Economics Pacing Guide (Proposed) (Bibb County Schools)
148 Actual Uninterrupted Instructional Days
Unit and
Elaborated Unit
Focus
Unit 1: Connecting
Themes in Economics
This unit focuses to
introduce students to
the FOUR themes that
feature prominently in
the Principles of
Economics course.
Activities will focus on
how people gain from
trade, the role of
incentives, the costs
and benefits of
interdependency, and
how the condition of
scarcity effects all
individuals, firms, and
nations. By the end of
the unit students
should demonstrate
that they are
comfortable with the
enduring
understandings and
can apply them to
practical, everyday
situations.
Standards
First Nine Week Pre-Assessment - 8/4/2015
Items to be
taught during
Unit
Examples to teach
Days
Themes of the
Course:
• Gain From Trade
• Incentives
• Interdependency
• Scarcity
These will be taught throughout
the course. During Unit I,
students should define and then
be able to give examples for each
of the Course Themes.
1 Week
(5 days)
(August 3-7,
2015)
Resources
Do you think like an Economist?
This lesson acquaints the students
with basic economic concepts and
methodology. It begins with some
key economic ideas, which represent
a new set of lenses through which
the students may view the world.
The lesson ends with a test of
economic myths that should get the
students’ attention.
Test/Class
Distractors
Syllabus Class
Rules/Course
Requirements
SLO Assessments
Teacher Pretest
http://www.councilforeconed.or
g/lessonresources/lessons/samplelessons/apecon_lesson1.pdf
1
Economics Pacing Guide (Proposed) (Bibb County Schools)
148 Actual Uninterrupted Instructional Days
Unit and
Elaborated Unit
Focus
UNIT 2: Fundamental
Economic Concepts
In Unit Two, students will
learn the basic economic
concepts on which the
course is built. Students
will focus on the
fundamental economic
problem of scarcity and
how individuals,
businesses, and
governments attempt to
deal with the problems
gene rated by it.
Standards
SSEF1 The student will
explain why limited
productive resources and
unlimited wants result in
scarcity, opportunity costs,
and tradeoffs for
individuals, businesses, and
governments.
SSEF2 The student will give
examples of how rational
decision making entails
comparing the marginal
benefits and the marginal
costs of an action.
SSEF3 The student will
explain how specialization
and voluntary exchange
between buyers and sellers
increase the satisfaction of
both parties.
SSEF4 The student will
compare and contrast
different economic systems
and explain how they
answer the three basic
economic questions of what
to produce, how to
produce, and for whom to
produce.
SSEF5 The student will
describe the roles of
government in a market
economy.
SSEF6 The student will
explain how productivity,
economic growth, and
future standards of living
Themes to be
taught
during Unit
Incentives
• Reasons to make
positive choices for
countries (F6)
• Response to
incentives (PF1a)
• Creating
savings/investment
plan (PF1c)
Interdependency
• Choices made with
resources (F1c, F2a,
F6)
Scarcity
• Definition/use of
scarcity (F1a,d, F2b)
• Examples of
productive resources
(F1b)
• Resources
allotment (F6)
• Rational Decision
making (PF1b)
Elements that must be
taught this unit
• Define scarcity as a basic condition
that exists when unlimited wants
exceed limited productive resources.
• Define scarcity as a basic condition
that exists when unlimited wants
exceed limited productive resources.
• Define and give examples of
productive resources (factors of
production) (e.g., land (natural), labor
(human), capital (capital goods),
entrepreneurship).
• List a variety of strategies for
allocating scarce resources.
• Define opportunity cost as the next
best alternative given up when
individuals, businesses, and
governments confront scarcity by
making choices.
• Illustrate by means of a production
possibilities curve the tradeoffs
between two options.
• Explain that rational decisions occur
when the marginal benefits of an
action equal or exceed the marginal
costs.
• Give examples of how individuals
and businesses specialize.
• Explain that both parties gain as a
result of voluntary, non-fraudulent
exchange.
• Compare command, market, and
mixed economic systems with regard
to private ownership, profit motive,
consumer sovereignty, competition,
and government regulation.
• Evaluate how well each type of
system answers the three economic
questions and meets the broad social
and economic goals of freedom,
security, equity, growth, efficiency,
and stability.
