COURSE DESCRIPTION. Date: May Course Number: STARS: Open to Grades: 12. One-Half (½) credit COURSE DESCRIPTION:

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1 COURSE DESCRIPTION Date: May 2015 COURSE TITLE: Honors Macro Economics Course Number: STARS: Open to Grades: 12 Prerequisites: Credit: Length of Course: Modern US History One-Half (½) credit 1 Semester COURSE DESCRIPTION: Honors Macroeconomics is designed to parallel a semester of college-level macroeconomics. Students who successfully complete this one semester course will have a greater understanding of the principles of economics that apply to an economic system as a whole and have a familiarity with economic performance measures, economic growth, and international economics. Although this course is not an AP course it is intended to prepare students for the optional Advanced Placement Exam in this subject and should follow the published College Board guidelines. State Standards and Benchmarks met within this curriculum: Unit 1 Standards: Strand: Economics Content Standard IV: Students understand basic economic principles and use economic reasoning skills to analyze the impact of economic systems (including the market economy) on individuals, families, businesses, communities, and governments. Students will: Benchmark 4-A: analyze the ways individuals, households, businesses, governments and societies make decisions, are influenced by incentives (economic and intrinsic) and the availability and use of scarce resources, and that their choices involve costs and varying ways of allocating: Analyze opportunity costs as a factor resulting from the process of decision making; Understand how socioeconomic stratification (SES) arises and how it affects human motivation, using data; Understand the relationship between socioeconomic stratification and cultural values; Analyze and evaluate the impact of economic choices on the allocation of scarce resources; Describe and analyze how economic incentives allow individuals, households, businesses, governments and societies to use scarce human, financial and natural resources more efficiently to meet economic goals; Evaluate present and future economic costs and economic risks in the use of productive resources associated with investments; Understand labor markets and how they work; Use quantitative data to analyze economic information; Analyze various investment strategies available when meeting personal and business goals; Understand the basis of supply and demand and marginal productivity; and

2 Benchmark 4-B: analyze and evaluate how economic systems impact the way individuals, households, businesses, governments and societies make decisions about resources and the production and distribution of goods and services: Analyze the historic origins of the economic systems of capitalism, socialism and communism; Compare the relationships between and among contemporary countries with differing economic systems; Understand the distribution and characteristics of economic systems throughout the world, to include: (e.g., characteristics of command, market, and traditional economies; how command, market and traditional economies operate in specific countries; comparison of the ways that people satisfy their basic needs through the production of goods and services); Analyze the roles played by local, state, tribal and national governments in both public and private sectors of the United States system; Understand the relationship between the United States governmental policies and international trade; Evaluate economic systems by their ability to achieve broad societal goals (e.g., efficiency, equity, security, employment, stability, economic growth); Compare, analyze and evaluate the positive and negative aspects of American capitalism in relationship to other economic systems; Describe and evaluate how the United States economy moved from being manufacturing-based to information-driven; Analyze the reasons for uneven economic growth-based changes (e.g., demographic, political, economic); and Benchmark 4-C: analyze and evaluate the patterns and results of trade, exchange and interdependence between the United States and the world since 1900: Analyze foreign and domestic issues related to United States economic growth since 1900; Describe the relationship between the United States international trade policies and its economic system; Identify and analyze the international differences in resources, productivity and prices that are a basis for international trade; Explain the comparative advantage of a nation when it can produce a product at a lower opportunity cost than its trading partner; Unit 2 Standards: Strand: Economics Content Standard IV: Students understand basic economic principles and use economic reasoning skills to analyze the impact of economic systems (including the market economy) on individuals, families, businesses, communities, and governments. Students will: Benchmark 4-A: analyze the ways individuals, households, businesses, governments and societies make decisions, are influenced by incentives (economic and intrinsic) and the availability and use of scarce resources, and that their choices involve costs and varying ways of allocating: Use quantitative data to analyze economic information; Understand the basis of supply and demand and marginal productivity;

