Introduction to Economics

Introduction to Economics Financial Literacy

Curriculum Course Guide

PERTH AMBOY PUBLIC SCHOOLS

August 31, 2015

1 2 PERTH AMBOY PUBLIC SCHOOLS

Course Description

3 PERTH AMBOY PUBLIC SCHOOLS

Syllabus & Pacing Guide

Use font Calibri 12 – no bold- no italics Modify Format and lay out of pacing guide as needed – may overflow onto new page(s).

PACING GUIDE

Unit/Topic/Skill Suggested Time Frame Notes

What is Economics?

Economic Systems Foundations of Economics Seven Weeks American Free Enterprise System Chapters 1-6 Demand

Supply

Prices

Money and Banking

Personal Finance Financial Markets Six Weeks Chapters 10,11,19 Personal Financial Literacy

Credit & Loans

Financial Awareness

Microeconomics Market Structures Five Weeks Chapters 7-9 Business and Labor

Labor and Wages

Macroeconomics Six Weeks

Chapters 12-16 Evaluating the Economy

4 Economic Instability

Taxes and Government Spending

Fiscal Policy

Monetary Policy

Global Economics Recourses for Global Trade Five Weeks Chapters 17, 18 Global Economic Development

Global Trade Organizations

PERTH AMBOY PUBLIC SCHOOLS Curriculum Guide (Copy & Paste this table onto pages after completing each “guide” or unit.)

5 Content Area Economics Grade Level 10th Grade Topic/Concept/Skill Seven Foundations of Economics Time Frame Weeks Overview/Rationale

Economics influences the lives of everyone on Earth. Economics affects your life when you earn money and then decide to spend your money to buy something you need or want. The process of deciding what to buy and how much to pay for it applies some of the basic elements of thinking like an economist. Understanding the fundamentals of how economists think will allow students make better choices in their own economic decisions. This unit will cover the foundations of economics to be built upon throughout the course. Included are the concepts of, scarcity, economic systems, free enterprise, supply, demand, and the role of prices.

Desired Results Critical Content Standards New Jersey Content Standards for Social Studies

 9.1.12.A.9 Analyze how personal and cultural values impact spending and other financial decisions.  9.1.12.A.6 Summarize the financial risks and benefits of entrepreneurship as a career choice.  6.1.12.B.16.a Explain why natural resources (i.e., fossil fuels, food, and water) continue to be a source of conflict, and analyze how the United States and other nations have addressed issues concerning the distribution and sustainability of natural resources  6.2.12.C.5.b Compare and contrast free market capitalism, Western European democratic socialism, and Soviet communism.  6.1.12.C.16.a Evaluate the economic, political, and social impact of new and emerging technologies on individuals and nations.

Common Core State Standards – Literacy for History/Social Studies

 CCSS.ELA-Literacy.RI.9-10.1 Cite strong and thorough textual evidence to support analysis of what the text says explicitly as well as inferences drawn from the text.

 CCSS.ELA-Literacy.RI.9-10.2 Determine a central idea of a text and analyze its development over the course of the text, including how it emerges and is shaped and refined by specific details; provide an objective summary of the text. CCSS.ELA-Literacy.RI.9-10.3 Analyze how the author unfolds an analysis or series of ideas or events, including the order in which the points are made, how they are introduced and developed, and the connections that are drawn between them.

 CCSS.ELA-LITERACY.RH.9-10.4 Determine the meaning of words and phrases as they are used in a text, including vocabulary describing political, social, or economic aspects of history/social science.

 CCSS.ELA-LITERACY.RH.9-10.5 Analyze how a text uses structure to emphasize key points or advance an explanation or analysis.

 CCSS.ELA-LITERACY.RH.9-10.6 Compare the point of view of two or more authors for how they treat the same or similar topics, including which details they include and emphasize in their respective accounts.

 CCSS.ELA-LITERACY.RH.9-10.7 Integrate quantitative or technical analysis (e.g., charts, research data) with qualitative analysis in print or digital text.

 CCSS.ELA-LITERACY.RH.9-10.8 Assess the extent to which the reasoning and evidence in a text support the

6 author's claims.

 CCSS.ELA-LITERACY.RH.9-10.9 Compare and contrast treatments of the same topic in several primary and secondary sources.

 CCSS.ELA-Literacy.WHST.9-10.1 Write arguments focused on discipline-specific content.

 CCSS.ELA-Literacy.WHST.9-10.2 Write informative/explanatory texts, including the narration of historical events, scientific procedures/ experiments, or technical processes.

 CCSS.ELA-LITERACY.W.9-10.3 Write narratives to develop real or imagined experiences or events using effective technique, well-chosen details, and well-structured event sequences.

 CCSS.ELA-LITERACY.W.9-10.4 Produce clear and coherent writing in which the development, organization, and style are appropriate to task, purpose, and audience. (Grade-specific expectations for writing types are defined in standards 1-3 above.)

 CCSS.ELA-LITERACY.W.9-10.5 Develop and strengthen writing as needed by planning, revising, editing, rewriting, or trying a new approach, focusing on addressing what is most significant for a specific purpose and audience. (Editing for conventions should demonstrate command of Language standards 1-3 up to and including grades 9- 10 here.)

 CCSS.ELA-LITERACY.W.9-10.6 Use technology, including the Internet, to produce, publish, and update individual or shared writing products, taking advantage of technology's capacity to link to other information and to display information flexibly and dynamically.

 CCSS.ELA-LITERACY.W.9-10.7 Conduct short as well as more sustained research projects to answer a question (including a self-generated question) or solve a problem; narrow or broaden the inquiry when appropriate; synthesize multiple sources on the subject, demonstrating understanding of the subject under investigation.

 CCSS.ELA-LITERACY.W.9-10.8 Gather relevant information from multiple authoritative print and digital sources, using advanced searches effectively; assess the usefulness of each source in answering the research question; integrate information into the text selectively to maintain the flow of ideas, avoiding plagiarism and following a standard format for citation.

 CCSS.ELA-LITERACY.W.9-10.9 Draw evidence from literary or informational texts to support analysis, reflection, and research.

