of traditional, command and market economies on the United States economy. 6.3.12.AScarcity and Choice ~ Analyze actions taken as a result of scarcity issues in the regional, national and international economies. 6.3.12.B- in today's market place Examine three factors of production and the differences between physical and human capital Explain how scarcity affects the factors of production Scarcity and Choice ~ Evaluate the economic reasoning behind a choice. 6.3.12.CScarcity and Choice ~ Evaluate the allocation of resources used to produce goods and services. 6.3.12.DScarcity and Choice ~ Evaluate regional, national or international economic decisions using marginal analysis. 6.3.12.EScarcity and Choice ~ Analyze the opportunity cost of decisions by individuals, businesses, communities and nations. 6.3.12.FScarcity and Choice ~ Evaluate in terms of marginal analysis how incentives influence decisions of consumers, producers and policy makers. Opportunity Cost Analyze why every decision involves tradeoffs Summarize the concept of opportunity cost Analyze how people make decisions by thinking at the margin 6.3.12.DScarcity and Choice ~ Evaluate regional, national or international economic decisions using marginal analysis. 6.3.12.EScarcity and Choice ~ Analyze the opportunity cost of decisions by individuals, businesses, communities and nations. 6.3.12.FScarcity and Choice ~ Evaluate in terms of marginal analysis how incentives influence decisions of consumers, producers and policy makers. Production Possibilities Curves Interpret a production possibilities 6.1.12.AEconomic Systems ~ curve Assess how production possibilities curves show efficiency, growth, and cost Analyze and explain why a country's production possibilities depend on its resources and technology Evaluate the strengths and weaknesses of traditional, command and market economics. 6.1.12.BEconomic Systems ~ Analyze the impact of traditional, command and market economies on the United States economy. 6.1.12.CEconomic Systems ~ Assess the strength of the regional, national and/or international economy and compare it to other years based upon economic indicators. O Economic Systems, Factor Payment, Profit, safety net, Standard of Living, c Innovation, Market, Household, Firm, Incentive, Centrally Planned t Introduction to Economies, Laissez Faire, Private Property, Mixed Economy, Privatization, o Economics ~ Free Enterprise System, Macroeconomics, Microeconomics, Public Goods, b Poverty Threshold, Welfare, Grant e r Essential Content Skills Assessments Lessons Standards Questions Economic Discuss the Systems: three key Answering the economic 6.1.12.AEconomic Systems ~ three economics questions questions that all societies must answer Analyze the societal values that determine how a country answers the three economic questions Summarize the characteristics of a traditional economy Evaluate the strengths and weaknesses of traditional, command and market economics. 6.1.12.BEconomic Systems ~ Analyze the impact of traditional, command and market economies on the United States economy. Economic Analyze and Systems: The explain why Free Market markets exist Analyze and explain circular flow model of a free market economy Summarize the self-regulating nature of the marketplace Examine the advantages of a free market economy 6.1.12.AEconomic Systems ~ Evaluate the strengths and weaknesses of traditional, command and market economics. 6.1.12.BEconomic Systems ~ Analyze the impact of traditional, command and market economies on the United States economy. Economic Systems: Centrally 6.1.12.AEconomic Systems ~ Evaluate the Summarize how a centrally planned Planned Economies economy is organized Compare and contrast socialism and communism Analyze and explain the use of central planning in the Soviet Union and China Compare and contrast the disadvantages of a centrally planned economy strengths and weaknesses of traditional, command and market economics. 6.1.12.BEconomic Systems ~ Analyze the impact of traditional, command and market economies on the United States economy. 6.2.12.HMarkets and the Functions of Governments ~ Evaluate the economic roles of governments. Economic Systems: Mixed Economies Explain the rise of mixed economic systems Interpret and explain a circular flow model of a mixed economy Compare the mixed economies of various nations by creating a chart that defines a 6.1.12.AEconomic Systems ~ Evaluate the strengths and weaknesses of traditional, command and market economics. 