Days
Resources
6 Weeks
29
Instructional
Days
(August 10September
18, 2015)
Interactive Multimedia Presentation:
Productive Resources
Students watch a short presentation about
the different productive resources, and
then categorize the resources used at a car
wash. After watching, you can have
students create posters/collages of their
own, focusing on the resources used to
make a particular good or service
http://www.econedlink.org/interactives/in
dex.php?iid=191&type=educator
Test/Class
Distractors
SLO Assessments,
Pre-Writing
Assessment,
Class Meetings, Labor
Day, Mid-Month,
Benchmark #1,
September 11
Choices are Everywhere: Why can’t we
Just Have It All? (Page One Economics)
This article introduces the concepts of
scarcity and opportunity cost and explains
how it applies to individuals, businesses,
and governments. Students can then apply
what they have learned to a few scenarios.
https://www.stlouisfed.org/education/pag
e-one-economics-classroomedition/choices-are-everywhere-why-cantwe-just-have-it-all
High School Economics 3rd Edition: Lesson
8 – Productivity
Students participate in a pizza production
simulation to determine the effects on
labor productivity of specialization,
investment in human capital, and capital
goods. Print resources and PowerPoint
available at:
http://hseconomics.councilforeconed.org/
#table-of-contents
2
Economics Pacing Guide (Proposed) (Bibb County Schools)
148 Actual Uninterrupted Instructional Days
are influenced by
investment in factories,
machinery, new technology,
and the health, education,
and training of people.
Unit and
Elaborated Unit
Focus
UNIT 3:
Micro-economics
Part I – Supply & Demand
In Unit Three, students will
be introduced to supply
and demand and how they
interact to set prices.
Students will learn how
changes in the supply and
demand curves will affect
equilibrium prices and
quantities of goods
produces. Students will
also be able to identify
problems associated with
surplus and shortage
created by price floors and
ceilings.
Standards
• Explain why government provides
public goods and services,
redistributes income, protects
property rights, and resolves market
failures.
• Give examples of government
regulation and deregulation and their
effects on consumers and producers.
• Define productivity as the
relationship of inputs to outputs.
• Give illustrations of investment in
equipment and technology and
explain their relationship to economic
growth.
• Give examples of how investment in
education can lead to a higher
standard of living.
Themes to be
taught
during Unit
SSEMI1 The student will
describe how households,
businesses, and
governments are
interdependent and
interact through flows of
goods, services, and
money.
Gain From Trade
• Specialization by
businesses and
individuals (EF3a)
• Desire to trade
(EF3b)
• Circular flow
diagram (MI1a)
SSEMI2 The student will
explain how the Law of
Demand, the Law of
Supply, prices, and profits
work to determine
production and
distribution in a market
economy.
Incentives
• Role of money
(MI1b)
• Law of
Supply/Demand
(MI2a)
• Role of prices as
incentives (MI2c)
• Role of profit as
incentive (MI4b)
• Incentives and
market structures
(MI4d)
• Elasticity (MI3c)
SSEMI3 The student will
explain how markets,
prices, and competition
influence economic
behavior.
Elements that must be
taught this unit
• Illustrate by means of a circular flow
diagram, the Product market; the
Resource (factor) market; the real
flow of goods and services between
and among businesses, households,
and government; and the flow of
money.
• Explain the role of money as a
medium of exchange.
• Define the Law of Supply and the
Law of Demand.
• Describe the role of buyers and
sellers in determining market clearing
price.
• Illustrate on a graph how supply
and demand determine equilibrium
price and quantity.
• Explain how prices serve as
incentives in a market economy.
• Identify and illustrate on a graph
factors that cause changes in market
supply and demand.
Days
Resources
5 Weeks
25
Instructional
Days
(September
21 –
October 30,
2015)
Shifting Curves: Demand and Supply in
the Gasoline Market
Students create a graph of gasoline supply
and demand and identify the marketclearing price, then graph a decrease in
demand for gasoline and a decrease in
supply of gasoline to understand how those
factors affect prices.
https://www.stlouisfed.org/education/shift
ing-curves-demand-and-supply-shifts-inthe-gasoline-market
Test/Class
Distractors
PSAT,
GA Milestones
Administration,
GCSS, Fall Break,
Homecoming
Interactive Multimedia Presentation:
Supply
http://www.econedlink.org/interactives/in
dex.php?iid=221&type=educator
Interactive Multimedia Presentation:
Demand
http://www.econedlink.org/interactives/in
dex.php?iid=210&type=educator
3
Economics Pacing Guide (Proposed) (Bibb County Schools)
148 Actual Uninterrupted Instructional Days
Interdependency
• Relationship of
supply/demand
(producers/consume
rs) in determining
equilibrium (MI2b,c,
MI3a, MI3b,c)
• Explain and illustrate on a graph
how price floors create surpluses and
price ceilings create shortages.
• Define price elasticity of demand
and supply.
