ECONOMICS2013-14 Course Outline

Economic Reasoning

1. Define and describe productive resources and factors and production (natural, human, and capital) for their ability to produce goods and services

2. Explain how consumers and producers confront and adjust to the condition of scarcity by making choices which involve opportunity cost and tradeoffs (Production Possibilities Curve/Frontier)

3. Describe how people respond predictably to positive and negative incentives (interest rates)

4. Identify and understand 4 common economic systems (characteristics, structure, and function)

Lesson 1

Introduction (Expectations, Materials, etc…)

Unit 1 Intro to Economics Scarcity (Needs/Wants) & Factors of

Production Definition of Terms Spending Money Activity (1 million – 10k) Understanding the basic economic

questions facing the economic system of every country

Extended Day

Introductory Economics Assessment (Skill & Knowledge Based)

Multiple Intelligence Assessment List of Preferred Learning Activities

Factors of Production #1

In your team, identify the factors of production and the supporting terms. (pg 8-10)

Your goal is to brainstorm a production list/plan using the factors of production and other vocabulary terms. (Select a product to produce and detailed factors in the process ex. shirts or baseball bats) Be creative

Write your pitch down with details and examples to present to class (informally)

Factors of Production #2

Select a simple product (shirt or baseball bat)

Find the factors of production in your book and understand them

Identify examples for each factor to produce your product

Be creative, but keep it simple We are only producing

Lesson 2 and 3

Scarcity Review Factors of Production categorized with

relevant examples Trade-offs and Opportunity Cost Production Possibilities Presentation Buying/Saving & Time Activity

Lesson 4

Review Reading Charts and Graphs (examples) Economics in Real Life (Culture and

Economic Thought)

Lesson 5

Review (Factors of Production, Tradeoffs, Production Possibilities)

Review of Terms and Graphs Culminating Activity and Assessment Page 28-29 (1-25) Due Monday 1st thing

Lesson 6

Economics Q&A Case study (Males and car insurance pg

30) Intro to Economic Systems Structure and Function of Systems Define Types of Systems (Examples) Create a Venn Diagram comparing

and contrasting the three economic systems (Option to outline or write description)

Lesson 7

Review Types of Economic System Focus on Market/Mixed Systems Flow of Income and Output (pg 39) Activity/Project Diagram and explain a Circular Flow Model of a

market economy, showing households and businesses as decision makers, resource and money flows, and the three basic markets – product, productive resources and financial markets.

Create your own flow chart (inputs/outputs) Describe the role of individuals, businesses, and governments

Lesson 8

Characteristics of the American Economy Capitalism (Adam Smith, Wealth of

Nations) Enterprise, Choice, Incentive,

Competition, and Private Property Limited Role of the Government

Lesson 9

Review American Economy Free Enterprise explained Economic equity vs. equality (fairness) Responsibility (Producers & Consumers) Activity/Project

Lesson 10

Socialism vs. Capitalism Marx’s Communist Manifesto vs. Smith’s

Wealth of Nations Difference between Communism and

Socialism Debate Film Capitalism & Socialism

Lesson 11

Assessment (Test/Paper) End Unit 1 Intro Unit 2 Practical Economics: How

theory works for you Consumer Roles

Consumers, Money, and the Role of Financial Institutions

1. Explain the basic function of money, credit, and debt

2. Understand the role and services of banks and other financial institutions for borrowing, saving, and investing

3. Ability to calculate and understand interest for borrowing, saving, and investing

4. Formulate a consuming, saving, and investing plan

Lesson 12

Consumption, Income, and Decision Making (Chapter 3)

Types of Income Opportunity Cost (Levels of Education) Generic vs. Name Brand Activity Consumer Spending Graph (page 68) Lesson

Lesson 13

Buying Principles and Strategies Where to research products (Internet

Activity) Advertising Tricks Comparison Shopping Definition of Terms (Warranty and types) Activity/Project

Lesson 14

Review Consumer Strategies Consumerism (Rights and

Responsibilities) Assessment Project

Lesson 15

Global Economy Map (page 85) Compare and Contrast Prices

Introduce Chapter 4: Going into Debt Definition of Terms Credit (How it works and Pros/Cons) Mortgages (real property) INTEREST

