Curriculum Management System - PDF Free Download

Curriculum Management System MONROE TOWNSHIP SCHOOLS Course Name: ADVANCED PLACEMENT ECONOMICS Grade: 11-12 For adoption by all regular education programs Board Approved: September 2013 as specified and for adoption or adaptation by all Special Education Programs in accordance with Board of Education Policy # 2220.

Table of Contents Monroe Township Schools Administration and Board of Education Members Page...3 Mission, Vision, Beliefs, and Goals Page...4 Core Curriculum Content Standards Page...5 Scope and Sequence Page...6 Goals/Essential Questions/Objectives/Instructional Tools/Activities Page...9 Quarterly Benchmark Assessment Page 38 2

Monroe Township Schools Administration and Board of Education Members ADMINISTRATION Dr. Kenneth R. Hamilton, Superintendent Dr. Jeff C. Gorman, Assistant Superintendent BOARD OF EDUCATION Ms. Kathy Kolupanowich, Board President Mr. Ira Tessler, Board Vice President Ms. Amy Antelis Mr. Marvin I. Braverman Mr. Lew Kaufman Mr. Louis C. Masters Mr. Doug Poye Mr. Anthony Perzioso Jamesburg Representative Mr. Robert Czarneski WRITERS NAMES Zachary M. Morolda & Theresa Weiss CURRICULUM SUPERVISOR Robert Mele 3

Mission, Vision, Beliefs, and Goals Mission Statement The Monroe Public Schools in collaboration with the members of the community shall ensure that all children receive an exemplary education by well-trained committed staff in a safe and orderly environment. Vision Statement The Monroe Township Board of Education commits itself to all children by preparing them to reach their full potential and to function in a global society through a preeminent education. Beliefs 1. All decisions are made on the premise that children must come first. 2. All district decisions are made to ensure that practices and policies are developed to be inclusive, sensitive and meaningful to our diverse population. 3. We believe there is a sense of urgency about improving rigor and student achievement. 4. All members of our community are responsible for building capacity to reach excellence. 5. We are committed to a process for continuous improvement based on collecting, analyzing, and reflecting on data to guide our decisions. 6. We believe that collaboration maximizes the potential for improved outcomes. 7. We act with integrity, respect, and honesty with recognition that the schools serves as the social core of the community. 8. We believe that resources must be committed to address the population expansion in the community. 9. We believe that there are no disposable students in our community and every child means every child. Board of Education Goals 1. Raise achievement for all students paying particular attention to disparities between subgroups. 2. Systematically collect, analyze, and evaluate available data to inform all decisions. 3. Improve business efficiencies where possible to reduce overall operating costs. 4. Provide support programs for students across the continuum of academic achievement with an emphasis on those who are in the middle. 5. Provide early interventions for all students who are at risk of not reaching their full potential. 6. To Create a 21st Century Environment of Learning that Promotes Inspiration, Motivation, Exploration, and Innovation. 4

Common Core State Standards (CSSS) The Common Core State Standards provide a consistent, clear understanding of what students are expected to learn, so teachers and parents know what they need to do to help them. The standards are designed to be robust and relevant to the real world, reflecting the knowledge and skills that our young people need for success in college and careers. With American students fully prepared for the future, our communities will be best positioned to compete successfully in the global economy. Links: 1. CCSS Home Page: http://www.corestandards.org 2. CCSS FAQ: http://www.corestandards.org/frequently-asked-questions 3. CCSS The Standards: http://www.corestandards.org/the-standards 4. NJDOE Link to CCSS: http://www.state.nj.us/education/sca 5. Partnership for Assessment of Readiness for College and Careers (PARCC): http://parcconline.org 5

Scope and Sequence QUARTER ONE UNIT TOPICS I. BASIC ECONOMIC CONCEPTS A. Scarcity, Choice, and Opportunity Cost B. Production Possibilities Curve C. Comparative Advantage, Absolute Advantage, Specialization, and Trade D. Economic Systems E. Property Rights and the Role of Incentives F. Marginal Analysis II. THE NATURE AND FUNCTION OF PRODUCT MARKETS A. Supply and Demand B. Theory of Consumer Choice C. Production and Costs 6

QUARTER TWO UNIT TOPICS III. MARKET STRUCTURES A. Profit B. Perfect Competition C. Monopoly D. Oligopoly E. Monopolistic Competition QUARTER THREE UNIT TOPICS IV. FACTOR MARKETS A. Derived Factor Demand B. Marginal Revenue Product C. Hiring Decisions in the Markets for Labor and Capital D. Market Distribution of Income V. MARKET FAILURE AND THE ROLE OF GOVERNMENT A. Externalities B. Public Goods C. Public Policy to Promote Competition D. Income Distribution 7

QUARTER FOUR UNIT TOPICS VI. ANALYSIS AND APPLICATION A. Current Events Application B. Technical Applications 8

