ECONOMICS AND PERSONAL FINANCE COURSE DESCRIPTION

Economics and Personal Finance 654 2-16-06

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.


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 know:

State and National Standard Correlations

By the end of the course, all students should be able to:


1. Economics as a social science: (E) • scarcity (E/A) • opportunity cost (E/A) • factors of production (A)

a. Land b. Labor c. Capital d. Entrepreneurs

• types of goods and services (D) a. Economic products b. Free products c. Durable goods d. Non-durable goods

• Production possibilities (1)

SS4, MCE, JCEE, NCEE, NCSS, CIV, NGS

1a. evaluate the costs/benefits and consequences of economic decisions. (A) ------------------------------------------------------------

b. create, analyze, and interpret charts, graphs, and tables. (A)

------------------------------------------------------------

c. relate concept to example (A) -----------------------------------------------------------

d. identify and evaluate policies and programs related to the use of resources. (E)

------------------------------------------------------------ e. apply economic vocabulary. (E)

SM 3.8, 3.5, CIV, MCE, NCEE, JCEE, NCSS ---------------- SS7, MCE, NGS, NCSS, SCANS ---------------- SM1.6, SCANS ---------------- JCEE, MCE ---------------- JCEE, MCE


2. Demand. (E)

• Law of demand (E) • Determinants of demand (E)

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)

SS4, MCE, JCEE, NCEE, NCSS, CIV

2. explain reasoning using supporting detail. (A) SM 4.1, MC, SCANS

3. Supply. (E) • Law of supply (E) • Determinants of supply

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)

SS4, MCE, JCEE, NCEE, CIV

3. create or analyze supply and demand graphs in order to predict, interpret, and determine patterns. (E)

SS4, MCE, JCEE, NCEE, SS7


4. Price allocation. (D)

• Determination of equilibrium price and equilibrium quantity (I, D)

• Shortages and surpluses (I, D)

SS4, CIV, JCEE, NCEE, MCE

5. supply and demand in labor as a determinant of wages (D)

SS4, MCE, NCEE, JCEE

6. measurements of economic performance (E) • Gross Domestic Product and National

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)

SS4, MCE, JCEE, NCEE


7. Economic growth and productivity: (A)

• Investment in physical and human capital (D)

• Technological change as leading cause of long-run productivity (D)

SS4, NCHEW, MCE, JCEE, CIV

8. Boycotts, strikes, and embargoes and how they effect trade. (E)

SS4, MCE, JCEE, CIV, NCEE


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)


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)


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 ([email protected]) or Roxanna Mechem ([email protected]) for clearance codes.


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 IDENTIFIES WHETHER SUPPLY OR DEMAND HAS BEEN AFFECTED

Correctly indicates supply or demand for all five scenarios.

Correctly indicates supply or demand for four out of five.

Correctly indicates supply or demand for three out of five.

Correctly indicates supply or demand for only one-two scenarios.

STUDENT CORRECTLY IDENTIFIES THE DIRECTION OF THE SHIFT

Correctly names the direction of the shift for all five.

Correctly names the direction of the shift for four of the scenarios.

Correctly names the direction of the shift for three scenarios.

Correctly names the direction of the shift for only one-two scenarios.

STUDENT CORRECTLY IDENTIFIES WHICH DETERMINANT IS AFFECTING SUPPLY OR DEMAND

Names the correct determinant for the scenario for four-five times.

Uses the correct determinant three out of five times.

Uses the correct determinant two out of five times.

Uses the correct determinant only once.

STUDENT CORRECTLY IDENTIFIES WHETHER THE MARKET IS ELASTIC OR INELASTIC

Identifies elastic or inelastic correctly for all five examples.

Correct identification for four of five examples.

Correct identification for three of five examples.

Correct identification for one-two of five examples.

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 ([email protected]) or Roxanna Mechem ([email protected]) for clearance codes.


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 ([email protected]) or Roxanna Mechem ([email protected]) for clearance codes.


