Introduction to Economics
Curriculum Course Guide
Perth Amboy Public Schools
August 31, 2015
PERTH AMBOY PUBLIC SCHOOLS
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PERTH AMBOY PUBLIC SCHOOLS
Course Description
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PERTH AMBOY PUBLIC SCHOOLS
Syllabus & Pacing Guide
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Modify Format and lay out of pacing guide as needed – may overflow onto new page(s).
PACING GUIDEUnit/Topic/Skill / Suggested Time Frame / Notes
Foundations of Economics
Chapters 1-6 / Seven Weeks / What is Economics?
Economic Systems
American Free Enterprise System
Demand
Supply
Prices
Personal Finance
Chapters 10,11,19 / Six Weeks / Money and Banking
Financial Markets
Personal Financial Literacy
Credit & Loans
Financial Awareness
Microeconomics
Chapters 7-9 / Five Weeks / Market Structures
Business and Labor
Labor and Wages
Macroeconomics
Chapters 12-16 / Six Weeks / Evaluating the Economy
Economic Instability
Taxes and Government Spending
Fiscal Policy
Monetary Policy
Global Economics
Chapters 17, 18 / Five Weeks / Recourses for Global Trade
Global Economic Development
Global Trade Organizations
PERTH AMBOY PUBLIC SCHOOLS
Curriculum Guide
(Copy & Paste this table onto pages after completing each “guide” or unit.)
Content Area / Economics / Grade Level / 10th GradeTopic/Concept/Skill / Foundations of Economics / Time Frame / Seven Weeks
Overview/Rationale
Economics influences the lives of everyone on Earth. Economics affects your life when you earn money and then decide to spend your money to buy something you need or want. The process of deciding what to buy and how much to pay for it applies some of the basic elements of thinking like an economist. Understanding the fundamentals of how economists think will allow students make better choices in their own economic decisions. This unit will cover the foundations of economics to be built upon throughout the course. Included are the concepts of, scarcity, economic systems, free enterprise, supply, demand, and the role of prices.
Desired Results
Critical Content Standards
New Jersey Content Standards for Social Studies
· 9.1.12.A.9 Analyze how personal and cultural values impact spending and other financial decisions.
· 9.1.12.A.6 Summarize the financial risks and benefits of entrepreneurship as a career choice.
· 6.1.12.B.16.a Explain why natural resources (i.e., fossil fuels, food, and water) continue to be a source of conflict, and analyze how the United States and other nations have addressed issues concerning the distribution and sustainability of natural resources
· 6.2.12.C.5.b Compare and contrast free market capitalism, Western European democratic socialism, and Soviet communism.
· 6.1.12.C.16.a Evaluate the economic, political, and social impact of new and emerging technologies on individuals and nations.
Common Core State Standards – Literacy for History/Social Studies
· CCSS.ELA-Literacy.RI.9-10.1 Cite strong and thorough textual evidence to support analysis of what the text says explicitly as well as inferences drawn from the text.
· CCSS.ELA-Literacy.RI.9-10.2 Determine a central idea of a text and analyze its development over the course of the text, including how it emerges and is shaped and refined by specific details; provide an objective summary of the text. CCSS.ELA-Literacy.RI.9-10.3 Analyze how the author unfolds an analysis or series of ideas or events, including the order in which the points are made, how they are introduced and developed, and the connections that are drawn between them.
· CCSS.ELA-LITERACY.RH.9-10.4 Determine the meaning of words and phrases as they are used in a text, including vocabulary describing political, social, or economic aspects of history/social science.
· CCSS.ELA-LITERACY.RH.9-10.5 Analyze how a text uses structure to emphasize key points or advance an explanation or analysis.
· CCSS.ELA-LITERACY.RH.9-10.6 Compare the point of view of two or more authors for how they treat the same or similar topics, including which details they include and emphasize in their respective accounts.
· CCSS.ELA-LITERACY.RH.9-10.7 Integrate quantitative or technical analysis (e.g., charts, research data) with qualitative analysis in print or digital text.
