Course Map Economics

Transcription

1 Course Title: Economics Course Map Text: Thinking Economics (National Council on Economic Education) Duration: one semester Frequency: one class period daily Year: Other materials: Areas to be evaluated: Students will study basic economic principles using CD sessions on the big screen followed with daily student activities. After a period of review, students will take a series of tests. Additional activities: Weekly reading and writing assignment are given on current economic issues. Course objectives: Students will learn and apply a Christian worldview of economics. Students will learn the basic terminology and theories of economics. Students will be challenged to think economically. Course explanation: The course consists of instruction, reinforcement review, application practice, motivation enrichment and then assessment evaluation on basic economic concepts. Unit 1: Introduction to Economics Time frame: 9 weeks Unit objectives - describe economics as a science and a way of thinking that explains events at the individual, local, national and global levels - compare microeconomics and macroeconomics - identify the difference between positive and normative economics - explain how the scarcity of resources forces individuals, businesses and nations to make choices and thus incur opportunity costs - illustrate how measuring marginal costs and marginal benefits helps individuals and businesses make economic decisions - demonstrate how incentives motivate individuals and businesses to take specific actions - state the three questions that make up the basic economic question - identify the four factors of production - define an economic market - recognize the characteristics of a command, market and traditional economy and how each economy answers the basic questions differently - list the five foundations of the free-market system and explain how private property, the price system and market competition generate incentive structures - explain the concepts of entrepreneurship, risk and innovation - describe the relationship between productivity and economic growth and identify three factors that increase economic growth - demonstrate how the production possibility frontier measures opportunity costs, scarcity and efficiency - compare factor markets and product markets in the circular flow of the economy - describe the six major roles of the U.S. government in the economy - recognize the four goals of government involvement in a free-market economy - identify a market - explain the law of demand - construct demand curves from demand schedules - explain the difference between a change in quantity demanded and a change in demand - identify the determinants of a change in demand and graphically illustrate a change in demand - compare normal and inferior goods - identify the characteristics of complementary and substitute goods - calculate the horizontal summation of individual demand schedules to create market demand schedules

2 - illustrate how market demand is influenced by demand determinants - explain the law of supply - construct supply curves from supply schedules - explain why the law of supply creates an upward-sloping curve - explain the difference between a change in quantity supplied and a change in supply - identify the determinants of a change in supply and graphically illustrate a change in supply - calculate the horizontal summation of individual supply schedules to create market supply schedule -illustrate how market supply is influenced by supply determinants - explain how prices are established for goods and services - define equilibrium and identify equilibrium using supply and demand curves - explain the difference between shortage and surplus - describe the concept of the invisible hand - recognize how equilibrium price and quantity exchanged are determined - predicts how shifts in supply or demand affect equilibrium price and quantity exchanged - demonstrate how shifts in demand cause a change in quantity supplied and how shifts in supply cause a change in quantity demanded - describe the concept of elasticity and explain the difference between elastic and inelastic goods - calculate the price elasticity of demand - state the difference between perfectly elastic and perfectly inelastic demand - define and calculate total revenue - explain the difference between price changes and total revenue - discuss the relationship between elasticity and total revenue - describe how price ceilings disturb market prices and quantities exchanged - explain how price floors disturb market prices and quantities exchanged Unit 2: Macroeconomics Time frame: 9 weeks Unit objectives - describe the government s role as established by the U.S. Constitution - identify and compare the powers given to the federal, state and local levels of governments - explain the goals for federal government involvement in the U.S. economy - discuss the different viewpoints concerning the current level of government involvement in the economy - identify the different roles performed by the executive and legislative branches in the federal budget process - define budget surplus and budget deficit - explain how the government borrows funds to pay for capital expenditures - state the characteristics of a public good - explain how government acquire resources to provide public goods - describe the different types of taxes levied by governments - define individual income tax - recognize and explain the difference between graduated, flat and regressive taxes - describe how taxes affect the behavior of individuals - identify the various government bonds sold to finance government deficits - explain the difference between a budget deficit and the national debt - discuss the different methods the U.S. government can employ to eliminate the national debt - explain the difference between microeconomics and macroeconomics - define gross domestic product and gross domestic product per capita, and explain the difference between the two terms - define economic growth and explain its importance

