California State Content Standards Core Materials Assessment

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1 Unit 1: Introduction (4 Weeks) Big Idea: Basics of what economics is all about. What is economics? What are economic systems, how do they function? Strengths? Weaknesses? How do the major forms of business operate? Similarities and differences? How does the circular flow and production possibility frontier work? Common Core State Standards H Evaluate various explanations and RH Determine the meaning of words and phrases. RH Analysis of charts/graphs. W Write arguments focused on discipline-specific content. W Clear & coherent writing which follows task. SL Participate in collaborative discussion. SL Evaluate speaker s point of view, reasoning, and use of evidence. Development Standards C.1 Exchanging information and ideas with others through oral collaboration. C.3 Offering and justifying opinions and peruading others. C.4 Adapting language choices to various contents. Int.5 Listening actively to spoken English in a range of social and academic contexts. Int.7 Evaluating how well writers and speakers use language to support ideas and arguments. Int.8 Analyzing how writers and speakers use vocabulary for specific purposes. Pro.9 Expressing information and ideas in formal oral presentations on academic topics. Pro.10 Writing literary and informational texts to present and describe, explain ideas and information using appropriate terminology. Pro.11 Justifying own arguments and evauating others arguments in writing. Pro.12 Selecting and applying varied and precise vocabulary to convey ideas Students understand common economic terms and concepts and economic reasoning. 1. Examine the casual relationship between scarcity amd the need for choices. 2. Explain opportunity cost and marginal benefit and marginal cost. 3. Identify the difference between monetary and nonmonetary incentives and how changes in incentives cause changes in behavior. 4. Evaulate the role of private property as an incentive in conserving and improving scarce resources, including renewable and non-renewable natural resources. 5. Analyze the role of a market economy in establishing and preserving political and personal liberty (E.g., through the works of Adam Smith). - Textbook: - The Corporation movie, Mongrel Pictures - Adam Smith: Wealth of Nations s - GPA Activity - Circular Flow Chart - Entrepeneur Activity - Economic Systems Debate - Production Possibility Frontier Group Graph - Graphing Portfolio

2 Unit 2: Supply and Demand (4 Weeks) Big Idea: Supply & Demand How does demand affect the market? In what ways does supply affect the market? How do government interventions affect the market? RH Analysis of charts/graphs. RH Integrate information from various sources. collaborative discussion, SL Present findings. P.I: C.1 Exchanging information and ideas with others through oral collaboration. P.I: C.2 Interacting with others in written English in various forms. P.I: Int.5 Listening actively to P.I: Int. 8 Analyzing how writers and speakers use language to support ideas and arguments. P.I: Pro.10 Writing literary and informational texts to present, describe, and explain ideas and information, using appropriate terminology. P.I: Pro.12 Selecting and applying varied and precise vocabulary to convey ideas. 1. Understand the relationship of the concept of incentives to the law of demand. 2. Discuss the effects of changes in supply and/or demand on the relative scarcity, price, and quantity of particular products. 3. Explain the roles of property rights, competition, and profit in the market economy. 4. Explain how prices reflect the relative scarcity of goods and services and perform the allocative fuction in a market economy. 5. Understand the process by which competition among buyers and sellers determines a market price. 6. Describe the effect of price controls on buyers and sellers. Textbook - Formal Graphing - Mock Product Development -Government Interventions Presentaions - Graphing Portfolio

3 Unit 3 Labor and Unions (3 Weeks) Big Idea: Labor force and competition Can student evaluate a market system? What are the differences in market structures? How does negotiated labor work? Can student classify skill levels of labor? collaborative discussion. SL Evaluate speaker s point of view, reasoning, and use of evidence. C.1 Exchanging information and ideas with others through oral collaboration. C.2 Interacting with others in written English in various forms. C.3 Offering and justifying opinions and persuading others. C.4 Adapting language choices to various contexts. Int.5 Listening actively to Pro.11 Justifying own arguments and evaluating others arguments in writing. Pro.12 Selecting and applying varied and precise vocabulary to convey ideas. 12.4: 2. Describe the current economy and labor market, including the types of goods and services produced, the types of skills workers need, the effects of rapid technological change, and the impact of international competition. 12.4: 3. Discuss wage differences among jobs and professions, using the laws of demand and supply and the concept of productivity. - Textbook - Tucker movie, Paramount Pictures David Ricardo, Principles of Political Economy and Taxation - Contract Negotiations - History of Labor Presentations - Modified Monopoly Simulation

