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Perry County Schools SUBJECT CURRICULUM FRAMEWORK 9th Grade Topic: Economics Big Idea: Economics Economics includes the study of production, distribution and consumption of goods and services. Students need to understand how their economic decisions affect them, others, the nation and the world. The purpose of economic education is to enable individuals to function effectively both in their own personal lives and as citizens and participants in an increasingly connected world economy. Students need to understand the benefits and costs of economic interaction and interdependence among people, societies, and governments. Academic Expectations 2.18 Students understand economic principles and are able to make economic decisions that have consequences in daily living. Program Of Studies: Understandings SS-H-Ec-U-2 Students will understand that economic systems are created by individuals, societies and governments to achieve broad goals (e.g., security, growth, freedom, efficiency, equity). Program of Studies: Skills and Concepts Core Content For Assessment DOK SS-H-Ec-S-2 Students will compare and contrast economic systems (e.g., traditional, command, market, mixed), and evaluate their effectiveness in achieving broad social goals (e.g., freedom, efficiency, equity, security) SS-H-Ec-S-3 Students will analyze free enterprise systems, and explain strategies for maximizing profits based on different roles in the economy (e.g., producers, entrepreneurs, workers, savers and investors) SS-HS-3.2.1 Students will compare and contrast economic systems (traditional, command, market, mixed) based on their abilities to achieve broad social goals such as freedom, efficiency, equity, security and growth in the modern world. DOK 2 SS-HS-3.2.2 Students will describe economic institutions such as corporations, labor unions, banks, stock markets, cooperatives and partnerships. SS-HS-3.2.3 Students will explain how, in a free enterprise system, individuals attempt to Essential Questions/ Content What is an economic system? In a free enterprise system how do producers, entrepreneurs and workers maximize profits? Level of Mastery Essential Vocabulary 2nd nine weeks Traditional economy Command economy Market economy Mixed economy Free enterprise Entrepreneur Resources Assessments Understandings SS-H-Ec-U-3 Students will understand that markets (e.g., local, national, global) are institutional arrangements that enable buyers and sellers to exchange goods and services. Skills & Concepts SS-H-Ec-S-4 Students will describe relationships between and among markets (e.g., local, national, global) and exchange of goods and services: a) explain factors that influence the supply and demand of products (e.g., supply—technology, cost of inputs, number of sellers; demand— income, utility, price of similar products, consumers' preferences) b) describe how financial and non-financial incentives influence individuals differently (e.g., discounts, sales promotions, trends, personal convictions) c) explain or model causeeffect relationships between the level of competition in a market and the number of buyers and sellers d) research laws and government mandates Core Content DoK maximize their profits based on their role in the economy (e.g., producers try to maximize resources, entrepreneurs try to maximize profits, workers try to maximize income, savers and investors try to maximize return). DOK 2 SS-HS-3.3.1 Students will explain and give examples of how numerous factors influence the supply and demand of products (e.g., supply— technology, cost of inputs, number of sellers: demand— income, utility, price of similar products, consumers' preferences). DOK 2 SS-HS-3.3.2 Students will describe how specific financial and non-financial incentives often influence individuals differently (e.g., discounts, sales promotions, trends, personal convictions). SS-HS-3.3.3 Students will explain how the level of competition in a market is largely determined by the number of buyers and 2 Essential Questions How does supply and demand control prices? What are the benefits of budgeting you income? Level of Mastery Essential Vocabulary Supply Demand Consumers Scarcity Income Balanced budget Budget deficit Business Cycle Revenue Incentives Budgets Profit Subsidies Standard of living Resources/ Assessments Understandings Skills & Concepts (e.g., anti-trust legislation, tariff policy, regulatory policy) and analyze their purposes and effects in the United States and in the global marketplace SS-H-Ec-U-4 Students will understand that all societies deal with questions about production, distribution and consumption. SS-H-Ec-S-5 Students will investigate the production, distribution, and consumption of goods and services: a) analyze changing relationships between and among business, labor and government (e.g., unions, anti-trust laws, tariff policy, price controls, subsidies, tax incentives), and examine the effects of those changing relationships on production, distribution and consumption in the United States b) describe how different factors (e.g., new knowledge, technological change, investments in capital goods and human capital/ resources) have increased productivity in the world. Core Content DoK sellers. SS-HS-3.3.4 Students will explain how laws and government mandates (e.g., anti-trust legislation, tariff policy, regulatory policy) have been adopted to maintain competition in the United States and in the global marketplace. SS-HS-3.4.1 Students will analyze the changing relationships among business, labor and government (e.g., unions, anti-trust laws, tariff policy, price controls, subsidies, tax incentives) and how each has affected production, distribution and consumption in the United States or the world. DOK 3 SS-HS-3.4.2 Students will describe and give examples of how factors such as technological change, investments in capital goods and human capital/resources have increased productivity in the world. DOK 2 3 Essential Questions How can technological advancements change production? What is the relationship between business, labor unions and the government? Level of Mastery Essential Vocabulary Labor unions Taxes Regressive tax Tax incentives Tariff Production Consumption Distribution Resources Unions anti-trust laws tariff policy price controls subsidies labor laws Progressive tax Resources/ Assessments Understandings SS-H-Ec-U-5 Students will understand that a variety of fundamental economic concepts (e.g., supply and demand, opportunity cost) affect individuals, societies and governments. Skills & Concepts SS-H-Ec-S-4 Students will describe relationships between and among markets (e.g., local, national, global) and exchange of goods and services: a) explain factors that influence the supply and demand of products (e.g., supply—technology, cost of inputs, number of sellers; demand—income, utility, price of similar products, consumers' preferences) b) describe how financial and nonfinancial incentives influence individuals differently (e.g., discounts, sales promotions, trends, personal convictions) c) explain or model cause-effect relationships between the level of competition in a market and the number of buyers and sellers d) research laws and government mandates (e.g., antitrust legislation, tariff policy, regulatory policy) and analyze their purposes and Core Content DoK SS-HS-3.3.1 Students will explain and give examples of how numerous factors influence the supply and demand of products (e.g., supply— technology, cost of inputs, number of sellers: demand— income, utility, price of similar products, consumers' preferences). DOK 2 effects in the United States and in the global marketplace 4 Essential Questions How does supply, demand and opportunity cost effect the individual? Society? Government? Level of Mastery Essential Vocabulary Capital Supply Demand Opportunity Cost Utility Resources/ Assessments