ECONOMICS AND PERSONAL FINANCE COURSE DESCRIPTION

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ECONOMICS AND PERSONAL FINANCE COURSE DESCRIPTION

  1. 1. ECONOMICS AND PERSONAL FINANCE COURSE DESCRIPTION SS000041 (1st or 2nd Sem.) ECONOMICS AND PERSONAL FINANCE (10, 11, 12) ½ Unit Prerequisite: None This course is designed to introduce students to the foundations of economic thought, microeconomics, macroeconomics, and personal finance. Students will analyze how spending patterns of individuals and national policy affect the economics climate. Topics will include supply and demand, market economy, opportunity cost, spending and credit, Federal Reserve, measures of economic performance, and international trade. Economics and Personal Finance 654 2-16-06
  2. 2. I. Core Conceptual Objective: Economics Students will examine and analyze the foundational principals of microeconomics and macroeconomics in order to make sound economic decisions. By the end of the course, all students should State and By the end of the course, all students should be State and know: National able to: National Standard Standard Correlations Correlations 1. Economics as a social science: (E) SS4, MCE, 1a. evaluate the costs/benefits and consequences SM 3.8, 3.5, • scarcity (E/A) JCEE, NCEE, of economic decisions. (A) CIV, MCE, • opportunity cost (E/A) NCSS, CIV, NCEE, • factors of production (A) NGS JCEE, NCSS a. Land ------------------------------------------------------------ ---------------- b. Labor b. create, analyze, and interpret charts, SS7, MCE, c. Capital graphs, and tables. (A) NGS, NCSS, d. Entrepreneurs SCANS • types of goods and services (D) ------------------------------------------------------------ ---------------- a. Economic products c. relate concept to example (A) SM1.6, b. Free products SCANS c. Durable goods ----------------------------------------------------------- ---------------- d. Non-durable goods d. identify and evaluate policies and JCEE, MCE • Production possibilities (1) programs related to the use of resources. (E) ------------------------------------------------------------ ---------------- e. apply economic vocabulary. (E) JCEE, MCE Economics and Personal Finance 655 2-16-06
  3. 3. 2. Demand. (E) SS4, MCE, 2. explain reasoning using supporting detail. (A) SM 4.1, MC, • Law of demand (E) JCEE, NCEE, SCANS • Determinants of demand (E) NCSS, CIV a. change in consumer income b. tastes and preferences c. prices of related products (substitutes and complements) • Elastic and inelastic goods (E) • Aggregate demand (D) 3. Supply. (E) SS4, MCE, 3. create or analyze supply and demand graphs in SS4, MCE, • Law of supply (E) JCEE, NCEE, order to predict, interpret, and determine JCEE, • Determinants of supply CIV patterns. (E) NCEE, SS7 a. Changes in technology (E) b. Cost of inputs (D) c. Number of sellers (I, D) d. Changes in productivity (I, D) e. Taxes/subsidies (D) f. Future expectations (I) • Elastic and inelastic goods (D) • Aggregate supply (I, D) • Short-run vs. long-run production (I, D) • Law of diminishing returns (D) • Three stages of production (D) a. Increasing returns b. Diminishing returns c. Negative returns • Total revenue and marginal revenue (D) • Total cost and marginal cost (D) Economics and Personal Finance 656 2-16-06
  4. 4. 4. Price allocation. (D) SS4, CIV, • Determination of equilibrium price and JCEE, NCEE, equilibrium quantity (I, D) MCE • Shortages and surpluses (I, D) 5. supply and demand in labor as a determinant SS4, MCE, of wages (D) NCEE, JCEE 6. measurements of economic performance (E) SS4, MCE, • Gross Domestic Product and National JCEE, NCEE Income (E) a. GDP vs. GNP (E) b. Components of GDP (E) c. Real GDP (E) d. Real GDP per capita (E) • Unemployment and business cycles (E) a. Criteria for unemployment (E) b. Types of unemployment (E) Fictional Structural Cyclical c. Full Employment (E) d. Phases of the business cycle (E) • Inflation (E) a. Types of inflation (D) b. Measuring inflation – CPI and PCE (E) c. Consequences of inflation (E) d. Consequences of deflation (E) Economics and Personal Finance 657 2-16-06
  5. 5. 7. Economic growth and productivity: (A) SS4, • Investment in physical and human capital NCHEW, (D) MCE, JCEE, • Technological change as leading cause of CIV long-run productivity (D) 8. Boycotts, strikes, and embargoes and how SS4, MCE, they effect trade. (E) JCEE, CIV, NCEE Economics and Personal Finance 658 2-16-06