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 TERMS

Uses all terms and defines them appropriately within the ALA

Uses all terms, although some definitions are vague or missing

Uses most of the terms; some definitions are incorrect or lacking

Only uses a few of the terms; definitions lacking

CONNECTION BETWEEN GDP, INFLATION, AND UNEMPLOYMENT

Accurately establishes a strong connection between GDP, inflation, and unemployment

Accurately establishes a connection between the three concepts, although it is not detailed

Weak connection between the three concepts

No connection between the three concepts; incorrect understanding of all three

RESEARCH Shows in-depth research by incorporating a variety of websites and charts

Research is adequate; some websites and graphs and charts are utilized

Research is fair; only a few websites and graphs are used

Research is weak; only websites or graphs are used, not both

ANALYSIS OF DATA

Examines the three topics in detail with supporting examples; analysis is logical, at appropriate depth

Examines three topics and uses supporting examples; analysis is logical by may lack depth

All topics are addressed only briefly – no analysis; examines three topics with limited support; analysis is general and may contain minor flaws in logic

Only a few topics are addressed with little or no support; analysis is illogical or non-existent


II. Core Conceptual Objective: Students will apply the competencies of personal finance.





1. components and sources of income. (E) MPFC, SS4, CIV, NCSS, JCEE

1. analyze how career choice, education, skills, and economic conditions effect income and goal attainment. (E)

MPFC

2. relate taxes, government transfer payments, and employee benefits to disposable income. (E)

MPFC, SS4, NSCG, JCEE, NCSS, CIV, EA

3. limited personal financial resources affect the choices people make. (E)

MPFC 3a. interpret the opportunity costs of personal financial decisions. (A) --------------------------------------------------- 3b. compare the costs and benefits of alternatives in spending decisions. (A)

MPFC, MC, JCEE, CIV, SS4, NCEE ------------------------ MPFC, SM3.8, SM3.5, CIV, MCE, NCEE, JCEE, NCSS

4. apply the decision-making process to personal financial choices and evaluate the consequences of personal financial decisions. (A)

MPFC, NCSS, MCE, NGS, CIV, JCEE, SS4, NCEE

5. inflation affects spending and savings decisions. (A)

MPFC, SS4, JCEE, CIV

6. insurance and other risk-management strategies protect against financial loss. (E)

MPFC 6. design a financial plan/budget for earning, spending, saving, and investing. (E)

MPFC, JCEE, MCE, CIV, SS4

7. demonstrate how to use the services available from financial institutions. (E)

MPFC

8. evaluate information about products and services. (E)

MPFC


9. the costs and benefits of consumer credit. (E)

MPFC

10a. sources of consumer credit (e.g. credit cards, consumer loans, auto loans, student loans). (E) ---------------------------------------------------- 10b. purposes and components of credit cards. (E)

MPFC ------------------------ MPFC

10a. evaluate the terms and conditions of credit cards and consumer loans. (E) --------------------------------------------------- 10b. evaluate factors that affect creditworthiness. (E)

MPFC ------------------------- MPFC

11. consumer protection and information. (E)

MPFC 11. propose ways to avoid or correct credit problems. (E)

MPFC

12. rights and responsibilities of buyers and sellers under consumer protection laws. (E)

MPFC

13. the relationship of savings and investment. (E)

MPFC 13. compare consumer choices for saving and investment. (E)

MPFC

14. reasons for saving and investing. (E) MPFC 14. compare risk, return, liquidity, manageability, and tax aspects of investment alternatives. (E)

MPFC

15. how to buy and sell investments. (E) MPFC 16. how agencies that regulate financial markets protect investors. (E)

MPFC

17. how to evaluate advisors’ credentials and how to select professional advisors and their services. (E)

MPFC


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)


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)


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 ([email protected]) or Roxanna Mechem ([email protected]) for clearance codes.


SCORING GUIDE

CCO II: Students will apply the competencies of personal finance.

