Goose Creek
Consolidated
Independent
School District
Grade 12 Economics
Unit 1: Fundamental Economic Concepts
Time: 3 Weeks
Hook ideas here!
Universal
Generalizations
Scarcity forces people to
make choices.
Social Studies Pacing Guide
Developed 2009
Line ideas here!
Unit Understandings
Because productive
resources are limited, people
(and societies) must choose
which goods and services
they will produce.
Sinker ideas here!
Student-Friendly TEKS
I can explain why scarcity and choice
are basic problems of economics (5A)
I can draw a production possibilities
curve and explain how it illustrates both
scarcity and opportunity cost (5B)
I can create and use production
possibilities curves show efficiency,
growth and cost. (23B)
I can use the circular flow model to how
the various parts of an economy
connect and interact. (23B)
Different societies are
organized in different
ways.
Different economic systems
organize the production and
distribution of goods and
services in different ways,
based on societal values.
I can describe and give examples of
tradition, command and market
economic systems. (10A)
I can describe how a society’s values
have an effect on its economic
goals.(21A)
I can explain why different societies
have different answers to the economic
questions.(21B)
Topics/Content
Unit Questions
Resources
Scarcity
Factors of Production
Choice and Opportunity Cost
Production Possibilities
Frontier
Circular Flow Model
vocabulary:
mergers, scarcity; factors of
production; opportunity cost;
production possibilities
frontier; circular flow model;
households, business, land;
labor, capital;
entrepreneurship; tradeoffs,
bonds, unlimited liability,
franchise
Why can’t we have all the
things we want? How do
we cope with this problem?
Economics Principles and Practice
(Glencoe)

