Social Studies: Economics2016 - 2017

Economics

This course offers a thorough introduction to the study of economics, first at the individual and community level, then the national level, and finally the international level. We will begin by identifying basic economic concepts such as supply and demand. We will then investigate how these concepts impact daily decisions made by individuals as well as the price one pays for goods and services. We will also analyze various taxation policies and their effectiveness. Furthermore, we will discuss the factors behind economic instability and the institutions and policies put in place to achieve and maintain economic stability. Additionally we will compare the economic system used in the United States to those used in other nations around the world. Finally, we will discuss economic activity on a global scale focusing on international trade, developing countries, and global economic challenges.

Course Information:

Frequency & Duration: Averaging 42 minutes per day; 5 days per week; one semester

Text: McGraw Hill Understanding Economics

Content: Fundamentals of Economics / Duration:Week 1 thru Week 2 (2 weeks)
Essential Question: / In what ways do people cope with the problem of scarcity?
Skill: /

Analyze how choices are made because of scarcity
Predict the long-term consequences of decisions made because of scarcity
Identify the origin of resources and analyze the impact on the production of goods and services
Analyze how unlimited wants and limited resources affect decision making
Evaluate the economic reasoning behind a choice
Evaluate the effective allocation of resources for the production of goods and services
Analyze the opportunity cost of decisions made by individuals, businesses, communities and nations
Describe how productivity is measured and identify ways in which a person can improve is or her productivity
Examine leading entrepreneurs in Pennsylvania and the United States in terms of the risks they took and the rewards they received
Assess the impact of entrepreneurs on the economy
Evaluate how changes in education, incentives, technology, and capital investment alter productivity
Compare the role groups and individuals played in the social, political, cultural and economic developments of the U.S.
Explain how specialization contributes to economic interdependence on a national and international level

Assessment: /

Given an example, students will analyze how choices are made because of scarcity
Given an example, students will predict the long-term consequences of decisions made because of scarcity.
Given an example, students will identify the origin of resources and analyze the impact on the production of goods and services
Given an example, students will analyze how unlimited wants and limited resources affect decision making
Given an example, students will evaluate the economic reasoning behind a choice
Given an example, students will evaluate effective allocation of resources for the production of goods and services
Given an example, students will analyze the opportunity cost of decisions made by individuals, businesses, communities and nations

Given an example, students will describe how productivity is measured and identify ways in which a person can improve is or her productivity

Given an example, students will examine leading entrepreneurs in Pennsylvania and the United States in terms of the risks they took and the rewards they received
Given an example, students will assess the impact of entrepreneurs on the economy
Given an example, students will evaluate how changes in education, incentives, technology, and capital investment alter productivity
Given an example, students will compare the role groups and individuals played in the social, political, cultural and economic developments of the U.S.
Given an example, students will explain how specialization contributes to economic interdependence on a national and international level