  6. 6. A. Facilitating Activities: CCO I: Students will examine and analyze the foundational principals of microeconomics and macroeconomics in order to make sound economic decisions. ORGANIZING IDEA #1 How do the basic economic concepts apply to both microeconomics and macroeconomics? The student will: 1. Identify the factors of production that go into the making of a loaf of bread. (I C1) 2. Explain, in terms of scarcity, why people are willing to pay more for diamonds than water (I C1). 3. Construct a collage showing examples of economic products, free products, durable goods, and non-durable goods (I C1, I P1c, I P1e) 4. Identify the opportunity cost for a major personal decision (i.e. where to attend college, etc.) (I C1, I P1a) ORGANIZING IDEA #2 How does supply and demand interact to determine prices and production? The student will: 1. Draw and explain production possibilities curves to illustrate an economy where productive resources are fully employed (I C1, I P1b) 2. Analyze and graph changes in aggregate demand when consumer spending is reduced because people are worried about recession (I C 2, I P1b) 3. Predict what might happen to market price if a worm destroys the lettuce crop in California. (I C4) 4. Explain in terms of human capital why engineers make more money than a taxi driver. (I C 7) 5. Determine how producers of cars might change supply if the price of raw materials goes up. (I C3) 6. Analyze and graph changes in the aggregate supply if consumer spending on goods and services appears to be dropping. (I C3, I P1b) 7. Explain why an imbalance of aggregate demand with respect to aggregate supply can lead to inflation (I C2, I C3) 8. Interpret a product chart to identify the three stages of production, and calculate total revenue and total cost, and marginal revenue and marginal cost. (I C3, I P3) 9. Discuss how technological change and investment in human capital will affect productivity in the long-run. (I C7) Economics and Personal Finance 659 2-16-06
  7. 7. ORGANIZING IDEA #3 What measures are available for evaluating economic performance? The student will: 1. Discuss why certain goods would or would not be included in the GDP. (I C6) 2. Explain flaws in the CPI and give an example of each. (I C6) 3. Construct a market basket using current prices and applying the parameters of the CPI. (I C6) 4. Use the formula to convert GDP to GNP, and GNP to GDP. (I C6) 5. Conduct research to compare the GDP per capita of different countries, and examine how the figures impact the quality of life. (I C6) 6. Draw a business cycle and label periods of expansion and recession. (I C6) 7. Draw a cartoon portraying the following types of unemployment: fictional, structural, and cyclical. (I C6, I P1c) 8. Construct a curve that shows the relationship between the unemployment rate and the inflation rate. (I C6) Economics and Personal Finance 660 2-16-06
  8. 8. B. Application Level Assessment I: Supply and Demand CCO I: Students will examine and analyze the foundational principals of microeconomics and macroeconomics in order to make sound economic decisions. Student Task: The student will: 1. analyze demand. (I C2) 2. analyze supply. (I C3) 3. create or analyze supply and demand graphs in order to predict, interpret, and determine patterns. (I P3) 4. apply economic vocabulary. (I P1e) 5. relate concept to example. (I P1c) 6. create, analyze, and interpret charts, graphs, and tables. (I P1b) Teacher Notes: Suggested Student Prompt: A password is required to access restricted assessment materials. Please contact Holly Julius (juliusholly@rockwood.k12.mo.us) or Roxanna Mechem (mechemroxanna@rockwood.k12.mo.us) for clearance codes. Economics and Personal Finance 661 2-16-06
  9. 9. SCORING GUIDE CCO I: Students will examine and analyze the foundational principals of microeconomics and macroeconomics in order to make sound economic decisions. 4 3 2 1 STUDENT CORRECTLY Correctly indicates supply or Correctly indicates supply or Correctly indicates supply or Correctly indicates supply or IDENTIFIES WHETHER demand for all five scenarios. demand for four out of five. demand for three out of five. demand for only one-two SUPPLY OR DEMAND scenarios. HAS BEEN AFFECTED STUDENT CORRECTLY Correctly names the direction Correctly names the direction Correctly names the direction Correctly names the direction IDENTIFIES THE of the shift for all five. of the shift for four of the of the shift for three of the shift for only one-two DIRECTION OF THE scenarios. scenarios. scenarios. SHIFT STUDENT CORRECTLY Names the correct Uses the correct determinant Uses the correct determinant Uses the correct determinant IDENTIFIES WHICH determinant for the scenario three out of five times. two out of five times. only once. DETERMINANT IS for four-five times. AFFECTING SUPPLY OR DEMAND STUDENT CORRECTLY Identifies elastic or inelastic Correct identification for four Correct identification for Correct identification for one- IDENTIFIES WHETHER correctly for all five of five examples. three of five examples. two of five examples. THE MARKET IS examples. ELASTIC OR INELASTIC Correct answer to the assessment may be found at http://insider.rsd. A password is required to access restricted assessment materials. Please contact Holly Julius (juliusholly@rockwood.k12.mo.us) or Roxanna Mechem (mechemroxanna@rockwood.k12.mo.us) for clearance codes. Economics and Personal Finance 662 2-16-06