4 Unit 4 Taxation (2 Weeks) Big Idea: Taxation and Money Does the student know where the different levels of government collect taxes? Can the student show where different levels of government spend taxpayer s money? What are the different types and properties of money? In what ways do the different percent types of taxations work? California State Content Standards Core Materials Assessment and phrases. RH Analyze text structure of a primary source. W Draw evidence from literary or informational texts to support analysis. collaborative discussion. C.3 Offering and justifying opinions and persuading others. Int.5 Listening actively to Pro.9 Expressing information and ideas in formal oral presentations on academic topics. Pro.12 Selecting and applying varied and precise vocabulary to convey ideas. 12.3: 1 Understand how the role of government in a market economy often includes providing for national defense, addressing environmental concerns, defining and enforcing property rights, attempting to make markets more competitive, and protecting consumer s rights. 12.3: 2 Identify the factors that may cause the costs of government actions to outweigh the benefits. 12.3: 3 Describe the aims of government fiscal policies (taxation, borrowing, spending) and their influence on production, employment, and price levels. - Textbook - Debt Clock - Fiat Currency: Value of Money

5 Unit 5 National Economy (3 Weeks) Big Idea: Gross Domestic Product In what ways did Keynes want to manipulate the economy? What are the major schools of economic theory? Does the GDP or GNP have a greater impact on our lives? What makes up the output expenditure model? RH Analysis of charts/graphs. W Researching evidence and using searches effectively. collaborative discussion. SL Present findings. C.1 Exchanging information and ideas with others through oral collaboration. C.4 Adapting language choices to various contexts. Int.5 - Listening actively to Pro.9 Expressing information and ideas in formal oral presentations on academic topics. Pro.12 Selecting and applying varied and precise vocabulary to convey ideas. 12.3: 2 Identify the factors that may cause the costs of government actions to outweigh the benefits. 12.3: 3 Describe the aims of government fiscal policies (taxation, borrowing, spending) and their influence on production, employment, and price levels. - Textbook - Fear the Boom & Bust video, econstories.tv - The General Theory of Employment, Interest, and Money by John Maynard Keynes - The Road to Serfdom by F.A. Hayek - Economic Theories Debate - Graphing Portfolio - GNP/GDP Round Table discussion

6 Unit 6 Monitary Policy (3Weeks) Big Idea: Federal Reserve How does the Federal Reserve deal with the business cycle? What is the relationship between inflation and unemployment? When and how does the Federal Reserve use their tools? In what ways are people unemployed? RH Determine the central ideas of a source; provide an accurate summary. RH Conduct research project to answer a question or solve a problem. W Write arguments focused on discipline-specific content. W Clear and coherent writing which follows task. W Strengthen writing by planning and revision. C.1 Exchanging information and ideas with others through oral collaboration. C.3 Offering and justifying opinions and persuading others. Int.5 Listening actively to Pro.10 Writing literary and informational texts to present, describe, and explain ideas and information, using appropriate terminology. Pro.11 Justifying own arguments and evaluating others arguments in writing. Pro.12 Selecting and applying varied and precise vocabulary to convey ideas. 12.3: 4. Understand the aims and tools of monetary policy and their influence on economic activity (E.g., the Federal Reserve) Define, calculate, and explain the significance of an unemployment rate, the number of new jobs created monthly, inflation or deflation rate, and a rate of economic growth. - Textbook - Economics USA video, Films Incorporated - Federal Reserve Essay - Graphing Portfolio -Unemployment activity

7 Unit 7 Trade and Currency (2Weeks) Big Idea: Trade and Currency Issues What ways do trade zones affect trade? How are quotas and tariffs implemented? In what ways are comparative and absolute advantage used in trade? What makes money worth something? RH Analysis of charts/graphs. collaborative discussion. C.1 Exchanging information and ideas with others through oral collaboration. C.2 Interacting with others in written English in various forms. Int.5 Listening actively to Int.8 Analyzing how writers and speakers use vocabulary for specific purposes. Pro.11 Justifying own arguments and evaluating others arguments in writing. Pro.12 Selecting and applying varied and precise vocabulary to convey ideas. 12.6: 1. Identify the gains in consumption and production efficiency from trade, with emphasis on the main products and changing geographic patterns of twentieth-century trade among countries in the Western Hemisphere. 12.6: 3. Understand the changing role of international political borders and territorial sovereignty in a global economy. 12.6: 4. Explain foreign exchange, the manner in which exchange rates are determined, and the affects of the dollar s gaining (or losing) value relative to other currencies. Textbook - Current Event Presentations - Comparative advantage trade exrcise

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