Wayne RESA

Unit PlannerEconomics

Wayne RESA – SS / Grade 10 / Social Studies / Economics / Week 13 - Week 16
RESA, MAISA MC3 Units
Unit Abstract

This unit focuses primarily on the federal government’s role in the economy.  Students begin the unit with a brief review of the three macroeconomic goals of an economy.  They are then introduced to the role of government in the economy by examining different government actions and/or regulation in the United States.  After exploring how these actions and regulations may serve the purposes of government as set forth in the Preamble to the U.S. Constitution and account for externalities, students revisit the circular flow model and add government’s role.  Students then examine a variety of examples of government policies and their influence on the circular flow.  They then explore tax policies as both a revenue generator for the government and as an incentive/disincentive for specific economic behavior.  In considering public goods and services, students consider why some are provided by the government, while others are not.  After learning how all taxes have a base, a rate, and a system, students use criteria to evaluate taxes and apply those criteria in developing a tax code.  Students then turn their attention to the federal budget, exploring revenue, expenditures (mandatory and discretionary), and the national debt. They analyze the budget and make recommendations for balancing the budget.  Students then learn to distinguish between fiscal and monetary policy and their tools.  The unit concludes with students comparing two contrasting views about the role of government in the economy that have been debated since early in the 20th century.  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 Economic Terms handout.

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Stage One - Desired Results

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Standards
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Compelling Question

How can the U.S. government influence the economic environment to achieve macroeconomic goals in a global economy?

Supporting Questions
  1. How can the U.S. government influence the economic environment to achieve the macroeconomic goals?
  2. How can government policies influence the interactions of buyers and sellers in a market economy?
  3. How do fiscal and monetary policies affect individuals, businesses, and society?
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Content (Key Concepts)

circular flow

externalities

fiscal policy

government budget

government expenditures

government revenue (taxes, fees, fines)

incentives

macroeconomic goals

market imperfections/failures

monetary policy

money supply

national debt

property rights

public goods and services

public policy

regulation (consumer and worker protections)

taxation

transfer payments (entitlements)

Skills (Intellectual Processes)

Cause and Effect

Describing

Identifying Perspectives

Problem Solving

 

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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
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Resources

Equipment/Manipulative

Chart paper and Markers

 

Computer Internet Access

 

Overhead Projector or Document Camera

 

Poster Board

 

Sticky Notes

 

Student Resources

ABC News. 6 October 2015 http://abcnews.go.com

 

Bloomberg News. 6 October 2015 http://www.bloomberg.com

 

Budget Hero. American Public Media. 2008. 4 May 2011

 

“Budget Puzzle: You Fix the Budget.” Week in Review. The New York Times. 13 November 2010. 6 October 2015 http://www.nytimes.com/interactive/2010/11/13/weekinreview/deficits-graphic.html?ref=weekinreview

 

CNN. US Edition. 6 October 2015 http://www.cnn.com

 

"Fear the Boom and Bust" A Hayek vs. Keynes Rap Anthem. Youtube. 6 October 2015 http://www.youtube.com/watch?v=d0nERTFo-Sk (For audio use only).

 

Forbes. 6 October 2015 http://www.forbes.com

 

Fox News. 6 October 2015 http://www.foxnews.com

 

“The Great Tax-Cut Debate: The Proposals. Bloomberg Business Week. 17 Sept. 2010. Updated Oct. 27, 2010. 6 October 2015 http://www.businessweek.com/magazine/tax-cuts/

 

Hibbs, Jason. “Firefighters watch as home burns to the ground.” WPSD Local 6 - News, Sports, Weather - Paducah KY. 29 September 2010. 4 May 2011

 

“How Twitter Users Balanced the Budget.” Week in Review. The New York Times. 20 November 2010. 6 October 2015 http://www.nytimes.com/interactive/2010/11/21/weekinreview/21leonhardt-graphic.html?ref=weekinreview

 

Leonhardt, David. “O.K., You Fix the Budget.” The New York Times. 13 November 2010.