3 Benchmark 4-B: analyze and evaluate how economic systems impact the way individuals, households, businesses, governments and societies make decisions about resources and the production and distribution of goods and services: Analyze the impact of fiscal policy on an economic system (e.g., deficit, surplus, inflation); Compare and contrast different types of taxes (e.g., progressive, regressive, proportional); Analyze the effects of specific government regulations on different economically- designated groups (e.g., consumers, employees, businesses); Compare, analyze and evaluate the positive and negative aspects of American capitalism in relationship to other economic systems; Unit 3 and 4 Standards: Strand: Economics Content Standard IV: Students understand basic economic principles and use economic reasoning skills to analyze the impact of economic systems (including the market economy) on individuals, families, businesses, communities, and governments. Students will: Benchmark 4-A: analyze the ways individuals, households, businesses, governments and societies make decisions, are influenced by incentives (economic and intrinsic) and the availability and use of scarce resources, and that their choices involve costs and varying ways of allocating: Describe and analyze how economic incentives allow individuals, households, businesses, governments and societies to use scarce human, financial and natural resources more efficiently to meet economic goals; Use quantitative data to analyze economic information; Understand the basis of supply and demand and marginal productivity; and Understand personal financing (e.g., banking, credit, debit, lending institutions). Benchmark 4-B: analyze and evaluate how economic systems impact the way individuals, households, businesses, governments and societies make decisions about resources and the production and distribution of goods and services: Analyze the historic origins of the economic systems of capitalism, socialism and communism; Compare the relationships between and among contemporary countries with differing economic systems; Evaluate economic systems by their ability to achieve broad societal goals (e.g., efficiency, equity, security, employment, stability, economic growth); Explain how businesses (e.g., sole proprietorships, partnerships, corporations, franchises) are organized and financed in the United States economy; Interpret measurements of inflation and unemployment and relate them to the general economic health of the national economy; Analyze the impact of fiscal policy on an economic system (e.g., deficit, surplus, inflation); Compare and contrast different types of taxes (e.g., progressive, regressive, proportional); Analyze the effects of specific government regulations on different economically- designated groups (e.g., consumers, employees, businesses); Analyze the reasons for uneven economic growth-based changes (e.g., demographic, political, economic)

4 Benchmark 4-C: analyze and evaluate the patterns and results of trade, exchange and interdependence between the United States and the world since 1900: Analyze foreign and domestic issues related to United States economic growth since 1900; Explain and describe how the federal reserve system and monetary policies (e.g., open market, discount rate, change in reserve requirements) are used to promote price stability, maximum employment, and economic growth; Identify how monetary policies can affect exchange rates and international trade; Describe and analyze multinational entities (e.g., NAFTA, European Union) in economic and social terms. Unit 5 Standards: Strand: Economics Content Standard IV: Students understand basic economic principles and use economic reasoning skills to analyze the impact of economic systems (including the market economy) on individuals, families, businesses, communities, and governments. Students will: Benchmark 4-A: analyze the ways individuals, households, businesses, governments and societies make decisions, are influenced by incentives (economic and intrinsic) and the availability and use of scarce resources, and that their choices involve costs and varying ways of allocating: Understand the relationship between socioeconomic stratification and cultural values; Benchmark 4-B: analyze and evaluate how economic systems impact the way individuals, households, businesses, governments and societies make decisions about resources and the production and distribution of goods and services: Compare the relationships between and among contemporary countries with differing economic systems; Understand the distribution and characteristics of economic systems throughout the world, to include: (e.g., characteristics of command, market, and traditional economies; how command, market and traditional economies operate in specific countries; comparison of the ways that people satisfy their basic needs through the production of goods and services); Understand the relationship between the United States governmental policies and international trade; Evaluate economic systems by their ability to achieve broad societal goals (e.g., efficiency, equity, security, employment, stability, economic growth); Benchmark 4-C: analyze and evaluate the patterns and results of trade, exchange and interdependence between the United States and the world since 1900: Analyze foreign and domestic issues related to United States economic growth since 1900; Analyze significant economic developments between World War I and World War II, to include: economic growth and prosperity of the 1920s; causes of

5 the great depression and the effects on United States economy and government; new deal measures enacted to counter the great depression; expansion of government under new deal; Describe the relationship between the United States international trade policies and its economic system; Identify and analyze the international differences in resources, productivity and prices that are a basis for international trade; Explain the comparative advantage of a nation when it can produce a product at a lower opportunity cost than its trading partner; Evaluate the effect on international trade of domestic policies that either encourage or discourage exchange of goods and services and investments abroad; Analyze and evaluate how domestic policies can affect the balance of trade between nations; Identify how monetary policies can affect exchange rates and international trade; Describe and analyze multinational entities (e.g., NAFTA, European Union) in economic and social terms. COURSE OBJECTIVES: I. People, Cultures, Places and Environments A. Students will know and understand the diverse, dynamic, and ever-changing nature of culture. 1. Students will describe the basic economic and social goals used to evaluate economics performance necessary to meeting needs of a multicultural society. B. Students will know and understand physical environments and their relationships to ecosystems and human activities. 1. Students will evaluate how changes in the environment can cause a change in the level of supply and demand. II. Individual Development and Identity A. Students will use knowledge and cultural understanding to explain how the world s people cope with ever-changing conditions, examine issues from multiple perspectives, and respond to individual and cultural diversity. 1. Students will examine the strength and weaknesses of the U.S. market economy and how those factors affected public policy over time. 2. Students will explain how nations answer the basic economic questions of production. B. Students will know, understand and apply the language, tools, and skills of social studies. 1. Students will analyze economic models in order to make comparisons of past, present and future economic decisions. 2. Students will analyze the reliability and validity economic information sources. III. IV. Individuals, Groups and Institutions A. Students will know and understand how personal and group identities are shaped by culture, physical environment, individuals, groups and institutions. 1. Students will examine and evaluate the relationship between determinants of demand and how media images affect personal choices. 2. Students will explain the direct and indirect role of government in our economy. 3. Students will explore the effect financial institutions have on people, events and the economy of a cultural area. 4. Students will explore the operation of the Federal Reserve System and its impact on fiscal policy. 5. Students will discuss the reasons for inequality of income. Power, Authority and Governance A. Students will know and understand the historical developments, the forms and purposes of governments in the world, with an emphasis on principles, ideals, and forms of governments of the United States.