6.1.12.BEconomic Systems ~ Analyze the impact of traditional, command and market continuum between centrally planned and free market systems Analyze the role of free enterprise in the United States economy economies on the United States economy. 6.2.12.AMarkets and the Functions of Governments ~ Analyze the flows of products, resources and money in a mixed economy. American Free Discuss the Enterprise: basic Benefits of principles of Free the U.S. free Enterprise enterprise system Identify the role of the consumer in the American economy Assess the constitutional protections that underlie free enterprise Explain why the government may intervene in the marketplace and provide two examples 6.1.12.AEconomic Systems ~ Evaluate the strengths and weaknesses of traditional, command and market economics. 6.1.12.BEconomic Systems ~ Analyze the impact of traditional, command and market economies on the United States economy. Promoting Growth and Stability 6.1.12.AEconomic Systems ~ Evaluate the strengths and Explain why the government tracks and seeks to influence business cycles Summarize how the government promotes economic strength Analyze the factors that increase productivity Providing Explore Public Goods examples of public goods Analyze market failures Examine how the government allocates some resources by managing externalities. weaknesses of traditional, command and market economics. 6.1.12.BEconomic Systems ~ Analyze the impact of traditional, command and market economies on the United States economy. 6.2.12.HMarkets and the Functions of Governments ~ Evaluate the economic roles of governments. 6.1.12.AEconomic Systems ~ Evaluate the strengths and weaknesses of traditional, command and market economics. 6.1.12.BEconomic Systems ~ Analyze the impact of traditional, command and market economies on the United States economy. 6.1.12.CEconomic Systems ~ Assess the strength of the regional, national and/or international economy and compare it to other years based upon economic indicators. Providing a Safety Net Identify and explain the debate in the U.S. over the ways to fight poverty Identify and explain the debate in the U.S. over the ways to fight poverty Assess the main programs through which the government redistributes income Analyze and explain how government encourages private efforts to help the needy 6.1.12.AEconomic Systems ~ Evaluate the strengths and weaknesses of traditional, command and market economics. 6.1.12.BEconomic Systems ~ Analyze the impact of traditional, command and market economies on the United States economy. N o v How e Markets m Work ~ b e r Essential Questions Law of Demand, Ceteris Paribus, Normal Good, Inferior Good, Demographic, Complements, Substitutes, Elasticity of Demand, Law of Supply, Marginal Product of Labor, Fixed Cost, Variable Cost, Total Cost, Marginal Cost, Subsidy, Excise Tax, Regulation, Equilibrium, Shortage, Surplus, Minimum Wage, Inventory, Fad, Rationing, Black Market, Perfect Competition, Commodity, Start-up Costs, Monopoly, Patent, Franchise, License, Differentiation, Antitrust laws Content Skills Assessments Lessons Standards Understanding Explain the Demand law of demand Analyze and explain how the substitution effect and the income effect influence decisions Create a demand schedule for an individual and a market Interpret a demand graph using demand schedules 6.2.12.AMarkets and the Functions of Governments ~ Analyze the flows of products, resources and money in a mixed economy. 6.2.12.EMarkets and the Functions of Governments ~ Predict how changes in supply and demand affect equilibrium price and quantity sold. Shifts in the Demand Curve 6.2.12.AMarkets and the Functions of Governments ~ Analyze the flows of products, resources and money in a mixed Compare and contrast the difference between change in quantity demand and a shift in the demand curve Assess the factors that Elasticity of Demand create changes in demand and that can cause a shift in the demand curve Discuss how a change in demand for one good can affect demand for a related good economy. 6.2.12.EMarkets and the Functions of Governments ~ Predict how changes in supply and demand affect equilibrium price and quantity sold. Summarize how to calculate elasticity of demand Identify and explain the factors that affect elasticity Analyze and explain how firms use elasticity and revenue to make decisions 6.2.12.AMarkets and the Functions of Governments ~ Analyze the flows of products, resources and money in a mixed economy. 