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HS Economics with Fin Lit and Honors 2017_2018_Edited 2

HS Economics with Fin Lit and Honors 2017_2018_Edited 2

Volusia District Social Studies Office 2017-2018

Social Studies

Curriculum Map

Volusia County Schools

2102335/NNQ 2102345/NNR

Economics with Financial Literacy Economics with Financial Literacy
Honors

Page 1 12th Grade Economics


Volusia District Social Studies Office 2017-2018

UNDERSTANDING THE CURRICULUM MAPS

Everything begins with the purpose, the Organizing Principle. The OP is like a thesis statement in an essay. It provides the direction for an essay and lets the reader
know what the writer is trying to prove. Similarly, an OP provides direction for a unit of study in a classroom. It lets the student know what you as a teacher are
trying to prove. All the measurement topics, curriculum standards and vocabulary that you teach should come back to the Organizing Principle in some way.

The Measurement Topic reflects the standards created by the Department of Education and the Curriculum Standards reflect the benchmarks created by the
Department of Education.

The Measurement Topics and the Curriculum Standards have been chunked together to allow for a Resource Page to immediately follow the standards/content. The
Resource Page includes textbook alignment, Safari Montage links, websites, Document Based Question (DBQ) lesson plans, teacher hints, assessment and activities
aligned to Florida Reading and Writing Literacy Standards. These are only examples of some of the items you can use to teach the unit.

Considering the Next Generation Sunshine State Standards please keep in mind the Department of Education has determined the content that will be delivered to
students. Please find in the curriculum maps the pacing expected when delivering the content. Additionally, the Florida Literacy Standards are complementary to
the NGSS standards we are expected to teach. The Florida Literacy alignment is found on the Resource Page with example activities.

The maps are designed to help teachers determine areas of coverage and to avoid trying to teach every chapter in a textbook. Instead the maps are designed around
the Organizing Principles and are broken down into Curriculum Standards. Teachers are encouraged to use a variety of resources to teach the content and skills.
The textbook should be one of the resources used.

The mapping teams have done a great job on the maps but something important to know is the curriculum maps are not static documents; they are dynamic and open
to revision. If you have questions or suggestions, please contact the Volusia County Social Studies Office.

Robert Milholland Curriculum Map Revision Committee
Social Studies Curriculum Specialist
Joseph Ruggiero Melissa Curran
Volusia County Schools

Page 2 12th Grade Economics


Volusia District Social Studies Office 2017-2018

Social Studies Curriculum Mapping
-TEACHING WITH A PURPOSE IN MIND-

Next Generation Sunshine
State Standards

Organizing Principle
(Thesis)

Measurement Topic Curriculum Standards (NGSSS) Academic Language Teaching Resources (Florida
Literacy Standards)

Assessment
Formative and Summative

Page 3 12th Grade Economics


Volusia District Social Studies Office 2017-2018

Checklist of Economics Standards and Benchmarks, access points and resources. • 2.5 Analyze how capital investments may impact productivity and economic growth.

• 2.6 Examine the benefits of natural monopolies and the purposes of government

Benchmarks are hyperlinked to CPALMS page. regulation of these monopolies.

• 2.7 Identify the impact of inflation on society.

SS.912.E.1. Understand the fundamental concepts relevant to the development of a • 2.8 Differentiate between direct and indirect taxes, and describe the progressivity of
market economy. taxes (progressive, proportional, regressive).

• 1.1 Identify the factors of production and why they are necessary for the production • 2.9 Analyze how changes in federal spending and taxation affect budget deficits and

of goods and services. surpluses and the national debt.

• 1.2 Analyze the production possibilities curves to explain choice, scarcity, and • 2.10 Describe the organization and functions of the Federal Reserve System.

opportunity costs. • 2.11 Assess the economic impact of negative and positive externalities on the local,

• 1.3 Compare how the various economic systems (traditional, market command, state, and national environment.

mixed) answer the questions: (1) What to produce?; (2) How to produce?; (3) For • 2.12 Construct a circular flow diagram for an open-market economy including

whom to produce? elements of households, firms, government, financial institutions, product and factor

• 1.4 Define supply, demand, quantity supplied, and quantity demanded; graphically markets, and international trade.

illustrate situations that would cause changes in each, and demonstrate how the

equilibrium price of a product is determined by the interaction of supply and demand SS.912.E.3 Understand the fundamental concepts and interrelationships of the United

in the market place. States economy in the international marketplace.

• 1.5 Compare different forms of business organizations. • 3.1 Demonstrate the impact of inflation on world economies.

• 1.6 Compare the basic characteristics of the four market structures (monopoly, • 3.2 Examine absolute and comparative advantage, and explain why most trade occurs

oligopoly, monopolistic competition, pure competition). because of comparative advantage.

• 1.7 Graph and explain how firms determined price and output through marginal cost • 3.3 Discuss the effect of barriers to trade and why nations sometimes erect barriers to

analysis. trade or establish free trade zones.

• 1.8 Explain ways firms engage in price and non-price competition. • 3.4 Assess the economic impact of negative and positive externalities on the

• 1.9 Describe how the earnings of workers are determined. international environment.

• 1.10 Explain the use of fiscal policy (taxation, spending) to promote price stability, full • 3.5 Compare the United States economy with other developed and developing
nations.
employment, and economic growth.

• 1.11 Explain how the Federal Reserve uses the tools of monetary policy (discount • 3.6 Differentiate and draw conclusions about historical economic thought theorized
rate, reserve requirement, open market operations) to promote price stability, full by economists.

employment, and economic growth.

• 1.12 Examine the four phases of the business cycle (peak, contraction-

unemployment, trough, expansion-inflation).

• 1.13 Explain the basic functions and characteristics of money and describe the

composition of the money supply in the United States.

• 1.14 Compare credit, savings, and investment services available to the consumer

from financial institutions.

• 1.15 Describe the risk and return profiles of various investment vehicles and the

importance of diversification.

• 1.16 Construct a one-year budget plan for a specific career path, including expenses

and construction of a credit plan for purchasing a major item.

SS.912.E.2. Understand the fundamental concepts relevant to the institutions,
structure, and functions of a national economy.
• 2.1 Identify and explain broad economic goals.
• 2.2 Use a decision-making model to analyze a public policy issue affecting the
student's community that incorporate defining a d problem, analyzing potential
consequences, and considering the alternatives.
• 2.3 Research contributions of entrepreneurs, inventors, and other key individuals
from various gender, social, and ethnic backgrounds in the development of the
United States.
• 2.4 Diagram and explain the problems that occur when government institutes wage
and price controls, and explain the rationale for the controls.