7  CCSS.ELA-Literacy.SL.9-10.1.d Respond thoughtfully to diverse perspectives, summarize points of agreement and disagreement, and, when warranted, qualify or justify their own views and understanding and make new connections in light of the evidence and reasoning presented.  CCSS.ELA-Literacy.SL.9-10.2 Integrate multiple sources of information presented in diverse media or formats (e.g., visually, quantitatively, orally) evaluating the credibility and accuracy of each source.  CCSS.ELA-Literacy.SL.9-10.3 Evaluate a speaker's point of view, reasoning, and use of evidence and rhetoric, identifying any fallacious reasoning or exaggerated or distorted evidence.  CCSS.ELA-Literacy.SL.9-10.4 Present information, findings, and supporting evidence clearly, concisely, and logically such that listeners can follow the line of reasoning and the organization, development, substance, and style are appropriate to purpose, audience, and task.  CCSS.ELA-Literacy.SL.9-10.5 Make strategic use of digital media (e.g., textual, graphical, audio, visual, and interactive elements) in presentations to enhance understanding of findings, reasoning, and evidence and to add interest.  CCSS.ELA-Literacy.SL.9-10.6 Adapt speech to a variety of contexts and tasks, demonstrating command of formal English when indicated or appropriate.

Enduring Understandings Essential Questions 1. Resources are limited, so people must make 1. In what ways do people cope with the problem of choices. scarcity? 2. Economic systems shape the way individuals, 2. How does an economic system help a society deal businesses, and government interact. with the fundamental problem of scarcity? 3. Enterprises, consumers, and the government play 3. What are the benefits of a free enterprise an important role in the American free enterprise economy? system. 4. What are the major economic and social goals of 4. Demand influences WHAT, HOW and FOR WHOM the American free enterprise system? goods are produced. 5. How does demand help societies determine WHAT, 5. Supply in a market economy is determined by HOW and FOR WHOM to produce? what produces the greatest amount of profit. 6. What are the causes of a change in demand? 6. The interaction of buyers and sellers in a market 7. How do companies determine the most profitable economy determines market prices and thereby way to operate? allocates scarce goods and services. 8. How do prices help determine WHAT, HOW, and FOR WHOM to produce? 9. What factors affect prices?

Student Objectives 1. Explain why all societies face the problem of scarcity. 2. Identify three basic choices that are faced by all societies. 3. Explain why mixed economies exist. 4. Compare and contrast the characteristics of traditional, command, and market economies. 5. Analyze the role of entrepreneurs in a free enterprise economy. 6. Express the role of the consumer in a free enterprise economy. 7. Explain how the American economy incorporates the five main characteristics of a free enterprise economy. 8. Describe the advantages and disadvantages of a free enterprise economy. 9. Explain who determines the role of government in the American free enterprise economic system. 10. Explain how demand helps societies determine WHAT, HOW, and, FOR WHOM to produce. 11. Explain how income and substitutes affect quantity demanded as well as the elasticity of demand for a product. 12. Describe the basic differences between supply and demand using supply and demand curves. 13. Discuss how the signals sent by prices help people make economic decisions. Assessment Evidence

8 Formative Assessment(s) Summative Assessment(s) 1. Do Now Checks – short response based on previous 1. Unit Test lesson/or introduction to upcoming lesson. 2. Projects 2. Exit Slips – students will complete a short 3. Portfolios assignment before leaving class. 3. Graphic Organizers 4. Current Events – incorporate economic concepts into weekly or monthly current event topics. 5. Discussion/Debate – students debate opposing views on historical policy or current issue. 6. Vocabulary Quizzes – quizzes testing vocabulary for the unit. 7. Guided Reading – teacher created or adapted from textbook. 8. Chapter Assessment – answers the essential question and analyzes primary source documents. 9. Chapter Case Study – a summary of a story which focuses on a real world economic issue. 10. Constructed Responses – student will write short responses to standard based questions. 11. Letter to the Absent – students will write a letter explaining the lesson to a student who was absent.

Teaching and Learning Actions – Instructional Strategies – Activities

1. https://scottfenwickteachingeconomics.wikispaces.com/file/view/TEAIPM_2007.pdf Page 1 - Lesson 1: Defining Economics 2. Draw and label a circular flow diagram for both a mixed and a market economy. 3. Draw and label a production possibilities curve for a simplified economy and explain. 4. Students create a demand/supply schedule and graph, demonstrating the laws of demand and supply. Indicate the best selling price as well as levels of elasticity. 5. Create human supply and demand charts with students, and give scenarios that would indicate shifts in either one. Students should indicate what happened to price and quantity, and what specifically caused the shift of supply and/or demand. 6. In small groups, ask students to create a list of words that come to mind when they hear the word economics. Ask students to compare lists and/or ask students to create collage illustrating those terms. Additional terms can be added as the course continues 7. Ask students to create a poster that illustrates the three factors of production. 8. Ask students to construct decision-making grids using examples from their own lives, such as the decision to join a sports team 9. Ask students to create a production possibilities graph for a fictional nation. Have students research the controversies over rain forests—preservation versus development? Tell them to consider such economic factors as scarcity, trade-offs, opportunity costs, efficiency, and underutilization. Students can present their findings in an essay, visual, and/or oral presentation. 10. Ask students to create and present to class posters that explain the three key economic questions. 11. Ask students to research key details about the four economic systems. Students may compare/contrast any two of the systems in a venn diagram or essay. 12. Have students compare college choices or work opportunities, using trade-offs and opportunity costs

9 13. Create a Cost and Benefit T-Chart with a written cost and benefit analysis 14. Students will read current events and analyze the texts in various writing activities connecting to the Enduring Understandings/Essential Questions, the Five Big Ideas and participate in the writing/peer review processes-

Vocabulary Scarcity, Economics, Need, Want, Good, Durable Good, Non-durable Good, Consumer Good, Capital Good, Service, Value, Paradox of Value, Utility, Wealth, Gross Domestic Product, Factors of Production, Land, Capital, Labor, Entrepreneurs, Production Possibilities Curve, Opportunity Cost, Trade-off, Consumerism, Economic Growth, Productivity, Human Capital, Division of Labor, Specialization, Economic Interdependence, Market, Factor Markets, Product Markets, Economic Model, Cost-benefit Analysis, Free Enterprise Economy, Standard of Living.