6.2.12.EMarkets and the Functions of Governments ~ Predict how changes in supply and demand affect equilibrium price and quantity sold. Understanding Explain the Supply law of supply Interpret a supply schedule and a supply graph Analyze and explain the 6.2.12.AMarkets and the Functions of Governments ~ Analyze the flows of products, relationship between elasticity of supply and time resources and money in a mixed economy. 6.2.12.EMarkets and the Functions of Governments ~ Predict how changes in supply and demand affect equilibrium price and quantity sold. Cost of Production Explain how firms decide how much labor to hire in order to produce a certain level of output Analyze the production costs of a firm Summarize how a firm chooses to set output Evaluate the factors that a firm must consider before shutting down an unprofitable business 6.2.12.AMarkets and the Functions of Governments ~ Analyze the flows of products, resources and money in a mixed economy. 6.2.12.BMarkets and the Functions of Governments ~ Evaluate the operation of noncompetitive markets. Changes in Supply Analyze and explain how factors such as input costs create changes 6.2.12.AMarkets and the Functions of Governments ~ Combining Supply and Demand in supply Propose three ways that the government can influence the supply of goods Explore other factors that affect supply Analyze and explain how firms choose a location to produce goods Analyze the flows of products, resources and money in a mixed economy. 6.2.12.BMarkets and the Functions of Governments ~ Evaluate the operation of noncompetitive markets. 6.2.12.EMarkets and the Functions of Governments ~ Predict how changes in supply and demand affect equilibrium price and quantity sold. Explain how supply and demand create equilibrium in the marketplace Summarize what happens to prices when equilibrium is disturbed Examine two ways that the government steps in to control prices Analyze the 6.2.12.EMarkets and the Functions of Governments ~ Predict how changes in supply and demand affect equilibrium price and quantity sold. 6.2.12.FMarkets and the Functions of Governments impact of price ceilings and price floors on a free market ~ Identify and analyze forces that can change price. Changes in Market Equilibrium Explain why a free market naturally tends to move toward equilibrium Compare and contrast how a market reacts to an increase or decrease in supply and demand 6.2.12.EMarkets and the Functions of Governments ~ Predict how changes in supply and demand affect equilibrium price and quantity sold. 6.2.12.FMarkets and the Functions of Governments ~ Identify and analyze forces that can change price. The Role of Prices Identify and explain the many roles that prices play in a free market List the advantages of a price-based system Explain how a price-based system leads to a wider choice of goods and more efficient use of resources 6.2.12.EMarkets and the Functions of Governments ~ Predict how changes in supply and demand affect equilibrium price and quantity sold. 6.2.12.FMarkets and the Functions of Governments ~ Identify and analyze forces Compare the relationship between prices and profit incentives that can change price. Perfect Competition Identify four conditions that are in place in a perfectly competitive market List two common barriers that prevent firms from entering a market Explain how prices and output function in a perfectly competitive market 6.2.12.EMarkets and the Functions of Governments ~ Predict how changes in supply and demand affect equilibrium price and quantity sold. 6.2.12.FMarkets and the Functions of Governments ~ Identify and analyze forces that can change price. Monopoly Analyze characteristics and give examples of a monopoly Summarize how monopolies, including government monopolies are formed Explain how a firm with a monopoly makes output decisions Explain why monopolists 6.2.12.HMarkets and the Functions of Governments ~ Evaluate the economic roles of governments. sometimes practice price discrimination Monopolistic Competition and Oligopoly Analyze characteristics and give examples of monopolistic competition Summarize how firms compete without lower prices Assess how firms in a monopolistically competitive market set output Analyze characteristics and give examples of oligopoly Regulation and Deregulation Discuss ways in which firms might try to increase their market power Propose three market practices that the government regulates or bans to protect 6.2.12.EMarkets and the Functions of Governments ~ Predict how changes in supply and demand affect equilibrium price and quantity sold. 6.2.12.FMarkets and the Functions of Governments ~ Identify and analyze forces that can change price. 