Page 4 12th Grade Economics


Volusia District Social Studies Office 2017-2018

Checklist of Financial Literacy Standards and Benchmarks, access points and • 3.2 Examine the ideas that inflation reduces the value of money, including savings,

resources. that the real interest rate expresses the rate of return on savings, taking into account

the effect of inflation and that the real interest rate is calculated as the nominal

Benchmarks are hyperlinked to CPALMS page. interest rate minus the rate of inflation.
• 3.3 Compare the difference between the nominal interest rate which tells savers how

SS.912.FL.1 Earning Income the dollar value of their savings or investments will grow, and the real interest rate

• 1.1 Discuss that people choose jobs or careers for which they are qualified based on which tells savers how the purchasing power of their savings or investments will
non-income factors, such as job satisfaction, independence, risk, family, or location. grow.

• 1.2 Explain that people vary in their willingness to obtain more education or training • 3.4 Describe ways that money received (or paid) in the future can be compared to

because these decisions involve incurring immediate costs to obtain possible future money held today by discounting the future value based on the rate of interest.

benefits. Describe how discounting the future benefits of education and training may • 3.5 Explain ways that government agencies supervise and regulate financial
institutions to help protect the safety, soundness, and legal compliance of the
lead some people to pass up potentially high rates of return hthat more education and nation’s banking and financial system.
training may offer.
• 1.3 Evaluate ways people can make more informed education, job, or career decisions • 3.6 Describe government policies that create incentives and disincentives for people
to save.
by evaluating the benefits and costs of different choices.
• 3.7 Explain how employer benefit programs create incentives and disincentives to
• 1.4 Analyze the reasons why the wage and salary paid to workers in jobs is usually save and how an employee’s decision to save can depend on how the alternatives are
determined by the labor market and that businesses are generally willing to pay more
presented by the employer.
productive workers higher wages or salaries than less productive workers.

• 1.5 Discuss reasons why changes in economic conditions or the labor market can SS.912.FL.4 Using Credit
cause changes in a worker’s income or may cause unemployment. • 4.1 Discuss ways that consumers can compare the cost of credit by using the annual

• 1.6 Explain that taxes are paid to federal, state, and local governments to fund percentage rate (APR), initial fees charged or late payment or missed payments.
• 4.2 Discuss that banks and financial institutions sometimes compete by offering
government goods and services and transfer payments from government to
credit at low introductory rates, which increase after a set period of time or when the
individuals and that the major types of taxes are income taxes, payroll (Social borrower misses a payment or makes a late payment.
Security) taxes, property taxes, and sales tax. • 4.3 Explain that loans can be unsecured or secured with collateral, that collateral is a
• 1.7 Discuss people’s sources of income, amount of income, as well as the amount piece of property that can be sold by the lender to recover all or part of a loan if the

and type of spending affect the types and amounts of taxes paid.

SS.912.FL.2 Buying Goods and Services borrower fails to repay. Explain why secured loans are viewed as having less risk and

• 2.1 Compare consumer decisions as they are influenced by the price of a good or why lenders charge a lower interest rate than they charge for unsecured loans.
service, the price of alternatives, and the consumer’s income as well as his or her
• 4.4 Describe why people often make a cash payment to the seller of a good – called a
preferences. down payment – in order to reduce the amount they need to borrow. Describe why

• 2.2 Analyze situations in which when people consume goods and services, their lenders may consider loans made with a down payment to have less risk because the
down payment gives the borrower some equity or ownership right away and why
consumption can have positive and negative effects on others.
these loans may carry a lower interest rate.
• 2.3 Discuss that when buying a good, consumers may consider various aspects of
the product including the product’s features. Explain why for goods that last for a • 4.5 Explain that lenders make credit decisions based in part on consumer payment
longer period of time, the consumer should consider the product’s durability and history. Credit bureaus record borrowers’ credit and payment histories and provide

• maintenance costs. • that information to lenders in credit reports.
• 2.4 Describe ways that consumers may be influenced by how the price of a good is • 4.6 Discuss that lenders can pay to receive a borrower’s credit score from a credit
expressed. bureau and that a credit score is a number based on information in a credit report and
• 2.5 Discuss ways people incur costs and realize benefits when searching for • assesses a person’s credit risk.
• information related to their purchases of goods and services and describe how the • 4.7 Describe that, in addition to assessing a person’s credit risk, credit reports and
amount of information people should gather depends on the benefits and costs of the scores may be requested and used by employers in hiring decisions, landlords in
information. deciding whether to rent apartments, and insurance companies in charging
2.6 Explain that people may choose to donate money to charitable organizations and premiums.
other not-for-profits because they gain satisfaction from donating.
2.7 Examine governments establishing laws and institutions to provide consumers 4.8 Examine the fact that failure to repay a loan has significant consequences for
with information about goods or services being purchased and to protect consumers borrowers such as negative entries on their credit report, repossession of property
from fraud. (collateral), garnishment of wages, and the inability to obtain loans in the future.

4.9 Explain that consumers who have difficulty repaying debt can seek assistance
through credit counseling services and by negotiating directly with creditors.

SS.912.FL.3 Saving • 4.10 Analyze the fact that, in extreme cases, bankruptcy may be an option for
• 3.1 Discuss the reasons why some people have a tendency to be impatient and
consumers who are unable to repay debt, and although bankruptcy provides some
choose immediate spending over saving for the future.
benefits, filing for bankruptcy also entails considerable costs, including having notice
of the bankruptcy appear on a consumer’s credit report for up to 10 years.

Page 5 12th Grade Economics


Volusia District Social Studies Office 2017-2018

• 4.11 Explain that people often apply for a mortgage to purchase a home and identify a SS.912.FL.6 Protecting and Insuring

mortgage is a type of loan that is secured by real estate property as collateral. • 6.1 Describe how individuals vary with respect to their willingness to accept risk and

• 4.12 Discuss that consumers who use credit should be aware of laws that are in place why most people are willing to pay a small cost now if it means they can avoid a

to protect them and that these include requirements to provide full disclosure of possible larger loss later.

credit terms such as APR and fees, as well as protection against discrimination and • 6.2 Analyze how judgment regarding risky events is subject to errors because people
abusive marketing or collection practices. tend to overestimate the probability of infrequent events, often because they’ve heard

• 4.13 Explain that consumers are entitled to a free copy of their credit report annually of or seen a recent example.

so that they can verify that no errors were made that might increase their cost of • 6.3 Describe why people choose different amounts of insurance coverage based on

credit. their willingness to accept risk, as well as their occupation, lifestyle, age, financial

profile, and the price of insurance.