Traditional Economy, Economic Systems, Command Economy, Socialism, Market Economy, Capitalism, Mixed Economy, Great Depression, Communism.

GDP Per Capita, Privatization, Vouchers, Five-Year Plan, Gosplan, Collectivization, Perestroika, Great Leap Forward, Nationalization, Solidarity, European Union(EU), Black Market, Capital-Intensive, Keiretsu, Population Density.

Voluntary Exchange, Private Property Rights, Profit, Profit Motive, Competition, Biofuels, Great Recession, Customer Sovereignty, Modified Free Enterprise Economy, Minimum Wage, Social Security, Medicare, Inflation, Fixed Income.

Demand, Microeconomics, Demand Schedule Incentive, Demand Curve, Law of Demand, Demand Market Curve, Marginal Utility, Diminishing Marginal Utility, Change in Quantity Demanded, Income Effect, Substitution Effect, Substitutes, Compliments, Elasticity, Demand Elasticity, Elastic, Inelastic, Unit Elastic.

Supply, Law of Supply, Supply Schedule, Supply Curve, Market Supply Curve, Quantity Supplied, Change in Quantity Supplied, Change in Supply, Subsidy, Supply Elasticity, Production Function, Short Run, Long Run, Total Product, marginal product, Stages of Production, Diminishing Returns, Fixed Cost, Overhead, Variable Costs, Total Cost, Marginal Cost, Average Revenue, Total Revenue, Marginal Revenue, Profit-Maximizing Quantity of Output, Break-Even Point, E- commerce.

Price, Rationing, Equilibrium Price, Equilibrium Quantity, Surplus, Shortage, Price Ceiling, Price Floor, Target Price, Nonrecourse Loan.

Resources 1. http://www.sharemylesson.com/teaching-resource/demand-and-supply-shifts-matching-cards-6148080/ 2. http://www.sharemylesson.com/teaching-resource/an-introduction-to-supply-6115910/ 3. http://www.sharemylesson.com/teaching-resource/supply-and-demand-project-50008370/ 4. http://www.sharemylesson.com/teaching-resource/supply-and-demand-6006198/ 5. http://www.sharemylesson.com/teaching-resource/black-markets-3008741/ 6. http://www.sharemylesson.com/teaching-resource/shifts-and-movements-in-demand-6113589/ 7. http://www.sharemylesson.com/teaching-resource/production-possibility-boundary-workbook-6112376/ 8. http://www.teachingeconomics.org/content/index.php?topic=defeconomics 9. http://www.fte.org/teacher-resources/lesson-plans/rslessons/the-economic-way-of-thinking 10. http://www.fte.org/teacher-resources/lesson-plans/rslessons/trade-offs-and-opportunity-cost 11. http://www.fte.org/teacher-resources/lesson-plans/rslessons/demand-supply-and-the-market 12. http://www.fte.org/teacher-resources/lesson-plans/rslessons/teaching-students-how-markets-work- market-changes-price-determination-and-elasticity 13. http://www.fte.org/teacher-resources/lesson-plans/efllessons/lesson-1-economic-growth-and-scarcity 14. http://www.fte.org/teacher-resources/lesson-plans/efllessons/lesson-2-opportunity-cost-and-incentives

10 15. http://www.fte.org/teacher-resources/lesson-plans/efllessons/lesson-3-open-markets 16. http://www.sharemylesson.com/teaching-resource/market-v-command-economy-activity-50034136/ 17. https://www.khanacademy.org/economics-finance-domain/macroeconomics/gdp-topic/econ-intro-in- macro-tutorial/v/introduction-to-economics 18. https://www.youtube.com/watch?v=Np-dZSdzymk 19. https://www.youtube.com/watch?v=LwLh6ax0zTE 20. https://www.youtube.com/playlist?list=PLA46DB4506062B62B 21. https://www.youtube.com/playlist?list=PLD5BC727C84E254E5 22. http://www.investopedia.com/university/economics/economics2.asp 23. http://www.investopedia.com/university/economics/economics3.asp 24. http://www.investopedia.com/university/economics/economics4.asp 25. http://www.investopedia.com/university/economics/economics5.asp 26. http://www.investopedia.com/university/economics/economics6.asp 27. http://www.shmoop.com/supply-demand/game.html 28. http://www.brighthubeducation.com/middle-school-social-studies-lessons/91239-hands-on-activities-for- teaching-supply-and-demand/ 29. http://thismatter.com/economics/resource-demand-elasticity.htm 30. http://montessorimuddle.org/2010/10/15/capitalism-vs-socialism-a-simulation-game/ 31. https://www.icivics.org/teachers/lesson-plans/market-economy-0 32. http://welkerswikinomics.com/blog/2010/09/08/circular-flow/ 33. http://www.nytimes.com/ 34. http://www.msnbc.com/ 35. http://www.economist.com/ 36. http://www.wsj.com/ 37. http://www.ft.com/home/uk 38. http://www.usatoday.com/ 39. http://learning.blogs.nytimes.com/2014/10/07/50-ways-to-teach-current-events/?_r=0 40. http://www.educationworld.com/a_special/current_events.shtml 41. http://socialstudies.pressible.org/lizhoelzle/current-events 42. http://literacyteaching.net/2015/01/27/how-to-use-current-events-in-the-classroom/ 43. http://www.learningunlimitedllc.com/2013/07/5-steps-vocabulary-instruction/ 44. http://www.edutopia.org/blog/ccia-examining-social-studies-texts-monica-burns 45. http://busyteacher.org/4964-how-to-teach-current-events-to-esl-students.html

Differentiation Enrichment  Extra DBQ  Extension activities  Tiered assessment  Flexible grouping  Peer teaching

Intervention  scaffolding  group work  extra vocabulary (content and academic)  adapted reading and note taking study guide

ELLs  Multiple types of assessment  Flexible grouping  Connect to Content through Visuals 11  Language-based expectations in addition to content-based expectations

In this unit plan, the following 21st Century themes and skills are addressed. Check all that apply. Indicate whether these skills are E-Encouraged, T-Taught, or A-Assessed in this unit by 21 s t Century Themes marking E, T, A on the line before the appropriate skill. 21 s t Century Skills Global Awareness X Creativity and Innovation X Environmental Literacy X Critical Thinking and Problem Solving Health Literacy X Communication X Civic Literacy X Collaboration X Financial, Economic, Business, and Other Interdisciplinary standards: Entrepreneurial Literacy Notes-Observations-Reflections