· CCSS.ELA-LITERACY.RH.9-10.8 Assess the extent to which the reasoning and evidence in a text support the author's claims.
· CCSS.ELA-LITERACY.RH.9-10.9 Compare and contrast treatments of the same topic in several primary and secondary sources.
· CCSS.ELA-Literacy.WHST.9-10.1Write arguments focused ondiscipline-specific content.
· CCSS.ELA-Literacy.WHST.9-10.2Write informative/explanatory texts, including the narration of historical events, scientific procedures/ experiments, or technical processes.
· CCSS.ELA-LITERACY.W.9-10.3 Write narratives to develop real or imagined experiences or events using effective technique, well-chosen details, and well-structured event sequences.
· CCSS.ELA-LITERACY.W.9-10.4 Produce clear and coherent writing in which the development, organization, and style are appropriate to task, purpose, and audience. (Grade-specific expectations for writing types are defined in standards 1-3 above.)
· CCSS.ELA-LITERACY.W.9-10.5 Develop and strengthen writing as needed by planning, revising, editing, rewriting, or trying a new approach, focusing on addressing what is most significant for a specific purpose and audience. (Editing for conventions should demonstrate command of Language standards 1-3 up to and including grades 9-10here.)
· CCSS.ELA-LITERACY.W.9-10.6 Use technology, including the Internet, to produce, publish, and update individual or shared writing products, taking advantage of technology's capacity to link to other information and to display information flexibly and dynamically.
· CCSS.ELA-LITERACY.W.9-10.7 Conduct short as well as more sustained research projects to answer a question (including a self-generated question) or solve a problem; narrow or broaden the inquiry when appropriate; synthesize multiple sources on the subject, demonstrating understanding of the subject under investigation.
· CCSS.ELA-LITERACY.W.9-10.8 Gather relevant information from multiple authoritative print and digital sources, using advanced searches effectively; assess the usefulness of each source in answering the research question; integrate information into the text selectively to maintain the flow of ideas, avoiding plagiarism and following a standard format for citation.
· CCSS.ELA-LITERACY.W.9-10.9 Draw evidence from literary or informational texts to support analysis, reflection, and research.
· CCSS.ELA-LITERACY.W.9-10.10 Write routinely over extended time frames (time for research, reflection, and revision) and shorter time frames (a single sitting or a day or two) for a range of tasks, purposes, and audiences
· CCSS.ELA-Literacy.SL.9-10.1 Initiate and participate effectively in a range of collaborative discussions (one-on-one, in groups, and teacher-led) with diverse partners on grades 9-10 topics, texts, and issues, building on others' ideas and expressing their own clearly and persuasively.
· CCSS.ELA-Literacy.SL.9-10.1.a Come to discussions prepared, having read and researched material under study; explicitly draw on that preparation by referring to evidence from texts and other research on the topic or issue to stimulate a thoughtful, well-reasoned exchange of ideas.
· CCSS.ELA-Literacy.SL.9-10.1.b Work with peers to set rules for collegial discussions and decision-making (e.g., informal consensus, taking votes on key issues, presentation of alternate views), clear goals and deadlines, and individual roles as needed.
· CCSS.ELA-Literacy.SL.9-10.1.c Propel conversations by posing and responding to questions that relate the current discussion to broader themes or larger ideas; actively incorporate others into the discussion; and clarify, verify, or challenge ideas and conclusions.
· CCSS.ELA-Literacy.SL.9-10.1.d Respond thoughtfully to diverse perspectives, summarize points of agreement and disagreement, and, when warranted, qualify or justify their own views and understanding and make new connections in light of the evidence and reasoning presented.
· CCSS.ELA-Literacy.SL.9-10.2 Integrate multiple sources of information presented in diverse media or formats (e.g., visually, quantitatively, orally) evaluating the credibility and accuracy of each source.
· CCSS.ELA-Literacy.SL.9-10.3 Evaluate a speaker's point of view, reasoning, and use of evidence and rhetoric, identifying any fallacious reasoning or exaggerated or distorted evidence.