SS.912.FL.5 Financial Investing • 6.4 Explain that people may be required by governments or by certain types of

• 5.1 Compare the ways that federal, state, and local tax rates vary on different types of contracts (e.g., home mortgages) to purchase some types of insurance.

investments. Describe the taxes effect on the after-tax rate of return of an investment. • 6.5 Describe how an insurance contract can increase the probability or size of

• 5.2 Explain how the expenses of buying, selling, and holding financial assets potential loss because having the insurance results in the person taking more risks,

decrease the rate of return from an investment. and that policy features such as deductibles and co-payments are cost-sharing

• 5.3 Discuss that buyers and sellers in financial markets determine prices of financial features that encourage the policyholder to take steps to reduce the potential size of

assets and therefore influence the rates of return of those assets. a loss (claim).

• 5.4 Explain that an investment with greater risk than another investment will • 6.6 Explain that people can lower insurance premiums by behaving in ways that show

commonly have a lower market price, and therefore a higher rate of return, than the they pose a lower risk.

other investment. • 6.7 Compare the purposes of various types of insurance, including that health

• 5.5 Explain that shorter-term investments will likely have lower rates of return than insurance provides for funds to pay for health care in the event of illness and may

longer-term investments. also pay for the cost of preventative care; disability insurance is income insurance

• 5.6 Describe how diversifying investment in different types of financial assets can that provides funds to replace income lost while an individual is ill or injured and

lower investment risk. unable to work; property and casualty insurance pays for damage or loss to the
• 5.7 Describe how financial markets adjust to new financial news and that prices in insured’s property; life insurance benefits are paid to the insured’s beneficiaries in

those markets reflect what is known about those financial assets. the event of the policyholder’s death.

• 5.8 Discuss ways that the prices of financial assets are affected by interest rates and • 6.8 Discuss the fact that, in addition to privately purchased insurance, some
explain that the prices of financial assets are also affected by changes in domestic government benefit programs provide a social safety net to protect individuals from
and international economic conditions, monetary policy, and fiscal policy. economic hardship created by unexpected events.

• 5.9 Examine why investors should be aware of tendencies that people have that may • 6.9 Explain that loss of assets, wealth, and future opportunities can occur if an
result in poor choices, which may include avoiding selling assets at a loss because individual’s personal information is obtained by others through identity theft and then

they weigh losses more than they weigh gains and investing in financial assets with used fraudulently, and that by managing their personal information and choosing the

which they are familiar, such as their own employer’s stock or domestic rather than environment in which it is revealed, individuals can accept, reduce, and insure

international stocks. against the risk of loss due to identity theft.

• 5.10 Explain that people vary in their willingness to take risks because the willingness • 6.10 Compare federal and state regulations that provide some remedies and

to take risks depends on factors such as personality, income, and family situation. assistance for victims of identity theft.

• 5.11 Describe why an economic role for a government may exist if individuals do not

have complete information about the nature of alternative investments or access to

competitive financial markets.

• 5.12 Compare the Securities and Exchange Commission (SEC), the Federal Reserve,

and other government agencies that regulate financial markets.

Page 6 12th Grade Economics


Volusia District Social Studies Office 2017-2018

END OF COURSE EXAM EMPHASIS

The pacing in this document is offered as a suggestion and adds to 77 days. Typically, Volusia County’s first semester is 86 days and the second semester

is 94 days (although senior graduation and testing days will typically reduce that number significantly). The extra days are built in for reviewing, testing,
emphasizing topics of a teacher’s choosing, etc.

A district EOC will include at least one question on each of the standards below, with an approximate breakdown of the following:

30% Financial Literacy Emphasis- 3.5 weeks (19 days)
Standard 1 Earning Income (3 days)
Standard 2 Buying Goods and Services (2 days)
Standard 3 Saving (2 days)
Standard 4 Using Credit (4 days)
Standard 5 Financial Investing (5 days)
Standard 6 Protecting and Insuring (3 days)

45% Microeconomics Emphasis– 6.5 weeks (32 days)
Standard 1 Economics Decision Making and Economic Systems (10 days)
Standard 2 Demand, Supply, and Equilibrium (13 days)
Standard 3 Market Structures and Business Organizations (9 days)

25% Macroeconomics Emphasis- 5.5 weeks (26 days)
Standard 4 Money, Banking, and Finance (6 days)
Standard 5 GDP, Inflation and Unemployment (8 days)
Standard 6 Taxation, Fiscal and Monetary Policy (10 days)
Standard 7 Global Economy and Economic Thought (2 days)

Page 7 12th Grade Economics


Volusia District Social Studies Office 2017-2018

HONORS COURSE - Teacher and Student Expectations

Advanced coursework is offered in high school to provide a more rigorous course of study for high school students and to prepare them for advanced work in college. To this end, Social Studies
teachers of Advanced High School courses are expected to utilize a variety of instructional strategies / activities and students are expected to participate in more rigorous coursework to include the
following:

- Instruction should be based on content / skills from the Volusia County Schools Curriculum Map. The course curriculum map should serve as the instructional guide, not a textbook or other
resource.

- Use the unit Organizing Principle as your starting point: have it posted, and review it regularly with your students to provide them with a framework for instruction (remember, it’s like a thesis
in an essay) and a purpose for learning all the unit content. The same holds true for the Curriculum Standards you are focusing on each day. They should be visible and discussed before and
after instruction.

- Social Studies Literacy Strategies should be utilized regularly (Cornell Notes or similar note-taking method, SOAPStone or APPARTS analysis tools, and PERSIA or G-SPRITE categorization
tools).

- Activities should include Document-Based instruction (analytical reading and writing involving individual and collections of primary and secondary sources), methodology affecting the multiple
intelligences and utilizing both individual and cooperative learning (e.g. Geography/History Alive lessons and The DBQ Project Lessons).

- Students should conduct research projects related to the Social Studies Fair.

- Assessment should include both formative assessments and summative assessments. Questions should include Level 1 items that involve low order, foundational knowledge/skills; Level 2
items require students to infer or draw conclusions; and Level 3 questions require more abstract thought, thinking beyond the information at hand.

- Writing for Understanding is not only the name of a TCI strategy but is an essential element in the learning process. Students should be engaged in higher order writing on a regular basis, short
and extended responses, more in-depth essays, and authentic writing. Students must be able to produce historical writing, that is, they must be able to take a position on a subject (thesis) and
defend it with examples (facts) and sound reasoning (logic).

- Students should keep a Notebook as they help students organize information (previews, teacher directed activities, and process assignments), they provide cohesion and structure to a unit of
study, and they place responsibility for learning on students (e.g. an AVID or Interactive Student Notebook).

- Teachers should assign, and students should complete targeted homework - students should be expected to complete homework regularly but homework shouldn’t be assigned simply for the
sake of giving homework. Homework can include preview or process activities, vocabulary/concept building, work related to projects, etc.
o Previews involve activating prior knowledge, preparing students for the next topic of instruction.
o Process activities relate to content/skills recently learned where students are involved in metacognition.

