Unit 1: Economic Decision How do choices and incentives influence the behavior of individuals, businesses, and economic institutions? 5-6 weeks Enduring Understandings Suggested and Resources When most people about economics, they think of numbers, graphs, and equations. But this is not what economics is all about. Economics involves the study of how people choose to use their resources. When people cannot have everything they want, they must make choices. Some economics argue that economics is mainly about how we make these choices. These economists define economics as the science of decision making. The driving question for this unit is, “How do choices and incentives influence the behavior of individuals, businesses, and economic institutions?” In this unit, students explore this question and the fundamentals of economics. Personal financial literacy is also highlighted in this unit, hooking students to the content with authentic connections to students’ lives. Students analyze payment types and the concept of savings. Students learn about the significance of credit scores and think about financing higher education. Economics: Concepts and Choices, HM Chapter 1, Chapter 2, Chapter 3 -Budgeting and Money Management: 574-581 -Credit: 582-589 -Wise Choices for Consumers: 590-599 -Getting Out on your Own: 600-609 Econ Alive! TCI Teacher Materials Online Economic Way of Thinking, Economic Decision Making, Economic Systems Money, Banking, Saving and Investing EverFi – Financial Literacy Online Simulation Modules: Higher Education, Payment Types, Savings, and Credit Scores This program, funded by Principal Financial Group, requires online access. Students who successfully complete the program earn a “Certificate of Completion.” The teacher’s guide and all resources can be found online: Our contact for this resource is Lincoln Hughes at Newspaper Headlines Foundation for Teaching Economics Reffonomics YouTube: Fireman’s Auction Clip; Dentist Negotiation Learn 360 NBC Link to Course Resources: Unit 1: Economic Decision Making
In what ways do we measure and influence a nation’s economic health? 5-6 Weeks Enduring Understandings Suggested and Resources In this unit, the driving question students into thinking about the role of money in our economy and its implications on economic policy. Economic policies are fiercely debated. The government plays a limited, but important, role in the economy. It protects property rights, regulates the marketplace, corrects market failures, and promotes the economic well-being of the American people. Governments and central banks use two broad policies to keep their economies running smoothly. Fiscal policy is based on the government’s power to tax and spend. Monetary policy is based on the power of the Federal reserve over the money supply and interest rates. Personal financial topics explored by students include taxes, insurance, and banking. Economics: Concepts and Choices, HM Chapter 12, Chapter 13 Monetary Policy: Chapters 10, 11, 16 Fiscal Policy: Chapters 14, 15, 16 Econ Alive! TCI Teacher Materials Online: Measuring the Economy Fiscal and Monetary Policy Government and the Economy Taxes and Taxation Fiscal and Monetary Policy EverFi – Financial Literacy Online Simulation Modules: Unemployment This program, funded by Principal Financial Group, requires online access. Students who successfully complete the program earn a “Certificate of Completion.” The teacher’s guide and all resources can be found online: Our contact for this resource is Lincoln Hughes at Web Sites Foundation for Teaching Economics Reffonomics “Shopper on the Go” Fed Board of Governors “Fed Game” Debt Clock and New York Times Budget Simulation Films: IOUSA and Ten Trillion and Counting Stock Market -Virtual Stock Exchange -Market Watch -www.investopedia.com Reffonomics “Shopper on the Go” Newspaper Headlines NPR: This American Life: The Invention of Money – Act 2. WebQuest Economic Indicators: Learn 360 http://www.learn360.com/index.aspx