Economics-in-Marketing CTE Lesson Plan

Transcription

1 Economics-in-Marketing CTE Lesson Plan Lesson Title Lesson Objective At the completion of this lesson, students will be able to identify fiscal policy and the consequences associated to the macroeconomic goals of stable prices, low unemployment, and economic growth. CTE Concept Economic Concept(s) Concepts Standards/Benchmarks Michigan Career and Technical Education Segment 12 I.D.4 Acquire knowledge of the impact of government on business activities to make informed economic decisions. Michigan Department of Education High School Content Expectations Social Studies: Economics Physical Policy and its Consequences. Analyze the consequences - intended and unintended - of using various tax and spending policies to achieve macroeconomic goals of stable prices, low unemployment, and economic growth. Presentation 1 Student Handout 1 Student Handout Answer Key 1 Student Handout 2 Student Handout 3 Student Handout Answer Key 3 Teacher Resource 1 Teacher Resource 2 Video 1 Supplies Needed The Federal Reserve and Fiscal Policy Tax Type Identification Tax Type Identification Key WPSD Local Six News, Sports, Weather Paducah, Kentucky Article Fiscal Policy Assessment Fiscal Policy Assessment Key The Role of Government Chart Minimum Wage Debate Rubric Laissez Fire: TN Firefighters Watch Home Burn to the ground because Homeowner Forgot to Pay Fee.(atlasfugged, 2010). Berrien RESA 1 Economics in Marketing Education

2 1. Introduce the CTE lesson. Economics-in-Marketing CTE Lesson Plan A. Use Presentation 1: The Federal Reserve and Fiscal Policy to present and discuss how the use of various tax and spending policies are used to achieve macroeconomic goals of stable prices, low employment, and growth. B. Discuss vocabulary terms: Proportional tax - a tax that takes the same percentage of income from people in all income groups. Progressive tax - a tax that take a larger percentage of income from people in higher-income groups than from people in lower-income ones; the U.S. federal income tax is an example. Regressive tax - a tax that takes a larger percentage of income from people in lower-income groups than from higher-income ones. Sales taxes and excise taxes are examples. Macroeconomic policies - government actions designed to affect economic activity in an attempt to reach one or more macroeconomic goals, such as reducing unemployment and inflation. Also called economic policies, the most common types are fiscal policy and monetary policy. Price stability - the absence of inflation or deflation; a broad social goal and criterion for measuring the performance of an economic system. Economic growth - an increase in real output as measured by real GDP or per capita real GDP. Easy-money policy - monetary policy designed to stimulate the economy by increasing the level of bank reserves through lowering the discount rate, lowering reserve requirements or buying securities through open market operations. Tight money fiscal policy monetary policy intended to slow the growth of the money supply. Fiscal policy - changes in the expenditures or tax revenues of the federal government, undertaken to promote full employment, price stability and reasonable rates of economic growth. 2. Assess students economic awareness as it relates to the CTE lesson. A. Distribute Student Handout 1: Tax Type Identification. Have students identify each tax type as Progressive, Proportional, or Regressive. 1. Discuss correct with students. Berrien RESA 2 Economics in Marketing Education

3 3. Work through the economic lesson as it is embedded in the CTE lesson. A. Discuss that fiscal policy is the use of spending and tax collection by the government to influence our economy. B. Describe how fiscal policy is referred to as tight when revenue is higher than spending and loose when spending is higher than revenue. C. Discuss that fiscal policy attempts to effect change on the overall economy through the budget. 4. Work through related, contextual economic-in-cte examples. Discussion #1: Discuss three policies that impact businesses in our community. Possible Answers: construction zones, increase or decrease in taxes, change in zoning Discussion #2: Discuss as a business owner why you should be concerned about local government decisions related business operations within a community. Possible Answers: A business owner would be concerned with government decisions because it could make a difference in their profits and ability to increase business. For example, hours of operations and taxes. Discussion #3: Discuss minimum wage and its effect on businesses. What if minimum wage is raised, what effect might that have on a business? Possible Answers: If wages increase, businesses may reduce staff through layoffs or increase prices. 5. Work through traditional economic examples. A. Distribute Student Handout 2: WPSD Local Six News, Sports, Weather Paducah, Kentucky Article 1. Read and discuss Student Handout 2: WPSD Local Six News, Sports, Weather Paducah, Kentucky Article with students B. Show Video 1: Laissez Fire: TN Firefighters Watch Home Burn to the Ground because Homeowner Forgot to Pay Fee. C. Discuss with students their responses to the clip. Why is it important for government to collect taxes to pay for services? 6. Students demonstrate their understanding. A. Have students conduct research regarding the topic raising minimum wage. Have students identify the intended and unintended consequences on employers. Assign half of the students to each side of the argument and then conduct a debate in class. Use Teacher Resource 2: Minimum Wage Debate Rubric. Berrien RESA 3 Economics in Marketing Education

4 B. Alternative activity: Invite a local politician to discuss fiscal policy and have students develop questions to ask. 7. Formal assessment. A. Students will complete Student Handout 3: Fiscal Policy Assessment. Berrien RESA 4 Economics in Marketing Education

5 Standards Lesson Title Lesson Objective At the completion of this lesson, students will be able to identify fiscal policy and the consequences associated to the macroeconomic goals of stable prices, low unemployment, and economic growth. Standards/Benchmarks Michigan Career and Technical Education Segment 12 I.D.4 Acquire knowledge of the impact of government on business activities to make informed economic decisions. Michigan Department of Education High School Content Expectations Social Studies: Economics Physical Policy and its Consequences. Analyze the consequences - intended and unintended - of using various tax and spending policies to achieve macroeconomic goals of stable prices, low unemployment, and economic growth. MBA Research Performance Indicators Determine the relationship between government and business (EC:008, EC LAP 16) (CS) Berrien RESA 5 Economics in Marketing Education

6 References Atlasfugged. (2010, October 4). WPSD. Laissez fire: TN Firefighters watch home burn to the ground. [Video file] Retrieved at Econedlink: Council for Economic Education. (n.d.). Economic Glossary. Retrieved from Hibbs, Jason. (2010, October 4). WPSD. Firefighters watch as house burns to the ground. Retrieved at Berrien RESA 6 Economics in Marketing Education