Page 8 12th Grade Economics


Volusia District Social Studies Office 2017-2018

Important Events Observed by Volusia County Social Studies Courses

Sept 18-22 Constitution Week
All social studies courses will study one of the most important documents in United States history. Constitution Week commemorates the formation and signing of the U.S.
Constitution by thirty-nine brave men on September 17, 1787, recognizing all who, are born in the U.S. or by naturalization, have become citizens.
(Teachers will receive further instruction from content area specialist)

September Celebrate Freedom Week
Last full week of Per Florida Statute
the month
Sept 25-29

September 15- Hispanic Heritage Month
October 15 Each year, Americans observe National Hispanic Heritage Month from September 15 to October 15, by celebrating the histories, cultures and contributions of American
citizens whose ancestors came from Spain, Mexico, the Caribbean and Central and South America. The observation started in 1968 as Hispanic Heritage Week under
President Lyndon Johnson and was expanded by President Ronald Reagan in 1988 to cover a 30-day period starting on September 15 and ending on October 15. It was
enacted into law on August 17, 1988, on the approval of Public Law 100-402. The day of September 15 is significant because it is the anniversary of independence for Latin
American countries Costa Rica, El Salvador, Guatemala, Honduras and Nicaragua. In addition, Mexico and Chile celebrate their independence days on September 16 and
September 18, respectively. Also, Columbus Day or Día de la Raza, which is October 12, falls within this 30 day period.

November Native American Heritage Month
What started at the turn of the century as an effort to gain a day of recognition for the significant contributions the first Americans made to the establishment and growth of
the U.S., has resulted in a whole month being designated for that purpose.

February Black History Month
February is "Black History Month," a time to commemorate African-Americans who have changed the world.
Celebrating Black History began in 1926, when Dr. Carter G. Woodson, a Harvard Ph.D., initiated "Negro History Week." Dr. Woodson, a historian, chose the second week in
February because it included the birthdays of Frederick Douglass and Abraham Lincoln. In 1976, the Bicentennial (200th birthday) of the U.S.A., the week-long observance
was extended to the entire month of February in order to have enough time for celebratory programs and activities.
(Teachers will receive further instruction from content area specialist)

March Women's History Month
Women’s History Month had its origins as a national celebration in 1981 when Congress passed Pub. L. 97-28 which authorized and requested the President to proclaim the
week beginning March 7, 1982 as “Women’s History Week." Throughout the next five years, Congress continued to pass joint resolutions designating a week in March as
"Women’s History Week." In 1987 after being petitioned by the National Women’s History Project, Congress passed Pub. L. 100-9 which designated the month of March
1987 as “Women’s History Month." Between 1988 and 1994, Congress passed additional resolutions requesting and authorizing the President to proclaim March of each
year as Women’s History Month. Since 1995, Presidents Clinton, Bush and Obama have issued a series of annual proclamations designating the month of March as
“Women’s History Month.”

Page 9 12th Grade Economics


Volusia District Social Studies Office 2017-2018

Organizing Principle 1: Understand the fundamental concepts relevant to the development of a market Pacing 10 days
economy (Unit 1).

Measurement Topics Curriculum Standards Benchmarks Academic Language

Economic Decision- 1. Identify the factors of production and why they are necessary for the production of SS.912.E.1.1 1. Economics
Making and Economic goods and services. SS.912.E.1.2 2. Scarcity
Systems Learning Targets: SS.912.E.2.11, 3. Shortage
• Students will identify the factors of production such as land, labor, and capital, which 4. Factors of production
5. Land
are combined by entrepreneurs to produce goods and services. 6. Labor
7. Capital
• Students will distinguish between renewable and nonrenewable resources. 8. Physical capital
• Students will explain why the factors of production are necessary for the production 9. Human capital
10. Entrepreneurship
of goods and services. 11. Opportunity cost
12. Production possibilities
• Examples may include, but are not limited to, land, labor, capital, entrepreneurship,
curve
economic choices, scarcity, economic problems, and factors of production. 13. Efficiency
14. Inefficiency
2. Analyze production possibilities curves to explain choice, scarcity, and opportunity 15. Underutilize
costs. 16. Law of Increasing
Learning Targets:
• Students will recognize how scarcity affects making economic choices. (Opportunity) Costs
• Students will analyze production possibilities curves and interpret the information 17. Economic system
18. Traditional economy
represented on the graphs. 19. Market economy
20. Centrally-planned/command
• Students will explain how production possibilities curves show scarcity, alternative
economy
uses of resources, opportunity costs, and tradeoffs. 21. Mixed economy
22. Specialization
• Students will analyze opportunity costs and tradeoffs in government policy actions. 23. Market
• Students will identify factors that could affect a production possibilities curve. 24. Factor market
• Examples may include, but are not limited to, cost/benefit analysis, marginal cost, 25. Product market
26. Incentive
marginal benefit, efficiency, underutilization, growth, and the law of increasing 27. Competition
opportunity costs. 28. Self-interest
29. Invisible Hand
3. Assess the economic impact of negative and positive externalities on the local, 30. Circular Flow Diagram
state, and national (natural) environment. 31. Socialism
Learning Targets: 32. Communism
• Students will analyze the roles of costs and benefits in externalities. 33. Ceteris paribus
• Students will distinguish between negative externalities (pollution, global warming) 34. Free Rider
35. Positive/Negative
and positive externalities (pure water, better air quality) and examine their economic
impact. Externalities

• Students will recognize that the government aims at increasing positive externalities

and limiting negative externalities in the public and private sectors.

• Examples of negative externalities may include, but are not limited to, pollution and

global warming.

• Examples of positive externalities may include, but are not limited to, pure water and

better air quality.

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Volusia District Social Studies Office 2017-2018

4. When people consume goods and services, their consumption can have positive SS.912.FL.2.2
and negative effects on others. SS.912.E.1.3

5. Compare how the various economic systems (traditional, market, command, SS.912.E.2.12*
mixed) answer the questions: (1) What to produce?; (2) How to produce?; and (3) SS.912.E.3.5*
For whom to produce?

Learning Targets:
• Students will determine how different goals and values can affect how a society

answers the three economic questions.

• Students will recognize the characteristics of each economic system and its

advantages and disadvantages.

• Students will analyze how the three key questions are answered in each economic

system, and how economic decisions are made.

• Students will explain reasons for government involvement in a mixed economy.
• Examples may include, but are not limited to, economic systems, circular flow model,

economic goals (efficiency, freedom, security, equity, growth, and full employment),
and economic transition to the market system.

6. Construct a circular flow diagram for an open-market economy including elements
of households, firms, government, financial institutions, product and factor
markets, and international trade.

Learning Targets:

• Students will identify the roles of various sectors of the economy: households, firms,

government, financial institutions, product and factor markets, and international
trade.