Extended Day

Calculating Interest Film Lesson

Extended Day

Money Is Debt Film (Youtube) Response Paper from notes

Lesson 16

Review of Debt, Credit, Interest and Terms

Why and How people use credit Credit Cards (History and Current Info) Debit Cards vs. Cash Dave Ramsey Money Makeover Articles

(pg 108) Lesson

Lesson 17

Sources of Loans and Credit Banks, Savings & Loan Associations,

Savings Banks, Credit Unions, and Finance Companies

Charge accounts and Credit Cards Review Finance Charges/Annual %rates How to compute finance charges (pg 97) Lesson

Lesson 18

Applying for Credit (How to and Issues) Credit Checks and Ratings Collateral Secured vs. Unsecured Loans Credit Scores (pg 101) Responsibility

Lesson 19

Bad Credit Help (pg 103) Government Regulation (Helping

Borrowers) Law Discussion (pg 105) Bankruptcy Review

Lesson 20

Filling out a loan request Review Assessment Project

Lesson 21

Intro Chapter 5 Buying the Necessities Project for Consumerism Comparison Shopping Tradeoffs in stores (Club Warehouse,

Retail, and Convenience Stores) Examples and Issues

Name of the label (Utility and Value)

Lesson 22

Review Consumer Strategies Coupons (Tricks and Issues) Clothing (Style, Durability, Cost, and

Value) Activity/Project

Lesson 23

To Rent or To Buy By the numbers (Cost of renting and

buying) Appreciation and Depreciation Renters Insurance, Lease, and Deposits Renter Tips (pg 126) Homebuyer Tips (pg 128) Closing Costs and other costs Activity/Project Lesson

Lesson 24

Auto Economics 101 (pg 130) New or Used Additional Costs (Registration, Insurance,

Warranty, and Maintenance) How to find the best vehicle for you (Kelly

Bluebook & Internet) Lesson

Lesson 25

Food Economics 101 Grocery Shopping Tips Dining Out

Lesson 26

Review Case Study (Economics & Culture) Consumer ability to change society Project/Activity

Lesson 27

Assessment Introduce Chapter 6 Saving and Investing

Lesson 28

Types of Savings Paying Yourself First Savings Accounts, Money Market

Accounts, Time Deposits. Calculating Interest Activity Deposit Insurance Lesson/Activity

Lesson 29

Investing Definition of Terms Stocks and Bonds (pg’s 148-149) T-Bills, Notes, and Bonds (US Treasury) Activity/Project Lesson

Lesson 30 and 31

Stock Market and Bond Market Film on Wall Street Stock Exchanges (NYSE) Markets (NASDAQ) Indexes (Dow Jones, S&P 500) What does it all mean (research) Lesson (5 Stages of Investing)

Lesson 32

Mutual Funds and Money Market Funds Bull and Bear Markets Government Regulation Boom & Bust (Bubbles and Stock Market

Issues) Lesson on Investing

Lesson 33

Special Savings Plans and Goals (pg 155) Pension Plans Keogh Act of 1962 (Self-employed plans) IRA’s (Traditional vs. Roth) Real Estate Savings Activity Media

Lesson 34

Review Savings Strategies How much to save (pg 158) Risk and Return Graph (pg 161) Review and Assessment

Lesson 35

Assessment Project Media Completion of Unit 2

Supply and Demand

1. Define and understand the law of supply and demand in determining price and quantity of goods and services using relevant examples

2. Identify factors that influence supply and demand in relation to price and quantity

3. Identify and role of consumers and producers in determining equilibrium price

4. Identify and understand the elasticity of demand and supply

Lesson 36

Introduction to Unit 3 (Microeconomics & Ch’s 7-9)

Markets, Prices, and Business Competition

Supply and Demand Media (Intro to Supply and Demand)

Lesson 37

Supply and Demand Presentation Law of Demand Real income effect Substitution effect Demand Shifters Lesson

Lesson 38

Review of Supply and Demand Diminishing Marginal Utility (Cereal Talk) Law of Diminishing Marginal Utility (pg

174) Activity/Project

Lesson 39

Demand Curve and Elasticity of Demand Review of Graphs (pg 178-182) Complimentary Goods Detriments of Demand (Good/Bad

Effects) Activity

Lesson 40

Review Demand Price elasticity of demand Elastic vs. Inelastic Effects on Price Film on Supply and Demand