4 3 2 1 CAREER Successfully and

independently uses the Paced-Decision model to select a career choice

Successfully uses the Paced-Decision model with minor assistance to select a career choice

Successfully uses the Paced-Decision model with moderate assistance to select a career choice

Unable to select a career choice without significant assistance

COMPUTES PAY Correctly computes net and gross pay, using both payroll deductions and tax tables

Computes net and gross pay, but has minor errors in use of payroll deductions tables

Computes net and gross pay, but has errors in both payroll deductions and tax tables

Incorrectly computes net and gross pay and does not use payroll deduction or tax tables

PERSONAL BUDGET Develops a detailed personal budget that includes both variable and fixed expenses

Develops a detailed personal budget but confuses some fixed and variable expenses

Develops a personal budget that lacks a few important categories

Develops a personal budget that lacks many important categories

COSTS AND BENEFITS OF USING CREDIT CARDS

Develops a detailed list of costs and benefits

Develops a list of costs and benefits

Lists both costs and benefits, but information in both categories is overly general

Does appropriate list of costs and benefits


III. Core Conceptual Objective: Students will analyze the role of government in making fiscal and monetary policy.





1. Fiscal policy and market effects (E): • Government regulations (E)

a. labor b. business c. environment

• 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)

SS4, MCE, NCEE, JCEE, MCH, W, NGS, NCSS

1. analyze the roles that people, business, and government play in economic systems (E)

SS4, MCE, NCEE, JCEE, MCH, W, NGS, NCSS

2. Money, banking and monetary policy (E) SS4, MCE, NCEE, JCEE

2. determine the economic consequences of personal and public decisions (A)

SS4, MCE, JCEE, NCEE


3. The federal reserve system (E)

• Goals of the Federal Reserve (E) a. full employment (E) b. stable prices (E) c. reasonable rate of economic growth (E)

• 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)

SS4, MCE, JCEE, NCEE, CIV, NSCG, MCGV

3. evaluate current events in relation to content objectives (A)

NCSS, NGS, NHS

4. Economic roles of the government (E) • Providing public goods and services (A) • Correcting for externalities (E) • Redistributing income (A) • Enacting price controls (I)

a. prior floor (I) b. price ceiling (I)

SS4, MCE, NCEE, JCEE


5. Government role in competition (E)

• Types of competition (E) a. perfect competition (E) b. monopolistic competition (E) 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)

CIV, SS4, MCE, JCEE, NCEE, MCGV

5. Write persuasive and expository social studies documents (A)

NHS, NCHE, NCSS, SS, SM


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)


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 ([email protected]) or Roxanna Mechem ([email protected]) for clearance codes.


SCORING GUIDE

CCO III: Students will analyze the role of government in making fiscal and monetary policy.

4 3 2 1 GRAPHIC ORGANIZER

Organizer includes an accurate and specific record of all federal budget categories, current federal debt and deficit figures, and all of the specified economic indicators (GDP per capita, unemployment rate, inflation)

Organizer includes an accurate and specific record of most federal budget categories, current federal debt and deficit figures, and all of the specified economic indicators (GDP per capita, unemployment rate, inflation)

Organizer includes an accurate and specific record of some federal budget categories, current federal debt and deficit figures, and all of the specified economic indicators (GDP per capita, unemployment rate, inflation)

Organizer includes an accurate and specific record of few federal budget categories, current federal debt and deficit figures, and all of the specified economic indicators (GDP per capita, unemployment rate, inflation)

BUDGET ALLOCATION WITH COST BENEFIT ANALYSIS

Includes a clear, well-planned and specific budget with a detailed cost-benefit analysis for each category

Includes a clear and specific budget with a cost-benefit analysis for each category

Includes a general budget with a cost-benefit analysis for most categories

Includes a budget that is poorly planned with few categories represented and little or no cost-benefit analysis

ECONOMIC INDICATORS

Includes a logical, clearly articulated and supported prediction of changes in economic indicators

Includes a logical and supported prediction of changes in economic indicators

Includes a general prediction with limited support, may have flows in logic

Does not include a prediction or includes a prediction with no support

PROPOSAL Summarizes the proposal clearly and concisely and includes all of the specified conventions of writing without error (see six trait guide)

Clearly summarizes the proposal and includes most of the specified conventions of writing without error (see six trait guide)

Generally summarizes the proposal and includes some of the specified conventions of writing without error (see six trait guide)

Poorly summarizes the proposal and includes few of the specified conventions of writing without error (see six trait guide)


IV. Core Conceptual Objective: Students will evaluate how international trade, economic growth, and economic disparity are affected by geography.





