Unit 7

Subject: Civics and Economics
Grade Level: 10th
Unit Title: Unit 7 Economics
Timeframe Needed for Completion: Three Weeks
Grading Period: 2nd Nine Weeks
Big Idea/Theme: Scarcity, Economic Systems
Why individuals and groups need to make economic choices
The factors of production and their impact on economic activities
The government’s role in the economy
Characteristics of command, market, traditional and mixed economies
Features of capitalism
How demand and supply interact to set prices
The circular flow of economic activity
How specialization and the division of labor impact trade, consumption
and production increases
Major indicators of overall economic performance
Why economies are becoming increasingly interdependent
Curriculum Goals/Objectives:
CE.E.1.1 Compare how individuals and governments utilize scarce resources in
traditional, command, market and mixed economies.
CE.E.1.2 Analyze a market economy in terms of economic characteristics, the roles they
play in decision-making and the importance of each role.
CE.E.1.3 Explain how supply and demand determine equilibrium price and quantity
CE.E.1.4 Analyze ways in which incentives & profits influence what is produced &
distributed in a market system.
CE.E.1.5 Compare how various market structures affect decisions made in a market
CE.E.1.6 Compare national, state and local economic activity.
CE.E.2.1 Explain the basic concepts of trade.
CE.E.2.2 Summarize how nations specialize and become interdependent through trade.
CE.E.2.3 Explain the impact of government policies on international trade.
CE.E.2.4 Analyze roles of NC & US in the world economy.
CE.E.3.1 Summarize basic macroeconomic indicators and how they vary over the course
of a business cycle.
CE.E.3.2 Explain how fiscal policy & monetary policy influence overall levels of
employment, interest rates, production, price level and economic growth.
CE.E.3.3 Analyze organizations in terms of their roles and functions in the United States
Essential Questions:
What role should the government play in
managing the economy?
What is the difference between needs and wanta?
What goods and services should government
provide? Who should pay for them?
Why is competition good for consumers?
Is a monopoly ever a good thing?
What are the advantages and disadvantages of a
globally competitive market for consumers and
domestic companies?
How does something acquire value?
What aspects of trade hurt nations? Help nations?
What indicators help citizens and government
understand how an economy is doing?
How does capitalism compare to other systems?
What tools can a government use to help the
Essential Skills/Vocabulary:
Cost Benefit Analysis
Equilibrium Price
Economic Interdependence
Graphing Skills
Cost/Benefit Analysis
Free Enterprise
Market Economy
Mixed Economy
Traditional Economy
Command Economy
Division of Labor
Comparative Advantage
Trade Surplus
Trade Deficit
Fiat Money
Fiscal Policy
Monetary Policy
Integration Opportunities: Math, Public Speaking, Writing
Assessment Tasks:
Create a Business Project
Circles of Knowledge Activity on Factors of Production
& Prompt
Economic Interdependence (trade) Activity
Graphing exercises of supply & demand
Participation in auction to illustrate laws of economics
Cost/Benefit Analysis Activity
Stock game project
Reflective writing on the best type of economic systems
Interactive notebook
Multiple choice, short answer & constructed response
Simulation and prompt on monopolies
Debt Clock Discussion