Scarcity
• Choices made in
business decisions
(MI4a,d)
First Nine Week Post-Assessment - 10/2/2015
Second Nine Week Pre-Assessment - 10/12/2015
First Nine Week Progress Reports (Beginning October)
Unit and
Elaborated Unit
Focus
UNIT 4:
Micro-economics
Part 2 – Business
Organization &
Competition
In Unit Four, students will
identify and explain the
characteristics of the four
markets structures and
three different business
organizations.
Standards
SSEMI4 The student will
explain the organization
and role of business and
analyze the four types of
market structures in the
U.S. economy.
Themes to be
taught
during Unit
Incentives
• Role of profit as
incentive (MI4b)
• Incentives and
market structures
(MI4d)
Interdependency
• Relationship of
supply/demand
(producers/consume
rs) in determining
prices in competitive
markets (MI2b,c,
MI3a, MI3b,c)
Scarcity
• Choices made in
business decisions
(MI4a,d)
Elements that must be
taught this unit
• Compare and contrast three forms
of business organization: sole
proprietorship, partnership, and
corporation.
• Explain the role of profit as an
incentive for entrepreneurs.
• Identify the basic characteristics of
monopoly, oligopoly, monopolistic
competition, and pure competition.
Days
Resources
3 Weeks
14
Instructional
Days
(November 2
– November
20, 2015)
Interactive Multimedia Presentation:
Market Structures
After viewing, you can have students
create their own tree maps showing the
characteristics of different markets, along
with examples.
http://www.econedlink.org/interactives/in
dex.php?iid=208&type=educator
Test/Class
Distractors
Veterans’ Day
The Ant and the Grasshopper’s big
adventure
Story that includes the advantages and
disadvantages of the different business
organizations. Includes handouts.
http://www.clayton.k12.mo.us/cms/lib/M
O01000419/Centricity/Domain/182/Ant%2
0and%20Grasshopper.pdf
4
Economics Pacing Guide (Proposed) (Bibb County Schools)
148 Actual Uninterrupted Instructional Days
Unit and
Elaborated Unit
Focus
UNIT 5: Macro-economics
Part 1 – Indicators
In Unit Five, students will
learn about the various
measures of economic
performance that
determine the overall
health of a nation’s
economy. Students
should have an
understanding of GDP,
Unemployment, and
Inflation and be able to
explain how each are
calculated.
Standards
SSEMA1 The student will
illustrate the means by
which economic activity is
measured.
SSEPF3 The student will
explain how changes in
monetary and fiscal policy
can have an impact on an
individual’s spending and
saving choices.
Themes to be
taught
during Unit
Gain From Trade
• How imports and
exports affect the
calculation of GDP
(MA1a)
Incentives
•How some
individuals can
benefit from changes
in inflation (PF3a)
Interdependency
• How changes in AS
and AD influence
GDP, Inflation, and
Unemployment
(MA1b)
Scarcity
•Causes of different
types of
unemployment
(MA1d)
Elements that must be
taught this unit
• Explain that overall levels of
income, employment, and prices are
determined by the spending and
production decisions of households,
businesses, government, and net
exports.
• Define Gross Domestic Product
(GDP), economic growth,
unemployment, Consumer Price
Index (CPI), inflation, stagflation, and
aggregate supply and aggregate
demand.
• Explain how economic growth,
inflation, and unemployment are
calculated.
• Identify structural, cyclical, and
frictional unemployment.
• Define the stages of the business
cycle; include peak, contraction,
trough, recovery, expansion as well as
recession and depression.
• Describe the difference between
the national debt and government
deficits.
• Give examples of who benefits and
who loses from inflation.
• Define progressive, regressive, and
proportional taxes.
• Explain how an increase in sales tax
affects different income groups.
Days
Resources
5 Weeks
24
Instructional
Days
(November
30, 2015 –
January 15,
2016)
Interactive Multimedia Presentation: GDP
A brief description of what GDP is and how
it is measured.
http://www.econedlink.org/interactives/in
dex.php?iid=204&type=educator
Interactive Multimedia Presentation: Real
vs Nominal
A brief description of the differences
between Real and Nominal GDP
http://www.econedlink.org/interactives/in
dex.php?iid=207&type=educator
Test/Class
Distractors
Thanksgiving Break,
Winter Holidays, GA
Milestones
Assessments, 2nd
Nine Week Post
Assessments/Midter
ms
Second Nine Week Post-Assessment - 12/18/2015
Third Nine Week Pre-Assessment - 1/7/2016
Second Nine Week Progress Reports (Mid December)
5
Economics Pacing Guide (Proposed) (Bibb County Schools)
148 Actual Uninterrupted Instructional Days
Unit and
Elaborated Unit
Focus
Standards
UNIT 6: Macroeconomics Part 2 Budget, Taxes, Fiscal and
Monetary Policy
SSEMA2 The student will
explain the role and
functions of the Federal
Reserve System.
