Essential Questions 

1. Define economics and explain the kinds of questions that economists try to answer

2. Explain the circular flow model of the U.S. economy and the global economy

3. Calculate Opportunity Cost

4. Explain how demand and supply determine price and quantity in a market, and explain the effects of changes in demand and supply

Content 

The basic economic concepts are those that are introductory to students who have not had an economics class, whether it is advanced or not. These concepts include the simple problems in society with the allocation and use of resources, decisions based on those resources, and what alternatives can be used to avoid the issue of scarcity.

Those concepts are key to understanding how those decisions can be analyzed by individuals, employers, and societal leaders who make large economic decisions with those same resources. The result of these decisions show patterns within demand and supply figures within the smaller parts of the economy and how that fits into the macroeconomic system. The final product is how consumers react to the products presented and where the prices of those products come from.

Unit Outline

A. Scarcity, choice, opportunity costs

B. Production Possibilities Curve

C. Comparative and Absolute Advantage

D. Supply, Demand, Equilibrium

Skills 

Bloom's Taxonomy

Webb's Depth of Knowledge

Scarcity, microeconomics, macroeconomics, self-interest, social interest, trade-off, opportunity cost, rational choice, margin, marginal cost, marginal benefit, incentive, scatter diagram, time-series graph, cross-section graph, positive/negative/linear relationships, slope, consumption and capital goods, factors of production, circular flow model, goods and factor markets, production possibilities frontier, production efficiency, growth, absolute and comparative advantage, demand, demand curves and schedules, substitute and complementary goods, normal and inferior goods, supply, supply curves and schedules, equilibrium

Assessments 

Resources 

Lesson Plans

Chapters:

• 1

• 2

• 3

• 4

WY: Social Studies (2014)

WY: Grades 9-12

Citizenship, Government, and Democracy

Students will:

SS12.1.1 Analyze unique freedoms, rights, and responsibilities of living in a democratic society and explain their interrelationships.

SS12.1.5 Demonstrate an understanding of the structures of both the United States and Wyoming Constitutions.

SS12.1.6 Compare and contrast various world political systems (e.g., ideologies, structure, and institutions) with that of the United States.

Production, Distribution, and Consumption

Students will:

SS12.3.1 Analyze the impact of supply, demand, scarcity, prices, incentives, competition, and profits on what is produced, distributed, and consumed.

SS12.3.2 Analyze and evaluate how people organize for the production, distribution, and consumption of goods and services in various economic systems (e.g., capitalism, communism, and socialism).

SS12.3.3 Analyze and evaluate the impact of current and emerging technologies at the micro and macroeconomic levels (e.g., jobs, education, trade, and infrastructure) and their impact on global economic interdependence.

Time, Continuity, and Change

Students will:

SS12.4.1 Describe patterns of change (cause and effect) and evaluate how past events impacted future events and the modern world.

SS12.4.2 Analyze the development and impact of tools and technology and how it shaped history and influenced the modern world.

SS12.4.3 Given a significant current event, critique the actions of the people or groups involved; hypothesize how this event would have played out in another country.

SS12.4.4 Describe the historical interactions between and among individuals, groups, and/or institutions (e.g., family, neighborhood, political, economic, religious, social, cultural, and workplace) and their impact on significant historical events.

SS12.4.5 Using primary and secondary sources, apply historical research methods to interpret and evaluate important historical events from multiple perspectives.

People, Places, and Environments

Students will:

Human Place and Movement

SS12.5.3 Analyze, interpret, and evaluate how conflict, demographics, movement, trade, transportation, communication, and technology affect humans’ sense of place.

Technology, Literacy, and Global Connections

Students will:

SS12.6.1 Analyze, evaluate, and/or synthesize multiple sources of information in diverse formats and media in order to address a question or solve a problem.

SS12.6.2 Assess the extent to which the reasoning and evidence in a text supports the author's claims.

SS12.6.3 Use digital tools to research, design, and present social studies concepts (e.g., understand how individual responsibility applies in usage of digital media).

SS12.6.4 Evaluate and integrate accurate, sufficient, and relevant information from primary and secondary sources to support writing

CCSS: Literacy in History/Social Studies, Science, & Technical Subjects 6-12

CCSS: Grades 11-12

Capacities of the Literate Individual

Students Who are College and Career Ready in Reading, Writing, Speaking, Listening, & Language

They demonstrate independence.

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They build strong content knowledge.

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They respond to the varying demands of audience, task, purpose, and discipline.

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They comprehend as well as critique.

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They value evidence.

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They use technology and digital media strategically and capably.

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They come to understand other perspectives and cultures.

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Reading: History/Social Studies

Key Ideas and Details 

1. Read closely to determine what the text says explicitly and to make logical inferences from it; cite specific textual evidence when writing or speaking to support conclusions drawn from the text.

RH.11-12.1. Cite specific textual evidence to support analysis of primary and secondary sources, connecting insights gained from specific details to an understanding of the text as a whole.