  10. 10. C. Application Level Assessment I: CCO I: Students will examine and analyze the foundational principals of microeconomics and macroeconomics in order to make sound economic decisions. Student Task: 1. analyze and describe measurements of economic performance. (I C6) 2. create, analyze, and interpret charts, graphs, and tables. (I P1b) 3. relate concept to example. (I P1c) 4. apply economic vocabulary. (I P1e) 5. explain reasoning using supporting detail. (I P2 Teacher Notes: Suggested Student Prompt: A password is required to access restricted assessment materials. Please contact Holly Julius (juliusholly@rockwood.k12.mo.us) or Roxanna Mechem (mechemroxanna@rockwood.k12.mo.us) for clearance codes. Economics and Personal Finance 663 2-16-06
  11. 11. SCORING GUIDE CCO I: Students will examine and analyze the foundational principals of microeconomics and macroeconomics in order to make sound economic decisions. 4 3 2 1 ECONOMIC Uses all terms and defines Uses all terms, although Uses most of the terms; Only uses a few of the TERMS them appropriately within some definitions are some definitions are terms; definitions the ALA vague or missing incorrect or lacking lacking CONNECTION Accurately establishes a Accurately establishes a Weak connection No connection between BETWEEN GDP, strong connection between connection between the between the three the three concepts; INFLATION, AND GDP, inflation, and three concepts, although concepts incorrect understanding UNEMPLOYMENT unemployment it is not detailed of all three RESEARCH Shows in-depth research Research is adequate; Research is fair; only a Research is weak; only by incorporating a variety some websites and few websites and graphs websites or graphs are of websites and charts graphs and charts are are used used, not both utilized ANALYSIS OF Examines the three topics Examines three topics All topics are addressed Only a few topics are DATA in detail with supporting and uses supporting only briefly – no addressed with little or examples; analysis is examples; analysis is analysis; examines three no support; analysis is logical, at appropriate logical by may lack topics with limited illogical or non-existent depth depth support; analysis is general and may contain minor flaws in logic Economics and Personal Finance 664 2-16-06
  12. 12. II. Core Conceptual Objective: Students will apply the competencies of personal finance. By the end of the course, all students State and National By the end of the course, all students State and National should know: Standard should be able to: Standard Correlations Correlations 1. components and sources of income. (E) MPFC, SS4, CIV, 1. analyze how career choice, education, MPFC NCSS, JCEE skills, and economic conditions effect income and goal attainment. (E) 2. relate taxes, government transfer MPFC, SS4, NSCG, payments, and employee benefits to JCEE, NCSS, CIV, disposable income. (E) EA 3. limited personal financial resources MPFC 3a. interpret the opportunity costs of MPFC, MC, JCEE, affect the choices people make. (E) personal financial decisions. (A) CIV, SS4, NCEE --------------------------------------------------- ------------------------ 3b. compare the costs and benefits of MPFC, SM3.8, alternatives in spending decisions. SM3.5, CIV, MCE, (A) NCEE, JCEE, NCSS 4. apply the decision-making process to MPFC, NCSS, personal financial choices and evaluate MCE, NGS, CIV, the consequences of personal financial JCEE, SS4, NCEE decisions. (A) 5. inflation affects spending and savings MPFC, SS4, JCEE, decisions. (A) CIV 6. insurance and other risk-management MPFC 6. design a financial plan/budget for MPFC, JCEE, MCE, strategies protect against financial loss. earning, spending, saving, and CIV, SS4 (E) investing. (E) 7. demonstrate how to use the services MPFC available from financial institutions. (E) 8. evaluate information about products MPFC and services. (E) Economics and Personal Finance 665 2-16-06
  13. 13. 9. the costs and benefits of consumer MPFC credit. (E) 10a. sources of consumer credit (e.g. credit MPFC 10a. evaluate the terms and conditions of MPFC cards, consumer loans, auto loans, credit cards and consumer loans. (E) student loans). (E) ---------------------------------------------------- ------------------------ --------------------------------------------------- ------------------------- 10b. purposes and components of credit MPFC 10b. evaluate factors that affect MPFC cards. (E) creditworthiness. (E) 11. consumer protection and information. MPFC 11. propose ways to avoid or correct MPFC (E) credit problems. (E) 12. rights and responsibilities of buyers and MPFC sellers under consumer protection laws. (E) 13. the relationship of savings and MPFC 13. compare consumer choices for saving MPFC investment. (E) and investment. (E) 14. reasons for saving and investing. (E) MPFC 14. compare risk, return, liquidity, MPFC manageability, and tax aspects of investment alternatives. (E) 15. how to buy and sell investments. (E) MPFC 16. how agencies that regulate financial MPFC markets protect investors. (E) 17. how to evaluate advisors’ credentials MPFC and how to select professional advisors and their services. (E) Economics and Personal Finance 666 2-16-06