UNIT I - BASIC ECONOMIC CONCEPTS ESTABLISHED GOALS 1. Describe the role of economic theory and the beneficial use of graphs in the perspective of microeconomics. CCCS: 6.1.12.C.15.b 2. Explain how the concept of scarcity and the use of production possibilities analysis impacts economic growth. CCCS: 9.2.12.F.4, 6.1.12.C.1.b, 6.1.12.C.4.a, 6.1.12.C.5.a, 6.1.12.C.11a 3. Differentiate the market systems through the application and analysis of the five fundamental economic questions. CCCS: 9.2.12.F.8, 6.1.12.C.16.a, 6.2.12.C.3.c, 6.2.12.C.5.b, 6.2.12.C.5.d, 6.2.12.C.5.e, 6.2.12.C.6.a 4. Analyze how the circular flow model impacts the product and factor markets in a market economy. CCCS: 9.2.12.E.4, 6.1.12.C.12.d Stage One: Desired Results Transfer Students will be able to independently use their learning to Utilize economic perspective when observing how individuals, institutions, and society make optimal choices under conditions of scarcity. UNDERSTANDINGS Students will understand that 1. In any economy, the existence of limited resources along with unlimited wants results in the need to make choices. 2. Economists illustrate society s economizing problem through a production possibilities curve in a fully employed economy. 3. Comparative advantage is the basis under which mutually advantageous trade can take place. 4. Market and command systems are economic systems that are used to address the economizing problem. Meaning ESSENTIAL QUESTIONS 1. How does economic perspective drive decisionmaking? 2. How are market systems differentiated? 3. What methods are used to motivate, coordinate and direct economic activity? 5. Economic perspective focuses largely on marginal analysis; the comparing marginal benefits and marginal costs. 9

Students will know Acquisition Students will be skilled at 1. Basic economics key terms, vocabulary words and meanings. 2. The categories of scarce resources. 3. The characteristics of market systems. 4. The five fundamental economic questions. 5. The components of the circular flow model. 1. Describing the role of economic perspective in economics. 2. Distinguishing microeconomics from macroeconomics. 3. Applying production possibilities analysis, increasing opportunity costs, and economic growth. 4. Explaining how economic growth and international trade increase consumption possibilities. 5. Differentiating between a command system and a market system. 6. Explaining how the market system decides what to produce, how to produce, and who obtains it. Evaluative Criteria SUGGESTED PERFORMANCE RUBRIC: Use the following or similar rubric to evaluate a student s performance on performance tasks. 4 INNOVATING: Student was able to apply knowledge learned during the unit, worked individually or collaboratively, and showed effort. All steps of the task demonstrated application, innovation, and higher-level thinking. 3 APPLYING: Student worked individually or collaboratively and showed effort. All steps of the assignment demonstrated the student could apply Stage Two: Evidence Assessment Evidence SUGGESTED PERFORMANCE TASK: Students will engage in the following performance task: ECONOMICS REVIEW SCARCITY ANALYSIS 7. Describe the impact of the various influences on the circular flow model. Working in groups, students will use Legos, straws, pins, and paper to create an original product and plan for its distribution. Students will interact and trade with other groups to obtain the resources they need. Students will use a classroom self-assessment list to evaluate their invention. Students will journalize their trade experiences and reflect on their experiences. Students will engage in a fishbowl discussion in an effort to articulate how their products / projects would be different in different market structures. PERFORMANCE ASSESSMENT OBJECTIVES: - Demonstrate understanding of the basic economic questions facing every nation s economic system. - Apply the factors of production to a given production process. 10

knowledge from the unit. 2 DEVELOPING: Student was able to work individually or collaboratively most of the time, and showed some effort. The steps in the assignment demonstrated student could apply some of the knowledge learned throughout the unit. - Demonstrate understanding of want (demand) versus need (scarcity). - Discriminate among the various economic models of traditional, command, and mixed market economies. 1 BEGINNING: Student was only able to apply new knowledge learned during the unit with assistance. Student had difficulty working individually or collaboratively and did not work to best of his / her ability. SUGGESTED MONITORING SCALE: Use the following or similar scale to monitor or evaluate a student s daily learning and understanding of key concepts: 4 I fully understand my learning and can explain it to someone else. 3 I understand my learning, but could use some mnemonics. 2 I understand parts of my learning, but need some help making connections. 1 I do not understand my learning and cannot make connections, please help. OTHER SUGGESTED PERFORMANCE TASKS 1. Idea origin summaries. 2. Chapter vocabulary journals. 3. Chapter review questions. 4. Graphical analysis and creation. 5. Online practice quiz. 6. Chapter essays. 7. Written response to one of the essential questions. 8. Formative assessment (tests and quizzes). 9. Summative assessment (unit exam). 11

Stage Three: Learning Plan Summary of Key Learning Events and Instruction SUGGESTED LEARNING EVENTS: 1. Unit pre-assessment (journal prompt, article discussion, project, or pre-test). 2. Idea origin summary or outline. 3. Chapter vocabulary journals. 4. Chapter outlines. 5. Chapter review questions. 6. Economic models analysis (graphs). 7. Practice quiz (online). 8. Writing prompts. 9. Performance assessment project 10. Formal assessment. 11. Unit post-assessment. 12. AP exam practice questions. 13. Reflection (journal, fishbowl discussion, or self-assessment). SUGGESTED METHODS OF DIFFERENTIATION: 1. Pre-assess students prior knowledge in the form of a survey, graphic organizer, chart, or other source. 2. Presenting, writing about, and analyzing current events articles or videos. 3. Debates and discussion circles. 4. Graphic organizers and summaries. 5. Teacher and student discussions. 6. Research more information about the topic. 7. Projects. 8. Varied journal prompts. 9. Learning centers. 10. Choice boards. 11. Jigsaws. 12. Mind-maps. 13. ipad fusion (including imovie production) SUGGESTED LEARNING RESOURCES: 1. http://connect.mcgraw-hill.com 2. www.learn360.com 12