• Students will identify the direction of the flow of goods and money through the

economy.

7. Compare the United States economy with other developed and developing nations.
Learning Targets:

• Students will compare and contrast the U.S. economy with other nations using
measures of development (standard of living, productivity, per capita gross domestic
product).

• Students will evaluate the government’s role in the U.S. economy and compare it to
other nations in terms of fiscal policy, monetary policy, foreign exchange policy, and
foreign trade policy.

• Students will identify stages of economic development.

• Examples may include, but are not limited to, standard of living, exchange rates,

productivity, and gross domestic product.

8. Research contributions of entrepreneurs, inventors, and other key individuals SS.912.E.2.3
from various gender, social, and ethnic backgrounds in the development of the
United States.

Page 11 12th Grade Economics


Volusia District Social Studies Office 2017-2018

Learning Target:
• Students will describe the importance of various entrepreneurs and investors in the

economic growth of the United States.

*These standards fall under SS.912.E.2 and E.3 respectively. Because of their
relevance to the material in this Measurement Topic, it is suggested that these
benchmarks are instructed together.

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Resources Unit 1 - Economic Decision-Making and Economic Systems
Textbook Understanding Economics (McGraw-Hill) – Chapters 1, 2, & 3
Safari Montage
Websites Henry Ford: http://safari3.volusia.k12.fl.us/SAFARI/montage/play.php?keyindex=150558&location=local&filetypeid=11

CPALMS Resources Madam C.J. Walker:

Teacher Hints http://safari3.volusia.k12.fl.us/SAFARI/montage/play.php?keyindex=114347&location=local&filetypeid=65

Crash Course Economics #1: Intro to Economics:
https://www.youtube.com/watch?v=3ez10ADR_gM&index=1&list=PL8dPuuaLjXtPNZwz5_o_5uirJ8gQXnhEO
Crash Course Economics #3: Economic Systems:
https://www.youtube.com/watch?v=B43YEW2FvDs&list=PL8dPuuaLjXtPNZwz5_o_5uirJ8gQXnhEO&index=3
Crash Course Economics #14: Economic Schools of Thought:
https://www.youtube.com/watch?v=tZvjh1dxz08&list=PL8dPuuaLjXtPNZwz5_o_5uirJ8gQXnhEO&index=14
EconMovies: Star Wars Basic Economic Concepts (Scarcity, Choices, and Exchange): https://www.youtube.com/watch?v=Np-
dZSdzymk&index=8&list=PL1oDmcs0xTD9Aig5cP8_R1gzq-mQHgcAH
EconMovies: Monsters, Inc. Production Possibilities Curve: https://www.youtube.com/watch?v=tW4G5IPpzFY
AC/DC Production Possibilities Curve: https://www.youtube.com/watch?v=SJQ56vJoy3Y
List of countries by GDP: http://en.wikipedia.org/wiki/List_of_countries_by_GDP_(nominal)
Collection of data sites for use throughout the course: http://www.reffonomics.com/Internetsites.htm

URL: http://www.cpalms.org/Public/search/Resource
Instructions:

1. Click the live link above (paste into address bar if live link is not available)
2. Input standard within search field
3. Click Search
4. Click resource attached to standard for further information

SS.912.E.1.1 – NA
SS.912.E.1.2 – Lesson Plans
SS.912.E.1.3 – NA
SS.912.E.2.3 – NA
SS.912.E.2.12 – NA
SS.912.E.3.5 – NA

• Look for the One Drive Shared Folder containing resources for each Unit
• Have students provide specific examples of land, labor, and capital.
• Have students use the PPC to demonstrate scarcity and opportunity cost.
• In comparing countries, comparison by GDP is helpful, but teacher will have to give a basic understanding of what GDP is this early on.
• Emphasize the concepts of scarcity and opportunity cost.
• For SS.912.E.2.3, students can research and report on a variety of past and contemporary economic figures—Bill Gates, Steve Jobs, Andrew Carnegie, John D.

Rockefeller, Adam Smith, and others. Textbooks often provide a specific page to individuals or at least a panel on the textbook page. Also, consider doing this
benchmark throughout the semester, rather than in all one go.

• Utilize the resources on the following website http://councilforeconed.org/resources/econedlink/
• Follow this blog for resources and current content: http://economicsteachersblog.blogspot.com/

Page 13 12th Grade Economics


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Assessment • Draw and label a circular flow diagram for both a mixed economy and a market economy.
• Draw and label a production possibilities curve for a simplified economy. Explain the relevant features.
Florida Literacy • Essay on life within a centrally planned economy detailing lack of choice, innovation, variety, and so forth.
Standards
• (McGraw Hill) Assessment System
Reading 2, 7
(LAFS.912.RH.1.2) Activities
(LAFS.912.RH.3.7)
Students should read an article of their choice of an entrepreneur and offer a written explanation of why the individual was successful,
citing evidence from the text.

Writing 2, 4, 8 Students should reproduce and explain a PPC and its relevant concepts through both the graph and text.
(LAFS.1112.WH.1.2)
(LAFS.1112.WH.2.4)
(LAFS.1112.WH.3.8)

Page 14 12th Grade Economics


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Organizing Principle 2: Understand the underlying market forces that naturally guide a market economy (Unit Pacing 13 days
2).

Measurement Topics Curriculum Standards Benchmarks Academic Language

Demand, Supply and 1. Define supply, demand, quantity supplied, and quantity demanded. SS.912.E.1.4 1. Demand (D)
Equilibrium *Graphically illustrate situations that would cause changes in each, and 2. Quantity demanded
demonstrate how the equilibrium price of a product is determined by the SS.912.E.1.7 3. Law of Demand
interaction of supply and demand in the market place. SS.912.E.2.4* 4. Substitution effect
5. Income effect
Learning Targets: 6. Demand schedule
7. Demand curve
• Students will explain and analyze the laws of supply and demand. 8. Normal good
• Students will explain the laws of diminishing marginal utility and diminishing returns. 9. Inferior good
• Students will identify goods that have elastic and inelastic demand. 10. Complements
• Students will recognize the relationship between supply, demand, and price and the 11. Substitutes
12. Elasticity of demand
effect when change occurs. 13. Inelastic Demand
• Students will understand the difference between a shift in a demand (supply) curve 14. Elastic Demand
15. Diminishing Marginal Utility
and a movement along a demand (supply) curve.
• Students will use knowledge of the relationship between price and quantity (DMU)
16. Total revenue (and total
demanded (supplied) to create a demand (supply) schedule and a demand (supply)
curve. revenue test)
• Students will use supply and demand to determine the market equilibrium quantity 17. Supply (S)
and price. 18. Quantity supplied
• Students will demonstrate the relationship between price change, total revenue, and 19. Law of Supply
elasticity. 20. Supply schedule
21. Supply curve
• Examples may include, but are not limited to, equilibrium, excess supply (surplus), 22. Elasticity of supply
23. Diminishing marginal returns
excess demand (shortage), tax, subsidy, income and substitution effects, and normal
and inferior goods. (DMR)
24. Fixed cost
2. Graph and explain how firms determine price and output through marginal cost 25. Variable cost
analysis. 26. Total cost
27. Marginal cost
Learning Targets: 28. Marginal revenue
29. Profit-maximizing Output
• Students will describe the effect of specialization on cost and production. 30. Subsidy
• Students will explain and illustrate graphically how firms make production decisions 31. Excise tax
32. Regulation
to maximize profits. 33. Equilibrium
• Students will explain and illustrate graphically how price changes affect production 34. Shortage
35. Surplus
decisions. 36. Price ceiling
• Students will analyze the effect of changing factors of production on the firm’s 37. Price floor