Text Chapter 1

Focus: High School
Economics - Lesson 1: Choice,
Opportunity Cost and
Decisions (Virtual Economics)
Economic Questions
Economic Values
Economic Goals
Economic Systems
Does a society’s culture
affect its economic
decisions?
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Text Chapter 1 Sect. 1
Text Chapter 2 Sects. 1&2
Focus: High School
Economics -Lesson 2: Who
Decides? (Virtual Economics)
Which is most important to
the success of the
American economy,
freedom or order?
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
Text Chapter 1 Sect. 2
Text Chapter 2 Sects. 2&3
Master Curriculum Guide:
Economics and
Entrepreneurship – Lesson 17:
Economics and Government
Intervention (Virtual
Economics)
vocabulary:
tradition, command, and
market economies; economic
stability; economic growth;
economic equity; charitable
giving
I can the role of charitable giving in a
free enterprise economy. (1A)
Even free societies need
some regulation to
preserve order and
prevent chaos.
American producers and
consumers are free to make
economic decisions within an
orderly system regulated by
government.
I can name and explain the beliefs that
are important to the U.S. free
enterprise system. (4A)
The American Free
Enterprise System
vocabulary:
free enterprise; profit;
voluntary exchange;
private property;
competition
I can explain the benefits of the U.S.
free enterprise system. (4B)
I can use the circular flow model to
explain how the U.S. economy works.
(6A)
I can explain the role of government in
the U.S. economy. 15A)
Goose Creek Consolidated ISD 2009
1
Goose Creek
Consolidated
Independent
School District
Grade 12 Economics
Unit 2: Microeconomics (Demand, Supply and Price)
Time: 2 Weeks
Hook ideas here!
Universal
Generalizations
People try to use their
resources to the best
advantage.
Social Studies Pacing Guide
Developed 2009
Line ideas here!
Sinker ideas here!
Unit Understandings
Generally, consumers are
willing to buy more of an item
at a low price than a high
price.
Student-Friendly TEKS
Topics/Content
I can use a demand schedule to create
a demand graph. (7B, 23B)
Law of Demand
Graphing Demand
Change in Quantity
Demanded
Demand Elasticity/Inelasticity
I can read and explain a demand curve.
(7B, 23B)
I can use a demand graph to show how
changes in price cause changes in the
amount consumers are willing to buy.
(7B, 23B)
I can use demand graphs to explain
why a change in price does not affect
the demand for all products in the same
way. (7B, 23B)
Unit Questions
How much does price
matter to consumers?
Resources
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vocabulary:
demand; quantity demanded;
law of demand; demand
curve: elasticity of demand;
inelasticity of demand;
inverse relationship
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
People try to use their
resources to the best
advantage.
Generally, producers are
willing to sell more of an item
at a high price than a low
price.
I can use a supply schedule to create a
supply graph. (7B, 23B)
I can read and explain a supply graph.
(7B, 23B)
vocabulary:
supply; quantity supplied; law
of supply; supply curve:
elasticity of supply;
inelasticity of supply; direct
relationship
I can use a supply graph to show how
changes in price cause changes in the
amount producers are willing to
produce. (7B, 23B)
I can use supply graphs to explain why
a change in price does not affect the
supply of all products in the same way.
(7B, 23B)
Goose Creek Consolidated ISD 2009
Law of Supply
Graphing Supply
Supply Elasticity/Inelasticity
Change in supply
Change in quantity supplied
2
How much does price
matter to producers?
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Text, Chapter 4
