Wayne RESA

Unit PlannerEconomics

Wayne RESA – SS / Grade 10 / Social Studies / Economics / Week 9 - Week 12
RESA, MAISA MC3 Units
Unit Abstract

This unit introduces students to the study of macroeconomics, focusing on the overall economy and measuring its performance. Students begin by focusing on the macroeconomic goals of an economic system: stable prices, high employment, and economic growth; and explore how these goals are measured: inflation or deflation rates, unemployment rates, and gross domestic product (GDP). After distinguishing between micro and macroeconomic perspectives, students consider macroeconomic challenges facing the United States and how they affect people and businesses in a market economy. Next, students examine the fundamentals of the business cycle in macroeconomics. They learn how the business cycle represents the primary means by which economists make sense of the ups and downs of our national economy. In doing so, students examine and use economic indicators to analyze and predict future macroeconomic expectations. By focusing on how business cycles are interconnected globally, students consider how economic changes in any nation can have worldwide consequences. Through an examination of the Gross Domestic Product (GDP) and unemployment, students learn the major economic factors that contribute to their calculation. Students then use what they have learned to make an economic brochure that highlights issues of unemployment in their local community. Next, students expand their understanding of money, not only as a medium of exchange and a store of value, but also as a measure of value. By engaging in an auction simulation, students experience the effects of inflation and deflation and discuss its consequences on overall economic well-being. The unit concludes with a look at financial institutions and financial markets. After exploring the stock market and researching a company of their choosing for investment purposes, students engage in small group discussions evaluating several companies in order to make a group decision on investing. Throughout the unit, students continue to write reflectively in their Perspectives on Decision Making Notebook in response to macroeconomic questions and deepen their understanding of economic terminology by completing their Essential Economics Terms handout.

 

Unit 3: Macroeconomic Challenges Unit Word Document with Contextualized GLCEs
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Stage One - Desired Results

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Standards
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Compelling Question

How do the microeconomic activities of households, firms, community groups, and governments combine to form a domestic/national economic system?
 

 

Supporting Questions
  1. How are resources allocated and distributed in a competitive market economy?
  2. How do economic indicators measure aspects of the domestic/national economy?
  3. How should the United States, as a domestic economy, respond to macroeconomic challenges?
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Content (Key Concepts)

business cycle

circular flow

economic growth

economic indicators

financial markets

inflation/deflation

interest rates

macroeconomics

savings/ investment

unemployment

 

Skills (Intellectual Processes)

Cause and Effect

Compare and Contrast

Description

Identifying Perspectives

Issue and Case Study Analysis

Role-Playing

 

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Stage Two - Assessment Evidence

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Unit Assessment Tasks
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Stage Three - Learning Plan

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Lesson Plan Sequence
Instructional Organization
Unit 3 Lesson 1 Presentation
Unit 3 Lesson 2 Presentation
Unit 3 Lesson 3 Presentation
Unit 3 Lesson 5 Presentation
Unit 3 Lesson 6 Presentation
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Resources

Equipment/Manipulative

Computer

 

Internet access

 

LCD projector or overhead projector

 

Markers

 

Poster board

 

Student Resource

High School Economics Textbook.

 

Bureau of Labor Statistics. United States Department of Labor. 6 October 2015 http://www.bls.gov

6 October 2015 http://www.accessmylibrary.com/coms2/summary_0286-30294233_ITM

 

High School Economics Textbook.

 

*Tilly, Chris. The Wealth Inequality Reader. “Why Inequality is Bad for the Economy.” Economic Affairs Bureau. 2004. 78. 6 October 2015 http://www.uml.edu/centers/CIC/Research/Tilly_Research/tilly-Geese%2C%20golden%20eggs%2C%20traps-6.04.pdf

 

Teacher Resource

Bloomberg Businessweek. 6 October 2015 http://www.businessweek.com/

 

Business Day. The New York Times. 6 October 2015 http://www.nytimes.com/pages/business/index.html

 

Business Day, Economy. New York Times. 6 October 2015 http://www.nytimes.com/pages/business/economy/index.html?src=busfn

 

Capstone: Exemplary Lessons for High School Economics. NY: National Council on Economics Education, 2009. 6 October 2015 http://capstone.councilforeconed.org/

 

Economic Data Series Search. Economagic.com. 6 October 2015

http://economagic.com/em-cgi/find.exe/form

 

Economics in Action. National Council on Economic Education. NY: 2007.