In Unit Six students will
look at how fiscal and
monetary policy
decisions can impact the
indicators discussed in
the previous unit.
Students should be able
to explain how
government decisions on
taxes, spending, and the
money supply can impact
the economy as a whole.
SSEMA3 The student will
explain how the
government uses fiscal
policy to promote price
stability, full
employment, and
economic growth.
Interdependency
• How changes in AS
and AD influence
GDP, Inflation, and
Unemployment
(MA1b)
• How changes in
Fiscal and Monetary
policy affect AD as
well as deficit and
debt (MA2b MA3a
MA3b)
SSEPF3 The student will
explain how changes in
monetary and fiscal
policy can have an impact
on an individual’s
spending and saving
choices.
Scarcity
•How the federal
government creates
a budget, and the
consequences of
deficit and debt
(MA3b)
Unit and
Elaborated Unit
Focus
UNIT 7: International
Economics
In Unit Seven students will
focus on the international
economy through a study
of trade and its benefits as
well as exchange rates.
Standards
SSEIN1 The student will
explain why individuals,
businesses, and
governments trade goods
and services.
SSEIN2 The student will
explain why countries
sometimes erect trade
barriers and sometimes
advocate free trade.
Themes to be
taught
during Unit
Themes to be
taught
during Unit
Gain From Trade
• Absolute/
comparative
advantage (IN1a, b)
• Reasons for trade
(IN2e)
Incentives
• Arguments
for/against free trade
(IN2a, c,e)
• Exchange rates
(IN3d)
Elements that must be
taught this unit
• Describe the organization of the
Federal Reserve System.
• Define monetary policy.
• Describe how the Federal
Reserve uses the tools of monetary
policy to promote price stability,
full employment, and economic
growth.
• Define fiscal policy.
• Explain the government’s taxing
and spending decisions.
• Give examples of who benefits
and who loses from inflation.
• Define progressive, regressive,
and proportional taxes.
• Explain how an increase in sales
tax affects different income groups.
Elements that must be
taught this unit
• Define and distinguish between
absolute advantage and
comparative advantage.
• Explain that most trade takes
place because of comparative
advantage in the production of a
good or service.
• Explain the difference between
balance of trade and balance of
payments.
• Define trade barriers as tariffs,
quotas, embargoes, standards, and
subsidies.
Days
Resources
4 Weeks
17
Instructional
Days
(January 19
– February
12, 2016)
Monetary Policy: Part Art, Part Science:
A free video-based series that accompanies
the Monetary policy starts in your own back
yard curriculum. The video series describes how
interest rates are determined as part of the
broader Monetary Policy curriculum.
https://www.frbatlanta.org/education/monetarypolicy-art-science.aspx
Days
Resources
3 Weeks
15
Instructional
Days
(February 22 –
March 11,
2016)
Worksheet: Comparative Advantage and
Gains from Trade – Stewie and Brian
This worksheet take students through how
to calculate opportunity cost and
determine comparative advantage. It also
show how people/nations can benefit from
specialization and trade.
http://www.csun.edu/~rcr15768/univ60e02-comparative_advantage.pdf
Test/Class
Distractors
MLK Day, High
School Midyear
Writing Assessment,
GA Milestones
Assessments, Third
Nine Week PreAssessment
Test/Class
Distractors
Winter Break
6
Economics Pacing Guide (Proposed) (Bibb County Schools)
148 Actual Uninterrupted Instructional Days
SSEIN3 The student will
explain how changes in
exchange rates can have
an impact on the
purchasing power of
individuals in the United
States and in other
countries.
Unit and
Elaborated Unit
Focus
UNIT 8: Let’s Make It
Personal
In Unit Eight students will
learn information and
skills required to manage
their personal finances.
Students will learn about
the role of banks, how
credit works, and how
investing can benefit them
long run.
Standards
SSEPF1 The student will
apply rational decision
making to personal
spending and saving
choices.
SSEPF2 The student will
explain that banks and
other financial institutions
are businesses that
channel funds from savers
to investors.
SSEPF4 The student will
evaluate the costs and
benefits of using credit.
SSEPF5 The student will
describe how insurance
and other riskmanagement strategies
protect against financial
loss.