3. Applicable movies / DVDs 4. www.rubistar.4teachers.org Student success at meaning and acquisition depends on applying their learning, both conceptually and in terms of real-world business scenarios and applications. All instruction is carried out formatively and assessed under a five-level system of increased autonomy: 1. The content is introduced. 2. The content can be explained out under full instruction. 3. The content can be explained correctly only when prompted. 4. The content can be explained correctly with occasional prompting. 5. The content can be carried out consistently without any prompting. 13

UNIT II - THE NATURE AND FUNCTION OF PRODUCT MARKETS ESTABLISHED GOALS 1. Describe and illustrate through graphs the economic concepts of supply and demand as independent indicators and through their interaction in the market to determine equilibrium price. CCCS: 6.1.12.C.5a, 6.1.12.C.6.a, 6.1.12.C.6.b, 6.1.12.C.16.b 2. Explain how price elasticity applies to calculating price and consumer / supplier surplus. CCCS: 6.1.12.C.9.c, 6.1.12.C.12.c, 6.2.12.C.5.g 3. Relate consumer behavior to individual and market demand curves that are a result of income, price, preferences and utility. CCCS:6.1.12.C.6.b, 6.1.12.C.12.c 4. Utilize specific economic calculations to analyze production costs in the short-run and long-run through total cost, marginal cost, and marginal product. CCCS: 6.1.12.C.1.b, 6.1.12.C.6.b, 6.1.12.C.12.b, 6.1.12.C.12.c, 6.1.12.C.16.b Stage One: Desired Results Transfer Students will be able to independently use their learning to Analyze the determinants of supply and demand and the ways in which quantities or product provided in different markets affect equilibrium price, output, choice and their associated production costs. UNDERSTANDINGS Students will understand that 1. The model of supply and demand explains the operation of the markets on which we depend for nearly everything that individuals consume. 2. Elasticity enhances our understanding of the markets by letting us know the degree to which changes in price and income affect supply and demand. 3. Individual consumers allocate their income among the various goods and services available; yet, occasionally, irrational behavior requires specific policies that impact economic decision-making. Meaning ESSENTIAL QUESTIONS 1. How are graphical models of supply and demand used to explain consumer and producer behavior? 2. What economic factors guide consumer behavior? 3. How do production costs drive producer decisions in the short-term and the long-term? 4. A firm s management of its production costs (and subsequent opportunity costs) dictate business decisions essential to economic success. Students will know Acquisition Students will be skilled at 1. Economic key terms, vocabulary words and meanings related to the function of product markets. 1. Relating how supply and demand interact to determine market equilibrium. 14

2. The laws of supply and demand. 3. The formulas for cross elasticity and income elasticity of demand. 4. The graphical representation of demand, supply, elasticity, and equilibrium. 5. The law of diminishing marginal utility. 6. The categories of cost that impact the behavior of producers. 7. The graphical representation of production costs. 2. Identifying what government-set prices are and how they can cause product surpluses and shortages. 3. Illustrating how supply and demand analysis can provide insights into actual-economy situations. 4. Discussing price elasticity of demand and how it can be applied to economic analysis. 5. Applying cross elasticity of demand and income elasticity of demand to describe goods. 6. Describing how rational consumers maximize utility by comparing the marginal utility-to-price ratios of all the products they could possibly purchase. 7. Explaining how a demand curve can be derived by observing the outcomes of price changes in the utility-maximization model. 8. Relating how behavioral economics and prospect theory shed light on many consumer behaviors. 9. Relating how the indifference curve model of consumer behavior derives demand curves from budget lines, indifference curves, and utility maximization. 10. Explaining how economic costs include both explicit costs and implicit costs. 11. Relating the law of diminishing returns to a firm s short-run production costs. 12. Describing the distinctions between fixed and variable costs and among total, average, as well as marginal costs. 13. Using economies of scale to link a firm s size and its average costs in the long run. 15

Evaluative Criteria SUGGESTED PERFORMANCE RUBRIC: Use the following or similar rubric to evaluate a student s performance on performance tasks. 4 INNOVATING: Student was able to apply knowledge learned during the unit, worked individually or collaboratively, and showed effort. All steps of the task demonstrated application, innovation, and higher-level thinking. 3 APPLYING: Student worked individually or collaboratively and showed effort. All steps of the assignment demonstrated the student could apply knowledge from the unit. 2 DEVELOPING: Student was able to work individually or collaboratively most of the time, and showed some effort. The steps in the assignment demonstrated student could apply some of the knowledge learned throughout the unit. Stage Two: Evidence Assessment Evidence SUGGESTED PERFORMANCE TASK(S): Students will engage in the following performance tasks: CREATING AND ANALYZING ECONOMIC MODELS Working with a partner, students are to use provided data to create supply and demand models for the oil industry. Economic models will be created using a computer or ipad. Students will use these models to determine product elasticity and the responsiveness (or lack thereof) petroleum has to a price change. Students will analyze the affect diminishing returns has on production decisions. Students will also use the economic models to identify product surpluses and shortages. Students will organize their findings and analysis into a report. At the conclusion of the assessment, students will engage in a fishbowl discussion to analyze the impact the oil industry has on the American economy. PERFORMANCE ASSESSMENT OBJECTIVES: - Identify and illustrate the laws of supply and demand. - Create economic models through the use of technology. - Analyze price elasticity with respect to petroleum through the use of economic models. - Calculate product shortages and surpluses through the use of economic models. - Synthesize all findings into a business report. - Graph supply curve, demand curve, and equilibrium price. 1 BEGINNING: Student was only able to apply new knowledge learned during the unit with assistance. Student had difficulty working individually or collaboratively and did not work to best of his / her ability. SUGGESTED MONITORING SCALE: Use the following or similar scale to monitor or evaluate a student s daily learning and understanding of key concepts: 4 I fully understand my learning and can explain it to someone else. 3 I understand my learning, but could use some OTHER EVIDENCE 1. Idea origin summaries. 2. Chapter vocabulary journals. 3. Chapter review questions. 4. Graphical analysis and creation. 16

