This document provides resources for teaching economics standards, including concepts, policies, and models. It addresses broad economic goals, the circular flow model, inflation, fiscal and monetary policy, taxes, budget deficits, production possibility curves, comparative advantage, and new financial literacy standards. Examples and lessons are suggested for effectively teaching each standard, such as using real-world examples, simulations, and videos to illustrate difficult concepts like the impact of inflation.

1. Economics:
Standards and
Resources
Brittany Sampson &
Deborah Kozdras
http://stavros.coedu.usf.edu/

3. Economic Concepts

4. http://www.econedlink.org

5. Paul Soloman Graphing Videos

6. Monetary vs. Fiscal Policy

7. SS.912.E.2.1: Identify and explain
broad economic goals.
• Remarks/Examples:
Examples are freedom, efficiency, equity,
security, growth, price stability, full
employment.
• The textbook has examples but the kids have
difficulty on their own. Give them examples of
each one from the real world and discuss.
• Rank and explain. Get into groups of 3-4 and
they have to eliminate a goal and explain why.

8. SS.912.E.2.12: Construct a circular flow diagram for an open-market economy
including elements of households, firms, government, financial institutions,
product and factor markets, and international trade.
Problem: Kids think the “market” is always a place.

9. SS.912.E.3.1: Demonstrate the impact
of inflation on world economies.
• Remarks/Examples:
Examples are oil prices, 1973 oil crisis, Great
Depression, World War II.
• Problem: They do not understand the effects
or consequences for inflation.

10. SS.912.E.3.4: Assess the economic impact of negative and
positive externalities on the international environment.
• Remarks/Examples:
Examples of negative are pollution, global
warming.
Examples of positive are pure water, better air
quality.
• What is an externality or consequence? What
is the consequence of brushing or not
brushing your teeth?

11. SS.912.E.2.10: Describe the organization and functions
of the Federal Reserve System.

12. SS.912.E.1.11: Explain how the Federal Reserve uses
the tools of monetary policy (discount rate, reserve
requirement, open market operations) to promote
price stability, full employment, and economic growth.
• Practice with your kids.
• Chart with the kids on how to make the
economy grow and shrink.
• Expansionary and contractionary policy. Loose
and tight monetary policy. (Vocabulary)
• Chart and they practice. Give problems.
• Define full employment.

13. SS.912.E.1.10: Explain the use of fiscal policy (taxation,
spending) to promote price stability, full employment,
and economic growth.
• GDP
• Graph

14. SS.912.E.2.2: Use a decision-making model to analyze a public policy
issue affecting the student's community that incorporates defining a
problem, analyzing the potential consequences, and considering the
alternatives.

15. SS.912.E.2.4: Diagram and explain the problems that
occur when government institutes wage and price
controls, and explain the rationale for these controls.
• Remarks/Examples:
Examples are shortage, surplus, other
inefficiencies.
• You should teach this in your supply and
demand unit.
– Price ceilings and price floors
– Shortage and surplus and what happens.
– Subsidized housing.
– Minimum wage.

16. SS.912.E.2.7: Identify the impact of
inflation on society.
• Hands on simulation about when the price
level changes, the value of the dollar changes.
• Draw a picture of a loaf of bread.
– What was one dollar for one loaf of bread?
– Now it is three dollars for a loaf of bread.
– What does that one dollar now buy?
– Cut off part of the bread.
– Need to visualize. It is a purchasing power
problem.

17. SS.912.E.2.8: Differentiate between direct and indirect
taxes, and describe the progressivity of taxes
(progressive, proportional, regressive).
• Remarks/Examples:
Examples are income, sales, social security.
• David has a video tinyurl site. Tax video
modeled after schoolhouse rocks.
https://www.youtube.com/watch?v=6Q3NPg
HZzDo
• Taxation Nation We The Economy
https://wetheeconomy.com/films/taxation-
nation/

18. SS.912.E.2.9: Analyze how changes in federal spending
and taxation affect budget deficits and surpluses and
the national debt.
• Deficit vs debt

19. Production Possibility Curves
• https://www.youtube.com/watch?v=O6XL__2
CDPU ACDC

20. Absolute and Comparative Advantage
• http://www.econedlink.org/lessons/projector.
php?lid=104&type=educator LeBron James for
comparative advantage
• http://www.econedlink.org/teacher-
lesson/794
• Do example problem.

21. New Financial Literacy Standards

24. http://stavros.coedu.usf.edu/