Elmore County Public Schools
12th Grade Pacing Chart
Economics: Principles in Action
The curriculum guide for Economics is keyed to Economics: Principles in Action, Prentice-Hall, 2005. Teachers, administrators, and supervisors
monitor implementation of the guide, lesson plans, and grade books to provide validation for the teaching of the curriculum. At the suggestion
of classroom teachers, the curriculum guide may be revised by a committee of teachers and is rewritten with each new state course of study.
Scope and Sequence
ALCOS
Chapter
Duration
ALCOS
Chapter
Duration
1
1
Wk.1
2
1
Wk.2
3
2
Wk.3
4
7
Wk.4,5
5
3
6
4,5,6,17
Wk.7,8
12
Wk.6
7
8
9
10
11
7,8,9
Wk.10,11
9,13
Wk.12
3,12,13,14
Wk.13
16
Wk.14
14,15
Wk.15
17,18
Wk.16
What Chapter to Cover Based on the 9 Week System.
Pre and Post Tests are determined by these standards.
1st Nine Weeks
Chapters 1, 2, 3, 4,5,6,7,17
What is Economics
Economic Systems
American Free Enterprise
Demand
Supply
Prices
Market Structures
International Trade
Economics 12th Curriculum Guide
ALCOS 2011
Page 1 of 8
Elmore County Public Schools Summer 2012
Elmore County Public Schools
12th Grade Pacing Chart
Economics: Principles in Action
2nd 9 Weeks
Chapters 3,7,8,9,12,13,14,15,16,17,18
American Free Enterprise
Market Structures
Business Organizations
Labor
GDP and Growth
Economic Challenges
Taxes and Government Spending
Fiscal Policy
Federal Reserve/Monetary Policy
International Trade
Economic Development and Transition
Term 1- Intro. to Economics, Intro. to Microeconomics {Markets}, & International Trade (Chapters. 1,2,3,4,5,6,7,17) - approx. 9 weeks
Standard-Based Questions:
-What is scarcity and how does it force consumers to make decisions in order to meet wants and needs?
-How does costs and benefits factor into decision making models?
-What are the differences in economic systems? -How do different economic systems allocate resources, goods, and services?
-What role does government play in a market based economy?
-How is a country’s standard of living dependant on its ability to produce goods and services?
-How does specialization and voluntary exchange lead to mutually beneficial outcomes?
Standard-Based Conceptual Terms: (Don’t just know the meaning, but describe how that term applies to the study of economics)
scarcity, land, labor, human capital, physical capital, entrepreneurship, opportunity cost, production possibilities curve, trade-offs, marginal
cost, marginal benefit, command economy, market economy, mixed economy, private property, profit motive, consumer sovereignty,
competition, regulation, deregulation, public good, externality, market failure, standard of living, input cost, technology, specialization, voluntary
exchange, law of supply, law of demand, market clearing price, equilibrium, shortage, surplus, incentive
Economics 12th Curriculum Guide
ALCOS 2011
Page 2 of 8
Elmore County Public Schools Summer 2012
Elmore County Public Schools
12th Grade Pacing Chart
Economics: Principles in Action
Term 2: Business and labor, Intro. to Macroeconomics, Government and the Economy (Chapters 3,7,8,9,12,13,14,15,16,17,18)-- approx. 9 wks.
Standard Based Questions:
-What are the different types of business firms? What are ways that business firms compete with one another?
-How does the labor market affect the U.S. economy?
-What methods are used to measure overall economic activity?
-What is the function and role of the United States Federal Reserve?
-How does the government promote price stability, full employment, and economic growth?
-Why do producers and consumers trade goods and services in a global economy?
Standard-Based Conceptual Terms: (Don’t just know the meaning, but describe how that term applies to the study of economics)
sole proprietorship, partnership, corporation, pure competition, monopoly, monopolistic competition, oligopoly, retained earnings, stock,
bonds, price competition, nonprice competition, labor unions, nonprofit organizations, labor force, nonwage benefit, unemployment, inflation,
GDP, CPI, business cycle, monetary policy, central banking, government deficit, national debt, absolute advantage, comparative advantage,
exchange rate, tariff, quota, embargo, subsidy, trade barrier, free trade
Economics 12th Curriculum Guide
ALCOS 2011
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Elmore County Public Schools Summer 2012
Elmore County Public Schools
12th Grade Pacing Chart
Economics: Principles in Action
Quarter
1
Unit/Chapter
Theme
Alabama COS Standards & Objectives
Resources
Chapter 1
1. Explain why productive resources are limited and why individuals, businesses, and
governments have to make choices in order to meet needs and wants.