12 PERTH AMBOY PUBLIC SCHOOLS Curriculum Guide (Copy & Paste this table onto pages after completing each “guide” or unit.) Content Area Economics Grade Level 10th Grade Topic/Concept/Skill Personal Finance Time Frame Six Weeks Overview/Rationale

Personal finance looks at how your money and future is managed. For example personal finance would include monitoring spending, budgeting for an emergency fund, and paying down debt. This unit is designed to incorporate the foundations of economics with the financial decisions and activities of an individual. This includes budgeting, insurance, savings, investing, debt servicing, mortgages and more. Financial planning generally involves analyzing a current financial position and predicting short-term and long-term needs. This unit will inform students how individual choices directly influence occupational goals and future earnings potential. Real world topics covered will include income, money management, spending and credit, as well as saving and investing. Students will design personal and household budgets utilizing checking and saving accounts, gain knowledge in finance, debt and credit management, and evaluate and understand insurance and taxes. This course will provide a foundational understanding for making informed personal financial decisions leading to financial independence

Desired Results Critical Content Standards New Jersey Content Standards for Social studies

 6.2.12.C.6.c Assess the role government monetary policies, central banks, international investment, and exchange rates play in maintaining stable regional and global economies.

 6.1.12.C.16.a Evaluate the economic, political, and social impact of new and emerging technologies on individuals and nations.

 6.1.12.C.16.b Predict the impact of technology on the global workforce and on entrepreneurship.

 9.1.12.A.1 Differentiate among the types of taxes and employee benefits.

 9.1.12.A.2 Differentiate between taxable and nontaxable income.

 9.1.12.A.3 Analyze the relationship between various careers and personal earning goals.

 9.1.12.A.4 Identify a career goal and develop a plan and timetable for achieving it, including educational/training requirements, costs, and possible debt.

 9.1.12.A.6 Summarize the financial risks and benefits of entrepreneurship as a career choice.

 9.1.12.A.7 Analyze and critique various sources of income and available resources (e.g., financial assets, property, and transfer payments) and how they may substitute for earned income.

 9.1.12.A.8 Analyze different forms of currency and how currency is used to exchange goods and services.

 9.1.12.A.10 Demonstrate how exemptions and deductions can reduce taxable income.

13  9.1.12.A.12 Explain how compulsory government programs (e.g., Social Security, Medicare) provide insurance against some loss of income and benefits to eligible recipients.

 6.2.12.C.2.a Relate the development of more modern banking and financial systems to European economic influence in the world.

Common Core State Standards – Literacy for History/Social Studies

 CCSS.ELA-Literacy.RI.9-10.1 Cite strong and thorough textual evidence to support analysis of what the text says explicitly as well as inferences drawn from the text.

 CCSS.ELA-LITERACY.RH.9-10.5 Analyze how a text uses structure to emphasize key points or advance an explanation or analysis.

 CCSS.ELA-LITERACY.RH.9-10.7 Integrate quantitative or technical analysis (e.g., charts, research data) with qualitative analysis in print or digital text.

 CCSS.ELA-LITERACY.RH.9-10.8 Assess the extent to which the reasoning and evidence in a text support the author's claims.

 CCSS.ELA-LITERACY.RH.9-10.9 Compare and contrast treatments of the same topic in several primary and secondary sources.

 CCSS.ELA-Literacy.WHST.9-10.1 Write arguments focused on discipline-specific content.

 CCSS.ELA-Literacy.WHST.9-10.2 Write informative/explanatory texts, including the narration of historical events, scientific procedures/ experiments, or technical processes.

 CCSS.ELA-LITERACY.W.9-10.3 Write narratives to develop real or imagined experiences or events using effective technique, well-chosen details, and well-structured event sequences.

 CCSS.ELA-LITERACY.W.9-10.6 Use technology, including the Internet, to produce, publish, and update individual 14 or shared writing products, taking advantage of technology's capacity to link to other information and to display information flexibly and dynamically.

 CCSS.ELA-LITERACY.W.9-10.9 Draw evidence from literary or informational texts to support analysis, reflection, and research.

 CCSS.ELA-LITERACY.W.9-10.10 Write routinely over extended time frames (time for research, reflection, and revision) and shorter time frames (a single sitting or a day or two) for a range of tasks, purposes, and audiences  CCSS.ELA-Literacy.SL.9-10.1 Initiate and participate effectively in a range of collaborative discussions (one-on- one, in groups, and teacher-led) with diverse partners on grades 9-10 topics, texts, and issues, building on others' ideas and expressing their own clearly and persuasively.  CCSS.ELA-Literacy.SL.9-10.1.a Come to discussions prepared, having read and researched material under study; explicitly draw on that preparation by referring to evidence from texts and other research on the topic or issue to stimulate a thoughtful, well-reasoned exchange of ideas.  CCSS.ELA-Literacy.SL.9-10.1.b Work with peers to set rules for collegial discussions and decision-making (e.g., informal consensus, taking votes on key issues, presentation of alternate views), clear goals and deadlines, and individual roles as needed.  CCSS.ELA-Literacy.SL.9-10.1.c Propel conversations by posing and responding to questions that relate the current discussion to broader themes or larger ideas; actively incorporate others into the discussion; and clarify, verify, or challenge ideas and conclusions.  CCSS.ELA-Literacy.SL.9-10.1.d Respond thoughtfully to diverse perspectives, summarize points of agreement and disagreement, and, when warranted, qualify or justify their own views and understanding and make new connections in light of the evidence and reasoning presented.  CCSS.ELA-Literacy.SL.9-10.2 Integrate multiple sources of information presented in diverse media or formats (e.g., visually, quantitatively, orally) evaluating the credibility and accuracy of each source.  CCSS.ELA-Literacy.SL.9-10.3 Evaluate a speaker's point of view, reasoning, and use of evidence and rhetoric, identifying any fallacious reasoning or exaggerated or distorted evidence.  CCSS.ELA-Literacy.SL.9-10.4 Present information, findings, and supporting evidence clearly, concisely, and logically such that listeners can follow the line of reasoning and the organization, development, substance, and style are appropriate to purpose, audience, and task.