Mathematics & Economics:
Connections for Life - 9-12 –
Lesson 1: The Nature of
Demand (Virtual Economics)
Entrepreneurship in the U.S.
Economy: Teacher Resource
Manual – Lesson 10: The
Nature of Consumer Demand
(Virtual Economics)
Master Curriculum Guide:
Economics and
Entrepreneurship –Lesson 9:
How Much Are Consumers
Willing to Pay? (Virtual
Economics)
Focus: High School
Economics – Lesson 7: Price
Changes Matter (Virtual
Economics)
Text, Chapter 5
Mathematics & Economics:
Connections for Life - 9-12 –
Lesson 2: The Nature of
Supply (Virtual Economics)
Master Curriculum Guide:
Economics and
Entrepreneurship –Lesson 10:
How Much Should I Produce?
(Supply) (Virtual Economics)
Entrepreneurship in the U.S.
Economy: Teacher Resource
Manual – Lesson 13: What
Causes Entrepreneurs to
Change the Quantity of goods
and Services Offered for Sale?
(Virtual Economics)
Systems naturally seek
balance.
In any free market, prices are
set by the interaction of
producers and consumers.
I can draw a single graph to show how
supply and demand interact to
determine price. (7B, 23B)
Markets
Graphing Equilibrium
Surplus and Shortage
I can use a supply and demand graph
to show the positive and negative
results of government regulations on
market prices. (7B, 15B, 23B)
vocabulary:
equilibrium price; surplus;
shortage; price ceilings;
price floors;
How are the prices of
goods and services
determined?
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Systems adapt to
change.
Changes in demand or
supply will cause prices to
change.
I can explain the reasons for changes
in demand. (7A)
Change in Demand
Change in Supply
Changes in Equilibrium
Determinants of
demand/supply
I can draw and explain a graph that
shows how changes in demand affect
price. (7B)
vocabulary:
Change in demand; Change
in Supply; Changes in
Equilibrium; Determinants of
demand; Determinants of
supply
I can explain the reasons for changes
in supply. (7A)
I can draw and explain a graph that
shows how changes in supply affect
price. (7B)
Goose Creek Consolidated ISD 2009
3
Why do prices change?
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
Text, Chapter 6
Capstone: Exemplary Lessons
for High School Economics –
Teacher’s Guide – Unit 2,
Lesson 10: Equilibrium Prices
and Equilibrium Quantities
(Virtual Economics)
Capstone: Exemplary Lessons
for High School Economics –
Teacher’s Guide – Unit 2,
Lesson 14: Price Ceilings and
Floors (Virtual Economics)
Focus: High School
Economics – Lesson 6: Price
Controls – Too High or Too
Low (Virtual Economics)
Entrepreneurship in the U.S.
Economy: Teacher Resource
Manual – Lesson 14:
Entrepreneurs and Equilibrium
(Virtual Economics)
United States History: Eyes on
the Economy – Lesson 3: The
Hula Hoop Market of 1958
(Virtual Economics)
Master Curriculum Guide:
Economics and
Entrepreneurship – Lesson 11:
What’s the Right Price?
(Virtual Economics)
Text, Chapter 4
Text, Chapter 5
Text, Chapter 6
Entrepreneurship in the U.S.
Economy: Teacher Resource
Manual – Lesson 11: What
Causes Changes in Consumer
Demand (Virtual Economics)
Goose Creek
Consolidated
Independent
School District
Grade 12 Economics
Unit 3: Business Organizations
Time: 1 ½ Weeks
Hook ideas here!
Universal
Generalizations
People choose forms of
organization that help
them meet their needs.
Social Studies Pacing Guide
Developed 2009
Line ideas here!
Sinker ideas here!
Unit Understandings
Student-Friendly TEKS
Entrepreneurs choose the
form of business organization
most likely to bring the
greatest profit at the lowest
risk.
Topics/Content
I can show how the free enterprise
system grants both rights and
responsibilities to businesses. (2A)