mnemonics. 2 I understand parts of my learning, but need some help making connections. 1 I do not understand my learning and cannot make connections, please help. 5. Online practice quiz. 6. Chapter essays. 7. Formative assessment (tests and quizzes). 8. Summative assessment (unit exam) Stage Three: Learning Plan Summary of Key Learning Events and Instruction SUGGESTED INSTRUCTIONAL SEQUENCE: 1. Unit pre-assessment (journal prompt, article discussion, project, or pre-test). 2. Idea origin summary or outline. 3. Chapter vocabulary journals. 4. Chapter outlines. 5. Chapter review problems. 6. Economic models analysis (graphs). 7. Practice quiz (online). 8. Writing prompts. 9. Performance assessment. 10. Formal assessment. 11. Unit post-assessment. 12. AP exam practice questions. 13. Reflection (journal, fishbowl discussion, or self-assessment). SUGGESTED METHODS OF DIFFERENTIATION: 1. Pre-assess students prior knowledge in the form of a survey, graphic organizer, chart, or other source. 2. Presenting, writing about, and analyzing current events articles or videos. 3. Debates and discussion circles. 4. Graphic organizers and summaries. 5. Teacher and student discussions. 6. Research more information on the topic. 7. Projects. 8. Varied journal prompts. 9. Learning centers. 17

10. Choice boards. 11. Jigsaws. 12. Mind-maps. 13. imovie production. 14. ipad fusion SUGGESTED LEARNING RESOURCES: 1. http://connect.mcgraw-hill.com 2. www.learn360.com 3. Applicable Movies / DVDs 4. www.rubistar.4teachers.org Student success at meaning and acquisition depends on applying their learning, both conceptually and in terms of real-world business scenarios and applications. All instruction is carried out formatively and assessed under a five-level system of increased autonomy: 1. The content is introduced. 2. The content can be explained out under full instruction. 3. The content can be explained correctly only when prompted. 4. The content can be explained correctly with occasional prompting. 5. The content can be carried out consistently without any prompting. 18

ESTABLISHED GOALS 1. Explain the characteristics and measurements used to define pure completion. CCCS: 6.1.12.C.6.a, 6.1.12.C.16.c 2. Compare and contrast the economic impact of pure competition in the short run and long run. CCCS: 6.1.12.C.6.b 3. Explain pure monopoly and the firm behavior in that market structure. CCCS: 6.1.12.C.5.a 4. Compare and contrast monopolistic and oligopolistic market structures to the firm behavior in pure competition. CCCS: 6.2.12.C.5.g UNIT III MARKET STRUCTURES Stage One: Desired Results Transfer Students will be able to independently use their learning to Compare the economic characteristics of pure competition to the behaviors of firms in other types of market structures. UNDERSTANDINGS Students will understand that 1. An industry s market structure provides an understanding for how price and output are determined in the many product markets of an economy. 2. The level of an industry s competition determines the ease of entry / exit, new product development, and new methods of business. 3. Numerous thriving industries operate within the classification of imperfect competition, which sparks government regulations and impacts production efficiency. 4. Competition most often occurs on the basis of price, quality, location, service, and advertising in the American economy. Meaning ESSENTIAL QUESTIONS 1. Why is it important to distinguish market structure? 2. What leads to a firm's success in an imperfect market? 3. How does competition improve product quality? 19

Students will know Acquisition Students will be skilled at 1. Economic key terms, vocabulary words and meanings related to market structures. 2. The names and characteristics of the four basic market models. 3. The conditions required for purely competitive markets. 4. The characteristics of pure monopolies, monopolistic competition, and oligopolies. 1. Summarizing the main characteristics of the four basic market models. 2. Describing the methods for purely competitive firms to maximize profits and minimize losses in the short run. 3. Explaining why a competitive firm s marginal cost curve is the same as its supply curve. 4. Differentiating the long run and the short run in purely competitive markets. 5. Describing why profits encourage market entry in purely competitive industries and why losses result in firms leaving the industry. 6. Differentiating constant-cost, increasing-cost, and decreasingcost industries. 7. Illustrating how long-run equilibrium in pure competition produces an efficient allocation of resources. 8. Summarizing how a pure monopoly sets its profitmaximizing output and price. 20