Enduring Understandings Essential Questions 1. Money makes it easier to trade, borrow, save, 1. How has money evolved to meet the needs of invest, and compare the value of goods and people everywhere? services. 2. How did the creation of the Fed improve out 2. Resources are limited, so people must make banking system? choices. 3. How has technology affected the way we use 3. The Federal government budgetary policy and the money today? Federal Reserve System's monetary policy 4. What is the role of savings in the financial system? influence the overall levels of employment, 5. What options are available for investing your output, and prices. money?

15 4. People should have an understanding of interest 6. How can financial institutions help you increase rates and their relationship to both financial and and better manage your money? investment risks. 7. What are the different types of business 5. The role of financial institutions in saving, organizations? borrowing, and investing. 8. How can you take control of your money? 6. The advantages and disadvantages of using credit 9. How can financial institutions help you increase cards. and better manage your money? 7. The costs and benefits of buying insurance, renting a home, buying a home and charitable giving.

Student Objectives 1. Summarize the development of money in the United States. 2. Explain why the National Banking System was created. 3. Compare the available types of financial assets 4. Explain how investors make money using futures contracts. 5. Practice setting up a budget. 6. Explain various methods of paying for college. 7. Describe how various types of businesses are formed and how they grow. 8. Discuss the advantages and disadvantages of sole proprietorships, and corporations. 9. Compare the advantages and disadvantages of renting versus buying a home. 10. Identify the necessity of buying insurance. 11. Appreciate the value of charitable giving.

Assessment Evidence Formative Assessment(s) Summative Assessment(s) 1. Do Now Checks – short response based on previous 1. Unit Test lesson/or introduction to upcoming lesson. 2. Projects 2. Exit Slips – students will complete a short 3. Portfolios assignment before leaving class. 3. Graphic Organizers 4. Current Events – incorporate economic concepts into weekly or monthly current event topics. 5. Discussion/Debate – students debate opposing views on historical policy or current issue. 6. Vocabulary Quizzes – quizzes testing vocabulary for the unit. 7. Guided Reading – teacher created or adapted from textbook. 8. Chapter Assessment – answers the essential question and analyzes primary source documents. 9. Chapter Case Study – a summary of a story which focuses on a real world economic issue. 10. Constructed Responses – student will write short responses to standard based questions. 11. Letter to the Absent – students will write a letter explaining the lesson to a student who was absent.

Teaching and Learning Actions – Instructional Strategies – Activities

16 1. https://scottfenwickteachingeconomics.wikispaces.com/file/view/TEAIPM_2007.pdf Page 75 - Lesson 11: How Savings Accounts and Stocks Function 2. Page 60 – Lesson 10: What is Wealth, and Who Owns Most of It? 3. Page 87 – Lesson 13: Economic Boom for Whom? 4. Create a chart, diagram, or drawing showing the characteristics of commodity, representative, and fiat money. 5. Choose the best investment options relative to risk and return, based on given personal characteristics such as age, income, and financial goals. 6. Students create an investment portfolio with a written component. The written component will be an explanation/justification to the teacher of why they believe their investment portfolio will be successful by citing textually based evidence. 7. Students select and track five stocks and keep a daily journal documenting the movement of selected stocks for a period of seven days. Extension idea: students track selected stocks throughout the unit, plot prices on graph and present to class. 8. Invite a representative from a local bank, credit union, insurance company, brokerage firm, or financial planning company to visit the class and discuss their institution’s different products and services. Have students prepare questions before the presentation and develop a financial plan after it. 9. Compare and contrast different commercial banks and the different loans, deposits and interest rate they offer 10. Students will read current events and analyze the texts in various writing activities connecting to the Enduring Understandings/Essential Questions, the Five Big Ideas and participate in the writing/peer review processes-

Vocabulary Federal Reserve System(Fed), Federal Reserve Notes, Barter Economy, Commodity Money, Fiat Money, Specie, Monetary Unit, Medium of Exchange, Measure of Value, Store of Value, Demand Deposit Accounts(DDAs), M1, M2, State Bank, Legal Tender, National Bank, National Currency, Gold Certificates, Silver Certificates, Gold Standard, Central Bank, Bank Run, Bank Holiday, Federal Deposit Insurance Corporation(FDIC), Credit Union, Corporation, Stock, Shareholder, State-chartered Bank, Certificate of Deposit(CDs), Reserve Requirement.

Savings, Financial Assets, Financial Intermediaries, Financial System, Finance Company, Premium, Pension, Pension Fund, Diversification, Risk, Bond, Par Value, Maturity, Coupon Rate, Current Yield, Junk Bonds, Municipal Bonds, Tax- exempt, Savings Bonds, EE Savings Bonds, Beneficiary, Treasury Notes, Treasury Bonds, Treasury Bills, Individual Retirement Accounts(IRAs), Capital Market, Money Market, Primary Market, Secondary Market, Equities, Stockbroker, Efficient Market, Hypothesis(EMH), Portfolio Diversification, Mutual Fund, Net Asset Value(NAV), 401(k) Plan, Vesting, Stock or Securities Exchange, Dow Jones Industrial Average(DJIA), Standard & Poor’s 500(S&P 500), Bull Market, Bear Market, Spot Market, Futures Contract, Option, Call Option, Put Option.