· CCSS.ELA-Literacy.SL.9-10.4 Present information, findings, and supporting evidence clearly, concisely, and logically such that listeners can follow the line of reasoning and the organization, development, substance, and style are appropriate to purpose, audience, and task.
· CCSS.ELA-Literacy.SL.9-10.5 Make strategic use of digital media (e.g., textual, graphical, audio, visual, and interactive elements) in presentations to enhance understanding of findings, reasoning, and evidence and to add interest.
· CCSS.ELA-Literacy.SL.9-10.6 Adapt speech to a variety of contexts and tasks, demonstrating command of formal English when indicated or appropriate.
Enduring Understandings / Essential Questions
1. Resources are limited, so people must make choices.
2. Economic systems shape the way individuals, businesses, and government interact.
3. Enterprises, consumers, and the government play an important role in the American free enterprise system.
4. Demand influences WHAT, HOW and FOR WHOM goods are produced.
5. Supply in a market economy is determined by what produces the greatest amount of profit.
6. The interaction of buyers and sellers in a market economy determines market prices and thereby allocates scarce goods and services. / 1. In what ways do people cope with the problem of scarcity?
2. How does an economic system help a society deal with the fundamental problem of scarcity?
3. What are the benefits of a free enterprise economy?
4. What are the major economic and social goals of the American free enterprise system?
5. How does demand help societies determine WHAT, HOW and FOR WHOM to produce?
6. What are the causes of a change in demand?
7. How do companies determine the most profitable way to operate?
8. How do prices help determine WHAT, HOW, and FOR WHOM to produce?
9. What factors affect prices?
Student Objectives
1. Explain why all societies face the problem of scarcity.
2. Identify three basic choices that are faced by all societies.
3. Explain why mixed economies exist.
4. Compare and contrast the characteristics of traditional, command, and market economies.
5. Analyze the role of entrepreneurs in a free enterprise economy.
6. Express the role of the consumer in a free enterprise economy.
7. Explain how the American economy incorporates the five main characteristics of a free enterprise economy.
8. Describe the advantages and disadvantages of a free enterprise economy.
9. Explain who determines the role of government in the American free enterprise economic system.
10. Explain how demand helps societies determine WHAT, HOW, and, FOR WHOM to produce.
11. Explain how income and substitutes affect quantity demanded as well as the elasticity of demand for a product.
12. Describe the basic differences between supply and demand using supply and demand curves.
13. Discuss how the signals sent by prices help people make economic decisions.
Assessment Evidence
Formative Assessment(s) / Summative Assessment(s)
1. Do Now Checks – short response based on previous lesson/or introduction to upcoming lesson.
2. Exit Slips – students will complete a short assignment before leaving class.
3. Graphic Organizers
4. Current Events – incorporate economic concepts into weekly or monthly current event topics.
5. Discussion/Debate – students debate opposing views on historical policy or current issue.
6. Vocabulary Quizzes – quizzes testing vocabulary for the unit.
7. Guided Reading – teacher created or adapted from textbook.
8. Chapter Assessment – answers the essential question and analyzes primary source documents.
9. Chapter Case Study – a summary of a story which focuses on a real world economic issue.
10. Constructed Responses – student will write short responses to standard based questions.
11. Letter to the Absent – students will write a letter explaining the lesson to a student who was absent. / 1. Unit Test
2. Projects
3. Portfolios
Teaching and Learning Actions – Instructional Strategies – Activities
1. https://scottfenwickteachingeconomics.wikispaces.com/file/view/TEAIPM_2007.pdf Page 1 - Lesson 1: Defining Economics
2. Draw and label a circular flow diagram for both a mixed and a market economy.
3. Draw and label a production possibilities curve for a simplified economy and explain.
4. Students create a demand/supply schedule and graph, demonstrating the laws of demand and supply. Indicate the best selling price as well as levels of elasticity.
5. Create human supply and demand charts with students, and give scenarios that would indicate shifts in either one. Students should indicate what happened to price and quantity, and what specifically caused the shift of supply and/or demand.