6.2.12.HMarkets and the Functions of Governments ~ Evaluate the economic roles of governments. 6.2.12.HMarkets and the Functions of Governments ~ Evaluate the economic roles of governments. competition Summarize deregulation, and list its effects on several industries D e c Business e and Labor m ~ b e r Essential Questions Sole Proprietorship, Business Organization, Business License, Zoning Laws, Liability, Fringe Benefits, Partnership, Assets, Business Franchise, Royalties, Corporation, Stock, Bond, Dividend, Horizontal Merger, Vertical Merger, Conglomerate, Cooperative, Non profit Organization, Professional Organization, Business Association, Trade Association, Labor Force, Outsourcing, Off shoring, Glass Ceiling, Labor Union, Featherbedding, Strike, Collective Bargaining, Mediation, Arbitration Content Skills Assessments Lessons Standards Business Organizations: Sole Proprietorship Summarize the characteristics of sole proprietorships Analyze and explain the advantages of a sole proprietorship Analyze and explain the disadvantages of a sole proprietorship 6.5.12.CWork and Earnings ~ Analyze the costs and benefits of organizing a business as a sole proprietorship, partnership or corporation. Business Organizations: Partnerships and Franchises Compare and contrast different types of partnerships Analyze and explain the advantages of partnerships Analyze and explain the disadvantages of partnerships Summarize how a 6.5.12.CWork and Earnings ~ Analyze the costs and benefits of organizing a business as a sole proprietorship, partnership or corporation. business franchise operates Corporations, Evaluate the Mergers, and characteristics Multinationals of corporations Analyze and explain the advantages of incorporation Analyze and explain the disadvantages of incorporation Assess the role of multinational corporations 6.5.12.CWork and Earnings ~ Analyze the costs and benefits of organizing a business as a sole proprietorship, partnership or corporation. Nonprofit List and Organizations explain the different types of cooperative organizations List and explain the different types of cooperative organizations Analyze and explain the purpose of nonprofit organizations, including professional and business organizations 6.5.12.CWork and Earnings ~ Analyze the costs and benefits of organizing a business as a sole proprietorship, partnership or corporation. Labor Market Explain how Trends trends in the labor force are tracked Compare and contrast past 6.5.12.AWork and Earnings ~ Analyze the factors and present occupational trends Summarize how the U. S. labor force is changing Explain trends in the wages and benefits paid to U.S. workers influencing wages. Labor and Wages Analyze and explain how supply and demand in the labor market affect wage levels Explain how skill levels and discrimination affect wage levels Analyze and explain how laws against wage discrimination affect wage levels Assess other factors affecting wage levels, such as minimum wage and workplace safety laws 6.5.12.AWork and Earnings ~ Analyze the factors influencing wages. 6.5.12.DWork and Earnings ~ Analyze the role of profits and losses in the allocation of resources in a market economy. Organized Labor Analyze and explain why American workers have formed labor unions 6.4.12.AEconomic Interdependence ~ Analyze how specialization may increase Summarize the history of the labor movement in the United States Analyze and explain the reasons for the decline of the labor movement Explain how labor and management negotiate contracts the standard of living. 6.5.12.A-Work and Earnings ~ Analyze the factors influencing wages. J Money, Medium of Exchange, Barter, Unit of Account, Store of Value, a Currency, Bank, Greenback, Gold Standard, Foreclosure, Liquidity, Demand n Money, Deposit, Default, Mortgage, Credit Card, Interest, Principal, Debit Card, u Banking, and Creditor, Investment, Financial System, Mutual Fund, Hedge Fund, a Finance ~ Diversification, Portfolio, Prospectus, Yield, Savings Bond, Municipal Bond, r Corporate Bond, Junk Bond, Share, Capital Gains, Capital Loss, Stock y Exchange, Futures, Options, Bear Market, Speculation Essential Questions Content Skills Money Summarize the three uses of money Explore the six characteristics of money Explain the sources of money's value The History of Explain the American shifts between Banking centralized and decentralized banking before the Civil War Analyze and Assessments Lessons Standards 6.2.12.FMarkets and the Functions of Governments ~ Identify and analyze forces that can change price. 