Economics
Pacing Guide
Timeframe
8 days
Topic
Basic Concepts
•
•
•
•
•
•
•
•
•
•
Content
Scarcity
Choice
Costs
Resources
Opportunity cost
Circular Flow of
Economic Activity
Production Possibilities
Frontier
Comparative advantage
Globalization
Trade
Specialization
Traditional economies
Command economies
Market Economies
Adam Smith
John Maynard Keynes
Karl Marx
•
•
•
•
•
•
Law of Demand
Law of Supply
Determinants of Demand
Determinants of Supply
Shifting curves
Price controls
•
•
•
•
•
•
•
7 days
Supply and
Demand
−
−
−
−
−
−
−
−
−
−
−
−
10 days
Microeconomic
Concepts
−
−
−
−
−
−
−
−
−
Market Structures
Advertising
Industry
Business
Production and Costs
Calculating Cost
Efficiency
Specialization
Division of labor
−
−
−
−
Skills
Determine how scarcity leads
to choices and how those
choices lead to costs
Describe how resources are
used to meet unlimited
wants
Trade resources for money
and money for products
through the Circular Flow
Construct Production
Possibilities graphs
Demonstrate how
specialization and trade
increase standard of living
Compare and contrast types
of economic systems
Show how economic systems
impact quality of life
Describe the contributions of
leading economists to
economics
Construct supply and
demand schedules and
graphs
Demonstrate the effects of
the determinants of supply
and demand
Demonstrate how
government price controls
effects the price of goods in
the market
Analyze the affects of
decisions by producers and
consumers on price in the
real world
Chart the characteristics of
the four market structures
Analyze how advertising does
and has effected popular
culture
Define the different types of
business organizations and
the types of mergers
Calculate costs of production
and determine profit or loss
Standards
E.1.
Objectives
1-8
E.2
Objectives
1-5
E.3
Objectives
1-11
E.5
Objectives
1-9
MS
Framework
Economics
E.4
Objectives
1-12
E.5
Objectives
1-9
MS
Framework
Economics
E.5
Objectives
1-17
E.7
Objectives
1-4
−
−
Robber barons
Stock Market
−
−
−
9 days
Macroeconomic •
Concepts
•
•
•
•
•
•
•
•
Gross Domestic Product
(GDP)
Recession
Depression
Business Cycles
Economic Indicators
Unemployment
Unemployment Rate
Types of Unemployment
Inflation
−
−
−
−
−
−
−
−
−
−
−
7 days
Money and
Banking
•
•
•
•
•
•
•
•
Federal Reserve System
Monetary Policy
Foreign exchange
Banking
Money
Gold Standard
Bimetallism
Inconvertible fiat money
system
−
−
−
−
Demonstrate how
specialization and division of
labor improve productivity
and efficiency
Describe the contribution of
famous American
entrepreneurs
o Andrew Carnegie
o John D. Rockefeller
o Henry Ford
Purchase stocks in a stock
market simulation
List and describe the
components of GDP
Calculate GDP
Discern the difference
between a recession and a
depression
List the GDP for various times
in history
Construct a business cycle
graph
Determine what factors lead
to growth or a recession
Define unemployment
Calculate the unemployment
rate
List the unemployment rates
for various times in history
Classify the different types of
unemployment, citing
examples
Interpret the effects of
inflation on the economy
Map the districts of the
Federal Reserve System,
citing why the districts are
set up the way they are
Describe how the Federal
Reserve regulates the flow of
money and sets interest
rates
Explain how foreign
exchange rates represent the
market price of one nation’s
currency to another’s
Demonstrate how banks
work
MS
Framework
Economics
E.6
Objectives
1-16
E.7
Objectives
4-8
E.8
Objectives
1-5
MS
Framework
Economics
E.9
Objectives
1-9
−
−
−
4 days
Finals
Define the functions and
characteristics of money
Describe the transition from
the gold standard to the
inconvertible fiat money
system
Research the argument for
bimetallism and explain how
it would affect the price of
money