JA Economics® | Course Overview and Outline Initial JA Economics® Course Release Overview and Outline Spring 2019 Market for Goods JA Economics is a one-semester course that connects high and Services school students to the economic principles that influence their daily lives as well as their futures. It addresses each BANK of the economics standards identified by the Council for Production of Goods and Household Economic Education as being essential to complete a high Services + + Consumer school economics course. Course components equip students to: Market for Labor • Learn the necessary concepts applicable to state and national educational standards • Apply economic reasoning and skills in the world around them • Synthesize elective concepts through a cumulative, tangible deliverable (optional case studies and/or projects) • Demonstrate the skills necessary for future financial literacy pathway success • Integrate College and Career Readiness anchor standards in Reading, Informational Text, Speaking and Listening, and Vocabulary Volunteers engage with students through a variety of activities that includes subject matter guest speaking and coaching or advising for case study and project course work. Volunteer activities help students better understand the relationship between what they learn in school, their future career, and their successful participation in today’s global economy. Through a variety of experiential activities presented by the teacher and volunteer, students better understand the relationship between what they learn in school and their successful participation in today’s global economy. The following pages outline the JA Economics course plan. COURSE PLAN Unit Themes Case Study Project Elements of the 1.1 Scarcity and Opportunity Cost Students consider a personal Students conduct research about Economy What choice do I have? example and then a business possible future income and Why does scarcity 1.2 Allocation and Decision example of the challenges expenses to create a working matter? Making created by scarcity when a budget and then analyze the Is there a best choice? group has to work together to economics of the budget. determine how to make the best 1.3 Business Decisions use of time, talent, and treasure. How do businesses make choices? 1.4 Entrepreneurship and Business Ownership How do businesses start, survive, and thrive? Sponsored by © 2019 Junior Achievement USA® Content is subject to change. 1 JA Economics® | Course Overview and Outline Unit Themes Case Study Project Markets 2.1 Consumers Rule Students consider the personal Students research a “superfood” Why do consumers How do consumers influence and business consequences of that has experienced recent and business what is available in the market? making hasty decisions rather dramatic growth in the market. owners need each 2.2 Producers Provide than using critical thinking, They analyze the factors other? How do producers and consumers based on data and other factual affecting supply and demand negotiate price in the market? information. and write a blog post analyzing the economics of their selected 2.3 Foundations of Economic product. Growth What makes economic growth possible? 2.4 Economic Systems and Structures What happens when government expands its influence in market decisions? National Economy 3.1 Government Role in a Students consider personal and Students identify the Does government Flourishing Economy business situations that may role government plays in play a role? How can limited government require government intervention unemployment by researching help consumers and businesses to address a market failure. what unemployment insurance prosper? is and how it works. They then 3.2 The Role of the Federal develop an unemployment Government survival guide for their future What are the effects of fiscal self that offers advice and policies? identifies steps an individual can take to prepare for periods of 3.3 The Role of Money and unemployment. Banking What are the effects of monetary policies? 3.4 National Economic Indicators How do you measure the success of the economy? Open to Debate: 4.1 International Trade Students use weighted criteria Students explore the personal Government or Do the benefits of international to make a business decision finance ramifications of Market Solutions trade outweigh the costs? about whether or not to expand purchasing products made in the Why do countries 4.2 Trade Policies: Beyond Free their company into a new USA compared to those obtained trade? Trade international market. through international trade. Do the benefits of trade barriers outweigh the costs? 4.3 Trade Deficits Do the benefits of the trade deficit outweigh the costs? 