Senior Social/Economics – Grade 12

District 2853

Month

Content

Performance Standards Addressed

Skills for Student Achievement

Assessment

 

2 Weeks

·         Economic Thinking

 

·         Know the reason for studying economics

 

 

·         Individual Decisions

 

·         Distinguish between wants and needs – trade-offs

·         Explain the reason for scarcity and causes

·         Describe allocation and it’s wide-ranging effects

·         Explain the difference between micro and macro economics

·         3 Roles we all play in economic decisions

·         Explain the 3 types of assets and list examples of each

·         Identify the major goals on individual decisions

·         Explain the difference between opportunity benefits and costs

·         Develop a thorough decision-making process

·         Apply the 3 economic questions to all situations

·         Describe the four types of economic systems

 

1.5 Weeks

·         Private vs. Public

 

·         Explain the difference between the private and public sectors

Private Sector

·         Review the market system

·         Describe the goals of the private sector

·         Examine the relationships between consumers, producers, and the market

·         List and explain the pitfalls of the market system

·         Explain the roles efficiency, exchange, and competition play

Public Sector

·         Identify our social economic goals

·         Identify examples of Public goods and services

·         Describe the 5 major functions of the public sector

·         Explain the 3 major problems

·         Define and describe externalities both positive and negative

·         Develop a process for making social decisions

 

 

 

 

·         Compare and contrast

·         Capitalism and Socialism

 

2 Weeks

·         Demand

 

·         Define demand and the Law of Demand

·         Identify the 4 parts of demand

·         Give the 3 reasons for the Law of Demand

·         Construct demand schedules and curves

·         Describe the 4 determinants of demand

·         Distinguish between normal and inferior goods/substitute and complementary goods

·         Describe elasticity and inelasticity and describe their relationship to total revenue

·         Calculate elasticity and inelasticity of demand

 

2 Weeks

·         Supply

 

·         Define supply and Law of Supply

·         List reasons for changes in supply

·         List/explain the 4 factors of production

·         Describe how the 4 factors are measured

·         Distinguish between the long and short run for supply

·         Explain what causes shifts in supply

·         Construct supply schedules and curves

·         Determine/measure elasticity of supply

 

1 Week

·         Relationship of Demand, Supply and Prices

 

·         Explain how market forces affect supply and demand and set/guide prices

·         Construct a supply and demand curve and schedule and identify where surpluses and shortages occur and their effects on society

·         Explain the governments role in supply and demand and setting prices

·         Indicate where price floors and ceilings occur and the factors that influence them

·         Describe the pressures that alter supply, demand and prices

 

2 Weeks

·         Forms of Business

 

·         Describe the 3 types of business organizations

·         List advantages and disadvantages of each type

·         Explain the 4 types of monopoly

·         List and describe the various ways to finance a business

·         Explain the advantages of competition within the market system for producers and consumers

·         Explain the roles of labor and individuals in the business world

·         List the factors that determine the supply and demand of labor

·         Describe the advantages of being in the labor section of business

·         Students will explore the risks involved in entrepreneurship

·         Explain the role of unions in businesses

 

3 Weeks

·         Taxes

 

·         Explain the reasons why taxes are essential in society

·         Describe the difference between national and state taxes and list examples of each

·         Weigh the pros and cons of various forms of taxation

·         Explain the difference between progressive, regressive, and proportional taxes and give examples of each

·         Differentiate between direct and indirect taxes

·         Examine where our tax dollars are spent at both levels of government

·         Fill out actual state and federal tax returns

·         Explain the relationship between federal budget deficits and the national debt

 

2 Weeks

·         Money and Banking System

 

·         Explain the 3 functions of money

·         Describe the various forms of money

·         List and describe the different types of financial institutions

·         Explain how our money is printed, allocated, and destroyed

·         Explain how the Federal Reserve system works and its power over the flow of money

·         List and describe the many types of loans available

·         Describe the pitfalls of interest

·         Review how to make wise economic choices

 

1.5 Weeks

·         Societal Economic Policies and Dilemmas

 

·         Analyze the effects unemployment has on society and the economy

·         Describe the different types of unemployment

·         Describe the effects inflation has on society and the economy

·         Explain the methods used to measure inflation

·         List causes of inflation and ways to reduce it

·         Discuss the government’s role in dealing with unemployment and inflation

·         Describe the methods used by government to try to spur economic growth

 

1 Week

·         World Economy

 

·         Explain the U.S. role in global markets

·         Weigh the pros and cons of free trade with other nations

·         List some of the financial burdens that accompany membership in world trade

·         Develop a stance on the U.S.’s role in helping underdeveloped countries

·         Explain the difference between GDP, GNP and CPI how to accurately interpret each