HUDSONVILLE HIGH SCHOOL COURSE FRAMEWORK

Transcription

1 HUDSONVILLE HIGH SCHOOL COURSE FRAMEWORK COURSE / SUBJECT Economics KEY COURSE OBJECTIVES/ UNIT PACING (Names of units and approximate pacing) UNIT LEARNING TARGETS (By the end of the unit, students will be able to...) STANDARD (Which standards (i.e. common core, MMC, etc.) does this address?) Market Economy Supply + Demand Personal Finance National Economy Global Economy **See Below **See Below **See Below (ideas/skills that transcend discipline-specific learning) Accessing + Analyzing Info Curiosity + Imagination

2 Market Economy 3 Weeks Understand the difference between Opportunity Costs + Trade-Offs Scarcity, Choice, Opportunity Costs, and Comparative Advantage Understand the difference between Scarcity + Shortage Entrepreneurship Under the significance and application of the decision-making grid Investment, Productivity and Growth Know the factors of production and apply the factors of production to real life examples Circular Flow and the National Economy Understand how marginal costs should be taken into consideration when making a decision Analyze a Production Possibilities Curve and how it relates to an economy Understand the various components of the PPC, specifically Underutilization, Growth, Contraction, and Opportunity Costs Major Economic Systems Scarcity and Opportunity Costs Personal Decisions Understand the various components of the Circular Flow Model for a market based economy and apply it to the real world

3 Supply and Demand 3 weeks Understand the definition of Demand and the various components of demand. Understand the definition of Supply and the various components of supply Understand the Law of Demand and how price affects quantity. Understand the Law of Supply and how price affects quantity. Be able to differentiate between elastic and inelastic goods when dealing with demand and supply Price in the Market Law of Supply Law of Demand Know the factors that change demand and understand real life examples Price, Equilibrium, Elasticity, and Incentives Know the factors that change supply and understand real life examples Understand how to calculate the equilibrium price. Understand what causes a shortage and surplus Analyze a supply and demand curve to find equilibrium price and quantity. Analyze to see if shortage or surplus exists. Analyze how a change in supply and/or demand affects the supply + demand curve and the affect on the equilibrium price

4 Personal Finance 2 weeks Understand differences between financial institutions, banks + credit unions Personal Finance Strategy Understand the difference savings options in the banks/credit unions Key Components of Personal Finance Understand the various components of investing. Analyze risk vs. return. Understand risk/return with different categories of stocks + bonds. Understand what a mutual fund is and the benefits of a mutual fund Accessing + Analyzing Info Curiosity + Imagination Understand the role the government plays in regulating investing Understand various retirement vehicles including 401k, Traditional IRA, Roth IRA

5 National Economy 2 Weeks Understand the different economic indicators of economic performance and be able to analyze how each factor shows economic success/failure Understand GDP is an indicator of economic health and how to calculate GDP. Compare the difference between GDP and Real GDP Understand the definition of inflation and its impact on the economy. Understand what the CPI measures Financial Institutions and Money Supply Money Supply, Inflation, and Recession Gross Domestic Product (GDP) and Economic Growth Analyze other indicators, unemployment rate, stock market, housing market, and personal income and their affects on the economy Economic Indicators Accessing + Analyzing Info Curiosity + Imagination Understand the business cycle and its various components Understand how consumer confidence affects the swings in the business cycle Understand the differences between fiscal and monetary policy. Understand how the gov t can utilize each policy to adjust swings in the business cycle Government Revenue and Services Federal Reserve and Monetary Policy Look at the different types of taxes. Analyze differences among progressive, proportional (flat), regressive taxes

6 Global Economy 1.5 Weeks Understand the definition of trade and the importance of trade Absolute and Comparative Advantage Compare imports, exports, understand how to calculate a trade surplus and trade deficit Major Economic Systems Understand the Advantage/disadvantage of free trade. Compare/contrast free trade vs. protectionism International Organizations and the World Economy Compare absolute vs. comparative advantage of trade for nations Exchange Rates and the World Trade Understand why countries might want to utilize the tools of protectionism: i.e. tariffs + quotas to affect trade Compare the major trade organizations: WTO, EU, and NAFTA. Understand the role each plays on global trade and the positives and negatives of each organization Analyze an exchange rate between two currencies. Understand which currency is stronger. Understand the positives and negatives of stronger currencies.