Week 2 The Role of Government The student will understand the roles of government in a market economy are the provision of public goods and services, redistribution of income, protection of property rights, and resolution of market failures. Sources of Government Revenue E.34 Describe major revenue and expenditure categories and their respective proportions of local, state, and federal budgets. Explain the economic impact of taxes. List the three criteria for effective taxes. Understand the two primary principles of taxation. Describe the importance of the corporate tax structure. Identify the other major sources of federal revenue. Differentiate between state and local revenue systems. Explain how state governments collect taxes and other revenues. Interpret paycheck deductions. Discuss major tax feforms since 1980. Debate the advantages/disadvantages of a flat tax and a value-added tax. Identify the three types of taxes. Describe the differences between the three types of taxes. Economics: Principles & Practices (2007) textbook Chapter 9 formative assessments on previous day’s learning targets. Tax Bite Challenge (Federal income tax, Social Security and Medicare tax calculations) Chapter 9 quiz- 20 multiple choice questions
Week 5 Week 6 National Economic Performance Students will understand the means by which economic performance is measured. E.43 Define aggregate supply and demand, Domestic Product (GDP), economic growth, unemployment, and inflation. E.44 Explain how Gross Domestic Product (GDP), economic growth, unemployment, and inflation are calculated. E.46 Identify the different causes of inflation, and explain who gains and loses because of inflation. Explain how GDP is measured. Understand the importance of GDP.Describe the limitations of GDP. Understand the difference between real current GDP. Describe the factors affecting future population growth. Explain how population is estimated in the U.S. Describe how economists measure the growth of the U.S. economy. Explain the importance of economic growth. Describe the three price indices. Explain how a price index is constructed. Identify the causes and effects of inflation. Describe recent trends in the inflation rate. Explain the effects of rising prices. Understand the use of indexes to compare changes in prices over time. Describe frictional, seasonal, structuaral, and cyclical unemployment. Describe how full employment is measured. Explain why full employment does not mean that every worker is employed. Economics: Principles & Practices (2007) textbook Chapters 12 & 13 Econlowdown.org Daily formative assessments on previous day’s learning targets. GDP & Pizza online activity.
E.45 Analyze the impact of events in United States history, such as wars and technological developments, on business cycles. Analyze the effect of technology on productivity. Explain the phases of the business cycle. Identify five causes of the business cycles. Explain how the government tracks and seeks to influence business cycles. Economics: Principles & Practices (2007) textbook Chapter 13 formative assessments on previous day’s learning targets. Chapters 12/13 quiz- 20 multiple choice questions Week 7 Money and the Role of Financial Institution Students will understand the role of money and financial institutions in Understand the sources of money’s value. Explain the four characteristics of Economics: Principles & Practices (2007) textbook Chapter 14. The of the Federal Reserve System (2008) Daily formative assessments on previous day’s learning targets.
E.43 Define aggregate supply and demand, Gross Domestic Product (GDP), economic growth, unemployment, and inflation. E.48 Illustrate and explain how the relationship between aggregate supply and aggregate demand is an important determinant of the levels of unemployment and inflation in an economy. Week 9 Trade Students will understand why individuals, businesses, and governments trade goods and services and how trade affects the economies of the world. E.54 Examine evidence in informational texts to explain the benefits of trade among individuals, regions, and countries. E.55 Define and distinguish between absolute and comparative advantage and explain how most trade occurs because of a comparative advantage in the Analyze the impact of U.S. imports and exports on the U.S. and its trading partners. Explain the concepts of absolute and comparative advantage and the concept of comparative advantage to explain why and how countries trade. Define various types of trade barriers. Compare the effects of free trade and trade barriers on economic activities. Evaluate the benefits and of participation in international trade agreements. Economics: Principles & Practices (2007) textbook Chapter 16. Daily formative assessments on previous day’s learning targets. Chapter 16 quiz.