economics course outline 2013 14
TRANSCRIPT
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