 

Economy. Wall Street Journal. 6 October 2015 http://online.wsj.com/public/page/news-economy.html

 

*Ehrenreich, Barbara. Nickel and Dimed: On (Not) Getting By in America. New York: Henry Holt Co., 2001.

 

Glossary. EconEdLink. National Council for Economic Education. 2 November 2010

 

Google, Finance. 6 October 2015 http://finance.google.com/finance?hl=en&tab=we

 

Gross Domestic Product. National Income Accounting. Slideshare. 6 October 2015 http://www.slideshare.net/knorman31/gross-domestic-product-what-is-not-included

 

Industry Browser, Sector List. Yahoo Finance. 6 October 2015 http://biz.yahoo.com/p/

 

“Is GDP a Satisfactory Measure of Growth?” General Statistic Databank. Organization for Economic Cooperation and Development (OECD). 6 October 2015htt p://www.oecdobserver.org/news/fullstory.php/aid/1518/

 

Investwrite! SIFMA Foundation for Investor Education. 2010. 6 October 2015 http://investwrite.info/

 

*Lawrence, Mishel, et al. The State of Working America 2008/2009. Economic Policy Institute. 2006-2010.

 

Mandel, Michael. GDP: What's Counted, What's Not. Business Week Online. Bloomberg Businessweek. 13 Feb. 2006. 6 October 2015 http://www.businessweek.com/magazine/content/06_07/b3971010.htm

 

Miller, John. “Mind Boggling Inequality: Enough to Make Even Adam Smith Worry.” Dollars and Sense. Jan/Feb, 2007. 6 October 2015 http://www.accessmylibrary.com/coms2/summary_0286-30294231_ITM

 

National Economic Indicators. Federal Reserve Bank of New York. 2 November 2010

 

*National Committee on Pay Equity. 6 October 2015 www.pay-equity.org

 

The Nation’s Unemployed: March, 2009. The Wall Street Journal. 6 October 2015 http://online.wsj.com/public/resources/documents/JOBLESSDATA09.html

 

NYSE Euronext. 2 November 2010

 

Oakland Schools Teaching Research Writing Website: Skills Progression & Lessons http://www.osteachingresearchwriting.org/

 

Online Lessons. EconEdLink. 6 October 201 5http://www.econedlink.org/lessons/

 

Packwood, Bob. “The GDP Question.” New York Times. 10 May 2009. 6 October 2015 http://www.nytimes.com/2009/05/11/opinion/11packwood.html

 

Reff, Steven and Dick Brunelle. Circular Flow. 2 November 2010

 

Saracevic, Alan T. GPI offers useful counterpoint to GDP. San Francisco Chronicle, 2005. 6 October 2015 http://articles.sfgate.com/2003-07-27/business/17500883_1_gpi-heart-attacks-product-or-gdp

 

Search Terms A-Z. The Economist. 6 October 2015 http://www.economist.com/research/economics/

 

Siklos, Pierre L. “What is Deflation.” Deflation. Economic History. Feb. 1, 2010. 2 November 2010

 

The Stock Market Game. SIFMA (Securities Industry and Financial Markets Association). 6 October 2015 http://www.stockmarketgame.org/

 

Teller-Elberg, Jonathan and Nancy Folbre, et al. Field Guild to the U.S. Economy: A Compact and Irreverent Guide to Economic Life in America. The Center for Popular Economics. NY: The New Press, 2006.

 

Unit 6 Lesson 33. Virtual Economics. V3. CD-ROM, 2009. 6 October 2015 http://ve.councilforeconed.org/

 

United States Economy. Times Topic. New York Times. 6 October 2015 http://topics.nytimes.com/top/reference/timestopics/subjects/u/united_states_economy/index.html

 

Visualization: Real US GDP Growth from 1930-2009. Many Eyes. June 26 2009. 2 November 2010

 

The Wall Street Journal. 6 October 2015

http://www.wsj.com

 

Wall Street trader's NYSE Trading Floor Tour. YouTube. 6 October 2015 http://www.youtube.com/watch?v=TPUDPhpCecA&feature=related

 

Yahoo Finance. 6 October 2015 http://finance.yahoo.com

 

Zencey, Erick. “G.D.P R.I.P.” New York Times. 9 Aug 2009. 6 October 2015 http://www.nytimes.com/2009/08/10/opinion/10zencey.html?_r=1

 

Resources for Further Professional Knowledge

Collins, James and Jerry Porras. Built to Last. NY: Harper Collins, 1994. (Business economics and leadership).

