Collierville SchoolsStandard EconomicsScope and Sequence

2nd Quarter

Pacing TN Economics Standards Learning Targets Supporting Text(s) Assessment Description(s)

Week 1Market Structures (continued)

E.25 Analyze key details and central ideas from diverse forms of informational text to summarize the role and historical impact of economic institutions, such as labor unions, multinationals, and nonprofit organizations, in market economies.

E.31 Describe how the earnings of workers are determined by the market value of the product produced or service provided, workers’ productivity, incentives, collective bargaining, and discrimination.

Discuss the development of the labor movement from the late 1700’s to the 1930’s.Relate labor’s successes during the Great Depression.Describe the major developments since WWII.Explain why unions are still important today.Explain why union membership has declined.

Describe the four different approaches to wage determination.Identify the four main noncompeting categories of labor.Explain the importance of noncompeting labor grades.Describe several ways to resolve labor and management differences when collective bargaining fails.Describe reasons for the discrepancy in pay between men and women.

Economics: Principles & Practices (2007) textbook Chapter 8

Articles from various periodicals, journals, newpapers, online new sources

Daily formative assessments on previous day’s learning targets.

Article summary on current labor movement event.

Chapter 8 quiz- 20 multiple choice questions

Week 2

The Role of Government

The student will understand the roles of government in a market economy are the provision of public goods and services, redistribution of income, protection of property rights, and resolution of market failures.

Sources of Government Revenue

E.34 Describe major revenue and expenditure categories and their respective proportions of local, state, and federal budgets.

E.37 Define progressive, proportional, and regressive taxation.

Explain the economic impact of taxes.List the three criteria for effective taxes.Understand the two primary principles of taxation.Describe the importance of the corporate tax structure.Identify the other major sources of federal revenue.Differentiate between state and local revenue systems.Explain how state governments collect taxes and other revenues.Interpret paycheck deductions.Discuss major tax feforms since 1980.Debate the advantages/disadvantages of a flat tax and a value-added tax.

Identify the three types of taxes.Describe the differences between the three types of taxes.

Economics: Principles & Practices (2007) textbook Chapter 9

Daily formative assessments on previous day’s learning targets.

Tax Bite Challenge(Federal income tax, Social Security and Medicare tax calculations)

Chapter 9 quiz- 20 multiple choice questions

Week 3

Government Spending

E.34 Describe major revenue and expenditure categories and their respective proportions of local, state, and federal budgets.

Describe how government spending impacts the economy.Describe two kinds of government expenditures.Describe the parts of the federal budget.Explain why and how government expeditures have grown since the 1940’s.Describe the main programs through which the government redistributes income.Explain how the federal budget is established.Explain how state and local governments approve spending.Identify the major categories of state and local government expeditures.

Economics: Principles & Practices (2007) textbook Chapter 10

Daily formative assessments on previous day’s learning targets.

Week 4 E.39 Research textual evidence in diverse formats to write a problem-solution piece recommending a course of action in regard to the national debt.

Analyze how budget deficits add to the national debt.Explain the importance of balancing the budget.Identify how a government can reduce budget deficits and the national debt.Summarize the problems caused by the national debt.

Economics: Principles & Practices (2007) textbook Chapter 10

Solution to the national debt essay.

Chapter 10 quiz- 20 multiple choice questions

Unit 3 test on Ch. 8, 9, & 10

Week 5National Economic Performance

Students will understand the means by which economic performance is measured.

E.43 Define aggregate supply and demand, Gross Domestic Product (GDP), economic growth, unemployment, and inflation.

E.44 Explain how Gross Domestic Product (GDP), economic growth, unemployment, and inflation are calculated.

E.46 Identify the different causes of inflation, and explain who gains and loses because of inflation.

Explain how GDP is measured.Understand the importance of GDP.Describe the limitations of GDP.Understand the difference between real current GDP.Describe the factors affecting future population growth.Explain how population is estimated in the U.S.

Describe how economists measure the growth of the U.S. economy.Explain the importance of economic growth.Describe the three price indices.Explain how a price index is constructed.

Identify the causes and effects of inflation.Describe recent trends in the inflation rate.Explain the effects of rising prices.Understand the use of price indexes to compare changes in prices over time.

Describe frictional, seasonal,

Economics: Principles & Practices (2007) textbook Chapters 12 & 13

Econlowdown.org

Daily formative assessments on previous day’s learning targets.

GDP & Pizza online activity.

Week 6

E.45 Analyze the impact of events in United States history, such as wars and technological developments, on business cycles.

structuaral, and cyclical unemployment.Describe how full employment is measured.Explain why full employment does not mean that every worker is employed.

