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Course Content;Curriculum Guides; *Economic Education; Economic Factors; *Economics; Elementary Secondary Education; DOCUMENT RESUME ED 113 271 S0 008 676 AUTHOR McCabe, Milo F. TITLE TeaChers Guide to Man a 'nd theEconomic Sotiety: A Sticial Studies Curriculum Supplement.. INS/ITUTION South Dakota Univ., Vermillion. Center for Economic. Education. SPONS AGENC,Y South DakOta'State Div. of- Elementary andSec ondaty-' Education, Pierre. PUB DATE .75 NOTE 85p.; For related documents, see SO 0.08 677,-680. AVAILABLE FROM South Dakota Council on Economic Education, 201.'- Patterson Hall, University of South Dakota, Vermillion, South Dakota 57069 ($3.50) EBBS PRICE MF-$0.76 HC-$4.43 Plus Postage DESCRIPTORS Banking; Concept Teaching.; Course Content;Curriculum guides; *Economic Education; Economic Factors; *Economics; Elementary Secondary Education; . Productivity; Resource Guides; Socialization; Social Sciences; Social Structure; *-social Studies; *Socioeconomic InfluenceS; *Sociology IDENTIFIERS Senesh (Lawrence); *South Dakota A4STRACT 'Endeavoring to reach a goal of economic literacy, this K-12 economic resource guide provides the teacher witha context, concepts, and content about the economics. of AmeriCanv society and the study of economics in general. Its.purpose is to shorten the amount of work and time that a teacher needs to spenA on reading and locating material. Based, upon Lawrence Senesh's conceptual framework, this resource guide presents eight economic . \* units: Man and His Environmentl'Soialization of Man; Economic Society: A Social Institution; Economic System or Market; Consumption Function and the Product Market; The Production Function and the Factor Market; Modif4cations of,the Market Mechanism; and Measuring and Determining the Performance of the Economic System: Growth and Stability. Each unit includes-a description of the Context, a list of economic concepts related to the topic, and detailed outlines of the content areas. Short hibkories of money and banking in appendices conclude the guide. (This guide is part of a series, SO. 008 676 through SO 008 680.)(Author/ND) **00********************;(*********************************************** * Documents acquired by ERIC include many informalunpublished * materials not available from other sources. ERIC makes everyeffort * * ,to, obtain the best copy available. Nevertheless, items ofmarginal * * reproducibility are often encountered and this affects thequality ,* * of the miCiofich4 and hardcopy.reproductionsERIC makes available * * via .the ERIC Document Reproduction Service CEDES). EDRSis not * responsible for the quality of the original document.Reproductions * * supplied by EARS Are the best that sido tie made from theOriginal. 40 *************************.************Fi******************************** 4 '717,7477777Tkc, ,. t1 *182. irrt"..?"7.7777777. I I CI TEACHERS GUIDE TO MAN AND THE ECONOMIC SOCIETY ASOCIALSTUDIES CURRICULUM SUPPLEMENT PREPARED BY: The Center for Economic Education Professor Milo F. McCabe, UNIVERSITY OF SOUTH DAKOTA VERMILLION, SOUTH DAKOTA PREPARED FOR: t f- DEPARTMENT OF EDUCATION AND CULTURALAFFAIRS - DR. THOMAS KILAN, SECRETARY AND . DIVISION OF ELEMENTARY AND SEdONDARY EDUCATION F. RNANEK, ACTING STATE SUPERINTENDENT- SPRING; 1975 00003 PREFACE Economic illiteracy is a luxury that we as natjbn cAnot afford. To function intelligently as,responsible citiiens within a capitalisticeconomic- ideaS and ideals, it is imperative . system -and in a world torn by a-conflittof that Americans understand their own economic system..1-14ithout a firm Under- standing of our economic system, it is ,ridiculous "to expect students to compare 4 it intelligently with other Systems. Students, must understand such concepts as the role of supply and demand, privateproperty, freedom of choice, gross national product and the distribution of income. Nor can we,ignore the roles of major economic groups - management, labor, investors,businessmen and farmers. This economic resource guide is an endeavor to reach the goal ofeconomic literacy by providing the teacher with a Context, concepts and content about the American Economic Society and the study of economics ingeneral. , Although this resource guideis comprehensive and may contain morecontent than can possibly be used in a teaching unit; it can be an. aid .toshorten the :amount of work and time a teacher need spend'readingandlocatingmaterial. The guide is`desfgned to be used as a whole,kit in efficient.teacher will select from it the material that is appropriate,for the course goals and'the students' needs intheir respective grade ..or class. The author appreciates the opportunity to contribute to theadlancement.of economic.pducation for the students of the State of South Dakota.Special gratitude is expressed to Lawrence Senesh, Professor of