Resources 1. http://www.sharemylesson.com/teaching-resource/common-sense-economics-young-workers-50033902/ 2. http://www.sharemylesson.com/teaching-resource/c-r-e-d-i-t-that-spells-credit-project-50027513/ 3. http://www.investopedia.com/ 4. https://www.practicalmoneyskills.com/foreducators/lesson_plans/highschool.php 5. https://www.practicalmoneyskills.com/foreducators/lesson_plans/college.php 6. http://financeintheclassroom.org/teacher/standard4.shtml 7. http://janj.org/resources

17 8. http://www.edutopia.org/blog/financial-literacy-high-school-students-brian-page 9. http://financeintheclassroom.org/student/activities.shtml 10. http://www.teachingeconomics.org/content/index.php?topic=savingstocks 11. http://www.fte.org/teacher-resources/lesson-plans/rslessons/money-and-the-banking-system-the- mechanics 12. http://www.fte.org/teacher-resources/lesson-plans/rslessons/money-and-the-banking-system-the-federal- reserve-and-monetary-policy 13. http://www.sharemylesson.com/teaching-resource/taxation-50037265/ 14. http://www.sharemylesson.com/teaching-resource/tax-brackets-and-amp-monthly-budgeting-50036550/ 15. http://www.sharemylesson.com/teaching-resource/budget-project-for-high-school-economics-50039158/ 16. http://www.sharemylesson.com/teaching-resource/managing-your-money-financial-literacy-6045757/ 17. http://www.sharemylesson.com/teaching-resource/financial-literacy-lessons-for-esl-students-50039022/ 18. https://www.khanacademy.org/economics-finance-domain/core-finance 19. https://www.khanacademy.org/economics-finance-domain/entrepreneurship2 20. https://www.federalreserveeducation.org/ 21. http://www.dollarsandsense.org/archives/2001/0301maier.html 22. http://thismatter.com/money/credit/credit-scores.htm 23. http://thismatter.com/money/banking/money.htm 24. http://thismatter.com/money/banking/financial-system.htm 25. http://thismatter.com/money/banking/financial-institutions.htm 26. http://thismatter.com/money/banking/financial-markets.htm 27. http://www.jumpstart.org/ 28. http://janj.org/ 29. http://www.360financialliteracy.org/ 30. http://www.mymoney.gov/Pages/default.aspx 31. http://www.economist.com/node/10958702 32. http://www.nytimes.com/2013/10/06/business/financial-literacy-beyond-the-classroom.html?_r=0 33. https://financiallit.org/ 34. https://www.fdic.gov/consumers/education/ 35. https://www.federalreserveeducation.org/resources/districts/atlanta/Classroom%20Economist %20Fractional%20Reserve%20Banking%20TYK 36. https://www.federalreserveeducation.org/resources/districts/atlanta/Classroom%20Economist%20History %20of%20Central%20Banking%20TYK 37. https://www.federalreserveeducation.org/resources/districts/atlanta/Classroom%20Economist%20What %20is%20Money%20TYK 38. http://www.nytimes.com/ 39. http://www.msnbc.com/ 40. http://www.economist.com/ 41. http://www.wsj.com/ 42. http://www.ft.com/home/uk 43. http://www.usatoday.com/ 44. http://learning.blogs.nytimes.com/2014/10/07/50-ways-to-teach-current-events/?_r=0 45. http://www.educationworld.com/a_special/current_events.shtml 46. http://socialstudies.pressible.org/lizhoelzle/current-events 47. http://literacyteaching.net/2015/01/27/how-to-use-current-events-in-the-classroom/ 48. http://www.learningunlimitedllc.com/2013/07/5-steps-vocabulary-instruction/ 49. http://www.edutopia.org/blog/ccia-examining-social-studies-texts-monica-burns 50. http://busyteacher.org/4964-how-to-teach-current-events-to-esl-students.html

Differentiation 18 Enrichment  Extra DBQ  Extension activities  Tiered assessment  Flexible grouping  Peer teaching

Intervention  scaffolding  group work  extra vocabulary (content and academic)  adapted reading and note taking study guide

ELLs  Multiple types of assessment  Flexible grouping  Connect to Content through Visuals  Language-based expectations in addition to content-based expectations

In this unit plan, the following 21st Century themes and skills are addressed. Check all that apply. Indicate whether these skills are E-Encouraged, T-Taught, or A-Assessed in this unit by 21 s t Century Themes marking E, T, A on the line before the appropriate skill. 21 s t Century Skills X Global Awareness X Creativity and Innovation X Environmental Literacy X Critical Thinking and Problem Solving Health Literacy X Communication X Civic Literacy X Collaboration X Financial, Economic, Business, and Other Interdisciplinary standards: Entrepreneurial Literacy Notes-Observations-Reflections *******Nothing is entered here – Space will remain blank for teachers to enter their own notes********

19 PERTH AMBOY PUBLIC SCHOOLS Curriculum Guide (Copy & Paste this table onto pages after completing each “guide” or unit.) Content Area Economics Grade Level 10th Grade Topic/Concept/Skill Microeconomics Time Frame Five Weeks Overview/Rationale

Microeconomics looks at the smaller picture and applies the basic theories of supply and demand and how individual businesses decide how much of something to produce and how much to charge for it. People who have any desire to start their own business or who want to learn the rationale behind the pricing of particular products and services would be more interested in this area. The purpose of this unit is to revisit the principles of economics and apply them to the functions of individual decision makers, both consumers and producers, within the larger economic system. It places primary emphasis on the nature and functions of product markets, labor, wages, and includes the study of factor markets and of the role of government in promoting greater efficiency and equity in the economy. Microeconomics introduces students to the cost-benefit analysis that is the economic way of thinking and using this analysis to understand smaller segments of the economy. Students will learn to create, interpret, label, and analyze graphs, charts, and additional data to describe and explain various economic concepts.

Desired Results Critical Content Standards New Jersey Content Standards for Social Studies

 9.1.12.A.6 Summarize the financial risks and benefits of entrepreneurship as a career choice.

 9.1.12.A.13 Analyze the impact of the collective bargaining process on benefits, income, and fair labor practice.

 6.1.12.C.16.a Evaluate the economic, political, and social impact of new and emerging technologies on individuals and nations.

 6.1.12.C.16.b Predict the impact of technology on the global workforce and on entrepreneurship.

 6.1.12.D.16.c Determine past and present factors that led to the widening of the gap between the rich and poor, and evaluate how this has affected individuals and society.

Common Core State Standards – Literacy for History/Social Studies

 CCSS.ELA-Literacy.RI.9-10.1 Cite strong and thorough textual evidence to support analysis of what the text says explicitly as well as inferences drawn from the text.

20 text. CCSS.ELA-Literacy.RI.9-10.3 Analyze how the author unfolds an analysis or series of ideas or events, including the order in which the points are made, how they are introduced and developed, and the connections that are drawn between them.