Lesson 41

Law of Supply and the Supply Curve Supply Graphs and Charts (pg 188-192) Detriments of Supply (Input Price,

#Firms, Taxes, and Technology) Activity

Lesson 42

Review of Supply Law of Diminishing Returns Diminishing Returns Graph (pg 193) Putting Supply and Demand Together Equilibrium Price Introduction Activity/Project

Lesson 43

Equilibrium Price Graph and Chart (195-196) Price Signals Price Controls Video on Price Floors/Ceilings

Lesson 44

Review Equilibrium Price, Signals, and Controls

Price Floors and Ceilings Review and Assessment (Examples and

Explanation)

Lesson 45

Supply and Demand Assessment Activity/Project

Lesson 46

Economics of Professional Sports Case Study (pg 204) Activity/Project

Market Structures and Competition

1. Identify, compare, and contrast the different forms of business organizations (sole proprietorships, partnerships, and corporations)

2. Identify the characteristics of the four market structures (monopoly, oligopoly, monopolistic competition, and pure/perfect competition

3. Explain how firms/businesses finance their operations (earnings, stock, borrowing)

4. Identify and understand the size and scope of markets from local to global and effects to individuals and communities

Lesson 47

Introduction to Business Organizations Definition of Terms (pg 207) Project Introduction Webquest Getting Started (Entrepreneurship)

Lesson 48

Review of Types of Businesses Help from the Government Help from the Internet E-Commerce Video

Lesson 49

Elements of Business Operation (Expenses, Advertising, Record Keeping, and Risk)

Breakdown with examples Project/Activity

Lesson 50

Sole Proprietorships and Partnerships (pg 213)

Definition of Terms (Liability and Assets) Limited Liability Companies Joint Ventures Review of Business Organizations Venn Diagram/Pros & Cons Activity Matching example companies

Lesson 51

Corporate World and Franchises Definition of Terms (Stock and Dividends) Different Types of Stock Corporation vs. Franchise

Lesson 52

Review of Corporate World How to register Selling stock (IPO’s) Facebook Example Bylaws Franchise Advantages and Disadvantages Panera Bread/Jimmy Johns Example (pg

224)

Lesson 53

Review Project/Activity

Lesson 54

Assessment Global Economy (Supply and Demand of

Oil)

Lesson 55

Competition and Monopolies Perfect Competition Media Market Structures (pg 232) Agriculture as an Example (pg 234) Benefits to Society from Competition

Lesson 56

Monopolies Characteristics of Monopolies Definition of Terms (Patents and

Copyrights) Playing the game of Monopoly

(Competition)

Lesson 57 (Optional Bonus)

Monopoly Tourney One Day Event (Deals Can Be Made)

Lesson 58

Review of Monopolies Intro Oligopolies Characteristics of an Oligopoly Cartels Monopolistic Competition (pg 242) Activity/Project

The Role of Government

1. Understand and explain the role of government in a market economy

2. Identify and describe the taxation and spending categories of governments at the local, state, and national level

3. Define and describe taxation that is proportional, progressive, and regressive

4. Describe and identify examples of government regulations and spillovers (subsidies) for the benefit of government, groups, or individuals

Lesson 59

Government Policies Toward Competition Antitrust Legislation and Mergers History (TR/Taft and Trust-busting) Definition of Terms (pg 245) Types of Mergers (pg 247) Activity

Lesson 60

Government Regulation Agencies (pg 248) Regulation vs. Deregulation Effects & Pros/Cons Review

Lesson 61

Assessment Microsoft’s Battle

Lesson 62

Microeconomics Review (Q & A) Complete Unit 3 Introduce Unit 4 (Microeconomics in

Action Ch’s 10-12) Project/Activity

Lesson 63

Financing and Producing Goods Definition of Terms (Financing, Revenue,

Profits) Cost-Benefit Analysis (pg 261) Activity/Project

Lesson 64

Review of Financing and Cost-Benefit Analysis

Pursuing Investment Financing Methods of Financing (Review of Ch. 6) Intro Types of Financing (pg 265)

Lesson 65

Types of Financing (pg 265) Short Term, Intermediate, and Long Term Graphs (265-267) Factors to consider in choosing financing

(pg 268)

Lesson 66

The Production Process Definition of Terms (pg 271) Terms with examples Activity Media