Resources: / Textbook pages 3-34
Factors of Production worksheet
Howard Schultz entrepreneur worksheet
Production Possibilities Frontier worksheets
Economic Collage
Shark Tank episode (will vary)
Standards: / 6.1.9.A. (U.A; W.A.) Analyze how choices are made because of scarcity
6.1.C.A. (12.A) Predict the long-term consequences of decisions made because of scarcity.
6.1.9.B. Identify the origin of resources and analyze the impact on the production of goods and services. Analyze how unlimited wants and limited resources affect decision making.
6.1.C.B. Evaluate the economic reasoning behind a choice.
6.1.1.12.B. Evaluate the economic reasoning behind a choice. Evaluate effective allocation of resources for the production of goods and services
6.1.12.C., 6.1.U.C. (W.C)Analyze the opportunity cost of decisions made by individuals, businesses, communities, and nations.
6.5.9.B.Describe how productivity is measured and identify ways in which a person can improve his or her productivity
6.5.9.F. (6.5.U.F.) Examine leading entrepreneurs in( Pennsylvania) and the United States in terms of the risks they took and the rewards they received.
6.5.12.F Assess the impact of entrepreneurs on the economy
6.5.12.B Evaluate how changes in education, incentives, technology, and capital investment alter productivity
6.5.U.B.—Compare the role groups and individuals played in the social, political, cultural and economic development of the U.S.
6.4.9.A (U.A.; W.A.; C.A.) Explain how specialization contributes to economic interdependence on a national and international level
Vocabulary: / Economics—study of how people try satisfy seemingly unlimited and competing needs and wants through the careful use of scarce resources; Entrepreneur—risk taking individuals who introduce new products or services in search of profits; one of the factors of production ; Factors of Production—productive resources needed to produce goods; the four factors are land, capital, labor and entrepreneurship;Good—tangible economic product that is useful, transferable to others, and used to satisfy wants and needs; Market—meeting place or arrangement through which buyers and sellers interact to determine price and quantity of an economic product; may be local, regional, national or global; Opportunity Cost—cost of the next best alternative use of money, time or resources, when one choice is made rather than another;Productivity—measure of the amount of output produced in a specific time period with a given amount of resources; normally refers to labor, but can apply to all factors of production; Possibility Curve—diagram representing all possible combinations of goods and/or services an economy can produce when all productive resources are fully employed; Scarcity,--fundamental economic problem facing all societies resulting from a combination of scarce resources and people’s virtually unlimited needs and wants; Service—work or labor performed for someone

Comments

Content: Economic Systems and Decision Making / Duration:Week 3 thru Week 4 (2 weeks)
Essential Question: / How does an economic system help a society deal with the fundamental economic problem of scarcity?
What are the benefits of a free enterprise economy?
What are the major social and economic goals of the American free enterprise system?
Skill: /

Compare and contrast various economic systems
Evaluate various economic systems
Compare the role groups and individuals played in the social, political, cultural and economic developments of the U.S.
Students will analyze how conflict and cooperation among groups and organizations have impacted the growth and development of the US
Explain how incentives cause people to change their behavior in predicable ways
Explain how changes in incentives may affect the choices made by individuals, businesses, communities and nations

Assessment: /

Given an example, students will compare and contrast various economic system
Given an example, students will evaluate various economic systems
Given an example, students will compare the role groups and individuals played in the social, political, cultural and economic developments of the U.S.
Given an example, students will students will analyze how conflict and cooperation among groups and organizations have impacted the growth and development of the US
Given an example, students will explain how incentives cause people to change their behavior in predicable ways

Given an example, students will explain how changes in incentives may affect the choices made by individuals, businesses, communities and nations

Resources: / Textbook pages 35-98 (Ch. 2 & 3)
Economy of Sharing worksheet
Minimum Wage Around the World Graph
Minimum Wage Case Study
Shark Tank various episodes
Standards: / 6.2.9.G (U.G; W.G; C.G;) Compare and contrast various economic systems
6.2.12.G Evaluate various economic systems
6.5.U.B
6.4.U.C Compare the role groups and individuals played in the social, political, cultural, and economic development of the U.S.
6.3.U.D. (W.D.) Analyze how conflict and cooperation among groups and organizations have impacted the growth and development of the US
6.1.9.D Explain how incentives cause people to change their behavior in predicable ways
6.1.12.D Explain how changes in incentives may affect the choices made by individuals, businesses, communities and nations
Vocabulary: / Capitalism--economic system in which private citizens own and use the factors of production in order to generate profits; Command Economy—economic system characterized by a central authority that makes most of the major economic decisions; Communism—economic and political system in which factors of production are collectively owned and directed by the state; a theoretically classless society in which everyone works for the common good; Competition—the struggle among sellers to attract consumers; Fixed Income—income that does not increase over time; Market Economy—economic system in which supply, demand and the price system help people allocate resources and make the what, how and for whom to produce decisions; same as a free enterprise economy; Minimum Wage—lowest legal wage that can be paid to most workers; Modified Free Enterprise Economy—free enterprise market economy where people carry on their economic affair freely, but are subject to some government intervention and regulation; Traditional Economy—economic system in which the allocation of scarce resources, and other economic activity, is the result of ritual, habit or custom