I can explain the characteristics of each
of the three forms of business
organization. (9A)


The extent to which a product
successfully competes with
others is influenced by its
uniqueness and the number
of competitors.
I can describe and give examples of
each of the forms of competition. (9C)
Role of Competition
Forms and Types of
Competition
Business Combinations
Role of Government in
Regulating Business
vocabulary:
competition; pure
competition; monopolistic
competition; oligopoly;
monopoly; trust
Goose Creek Consolidated ISD 2009
Why do some businesses
succeed and others fail?
4
Resources
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

vocabulary:
sole proprietorship;
partnership; corporation;
stock; franchise; limited
liability; unlimited life
I can evaluate each of the three forms
of business organization in terms of
their advantages and disadvantages.
(9B)
The most successful
competitors tend to be
the most attractive or
have the fewest
competitors.
Risks and Rewards of
Starting a Business
Forms of Business
Organization
Types of Bankruptcy
Unit Questions

Why do some products
succeed and others fail?
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

Text, Chapter 3
Master Curriculum Guide:
Economics and
Entrepreneurship – Lesson 13:
What Type of Business Should
I Start? (Virtual Economics)
Master Curriculum Guide:
Economics and
Entrepreneurship – Lesson 12:
Profits and Entrepreneurship
(Virtual Economics)
Focus: Institutions and
Markets – Lesson 3: Business
Organizations (Virtual
Economics)
Text, Chapter 7 Sect. 1
Focus: High School
Economics – Lesson 14:
When There Isn’t Pure
Competition (Virtual
Economics)
Master Curriculum Guide:
Economics and
Entrepreneurship – Lesson 15:
Competitive Markets (Virtual
Economics)
Goose Creek
Consolidated
Independent
School District
Grade 12 Economics
Macroeconomic Policies (GDP, Business Cycle, Inflation and
Unit 4:
Unemployment)
Time: 2 - 3 Weeks
Hook ideas here!
Universal
Generalizations
Data collected over time
can show patterns.
Line ideas here!
Social Studies Pacing Guide
Developed 2009
Sinker ideas here!
Unit Understandings
Student-Friendly TEKS
The business cycle reflects
changes in the overall level of
economic activity.
Topics/Content
I can show how the business cycle
measures economic growth, stability,
and full employment. (16B)
GDP: Real vs. Nominal
Aggregate Demand
Aggregate Supply
Business Cycle
Economic Indicators
I can use economic indicators to show
the different phases of the business
cycle. (23F)
Unit Questions
Are their predictable
patterns in the economy?
vocabulary:
expansion, peak, contraction,
trough, recession, depression
I can explain the relationship between
historical events and business cycles.
(19C)
Resources
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Changes in one area
often create changes in
other areas.
Fluctuations in the stability of
the national economy can
enhance or threaten the
achievement of stable prices
and full employment.
I can explain why maintaining
economic stability is important. (16A)
Inflation
Full Employment
Unemployment
I can use a formula to calculate the rate
of inflation. (16B, 23G)
I can distinguish between full
employment, underemployment, and
unemployment. (16B)
I can use a formula to determine the
unemployment rate. (23G)
Goose Creek Consolidated ISD 2009
5
vocabulary:
types of unemployment:
cyclical, frictional, seasonal,
structural; consumer price
index, cost push, demand pull
Is it important for us to be
able to recognize and
predict patterns in the
economy?
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
Text, Chapter 13
Text, Chapter 14 Sect. 1
Capstone: Exemplary Lessons
for High School Economics –
Unit 6, Lesson 38: Aggregate
Demand and Aggregate
Supply (Virtual Economics)
Focus: High School
Economics – Lesson 18:
Economic Ups and Downs
(Virtual Economics)
Entrepreneurship in the U.S.
Economy – Lesson 33:
Changing Economic
Conditions Affect
Entrepreneurs (Virtual
Economics)
Text, Chapter 14 Sects. 2&3
Economics in Action: 14
Greatest Hits for Teaching
High School Economics –
Lesson 11: Money and
Inflation (Virtual Economics)
Goose Creek
Consolidated
Independent
School District
Grade 12 Economics
Macroeconomics (Labor Movement, Taxing and Spending/Fiscal
Unit 5:
Policy)
Time: 2 -3 Weeks
Hook ideas here!
Universal
Generalizations
Everyone’s interest is
served when people
share the cost of meeting
common needs.
Line ideas here!
Developed 2009
Sinker ideas here!
Unit Understandings
Student-Friendly TEKS
Taxes help finance the
operation of government as
well as government programs
and public services.
Topics/Content
I can describe the various types of
taxes at various levels of government.
(17A)
The Role of Taxation
Theories of Taxation
Types of Taxes
Government Programs and
Public Services
I can explain how taxes are collected
and spent at various levels of
government. (17B)
Spending increases or
decreases based on the
amount of money people
have.
Social Studies Pacing Guide
Government spending and
taxation can work to stabilize
the economy by influencing
the amount of money
consumers have to spend.
Unit Questions
Resources
Are taxes really
necessary?
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
Text, Chapter 9
Text, Chapter 10
To what extent do
government decisions
about taxation and
government spending
influence the state of the
economy?


Text, Chapter 10
Capstone: Exemplary Lessons
for High School Economics Teacher's Guide – Lesson 35:
Fiscal Policy: A Two Act Play
(Virtual Economics)
Is fiscal policy an effective
tool for stabilizing the
economy?
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Text, Chapter 10
Internet updates
National Debt Clock
Capstone: Exemplary Lessons
for High School Economics Teacher's Guide – Lesson 35:
Fiscal Policy: A Two Act Play
(Virtual Economics)
vocabulary:
tax, revenue, income tax,
property tax, proportional tax,
progressive tax, regressive
tax, entitlement programs,
mandatory spending,
discretionary spending
I can explain how government
decisions to change levels of taxation
or government spending affect the
economy. (6B, 17C)
Fiscal Policy as a
Stabilization Tool
Expansionary Fiscal Policy
Contractionary Fiscal Policy
Limitations of Fiscal Policy
vocabulary:
Keynesian Model, Classical
Model, Supply Side Model,
federal budget
Decisions often have
unintended
consequences.
Fiscal policy has long term
consequences that can be
positive or negative.
(17C) analyze the impact of fiscal
policy decisions on the economy.
Budget Deficits and the
National Debt
vocabulary:
balanced budget, budget
surplus, budget deficit,
national debt, crowding out
effect
Goose Creek Consolidated ISD 2009
6
There is power in
numbers.
Labor unions have attempted
to improve the working
conditions of their members
through joint action.
Goose Creek Consolidated ISD 2009
I can explain the history of the labor
movement in the United States. (19B)
Labor Movement and Unions
Vocabulary:
Types of unions
Types of labor
Pickett
Strike
Boycott
Labor force
Lock out
Right to work laws
Grievance
Mediation
Arbitration
Samuel Gompers
Cesar Chavez
7
To what extent do
government decisions
about taxation and
government spending
influence the state of the
economy?