 CCSS.ELA-LITERACY.RH.9-10.5 Analyze how a text uses structure to emphasize key points or advance an explanation or analysis.

 CCSS.ELA-LITERACY.RH.9-10.7 Integrate quantitative or technical analysis (e.g., charts, research data) with qualitative analysis in print or digital text.

 CCSS.ELA-LITERACY.RH.9-10.8 Assess the extent to which the reasoning and evidence in a text support the author's claims.

 CCSS.ELA-LITERACY.RH.9-10.9 Compare and contrast treatments of the same topic in several primary and secondary sources.

 CCSS.ELA-Literacy.WHST.9-10.1 Write arguments focused on discipline-specific content.

 CCSS.ELA-Literacy.WHST.9-10.2 Write informative/explanatory texts, including the narration of historical events, scientific procedures/ experiments, or technical processes.

 CCSS.ELA-LITERACY.W.9-10.3 Write narratives to develop real or imagined experiences or events using effective technique, well-chosen details, and well-structured event sequences.

 CCSS.ELA-LITERACY.W.9-10.9 Draw evidence from literary or informational texts to support analysis, reflection,

21 and research.

Enduring Understandings Essential Questions 1. Profit inspires people to take risks with their 1. How do varying market structures impact prices in resources. a market economy? 2. Individuals and groups work independently and 2. Why do markets fail? cooperatively to achieve goals. 3. How does the government attempt to correct 3. Disputes over ideas, resources, values, and politics market failures? can lead to change. 4. How are businesses formed and how do they grow? 5. How does a market economy support nonprofit organizations? 6. What features of the modern day labor industry are the result of union action? 7. What factors lead to higher wages for a worker?

Student Objectives 1. Describe factors that affect competition and success or failure in a market. 2. Make connections between past government laws and today’s modified free enterprise economic system. 3. Describe how various types of businesses are formed and how they grow. 4. Discuss the purpose of labor unions. 5. Analyze the effect of union action on the modern labor industry. 6. Identify the different types of union arrangements that exist today and state reasons for the decline of union influence.

22 7. List three major causes for pay discrimination in the labor market.

Teaching and Learning Actions – Instructional Strategies – Activities

1. https://scottfenwickteachingeconomics.wikispaces.com/file/view/TEAIPM_2007.pdf Page 5 - Lesson 2: What is income and why do some people earn so much more of it than others? 2. Page 24 – Lesson 4:Distributing income, you be the judge. 3. Page 27 – Lesson5: Income levels and how they’ve changed over the past 25 years. 4. Page 38 – Lesson 6: Viewing income through gender and race lenses. 5. Page 43 – Lesson 7: How much more do CEO’s make than the average worker? 6. Page 52 – Lesson 8: Widening the pay gap. What experts say, what government can do about it, and how it affects the business cycle. 7. Supply and Demand simulation game - http://econoclass.com/frozen.html 8. Conduct a classroom debate on the following issue: “Resolved: Competition is the best way for individuals to improve themselves and for businesses to improve their products.” 9. Have students plan to open a hypothetical business. Ask them to study the different legal structures and explain the differences between the following types of enterprises: sole proprietorship, partnership, corporation, and nonprofit organization. Have students compare these enterprises from the perspective of ownership, taxation, legal structures, and profits. Have small groups of students select a type of business and evaluate it in terms of strengths, weaknesses, opportunities, and challenges. 10. Have students role-play management and labor over an issue like improved working conditions, better wages and benefits, or potential layoffs. Ask each side to present its cases and then have

23 students try to come to an agreement 11. Have students investigate the pros and cons of low-wage factories or sweatshops in less-developed countries. Students should also research child labor and efforts to end it worldwide. One teacher resource is Lost Futures: The Problem of Child Labor, available from The American Federation of Teachers, International Affairs Department, (202) 879-4400. 12. Argumentative writing: “Should the federal government raise the minimum wage?” 13. Write a speech supporting your opinion on minimum wage or set price of gasoline. 14. Unit End Products 15. Create a Cost and Benefit T-Chart with a written cost and benefit analysis. 16. Voice and Choice: Write a speech supporting your opinion on minimum wage or set price of gasoline. 17. Be an entrepreneur create a business plan for a specific type of business organization, of your choice with a written informative essay. 18. Assess past business cycles and forecast future for your business in a research paper. 19. Students will read current events and analyze the texts in various writing activities connecting to the Enduring Understandings/Essential Questions, the Five Big Ideas and participate in the writing/peer review processes-

Vocabulary Market Structure, Pure Competition, Industry, Perfect Competition, Monopolistic Competition, Product Differentiation, Nonprice Competition, Oligopoly, Collusion, Price-fixing, Monopoly, Laissez-faire, Natural Monopoly, Geographic Monopoly, Technological Monopoly, Government Monopoly, Market Failure, Public Good, Spillover Effects, Externalities, Cost-benefit Analysis, trusts, price discrimination, cease and desist order, economics of scale, public disclosure, mortgage, foreclosure.

Sole proprietorship, unlimited liability, inventory, limited life, partnership, general partnership, limited partnership, corporation, charter, stock, shareholders, dividend, common stock, preferred stock, bond, principal, interest, double taxation, franchise, franchisor, franchisee, income statement, net income, depreciation, cash flow, horizontal merger, vertical merger, conglomerate, multinational, incubators, venture capitalist, angel investors, crowdfunding, nonprofit organization, cooperative(co-op), credit union, labor union, collective bargaining, chamber of commerce, Better Business Bureau.

Craft union, industrial union, strike, picket, boycott, lockout, company unions, Great Depression, right-to-work law, interdependent unions, closed shop, union shop, modified union shop, agency shop, civilian labor force, wage rate, market theory of wage, determination, equilibrium wage rate, theory of negotiated wages, seniority, signaling theory, grievance procedure, mediation, arbitration, fact-finding, injunction, seizure, giveback, two-tier wage system, glass ceiling, set-aside contract, minimum wage, current dollars, real or constant dollars, base year.