6.1.12.DEconomic Systems ~ Describe historical examples of expansion, recession, and explain how government reforms stabilized the banking system in the later 1800s Summarize the developments in banking in the early 1900s Compare and contrast the causes of two recent banking crises depression internationally. Banking Today Summarize how the money supply in the United States is measured Assess the functions of financial institutions Evaluate the different types of financial institutions Analyze and explain the impact of the changes brought about by electronic banking 6.1.12.BEconomic Systems ~ Analyze the impact of traditional, command and market economies on the United States economy. Saving and Investing Explain how investing contributes to the free enterprise system 6.5.12.GWork and Earnings ~ Analyze the risks and returns of Summarize how the financial system brings together savers and borrowers Analyze and explain the role of financial intermediaries in the financial system Discuss the trade-offs among liquidity, return, and risk various investments. Bonds and Evaluate the other Financial characteristics Assets of bonds as financial assets Assess the different types of bonds Rate the characteristics of other types of financial assets Summarize four different types of financial asset markets 6.5.12.GWork and Earnings ~ Analyze the risks and returns of various investments. The Stock Market 6.2.12.DMarkets and the Functions of Governments ~ Evaluate changes in economic Compare and explain the benefits and risks of buying stock Summarize how stocks are traded Explain how stock performance is measured Analyze the Great Crash of 1929 and compare it to recent stock market events F e b r u Measuring a Economic r Performance ~ y Essential Questions institutions over time (e.g. stock markets, nongovernment organizations). 6.5.12.GWork and Earnings ~ Analyze the risks and returns of various investments. National Income Accounting, Gross Domestic Product, Intermediate Goods, Durable Goods, Non durable Goods, Nominal GDP, Real GDP, Gross National Product, Depreciation, Price Level, Aggregate Supply, Aggregate Demand, Business Cycle, Expansion, Economic growth, Peak, Contraction Recession, Depression, Stagflation, Leading Indicators, Real GDP Per Capita, capital Deepening, Saving, Technological Progress, Unemployment, Globalization, Inflation, Purchasing Power, Price Index, Consumer Price Index, Market Basket, Inflation Rate, Quantity Theory, Wage-Price Spiral, Fixed Income, Deflation, Poverty Threshold, Poverty Rate, Income Distribution, Food Stamp Program, Lorenz Curve, Enterprise Zone, Block Grant, Workfare Content Skills Gross Domestic Product Demonstrate how gross domestic product (GDP) is calculated Compare and contrast between nominal and real GDP Prioritize the main limitations of GDP and explain the factors that influence GDP Assessments Lessons Standards 6.2.12.AMarkets and the Functions of Governments ~ Analyze the flows of products, resources and money in a mixed economy. 6.3.12.CScarcity and Choice ~ Evaluate the allocation of Explore other output and income measures resources used to produce goods and services. Business Cycles Analyze and explain the phases of a business cycle Summarize the four factors that keep the business cycle going Analyze and explain how the economist forecast fluctuations in the business cycle Analyze and explain the impact of business cycles in U.S. history 6.1.12.BEconomic Systems ~ Analyze the impact of traditional, command and market economies on the United States economy. 6.3.12.EScarcity and Choice ~ Analyze the opportunity cost of decisions by individuals, businesses, communities and nations. Economic Growth Explain how economic growth is measured Summarize what capital deepening is and how it contributes to economic growth Analyze saving and investment and explain how they are related to economic 6.4.12.BEconomic Interdependence ~ Analyze the relationships between trade, competition, productivity. 6.4.12.DEconomic Interdependence ~ Explain how the locations of resources, transportation and communication networks and growth Summarize the impact of population growth, government, and foreign trade on economic growth technology have affected international economic patterns. 6.5.12.B-Work and Earnings ~ Evaluate how changes in education, incentives, technology and capital investment alter productivity. 