4.4 Social Problems: Government or Market Solutions Can economics solve social problems? For the guiding standards that are presented below, the legend for reference is as follows: CEE – Council for Economic Education National Standard; CCSS ELA – Common Core State Standards, English Language Arts. 2 Content is subject to change. © 2019 Junior Achievement USA® JA Economics® | Course Overview and Outline Unit 1: Elements of the Economy WHY DOES SCARCITY MATTER? UNIT OUTLINE Theme Theme Description Guiding Standards Student Text Concepts 1.1 Scarcity and People and businesses have • CEE Scarcity: 1.1, 1.2 • Core Principles of Economics: Opportunity Cost unlimited wants and needs, • CEE Incentives: 4.1 scarcity, opportunity costs, What choice do I but their limited resources • CEE Specialization: 6.1, 6.4 incentives, and economic have? incentivize them to make • CEE Competition and Market reasoning the most beneficial choices. Structure: 9.1, 9.5 • Needs and wants, voluntary Economic choices have • CEE Entrepreneurship: 14.1 exchange, and specialization opportunity costs. Because no • CEE Financial Literacy: 2. • Self-interest, income, person or business can produce Buying Goods and Services consumption, and savings everything needed or wanted, • CEE Financial Literacy: 3. • Free enterprise, profit and all people benefit by specializing Saving loss, and the four factors of and trading. We strive to • CCSS.ELA RH. Key Ideas and production maximize our limited resources Details 1, 2 of time, talent, and treasure. • CCSS.ELA RH. Integration of Knowledge and Ideas 9 1.2 Allocation and Businesses and individuals must • CEE Scarcity: 1.1, 1.2 • Allocation tools: the PACED Decision Making evaluate expected costs and • CEE Decision Making: 2.1 model and budgeting Is there a best benefits to make the best choice. • CEE Allocation: 3.1, 3.2 • Decision making choice? Analyzing how much there is to • CEE Incentives: 4.1, 4.2 • Comparative advantage gain and lose by making a choice • CEE Specialization: 6.1 • Economic systems: How helps to allocate resources • CEE Markets: 7.1 nations allocate resources efficiently. The PACED model and • CEE Competition and Market budgets are two tools to help Structure: 9.1 make the best choice. • CEE Institutions: 10.1 • CEE Role of Government and Market Failure: 16.1, 16.8 • CCSS.ELA RH. Key Ideas and Details 1, 2 • CCSS.ELA RH. Integration of Knowledge and Ideas 9 1.3 Business Businesses must produce goods • CEE Decision Making: 2.1 • Economic reasoning: revenue, Decisions and services, set prices for them, • CEE Incentives: 4.1 profit, and marginal analysis How do businesses provide value to consumers, • CEE Specialization: 6.1, 6.4 • Price signals make choices? and invest in ways that will raise • CEE Role of Prices: 8.1, 8.2, 8.3 • Profit margins and competition profits over time. Competition • CEE Competition and Market • Comparative advantage encourages businesses to Structure: 9.1, 9.5 • Economic goals in a market innovate to keep profits high. • CEE Income: 13.2, 13.3, 13.4 economy Government actions affect • CEE Entrepreneurship 14.3 business decisions about price • CEE Economic Growth: 15.1, and quantity, and can discourage 15.3, 15.5 competition. Businesses and • CEE Role of Government and consumers benefit when the Market Failure: 16.5, 16.6 economy is as free and efficient • CEE Economic Fluctuations: as possible. 18.1 • CEE Unemployment and Inflation: 19.4, 19.5 © 2019 Junior Achievement USA® Content is subject to change. 3 JA Economics® | Course Overview and Outline Theme Theme Description Guiding Standards Student Text Concepts 1.4 Successful businesses supply • CEE Financial Literacy: 1, 5 • Business start-ups and Entrepreneurship a good or service that provides • CEE Role of Prices: 8.1, 8.2, 8.3 innovation and Business value for consumers by solving • CEE Competition and Market • Entrepreneurial factors of Ownership a problem or meeting a need Structure: 9.1, 9.2, 9.5 success How do businesses or want. They use data to make • CEE Institutions: 10.2 • Persevere or pivot? start, survive, and decisions on how to grow and • CEE Entrepreneurship: 14.1, • Business life cycle thrive? improve. They decide when 14.3 • Creative destruction and if they need to change and • CCSS.ELA RH. Key Ideas and • Business organization must constantly innovate to stay Details 1, 2 • Financial markets: individual competitive. Innovation benefits • CCSS.ELA RH. Integration of and business investments other businesses and consumers Knowledge and Ideas 9 in the long run but can be disruptive in the short run. Unit 2: Markets WHY DO CONSUMERS AND BUSINESS OWNERS NEED EACH OTHER? UNIT OUTLINE Theme Theme Description Guiding Standards Student Text Concepts 2.1 Consumers Consumers demand a certain • CEE Incentives: 4.1 • Price allocation system Rule quantity of goods at specific • CEE Role of Prices: 8.1, 8.2, 8.3 • Law of demand How do consumers prices. Producers have an • CCSS.ELA RH. Key Ideas and • The demand curve influence what is incentive to supply goods and Details 1, 2 • Consumer demand changes available in the services if there is sufficient • CCSS.ELA RH. Integration of market? demand to make a reasonable Knowledge and Ideas 9 profit. Consumers predictably increase their demand for goods and services as the price declines. If a price increases, consumers are likely to look for substitutes. Factors other than price changes can also affect demand.