Comments

Content: Business Organization / Duration:Week 5 thru Week 7 (2.5 weeks)
Essential Question: / How are businesses formed and how do they grow?
How does a market economy support nonprofit organizations?
Skill: /

Explain the scope and influence of multinational corporationsand other non-government organizations
Evaluate the impact of multinational corporationsand other non-government organizations
Identify and explain the characteristics of sole proprietorship, partnership, and corporation.
Analyze the costs and benefits of organizing a business as a sole proprietorship, partnership, or corporation
Analyze how risks influence business decision-making.
Analyze the role of profits and losses in the allocation of resources in a market economy.
Analyze how conflict and cooperation among groups and organizations have impacted the growth and development of the U.S. ethnicity and race
Explain the scope and influence of multinational corporations and other non-governmental organizations
Students will analyze how conflict and cooperation among groups and organizations have impacted the growth and development of the US
Analyze the risks and returns of various investments
Explain how incentives cause people to change their behavior in predicable ways

Assessment: /

Given an example, students will evaluate the impact of multinational corporationsand other non-government organizations
Given an example, students will identify and explain the characteristics of sole proprietorship, partnership, and corporation.
Given an example, students will analyze the costs and benefits of organizing a business as a sole proprietorship, partnership, or corporation
Given an example, students will analyze how risks influence business decision-making.
Given an example, students will analyze the role of profits and losses in the allocation of resources in a market economy.
Given an example, students will analyze how conflict and cooperation among groups and organizations have impacted the growth and development of the U.S. ethnicity and race
Given an example, students will explain the scope and influence of multinational corporations and other non-governmental organizations
Given an example, students will analyze how conflict and cooperation among groups and organizations have impacted the growth and development of the US
Given an example, students will analyze the risks and returns of various investments
Given an example, students will explain how incentives cause people to change their behavior in predicable ways

Resources: / Textbook pages 209-240
Small Business Worksheet
Stock Market Project
Megamerger Worksheet
Business Graphic Organizer
Shark Tank Episodes (will vary)
Standards: / 6.4.C.C. (12.C) Evaluate the impact of multinational corporationsand other non-government organizations.
6.5.9.C.Identify and explain the characteristics of sole proprietorship, partnership, and corporation.
6.5.12.C. Analyze the costs and benefits of organizing a business as a sole proprietorship, partnership, or corporation.
6.5.9.D. Analyze how risks influence business decision-making.
6.5.12.D. Analyze the role of profits and losses in the allocation of resources in a market economy
6.3.U.B (W.B.) Analyze how conflict and cooperation among groups and organizations have impacted the growth and development of the U.S. ethnicity and race (working conditions, immigration, military conflict, economic stability)
6.4.9.C Explain the scope and influence of multinational corporations and other non-governmental organizations
6.3.U.D. (W.D.) Analyze how conflict and cooperation among groups and organizations have impacted the growth and development of the US
6.5.12.G Analyze the risks and returns of various investments
6.1.9.D Explain how incentives cause people to change their behavior in predicable way
Vocabulary: / Charter—written government approval to establish a corporation; includes company name, address, purpose of business, number of shares of stock, and other features of the business; Collective Bargaining—process of negotiation between union and management representatives over pay, benefits, and job-related matters; Conglomerate—firm with four or more businesses making unrelated products, with no single business responsible for a majority of its sales; Cooperative—nonprofit association performing some kind of economic activity for the benefit of its members; Corporation—form of business organization recognized by law as a separate legal entity with all the rights and responsibilities of an individual, including the right to buy and sell property, enter into legal contracts, and to sue and be sued; Labor Union—organization that works for its members’ interests concerning pay, working hours, health coverage, fringe benefits, and other job related matters; Merger—combination of two or more business enterprises to form a single firm; Multinational—corporation producing and selling without regard to national boundaries and whose business activities are located in several different countries; Nonprofit Organization—economic institution that operates like a business but does not seek financial gain; Partnership—unincorporated business owned and operated by two or more people who share the profits and have unlimited liability for the debts and obligations of the firm; Sole Proprietorship—unincorporated business owned and run by a single person who has rights to all profits and unlimited liability for all debts of the firm; most common form of business in the United States; Stock—certificate of ownership in a corporation; Unlimited Liability—requirement that an owner is personally and fully responsible for all losses and debts of a business