6.5.12.G-Work and Earnings ~ Analyze the risks and returns of various investments. Unemployment Differentiate between frictional, seasonal, structural, and cyclical employment Summarize how full employment is measured Explain why full employment does not mean that every worker is employed 6.5.12.AWork and Earnings ~ Analyze the factors influencing wages. Inflation 6.2.12.FMarkets and the Functions of Governments Explain the effects of rising prices in the marketplace Analyze and explain the use of price indexes to compare changes in prices over time Compare and contrast the effects of inflation and explain recent trends in the inflation rate Poverty M a r Government c and the h Economy ~ Essential Questions ~ Identify and analyze forces that can change price. Assess who is poor, according to government standards Discuss the causes of poverty Chart the distribution of income in the United States Summarize government policies intended to combat poverty 6.4.12.AEconomic Interdependence ~ Analyze how specialization may increase the standard of living. 6.5.12.E-Work and Earnings ~ Compare distribution of wealth across nations. Tax, Revenue, Progressive Tax, Proportional Tax, Regressive Tax, Tax Base, Individual Income Tax, Corporate Income Tax, Property Tax, Sales Tax, Incidence of a Tax, Withholding, Tax Return, Taxable Income, Personal Exemption, Tax Deduction, Tax Credit, Estate Tax, Gift Tax, Tariff, Tax Incentive, Mandatory Spending, Discretionary Spending, Entitlement, Budget, Operating Budget, Capital Budget, Balanced Budget, Tax Exempt, Real Property, Personal Property, Tax Assessor Content Skills What are taxes? Analyze and explain the Assessments Lessons Standards 6.2.12.GMarkets and sources of the government's authority to tax Compare and contrast the types of tax bases and tax structures Assess the characteristics of a good tax Explain who bears the burden of a tax the Functions of Governments ~ Evaluate types of tax systems. 6.2.12.JMarkets and the Functions of Governments ~ Evaluate the social, political and economic changes in tax policy using cost/benefit analysis. Federal Taxes Summarize the process of paying individual income taxes Explore the basic characteristics of corporate income taxes Summarize the purpose of Social Security, Medicare, and unemployment taxes 6.2.12.GMarkets and the Functions of Governments ~ Evaluate types of tax systems. 6.2.12.JMarkets and the Functions of Governments ~ Evaluate the social, political and economic changes in tax policy using cost/benefit analysis. Federal Spending 6.1.12.BEconomic Systems ~ Analyze the impact of Distinguish between mandatory and discretionary spending A p r i Government l and the Economy ~ Evaluate the major entitlement programs Discuss discretionary spending and list its categories Analyze and explain the impact of federal aid to state and local governments traditional, command and market economies on the United States economy. State and Explore how Local Taxes states use a and Spending budget to plan their spending Analyze and explain how states spend monies raised through taxation Assess the major sources of state tax revenue Analyze and explain local government spending and sources of revenue 6.2.12.GMarkets and the Functions of Governments ~ Evaluate types of tax systems. 6.2.12.JMarkets and the Functions of Governments ~ Evaluate the social, political and economic changes in tax policy using cost/benefit analysis. Fiscal Policy, Federal Budget, Fiscal Year, Appropriations Bill, Expansionary Policy, Contractionary Policy, Classical Economics, Productive Capacity, Demand-side Economics, Multiplier Effect, Automatic Stabilizer, Supply-side Economics, Budget Surplus, Budget Deficit, Treasury Bill, Treasury Note, Treasury Bond, National Debt, Crowding-out effect, Monetary Policy, Reserves, Reserves, Reserve Requirements, Check Clearing, Bank Holding Company, Federal Funds Rate, Discount Rate, Money Creation, required Reserve Ratio, Money Multiplier, Formula, Excess Reserves, Prime Rate, Open Market Operations, Monetarism, Easy Money Policy, Tight Money Policy, Inside Lag, Outside Lag Essential Questions Content Skills Assessments Lessons Standards Understanding Explain how Fiscal Policy the federal budget is created Analyze and explain the impact of expansionary and contractionary fiscal policy on the economy Evaluate the limits of fiscal policy 6.2.12.KMarkets and the Functions of Governments ~ Analyze the impact of media on decisionmaking of consumers, producers and policymakers. 