  14. 14. A. Facilitating Activities CCO II: Students will apply the competencies of personal finance. ORGANIZING IDEA #1 How can I manage my personal finances? 1. Interview several family members about reasons for saving. (II C14) 2. Make a graphic organizer showing personal choices of career paths. Include requirements for skills, education, costs, and income to reach the goals of the career. (II P1) 3. Examine sample paychecks of different jobs. Compare and contrast taxes, benefits, and transfer payments. (II P2) 4. Create a monthly budget and record spending in a graphic organizer. Evaluate opportunity costs and benefits of the spending and determine if good spending decisions were made. (II C3, II P3, IIP4) 5. Interview a business manager and discuss how finances affect choices they make in spending. Record costs, benefits, and alternative choices of their decisions. (II C3, II P3, IIP4) 6. Compare the value of monopoly money with real currency. (II C5) 7. Conduct a simulation demonstrating how increasing the money supply will lead to inflation. (II C5) 8. Interview an adult about costs and benefits of insurance. (II C6) 9. Design a personal or family financial plan/budget for the week including earnings, spending, saving, and investing. (II P6) 10. Make a brochure describing how a person would use different services from a bank. (II P7) 11. View different advertisements about a product to recognize bias and evaluate deceptive/real product information. (II P8) 12. Create a graphic organizer showing costs and benefits of consumer credit. (II C9) 13. Read terms and conditions of a credit card and evaluate whether or not to obtain a credit card. (P10) 14. Compare interest rates of different credit cards and loans to determine the best deal. (II C10a, C10b) 15. Interview a counselor about college student loans. (II C10a) 16. Discuss what causes creditworthiness and plan ways to avoid credit problems. (II P10b, P11) 17. Research consumer protection, rights and responsibilities of buyers and sellers and discuss why laws were made. (II C11, C12) 18. Invite a financial advisor to discuss issues related to savings and investing. (II C13, C14, C15) 19. Research banks to determine the best consumer choice for saving and investing. (II P13) 20. Create a graphic organizer of different investments showing risk, return, liquidity, manageability, and tax components. Determine what investment would be best for you. (II P14) 21. Research the Security and Exchange Commission to determine ways they monitor investment. (II C16) 22. Research requirements for professional advisors. Create a cost benefit chart to determine the best professional advisor. (II C17) Economics and Personal Finance 667 2-16-06
  15. 15. B. Application Level Assessment I: CCO II: Students will apply the competencies of personal finance. Student Task: The student will: 1. discuss components and sources of income. (II C1) 2. analyze how limited personal financial resources affect the choices people make. (II C3) 3. analyze how career choice, education, skills, and economic conditions effect income and goal attainment. (II P1) 4. relate taxes, government transfer payments, and employee benefits to disposable income. (II P2) 5. interpret the opportunity costs of personal financial decisions. (II P3a) 6. compare the costs and benefits of alternatives in spending decisions. (II P3b) 7. apply the decision-making process to personal financial choices and evaluate the consequences of personal financial decisions. (II P4) 8. design a financial plan/budget for earning, spending, saving, and investing.. (II P6) 9. evaluate information about products and services. (II P8) 10. analyze the costs and benefits of consumer credit. (II C9) 11. describe sources of consumer credit. (II C10a) 12. describe purposes and components of credit cards. (II C10b) 13. evaluate the terms and conditions of credit cards and consumer loans. (II P10a) 14. compare consumer choices for saving and investment. (II P13) 15. propose ways to avoid or correct credit problems. (II P11) Economics and Personal Finance 668 2-16-06
  16. 16. Teacher Notes: Part I: Refer to the worksheet entitled “Practicing Personal Decision-Making.” (Class set of worksheets and time in a computer lab may be beneficial for the students to conduct research on their possible careers) (Note: The teacher will want to demonstrate how to use both the plus-minus and mathematical system before students work independently on this topic). Part II: After students have arrived at their career decision, it is time for them to calculate their paycheck. From Financial Fitness for Life: Bringing Home the Gold Teacher Guide, use Lesson 7 “Uncle Sam Takes a Bite.” Hand out a copy of Table 7.1 and 7.2 to each student, as well as a copy of Exercise 7.2 and 7.3. As a class, do activity 7.2 together and go over