Wayne RESA

Unit PlannerEconomics

Wayne RESA – SS / Grade 10 / Social Studies / Economics / Week 4 - Week 8
RESA, MAISA MC3 Units
Unit Abstract

This unit introduces students to the study of microeconomics. Students explore market behavior of individual consumers and firms in an attempt to understand the decision-making process of households and businesses. They examine the interaction between individual buyers/consumers and sellers/ producers and the factors that influence the choices they make. Through case studies and scenarios, students apply the Law of Demand and Law of Supply. In doing so, they analyze the interactions of buyers/consumers and sellers/producers when a market condition such as income, technology, size of the market, or price of compliment or substitute goods changes. Using a simulation, students discover how competitive pressures in a market economy resolve the differences between the goals of buyers and the goals of sellers. These competitive pressures, in the absence of any outside interference, result in a market clearing price (equilibrium). Students investigate how a variety of changes in the marketplace affect quantity demanded, quantity supplied, and the market clearing (equilibrium) price. In addition, students consider how changes in price affect the behavior of buyers and sellers (elasticity). Next, students analyze how incentives affect choices of individuals and organizations. Students then explore and assess the intended and unintended consequences of market distortions such as price floors and price ceilings in a market economy. The unit concludes with students engaging in substantive discourse about microeconomics in theory and practice.

...

Stage One - Desired Results

...
Standards
...
Compelling Question

How do market forces affect the decisions of individuals, organizations, and societies?

Supporting Questions
  1. How does information about the market influence the decisions of individuals and organizations?
  2. How does price provide information that influences the behavior of consumers and producers in a market?
  3. How can the study of microeconomics enable people and organizations to make rational decisions in the allocation of resources?
...
Content (Key Concepts)

determinants of demand

determinants of supply

elasticity

incentive

Law of Demand

Law of Supply

market

market clearing price/equilibrium

microeconomics

price

price controls/market distortions

shortage

surplus

Skills (Intellectual Processes)

Cause and Effect

Compare and Contrast

Description

Identifying Perspectives

Issue Analysis

...

Stage Two - Assessment Evidence

...
Unit Assessment Tasks
...

Stage Three - Learning Plan

...
Lesson Plan Sequence
...
Resources

 

Equipment/Manipulative
11x17 paper

 

Chart paper or poster board

 

Computers with Internet Access

 

Construction paper

 

Markers for chart paper

 

Scissors, 1 pair

 

Stapler

 

Overhead projector or document camera

 

Student Resource
TicketMaster. 28 Nov. 2009 http://www.ticketmaster.com

 

Stubhub. 28 Nov. 2009 http://www.stubhub.com

 

Ticketsnow. 28 Nov. 2009 http://www.Ticketsnow.com

 

Ticketliquidator. 28 Nov. 2009 http://www.TicketLiquidator.com

 

The Ticket is Right. 28 Nov. 2009 http://www.theticketisright.com

 

Teacher Resource

Arnold, Roger A. Economics in Our Time (Teacher's Edition). Grand Rapids: West Educational,

1999.

 

Market Basics: Demand, Supply, and Price Determination. The Right Start Institute. Foundation for Teaching Economics: Committed to Excellence in Economic Education. 28 Nov. 2009

 

In the Chips. Foundation for Teaching Economics: Committed to Excellence in Economic Education. 28 Nov. 2009

 

Mankiw, Gregory. Principles of Microeconomics Study Guide, Third Edition. New York: Holt Rinehart & Winston, 2003.

 

McConnell, B. Economics: Principles, Problems, and Policies (16th Edition). New York: Mc-Graw Hill, 2005.

 

McEachern, William A. Contemporary Economics. Mason, Ohio: Thomson South-Western, 2005.

 

Morton, John S., and Rae Jean B. Goodman. Advanced Placement Economics Teacher Resource

Manual. Upper Saddle River, NJ: National Council on Economic Education, 2005.

 

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

 

Debating the Minimum Wage. Finance and Economics. The Economist.com. 6 October 2015 http://www-personal.umich.edu/~kathrynd/minimumwage.pdf

 

Resources for Further Professional Knowledge
Lindstrom, Martin. Buyology: The New Science of Why We Buy. New York: Currency Doubleday,

2008.

 

...
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.
1.2.2 Price in the Market – Analyze how prices send signals and provide incentives to buyers and sellers in a competitive market.
1.3 Prices, Supply, and Demand Compare how supply, demand, price, equilibrium, elasticity, and incentives affect the workings of a market.
1.3.1 Law of Supply – Explain the law of supply and analyze the likely change in supply when there are changes in prices of the productive resources (e.g., labor, land, capital including technology), or the profit opportunities available to producers by selling other goods or services, or the number of sellers in a market.
1.3.2 Law of Demand – Explain the law of demand and analyze the likely change in demand when there are changes in prices of the goods or services, availability of alternative (substitute or complementary) goods or services, or changes in the number of buyers in a market created by such things as change in income or availability of credit.
1.3.3 Price, Equilibrium, Elasticity, and Incentives – Analyze how prices change through the interaction of buyers and sellers in a market including the role of supply, demand, equilibrium, elasticity, and explain how incentives (monetary and non-monetary) affect choices of households and economic organizations.
1.4 Role of Government in the Market
Describe the varied ways government can impact the market through policy decisions, protection of consumers, and as a producer and consumer of goods and services, and explain how economic incentives affect government decisions.
1.4.1 Public Policy and the Market – Analyze the impact of a change in public policy (such as an increase in the minimum wage, a new tax policy, or a change in interest rates) on consumers, producers, workers, savers, and investors.
1.4.2 Government and Consumers – Analyze the role of government in protecting consumers and enforcing contracts, (including property rights), and explain how this role influences the incentives (or disincentives) for people to produce and exchange goods and services.
Copyright © 2001-2015 State of Michigan
...