Economics Unit 4

Big Idea:

Discuss the role of labor, government, and financial institutions in the American economy. People organize economic systems to produce (make), distribute (give out), and consume (use or buy) goods and services. Governments have a lot of influence on businesses.

Student Expectations:

Priority TEKS

ECON.14(B) describe the role of government in the U.S. free enterprise system and the changes in that role over time

ECON.14(C) evaluate government rules and regulations in the U.S. free enterprise system

ECON.15(A) identify types of taxes at the local, state, and national levels and the economic importance of each

ECON.15(C) analyze the impact of fiscal policy decisions on the economy

Focus TEKS

ECON.6(D) analyze the costs and benefits of U.S. economic policies related to the economic goals of economic growth, stability, full employment, freedom, security, equity (equal opportunity versus equal outcome), and efficiency

ECON.8(B) explain how government actions affect the circular-flow model

ECON.10(B) analyze business cycles using key economic indicators

ECON.13(A) explain the structure of the Federal Reserve System

ECON.13(B) analyze the three basic tools used to implement U.S. monetary policy, including reserve requirements, the discount rate and the federal funds rate target, and open-market operations

ECON.13(C) explain how the actions of the Federal Reserve System affect the nation's money supply

ECON.13(D) analyze the decline in value of the U.S. dollar, including the abandonment of the gold standard

Ongoing TEKS

ECON.1(B) describe how societies answer the basic economic questions

ECON.5(B) compare the free enterprise system, socialism, and communism using the basic characteristics of economic systems

ECON.5(C) examine current examples of free enterprise, socialist, and communist economic systems

ECON.6(B) explain the benefits of the U.S. free enterprise system, including individual freedom of consumers and producers, variety of goods, responsive prices, investment opportunities, and the creation of wealth

ECON.7(B) identify and evaluate examples of restrictions that the government places on the use of business and individual property

ECON.9(A) describe characteristics and give examples of pure competition, monopolistic competition, oligopoly, and monopoly

Student Learning Targets:

• I will discuss how the large institutions that are part of our social structure relate to the economy.
• I will explain how government raises revenues and allocates expenditures.
• I will discuss how the free enterprise system is the basic foundation of our prosperity.

Essential Questions:

• Who controls the economy?
• How do we know how the economy is doing?
• What is unique about the way we regulate our economy?
• How do government regulations affect businesses and economies?

Extra Information:

Adopted Textbook:

District Grading Policy

Texas Gateway Online Resource Center