 

Mankiw, N Gregory. Principles of Economics: Fourth Edition. Thomson South-Western. United States. 2007.

 

MSNBC News. 6 October 2015 http://www.msnbc.msn.com

 

NBC News. 6 October 2015 http://www.nbc.com

 

Papola, John and Russ Roberts. Fear the Boom and Bust Rap. 6 October 2015 http://www.billyandadam.com

 

Tax Terms. Investopia. 6 October 2015 < http://www.investopedia.com/categories/taxes.asp

 

The Detroit Free Press. 6 October 2015 http://www.freep.com

 

The New York Times. 6 October 2015 http://www.nytimes.com

 

The Oakland Press. 6 October 2015 http://www.theoaklandpress.com

 

The Wall Street Journal.6 October 2015 http://www.wsj.com

 

Understanding Taxes, Student Glossary. IRS.com.6 October 2015 http://www.irs.gov/app/understandingTaxes/student/glossary.jsp

 

Von Hayek, Friedrich. The Road to Serfdom. Routledge, 1944. pp. 13-14, 36-37, 39-45.

 

Weisberg, Jacob. “Down with the People.” Washington Post. Newsweek Interactive Co. 6 Feb. 2010.

“Who Pays? A Distributional Analysis of the Tax Systems in All 50 States.” Institute of Taxation and Economic Policy. 3rd ed. Nov. 2009. 4 May 2011 http://www.itepnet.org/whopays3.pdf

 

Yergin, Daniel and Joseph Stanislaw. Profile of John Maynard Keynes. Commanding Heights. PBS/WGBH, 1998.

 

Teacher Resources

“16 Ways to Cut the Deficit.” Room for Debate. The New York Times. 14 November 2010. 6 October 2015 http://www.nytimes.com/roomfordebate/2010/11/14/16-ways-to-cut-the-deficit

 

“House Goes Up in Flames.” Youtube.com. 5 Oct. 2010. 4 May 2011

 

“Theme 3: Fairness in Taxes.” Understanding Taxes. IRS.gov. 6 October 2015 http://www.irs.gov/app/understandingTaxes/student/whys_thm03_les04.jsp

 

Krugman, Paul R. and Robin Wells. Economics. New York: W.H.Freeman & Co., Ltd., 2009.

 

McEachern, William A. Contemporary Economics. Australia: Thomson, 2005.

 

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

 

Role of Government in the Economy. U.S. Department of State. 6 October 2015 http://countrystudies.us/united-states/economy-6.htm

 

Siklos, Pierre L. “What is Deflation?” Wilfrid Laurier University. 1 Feb. 2010. 4 May 2011

 

U.S. Bureau of Labor Statistics Occupational Outlook Handbook. 23 April 2011 http://www.bls.gov

 

Resources for Further Professional Knowledge

Fishback, Price V. and Douglass C. North. Government and the American Economy. Chicago: University of Chicago Press, 2007.

 

Commanding Heights: Battle for the World Economy. PBS/WGBH. Heights Production, Inc. 2002. 6 October 2015 http://www.pbs.org/wgbh/commandingheights/lo/index.html

 

Martinez, Mark A. The Myth of the Free Market: The Role of the State in a Capitalist Economy. Sterling, VA: Kumarian Press, 2009.

 

