Curriculum and Instruction

9-12 COURSE OF STUDY OUTLINE

Title ofCourse ofStudy ~E=s~s=e=n=ti=·al=-::E=c=o=n=o=Illl=·=c=s,____________

Course Number: --------- (Assigned by Curriculum Department)

9-12 Course ofStudy Adoption Process PROCEDURES:

1 Write/revise course of study Review with Principal and acquire signature Email course of study to appropriate department staff at all

2

3 him schools with link to Curriculum Council survey

4 Attach copy of survey and comments along with sign in sheet from required department meeting. Meet with appropriate department teachers to discuss responses, review 5 course ofstudy and sign. Attendance sheet ofmeeting is required

6 Technolo2V Review/Si211 prior to submission, as needed 7 Course ofstudy MUST be complete, including required signatures, and

submitted to Curriculum Dept. 2 weeks prior to the scheduled Curriculum Council meeting.

8 Assistant Suoerintendent. Curriculum & Instruction - Review /Sign C} Assistant Superintendent, Secondary Education - Review /Sign

10 Present course ofstudy to Curriculum Council 11 Curriculum Council Recommends 12 Board of Education Approves

INote: Please complete all sections. Enter "none" or "n/a" as appropriate.

I. Course Title: Essential Economics

II. Department/Subject Area: D ALG - Algebra D USH - US History D DRY - Driver Education D WH - World History X ECO - Economics D CTE D ELC - Electives D ENG - English Language Arts D F/G Family Living/World Geography D FAL - Fine Arts/Performing Arts/Foreign Language D GOV - Government D HLT - Health Safety D D D D

LIF - Life Science Math - Mathematics PE - Physical Education PHY - Physical Science

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III. Length ofCourse: One Semester Credit Value: 5 credits

X Meets high school graduation requirement credits

D Elective course credit

D Nocredit

IV. Grade: D 9th

x 10th x 11th

x 12th

v. Course Level: XGeneral 0 CP D Pre-AP 0 AP

VI. Is this an Internet-based course? 0 Yes X No

Ifso, who is the course provider?

VII. UC/CSU Approved Course: DYes X No Is this course modeled after a UC-approved course from another district? 0 Yes D No Ifso, which school/district? ----------­

VIII. Recommended pathway: Diploma

IX. COURSE DESCRIPTION: This course focuses on the study ofEconomics for students in grades 10 - 12 and recommended by the IEP team. Students will develop a greater understanding ofeconomics ranging from the viewpoint ofthe individual consumer or small business owner to the global economy. The course will study the law ofsupply and demand, fonns ofbusiness, labor unions, government finances and influence on the economy, money and prices, inflation and deflation cycles. The course relates history and politics to the study ofeconomics.

1. COURSE OVERVIEW: The Course focuses on the .fundamentals ofeconomics including; free enterprise and other economic systems; demand, supply and prices; competition and market structures; business and labor; money, banking, and.financial markets; economic performance and challenges; taxes and spending; fiscal and monetary policy; and trade, development and globalization.

2. HIGHLY RECOMMENDED PREREQUISITES & CO-REQUISITES:

A. Prerequisites recommended by the Individual Education Plan team. B. Co-requisites (NA)

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3. COURSE CONTENT: • Fundamentals ofEconomics

o Students will understand why scarcity and choices are the basis of economics in every society. They will describe the three economic factors ofproduction and the differences between physical and human capital. Students will explain how production possibilities cures show efficiency, growth and opportunity cost. And explain why a country's production possibilities depends on its resources and technology.

• Free Enterprise and Other Economic Systems o Students will identify the three basic economic questions that all

societies must answer. They will be able to describe the economic goals that determine how a society answers the three questions. Students will explain why markets exist, explain a circular flow model ofafree market economy and identify the advantages ofa free market economy. Students will distinguish between socialism and communism, analyze the use ofcentral planning in the Soviet Union and China and identify the disadvantages ofa centrally planned economy. Students will explain the rise ofmixed economics systems and explain how government actions affect a circular flow model ofa mixed economy. And describe the role offree enterprise in the United States economy and explain the basic characteristics, the role ofthe government, and identify the protection in the U.S. constitution that underlie free enterprise.

• Demand, Supply, and Prices o Students will understand how the law ofdemand explains the effects of

price on quantity demands. They will be able to describe how the substitution effect and the income effect influence decisions. They will explain the difference between a change in quantity demanded and a shift in the demand curve as well as how a change in demandfor one good can affect demandfor a related good. Students will understand how the law ofsupply explains the effect ofchanges in price on quantity supplied and examine the relationship between elasticity ofsupply and time. Students will explain how supply and demand create equilibrium in the marketplace. They will describe what happens to prices, quantities demanded, and quantities supplied when equilibrium is disturbed. And explain why a free market naturally tends to move toward equilibrium.

• Competition and Market Structures o Students will describe the characteristics and give examples ofperfectly

competitive markets. List two common barriers that preventfirms from entering a market and describe prices and output in a perfectly competitive market. Students will describe the characteristics and give examples ofa monopoly. They will describe how monopolies, including government monopolies are formed. And explain why monopolies sometimes practice price discrimination. They will describe characteristics and give examples ofoligopoly. Students will define deregulation, and list its effects on several industries.

