St. Michael-Albertville High School
Economics(Master)
Teacher: Matthew Rooker
Month
Content
Skills
Assessment
Resources & Technology
September
2010




HOW DOES
ECONOMICS AFFECT
INDIVIDUALS,
HOUSEHOLDS,
BUSINESSES AND
NATIONS?
HOW DOES FREE
MARKET
ECONOMICS
BENEFIT
BUSINESSES,
HOUSEHOLDS AND
INDIVIDUALS?
HOW DOES THE
MACROECONOMY
AFFECT YOU?
WHY DO NATIONS
TRADE AND HOW
ARE YOU AFFECTED
BY INTERNATIONAL
TRADE?
What is Economics?
1.
2.
3.
4.
: Foundations of Economics


What is the fundamental
problem in economics and
how do people attempt to
solve it?
How do the different
5.
Distinguish needs vs.
wants
Evaluate the problem of
scarcity
Describe the factors of
production
Summarize opportunity
cost and trade-offs
Explain how the
production possibilites
curve demonstrates
efficiency, growth, and
opportunity cost
What is Economics?, Economic
Systems, American Free
Enterprise
What is Economics?, Economic Systems,
American Free Enterprise
1.
2.
1.
2.
3.
4.
Parking Lot of
Incentives
Comparative Economic
Systems Activity
Chapter Homework as
assigned by instructor
Section or Chapter
Quizzes
3.
4.
5.
6.
7.
8.
9.
CA = Unit 1 Exam
M.C. and Short Answer Test
Prentice Hall Economics text pages 1 - 74
Capstone: Exemplary Lessons for High
School Economics
Focus: High School Economics
Focus: Economic Systems
Economics and the Environment
Focus: Institutions and Markets
Heritage Foundation Index of Economic
Freedom
Commanding Heights Video Series
(http://www.pbs.org/wgbh/commandinghei
ghts/)
Economics U$A video series
(http://www.learner.org/resources/series79.
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Economics(Master)
Rooker
Month
Content

economic systems attempt
to answer the three
fundamental economic
questions?
How are the key elements
of the free enterprise
system carried out in the
United States' economy?
Unit One Foundation of Economics
What is Economics?
1.
2.
3.
4.
5.
Needs/Wants
Scarcity
Factors of Production
Trade-offs and
Opportunity Cost
Production Possibilities
Economic Systems
1.
2.
3.
4.
5.
Three Key Economic
Questions
Economic Goals
Free Market system
Centrally Planned system
Mixed economic system
Skills
2.
3.
4.
Basic Principles of Free
Market
Consitutional foundations
Role of Government
Public Goods
Assessment
located in Shared Folder
Resources & Technology
html)
Economic Systems
1.
2.
3.
4.
5.
6.
Analyze how a country
answers the three key
economic questions
Summarize the 5 basic
economic goals
Outline the
characteristics of a
market economic system
Outline the
characteristics of a
centrally planned
economic system
Outline the
characteristics of a
mixed economic system
Compare and constrast
the advantages and
disadvantages of each
economic system
American Free Enterprise
1.
American Free Enterprise
1.
St. Michael-Albertville High School
2.
3.
4.
Define the basic
principles of the US free
enterprise system
Trace the connections
between the US
Constitution and the free
enterprise system
Outline the role of
government in the US
economy
Describe public goods
Unit Two Supply, Demand, Pricing and Market
Structures
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Economics(Master)
Rooker
Month
Content
St. Michael-Albertville High School
Skills
Assessment
Resources & Technology
1.
2.
Unit Two: Demand, Supply,
Pricing and Market Structures
1.
2.
3.
Unit Two: Demand, Supply,
Pricing and Market Structures
Demand
UEQ: Demand, Supply, Pricing and
Market Structures