2 DEVELOPING: Student was able to work individually or collaboratively most of the time, and showed some effort. The steps in the assignment demonstrated student could apply some of the knowledge learned throughout the unit. 1 BEGINNING: Student was only able to apply new knowledge learned during the unit with assistance. Student had difficulty working individually or collaboratively and did not work to best of his / her ability. SUGGESTED MONITORING SCALE: Use the following or similar scale to monitor or evaluate a student s daily learning and understanding of key concepts: 4 I fully understand my learning and can explain it to someone else. 3 I understand my learning, but could use some mnemonics. 2 I understand parts of my learning, but need some help making connections. 1 I do not understand my learning and cannot make connections, please help. cartoon that conveys an economic message related to market structures. Students will present and discuss each cartoon to the class. PERFORMANCE ASSESSMENT OBJECTIVES: - Identify and categorize the different types of market structures. - Design a political cartoon discussing market structures. - Analyze political statements and messages conveyed by cartoonists. - Present personal opinions related to market structures. - Debate the difference in opinions related to markets structures in the American economy. OTHER EVIDENCE 1. Idea origin summaries. 2. Chapter vocabulary journals. 3. Chapter review questions. 4. Graphical analysis and creation. 5. Online practice quiz. 6. Chapter essays. 7. Formative assessment (tests and quizzes). 8. Summative assessment (unit exam) Stage Three: Learning Plan Summary of Key Learning Events and Instruction SUGGESTED INSTRUCTIONAL SEQUENCE: 1. Unit pre-assessment (journal prompt, article discussion, project, or pre-test). 2. Idea origin summary or outline. 3. Chapter vocabulary journals. 4. Chapter outlines. 5. Chapter review problems. 6. Economic models analysis (graphs). 22

7. Practice quiz (online). 8. Writing prompts. 9. Performance assessment. 10. Formal assessment. 11. Unit post-assessment. 12. AP exam practice questions. 13. Reflection (journal, fishbowl discussion, or self-assessment). SUGGESTED METHODS OF DIFFERENTIATION: 1. Pre-assess students prior knowledge in the form of a survey, graphic organizer, chart, or other source. 2. Presenting, writing about, and analyzing current events articles or videos. 3. Debates and discussion circles. 4. Graphic organizers and summaries. 5. Teacher and student discussions. 6. Research more information on the topic. 7. Projects. 8. Varied journal prompts. 9. Learning centers. 10. Choice boards. 11. Jigsaws. 12. Mind-maps. 13. imovie production. 14. ipad fusion SUGGESTED LEARNING RESOURCES: 1. http://connect.mcgraw-hill.com 2. www.learn360.com 3. Applicable Movies / DVDs 4. www.rubistar.4teachers.org Student success at meaning and acquisition depends on applying their learning, both conceptually and in terms of real-world business scenarios and applications. All instruction is carried out formatively and assessed under a five-level system of increased autonomy: 1. The content is introduced. 2. The content can be explained out under full instruction. 3. The content can be explained correctly only when prompted. 4. The content can be explained correctly with occasional prompting. 5. The content can be carried out consistently without any prompting. 23

ESTABLISHED GOALS 1. Explain the demand for economic resources; most specifically, the pricing and employment of resources. CCCS: 6.1.12.C.6.a 2. Explore influences that determine labor supply and the determination of wage rates. CCCS: 6.1.12.C.14.c, 6.1.12.C.16.c 3. Analyze the determinants used to obtain land and capital by a firm. CCCS: 6.1.12.C.3.b UNIT IV FACTOR MARKETS Stage One: Desired Results Transfer Students will be able to independently use their learning to Apply the concepts of supply and demand to market structures based on the factors of land, labor and capital in a way that explains the use of scarce resources and distribution of income in a market economy. UNDERSTANDINGS Students will understand that 1. A factor s marginal product and the marginal revenue affect the demand for the factor and consider the role of factor prices in the allocation of scarce resources. 2. When considering each of the factors, consideration should be focused to a greater degree on the labor market. 3. The market determines distribution of income and the course of income inequality in a market economy. Meaning ESSENTIAL QUESTIONS 1. What role does the factor market play in determining how scarce resources are distributed? 2. Why is labor such an important factor to consider in a market economy? 3. How are the costs for factors of production determined? Students will know Acquisition Students will be skilled at 1. Economic key terms, vocabulary words and meanings related to factor markets. 2. The factors that increase or decrease resource demand. 1. Explaining the significance of resource pricing. 2. Conveying how the marginal revenue productivity of a resource relates to a firm s demand for that resource. 24

3. The determinants of elasticity of resource demand. 4. The major causes of wage differentials. 5. The share of U.S. earnings received by each of the factors of production. 6. The nature of economic rent and how it is determined. 7. The loanable funds theory of interest rates. 3. Determining how a competitive firm selects its optimal combination of resources. 4. Explaining why labor productivity and real hourly compensation track so closely over time. 5. Summarizing how wage rates and employment levels are determined in competitive labor markets. 6. Demonstrating how monopsony can reduce wages below competitive levels. 7. Discussing how unions increase wage rates and minimum wage laws affect labor markets. 8. Identifying the types, benefits, and costs of pay-for-performance plans. 9. Demonstrating how interest rates related to the time-value of money vary based on risk, maturity, loan size, and taxability. 10. Relating why economic profits occur, and how profits, along with losses, allocate resources among alternative uses. 25