6.3.12.FScarcity and Choice ~ Evaluate in terms of marginal analysis how incentives influence decisions of consumers, producers and policy makers. Fiscal Policy Options 6.2.12.KMarkets and the Functions of Governments ~ Analyze the impact of media on decisionmaking of consumers, producers and policymakers. Compare and contrast classical economics and Keynesian economics Summarize the principles of supply-side economics Analyze and explain the role that fiscal Budget Deficits and the National Debt policy has played in American history 6.3.12.FScarcity and Choice ~ Evaluate in terms of marginal analysis how incentives influence decisions of consumers, producers and policy makers. Explain the importance of balancing the budget Analyze and explain how budget deficits add to the national debt Summarize the problems caused by the national debt Analyze and explain how political leaders have tried to control the deficit 6.2.12.BMarkets and the Functions of Governments ~ Evaluate the operation of noncompetitive markets. 6.2.12.CMarkets and the Functions of Governments ~ Analyze policies designed to raise or lower interest rates and how the Federal Reserve Board influences interest rates. 6.2.12.DMarkets and the Functions of Governments ~ Evaluate changes in economic institutions over time (e.g. stock markets, nongovernment organizations). The Federal Reserve System Summarize banking history in the United States Analyze why the Federal Reserve Act of 1913 led to further reform Examine the structure of the Federal Reserve System 6.2.12.CMarkets and the Functions of Governments ~ Analyze policies designed to raise or lower interest rates and how the Federal Reserve Board influences interest rates. 6.2.12.KMarkets and the Functions of Governments ~ Analyze the impact of media on decisionmaking of consumers, producers and policymakers. 6.2.12.LMarkets and the Functions of Governments ~ Analyze how policies and international events may change exchange rates. Federal Reserve Functions Assess the Federal Reserve and explain how it serves the federal government Analyze and explain how the Federal Reserve serves banks Analyze how the Federal Reserve regulates the banking system and its role in regulating the nation's money supply 6.2.12.CMarkets and the Functions of Governments ~ Analyze policies designed to raise or lower interest rates and how the Federal Reserve Board influences interest rates. 6.2.12.KMarkets and the Functions of Governments ~ Analyze the impact of media on decisionmaking of consumers, producers and policymakers. 6.2.12.LMarkets and the Functions of Governments ~ Analyze how policies and international events may change exchange rates. Monetary Policy Tools Summarize the process of money creation Analyze and explain how the Federal Reserve uses reserve requirements, the discount rate, and open market operations to implement monetary policy Monetary Explain Policy and monetary Macroeconomic policy and Stabilization how it works 6.2.12.CMarkets and the Functions of Governments ~ Analyze policies designed to raise or lower interest rates and how the Federal Reserve Board influences interest rates. 6.2.12.KMarkets and the Functions of Governments ~ Analyze the impact of media on decisionmaking of consumers, producers and policymakers. 6.2.12.LMarkets and the Functions of Governments ~ Analyze how policies and international events may change exchange rates. 6.2.12.CMarkets and the Functions of Analyze and explain the problem of timing in implementing monetary policy Analyze and explain how the Fed's monetary policy can involve predicting business cycles Contrast two general approaches to monetary policy M a y The Global Economy ~ Governments ~ Analyze policies designed to raise or lower interest rates and how the Federal Reserve Board influences interest rates. 6.2.12.KMarkets and the Functions of Governments ~ Analyze the impact of media on decisionmaking of consumers, producers and policymakers. 6.2.12.LMarkets and the Functions of Governments ~ Analyze how policies and international events may change exchange rates. Export, Import, Absolute Advantage, Comparative Advantage, Law of Comparative Advantage, Interdependence, Trade Barrier, Tariff, Import Quota, Sanctions, Embargo, Trade War, Protectionism, Infant Industry, Free Trade, Free-trade Zone, Exchange Rate, Appreciation, Depreciation, Foreign Exchange Market, Fixed Exchange-rate System, Flexible Exchange-rate System, Balance of Trade, Trade Surplus, Trade Deficit, Balance of Payments Essential Questions Content Skills Assessments Lessons Standards Absolute and Evaluate, list Comparative and explain Advantage the impact of the unequal distribution of resources Apply the concepts of specialization and comparative advantage to explain why countries trade Analyze and summarize the position or role of the United States in world trade Assess the effects of trade on employment 6.2.12.AMarkets and the Functions of Governments ~ Analyze the flows of products, resources and money in a mixed economy. 