Analyze the effect of technology on productivity.Explain the phases of the business cycle.Identify five causes of the business cycles.Explain how the government tracks and seeks to influence business cycles.

Economics: Principles & Practices (2007) textbook Chapter 13

Daily formative assessments on previous day’s learning targets.

Chapters 12/13 quiz- 20 multiple choice questions

Week 7Money and the Role of Financial Institution

Students will understand the role of money and financial institutions in a market economy.

Understand the sources of money’s value.Explain the four characteristics of money.Describe the three functions of money.Identify the two major

Economics: Principles & Practices (2007) textbook Chapter 14.

The Story of the Federal Reserve System (2008)Comic book

Daily formative assessments on previous day’s learning targets.

Chapter 14 quiz- 20 multiple choice questions.

E.49 Explain the basic functions of money including its role as a medium of exchange, store of value, unit of account.

E.51 Identify the composition of the money supply of the United States.

E.52 Explain the role of banks and other financial institutions in the economy of the United States.

E.53 Describe the organization and functions of the Federal Reserve System and identify the current Federal Reserve chairperson.

definitions of money.

Describe developments in banking during the twentieth century.Explain how the money supply in the U.S. is measured.Explain the functions of financial institutions.Identify different types of financial institutions.

Describe the structure of the Federal Reserve System (Fed).Explain the major regulatory rsponsibilities of the Fed.Describe how the Fed. Regulates the banking system.Describe how the Fed. Serves banks.Describe how the Fed. Serves the federal government.Understand the Fed.’s role in regulating the nation’s money supply.Describe the use of fractional reserves.

The Story of Money (2009) Comic book

Week 8 E.40 Define and explain fiscal and monetary policy and the various schools of thought including Keynesian, Supply-siders, and Monetarists on how, when and if these policies

Compare and contrast classical economics and Keynesian economics.Explain the basic principles of supply-side economics.

Economics: Principles & Practices (2007) textbook Chapter 15.

Daily formative assessments on previous day’s learning targets.

should be used to stabilize the economy.

E.41 Analyze how the government uses taxing and spending decisions (fiscal policy) to promote price stability, full employment, and economic growth.

E.42 Analyze how the Federal Reserve uses monetary tools to promote price stability, full employment, and economic growth.

E.43 Define aggregate supply and demand, Gross Domestic Product (GDP), economic growth, unemployment, and inflation.

E.48 Illustrate and explain how the relationship between aggregate supply and aggregate demand is an important determinant of the levels of unemployment and inflation in an economy.

Understand the role that fiscal policy has played in American history.Distinguish between supply-side economics and fiscal policy.

Analyze the impact of fiscal policy decisions on the economy.Describe how the government uses fiscal policy as a tool for achieving its economic goals.Identify the limits of fiscal policy.

State the basic assumptions of monetary policy.Understand the tools used to conduct monetary policy.Explain how monetary policy affects interest rates rates in the short run.Relate monetary expansion to inflation in the long run.

Explain the concepts of aggregate supply and demand.

Examine the nature of macroeconomic equilibrium.

Chapter 15 quiz- 20 multiple choice questions.

Unit 4 test covering chapters 8, 9, 10, 12/13, 14, & 15.

Week 9Trade

Students will understand why individuals, businesses, and governments trade goods and services and how trade affects the economies of the world.

E.54 Examine evidence in informational texts to explain the benefits of trade among individuals, regions, and countries.

E.55 Define and distinguish between absolute and comparative advantage and explain how most trade occurs because of a comparative advantage in the production of a particular good or service.

E.56 Define trade barriers, such as quotas and tariffs.

E.57 Explain why countries sometimes erect barriers to trade such as quotas and tariffs, or through subsides to domestic producers and the consequences of those trade barriers and subsidies on consumers and producers.

E.58 Explain the difference between balance of trade and balance of payments.

Analyze the impact of U.S. imports and exports on the U.S. and its trading partners.

Explain the concepts of absolute and comparative advantage and apply the concept of comparative advantage to explain why and how countries trade.

Define various types of trade barriers.

Compare the effects of free trade and trade barriers on economic activities.Evaluate the benefits and costs of participation in international trade agreements.Analyze the effects of changes in exchange rates on the balance of trade.

Describe the effect of various exchange rate systems.Analyze how changes in exchange rates of world currencies affect international trade.

Economics: Principles & Practices (2007) textbook Chapter 16.

Daily formative assessments on previous day’s learning targets.

Chapter 16 quiz.

Final exam

E.60 Explain how changes in exchange rates impact the purchasing power of people in the United States and other countries.