Evaluative Criteria SUGGESTED PERFORMANCE RUBRIC: Use the following or similar rubric to evaluate a student s performance on performance tasks. 4 INNOVATING: Student was able to apply knowledge learned during the unit, worked individually or collaboratively, and showed effort. All steps of the task demonstrated application, innovation, and higher-level thinking. 3 APPLYING: Student worked individually or collaboratively and showed effort. All steps of the assignment demonstrated the student could apply knowledge from the unit. 2 DEVELOPING: Student was able to work individually or collaboratively most of the time, and showed some effort. The steps in the assignment demonstrated student could apply some of the knowledge learned throughout the unit. 1 BEGINNING: Student was only able to apply new knowledge learned during the unit with assistance. Student had difficulty working individually or collaboratively and did not work to best of his / her ability. Stage Two: Evidence Assessment Evidence SUGGESTED PERFORMANCE TASK(S): Students will engage in the following performance tasks: THE ECONOMIC IMPACT OF ORGANIZED LABOR PART ONE: Working in groups of six, students are going to create two teams (three management / three laborers). Each team will be given a set of contractual terms to review in an effort to engage in a mock-contract negotiation. Students will have 20-minutes to negotiate and write-up a contract. Each group will present the terms of their contract to the class. The class will vote to determine which team won the negotiation. PART TWO: At the conclusion of the contract negotiation, each group will be given a labordispute scenario. Each team will respond to the scenario s critical thinking questions from the perspective of their respective teams (management or labor). Students will discuss their opinions with the class. PERFORMANCE ASSESSMENT OBJECTIVES: - Identify the costs and benefits of collective bargaining. - Examine the impact of unions and strikes on management and labor. - Negotiate contractual deal-points commonly found in labor agreements. - Differentiate the objectives of management and labor with respect to labor agreements. - Summarize the economic impact of organized labor. SUGGESTED MONITORING SCALE: Use the following or similar scale to monitor or evaluate a student s daily learning and understanding of key concepts: 4 I fully understand my learning and can explain it to someone else. 3 I understand my learning, but could use some mnemonics. 2 I understand parts of my learning, but need some help making connections. 1 I do not understand my learning and cannot make connections, please help. OTHER EVIDENCE 1. Idea origin summaries. 2. Chapter vocabulary journals. 3. Chapter review questions. 4. Graphical analysis and creation. 5. Online practice quiz. 6. Chapter essays. 26

7. Formative assessment (tests and quizzes). 8. Summative assessment (unit exam) Stage Three: Learning Plan Summary of Key Learning Events and Instruction SUGGESTED INSTRUCTIONAL SEQUENCE: 1. Unit pre-assessment (journal prompt, article discussion, project, or pre-test). 2. Idea origin summary or outline. 3. Chapter vocabulary journals. 4. Chapter outlines. 5. Chapter review problems. 6. Economic models analysis (graphs). 7. Practice quiz (online). 8. Writing prompts. 9. Performance assessment. 10. Formal assessment. 11. Unit post-assessment. 12. AP exam practice questions. 13. Reflection (journal, fishbowl discussion, or self-assessment). SUGGESTED METHODS OF DIFFERENTIATION: 1. Pre-assess students prior knowledge in the form of a survey, graphic organizer, chart, or other source. 2. Presenting, writing about, and analyzing current events articles or videos. 3. Debates and discussion circles. 4. Graphic organizers and summaries. 5. Teacher and student discussions. 6. Research more information on the topic. 7. Projects. 8. Varied journal prompts. 9. Learning centers. 10. Choice boards. 11. Jigsaws. 12. Mind-maps. 13. imovie production. 27

14. ipad fusion SUGGESTED LEARNING RESOURCES: 1. http://connect.mcgraw-hill.com 2. www.learn360.com 3. Applicable Movies / DVDs 4. www.rubistar.4teachers.org Student success at meaning and acquisition depends on applying their learning, both conceptually and in terms of real-world business scenarios and applications. All instruction is carried out formatively and assessed under a five-level system of increased autonomy: 1. The content is introduced. 2. The content can be explained out under full instruction. 3. The content can be explained correctly only when prompted. 4. The content can be explained correctly with occasional prompting. 5. The content can be carried out consistently without any prompting. 28

ESTABLISHED GOALS UNIT V MARKET FAILURE AND THE ROLE OF GOVERNMENT 1. Explain why demand-side market failures and supply-side market failures exist in a free-market economy. CCCS: 6.1.12.C.3.b,6.1.12.C.6.a, 6.1.12.C.9.c Stage One: Desired Results Transfer Students will be able to independently use their learning to Argue for and against government intervention through the use of policy and regulation in a free-market economy. 2. Describe how anti-trust laws in the United States impact price. CCCS: 6.1.12.C.14.b, 6.1.12.C.14.c, 6.2.12.C.6.a 3. Analyze the history of income inequality in the United States. CCCS: 6.1.12.C.3.b, 6.1.12.C.6.a, 6.3.12.C.1 Meaning UNDERSTANDINGS Students will understand that 1. Properly functioning markets efficiently allocate resources; however, market failures often exist and require government intervention. 2. Inadequate information about producers and their products may lead to an underallocation of resources for these products. 3. Differences in ability, education, and training, along with discrimination and difference in market versus non-market work lead to income inequality. ESSENTIAL QUESTIONS 1. What factors determine success or failure in a market? 2. What influence does the government have over market success or failure? 3. Should the government influence the distribution of income in the United States? Students will know Acquisition Students will be skilled at 1. Economics key terms, vocabulary words, and meanings related to government policies and regulation in the free market economy. 2. Characteristics of public and private goods. 1. Differentiating between demand-side market-failure and supply-side market failures. 2. Explaining the origin of both consumer surplus and producer surplus. 29

3. The core elements of major United States antitrust laws. 4. Sources of income inequality. 5. Major components of the incomemaintenance program in the United States. 3. Explaining how properly functioning markets maximize their sum, total surplus, while optimally allocating resources. 4. Describing free riding and public goods. 5. Illustrating why private firms cannot normally produce public goods. 6. Graphically modeling how positive and negative externalities cause under- and over allocations of resources. 7. Debating why consumers do not want to pay what it would cost to eliminate externalities (such as pollution). 8. Interpreting the key issues related to the application of antitrust laws. 9. Describing the economic principles and difficulties relating to the setting of prices charged by natural monopolies. 10. Explaining how income inequality in the United States is measured and described. 30