1. The influence of geography on business (A) • why businesses choose to build or

move to other regions or countries (I) • laws and treaties as recruiting factors

for business location (I)

SS4, NGS, NCEE, JCEE, MCE

1. identify, define, describe and evaluation problems and solutions from multiple perspectives (A)

SM 3.1, 3.2, 3.3, 3.4, 3.6, 3.7, NGS, SCANS, NCSS

2. Purpose and benefits of international trade (E)

• productive resources necessary for 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)

SS4, NGS, NCEE, JCEE, MCE, MCGV

3. Exchange rates (A) • currency fluctuations (A) • supply/demand of currencies (D)

SS4, MCE, NCSS, JCEE, NCEE

4. International economic systems (A) • global interdependence (E) • distribution and disparity of wealth and

resources (A)

SS4, NCEE, JCEE, MCE, NGS

4. evaluate the causes and consequences of economic theories and practices (E)

SS4, JCEE, MCE, NCEE


5. Economic systems (E/A)

• traditional • market • command • mixed

SS4, MCE, NCEE, JCEE, NCSS, NGS

5. compare and contrast economic systems (E) SS4, JCEE, MCE, NCEE


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)


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 ([email protected]) or Roxanna Mechem ([email protected]) for clearance codes.


SCORING GUIDE

CCO IV: Students will evaluate how international trade, economic growth, and economic disparity are affected by geography.

4 3 2 1

ECONOMIC SYSTEMS PRESENTATION

• economic system is clearly, correctly and insightfully described in relation to the country

• comparative advantage, productive resources, and trade policies are correctly and specifically described

• the history of the exchange rate is accurately presented using an appropriate and well-crafted visual aid

• economic systems are correctly described in relation to the country

• comparative advantage, productive resources, and trade policies are correctly described

• the history of the exchange rate is accurately presented using an appropriate visual aid

• economic systems are generally described in relation to the country

• 2 of the 3 criteria (comparative advantage, productive resources, and trade policies) are correctly described

• The history of the exchange rate is generally presented

• Economic systems are incorrectly described in relation to the country

• 1 or fewer criteria (comparative advantage, productive resources, and trade policies) are correctly described

• The history of the exchange rate is incorrectly or generally presented


V. Core Conceptual Objective: Students will analyze economic theories and theorists and assess their impact.

By the end of the course, all students should know




1. Economic theorists (E) • Adam Smith (A) • Karl Marx (A) • John Maynard Keynes (E) • Milton Friedman (E)

SS4, MCH, MCE, NCEE, JCEE, NCHEW, NCHE

1. Compare and contrast economic theories (A) SS4, NCEE, JCEE, NCHEW, MCE, MCH, NCHE

2. Analyze and interpret primary and secondary source documents (A)

NHS, NCSS, LM, SS7, R


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)


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 ([email protected]) or Roxanna Mechem ([email protected]) for clearance codes.


SCORING GUIDE

CCO V: Students will analyze economic theories and theorists and assess their impact.

4 3 2 1 CURRENT EVENT ARTICLES

Five articles are current and appropriate, relevant, and reflect understanding of theorists.

Four articles are current and appropriate, relevant, and reflect understanding of theorists.

Two-three articles are current and appropriate, relevant, and reflect understanding of theorists.

One or fewer articles are current and appropriate, relevant, and reflect understanding of theorists.

EXPLANATION Clearly, concisely and insightfully explains how theories are viewed by today’s economists.

Clearly and concisely explains how theories are viewed by today’s economists.

Generally explains how theories are viewed by today’s economists.

Does not explain how theories are viewed by today’s economists.

PRESENTATION Presents a well articulated ranking of theorists and gives a clear and detailed presentation supporting their opinion with specific evidence.

Presents a ranking of theorists and gives a clear presentation supporting their opinion with specific evidence.

Presents a ranking of theorists and gives a presentation supporting their opinion with general information.

Does not support their ranking.

Technology

ECONOMICS AND PERSONAL FINANCE COURSE DESCRIPTION