the correct answers. From this information, have the students use the annual average salary of their chosen occupation (in their home state) to calculate their monthly net pay on Exercise 7.3. Part III: Have students use their monthly take-home pay (net pay) from Exercise 7.3 to calculate a monthly budget. Use Activity 2 and 3 from Lesson Six from Personal Decision Making: Focus on Economics. Use Activity 2 as an example of a college student’s budget. For Activity 3 provide students with newspapers and catalogs to help them calculate how much they might spend in each category. Remind them that these are just estimates. (Note: The teacher will need to overview the difference between fixed and variable expenses prior to this portion of the ALA). Student Prompt: A password is required to access restricted assessment materials. Please contact Holly Julius (juliusholly@rockwood.k12.mo.us) or Roxanna Mechem (mechemroxanna@rockwood.k12.mo.us) for clearance codes. Economics and Personal Finance 669 2-16-06
  17. 17. SCORING GUIDE CCO II: Students will apply the competencies of personal finance. 4 3 2 1 CAREER Successfully and Successfully uses the Successfully uses the Unable to select a career independently uses the Paced-Decision model Paced-Decision model choice without Paced-Decision model to with minor assistance to with moderate assistance significant assistance select a career choice select a career choice to select a career choice COMPUTES PAY Correctly computes net Computes net and gross Computes net and gross Incorrectly computes net and gross pay, using pay, but has minor errors pay, but has errors in and gross pay and does both payroll deductions in use of payroll both payroll deductions not use payroll and tax tables deductions tables and tax tables deduction or tax tables PERSONAL BUDGET Develops a detailed Develops a detailed Develops a personal Develops a personal personal budget that personal budget but budget that lacks a few budget that lacks many includes both variable confuses some fixed and important categories important categories and fixed expenses variable expenses COSTS AND Develops a detailed list Develops a list of costs Lists both costs and Does appropriate list of BENEFITS OF USING of costs and benefits and benefits benefits, but information costs and benefits CREDIT CARDS in both categories is overly general Economics and Personal Finance 670 2-16-06
  18. 18. III. Core Conceptual Objective: Students will analyze the role of government in making fiscal and monetary policy. By the end of the course, all students should State and By the end of the course, all students should State and know: National be able to: National Standard Standard Correlations Correlations 1. Fiscal policy and market effects (E): SS4, MCE, 1. analyze the roles that people, business, and SS4, MCE, • Government regulations (E) NCEE, government play in economic systems (E) NCEE, a. labor JCEE, MCH, JCEE, MCH, b. business W, NGS, W, NGS, c. environment NCSS NCSS • federal, state, and local taxes (A) a. Progressive b. Regressive c. Proportional • Spending/government budget (A) a. discretionary vs. mandatory spending (A) b. federal debt (A) c. federal deficit (A) d. budget surplus (A) e. budget deficit (A) f. balanced budget (A) g. consequences of a budget deficit and growing national debt (E) 2. Money, banking and monetary policy (E) SS4, MCE, 2. determine the economic consequences of SS4, MCE, NCEE, JCEE personal and public decisions (A) JCEE, NCEE Economics and Personal Finance 671 2-16-06
  19. 19. 3. The federal reserve system (E) SS4, MCE, 3. evaluate current events in relation to content NCSS, NGS, • Goals of the Federal Reserve (E) JCEE, objectives (A) NHS a. full employment (E) NCEE, CIV, b. stable prices (E) NSCG, c. reasonable rate of economic growth (E) MCGV • Origins and structure (I) • Duties of the Federal Reserve (E) a. controlling the money supply (E) b. clearing checks (I) c. supervising and regulating banks (I) d. accepting deposits and making loans (I) e. Bank of the U.S. Treasury (E) • Tools of the Fed (E) a. Open market operations (E) b. Discount rate (E) c. Reserve requirements (E) 4. Economic roles of the government (E) SS4, MCE, • Providing public goods and services (A) NCEE, JCEE • Correcting for externalities (E) • Redistributing income (A) • Enacting price controls (I) a. prior floor (I) b. price ceiling (I) Economics and Personal Finance 672 2-16-06
  20. 20. 5. Government role in competition (E) CIV, SS4, 5. Write persuasive and expository social NHS, NCHE, • Types of competition (E) MCE, JCEE, studies documents (A) NCSS, SS, a. perfect competition (E) NCEE, SM b. monopolistic competition (E) MCGV c. oligopoly (E) d. monopoly (E) • Government regulation and anti-trust laws (A) • Market failure (I) a. collusion (I) b. price fixing (I) c. price wars (I) • Government monopoly (I) Economics and Personal Finance 673 2-16-06