3 - discuss how economic growth is affected by the factors of production - recognize which goods and services are included or excluded when measuring GDP - identify the components of GDP and use the components to calculate GDP - explain the difference between nominal GDP and real GDP - calculate real GDP and the deflator - recognize the role of consumption in determining GDP - calculate the multiplier and predict its effect on GDP - identify the several methods that businesses use to invest - discuss the effects of government taxes and spending on business investments - define aggregate supply and aggregate demand - explain how economic factors shift the aggregate supply and demand curves - discuss how government policies affect GDP - explain the difference between expansionary and contractionary economic policies - state the three functions of money - explain the difference between M1, M2, and M3 in the money supply - recognize the different components of the banking system - describe the structure and function of the Federal Reserve - recognize how the interest rate influences the supply and demand for money - demonstrate how multiple deposits expand the money supply - explain how the required reserve ration affects the money supply - define and compare inflation, disinflation and deflation - illustrate cost-push and demand-pull inflation using supply and demand curves - calculate inflation rates using the consumer price index - describe the nuisance costs associated with inflation - calculate nominal and real income - calculate nominal and real interest rates - explain the effects of inflation on savings and investment - define the four stages of the business cycle - explain how the changes in monetary policy affect the business cycle - discuss how changes in consumption, investment, government spending and net exports affect the business cycle - identify possible causes of a recession - explain the relationship between the supply and demand for money and interest rates - predict how shifts in the money supply will affect interest rates - identify the three tools of monetary policy used by the Fed and discuss how each tool affects the money supply - discuss the uncertainties of monetary policy - explain how fiscal policy is used to stabilize the business cycle - describe the difference between automatic and active fiscal stabilization - compare supply-side and demand-side economics - define public policy - identify the problems governments try to correct by enacting public policy - describe how the scarcity of resources affects public policy decisions - list the three main groups that form the Iron Triangle and explain their role in developing public policy - identify additional groups that influence public policy - explain the effects of voter apathy on the political system - explain how the government reallocates income through taxes - state the difference between direct burdens and excess burdens of taxation - describe the two methods of public policy used to transfer wealth - discuss the existence of poverty within the United States - identify the functions of the Social Security program - explain the difference between a fully-funded and pay as you go financed

4 system - describe how financing the Social Security systems affects the income of workers - discuss the arguments for and against the privatization of Social Security Unit 3: Article Summaries Time frame: once a week Unit objectives - Identify and analyze the key concepts explained and illustrated in current business/economic topics challenging our nation and the world. - Describe those concepts in a summary paragraph and then an opinion paragraph. UNIT/TITLE: Unit 1: Intro. to Economics (Chapter 1 Economics is a Way of Thinking) LENGTH OF UNIT: two weeks - describe economics as a science and a way of thinking that explains events at the individual, local, national and global levels - compare microeconomics and macroeconomics - identify the difference between positive and normative economics - explain how the scarcity of resources forces individuals, businesses and nations to make choices and thus incur opportunity costs - illustrate how measuring marginal costs and marginal benefits helps individuals and businesses make economic decisions - demonstrate how incentives motivate individuals and businesses to take specific actions - state the three questions that make up the basic economic question - identify the four factors of production - define an economic market - recognize the characteristics of a command, market and traditional economy and how each economy answers the basic questions differently Extended Benchmark 1 - The student understands how the market economy works in the United States.

5 UNIT/TITLE: Unit 1: Intro. to Economics (Chapter 2 Economics in Your Life) LENGTH OF UNIT: two weeks - list the five foundations of the free-market system and explain how private property, the price system and market competition generate incentive structures - explain the concepts of entrepreneurship, risk and innovation - describe the relationship between productivity and economic growth and identify three factors that increase economic growth - demonstrate how the production possibility frontier measures opportunity costs, scarcity and efficiency - compare factor markets and product markets in the circular flow of the economy - describe the six major roles of the U.S. government in the economy - recognize the four goals of government involvement in a free-market economy Extended Benchmark 1 - The student understands how the market economy works in the United States.

6 UNIT/TITLE: Unit 1: Intro. to Economics (Chapter 3a Using Supply & Demand to Make Decisions) LENGTH OF UNIT: three weeks - identify a market - explain the law of demand - construct demand curves from demand schedules - explain the difference between a change in quantity demanded and a change in demand - identify the determinants of a change in demand and graphically illustrate a change in demand - compare normal and inferior goods - identify the characteristics of complementary and substitute goods - calculate the horizontal summation of individual demand schedules to create market demand schedules - illustrate how market demand is influenced by demand determinants - explain the law of supply - construct supply curves from supply schedules - explain why the law of supply creates an upward-sloping curve - explain the difference between a change in quantity supplied and a change in supply - identify the determinants of a change in supply and graphically illustrate a change in supply - calculate the horizontal summation of individual supply schedules to create market supply schedule Extended Benchmark 1 - The student understands how the market economy works in the United States.

7 UNIT/TITLE: Unit 1: Intro. to Economics (Chapter 3b Using Supply & Demand to Make Decisions) LENGTH OF UNIT: three weeks - explain how prices are established for goods and services - define equilibrium and identify equilibrium using supply and demand curves - explain the difference between shortage and surplus - describe the concept of the invisible hand - recognize how equilibrium price and quantity exchanged are determined - predicts how shifts in supply or demand affect equilibrium price and quantity exchanged - demonstrate how shifts in demand cause a change in quantity supplied and how shifts in supply cause a change in quantity demanded - describe the concept of elasticity and explain the difference between elastic and inelastic goods - calculate the price elasticity of demand - state the difference between perfectly elastic and perfectly inelastic demand - define and calculate total revenue - explain the difference between price changes and total revenue - discuss the relationship between elasticity and total revenue - describe how price ceilings disturb market prices and quantities exchanged - explain how price floors disturb market prices and quantities exchanged Extended Benchmark 1 - The student understands how the market economy works in the United States.

