Northridge Local Schools 9 12 Social Studies Course of Study. Length: ½ year Credit: ½
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1 Northridge Local Schools 9 12 Social Studies Course of Study Course: Economics and Financial Literacy Grade Level: Course Description: Length: ½ year Credit: ½ This course explores the fundamentals that guide individuals and nations as they make choices about how to use limited resources to satisfy their wants. More specifically, it examines the ability of individuals to use knowledge and skills to manage limited financial resources effectively for a lifetime of financial security. Scope and Sequence Major Units of Study Estimated Weeks Introduction to Economics 2 Working and Earning 1 Saving and Investing 2 Credit and Debt 1 Risk Management 1 Supply, Demand, and Consumer Choice 2 Costs of Production and Perfect Competition 2 Imperfect Competition Market Failures and Government Involvement 2 2 Unit 1: Introduction to Economics Founding Principles Scarcity, the economizing problem Tradeoffs and Opportunity Cost Free market system (Adam Smith s invisible hand) Types of Economics Microeconomics vs. macroeconomics
2 Positive economics vs. normative economics Production Possibilities Graph Straight vs. bowed PPF Underutilization, full employment, and unattainable Law of increasing opportunity cost 3 shifters of the PPF Consumer goods vs. capital goods Circular Flow Model Product market, Factor market, and Public sector Foreign and government Specialization and Trade Absolute advantage Comparative advantage Economic Systems Traditional, market, command, mixed : 3. People cannot have all the goods and services they want and, as a result, must choose some things and give up others. 9. When regions and nations use comparative advantage to produce at the lowest cost and then trade with others, production, consumption and interdependence increase. 4. Different economic systems (traditional, market, command, mixed) use different methods to allocate limited resources. 1. Economists analyze multiple sources of data to predict trends, make inferences and arrive at conclusions. Core Text:N/A Supplemental Text:Living on a dollar a day, Primary sources text( Adam Smith) Listed above Daily checks of learning before class ends Assignments completed / worksheets Class discussion Draw PPC graph Make own product: 4 questions society needs to answer Paper of Free Trade agreements Quizzes over material
3 Unit 2: Working and Earning Income Disposable Income Discretionary Income Gross Income Factors of Income Economic, Social, Cultural, Political Conditions Skills, Abilities, Education, Work Ethic Employee Earning Statements Buying Principles and Strategies Competitive Advertising Informative Advertising Bait and Switch Warrant, Brand Name, Generic Brand Financial Responsibility Budget Cost and Benefit Analysis Resource Market Part B Demand for labor Derived demand Marginal revenue product Marginal resource cost Perfectly competitive labor market (graph) Wage makers Perfectly elastic supply of labor Monopsony (graph) Wages and quantity compared to perfectly competitive labor market Labor Unions Goals and methods Effects of Minimum Wage Wage differentials Investment in human capital vs. physical capital 11. Income is determined by many factors including individual skills and abilities, work ethic and market conditions. 12. Employee earning statements include information about gross wages, benefits, taxes and other deductions. 13. Financial decision making involves considering alternatives by examining costs and benefits. 14. A personal financial plan includes financial goals and a budget, including spending on goods and services, savings and investments, insurance and philanthropy. 2. Reading financial reports (bank statements, stock market reports, mutual fund statements) enables
4 individuals to make and analyze decisions about personal finances. Core Text: Personal Finance Supplemental Text: Employee statements, examples of buying strategies( advertising), Labor union source. Listed above Daily checks of learning before class ends Assignments completed / worksheets Class discussion Reserach: future career Create own budget test and quizzes Unit 3: Saving and Investing Interest Simple Compound Savings Accounts Banking Time Deposits Stocks and Bonds, Mutual Funds Stockholders, Capital Gains/Loss Stock Exchanges Treasury Certificates Mutual Funds Protections Unexpected Expenses Retirement 15. Different payment methods have advantages and disadvantages. 16. Saving and investing help to build wealth. 17. Savings can serve as a buffer against economic hardship. 18. Different costs and benefits are associated with saving and investing alternatives. 19. Banks, brokerages and insurance companies provide access to investments such as certificates of
5 deposit, stocks, bonds and mutual funds. 2. Reading financial reports (bank statements, stock market reports, mutual fund statements) enables individuals to make and analyze decisions about personal finances. Core Text: Personal Finance Supplemental Text:Stock tables, graphs, yahoo finance. Listed Above Stock Market Game Research Paper Unit 4: Credit and Debt Credit Principal, Interest Leasing, borrowing, rent to own Installment Debt Durable Goods Mortgage, car loans, revolving credit Creditworthiness Credit Bureau Credit Check Credit Rating 20. There are costs and benefits associated with various sources of credit available from different types of financial institutions. 21. Credit and debt can be managed to maintain credit worthiness. 22. Consumer protection laws provide financial safeguards. 2. Reading financial reports (bank statements, stock market reports, mutual fund statements) enables individuals to make and analyze decisions about personal finances.