6.4.12.BEconomic Interdependence ~ Analyze the relationships between trade, competition, productivity. 6.4.12.CEconomic Interdependence ~ Evaluate how a nation might benefit by lowering or removing trade barriers. Trade Barriers Evaluate the and types of trade Agreement barriers and the effects of these barriers on economic activities Summarize arguments in favor of protectionism Evaluate the benefits and cost of participation 6.4.12.BEconomic Interdependence ~ Analyze the relationships between trade, competition, productivity. 6.4.12.CEconomic Interdependence ~ Evaluate how a nation might benefit by lowering or Measuring Trade J u n e in international trade agreements Explain the role of multinationals in the global market removing trade barriers. Analyze and explain how exchange rates of world currencies change Evaluate the various exchange rate systems and explain their effect Compare and contrast balance of trade and balance of payments Analyze and explain the causes and effects of the U.S. trade deficit 6.4.12.BEconomic Interdependence ~ Analyze the relationships between trade, competition, productivity. 6.4.12.CEconomic Interdependence ~ Evaluate how a nation might benefit by lowering or removing trade barriers. Development, Development Nation, Less Developed Country, Newly Industrialized Country, Per Capita GDP, Industrialization, Literacy Rate, Life Expectancy, Infant Mortality Rate, Subsistence Agriculture, Population Growth Rate, Malnutrition, Internal Financing, Foreign Investment, Foreign Direct Investment, Foreign Portfolio Investment, Debt Rescheduling, Stabilization The Global Program, Nongovernmental Organization, Privatization, Special Economic Economy ~ Zone, Globalization, Off shoring, Remittances, "Brain Drain", Sustainable Development, Deforestation Essential Questions Content Skills Assessments Lessons Standards Levels of Discuss the Development concepts of developed nations and less developed nations and contrast the distinctions between them Explore the tools used to measure levels of development Examine how levels of development are ranked 6.3.12.AScarcity and Choice ~ Analyze actions taken as a result of scarcity issues in the regional, national and international economies. 6.4.12.GEconomic Interdependence ~ Evaluate characteristics and distribution of international economic activities. Issues in Discuss the Development causes and effects of rapid population growth Analyze and explain how political factors and debt are obstacles to development Summarize the role investment and foreign aid play in development 6.3.12.AScarcity and Choice ~ Analyze actions taken as a result of scarcity issues in the regional, national and international economies. 6.4.12.GEconomic Interdependence ~ Evaluate characteristics and distribution of international Compare and contrast the functions of various international economic institutions economic activities. Economies in Explore the Transition characteristics of economic transition Analyze and summarize the political and economic changes that have taken place in Russia since the fall of communism Analyze and list the reasons for rapid economic growth in China and India Summarize the economic challenges facing Africa and Latin America 6.1.12.CEconomic Systems ~ Assess the strength of the regional, national and/or international economy and compare it to other years based upon economic indicators. 6.3.12.AScarcity and Choice ~ Analyze actions taken as a result of scarcity issues in the regional, national and international economies. 6.4.12.GEconomic Interdependence ~ Evaluate characteristics and distribution of international economic activities. Challenges in Summarize Globalization globalization. List and explain the 6.1.12.CEconomic Systems ~ Assess the factors that promoted its spread Compare and contrast four problems linked to globalization Analyze and explain three challenges that globalization creates Summarize the characteristics needed for American workers and companies to succeed in the future strength of the regional, national and/or international economy and compare it to other years based upon economic indicators. 6.3.12.AScarcity and Choice ~ Analyze actions taken as a result of scarcity issues in the regional, national and international economies. 6.4.12.GEconomic Interdependence ~ Evaluate characteristics and distribution of international economic activities.