12.E4 THE TOOLS OF ECONOMIC POLICY IN A GLOBAL ECONOMY
12.E4 THE TOOLS OF ECONOMIC POLICY IN A GLOBAL ECONOMY
Stage 1- Desired Results
Essential Questions
How do policymakers use economic indicators, such as the Consumer Price Index (CPI), to establish and evaluate economic goals?
How do the president and Congress determine fiscal policy through the annual budget, and what impact do tax programs have on private sector spending, saving, and investment?
What role does the Federal Reserve play in managing the nation's monetary policy, and how do its actions influence the amount of money in circulation and interest rates
How do trade policies and agreements, including tariffs, quotas, and embargoes, influence globalization and its global impact, and what challenges arise in negotiating these agreements due to differing national interests and special interest groups?
Enduring Understandings:
Globalization and increased economic interdependence affect the United States economy significantly. The tools that the policy makers have available to address these issues are fiscal policy, monetary policy, and trade policy
Common Core Standards and Performance Indicators:
Unifying Themes:
Time, Continuity, and Change (TCC)
Power, Authority, and Governance (GOV)
Civic Ideals and Practices (CIV)
Science, Technology, and Innovation (TECH)
Global Connections and Exchange (EXCH)
Social Studies Content Area Standards:
World History
Geography
Economics
Civics, Citizenship, and Government
Social Studies Practices (begin on page 3)
Common Core Learning Standards for Literacy in History/Social Studies, Science,and Technical Subjects (begins on page 76)
Knowledge & Skills
Students know that...
12.E4a Policy makers establish economic goals related to economic indicators, including the Gross National Product (GNP), Gross Domestic Product (GDP), Consumer Price Index (CPI), employment and interest rates, and aggregate supply and demand.
12.E4b The president and Congress determine fiscal policy by establishing the level of spending and taxing in the annual budget. Some tax programs are designed to provide incentives to individuals and businesses that influence private sector spending, saving, and investment.
12.E4c The Federal Reserve is the government institution responsible for managing the nation’s monetary policy, including regulating the amount of money in circulation and interest rates.
12.E4d Trade policies and agreements (tariffs, quotas, embargoes) set the rules for trade between the United States and other nations. Agreeing on such rules is very difficult because each nation has different interests, and each nation has special interest groups trying to influence the negotiations.
Key Terms
CPI, Fiscal Policy, Monetary Policy, The FED, GDP, Inequality, budget, balanced budget, globalization, government agency
Stage 2- Assessment Evidence
Summative Tasks
Quizizz+Quizit
Formative Tasks
CPI
Thanksgiving dinner will be less expensive this year. You can thank turkeys (and cooling inflation) (CNN article)
American Farm Bureau Federation – Thanksgiving Dinner Cost Survey
Fiscal Policy
The Federal Reserve and Monetary Policy
Globalization and Its Impact - From Economic Perspective
Stage 3- Related Lessons
Lesson Plans and Content
CPI
Let’s Talk Turkey: Inflation and the Cost of Thanksgiving Dinner
When Gas was a Quarter! ( basic and beneficial)
Fiscal Policy
Great resources including activities and answer keys.
The Role of Government: The Federal Government and Fiscal Policy
The Federal Reserve and Monetary Policy
Focus on Economic Data: The Federal Reserve and Monetary Policy, March 20, 2015
Fiscal and Monetary Policy Process and Interactive Quiz/Game
Globalization and Its Impact - From Economic Perspective
Videos, Documents, and Resources
Google Slide Decks:
CPI
Fiscal Policy
The Federal Reserve and Monetary Policy
Globalization and Its Impact - From Economic Perspective
Suggestions for Diverse Learners:
Lessons:
CPI
In this lesson they are primarily analyzing, not calculating, minimum math.
Fiscal Policy
The Federal Reserve and Monetary Policy
Globalization and Its Impact - From Economic Perspective
Measuring the Cost of Living (CPI Practice)-Day 1
Note: Answers ARE provided in red, please make a copy and erase as needed.
Measuring the Cost of Living (CPI Practice) -Day 2
Note: Answers ARE provided in red, please make a copy and erase as needed.