6. In small groups, ask students to create a list of words that come to mind when they hear the word economics. Ask students to compare lists and/or ask students to create collage illustrating those terms. Additional terms can be added as the course continues
7. Ask students to create a poster that illustrates the three factors of production.
8. Ask students to construct decision-making grids using examples from their own lives, such as the decision to join a sports team
9. Ask students to create a production possibilities graph for a fictional nation. Have students research the controversies over rain forests—preservation versus development? Tell them to consider such economic factors as scarcity, trade-offs, opportunity costs, efficiency, and underutilization. Students can present their findings in an essay, visual, and/or oral presentation.
10. Ask students to create and present to class posters that explain the three key economic questions.
11. Ask students to research key details about the four economic systems. Students may compare/contrast any two of the systems in a venn diagram or essay.
12. Have students compare college choices or work opportunities, using trade-offs and opportunity costs
13. Create a Cost and Benefit T-Chart with a written cost and benefit analysis
14. Students will read current events and analyze the texts in various writing activities connecting to the Enduring Understandings/Essential Questions, the Five Big Ideas and participate in the writing/peer review processes-
Vocabulary
Scarcity, Economics, Need, Want, Good, Durable Good, Non-durable Good, Consumer Good, Capital Good, Service, Value, Paradox of Value, Utility, Wealth, Gross Domestic Product, Factors of Production, Land, Capital, Labor, Entrepreneurs, Production Possibilities Curve, Opportunity Cost, Trade-off, Consumerism, Economic Growth, Productivity, Human Capital, Division of Labor, Specialization, Economic Interdependence, Market, Factor Markets, Product Markets, Economic Model, Cost-benefit Analysis, Free Enterprise Economy, Standard of Living.
Traditional Economy, Economic Systems, Command Economy, Socialism, Market Economy, Capitalism, Mixed Economy, Great Depression, Communism.
GDP Per Capita, Privatization, Vouchers, Five-Year Plan, Gosplan, Collectivization, Perestroika, Great Leap Forward, Nationalization, Solidarity, European Union(EU), Black Market, Capital-Intensive, Keiretsu, Population Density.
Voluntary Exchange, Private Property Rights, Profit, Profit Motive, Competition, Biofuels, Great Recession, Customer Sovereignty, Modified Free Enterprise Economy, Minimum Wage, Social Security, Medicare, Inflation, Fixed Income.
Demand, Microeconomics, Demand Schedule Incentive, Demand Curve, Law of Demand, Demand Market Curve, Marginal Utility, Diminishing Marginal Utility, Change in Quantity Demanded, Income Effect, Substitution Effect, Substitutes, Compliments, Elasticity, Demand Elasticity, Elastic, Inelastic, Unit Elastic.
Supply, Law of Supply, Supply Schedule, Supply Curve, Market Supply Curve, Quantity Supplied, Change in Quantity Supplied, Change in Supply, Subsidy, Supply Elasticity, Production Function, Short Run, Long Run, Total Product, marginal product, Stages of Production, Diminishing Returns, Fixed Cost, Overhead, Variable Costs, Total Cost, Marginal Cost, Average Revenue, Total Revenue, Marginal Revenue, Profit-Maximizing Quantity of Output, Break-Even Point, E-commerce.
Price, Rationing, Equilibrium Price, Equilibrium Quantity, Surplus, Shortage, Price Ceiling, Price Floor, Target Price, Nonrecourse Loan.