Evaluative Criteria SUGGESTED PERFORMANCE RUBRIC: Use the following or similar rubric to evaluate a student s performance on performance tasks. 4 INNOVATING: Student was able to apply knowledge learned during the unit, worked individually or collaboratively, and showed effort. All steps of the task demonstrated application, innovation, and higher-level thinking. 3 APPLYING: Student worked individually or collaboratively and showed effort. All steps of the assignment demonstrated the student could apply knowledge from the unit. 2 DEVELOPING: Student was able to work individually or collaboratively most of the time, and showed some effort. The steps in the assignment demonstrated student could apply some of the knowledge learned throughout the unit. 1 BEGINNING: Student was only able to apply new knowledge learned during the unit with assistance. Student had difficulty working individually or collaboratively and did not work to best of his / her ability. Stage Two: Evidence 11. Modeling how income inequality has changed since 1970. 12. Relating how poverty is measured and its incidence by age, gender, ethnicity, and other characteristics. 13. Discussing labor market discrimination and how it might affect hiring decisions and wages. Assessment Evidence SUGGESTED PERFORMANCE TASK(S): Students will engage in the following performance tasks: THE NATURE OF PUBLIC GOODS PART ONE: Individually, students will identify the public goods associated with one the following topics: Government Clean Air Standards, Oil Drilling on Public Wildlife Preserves, Budget for Military Spending, Businesses that Release Toxic Wastes into Steams or Lakes, and Logging in National Parks. Students will then be assigned a partner. Each pair will write a two-page newspaper article on one of these topics. The pairs will use current events research to guide their article. Groups will be advised to use facts and quotations from several online and / or print publications. News articles should include some graphics and images. The pairs will provide copies for the entire class. It is recommended that all articles and materials are submitted to be published in an ibook. PART TWO: Once the class has read all of the articles, a fishbowl debate will commence to discuss the economic impact of public goods and their management. PERFORMANCE ASSESSMENT OBJECTIVES: - Understand the nature of public goods. - Discuss the current issues involving public goods. 31

- Identify the consequences of government decisions concerning public goods. - Debate the political polarization of public good management and policy. - Describe government regulations and / or policies that influences or affects public goods. SUGGESTED MONITORING SCALE: Use the following or similar scale to monitor or evaluate a student s daily learning and understanding of key concepts: 4 I fully understand my learning and can explain it to someone else. 3 I understand my learning, but could use some mnemonics. 2 I understand parts of my learning, but need some help making connections. 1 I do not understand my learning and cannot make connections, please help. OTHER EVIDENCE 1. Idea origin summaries. 2. Chapter vocabulary journals. 3. Chapter review questions. 4. Graphical analysis and creation. 5. Online practice quiz. 6. Chapter essays. 7. Formative assessment (tests and quizzes). 8. Summative assessment (unit exam) Stage Three: Learning Plan Summary of Key Learning Events and Instruction SUGGESTED INSTRUCTIONAL SEQUENCE: 1. Unit pre-assessment (journal prompt, article discussion, project, or pre-test). 2. Idea origin summary or outline. 3. Chapter vocabulary journals. 4. Chapter outlines. 5. Chapter review problems. 6. Economic models analysis (graphs). 7. Practice quiz (online). 8. Writing prompts. 9. Performance assessment. 10. Formal assessment. 11. Unit post-assessment. 12. AP exam practice questions. 32

13. Reflection (journal, fishbowl discussion, or self-assessment). SUGGESTED METHODS OF DIFFERENTIATION: 1. Pre-assess students prior knowledge in the form of a survey, graphic organizer, chart, or other source. 2. Presenting, writing about, and analyzing current events articles or videos. 3. Debates and discussion circles. 4. Graphic organizers and summaries. 5. Teacher and student discussions. 6. Research more information on the topic. 7. Projects. 8. Varied journal prompts. 9. Learning centers. 10. Choice boards. 11. Jigsaws. 12. Mind-maps. 13. imovie production. 14. ipad fusion SUGGESTED LEARNING RESOURCES: 1. http://connect.mcgraw-hill.com 2. www.learn360.com 3. Applicable Movies / DVDs 4. www.rubistar.4teachers.org Student success at meaning and acquisition depends on applying their learning, both conceptually and in terms of real-world business scenarios and applications. All instruction is carried out formatively and assessed under a five-level system of increased autonomy: 1. The content is introduced. 2. The content can be explained out under full instruction. 3. The content can be explained correctly only when prompted. 4. The content can be explained correctly with occasional prompting. 5. The content can be carried out consistently without any prompting. 33