opportunity cost and decision making.
• Students will determine how elasticity of demand influences the firm’s pricing

decision.
• Examples may include, but are not limited to, marginal analysis, profit maximization,

marginal costs, operating costs, revenue, shut-down price, fixed costs, variable costs,
elasticity of demand, and economies of scale.

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3. Diagram and explain the problems that occur when government institutes wage
and price controls, and explain the rationale for these controls.
Learning Targets:
• Students will identify different types of price controls, such as minimum wage rate,

agricultural commodity support, and rent control.

• Students will examine the rationale for implementing wage and price controls.
• Students will analyze the impact of minimum wage and price controls on market

equilibrium and market efficiency.

• Students will draw and demonstrate the effects of price (wage) controls using the

supply and demand framework for the labor market.

• Examples may include but are not limited to shortage, surplus, and other

inefficiencies.

*This standard is listed under SS.912.E.2. Because of its relevance to the material in
this Measurement Topic, it is suggested that this benchmark is instructed alongside.

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Resources Unit 2 - Demand, Supply and Equilibrium
Textbook
Safari Montage Understanding Economics (McGraw-Hill) - Chapters 4, 5, & 6
Websites
Rent Control and Deadweight Loss http://vsod.volusia.k12.fl.us/?a=265973&d=33849AA
CPALMS Resources
Crash Course Economics #4: Supply and Demand:
Teacher Hints https://www.youtube.com/watch?v=g9aDizJpd_s&index=4&list=PL8dPuuaLjXtPNZwz5_o_5uirJ8gQXnhEO
Crash Course Economics #18: Roller Coasters, Elasticity, and Van Gogh:
https://www.youtube.com/watch?v=3midaQqm7NM&index=18&list=PL8dPuuaLjXtPNZwz5_o_5uirJ8gQXnhEO
Crash Course Economics #20: Price Controls, Subsidies, and the Risk of Good Intentions:
https://www.youtube.com/watch?v=01lKDkYSFDg&list=PL8dPuuaLjXtPNZwz5_o_5uirJ8gQXnhEO&index=20
Crash Course Economics #24: Revenue, Profits, and Price:
https://www.youtube.com/watch?v=UWImfFax8Ew&index=24&list=PL8dPuuaLjXtPNZwz5_o_5uirJ8gQXnhEO
Crash Course Economics #28: Labor Markets and Minimum Wage: https://www.youtube.com/watch?v=mWwXmH-
n5Bo&index=28&list=PL8dPuuaLjXtPNZwz5_o_5uirJ8gQXnhEO
Crash Course Economics #32: The Underground Economy: https://www.youtube.com/watch?v=joG6-QZc-
fw&list=PL8dPuuaLjXtPNZwz5_o_5uirJ8gQXnhEO&index=32
EconMovies: Indiana Jones (Demand, Supply, Equilibrium, Shifts):
https://www.youtube.com/watch?v=RP0j3Lnlazs&index=5&list=PL1oDmcs0xTD9Aig5cP8_R1gzq-mQHgcAH
AC/DC Demand and Supply:
http://www.youtube.com/watch?v=sLkUlcsBy0g&safety_mode=true&persist_safety_mode=1&safe=active
Interactive slides on many topics: http://reffonomics.com/SupplyandDemand.html

Welker’s Wikinomics (advanced level video lessons on a variety of topics): http://www.econclassroom.com/?cat=98

URL: http://www.cpalms.org/Public/search/Resource
Instructions:

5. Click the live link above (paste into address bar if live link is not available)
6. Input standard within search field
7. Click Search
8. Click resource attached to standard for further information

SS.912.E.1.4 – Lesson Plans
SS.912.E.1.7 – NA
SS.912.E.1.9 – Lesson Plans
SS.912.E.2.4 – NA
SS.912.FL.1.3 – NA
SS.912.FL.1.4 –Lesson Plans
• Look for the One Drive Shared Folder containing resources for each Unit
• Students will identify with demand rather easily, but sometimes struggle with supply.
• Save the math on elasticity for honors level students if you do it at all. The concepts behind elasticity and total revenue are more important

in understanding price determination.
• Marginal analysis is about how businesses decide how much to produce and how much to charge. Make this a step by step process as you

go through examples and tables from fixed, variable, and total costs.

Page 17 12th Grade Economics


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Assessment • On marginal analysis, emphasize the profit-maximization rule, that is, profit is maximized where marginal revenue equals marginal cost.
Oftentimes, you will see tables that will list the same amount of profit for two different levels of production (e.g., for 8 workers, marginal
Florida Literacy cost = $12 and marginal revenue = $20, with a profit of $807; for 9 workers, marginal cost = $20 and marginal revenue = $20, with a profit
Standards of $807). The reason why profit is maximized where MC = MR is because the fixed costs are now spread out over a larger amount of
revenue gained. When that happens, total cost per unit goes down and profits go up. Teachers will return to this idea when they teach
Reading 1,7 economies of scale with monopolies.
(LAFS.1112.RH.1.1)
(LAFS.1112.RH.3.7) • For more information, go to https://www.boundless.com/economics/firms-in-competitive-markets/maximized-profit-and-supply/example-
Writing 1,3
(LAFS.1112.WH.1.1) firm-s-decision-on-maximizing-profit/.
(LAFS.1112.WH.1.3)


• Create a demand/supply schedule and graph, demonstrating the laws of demand and supply. Indicate the best selling price as well as levels of
elasticity.

• Identify on a demand/supply graph where a price ceiling and a price floor would be in relation to equilibrium, and give an example of each.
• Using marginal cost analysis complete a production cost schedule and indicate where optimal level of production would be.

• (McGraw Hill) Assessment System

Activities

Create human supply and demand graphs with your students and give them scenarios that would indicate shifts of either one.
Students should indicate what happened to price and quantity, and what specifically caused the shift of supply and/or demand.