Text, Chapter 8
Goose Creek
Consolidated
Independent
School District
Grade 12 Economics
Unit 6: Money, Banking, Savings and Investment
Time: 2 Weeks
Hook ideas here!
Universal
Generalizations
Institutions evolve to help
individuals and groups
accomplish their goals.
When regulation is
needed, it is best carried
out by an impartial
referee.
Social Studies Pacing Guide
Developed 2009
Line ideas here!
Sinker ideas here!
Unit Understandings
Student-Friendly TEKS
Banks provide opportunities
to help consumers to manage
their money, borrow, save,
and invest.
As an institution relatively
free from government control,
The Fed is a central bank
designed to control the
nation’s banks and monetary
system.
Topics/Content
I can explain the positive and negative
consequences of the use of credit
cards. (1A, 1B)
I can explain the functions of banks and
other financial institutions. (8A)
I can explain how decisions made by
banks and other financial institutions
impact individuals and businesses. (8B)
I can open and manage a checking and
savings account. (11A)
I can describe various types of loans
available to consumers. (11A)
I can explain how to obtain the lowest
available interest rates on a loan. (11A)

I can explain why the Federal Reserve
System was formed and how it
functions today. (8A, 18A)
Structure and Function of the
Federal Reserve System
Types and Functions of
Money
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Understanding interest,
avoiding and eliminating
credit card debt
The types of bank
accounts available to
consumers and the
benefits of maintaining a
bank account
Balancing a check book
The types of loans
available to consumers
and becoming a low-risk
borrower
Unit Questions
Resources
Are the services that banks
offer to consumers worth
the cost?


Text, Chapter 11 Sect. 3
TEA Approved Materials for
Personal financial Literacy –
NEFE Workbook
What is money and who
controls it?

Text, Chapter 11
Are the risks of savings
and investment worth the
rewards?
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
Text, Chapter 12
Internet updates
I can describe the types and functions
of money. (18A)
vocabulary:
banker’s bank, lender of last
resort
A penny saved is a
penny earned.
Savings and investments
have various risks and
rewards.
Goose Creek Consolidated ISD 2009
I can determine the risks and rewards
of savings and investing such as stocks
and bond markets. (11B, C)
8
Investing and Saving
vocabulary:
stocks
bonds
mutual funds
CD
Real estate
Risk/reward
Goose Creek
Consolidated
Independent
School District
Grade 12 Economics
Unit 7: Comparing of Monetary and Fiscal Policy
Time: 1 Week
Hook ideas here!
Universal
Generalizations
Spending increases or
decreases based on the
amount of money people
have.
Social Studies Pacing Guide
Developed 2009
Line ideas here!
Sinker ideas here!
Unit Understandings
Student-Friendly TEKS
Government spending and
taxation can work to stabilize
the economy by influencing
the amount of money
consumers have to spend.
Topics/Content
I can explain how government
decisions to change levels of taxation
or government spending affect the
economy. (6B, 17C)
Fiscal Policy as a
Stabilization Tool
Expansionary Fiscal Policy
Contractionary Fiscal Policy
Limitations of Fiscal Policy
Unit Questions
Resources
To what extent do
government decisions
about taxation and
government spending
influence the state of the
economy?

Text, Chapter 10
To what extent can
controlling the money
supply have an impact on
the business cycle?

Text, Chapter 15
Vocabulary:
Keynesian Model, Classical
Model, Supply Side Model,
federal budget
Spending increases or
decreases based on the
amount of money people
have.
In exerting control over the
nation’s money supply, the
Fed attempts to stabilize the
economy by influencing its
rate of growth.
I can explain how each of the tools of
monetary policy affects the money
supply. (18B)
I can explain how the Fed’s tight money
or easy money policies impact the
circular flow model. (6B)
Money creation Process
Tools of Monetary Policy

Reserve Requirement

Discount Rate

Open Market Operations
Strengths and Weaknesses
of Monetary Policy
Vocabulary:
Money multiplier, excess
reserves, interest rate, tight
money, easy money