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Expectations/Standards
MI: Literacy in History/Social Studies, Science, & Technical Subjects 6-12
MI: Grades 9-10
Reading: History/Social Studies
2. Determine central ideas or themes of a text and analyze their development; summarize the key supporting details and ideas.
RH.9-10.2. Determine the central ideas or information of a primary or secondary source; provide an accurate summary of how key events or ideas develop over the course of the text.
Craft and Structure
4. Interpret words and phrases as they are used in a text, including determining technical, connotative, and figurative meanings, and analyze how specific word choices shape meaning or tone.
RH.9-10.4. Determine the meaning of words and phrases as they are used in a text, including vocabulary describing political, social, or economic aspects of history/social science.
6. Assess how point of view or purpose shapes the content and style of a text.
RH.9-10.6. Compare the point of view of two or more authors for how they treat the same or similar topics, including which details they include and emphasize in their respective accounts.
9. Analyze how two or more texts address similar themes or topics in order to build knowledge or to compare the approaches the authors take.
RH.9-10.9. Compare and contrast treatments of the same topic in several primary and secondary sources.
Range of Reading and Level of Text Complexity
10. Read and comprehend complex literary and informational texts independently and proficiently.
RH.9-10.10. By the end of grade 10, read and comprehend history/social studies texts in the grades 9–10 text complexity band independently and proficiently.
Writing
Production and Distribution of Writing
4. Produce clear and coherent writing in which the development, organization, and style are appropriate to task, purpose, and audience.
WHST.9-10.4. Produce clear and coherent writing in which the development, organization, and style are appropriate to task, purpose, and audience.
8. Gather relevant information from multiple print and digital sources, assess the credibility and accuracy of each source, and integrate the information while avoiding plagiarism.
WHST.9-10.8. Gather relevant information from multiple authoritative print and digital sources, using advanced searches effectively; assess the usefulness of each source in answering the research question; integrate information into the text selectively to maintain the flow of ideas, avoiding plagiarism and following a standard format for citation.
9. Draw evidence from literary or informational texts to support analysis, reflection, and research.
WHST.9-10.9. Draw evidence from informational texts to support analysis, reflection, and research.
Range of Writing
10. Write routinely over extended time frames (time for research, reflection, and revision) and shorter time frames (a single sitting or a day or two) for a range of tasks, purposes, and audiences.
WHST.9-10.10. Write routinely over extended time frames (time for reflection and revision) and shorter time frames (a single sitting or a day or two) for a range of discipline-specific tasks, purposes, and audiences.
MI: Social Studies (2007)
High School
Civics & Government
C1 Conceptual Foundations of Civic and Political Life
1.1 Nature of Civic Life, Politics, and Government Explain the meaning of civic life, politics, and government through the investigation of such questions as: What is civic life? What are politics? What is government? What are the purposes of politics and government?
1.1.3 Identify and explain competing arguments about the necessity and purposes of government (such as to protect inalienable rights, promote the general welfare, resolve conflicts, promote equality, and establish justice for all).
Economics
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.
1.4.3 Government Revenue and Services – Analyze the ways in which local and state governments generate revenue (e.g., income, sales, and property taxes) and use that revenue for public services (e.g., parks and highways).
1.4.4 Functions of Government – Explain the various functions of government in a market economy including the provision of public goods and services, the creation of currency, the establishment of property rights, the enforcement of contracts, correcting for externalities and market failures, the redistribution of income and wealth, regulation of labor (e.g., minimum wage, child labor, working conditions), and the promotion of economic growth and security.
1.4.5 Economic Incentives and Government – Identify and explain how monetary and non-monetary incentives affect government officials and voters and explain how government policies affect the behavior of various people including consumers, savers, investors, workers, and producers.
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.
2.1.8 Relationship Between Expenditures and Revenue (Circular Flow) – Using the circular flow model, explain how spending on consumption, investment, government and net exports determines national income; explain how a decrease in total expenditures affects the value of a nation’s output of final goods and services.
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).
2.2.2. Macroeconomic Policy Alternatives – Compare and contrast differing policy recommendations for the role of the Federal government in achieving the macroeconomic goals of stable prices, low unemployment, and economic growth.
2.2.3 Fiscal Policy and its Consequences – Analyze the consequences – intended and unintended – of using various tax and spending policies to achieve macroeconomic goals of stable prices, low unemployment, and economic growth.
2.2.4 Federal Reserve and Monetary Policy – Explain the roles and responsibilities of the Federal Reserve System and compare and contrast the consequences – intended and unintended – of different monetary policy actions of the Federal Reserve Board as a means to achieve macroeconomic goals of stable prices, low unemployment, and economic growth.
2.2.5 Government Revenue and Services – Analyze the ways in which governments generate revenue on consumption, income and wealth and use that revenue for public services (e.g., parks and highways) and social welfare (e.g., social security, Medicaid, Medicare).
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