Students could then write a business plan considering the scenarios from the above activity.

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Organizing Principle 3: Understand business structures, organizations, competition (Unit 3). Pacing 9 days

Measurement Topics Curriculum Standards Benchmarks Academic Language
SS.912.E.1.6
Market Structures and 1. Compare the basic characteristics of the four market structures (monopoly, 1. Perfect competition
Business Organizations oligopoly, monopolistic competition, perfect competition). SS.912.E.1.8 2. Commodity
Learning Targets: SS.912.E.2.6* 3. Barriers to entry
• Students will identify and compare the four types of market structures and give 4. Monopoly
SS.912.E.1.5 5. Economies of scale
examples of firms in each market structure. SS.912.E.1.9 6. Natural monopoly
7. Patent
• Students will explain how prices and output are determined in each market 8. Copyright
9. Trademark
structure. 10. Franchise
11. Subsidiary
• Students will describe the government’s role in promoting competition. 12. Price discrimination
• Examples may include, but are not limited to, antitrust laws, barriers to entry, 13. Non-price competition
14. Market power
collusion, deregulation, product differentiation, economies of scale, imperfect 15. Monopolistic competition
competition, intellectual property, market failures, patent, predatory pricing, price 16. Product Differentiation
fixing, and price discrimination. 17. Oligopoly
18. Collusion
2. Explain ways firms engage in price and non-price competition. 19. Cartel
Learning Targets: 20. Predatory pricing
• Students will identify roles that prices play in allocating resources efficiently. 21. Antitrust laws
• Students will recognize the relationship between price competition and profits. 22. Trust
• Students will recognize the relationship between nonprice competition and profits. 23. Merger
• Students will describe competitive strategies using nonprice factors. 24. Regulation/

3. Examine the benefits of natural monopolies and the purposes of government Deregulation
regulation of these monopolies. 25. Business organization
Learning Targets: 26. Sole proprietorship
• Students will analyze arguments for and against natural monopolies. 27. Partnership
• Students will examine the advantages of a natural monopoly. 28. General partnership
• Students will identify different examples of natural monopolies. 29. Limited partnership
• Students will discuss the government’s role in authorizing and regulating natural 30. Limited liability
31. Corporation
monopolies. 32. Closed shop
33. Collective bargaining
• Examples may include, but are not limited to, electric, water, cable, waste 34. Labor Union
35. Arbitration
management, economies of scale, and efficiency in production. 36. Mediation
37. Strike
4. Compare different forms of business organizations. 38. Right to work
Learning Targets: 39. Labor force
• Students will identify the characteristics and structure of the different forms of 40. Labor pool
41. Productivity
business organization: sole proprietorships, partnerships, corporations, and 42. Outsourcing
franchises. 43. Boycott
44. Lockout
• Students will compare the advantages and disadvantages of different forms of 45. Injunction

business organization.

Page 19 12th Grade Economics


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• Examples may include, but are not limited to, sole proprietorship, partnership, SS.912.FL.1.3
SS.912.FL.1.4
corporation, and limited liability corporation.
SS.912.FL.5.11
5. Describe how the earnings of workers are determined.

Learning Targets:

• Students will describe how the labor supply and demand determine the equilibrium
wages.

• Students will identify the determinants of labor demand and labor supply.
• Students will identify factors that affect earnings of workers.
• Students will assess the impact of outsourcing and the use of temporary employees

as a dampener on wage increases.
• Students will analyze how education and skill level affect wages.
• Students will assess the impact of minimum wage, occupational safety laws, and

unions on wages.

• Examples may include, but are not limited to, minimum wage, the market value of

the product produced, workers’ productivity, labor unions, labor movements,
collective bargaining, fringe benefits, income distribution, immigration, pension,
strikes, and wage discrimination.

6. People can make more informed education, job, or career decisions by evaluating
the benefits and costs of different choices.

7. The wage or salary paid to workers in jobs is usually determined by the labor
market.

8. An economic role for government exists if individuals do not have complete
information about alternative investments or access to competitive financial
markets.

*This standard is listed under SS.912.E.2 because of its relevance to the material in
this Measurement Topic, it is suggested that this benchmark is instructed alongside.

Page 20 12th Grade Economics


Volusia District Social Studies Office 2017-2018

Resources Unit 3 - Market Structures and Business Organizations
Textbook
Safari Montage Understanding Economics (McGraw-Hill) - Chapters 7, 8, & 9
Websites
Crash Course Economics #25: Monopolies and Anti-Competitive Markets: https://www.youtube.com/watch?v=Sb_-
CPALMS Resources wfmJnHA&list=PL8dPuuaLjXtPNZwz5_o_5uirJ8gQXnhEO&index=25
Crash Course Economics #26: Game Theory and Oligopoly: https://www.youtube.com/watch?v=PCcVODWm-
Teacher Hints oY&index=26&list=PL8dPuuaLjXtPNZwz5_o_5uirJ8gQXnhEO
Assessment EconMovies: The Dark Knight (Oligopolies and Game Theory):
https://www.youtube.com/watch?v=JMq059SAQXM&index=1&list=PL1oDmcs0xTD9Aig5cP8_R1gzq-mQHgcAH
Non price competition Wayne's World https://www.youtube.com/watch?v=KjB6r-HDDI0
Business Organizations Song: https://www.youtube.com/watch?v=5BsOF1uJZnQ
Florida Department of Corporations: http://www.sunbiz.org/
Market Structures Song: https://www.youtube.com/watch?v=qqWiaTA3PMU

Welker’s Wikinomics-advanced level video lessons on a variety of topics: http://www.econclassroom.com/?cat=98

URL: http://www.cpalms.org/Public/search/Resource
Instructions:

9. Click the live link above (paste into address bar if live link is not available)
10. Input standard within search field
11. Click Search
12. Click resource attached to standard for further information

SS.912.E.1.5 – NA
SS.912.E.1.6 – NA
SS.912.E.1.8 – NA
SS.912.E.2.6 – NA
SS.912.FL.5.11 – NA

• Look for the One Drive Shared Folder containing resources for each Unit

• Reference supply and demand graphs when working with market structures as an applied review of previous Measurement
Topic.

• When teaching about business organizations, show students how to file a business through http://www.sunbiz.org.

• Using ads from either newspaper, the internet, or other sources show examples of how companies use price and non-price
competition, as well as choosing one example for each of the four major market structures.

• Find an example of a proposed merger that was blocked by the government, and explain the likely reasons it was not allowed.
• Given the characteristics of a new business start-up, explain which type of business organization should be chosen, and the

advantages and disadvantages of that choice.
• ( McGraw Hill) Assessment System.