 

deSoto, Hernando. The Mystery of Capital. NY: Basic Books, 2000. (Property Rights- Fighting terrorism through economic development of developing countries).

 

Friedman, Thomas. The World is Flat. NY: Farrar, Straus & Giroux, 2005. (Global Economy).

 

Greider, William. Secrets of the Temple. NY: Simon & Schuster, 1987. (Monetary Policy - The Story of the Federal Reserve System).

 

Levitt, Steven D. and Stephen J. Dubner. Freakonomics. NY: William Morrow, 2005.

 

Novak, Michael. The Spirit of Democratic Capitalism. NY: Simon & Schuster, 1982. (The Interdependence of Life’s Three Forces; Economic, Political, Moral Cultural - Economics is not enough).

 

Rivoli, Pietra. The Travels of a T-Shirt in a Global Economy Hoboken, NJ: John Wiley & Sons, 2005. (Global Economy).

 

Sachs, Jeffrey. The End of Poverty. NY: The Penguin Press , 2005. (Global Standard of Living Gap).

 

Stiglitz, Joseph. Globalization and Its Discontents. NY: W.W. Norton, 2003. (Global Standard of Living Gap).

 

Yergin, Daniel and Joseph Stanislaw. The Commanding Heights. Kenk, UK: Touchstone Books, 1998. (Video and DVD also available from PBS; check PBS website for details) (Economic thought and the new global economy).

 

* Although the resources denoted with an asterisk are not cited in the lessons for this unit, they are included here to provide meaningful options for teachers.

 

 

Unit 3 Supplemental Materials
Unit 3 Essential Economics Terms
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Expectations/Standards
MI: Social Studies (2007)
High School
Economics
1.2 Competitive Markets
Analyze how the functions and constraints of business structures, the role of price in the market, and relationships of investment to productivity and growth, impact competitive markets.
1.2.3 Investment, Productivity and Growth – Analyze the role investments in physical (e.g., technology) and human capital (e.g., education) play in increasing productivity and how these influence the market.
E2 THE NATIONAL ECONOMY OF THE UNITES STATES OF AMERICA
2.1 Understanding National Markets
Describe inflation, unemployment, output, and growth, and the factors that cause changes in those conditions, and describe the role of money and interest rates in national markets.
2.1.2 Circular Flow and the National Economy – Using the concept of circular flow, analyze the roles of and the relationships between households, business firms, financial institutions, and government and nongovernment agencies in the economy of the United States.
2.1.3 Financial Institutions and Money Supply – Analyze how decisions by the Federal Reserve and actions by financial institutions (e.g., commercial banks, credit unions) regarding deposits and loans, impact the expansion and contraction of the money supply.
2.1.4 Money Supply, Inflation, and Recession – Explain the relationships between money supply, inflation, and recessions.
2.1.5 Gross Domestic Product (GDP) and Economic Growth – Use GDP data to measure the rate of economic growth in the United States and identify factors that have contributed to this economic growth
2.1.6 Unemployment – Analyze the character of different types of unemployment including frictional, structural, and cyclical.
2.1.7 Economic Indicators – Using a number of indicators, such as GDP, per capita GDP, unemployment rates, and Consumer Price Index, analyze the characteristics of business cycles, including the characteristics of peaks, recessions, and expansions.
2.2 Role of Government in the American Economy
Analyze the role of government in the American economy by identifying macroeconomic goals; comparing perspectives on government roles; analyzing fiscal and monetary policy; and describing the role of government as a producer and consumer of public goods and services. Analyze how governmental decisions on taxation, spending, protections, and regulation impact macroeconomic goals.
2.2.1 Federal Government and Macroeconomic Goals – Identify the three macroeconomic goals of an economic system (stable prices, low unemployment,and economic growth).
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