Economics/ Consumer Education2nd Semester Course Outline

Teachers: D. Knight, S. Lange, C. Maxwell, J. Wallace, G. Wainaina

Introduction to Economics – weeks 20-21

15. A. - Understand how different economic systems operate in the exchange, production, distribution and consumption of goods and services.

A. What is Economics?15.A.4a Explain how national economies vary in the extent that government and private markets help allocate goods, services and resources.

Holt, Economics – Chapter 1: What is Economics Section 1: An Economic Way of Thinking

Section 2: Scarcity and Choice Section 3: Opportunity Costs Section 4: Exchange

B. Economic Systems15.A.5a Explain the impact of various determinants of economic growth (e.g., investments in human/physical capital, research and development, technological change) on the economy.

Holt, Economics – Chapter 2: Economic Systems Section 1: Types of Economic Systems

Section 2: Features of the U.S. Economy Section 3: The U.S. Economy at Work

Elements of Macro Economics – weeks 22-25

15.B - Understand that scarcity necessitates choices by consumers.

A. Demand15.B.5c Analyze elasticity as it applies to supply and demand and consumer decisions..

Holt, Economics – Chapter 3: Demand Section 1: Nature of Demand

Section 2: Changes in Demand Section 3: Elasticity of Demand B. Supply15.B.5c Analyze elasticity as it applies to supply and demand and consumer decisions..

Holt, Economics – Chapter 4: Supply Section 1: Nature of Supply

Section 2: Changes in Supply

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Section 3: Making Production Decisions

C. Prices 15.C.5c Explain how government intervention with market prices can cause shortages or surpluses of a good or service (e.g., minimum wage policies, rent freezes, farm subsidies).

Holt, Economics – Chapter 5: Prices Section 1: The Price System

Section 2: Determining Prices Section 3: Managing Prices

D. Market Structures15.C.5c Explain how government intervention with market prices can cause shortages or surpluses of a good or service (e.g., minimum wage policies, rent freezes, farm subsidies).

Holt, Economics – Chapter 6: Market StructuresSection 1: Highly Competitive Markets

Section 2: Imperfectly Competitive Markets Section 3: Market Regulation

Simeon Assessment #5 – February 28, 2007

Free Enterprise at Work – weeks 25-27

15.E Understand the impact of government policies and decisions on production and consumption in the economy.

A. Business Organizations15.C.5c Explain how government intervention with market prices can cause shortages or surpluses of a good or service (e.g., minimum wage policies, rent freezes, farm subsidies).

Holt, Economics – Chapter 7: Business Organizations Section 1: Sole Proprietorships

Section 2: Partnerships Section 3: Corporations Section 4: Other forms of Organization

Holt, Economics – Chapter 10: Economic Performance Section 1: Gross Domestic Product

Section 2: Business Cycles Section 3: Economic Growth

B. Labor and Unions15.C.5c Explain how government intervention with market prices can cause shortages or surpluses of a good or service (e.g., minimum wage policies, rent freezes, farm subsidies).

Holt, Economics – Chapter 8: Labor and Unions Section 1: The U.S. Labor Force

Section 2: The Growth of Labor Unions Section 3: Unions and Management

Holt, Economics – Chapter 11: Economic ChallengesSection 1: Unemployment

Section 2: Inflation Section 3: Poverty and Income Distribution

Government and the Economy - weeks 27-30

15.E Understand the impact of government policies and decisions on production and consumption in the economy.

A. Role of Government15.E.5a Explain how and why government redistributes income in the economy.

Holt, Economics – Chapter 12: Role of Government Section 1: Growth of Government

Section 2: Economic Goals Section 3: Government and the Public

B. Money and Banking System15.E.5b Describe how fiscal, monetary and regulatory policies affect overall levels of employment, output and consumption.

Holt, Economics – Chapter 13: Money and Banking Systems Section 1: Money

Section 2: History of U.S. Banking Section 3: U.S. Banking Today

Holt, Economics – Chapter 14: The Federal Reserve and Monetary PolicySection 1: The Federal Reserve System

Section 2: The Federal Reserve at Work Section 3: Monetary and Policy Strategies

Simeon Assessment #6 – April 11-12, 2007

Simeon Assessment #7 – May 16, 2007

Consumer Education – weeks 31-39

A. Credit and Money ManagementB. Financial Planning; Career Planning; C. Budget; D. Savings and Investment

Text Book Used for this Unit2001. National Endowment for Financial Education (NEFE) Financial Planning Program Student Guide

ISBE Sec. 27-12.1. Consumer education. (a) Subject to the provisions of subsection (b) of this Section, pupils in the public schools in grades 9 through 12 shall be taught and be required to study courses which include instruction in the area of consumer education, including but not necessarily limited to installment purchasing, budgeting, comparison of prices and an understanding of the roles of consumers interacting with agriculture, business, labor unions and government in formulating and achieving the goals of the mixed free enterprise system. The State Board of Education shall devise or approve the consumer education curriculum for grades 9 through 12 and specify the minimum amount of instruction to be devoted thereto.

Simeon Assessment #8 – June 12-13, 2007 2nd Semester Final Exams