What is demand and what
are the market forces that
influence and determine
demand?
What is supply and what
are the market forces that
influence and determine
supply?
What role does price play
in the interaction of supply
and demand?
What are the
characteristics of
competition within
different competitive
markets?
1.
2.
3.
4.
5.
6.
7.
8.
Demand
Define Demand
Explain the law of
demand
Illustrate the difference
between quantity
demanded and demand
Produce a demand curve
Explain how demand is
effected by the
substitution and income
effect
Produce a demand
schedule and compare it
to a market demand
schedule
Summarize the factors
that affect changes in
demand
Explain elasticity of
demand
Market for Silver
Frisbee Market
How Markets Allocate
Resources (Changes in
Supply and Demand)
3.
4.
5.
6.
7.
Prentice Hall Economics text pages 84 - 187
Capstone: Exemplary Lessons for High
School Economics
Focus: High School Economics
Focus: Economic Systems
Economics and the Environment
Focus: Institutions and Markets
Economics U$A video series
(http://www.learner.org/resources/series79.
html)
CA = Unit 2 Exam
M.C. and Short Answer Test
located in Shared Folder
Supply
1.
2.
Demand
Law of Demand
1.
2.
Define Supply
Explain the law of
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Economics(Master)
Rooker
Month
Content
3.
4.
5.
6.
7.
8.
9.
Quantity Demanded
Demand Curve
Substitution Effect
Income Effect
Demand Scheduule
Factors that Affect
Demand changes
Elasticity of Demand
Skills
3.
4.
5.
6.
7.
Supply
8.
1.
2.
3.
4.
5.
6.
7.
8.
Supply
Law of Supply
Quantity Supplied
Supply Schedule
Supply Curve
Elasticity of Supply
Costs of Production
Factors that Affect Supply
changes
Prices
Equilibrium
Disequilibrium
Shortage
Surplus
Price Ceiling
Price Floor
Role of Prices in Free
Markets
Market Structures
1.
2.
3.
Perfect Competition
Monopolistic Competition
Oligopoly
Assessment
Resources & Technology
supply
Illustrate the difference
between quantity
supplied and supply
Produce a supply curve
Produce a market supply
schedule
Explain elasticity of
supply
Outline the costs of
production
Summarize the factors
that affect changes in
supply
Prices
1.
2.
3.
4.
5.
6.
1.
2.
3.
4.
5.
6.
7.
St. Michael-Albertville High School
7.
Explain equilibrium
Illustrate equilibrium,
disequilibrium
Define shortage
Define surplus
Illustrate shortage and
surplus
Compare and contrast
price ceiling and price
floor
Examine the role of
prices in free markets
Market Structures
1.
2.
3.
Outline the
characteristics of the
four market structures
Compare and contrast
the competitive
differences between the
market structures
Evaluate the importance
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Economics(Master)
Rooker
Month
Content
4.
Monopoly

What are the
characteristics of the basic
business organizations
and what role do they play
in the US economy?
How has the work force
changed and what role
does organized labor play
in the US labor market?
St. Michael-Albertville High School
Skills
Assessment
Resources & Technology
of competition
October
2010

Business Structures
Business Structures
1.
2.
3.
4.
5.
6.
7.
8.
9.
Sole Proprietorship
Liability
Partnership
Franchise
Corporation
Stock
Bond
Merger
Multinational
Labor Market
1.
2.
3.
4.
5.
6.
Labor Force
Offshoring
Outsourcing
Equilibrium Wage
Labor Skill Levels
Labor Union
1.
2.
3.
4.
5.
Explain the
characteristics of sole
proprietorships,
partnerships, and
corporations.
Summarize liability
within the different
business structures.
Comparea and contrast
the advantages and
disadvantages of the
different business
structures.
Distinguish stocks and
bonds.
Summarize mergers as
they relate to business
organizations.
Business Structures and Labor
Market
Business Structures and Labor Market
1.
2.
1.
2.
3.
Is Wal-Mart Good for
America? video
questions
Chapter homeowrk as
assigned by instructor
Section quizzes
CA= Unit 3 Quiz
M.C. and Short Answer Quiz
located in Shared Folder
Prentice Hall Economics text pages 189-246
Capstone: Exemplary Lessons for High
School Economics
3. Focus: High School Economics
4. Focus: Economic Systems
5. Economics and the Environment
6. Focus: Institutions and Markets
7. US Bureau of Labor Stastitics
(www.bls.gov)
8. Economics U$A video series
(http://www.learner.org/resources/series79.
html)
9. Teamster's Union Video
10. Frontline video: Is Wal-Mart Good for
America?
Labor Market
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Economics(Master)
Rooker
Month
Content
7.
Collective Bargaining
Skills
1.
2.
3.
4.
5.
6.
UEQ: Money, Banking and
Financial Markets