Goose Creek Consolidated ISD 2009
9
Goose Creek
Consolidated
Independent
School District
Grade 12 Economics
Unit 8: International Trade/Global Economies
Time: 1 – 2 Weeks
Hook ideas here!
Universal
Generalizations
Specialization leads to
greater efficiency.
Social Studies Pacing Guide
Developed 2009
Line ideas here!
Sinker ideas here!
Unit Understandings
Student-Friendly TEKS
Specialization and trade
benefit nations by allowing
them to use their resources
more efficiently.
Topics/Content
I can explain what happens when
economic resources are not distributed
equally. (12A, 12B)
I can explain the benefits of trade.
(13A)
The Benefits of Trade
Unit Questions
Who benefits from trade?
vocabulary:
absolute advantage;
comparative advantage;
specialization; efficiency;
import; export
Resources
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I can explain the advantage that some
countries have over others in a trading
situation. (13B)

What benefits the group
as a whole may not
benefit some individuals.
Despite the economic
benefits of free trade, there
are still those who seek to
restrict trade.
Barriers to Trade
I can compare the effects of free trade
and trade barriers on economic
activities. (14A)
Systems naturally seek
balance.
The forces of supply and
demand influence
international markets in much
the same way as they do
domestic markets.
Goose Creek Consolidated ISD 2009
Does everyone benefit
from free trade?
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
Text, Chapter 17 Sect. 2
Focus: International
Economics – Lesson 8: Trade
Barriers; Lesson 9: Ripples:
Trade Barriers and Unintended
Consequences; Lesson 10:
What Happens When Imports
Are Banned? (Virtual
Economics)
Do the forces of supply
and demand work the
same way in international
markets as they do at
home?

Text, Chapter 17 Sect. 3
vocabulary:
protectionism; tariffs; free
trade; duties; quotas; trade
agreements
I can explain how free trade
agreements have advantages and
disadvantages. (14B)
Balance of Trade
I can describe the factors influencing
exchange rates. (13D)
I can explain how exchange rates for
money affect our balance of trade.
(13D)
I can explain what happens when the
U.S. imports more than it exports and
vice versa. (13C)
vocabulary:
exchange rates; balance of
trade; balance of payments;
trading partner
10
Text, Chapter 17 Sect. 1
Focus: International
Economics – Lesson 2: Why
People and Nations Trade
(Virtual Economics)
Capstone: Exemplary Lessons
for High School Economics Teacher's Guide – Lesson 41:
Why People Trade:
Comparative Advantage
(Virtual Economics)
Focus: International
Economics – Lesson 3: Trade
and Specialization (Virtual
Economics)
Goose Creek
Consolidated
Independent
School District
Grade 12 Economics
Unit 9: Personal Finance
Time: 1 – 2 Weeks
Hook ideas here!
Universal
Generalizations
Good information
promotes good decision
making.
Social Studies Pacing Guide
Developed 2009
Line ideas here!
Sinker ideas here!
Unit Understandings
Student-Friendly TEKS
While buying a home is often
complicated and expensive,
the benefits typically
outweigh the costs.
Topics/Content
I can describe the rights and
responsibilities associated with renting
or buying a home. (1A, 1B)
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
I can sequence the steps that must be
taken to move from renting to owning a
home.(11A)
Rights and
responsibilities of renting
or buying a home
Managing money to
make the transition from
renting a home to home
ownership
Unit Questions
At what point does owning
a home become more
advantageous than
renting?
Resources

TEA Approved Materials for
Personal financial Literacy –
NEFE Workbook

TEA Approved Materials for
Personal financial Literacy –
NEFE Workbook
vocabulary:
mortgage; credit rating; real
estate, lease
People seek to reduce
personal risk.
Different types of insurance
have been developed to
manage different kinds of
risk.
Goose Creek Consolidated ISD 2009
I can distinguish between whole-life
and term life insurance. (11A)

I can describe the types of insurance
needed as a renter car owner. (11A)
vocabulary:
risk; liability; term life; whole
life;
11
Understanding
insurance
How can people know
when they need insurance
and what kind they need?