ESTABLISHED GOALS 1. Analyze how technological developments impact the economy. 6.1.12.C.3.a, 6.1.12.C.11.b, 6.1.12.C.12.b, 6.1.12.C.14.d, 6.1.12.C.16.a, 6.1.12.C.16.b UNIT VI ANALYSIS AND APPLICATION Stage One: Desired Results Transfer Students will be able to independently use their learning to Analyze student generated economic models for current events and political topics to place microeconomic principles into real-world context. 2. Demonstrate how economic indicators explain behavior of consumers and producers. 6.1.12.C.3.b, 6.1.12.C.5.a, 6.1.12.C.5.c, 6.1.12, C.9.b, 6.1.12.C.14.a, 6.1.12.C.14.c 3. Compare historical events to current events with respect to economic behavior. 6.1.12.C.9.d, 6.1.12.C.10.b, 6.1.12.C.15.a,6.2.12.C.3.c, 6.2.12.C.4.a, 6.2.12.C.4.b, 6.2.12.C.5.g, 6.3.12.C.1 UNDERSTANDINGS Students will understand that Meaning 1. Economic principles can be applied to realworld issues to facilitate a deeper understanding of market behavior. 2. Technological, scientific and social developments impact the economy in a variety of ways. 3. The economic behaviors and results of historical events can aid in the analysis of current domestic and global issues. ESSENTIAL QUESTIONS 1. How has technology impacted the US economy? 2. How can consumer and producer behavior be explained in current context? 3. How can other periods of US economic history can be compared to current economic indicators? Students will know Acquisition Students will be skilled at 1. Economics key terms, vocabulary words, and meanings related to microeconomic principles. 2. Current economic indicators that describe the US Economy and specific industries. 3. Sources of reliable economic statistics and 1. Differentiating between an invention, an innovation, and technological diffusion. 2. Explaining how entrepreneurs and other innovators further technological advances. 34

current events. Evaluative Criteria SUGGESTED PERFORMANCE RUBRIC: Use the following or similar rubric to evaluate a student s performance on performance tasks. 4 INNOVATING: Student was able to apply knowledge learned during the unit, worked individually or collaboratively, and showed effort. All steps of the task demonstrated application, innovation, and higher-level thinking. 3 APPLYING: Student worked individually or collaboratively and showed effort. All steps of the assignment demonstrated the student could apply knowledge from the unit. 2 DEVELOPING: Student was able to work individually or collaboratively most of the time, and showed some effort. The steps in the assignment demonstrated student could apply some of the knowledge learned throughout the unit. 1 BEGINNING: Student was only able to apply new knowledge learned during the Stage Two: Evidence 3. Summarizing how a firm determines its optimal amount of research and development. 4. Relate why firms can benefit from their innovation even though rivals have an incentive to imitate it. 5. Discuss the role of market structure in promoting technological advances. 6. Illustrate how technological advances enhance productive and allocative efficiency. Assessment Evidence SUGGESTED PERFORMANCE TASK(S): Students will engage in the following performance tasks: TECHNOLOGY AND THE EVOLUTION OF FIRMS OVERVIEW: Working in pre-assigned groups students will be provided with information pertaining to a firm that has experienced considerable growth due to their technologically driven products. Using imovie or Prezi, students will design and present a comprehensive timeline that describes and illustrates their assigned firm s progression. Students will be encouraged to use economic models and concepts discussed throughout the school year to strengthen their presentations. PERFORMANCE ASSESSMENT OBJECTIVES: - Understand the characteristics of resource markets. - The impact an expansion of resource markets has on the circular flow model. - Describe the impact technological advancement has on the overall standing and success of a firm. - Illustrate economic growth models associated with technological advancement. 35

unit with assistance. Student had difficulty working individually or collaboratively and did not work to best of his / her ability. SUGGESTED MONITORING SCALE: Use the following or similar scale to monitor or evaluate a student s daily learning and understanding of key concepts: 4 I fully understand my learning and can explain it to someone else. 3 I understand my learning, but could use some mnemonics. 2 I understand parts of my learning, but need some help making connections. 1 I do not understand my learning and cannot make connections, please help. - Summarize the overall market outlook for technology as it relates to economic growth. OTHER EVIDENCE 1. Idea origin summaries. 2. Chapter vocabulary journals. 3. Chapter review questions. 4. Graphical analysis and creation. 5. Online practice quiz. 6. Chapter essays. 7. Formative assessment (tests and quizzes). 8. Summative assessment (unit exam) Stage Three: Learning Plan Summary of Key Learning Events and Instruction SUGGESTED INSTRUCTIONAL SEQUENCE: 1. Unit pre-assessment (journal prompt, article discussion, project, or pre-test). 2. Idea origin summary or outline. 3. Chapter vocabulary journals. 4. Chapter outlines. 5. Chapter review problems. 6. Economic models analysis (graphs). 7. Practice quiz (online). 8. Writing prompts. 9. Performance assessment. 10. Formal assessment. 11. Unit post-assessment. 12. AP exam practice questions. 13. Reflection (journal, fishbowl discussion, or self-assessment). 36

SUGGESTED METHODS OF DIFFERENTIATION: 1. Pre-assess students prior knowledge in the form of a survey, graphic organizer, chart, or other source. 2. Presenting, writing about, and analyzing current events articles or videos. 3. Debates and discussion circles. 4. Graphic organizers and summaries. 5. Teacher and student discussions. 6. Research more information on the topic. 7. Projects. 8. Varied journal prompts. 9. Learning centers. 10. Choice boards. 11. Jigsaws. 12. Mind-maps. 13. imovie production. 14. ipad fusion SUGGESTED LEARNING RESOURCES: 1. http://connect.mcgraw-hill.com 2. www.learn360.com 3. Applicable Movies / DVDs 4. www.rubistar.4teachers.org Student success at meaning and acquisition depends on applying their learning, both conceptually and in terms of real-world business scenarios and applications. All instruction is carried out formatively and assessed under a five-level system of increased autonomy: 1. The content is introduced. 2. The content can be explained out under full instruction. 3. The content can be explained correctly only when prompted. 4. The content can be explained correctly with occasional prompting. 5. The content can be carried out consistently without any prompting. 37