2. Determine central ideas or themes of a text and analyze their development; summarize the key supporting details and ideas.

RH.11-12.2. Determine the central ideas or information of a primary or secondary source; provide an accurate summary that makes clear the relationships among the key details and ideas.

3. Analyze how and why individuals, events, or ideas develop and interact over the course of a text.

RH.11-12.3. Evaluate various explanations for actions or events and determine which explanation best accords with textual evidence, acknowledging where the text leaves matters uncertain.

Craft and Structure

4. Interpret words and phrases as they are used in a text, including determining technical, connotative, and figurative meanings, and analyze how specific word choices shape meaning or tone.

RH.11-12.4. Determine the meaning of words and phrases as they are used in a text, including analyzing how an author uses and refines the meaning of a key term over the course of a text (e.g., how Madison defines faction in Federalist No. 10).

5. Analyze the structure of texts, including how specific sentences, paragraphs, and larger portions of the text (e.g., a section, chapter, scene, or stanza) relate to each other and the whole.

RH.11-12.5. Analyze in detail how a complex primary source is structured, including how key sentences, paragraphs, and larger portions of the text contribute to the whole.

6. Assess how point of view or purpose shapes the content and style of a text.

RH.11-12.6. Evaluate authors’ differing points of view on the same historical event or issue by assessing the authors’ claims, reasoning, and evidence.

Integration of Knowledge and Ideas

7. Integrate and evaluate content presented in diverse formats and media, including visually and quantitatively, as well as in words.

RH.11-12.7. Integrate and evaluate multiple sources of information presented in diverse formats and media (e.g., visually, quantitatively, as well as in words) in order to address a question or solve a problem.

8. Delineate and evaluate the argument and specific claims in a text, including the validity of the reasoning as well as the relevance and sufficiency of the evidence.

RH.11-12.8. Evaluate an author’s premises, claims, and evidence by corroborating or challenging them with other information.

9. Analyze how two or more texts address similar themes or topics in order to build knowledge or to compare the approaches the authors take.

RH.11-12.9. Integrate information from diverse sources, both primary and secondary, into a coherent understanding of an idea or event, noting discrepancies among sources.

Range of Reading and Level of Text Complexity 

10. Read and comprehend complex literary and informational texts independently and proficiently.

RH.11-12.10. By the end of grade 12, read and comprehend history/social studies texts in the grades 11–12 text complexity band independently and proficiently.

Reading: Science & Technical Subjects

2. Determine central ideas or themes of a text and analyze their development; summarize the key supporting details and ideas.

RST.11-12.2. Determine the central ideas or conclusions of a text; summarize complex concepts, processes, or information presented in a text by paraphrasing them in simpler but still accurate terms.

Craft and Structure

4. Interpret words and phrases as they are used in a text, including determining technical, connotative, and figurative meanings, and analyze how specific word choices shape meaning or tone.

RST.11-12.4. Determine the meaning of symbols, key terms, and other domain-specific words and phrases as they are used in a specific scientific or technical context relevant to grades 11–12 texts and topics.

5. Analyze the structure of texts, including how specific sentences, paragraphs, and larger portions of the text (e.g., a section, chapter, scene, or stanza) relate to each other and the whole.

RST.11-12.5. Analyze how the text structures information or ideas into categories or hierarchies, demonstrating understanding of the information or ideas.

6. Assess how point of view or purpose shapes the content and style of a text.

RST.11-12.6. Analyze the author’s purpose in providing an explanation, describing a procedure, or discussing an experiment in a text, identifying important issues that remain unresolved.

Integration of Knowledge and Ideas

7. Integrate and evaluate content presented in diverse formats and media, including visually and quantitatively, as well as in words.

RST.11-12.7. Integrate and evaluate multiple sources of information presented in diverse formats and media (e.g., quantitative data, video, multimedia) in order to address a question or solve a problem.

9. Analyze how two or more texts address similar themes or topics in order to build knowledge or to compare the approaches the authors take.

RST.11-12.9. Synthesize information from a range of sources (e.g., texts, experiments, simulations) into a coherent understanding of a process, phenomenon, or concept, resolving conflicting information when possible.

Writing

Text Types and Purposes

1. Write arguments to support claims in an analysis of substantive topics or texts using valid reasoning and relevant and sufficient evidence.

WHST.11-12.1. Write arguments focused on discipline-specific content.

WHST.11-12.1a. Introduce precise, knowledgeable claim(s), establish the significance of the claim(s), distinguish the claim(s) from alternate or opposing claims, and create an organization that logically sequences the claim(s), counterclaims, reasons, and evidence.

WHST.11-12.1b. Develop claim(s) and counterclaims fairly and thoroughly, supplying the most relevant data and evidence for each while pointing out the strengths and limitations of both claim(s) and counterclaims in a discipline-appropriate form that anticipates the audience’s knowledge level, concerns, values, and possible biases.