Interdependency
• Balance of
payments/trade
(IN1c)
• Trade barriers
(IN2a,c)
• Trading blocs
(IN2d)
• Exchange rates
(IN3)
Themes to be
taught
during Unit
Incentives
• Importance of
investment and
personal interest
rates (PF2a,b,d)
• Risk vs. Return
(PF2c)
• Credit (PF4a,b,c)
• Importance of
education (PF6)
Interdependency
• Role of insurance
(PF5)
• Identify costs and benefits of trade
barriers over time.
• List specific examples of trade
barriers.
• List specific examples of trading
blocs such as the EU, NAFTA, and
ASEAN.
• Evaluate arguments for and
against free trade.
• Define exchange rate as the price
of one nation’s currency in terms of
another nation’s currency.
• Locate information on exchange
rates.
• Interpret exchange rate tables.
• Explain why, when exchange rates
change, some groups benefit and
others lose.
Elements that must be
taught this unit
• Explain that people respond to
positive and negative incentives in
predictable ways.
• Use a rational decision making
model to select one option over
another.
• Create a savings or financial
investment plan for a future goal.
• Compare services offered by
different financial institutions.
• Explain reasons for the spread
between interest charged and
interest earned.
• Give examples of the direct
relationship between risk and re
• Evaluate a variety of savings and
investment options; include stocks,
bonds, and mutual funds.SSEPF4
The student will evaluate the costs
and benefits of using credit.
• List factors that affect credit
worthiness.
Interactive Multimedia Presentation:
Exchange Rates
This video teaches the concepts of Foreign
Currency Markets and Exchange Rates
http://www.econedlink.org/interactives/in
dex.php?iid=226&type=educator
Lesson: The Family Vacation
Students will take a surprise trip around
the world. As they travel, they will use
clues to discover where they are going.
They will then figure out how much money
they have spent in U.S. dollars, using
exchange rates.
http://www.econedlink.org/lessons/index.
php?lid=798&type=educator
Days
3 Weeks
15
Instructional
Days (March
14 – April 8,
2016)
Resources
Diversification and Risk:
Students are given a portfolio of
investments, and they assess the relative
risk associated with the products in their
portfolios. They later determine which
savings and investment instruments might
be most suitable for clients of different
ages and economic status.
https://www.stlouisfed.org/education/dive
rsification-and-risk
Test/Class
Distractors
EOCT Mid-Month,
Spring Break
Compound Interest Calculator
http://www.econedlink.org/interactives/in
dex.php?iid=2
Take control of Debt: Are you Credit
Worthy?
Students take on the role of lender in the
introduction to this lesson as they consider
the information that they would require
before loaning various items to other
people. The Three C’s of Credit are
7
Economics Pacing Guide (Proposed) (Bibb County Schools)
148 Actual Uninterrupted Instructional Days
• Compare interest rates on loans
and credit cards from different
institutions.
• Explain the difference between
simple and compound interest rates.
• List various types of insurance
such as automobile, health, life,
disability, and property.
• Explain the costs and benefits
associated with different types of
insurance; include deductibles,
premiums, shared liability, and asset
protection.
• Identify skills that are required to
be successful in the workplace.
• Explain the significance of
investment in education, training,
and skill development.
introduced as a method of classifying
information about borrowers, and the
students read a selection and complete a
graphic organizer about a borrower’s
information. After discussing the difference
between credit reports and credit scores,
students work in pairs to analyze a
fictitious credit report. At the conclusion of
the lesson, students are asked to create a
brochure that describes ways to improve a
borrower’s credit report.
http://www.dallasfed.org/assets/documen
ts/educate/pubs/wealth_classroom/11_les
son.pdf
Third Nine Week Post-Assessment - 3/16/2015
Third Nine Week Progress Reports (Mid-March)
Unit and
Elaborated Unit
Focus
UNIT 9: Review and
GA Milestones
Assessment
In Unit Nine
students will
remediate, review
and enrich their
understanding of
Economic Principles
in preparation for
the GA Milestones
Assessment.
Standards
All Course Standards
Themes to be
taught
during Unit
Data determined
items
Elements that must be
taught this unit
Based on student needs
Days
Resources
3 Weeks
15
Instruction
al Days
(April 11 –
April 29,
2016)
Study Stack – GA Milestone terms
Online flash cards for 96 terms from the GA
Standards
http://www.studystack.com/flashcard1102523
Test/Class
Distractors
GA Milestones
Assessments,
SLOs, Finals,
Senior Trips
(Grad Bash)
GA
Milestones
May 2-20,
2016
Forth Nine Week Progress Reports (End of School Year)
8