• Business and Labor o Students will explain the characteristics ofa sole proprietorship as well

as explain the characteristics ofdifferent types ofpartnerships. They

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will explain the characteristics ofcorporations, including the creation of stocks and bonds. Analyze the advantages and disadvantages of incorporation. Students will understand the purpose ofnonprofit organizations, including professional and business organizations. They will describe how trends in the labor force are tracked and summarize how the U.S. labor force is changing. Be able to explain trends in the wages and benefits paid to U.S. workers. Students will examine how supply and demand in the labor market affect wage levels and describe how skill levels and education affect wages. They will identify other factors affecting wage levels, such as minimum wage and workplace safety laws.

• Money, Banking, and Financial Markets o Students will list the characteristics ofmoney, including its commodity

and representative forms. They will analyze the positive and negative aspects ofcurrency as well as other media ofexchange. Students will describe changes in banking in the early 19oo's, including the abandonment ofthe gold standard and explain the cause oftwo recent banking crises. Students will explain the structure ofthe Federal Reserve System and explain how policies affect the money supply and the broader economy. They will identify different types offinancial institutions and the services they provide. Students will analyze liquidity, return, and risk within the free enterprise system. They will listfour different types offinancial asset markets. And describe the characteristics ofbonds as financial assets plus describe how stock are traded and describe the benefits and risks ofinvesting in stocks.

• Economic Performance and Challenges o Students will explain how the gross domestic product is calculated,

interpret GPD data and identify factors that influence the GPD. Students will analyze business cycles using economic data and describe four factors that help business cycles going. Students will analyze how economic growth is measured and how productivity, technology and trade relate to economic growth. They will analyze how saving and investment are related to economic growth and explain how the functions offinancial institutions affect household and businesses. Students will interpret economic data relating to the unemployment rate and differentiate between frictional, seasonal, structural and cyclical unemployment. Students will identify the causes ofinflation and interpret data that reflect the rate ofinflation. And students will describe the causes ofpoverty and analyze the distribution ofincome in the U.S.

• Taxes and Spending o Students will understand taxes by identifying the sources ofthe

government's authority to tax in the U.S. Constitution. They will describe types oftax bases and tax structures and describe the key characteristics ofa tax. Students will identify the basic characteristics and importance ofindividual and corporate income taxes at the national level and identity other types oftaxes levied at the national level. Students will explain how states use a budget to plan spending, examine the major categories ofstate spending and identify the types and economic importance ofstate taxes. They will also describe local government and the types ofeconomic importance oflocal taxes.

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• Fiscal and Monetary Policy o Students will describe how the federal budget is created and analyze the

impact ofexpansionary and contractionary fiscal policy on the economy. Students will compare and contrast classical economics and demand-side economics. They will explain the basic principles of supply-side economics and analyze the impact offiscal policy decisions on the economy. Students will explain the importance ofbalancing the budget and analyze the impact offiscal policy decisions on the nation's economy. They will analyze the Federal Reserve uses reserve requirements to implement U.S. monetary policy and explain why the Federal Reserve prefers open market operations as a means to implementing monetary policy.

• Trade, Development, and Globalization o Students will evaluate the impact ofthe unequal distribution of

resources. They will analyze the concepts ofspecialization and comparative advantage to explain why nations trade and summarize the positon ofthe U.S. in world trade. They will analyze the effects of international trade agreements and summarize the arguments for and against free international trade. Students will define the balance of trade and summarize the effects ofinternational trade on the U.S. and its trading partners. Students will summarize the concepts ofeconomic development and explain the use ofGPD and other measurements of economic development. Students will define globalization, and summarize the factors that have led to its spread. Identify challenges created by globalization and analyze the benefits and effects on the U.S. economy.

4. Unit Assignments: The Course Content section will request a brief3 - 5 sentences summarizing a key assignmentfrom this unit and covering:

1. How a student will complete this assignment 2. What a student will produce 3. What the student will learn

Students preview the lesson objectives (explain why scarcity and choices are the basis ofeconomics in every society) and a list ofkey terms (need, want, goods, services, scarcity, economics, shortage, entrepreneur, factors ofproduction, land, labor, capital, physical capital and human capital.) Have the students name objects that are important to them and discuss whether each object is a need or a want. Students will produce a chart delineating needs and wants.

X. Texts and Supplemental Instructional materials: (Primary, Supplemental, newspapers, magazines, and software.) Please supply ISBN #'s for all texts.

Title: Economics - Principals in Action -Author: Arthur O'Sullivan. Ph.D and Steven M. Sheffrin. Ph. D.

Publisher: Pearson 5 March2018

Revised Course ofStudy Template

Date of Publication: 2018 ISBN # : 978-0-32-898703-0

Board Approval Date: May 2018

6 March2018 Revised Course ofStudy Template

SIGNATURES for REVIEW

Outline prepared by

Princi al Technology

Representative (ifa licable)

Amy Nomura/ Jennifer Freitas/Lisa Chaves Site: JAESC

Site: JAESC

N/A.

Teacher Representative:

Bear Creek Hi h School

Lodi Hi h School

McNair Hi h School

Liberty High School if a licable)

**Please state reasonfor no si ature in the ace below.

N/ASDCOnly

Plaza Robles High School if a licable

N/ASDCOnly

Independence High School (if a Iicable)

N/ASDCOnly

Assistant Superintendent Curriculum & Instruction

Assistant Superintendent, Seconda Education

DATE

flfS/W'O

1{/is/w1~I I

Date sent and/or presented to principals for review

Course Outline Submitted

Curriculum Council Recommendation for Approval

Board of Education Aooroval

7 March2018 Revised Course ofStudy Template