Comments

Content: Demand, Supply and Price / Duration:Week 7 thru Week 10 (2.5 weeks)
Essential Question: / What are the causes in change in demand?
What are the basic differences between supply and demand?
What factors affect prices?
Skill: /

Explain the laws of supply and demand and how these affect the prices of goods and services.
Explain how the laws of supply and demand impacted individuals and groups behavior over time.
Predict how changes in supply and demand affect equilibrium price and quantity sold
Explain how competition between buyers and sellers affects price
Analyze the effect of changes in the level of competition in different markets
Evaluate the impact of advertising and media on individual and group behavior throughout U.S. history
Evaluate the impact of advertising and media on individual and group behavior throughout history
Predict and evaluate how media affects markets

Assessment: /

Given an example, students will explain the laws of supply and demand and how these affect the prices of goods and services.
Given an example, students will explain how the laws of supply and demand impacted individuals and groups behavior over time.
Given an example, students will predict how changes in supply and demand affect equilibrium price and quantity sold
Given an example, students will explain how competition between buyers and sellers affects price

Given an example, students will analyze the effect of changes in the level of competition in different markets

Given an example, students will evaluate the impact of advertising and media on individual and group behavior throughout U.S. history
Given an example, students will evaluate the impact of advertising and media on individual and group behavior throughout history
Given an example, students will predict and evaluate how media affects markets

Resources: / Textbook pages 99-178
Furby Worksheet
Demand Curve Practice Worksheets
Supply Curve Practice Worksheets
Demand or Supply Practice Worksheets
Advertainment Reading and Worksheet
Jellybean Graphing Worksheet
Standards: / 6.2.U.D. (W.D.) Explain how the laws of supply and demand impacted individuals and groups behavior over time.
6.2.9.D. Explain the laws of supply and demand and how these affect the prices of goods and services.
6.2.12.D. Predict how changes in supply and demand affect equilibrium price and quantity sold.
6.2.9.B Explain how competition between buyers and sellers affects price
6.2.12.B Analyze the effect of changes in the level of competition in different markets
6.2.9.C Analyze how media affects economic decisions
6.2.U.C. Evaluate the impact of advertising and media on individual and group behavior throughout United States history
6.2.W.C Evaluate the impact of advertising and media on individual and group behavior throughout world history
6.2.12.C Predict and evaluate how media affects markets
Vocabulary: / Change in Demand—different amounts of a productare demanded at every price, causing the demand curve to shirt to the left or to the right; Change in Quantity Demanded—movement along the demand curve showing that a different quantity is purchased in response to a change in price; Change in Quantity Supplied—change in the amount offered for sale in response to a price change; movement along the supply curve; Change in Supply—different amounts offered for sale at each and every possible price in the market; shift of the supply curve; Complements—products that increase the use of other products; Demand—combination of quantities that someone would be willing and able to buy over a range of possible prices at a given moment; Demand Curve—graph showing the quantity demanded at each and every possible price that might prevail in the market at a given time; Equilibrium Price—price when quantity supplied equals quantity demanded; price that clears the market; Law of Demand—rule stating that more will be demanded at lower prices and less at higher prices; Law of Supply—principle that more will be offered for sale at higher prices than lower prices; Marginal Utility—additional satisfaction or usefulness obtained from acquiring or consuming one more unit of a product; Price—the monetary value of a product; Shortage—situation where quantity supplied is less than quantity demanded at a given price; Subsidy—government payment to encourage or protect a certain economic activity; Substitutes—competing products that can be used in place of one another; Supply—amount of a product a producer or seller would be willing to offer for sale at all possible prices in a market at a given point in time; Supply Curve—a graph that shows the quantities supplied at each and every possible price in the market; Surplus—situation where quantity supplied is greater than quantity demanded at a given price

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