  21. 21. A. Facilitating Activities: CCO III: Students will analyze the role of government in making fiscal and monetary policy. ORGANIZING IDEA #1 What is the role of the U.S. government and Federal Reserve in our market economy? 1. Research the effect on money supply when the Federal Reserve sells government securities on the open market. (III C3) 2. Develop a graphic organizer to outline the different levels and duties of the Federal Reserve System. (III C3) 3. Watch the Fed Today video (from the St. Louis Federal Reserve Bank) and write on analysis of the Federal Reserve System. (III C3) 4. Tour the St. Louis Federal Reserve Bank. (III C3) 5. Simulate how open market operations are conducted in a classroom activity. (III C3) 6. Examine how the 3 tools of the Federal Reserve can be used to change the money supply. (III C3) 7. Examine the role of OPEC in the oil industry. (III C5) 8. Debate the pros and cons of price ceilings and price floors. (III C4) 9. Debate whether or not the minimum wage should be increased (as an example of a price floor). (III C4) 10. Find an example business for each of the 4 types of competition. (III C5) 11. Find newspaper articles about collusion and price fixing in the marketplace. (III C5) 12. Write a persuasive essay urging the government to provide or remove a public good or source (III C5, III P5) ORGANIZING IDEA #2 How do different levels of the government raise and spend money? 1. Conduct research and compare the U.S. budget to your state’s budget for the current fiscal year. (III C1) 2. Identify the major spending categories of the federal government, and indicate the categories that are discretionary vs. mandatory spending. (III C1, III P1) 3. Simulate the role of Economic Advisor to the President, and give presentations of ways to cut spending/raise revenue that will result in a balanced budget. (III C1) 4. Differentiate between the federal debt and the federal deficit. (III C1) 5. Research the history of the federal debt and federal deficit and design a flow chart. (III C1) 6. Research the duties of the FDA and their food requirements as part of the government’s role as regulator of labor, business, and environment. (III C1) 7. Analyze graphs showing the federal budget throughout history and correlate periods of debt with historical events. (III C1) 8. Identify examples of progressive, regressive, and proportional taxes. (III C1) Economics and Personal Finance 674 2-16-06
  22. 22. B. Application Level Assessment CCO I: Students will examine and analyze the foundational principals of microeconomics and macroeconomics in order to make sound economic decisions. CCO III: Students will analyze the role of government in making fiscal and monetary policy. Student Task: 1. Analyze spending/government budget. (III C1) 2. Determine effects of federal, state, and local taxes. (III C1) 3. Use measurements of economic performance. (I C6) Teacher Notes 1. A good source for gathering information will be on the websites www.econedlink.org and http://www.federalreserve.gov/general.htm (National Budget Simulation and The Role of Government: The Federal Government and Fiscal Policy are some sample lessons that can help). 2. Before the ALA, discuss economic indicators and relationships, types of taxes, and government budget and spending. Student Prompt: A password is required to access restricted assessment materials. Please contact Holly Julius (juliusholly@rockwood.k12.mo.us) or Roxanna Mechem (mechemroxanna@rockwood.k12.mo.us) for clearance codes. Economics and Personal Finance 675 2-16-06
  23. 23. SCORING GUIDE CCO III: Students will analyze the role of government in making fiscal and monetary policy. 4 3 2 1 GRAPHIC Organizer includes an Organizer includes an Organizer includes an Organizer includes an ORGANIZER accurate and specific accurate and specific accurate and specific accurate and specific record of all federal record of most federal record of some federal record of few federal budget categories, budget categories, budget categories, budget categories, current federal debt and current federal debt and current federal debt and current federal debt and deficit figures, and all of deficit figures, and all of deficit figures, and all of deficit figures, and all of the specified economic the specified economic the specified economic the specified economic indicators (GDP per indicators (GDP per indicators (GDP per indicators (GDP per capita, unemployment capita, unemployment capita, unemployment capita, unemployment rate, inflation) rate, inflation) rate, inflation) rate, inflation) BUDGET Includes a clear, well- Includes a clear and Includes a general Includes a budget that is ALLOCATION WITH planned and specific specific budget with a budget with a cost- poorly planned with few COST BENEFIT budget with a detailed cost-benefit analysis for benefit analysis for most categories represented ANALYSIS cost-benefit analysis for each category categories and little or no cost- each category benefit analysis ECONOMIC Includes a logical, Includes a logical and Includes a general