6 Core Text: Personal Finance Supplemental Text: Credit card applications, statements, lease contracts, bank statements. Listed above Which card is the best research Watch out for renting / leasing clauses Unit test Unit 5: Risk Management Insurance Property, Liability, Comprehensive Health, Disability, Life Identity Theft Password Management Credit Monitoring 23. Property and liability insurance protect against risks associated with use of property. 24. Health, disability and life insurance protect against risks associated with increased expenses and loss of income. 25. Steps can be taken to safeguard one s personal financial information and reduce the risk of loss. Core Text: Personal Finance Supplemental Text: Escape Fire Documentary, primary sources. Insurance Whole life Term life Universal Life Variable Life Risk Peril
7 Hazard Premium Deductible Collusion Liability Comprehension Medical Underinsured/ uninsured Research activity of personal insurance needs Unit test Unit 6: Supply, Demand, Consumer Choice Demand (graph) Law of demand Market demand curve Determinants of demand Normal vs. inferior goods Substitutes and complements Supply (graph) Law of supply Market supply curve Determinants of supply Equilibrium and Efficiency (graph) Equilibrium price and quantity Disequilibrium: surplus and shortages (graphing) Government Policies (graphs) Price floors and Price ceilings Excise taxes, Subsidies, Tariffs, Quotas Elasticity Price, Income, and Cross Price elasticity of demand The total revenue test (graph) Consumer Choice Law of diminishing marginal utility, Substitution effect, Income effect Marginal benefit/cost Utility maximizing rule 5. Markets exist when consumers and producers interact. When supply or demand changes, market prices adjust. Those adjustments send signals and provide incentives to consumers and producers to
8 change their own decisions. 8. Economic policy decisions made by governments result in both intended and unintended consequences. Core Text: N/A Supplemental Text: Primary sources, graphs, documentaries Law of supply Law of demand Equilibrium Price floors price ceilings Elasticity Drawing supply and demand graphs Draw shifts in graphs Unit test over material Unit 7: Cost of Production and Perfect Competition Economists vs. Accountants Total revenue Explicit and Implicit costs Economic costs and profits Costs of Production (graph) Fixed Costs, Variable costs, and Total costs Per unit costs (AVC, AFC, ATC) Shifts in MC, ATC. AVC, and AFC Marginal costs and Marginal revenue Sunk costs Law of Diminishing Marginal Returns (graph) Stage I: increasing returns Stage II: decreasing returns Stage III: negative returns Long run Production Costs (graph)
9 Economies of scale, Constant Returns to scale, Diseconomies of scale Characteristics of Perfect Competition Price takers Demand = MR= Price Graph: Firm vs. industry (market) Short run (profit or loss) Long run equilibrium (New firm enter and exit) Normal profit Shutdown decision (P< AVC) Productive efficiency (P = Min ATC) Allocative efficiency (P = MC) 6. Competition among sellers lowers costs and prices, and encourages producers to produce more of what consumers are willing and able to buy. Competition among buyers increases prices and allocates goods and services to those people who are willing and able to pay the most for them. Core Text: N/A Supplemental Text: N/A Perfect competition Law of diminishing marginal returns Worksheets Quiz Unit 8: Imperfect Competition Characteristics of Monopolies Barriers to entry MR below demand (graphs) Profit maximizing price and quantity Natural monopoly Effects on overall economy Compared to competitive industry Dead weight loss X efficiency Price discrimination (graph)
10 Purpose and results Graph (MR=D) Regulation Unregulated price, Fair return price, and Socially optimal price Taxes and subsidies Characteristics of Monopolistic Competition Long run equilibrium (graph) Excess capacity Non price competition Product differentiation Characteristics of Oligopolies Kinked demand curve competitive pricing Game theory (chart) price leadership Collusion and cartels 6. Competition among sellers lowers costs and prices, and encourages producers to produce more of what consumers are willing and able to buy. Competition among buyers increases prices and allocates goods and services to those people who are willing and able to pay the most for them. Core Text: Personal Finance Supplemental Text: Documentaries, Primary sources, graphs Imperfect Competition Monopolies Monopolistic Oligopolies Monopoly game Game Theory: prisoners debate Da Beers paper Quiz and test
11 Unit 9: Market Failures A. Public goods Demand for public goods Supply of public goods Free rider problem Non excludability and Non rivalry B. Positive externalities/spillover benefits (graph) Marginal social benefits vs. private benefits Underallocation Government remedy C. Negative externalities/spillover costs (graph) Marginal social cost vs. private cost Overallocation Government remedy D. Income distribution Lorenz curve (graph) Tax incidences E. Government and Economy Federal Reserve (Monetary Policy) Fiscal Policy 8. Economic policy decisions made by governments result in both intended and unintended consequences. 7. A nation s overall level of economic well being is determined by the interaction of spending and production decisions made by all households, firms, government agencies and others in the economy. Economic well being can be assessed by analyzing economic indicators gathered by the government. 10. Government actions, such as tariffs, quotas, subsidies, trade agreements and membership in multinational economic organizations, significantly impact international trade. Core Text: Personal Finance Supplemental Text: Graphs, primary sources, movies Market Failure Public Good Private Good Externality( positive/ negative) Monetary Policy Federal Reserve Inflation
12 News paper article of Federal Reserve Fix the national Budget activity Lorax Should we build a mall debate Political Cartoon: fiscal policy Two quizzes to check understanding Unit Test at end
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