Resources
1. http://www.sharemylesson.com/teaching-resource/demand-and-supply-shifts-matching-cards-6148080/
2. http://www.sharemylesson.com/teaching-resource/an-introduction-to-supply-6115910/
3. http://www.sharemylesson.com/teaching-resource/supply-and-demand-project-50008370/
4. http://www.sharemylesson.com/teaching-resource/supply-and-demand-6006198/
5. http://www.sharemylesson.com/teaching-resource/black-markets-3008741/
6. http://www.sharemylesson.com/teaching-resource/shifts-and-movements-in-demand-6113589/
7. http://www.sharemylesson.com/teaching-resource/production-possibility-boundary-workbook-6112376/
8. http://www.teachingeconomics.org/content/index.php?topic=defeconomics
9. http://www.fte.org/teacher-resources/lesson-plans/rslessons/the-economic-way-of-thinking
10. http://www.fte.org/teacher-resources/lesson-plans/rslessons/trade-offs-and-opportunity-cost
11. http://www.fte.org/teacher-resources/lesson-plans/rslessons/demand-supply-and-the-market
12. http://www.fte.org/teacher-resources/lesson-plans/rslessons/teaching-students-how-markets-work-market-changes-price-determination-and-elasticity
13. http://www.fte.org/teacher-resources/lesson-plans/efllessons/lesson-1-economic-growth-and-scarcity
14. http://www.fte.org/teacher-resources/lesson-plans/efllessons/lesson-2-opportunity-cost-and-incentives
15. http://www.fte.org/teacher-resources/lesson-plans/efllessons/lesson-3-open-markets
16. http://www.sharemylesson.com/teaching-resource/market-v-command-economy-activity-50034136/
17. https://www.khanacademy.org/economics-finance-domain/macroeconomics/gdp-topic/econ-intro-in-macro-tutorial/v/introduction-to-economics
18. https://www.youtube.com/watch?v=Np-dZSdzymk
19. https://www.youtube.com/watch?v=LwLh6ax0zTE
20. https://www.youtube.com/playlist?list=PLA46DB4506062B62B
21. https://www.youtube.com/playlist?list=PLD5BC727C84E254E5
22. http://www.investopedia.com/university/economics/economics2.asp
23. http://www.investopedia.com/university/economics/economics3.asp
24. http://www.investopedia.com/university/economics/economics4.asp
25. http://www.investopedia.com/university/economics/economics5.asp
26. http://www.investopedia.com/university/economics/economics6.asp
27. http://www.shmoop.com/supply-demand/game.html
28. http://www.brighthubeducation.com/middle-school-social-studies-lessons/91239-hands-on-activities-for-teaching-supply-and-demand/
29. http://thismatter.com/economics/resource-demand-elasticity.htm
30. http://montessorimuddle.org/2010/10/15/capitalism-vs-socialism-a-simulation-game/
31. https://www.icivics.org/teachers/lesson-plans/market-economy-0
32. http://welkerswikinomics.com/blog/2010/09/08/circular-flow/
33. http://www.nytimes.com/
34. http://www.msnbc.com/
35. http://www.economist.com/
36. http://www.wsj.com/
37. http://www.ft.com/home/uk
38. http://www.usatoday.com/
39. http://learning.blogs.nytimes.com/2014/10/07/50-ways-to-teach-current-events/?_r=0
40. http://www.educationworld.com/a_special/current_events.shtml
41. http://socialstudies.pressible.org/lizhoelzle/current-events
42. http://literacyteaching.net/2015/01/27/how-to-use-current-events-in-the-classroom/
43. http://www.learningunlimitedllc.com/2013/07/5-steps-vocabulary-instruction/
44. http://www.edutopia.org/blog/ccia-examining-social-studies-texts-monica-burns
45. http://busyteacher.org/4964-how-to-teach-current-events-to-esl-students.html
Differentiation
Enrichment / · Extra DBQ
· Extension activities
· Tiered assessment
· Flexible grouping
· Peer teaching
Intervention / · scaffolding
· group work
· extra vocabulary (content and academic)
· adapted reading and note taking study guide
ELLs / · Multiple types of assessment
· Flexible grouping
· Connect to Content through Visuals
· Language-based expectations in addition to content-based expectations
In this unit plan, the following 21st Century themes and skills are addressed.
Check all that apply.
21st Century Themes / Indicate whether these skills are E-Encouraged, T-Taught, or A-Assessed in this unit by marking E, T, A on the line before the appropriate skill.
21st Century Skills
X / Global Awareness / X / Creativity and Innovation
X / Environmental Literacy / X / Critical Thinking and Problem Solving
Health Literacy / X / Communication
X / Civic Literacy / X / Collaboration
X / Financial, Economic, Business, and Entrepreneurial Literacy / Other Interdisciplinary standards:
Notes-Observations-Reflections