Does not include a INDICATORS clearly articulated and supported prediction of prediction with limited prediction or includes a supported prediction of changes in economic support, may have flows prediction with no changes in economic indicators in logic support indicators PROPOSAL Summarizes the Clearly summarizes the Generally summarizes Poorly summarizes the proposal clearly and proposal and includes the proposal and proposal and includes concisely and includes most of the specified includes some of the few of the specified all of the specified conventions of writing specified conventions of conventions of writing conventions of writing without error (see six writing without error without error (see six without error (see six trait guide) (see six trait guide) trait guide) trait guide) Economics and Personal Finance 676 2-16-06
  24. 24. IV. Core Conceptual Objective: Students will evaluate how international trade, economic growth, and economic disparity are affected by geography. By the end of the course, all students should State and By the end of the course, all students should State and know: National be able to: National Standard Standard Correlations Correlations 1. The influence of geography on business (A) SS4, NGS, 1. identify, define, describe and evaluation SM 3.1, 3.2, • why businesses choose to build or NCEE, JCEE, problems and solutions from multiple 3.3, 3.4, 3.6, move to other regions or countries (I) MCE perspectives (A) 3.7, NGS, • laws and treaties as recruiting factors SCANS, NCSS for business location (I) 2. Purpose and benefits of international trade SS4, NGS, (E) NCEE, JCEE, • productive resources necessary for MCE, MCGV trade (E) a. natural resources (A) b. educated work force (E) c. access to markets (E) • comparative advantage (E) • advantages and disadvantages of free trade (E) • treaties (A) • trade barriers (A) 3. Exchange rates (A) SS4, MCE, • currency fluctuations (A) NCSS, JCEE, • supply/demand of currencies (D) NCEE 4. International economic systems (A) SS4, NCEE, 4. evaluate the causes and consequences of SS4, JCEE, • global interdependence (E) JCEE, MCE, economic theories and practices (E) MCE, NCEE • distribution and disparity of wealth and NGS resources (A) Economics and Personal Finance 677 2-16-06
  25. 25. 5. Economic systems (E/A) SS4, MCE, 5. compare and contrast economic systems (E) SS4, JCEE, • traditional NCEE, JCEE, MCE, NCEE • market NCSS, NGS • command • mixed Economics and Personal Finance 678 2-16-06
  26. 26. A. Facilitating Activities: CCO IV: Students will evaluate how international trade, economic growth, and economic disparity are affected by geography. ORGANIZING IDEA #1 How do countries interact in a global economy? 1. Calculate the following exchange rates: If the British pound is worth $1.50, how much would you pay in England for a record that is worth $8.00? (IV C3) 2. Compile a list of products for which the United States has absolute advantage in comparison to other trading partners and explain why the United States may not specialize in all of the products. (IV C2) 3. Analyze the effects upon price and quantity if a tariff is levied on video equipment and if a quota is placed on automobiles. (IV C20 4. Name three imports that could be produced in the United States, and explain in terms of opportunity cost why the goods are imported. (IV C4) 5. Analyze public policy that has been used to redistribute income and evaluate its effects on different income groups. (IV C4) 6. Using a graphic organizer, compare and contrast the strengths and weaknesses of traditional, market, command and mixed economic systems. (IV C5, IV P5) 7. Gather News stories of companies announcing relocation. Make a list of their reasons and write a summary relating your findings and conclusions. (IV C1, IV P1) 8. Defend or refute protectionist trade policies. (IV C4, IV P1, IV P4) 9. Explain why government can be an obstacle to economic development. (IV C5, IV P5) ORGANIZING IDEA #2 Why do countries trade? 1. List incentives that encourage trade. (IV C2) 2. Explain how comparative advantage can make trade between countries of different sizes and wealth possible. (IV C2, P1) 3. Prepare a graphic organizer identifying winners and losers from free trade and restricted trade. (IV C2, P1) Economics and Personal Finance 679 2-16-06
  27. 27. B. Application Level Assessment CCO IV: Students will evaluate how international trade, economic growth, and economic disparity are affected by geography. Student Task The student will: 1. Analyze the productive resources necessary for trade. (IV C2) 2. Describe comparative advantage. (IV C2) 3. Discuss exchange rates in relation to supply/demand. (IV C3) 4. Identify the various economic systems and their impact on distribution of wealth and development. (IV C4,5 P4,5) Teacher Notes: Students may choose economic systems for study or the teacher may assign. Student Prompt: A password is required to access restricted assessment materials. Please contact Holly Julius (juliusholly@rockwood.k12.mo.us) or Roxanna Mechem (mechemroxanna@rockwood.k12.mo.us) for clearance codes. Economics and Personal Finance 680 2-16-06
