Macroeconomics - Semester Planning Guide CDOS Department

Transcription

1 Macroeconomics - Semester Planning Guide CDOS Department Mrs. Gail Blaine Mr. E. Jeremy Beamon LEARNING STANDARDS FOR CAREER DEVELOPMENT AND OCCUPATIONAL STUDIES AT THREE LEVELS Standard 1: Career Development Students will be knowledgeable about the world of work, explore career options, and relate personal Skills, aptitudes, and abilities to future career decisions. Standard 2: Integrated Learning Students will demonstrate how academic knowledge and skills are applied in the workplace and other settings. Standard 3a: Universal Foundation Skills Students will demonstrate mastery of the foundation skills and competencies essential for success in the workplace. and Standard 3b: Career Majors Students who choose a career major will acquire the career-specific technical knowledge/skills necessary to progress toward gainful employment, career advancement, and success in postsecondary programs.

2 UNIT 1: Getting Started Course Introduction Introduction to Business Economics What is business economics? (NYS LS1, LS2 CDOS) Comparing and identifying similarities and differences of macroeconomics and microeconomics (NYS LS1, LS2 CDOS) Deduce the skills and knowledge about business economics needed to be successful in an authentic project Identify general business economics terms with which to build a taxonomy Display understanding of the use of graphical tools as representations of macroeconomic and microeconomic principles 1 week Windows Media Player or Apple s QuickTime Player three-ring binder, spiral-bound notebook, or Google based folders Vocabulary (taxonomy) website quiz.htm Venn diagram Google Docs and Google Sheets Reading: What Do Economists Study? Reading: Microeconomics Explained Reading: Macroeconomics Explained

3 UNIT 2: Basic Economic Principles Scarcity (Quiz) Utility, Diminishing Returns, and Comparative Advantage Factors of Production, Unemployment (Group Assignment) Supply and Demand (Quiz) Identify factors of economic scarcity. Describe how opportunity costs affect decision making (NYS LS1, LS2 CDOS) Marginal Returns and Opportunity Costs (NYS LS1, LS2, LS3a CDOS) Identify the components for creating a product (NYS LS1, LS2 CDOS) Explain the theory of supply and demand Understanding goods and services (NYS LS1, LS2 CDOS) Display understanding of why scarcity of resources is the basic economic problem Display understanding that the existence of scarcity forces economic factors to make choices assess the costs and benefits of alternatives when making decisions, taking into account opportunity costs and trade-offs apply information drawn from measuring diminishing marginal returns and increasing opportunity costs to a business example Describe how the factors of production interrelate Explain a demand table and a demand curve Explain a supply table and a supply curve Explain how the laws of supply and demand affect business 3 weeks Key economic concepts Google Sheets Independent Activity: Opportunity Costs and Trade-offs in Real Life Reading: Scarcity and Choices Reading: Is It Time to Get Rid of the Penny? Graph Activity: Production Possibility Frontier Case Study: Cost-Benefit Analysis Short memo summarizing cost-benefit analysis results Google Docs Reading: Utility and Diminishing Returns Reading: Company Economist Memo Business Memo: Greeting Card Company Analysis Activity identifying the factors of production in chocolate manufacturing [group Presentation skills introduced Create and graph a supply and demand curve Reading: Adam Smith s The Wealth of Nations Reading: Supply and Demand and Market Equilibrium

4 UNIT 3: Business Ownership/Structure Entrepreneurship in a Free-Market Economy Understand how entrepreneurship affects economy (NYS LS2, LS3a, Describe the role of the entrepreneur and how entrepreneurs start businesses Explain how successful entrepreneurial ventures have impacted society Assess the risks and rewards associated with pursuing an entrepreneurial venture 1 week Presentation explaining the path of a business from idea to successful company [group Google Slides Google Sheets to create chart for risks and rewards UNIT 4: Business and Competition Equilibrium and Pricing Competition and the Marketplace What is competition? Distinguish similarities and differences among types of markets.(nys LS2, LS3a, How is equilibrium achieved? Determine how economy affects prices. (NYS LS2, LS3a, Explain the importance of price in a free-market economy Evaluate ways in which businesses respond to market information conveyed in prices Demonstrate understanding of inflation analyze the impact of cost of production on price impact of differing market structures on the success of a product or a service 3 weeks Short answers explaining a company s profit-maximizing production schedule [individual Arrange tables and chairs to simulate a trading pit Group Activity: Auction Pricing and Equilibrium Reading: Market Distortions When Prices Lie Reading: How the Interactions of Businesses and Consumers Determine Prices Short elevator pitch on the relationships between competitive advantage, demand, prices, and profit [group Short team presentation explaining the current fiscal situation and predicting profits for the coming year [group

5 UNIT 5: Economic Systems Economic Systems The American Economy Currency Systems International Trade strengths and weaknesses of the three main economic systems (NYS LS2, LS3a, Understand cause and effect of exchange rates (NYS LS2, LS3a, List trade barriers and trade agreements (NYS LS2, LS3a, Describe the advantages and disadvantages of a particular approach to classifying economic systems Describe key characteristics of command, free-market, and mixed-market economies Explain the concepts of exchange rates and purchasing power Explain how fluctuating exchange rates impact businesses and individuals advantages and disadvantages of protectionist policies on businesses and national economies 4 weeks Cover key terms and characteristics of the three economic systems [individual Written recommendations to a fictitious company on the best strategies for overseas expansion based on currency exchange factors [individual A set of business strategy recommendations to a fictitious company experiencing increasing competition from producers in other countries [individual Develop a business strategy based on an understanding of concepts of international trade 6: Course Closure An understanding of how economics informs decision making in business An understanding of the importance of economics knowledge for many career paths (NYS LS2, LS3a, LS3b CDOS) Analyze the impact of the knowledge acquired in business economics (NYS LS2, LS3a, Summarize the main concepts and principles of economics give a professional presentation Evaluate personal experience and performance in the course Summarize key learning across the whole subject of business economics 2 weeks Letter of inquiry [individual Guest speaker(s) Culminating project presentation [group Final exam Google Docs, Google Sheets, Google Slides Animoto Prezi