7.
8.
Assessment
How does money serve the
needs of society?
How do financial
institutions serve our
needs?
How do financial markets
work in the US?
Money
Uses
Characteristics
Sources of Value
Money Supply
Liquidity
Fractional Reserve
Banking
Functions of Financial
Institutions
Resources & Technology
Describe the labor force.
Summarize the effect of
outsourcing and
offshoring on the US
labor force.
Explain how the labor
market sets wages.
Interpret trends in wages
and benefits for US
workers based on skill
level.
Describe the role of
labor unions in the US.
Analyze reasons for the
decline of labor unions.
Explain how labor and
management negotiate
labor contracts.
Money and Banking & Financial Markets
1.
2.
Money and Banking &
Financial Markets
Money and Banking
1.
2.
3.
4.
5.
6.
7.
St. Michael-Albertville High School
1.
2.
Money and Banking
1.
2.
Describe the uses and
characteristics of money.
Explain the sources of
money's value.
3.
Is Wal-Mart Good for
America? video
questions
Chapter homeowrk as
assigned by instructor
Section quizzes
3.
4.
5.
6.
7.
Prentice hall Economics text pages 248-303
Capstone: Exemplary Lessons for High
School Economics
Focus: High School Economics
Focus: Economic Systems
Economics and the Environment
Focus: Institutions and Markets
Economics U$A video series
(http://www.learner.org/resources/series79.
html)
CA= Unit 4 Quiz
M.C. and Short Answer Quiz
located in Shared Folder
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Economics(Master)
Rooker
Month
Content
Skills
3.
4.
Financial Markets
1.
2.
3.
4.
5.
6.
7.
Investment
Financial Asset
Financial Intermediary
Risk
Stock Exchange
Stock
Bond
5.
6.
St. Michael-Albertville High School
Assessment
Resources & Technology
Define the money
supply.
Explain why the
government tracks the
money supply and
understand how liquidity
ties into the money
supply.
Illustrate the fractional
reserve banking system.
Summarize the functions
of financial institutions.
Financial Markets
1.
2.
3.
4.
5.
6.
Explain what an
investment is and how it
benefits investors and
the economy.
Describe a financial
asset.
Describe the role of a
financial intermediary.
Analyze how risk affects
investor and the
investments they choose.
Explain what a stock
market is and how it
relates to investment in
the economy.
Compare stocks to
bonds.
November
2010


How do economists
measure a nation's
economic health?
What economic challenges
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Economics(Master)
Rooker
Month
Content