  28. 28. SCORING GUIDE CCO IV: Students will evaluate how international trade, economic growth, and economic disparity are affected by geography. 4 3 2 1 ECONOMIC • economic system is • economic systems are • economic systems are • Economic systems SYSTEMS clearly, correctly and correctly described in generally described in are incorrectly PRESENTATION insightfully described relation to the country relation to the country described in relation in relation to the • comparative • 2 of the 3 criteria to the country country advantage, productive (comparative • 1 or fewer criteria • comparative resources, and trade advantage, productive (comparative advantage, productive policies are correctly resources, and trade advantage, productive resources, and trade described policies) are correctly resources, and trade policies are correctly • the history of the described policies) are correctly and specifically exchange rate is • The history of the described described accurately presented exchange rate is • The history of the • the history of the using an appropriate generally presented exchange rate is exchange rate is visual aid incorrectly or accurately presented generally presented using an appropriate and well-crafted visual aid Economics and Personal Finance 681 2-16-06
  29. 29. V. Core Conceptual Objective: Students will analyze economic theories and theorists and assess their impact. By the end of the course, all students should State and By the end of the course, all students should State and know National be able to: National Standard Standard Correlations Correlations 1. Economic theorists (E) SS4, MCH, 1. Compare and contrast economic theories (A) SS4, NCEE, • Adam Smith (A) MCE, NCEE, JCEE, • Karl Marx (A) JCEE, NCHEW, • John Maynard Keynes (E) NCHEW, MCE, MCH, • Milton Friedman (E) NCHE NCHE 2. Analyze and interpret primary and NHS, NCSS, secondary source documents (A) LM, SS7, R Economics and Personal Finance 682 2-16-06
  30. 30. A. Facilitating Activities: CCO V: Students will analyze economic theories and theorists and assess their impact. ORGANIZING IDEA #1 How did economic theories influence world economics? 1. Read excerpts from Keynes and supply-side economists and determine the positions of each on fiscal policy. (V C1, V P2) 2. Determine how self-interest, competition, government regulation and markets are defined and applied by Adam Smith. (V C1) 3. Research and prepare a brief oral/written presentation on the theories of Milton Friedman. (V C1) 4. Write analysis of why Communism failed. (V C1) 5. Use a chart to compare various aspects of the theories of Smith, Marx, Keynes and Friedman. (V C1, V P1) 6. Prepare a political cartoon illustrating a concept of one of the theorists. (V C1) Economics and Personal Finance 683 2-16-06
  31. 31. B. Application Level Assessment: CCO V: Students will analyze economic theories and theorists and assess their impact. Student Task: The student will: 1. Analyze primary and secondary sources detailing the theories of economic theorists. (V C1, V P2) 2. Research current event economic issues and role play how each theorist would address the issues. (V C1) 3. Analyze the causes and consequences of economic theories and practices. (V C1, VP2) Student Prompt: A password is required to access restricted assessment materials. Please contact Holly Julius (juliusholly@rockwood.k12.mo.us) or Roxanna Mechem (mechemroxanna@rockwood.k12.mo.us) for clearance codes. Economics and Personal Finance 684 2-16-06
  32. 32. SCORING GUIDE CCO V: Students will analyze economic theories and theorists and assess their impact. 4 3 2 1 CURRENT Five articles are current Four articles are current Two-three articles are One or fewer articles are EVENT and appropriate, relevant, and appropriate, relevant, current and appropriate, current and appropriate, ARTICLES and reflect understanding and reflect understanding relevant, and reflect relevant, and reflect of theorists. of theorists. understanding of understanding of theorists. theorists. EXPLANATION Clearly, concisely and Clearly and concisely Generally explains how Does not explain how insightfully explains how explains how theories are theories are viewed by theories are viewed by theories are viewed by viewed by today’s today’s economists. today’s economists. today’s economists. economists. PRESENTATION Presents a well Presents a ranking of Presents a ranking of Does not support their articulated ranking of theorists and gives a clear theorists and gives a ranking. theorists and gives a clear presentation supporting presentation supporting and detailed presentation their opinion with their opinion with supporting their opinion specific evidence. general information. with specific evidence. Economics and Personal Finance 685 2-16-06

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