6 1. Students will compare and contrast traditional command and capitalistic economies and how the United States evolved into a mixed economy. 2. Students will apply principles and ideals that relate to economic stability and opportunities. 3. Students will relate the importance of comparative advantage to international trade policies. B. Students will know and understand the responsibilities, rights and privileges of United States citizens. 1. Students will explain the economic impact of taxes. 2. Students will describe the importance of the individual as being the major source of federal revenue in the United States in order to provide public goods and services. V. Productivity, Distribution and Consumption A. Students will know and understand the impact of economic systems and institutions on individuals, families, businesses, communities and government 1. Students will use the circular flow model to describe relationships among the various economic institutions that comprise economic systems. 2. Students will investigate the evolution of the United States economic system from laisser-faire to a mixed economy. 3. Students will explain the rate of exchange as it influences the economy in national and international settings. 4. Students will analyze the supply and demand in the market place. 5. Students will describe the relationship of the multifaceted tasks in entrepreneurship versus the more individualized task of specialization within the economic process. 6. Students will examine the trade-offs among economic and social goals. 7. Students will evaluate the opportunity costs that an economy faces, in regards to human rights, the environment and national security, when resources are allocated to the production of one good or service instead of another. 8. Students will distinguish between the types of employment as they relate to fields of study. 9. Students will exercise knowledge of responsible money management, including budgeting, credit management, and banking and investment practices. VI. Global Connections, Science, Technology and Society A. Students will know and understand the impact of science and technology on societies. 1. Students will analyze the economic impact of science and technology upon society. 2. Students will analyze how science and technology impact belief systems and attitudes; thereby affecting economic public policy. 3. Students will explore the integrated role science and technology plays in the economic systems and societies of the world. B. Students will know and understand the role of global connections and interdependence between and among individuals, groups, societies, and nations. 1. Students will describe the steps industrialized countries need to take to help developing countries. 2. Students will analyze and assess the causes, consequences, and evaluate possible solutions to persistent contemporary and emerging global issues. 3. Students will evaluate the available means developed countries possess economically in order to address universal human rights. 4. Students will evaluate roles of national, international and multinational organizations on international issues. 5. Students will evaluate the importance of world trade in regard to economic development, preservation of resources, and human rights.

7 COURSE OUTLINE: Course Outline and Pacing Daily Readings/Homework Posted On the Board Quiz & Exam Dates Subject to Change Unit 1 An Introduction to Economics Economics: Chapters 1-3, 37 & 23 (in that order) Unit One Exam Unit 2: GDP, Growth & Instability Economics: Chapters Review Quiz: Unit Two Cumulative Exam: Unit: 3: Fiscal Policy, Banking, & Loanable Funds Economics: Chapters & 14(pp ) Review Quiz: The Undercover Economist Assessment: Unit 4: Monetary Policy & Current Issues in Macro Policy Economics: Chapters Quiz: Unit Four Cumulative Exam: Unit 5: The International Economy & Review Economics: Chapters 37 & 38 Cumulative Review of Graphs Quiz: Unit 5 Cumulative Exam

8 LEARNING ACTIVITIES: I. Reading II. Writing III. Note taking IV. Assessments V. Research/Projects VI. Listening VII. Critical Thinking VIII. Participation IX. Discussion STUDENT PERFORMANCE REQUIREMENTS: Daily Assignments/Home work: 30% Tests: 30% Research Papers: 20% Cumulative Final Exam: 20% INSTRUCTIONAL MATERIALS INFORMATION: A. Textbook: Text: McConnell, Brue & Flynn. Economics: Principals, Problems, and Policies. New York, NY: McGraw-Hill/Irwin, 2012 (