*Explaining scarcity as a basic condition that exists when unlimited wants exceed limited
productive resources
*Explaining land as an example of a natural resource, labor as an example of a human
resource, capital as examples of physical and human resources, and entrepreneurship to be the
factors of production
*Explaining opportunity cost as the next best alternative to relinquish when individuals,
businesses, and governments confront scarcity by making choices

Chapter 1
2. Explain how rational decision making entails comparing additional costs of alternatives
with additional benefits
*Illustrating on a production possibilities curve how rational decision making involves trade-offs
between two options
*Explaining rational decision making as the comparison between marginal benefits and marginal
costs of an action
Chapter 2
3. Describe different economic systems used to allocate scarce goods and services.
Economics 12th Curriculum Guide
ALCOS 2011
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Elmore County Public Schools
12th Grade Pacing Chart
Economics: Principles in Action
*Defining command, market, and mixed economic systems
*Describing how different economic systems answer the three basic economic questions of what
to produce, how to produce, and for whom to produce
*Evaluating how each type of system addresses private ownership, profit motive, consumer
sovereignty, competition, and government regulation
Chapter 7
4. Describe the role of government in a market economy, including promoting and securing
competition, protecting private property rights, promoting equity, providing public goods and
services, resolving externalities and other market failures, and stabilizing growth in the economy
*Explaining how government regulation and deregulation policies affect consumers and
producers
Chapter 3
5. Explain that a country’s standard of living depends upon its ability to produce goods and
services.
*Explaining productivity as the amount of outputs, or goods and services, produced from inputs,
or factors of production
*Describing how investments in factories, equipment, education, new technology, training, and
health improve economic growth and living standards
Chapter
4,5,6,17
6. Describe how specialization and voluntary exchange between buyers and sellers lead to
mutually beneficial outcomes.
*Illustrating on a circular flow diagram the product market; the factor market; the real flow of
goods and services between and among businesses, households, and government; and the flow of
money
*Constructing examples of specialization and exchange
Economics 12th Curriculum Guide
ALCOS 2011
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Elmore County Public Schools
12th Grade Pacing Chart
Economics: Principles in Action
*Illustrating on a table and a graph the law of supply and the law of demand
*Describing the role of buyers and sellers in determining market clearing price
*Illustrating on a table and graph how supply and demand determine equilibrium price and
quantity
*Illustrating on a graph of supply and demand how price movements eliminate shortages and
surpluses
*Illustrating on a graph how different factors cause changes in a market supply and demand
*Explaining how prices serve as incentives in a market economy
2
Chapter
7,8,9
7. Describe the organization and role of business.
*Comparing forms of business firms, including sole proprietorships, partnerships, and
corporations
*Explaining the role of profit as an incentive, including short-term versus long-run decisions, for
all firms
*Describing basic characteristics of pure competition, monopoly, monopolistic competition, and
oligopoly
*Explaining ways firms finance operations, including retained earnings, stocks, and debt, and the
advantages and disadvantages of each
*Explaining ways firms engage in price and nonprice competition
*Recognizing the role of economic institutions, including labor unions and nonprofit
organizations, in market economies
Chapter 9,13
8. Explain the impact of the labor market on the United States’ economy.
*Identifying regional characteristics of the labor force of the United States, including gender,
race, socioeconomic background, education, age, and regional specialization
Economics 12th Curriculum Guide
ALCOS 2011
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Elmore County Public Schools Summer 2012
Elmore County Public Schools
12th Grade Pacing Chart
Economics: Principles in Action
*Explaining how supply of and demand for labor affect wages
*Describing characteristics that are most likely to increase wages and nonwage benefits,
including skill, productivity, education, occupation, and mobility
*Explaining how unemployment and inflation impose costs on individuals and nations
*Determining the relationship of Alabama and the United States to the global economy
regarding current technological innovations and industries
*Examples: World Wide Web, peanut industry, telecommunications industry, aerospace industry
*Tracing the history of labor unions and the methods of contract negotiation by labor and
management
Chapter
3,12,13,14
9. Describe methods used to measure overall economic activity, including the Gross Domestic
Product (GDP), the Consumer Price Index (CPI), inflation, and unemployment
*Explaining how overall levels of income, employment, and prices are determined by spending
decisions of households, businesses, and government; net exports in the short run; and
production decisions of firms and technology in the long run
*Identifying structural, cyclical, and frictional unemployment
*Describing stages of the business cycle and how employment and inflation change during those
stages
Chapter 16
10. Explain the structure, role, and functions of the United States Federal Reserve System.
*Describing how the United States Federal Reserve System oversees the banking system and
regulates the quantity of money in the economy
*Defining monetary policy
*Describing how the central bank uses its tools of monetary policy to promote price stability, full
employment, and economic growth
Economics 12th Curriculum Guide
ALCOS 2011
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Elmore County Public Schools Summer 2012
Elmore County Public Schools
12th Grade Pacing Chart
Economics: Principles in Action
Chapter
14,15
11. Explain how the government uses fiscal policy to promote the economic goals of price
stability, full employment, and economic growth.
*Defining fiscal policy and the use of taxation and government purchases
*Comparing government deficits and the national debt
Chapter
17,18
12. Explain why individuals, businesses, and governments trade goods and services in the global
economy.
*Defining absolute advantage and comparative advantage
*Explaining how gains from trade, whether between two individuals or two countries, are based
on the principle of comparative advantage
*Defining exchange rates
*Explaining how changes in exchange rates impact purchasing powers of individuals and
businesses
*Explaining tariffs, quotas, embargoes, standards, and subsidies as trade barriers
*Explaining why countries sometimes impose trade barriers and sometimes advocate free trade
Economics 12th Curriculum Guide
ALCOS 2011
Page 8 of 8
Elmore County Public Schools Summer 2012