8 UNIT/TITLE: Unit 2: Macroeconomics (Chapter 9 Your Government s Role in the Economy) LENGTH OF UNIT: two weeks - describe the government s role as established by the U.S. Constitution - identify and compare the powers given to the federal, state and local levels of governments - explain the goals for federal government involvement in the U.S. economy - discuss the different viewpoints concerning the current level of government involvement in the economy - identify the different roles performed by the executive and legislative branches in the federal budget process - define budget surplus and budget deficit - explain how the government borrows funds to pay for capital expenditures - state the characteristics of a public good - explain how government acquire resources to provide public goods - describe the different types of taxes levied by governments - define individual income tax - recognize and explain the difference between graduated, flat and regressive taxes - describe how taxes affect the behavior of individuals - identify the various government bonds sold to finance government deficits - explain the difference between a budget deficit and the national debt - discuss the different methods the U.S. government can employ to eliminate the national debt Extended Benchmark 2 - The student recognizes the role of the government in the economy.

9 UNIT/TITLE: Unit 2: Macroeconomics (Chapter 10 Total Production) LENGTH OF UNIT: two weeks - explain the difference between microeconomics and macroeconomics - define gross domestic product and gross domestic product per capita, and explain the difference between the two terms - define economic growth and explain its importance - discuss how economic growth is affected by the factors of production - recognize which goods and services are included or excluded when measuring GDP - identify the components of GDP and use the components to calculate GDP - explain the difference between nominal GDP and real GDP - calculate real GDP and the deflator - recognize the role of consumption in determining GDP - calculate the multiplier and predict its effect on GDP - identify the several methods that businesses use to invest - discuss the effects of government taxes and spending on business investments - define aggregate supply and aggregate demand - explain how economic factors shift the aggregate supply and demand curves - discuss how government policies affect GDP - explain the difference between expansionary and contractionary economic policies Extended Benchmark 2 - The student recognizes the role of the government in the economy.

10 UNIT/TITLE: Unit 2: Macroeconomics (Chapter 11 Stability in Your Economy) LENGTH OF UNIT: two weeks - state the three functions of money - explain the difference between M1, M2, and M3 in the money supply - recognize the different components of the banking system - describe the structure and function of the Federal Reserve - recognize how the interest rate influences the supply and demand for money - demonstrate how multiple deposits expand the money supply - explain how the required reserve ration affects the money supply - define and compare inflation, disinflation and deflation - illustrate cost-push and demand-pull inflation using supply and demand curves - calculate inflation rates using the consumer price index - describe the nuisance costs associated with inflation - calculate nominal and real income - calculate nominal and real interest rates - explain the effects of inflation on savings and investment - define the four stages of the business cycle - explain how the changes in monetary policy affect the business cycle - discuss how changes in consumption, investment, government spending and net exports affect the business cycle - identify possible causes of a recession - explain the relationship between the supply and demand for money and interest rates - predict how shifts in the money supply will affect interest rates - identify the three tools of monetary policy used by the Fed and discuss how each tool affects the money supply - discuss the uncertainties of monetary policy - explain how fiscal policy is used to stabilize the business cycle - describe the difference between automatic and active fiscal stabilization - compare supply-side and demand-side economics Extended Benchmark 2 - The student recognizes the role of the government in the economy.

11 UNIT/TITLE: Unit 2: Macroeconomics (Chapter 12 Public Policy in Your Economy) LENGTH OF UNIT: two weeks - define public policy - identify the problems governments try to correct by enacting public policy - describe how the scarcity of resources affects public policy decisions - list the three main groups that form the Iron Triangle and explain their role in developing public policy - identify additional groups that influence public policy - explain the effects of voter apathy on the political system - explain how the government reallocates income through taxes - state the difference between direct burdens and excess burdens of taxation - describe the two methods of public policy used to transfer wealth - discuss the existence of poverty within the United States - identify the functions of the Social Security program - explain the difference between a fully-funded and pay as you go financed system - describe how financing the Social Security systems affects the income of workers - discuss the arguments for and against the privatization of Social Security Extended Benchmark 2 - The student recognizes the role of the government in the economy.

12 UNIT/TITLE: Unit 3: Article Summaries (taken from business/economic articles on the internet) LENGTH OF UNIT: once a week - Identify and analyze the key concepts explained and illustrated in current business/economic topics challenging our nation and the world. - Describe those concepts in a summary paragraph and then an opinion paragraph. Extended Benchmark 2 - The student recognizes the role of the government in the economy.