Lesson 67

Review Assessment Project/Activity Global Economy Advertising (pg 280)

Lesson 68

Marketing and Distribution How to Market Market Research Testing the Market Activity/Project

Lesson 69

Review Marketing Four P’s of Marketing (Product, Price,

Place, and Promotion) Product Life Cycle 10 Commandment of Emotional Branding

(pg 295) Activity/Project

Lesson 70

Distribution Wholesalers, Retailers, Storage, and

Transportation Media Activity

Assessment

Review Assessment

Lesson 71

The Labor Force Employment Status Graph (pg 308) The Many Types of Workers Supply and Demand of Labor Activity Media (Unemployment)

Lesson 72

Review of Labor Wages Discussion (Stossel Video) Organized Labor (Labor Unions) Definition of Terms Labor Laws Wages Lesson

Lesson 73

Union Organization (Local, Nat’l, and Federation)

History and Current Issues Definition of Terms Activity Media

Lesson 74

Collective Bargaining Negotiations Mediation vs. Arbitration Strikes, Lockouts, and Injunctions Decline of Unions (Reasons & Results) Media

Lesson 75

Review Assessment Project/Activity

Lesson 76

Completion of Unit 4 Microeconomics Introduction to Unit 5 Macroeconomics Media

National Economic Performance

1. Identify and describe how national economic performance is measured (GDP, employment, inflation)

2. Understand the phases of the business cycle (contraction, trough, expansion, and peak)

3. Analyze the historical, recent, and current impact of events on the business cycle and national economy

4. Identify, understand, and explain the causes of inflation and effects on individuals and society

Lesson 77

Measuring the Nation’s Economy Gross Domestic Product (Defined and

Described) Gross vs. Net Types of Income (pg 339)

Lesson 78

Inflation Lesson Media Examples GDP Spotlight (pg 346) Activity

Lesson 79

Model of the Business Cycle Graphic Data (pg 352) Definition of Terms Expansion and Contraction Recession vs. Depression Economic Indicators

Lesson 80

Review Business Cycle and Economic Indicators (Leading, Consequential, and Lagging) Assess Economy & Predict Course

Media Activity/Project

Lesson 81

Money and Banking (Chapter 14) Characteristics of Money (pg 370) Money Is Debt II Film

Lesson 82

History of Banking (pg 374-375) Electronic Banking (Automatic Deposits

and Withdraws) Pros and Cons Checking Accounts (How to Balance a

Checkbook)

Lesson 83

How to protect your identity (pg 389) Activity Media Intro Federal Reserve

Economic Maintenance and Stability

1. Define, compare, and contrast monetary and fiscal policy

2. Describe the essential functions of the Federal Reserve to control money supply (rates, bonds, and reserves)

3. Understanding the effects of debt at the individual, business, and government level (cause & effect)

Lesson 84

Federal Reserve Structure and Function Board of Governors, Fed Advisory

Committee, Open Market Committee, and the Banks

Fed Reserve Maps (pg 394) Functions of the Fed Graph (pg 396)

Lesson 85

Monetary Policy Tight and Loose Money Strategies Reserve requirements (pg 403) Discount Rate (pg 405) How it affects you Affects on inflation Two Great Graphs (pg 409)

Lesson 86

Government Involvement Government Programs (Graph) Social Programs (pg 420) Taxes (pg 432) Proportional, Progressive, and Regressive

Taxes

Lesson 87

Review of Monetary Policy Intro to Fiscal Policy Monetary vs. Fiscal Policies Debate on Taxing Junk Food

Lesson 88

Unemployment Types of and Measurements (pg 443) Supply-Side Economics (pg 450) Lowering tax rates to increase economic

growth and collect more in taxes

International Economics and Trade

1. Compare and contrast absolute and comparative advantage (specialization)

2. Understand the difference between imports and exports and the effects of tariffs (taxes)

3. Understand the reason and difference of currencies and exchange rates between nations

4. Identify skills that individuals need to be successful in the global economy

Lesson 89

World Trade (Tariffs & Quotas)-film Imports vs. Exports Where goods come from Free Trade Debate Exchange Rates Graph (pg 472) Exchange Rate Pros & Cons-Domestic

inflation with demand and supply effects

Lesson 90

Review End of Course Assessment