Economics;University of Coloradofor the,inspiration and influence he has had on theauthfirs background in economic education and for his development of variousteaching materials and units. Although this resource guide is based upon the Senesh conceptualframework, the author takes full responsibility for any and allvariations and revisions' that he has taken the liberty to present. Others to whom thanks are due ardik, Calvin Kent, ExecutiveDirector of the .South Dakota Council on EcOnomjc Education, Dean Dale E. Clement,School of Business,. University of South Dakota -and Mrs, Gladys Bymers, EducationConsultant, Division of Elementary and Secondary Education, all of whom madehelpful suggestions at different stages of themanuscript. Special, note .of recognition is extended to Mrs. MonaFennel and Cabrini Engelhardt and the staff of the Business Research Zureau,University of South Dakota,for their diligence in typing and coMpiling the variousdrafts of this text. r 0004 This`teachers' guide represents another in the series of curriculum. material by the South Dakota Council on Egpaomic Education which has been 'prepared for and funded by the Sfate of South Dakota's Department.of Cultural Affairs: Division of^Elementary and Secondary Education% Other materials completed at this time include: South Dakota in Maps, Economic Concepts: K-3, Economic Concepts: 4 -6, Economic Concepts: 7-9, and Economic Concepts: 10-12. Milo F. McCabe, Director Center for Economic Education University of South Dakota 0. iii .0000s TABLE OF CONTENTS Page Preface M . ii Table of Contents iv 1 Table of Figures and Illustrations vi Context: Analysis of Unit Organization F Unit I.. Man and His Environment , 6 Economics and the Other Social Sciences The Composite Nature of Man: Biological Heritage A Environmental Factors Affecting Man's Biological Heritage Intrinsic Value of Man: Human Dignity Rights of Man Duties of Man Unit II. .Socialization of Man 12 - -Man a Social Being Role of Man in Society: Social Organization Man's Social Heritage Social Change:* Process'of Culture ModificatiOn Social Control:. Norms or Laws Social Institutions Socially-Developed Man . - Unit III. Economic Society: A Social Institution 25 The Concept of Scarcity The Concept of Economic Choice The Concept of Specialization Unit IV. Economic System or Market 3q Approaches'to'Economic Organization Circular Flow of Economic Activity Unit V. Consumption Function and the Product Market 37 Consumption Function Analysis of Exchange Product Market Unit VI. The Production Function and the Factor Market 42 Production Function Factor Market Analysis ofthe Factors of Production: Economic -Resources , Analysis of Income Distribution iv 00006 . Page, Unit VII. MOdifications pf -the Market Mechanism. ..... 48 Business.Combinations' Monopolies. Pressure Gt6u0s (Labor Unions, Agricultural Blocs, Political .Parties)" Unequal Distribution of Income Unemployment Inflation Inflation and Deflation Effective Competition in the Economy Unit VIII. Measuring and Determining the Performance of the 'Economic System; Growth and Stability 56 Economic Growth Economic Stability Government Policies to'Achieve Growth and Stability Appendix A. History of Money `:75 Appendix B. History of Banking . / ,l'ApE'OF FIGURES AND ILLUSTRATIONS Figure ,..---- Title Pape . 3 .1 Coriceptual Structure of Economics 2 Conceptual Framework of Man and the EconomicSociety. : .. 4) 3 Wants - Satisfaction Chain . .. 5 4 Economics and its Postulates , 11 Social Nature of Marl . 19 5 . 6 Social Organization - Social Heritage 20 7 SociSI,prange - Social Control - 21 22 8 Social Institutions . , 9 Man Socially - Developed 23 10 Summation of Socialization of Man 24 . 11: The Concept of Scarcity 28 12 The Concept of Specialization 29 ,, 30 13- . Approaches to Economic Organization 14 Types of Economic Organization 30 15 Circular Flow of Economic Activity 34 16 The EconoMic System 35 17 . Public Policy (Social Goals) 18 Range of,Mutual Benefit Model .4 19. Product Market Model 40 '41 20 Pure ,Competitive Market Model ' ., : . .44, 21 Factor Market Model . ...... 22 Gross National Product (GNP) 1973 59 . .60 0, 23 Relation. of GNP and NNP, 1973 . _ ...... 61 24 , Relation of GNP, NNP, and NI,1973. 62 , ,-,x-Relation of GNP, NNP, NI, and PI, "1973 '25 -1..., 46 Relation cpf GNP, NNID,, NI, PI, and DI, 1973 63 67 27 . Production Possibility Curve 28 Household and Governthent Relations 72 . .. .73 29 Governments Role in the Economy. N ..... Table Title Page 1 Relation Among National Income Concepts 64 2 Two Ways of Looking At GNP 65 vi CONTEXT: Analysis of Unit Orgapization: In general, economics is the scientific. study of man and his environment. As in the case of each of.the.other social sciences, this must beanalyzed from their own respective points.of.view..To understand this generalization,
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