do economies face within a
typical business cycle?
How does government
meet its needs through
taxation?
How does the federal
government use fiscal
policy to influence the
economy?
How does the US Federal
Reserve use monetary
policy to influence the
economy?
Gross Domestic Product
1.
2.
3.
4.
5.
Gross Domestic Product
(GDP)
Price Level
Aggregate Supply and
Demand
Business Cycle
Factors that influence the
business cycle
St. Michael-Albertville High School
Skills
Gross Domestic Product
1.
2.
3.
4.
5.
Define gross domestic
product
Describe the price level
within the economy
Illustrate how price level
and GDP are used to
graph aggregate supply
and aggregate demand
Illustrate the business
cycle
Link the factors that
influence the business
cycle to recent changes
in the business cycle
Assessment
Macroeconomy: Gross
Domestic Product and
Economic Challenges
Resources & Technology
Macroeconomy: Gross Domestic Product and
Economic Challenges
1.
1.
2.
Chapter Homework as
assigned by instructor
Section or Chapter
Quizzes
CA = Unit 4 Exam
M.C. and Short Answer Test
located in Shared Folder
2.
3.
4.
5.
6.
7.
Prentice Hall Economics text pages 305 443
Capstone: Exemplary Lessons for High
School Economics
Focus: High School Economics
Focus: Economic Systems
Economics and the Environment
Focus: Institutions and Markets
Economics U$A video series
(http://www.learner.org/resources/series79.
html)
Economic Challenges
Economic Challenges
1.
2.
3.
4.
5.
6.
7.
8.
9.
Unemployment
Types of Unemployment
Full Employment
Unemployment Rate
Inflation
Price Index
Inflation Rate
Causes of Inflation
Poverty Rate
1.
2.
3.
4.
Define Unemployment
Compare and contrast
the types of
unemployment
Define full employment
and explain why full
employment is not the
same as zero
unemployment
Define the
unemployment rate
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Economics(Master)
Rooker
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Content
10. Poverty Threshold
Skills
5.
6.
7.
8.
Taxes and Government Spending
1.
2.
3.
4.
5.
6.
7.
Tax Structures
Types of Taxes
Tax Withholding
Tax Return
Mandatory Spending
Discretionary Spending
Entitlements
Fiscal Policy
1.
2.
3.
4.
5.
6.
7.
Fiscal Policy
Federal Budget
Classical Economics
Keynesian Economics
Supply-side Economics
Budget Balancing
National Debt
9.
Assessment
Resources & Technology
Macroeconomy: Taxes and
Governemnt Spending, Fiscal
and Monetary Policy
1.
2.
Chapter Homework as
assigned by instructor
Section or Chapter
Quizzes
CA= Student Presentations on
the Macroeconomy
Location - Shared Folder
Fiscal Policy
3.
The FED and Monetary Policy
Federal Reserve System
Monetary Policy
Explain inflation
Outline how the inflation
rate is calculated using a
price index
Compare and contrast
the causes of inflation
Define poverty and the
poverty rate
Evaluate the poverty
threshold
Taxes and Government
Spending
Define tax structures
Compare and contrast the
different types of taxes
Explain tax withholding
Summarize tax return and
understand the role of tax returns
in the income tax system
Distinguish between mandatory
and discretionary spending
Outline the entitlement programs
in the US
1.
2.
1.
2.
St. Michael-Albertville High School
4.
Define fiscal policy
Compare and contrast
contractionary and
expansionary fiscal
policy
Distinguish the
differences between
Classical, Keynesian,
and supply-side
economics
Summarize the current
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Economics(Master)
Rooker
Month
Content
3.
4.
5.
6.
7.
8.
Federal Reserve Functions
Reserve Requirements
Discount Rate
Open Market Operations
Federal Funds Rate
Money Creation
St. Michael-Albertville High School
Skills
5.
Assessment
Resources & Technology
budget balancing
situation within the US
Government
Distinguish between
budget deficit and
national debt
The FED and Monetary Policy
1.
2.
3.
UEQ: International Economics
4.



Why do nations trade?
What factors influence
international trade?
What barriers exist to
economic development and
how do LDC's overcome
those barriers?
5.
6.
International Trade
1.
2.
3.
4.
Absolute Advantage
Comparative Advantage
Trade Barriers
Trade Agreements
7.
Describe the Federal
Reserve System
Summarize Monetary
Policy
Distinguish between
tight money policy and
easy money policy
Outline the functions of
the Federal Reserve
Compare and contrast
the tools of monetary
policy: reserve
requirements, discount
rate, and open market
operations
Define the federal funds
rate
Illustrate the process of
money creation in the
United States banking
system
International Trade & Develpment and Globalization
International Trade &
Develpment and Globalization
1.
2.
Prentice hall Economics text pages 446 - 494
Capstone: Exemplary Lessons for High School
Economics
Focus: High School Economics
Focus: International Economics
Focus: Institutions and Markets
Economics U$A video series
(http://www.learner.org/resources/series79.html)
Chapter Homework as
assigned by instructor
Section or Chapter
Quizzes
Development and Globalization
1.
2.
Stages of Development
Barriers to Development
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Economics(Master)
Rooker
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3.
Assessment
Resources & Technology
Financing Development
UEQ: Personal Finance and
Budgeting

Skills
St. Michael-Albertville High School
How does economics fit
into individuals' personal
financial situations?
International Trade
Compare and contrast absolute
and comparative advantage
Conclude why nations trade
based on comparative advantage
Outline trade barriers and
summarize their impact on trade
Explain how trade agreements
affect trade
CA = Personal Finance and
Budgeting
Consumer Scrapbook Project
Location - Shared folder
Development and Globalization
1.
2.
3.
Outline the stages of
development used to
categorize countries
Identify barriers to
development for
countries
Summarize how
developing nations
finance development
Personal Finance and
Budgeting
Create a Budget
Investigate costs for personal
budget
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