Resources 1. http://www.sharemylesson.com/teaching-resource/intro-to-markets-6175230/ 2. http://www.sharemylesson.com/teaching-resource/micro-economics-handout-2-6127925/ 3. http://www.sharemylesson.com/teaching-resource/supply-and-demand-project-wages-50010399/ 4. http://www.teachingeconomics.org/content/index.php?topic=tenchairs 5. http://www.teachingeconomics.org/content/index.php?topic=thirdbase 6. http://www.fte.org/teacher-resources/lesson-plans/rslessons/understanding-the-role-and-importance-of- the-public-and-private-sectors 7. http://www.fte.org/teacher-resources/lesson-plans/rslessons/market-structures-and-competition 8. http://www.fte.org/teacher-resources/lesson-plans/is-capitalism-good-for-the-poor/lesson-1-define-terms/ 9. http://www.fte.org/teacher-resources/lesson-plans/efllessons/lesson-3-open-markets 24 10. http://www.fte.org/teacher-resources/lesson-plans/efllessons/lesson-4-markets-in-action 11. http://www.fte.org/teacher-resources/lesson-plans/efllessons/lesson-5-labor-markets 12. http://www.fte.org/teacher-resources/lesson-plans/efllessons/lesson-6-incentives-innovations-and-roles- of-institutions 13. http://www.sharemylesson.com/teaching-resource/introduction-to-business-ethics-50039560/ 14. http://www.sharemylesson.com/teaching-resource/people-and-39-s-pie-50037267/ 15. http://www.sharemylesson.com/teaching-resource/class-debate-capitalism-and-communism-6082351/ 16. http://www.sharemylesson.com/teaching-resource/democracy-vs-communism-project-50039396/ 17. https://www.khanacademy.org/economics-finance-domain/microeconomics 18. https://www.khanacademy.org/economics-finance-domain/core-finance 19. https://www.khanacademy.org/economics-finance-domain/entrepreneurship2 20. http://thismatter.com/economics/labor-union-models.htm 21. http://thismatter.com/economics/wage-differentials.htm 22. http://thismatter.com/economics/labor-unions.htm 23. http://thismatter.com/economics/wages.htm 24. pov-tc.pbs.org/pov/film-files/pov_wagingaliving_lp_lesson_plan_0.pdf 25. http://www.freetech4teachers.com/2009/11/life-on-minimum-wage-lesson-in-personal.html 26. http://econsimulator.com/ 27. https://www.federalreserveeducation.org/resources/districts/atlanta/Classroom%20Economist%20GDP %20TYK 28. http://www.nytimes.com/ 29. http://www.msnbc.com/ 30. http://www.economist.com/ 31. http://www.wsj.com/ 32. http://www.ft.com/home/uk 33. http://www.usatoday.com/ 34. http://learning.blogs.nytimes.com/2014/10/07/50-ways-to-teach-current-events/?_r=0 35. http://www.educationworld.com/a_special/current_events.shtml 36. http://socialstudies.pressible.org/lizhoelzle/current-events 37. http://literacyteaching.net/2015/01/27/how-to-use-current-events-in-the-classroom/ 38. http://www.learningunlimitedllc.com/2013/07/5-steps-vocabulary-instruction/ 39. http://www.edutopia.org/blog/ccia-examining-social-studies-texts-monica-burns 40. http://busyteacher.org/4964-how-to-teach-current-events-to-esl-students.html

Differentiation Enrichment  Extra DBQ  Extension activities  Tiered assessment  Flexible grouping  Peer teaching

Intervention  scaffolding  group work  extra vocabulary (content and academic)  adapted reading and note taking study guide

ELLs  Multiple types of assessment  Flexible grouping  Connect to Content through Visuals 25  Language-based expectations in addition to content-based expectations

In this unit plan, the following 21st Century themes and skills are addressed. Check all that apply. Indicate whether these skills are E-Encouraged, T-Taught, or A-Assessed in this unit by 21 s t Century Themes marking E, T, A on the line before the appropriate skill. 21 s t Century Skills X Global Awareness X Creativity and Innovation X Environmental Literacy X Critical Thinking and Problem Solving Health Literacy X Communication X Civic Literacy X Collaboration X Financial, Economic, Business, and Other Interdisciplinary standards: Entrepreneurial Literacy Notes-Observations-Reflections *******Nothing is entered here – Space will remain blank for teachers to enter their own notes********

26 PERTH AMBOY PUBLIC SCHOOLS Curriculum Guide (Copy & Paste this table onto pages after completing each “guide” or unit.) Content Area Economics Grade Level 10th Grade Topic/Concept/Skill Macroeconomics Time Frame Six Weeks Overview/Rationale

Macroeconomics is focused on the movement and trends in the economy as a whole, while in microeconomics the focus is placed on factors that affect the decisions made by firms and individuals. The factors that are studied by macro and micro will often influence each other, such as the current level of unemployment in the economy as a whole will affect the supply of workers which an oil company can hire from, for example. This unit builds on previous knowledge and will provide students with a thorough understanding of the principles of economics that apply to an economic system as a whole. The unit places particular emphasis on the study of national income, unemployment, inflation, and price-level determination, and also develops students’ familiarity with economic performance measures, the financial sector, stabilization policies, economic growth, and international economics. The unit will also look at macroeconomic issues such as the political impact on economic systems and the economic decision making process as well as through current events and global trends.

Desired Results Critical Content Standards New Jersey Content Standards for Social Studies

 6.2.12.C.6.a Evaluate efforts of governmental, nongovernmental, and international organizations to address economic imbalances and social inequalities.  6.2.12.C.6.b Compare and contrast demographic trends in industrialized and developing nations, and evaluate the potential impact of these trends on the economy, political stability, and use of resources.  6.2.12.C.6.c Assess the role government monetary policies, central banks, international investment, and exchange rates play in maintaining stable regional and global economies.  6.1.12.C.16.c Assess the impact of international trade, global business organizations, and overseas competition on the United States economy and workforce.  9.1.12.A.1 Differentiate among the types of taxes and employee benefits.  9.1.12.A.2 Differentiate between taxable and nontaxable income.  9.1.12.A.10 Demonstrate how exemptions and deductions can reduce taxable income.  9.1.12.A.11 Explain the relationship between government programs and services and taxation.  9.1.12.A.12 Explain how compulsory government programs (e.g., Social Security, Medicare) provide insurance against some loss of income and benefits to eligible recipients.

27 Common Core State Standards – Literacy for History/Social Studies