WHST.11-12.1c. Use words, phrases, and clauses as well as varied syntax to link the major sections of the text, create cohesion, and clarify the relationships between claim(s) and reasons, between reasons and evidence, and between claim(s) and counterclaims.

WHST.11-12.1d. Establish and maintain a formal style and objective tone while attending to the norms and conventions of the discipline in which they are writing.

WHST.11-12.1e. Provide a concluding statement or section that follows from or supports the argument presented.

2. Write informative/explanatory texts to examine and convey complex ideas and information clearly and accurately through the effective selection, organization, and analysis of content.

WHST.11-12.2. Write informative/explanatory texts, including the narration of historical events, scientific procedures/ experiments, or technical processes.

WHST.11-12.2a. Introduce a topic and organize complex ideas, concepts, and information so that each new element builds on that which precedes it to create a unified whole; include formatting (e.g., headings), graphics (e.g., figures, tables), and multimedia when useful to aiding comprehension.

WHST.11-12.2b. Develop the topic thoroughly by selecting the most significant and relevant facts, extended definitions, concrete details, quotations, or other information and examples appropriate to the audience’s knowledge of the topic.

WHST.11-12.2c. Use varied transitions and sentence structures to link the major sections of the text, create cohesion, and clarify the relationships among complex ideas and concepts.

WHST.11-12.2d. Use precise language, domain-specific vocabulary and techniques such as metaphor, simile, and analogy to manage the complexity of the topic; convey a knowledgeable stance in a style that responds to the discipline and context as well as to the expertise of likely readers.

WHST.11-12.2e. Provide a concluding statement or section that follows from and supports the information or explanation provided (e.g., articulating implications or the significance of the topic).

Production and Distribution of Writing

4. Produce clear and coherent writing in which the development, organization, and style are appropriate to task, purpose, and audience.

WHST.11-12.4. Produce clear and coherent writing in which the development, organization, and style are appropriate to task, purpose, and audience.

5. Develop and strengthen writing as needed by planning, revising, editing, rewriting, or trying a new approach.

WHST.11-12.5. Develop and strengthen writing as needed by planning, revising, editing, rewriting, or trying a new approach, focusing on addressing what is most significant for a specific purpose and audience.

6. Use technology, including the Internet, to produce and publish writing and to interact and collaborate with others.

WHST.11-12.6. Use technology, including the Internet, to produce, publish, and update individual or shared writing products in response to ongoing feedback, including new arguments or information.

Research to Build and Present Knowledge

7. Conduct short as well as more sustained research projects based on focused questions, demonstrating understanding of the subject under investigation.

WHST.11-12.7. Conduct short as well as more sustained research projects to answer a question (including a self-generated question) or solve a problem; narrow or broaden the inquiry when appropriate; synthesize multiple sources on the subject, demonstrating understanding of the subject under investigation.

8. Gather relevant information from multiple print and digital sources, assess the credibility and accuracy of each source, and integrate the information while avoiding plagiarism.

WHST.11-12.8. Gather relevant information from multiple authoritative print and digital sources, using advanced searches effectively; assess the strengths and limitations of each source in terms of the specific task, purpose, and audience; integrate information into the text selectively to maintain the flow of ideas, avoiding plagiarism and overreliance on any one source and following a standard format for citation.

9. Draw evidence from literary or informational texts to support analysis, reflection, and research.

WHST.11-12.9. Draw evidence from informational texts to support analysis, reflection, and research.

Range of Writing

10. Write routinely over extended time frames (time for research, reflection, and revision) and shorter time frames (a single sitting or a day or two) for a range of tasks, purposes, and audiences.

WHST.11-12.10. Write routinely over extended time frames (time for reflection and revision) and shorter time frames (a single sitting or a day or two) for a range of discipline-specific tasks, purposes, and audiences.

NCSS: Social Studies 2010

NCSS: High

PRODUCTION, DISTRIBUTION, AND CONSUMPTION

Knowledge 

Learners will understand

Scarcity and the uneven distribution of resources result in economic decisions, and foster consequences that may support cooperation or conflict;

The causes and effects of inflation;

How factors such as changes in the market, levels of competition, and the rate of employment, cause changes in prices of goods and services;

Processes

Learners will be able to

Ask and find answers to questions about the production and distribution of goods and services in the state and nation, and in a global context;

Apply the concepts of marginal cost and marginal benefit to the analysis of social problems;

Analyze how the trade off between risk and return is played out in the marketplace;

Compare various ways in which countries improve the output of goods and services and increase the level of income eamed from producing goods and services;

Compare and contrast market economies with other types of economies;

Products

Learners demonstrate understanding by

Interpreting media reports about current economic conditions, and explaining in visual formats how these conditions can influence decisions by consumers, producers, and government policymakers;

Using available technology to research various perspectives on global issues such as health care, global warming, and immigration, and developing a media presentation to share findings.