Page 21 12th Grade Economics


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Florida Literacy Activities
Standards
Students should have the opportunity to read and discuss the differences amongst business organizations including sole proprietorship,
Reading 9 partnership and corporations.
(LAFS.1112.RH.3.9)

Writing 1, 2, 10 Students can write an essay adopting a business organization (sole proprietorship, partnership, and corporation) for their very own
(LAFS.1112.WH.1.1) business. Have them explain the advantages and disadvantages of the organization, and how it applies to the business they are creating
(LAFS.1112.WH.1.2) citing textually based evidence.
(LAFS.1112.WH.4.10)

Page 22 12th Grade Economics


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Organizing Principle 4: Understand the role of money, the money supply, and the price system in a market Pacing 6 days

economy (Unit 4).

Measurement Curriculum Standards Benchmarks Academic Language
Topics SS.912.E.1.13
1. Money
Money, 1. Explain the basic functions and characteristics of money, and describe the composition of SS.912.E.2.10 2. Medium of exchange
SS.912.FL.3.5 3. Unit of account
Banking and the money supply in the United States. SS.912.FL.5.12 4. Store of value
5. Currency
Finance Learning Targets: 6. Commodity money
• Students will describe the functions and characteristics of money. 7. Representative money
• Students will distinguish between commodity money and fiat money. 8. Fiat money
• Students will identify the composition of the money supply. 9. Central bank
• Students will identify different measures of the U.S. money supply (M1, M2). 10. Member bank
11. Federal Reserve System
• Examples may include, but are not limited to, central banks, fiat money, near money, 12. Federal Deposit Insurance

representative money, credit cards, debit cards, liquidity, demand deposits, checks, and Corporation (FDIC)
electronic banking. 13. Money supply
14. M1
2. Describe the organization and functions of the Federal Reserve System. 15. M2
3. Government agencies supervise and regulate financial institutions to help protect the 16. Liquidity
17. Demand deposit
safety, soundness, and legal compliance of the nation’s banking and financial system. 18. Required reserve ratio
19. Default
4. The Security and Exchange Commission (SEC), the Federal Reserve, and other government 20. Mortgage
21. Financial system
agencies regulate financial markets. 22. Financial intermediary
23. Commercial bank
24. Credit union
25. Barter
26. Near money
27. Credit card
28. Debit card
29. Principal

Page 23 12th Grade Economics


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Resources Unit 4 - Money, Banking and Finance
Textbook
Safari Montage Understanding Economics (McGraw-Hill) - Chapters 10 & 11
Websites
Dow and Jones: Wizards of Wall Street:
CPALMS Resources http://safari3.volusia.k12.fl.us/SAFARI/montage/play.php?keyindex=150955&location=local&filetypeid=11
Crash Course Economics #11: Money and Finance:
Teacher Hints https://www.youtube.com/watch?v=Dugn51K_6WA&list=PL8dPuuaLjXtPNZwz5_o_5uirJ8gQXnhEO&index=11
Crash Course Economics #12: The 2008 Financial Crisis:
https://www.youtube.com/watch?v=GPOv72Awo68&list=PL8dPuuaLjXtPNZwz5_o_5uirJ8gQXnhEO&index=12
How to Turn Your Dumb Summer Job into $164,000 https://youtu.be/gStH5oFDQDw
How Money is Made and Printed: https://youtu.be/fnACUyB5NNQ
Dollars and Cents: http://www.frbatlanta.org/pubs/dollarscents/
Katrina and Personal Finance: https://www.frbatlanta.org/education/katrinas-classroom.aspx
Florida Council on Economic Education: http://www.fcee.org/
Council for Economic Education: http://www.councilforeconed.org/
EconEdLink: http://www.econedlink.org/
Debit vs Credit: https://www.youtube.com/watch?feature=player_embedded&v=XbtSftL6dbY
Credit demo with water: https://www.youtube.com/watch?feature=player_embedded&v=Vz05A6cP6Iw
URL: http://www.cpalms.org/Public/search/Resource
Instructions:

13. Click the live link above (paste into address bar if live link is not available)
14. Input standard within search field
15. Click Search
16. Click resource attached to standard for further information

SS.912.E.1.13 – NA
SS.912.FL.2.10 – NA
SS.912.FL.3.5 – NA
SS.912.FL.5.12 – NA

• Look for the One Drive Shared Folder containing resources for each Unit
• Katrina and Personal Finance is a free DVD provided by the Federal Reserve and shows students affected by Katrina and how their

personal financial habits changed since Katrina. It emphasizes more than just financial responsibility in terms of fiscal health; rather, it
gives students an understanding of why financial responsibility is a good idea so that when the worst happens, they can be prepared.
Free lesson plans and DVD available from the link above.
• Florida Council on Economic Education is based out of the Stavros Center for Economic Education at University of South Florida. It is
an amazing resource and is the only economic education center in the country aimed at providing materials for elementary and
secondary education, rather than adult or college education. They sponsor the Stock Market Challenge, and offer a variety of
publications. One of the free publications they offer is Financial Freedom, a small workbook that students can use through the semester
to learn how to buy a house, dealing with student loans, and more.

• Council for Economic Education is another great resource to use, although their resources are not free. One product that they do sell is

Virtual Economics, which is an electronic copy of all of their publications. It is $99.95 for the CD-ROM/USB drive, but it is worth the
materials you get in return.

Page 24 12th Grade Economics


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Assessment • Create a chart, diagram, or drawing showing the characteristics of commodity, representative, and fiat money.
• Choose the best investment options relative to risk and return, based on given personal characteristics such as age, income, and

financial goals.
• (McGraw-Hill ) Assessment System.

Florida Literacy Activities
Standards Students should read articles about different types of investment responding to a prompt allowing them to support their response
with textually based evidence.
Reading 7, 9
(LAFS.1112.RH.3.7) Students can create an investment portfolio with a written component. The written component will be an explanation/justification
(LAFS.1112.RH.3.9) to the instructor of why they believe their investment portfolio will be successful by citing textually based evidence

Writing 8, 10
(LAFS.1112.WH.3.8)
(LAFS.1112.WH.4.10)

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Organizing Principle 5: Understand how economic performance is measured (Unit 5). Pacing 8 days

Measurement Topics Curriculum Standards Benchmarks Academic Language
SS.912.E.1.12*
GDP, Inflation and 1. Examine the four phases of the business cycle (peak, contraction - SS.912.E.2.5 1. Gross domestic product
Unemployment unemployment, trough, expansion - inflation). (GDP)
Learning Targets: SS.912.E.2.7
• Students will identify measures of economic performance. 2. Net exports
• Students will identify the components of Gross Domestic Product (GDP). SS.912.E.3.1* 3. Gross investment
• Students will identify the defining characteristics of the four phases of the business 4. Intermediate goods
5. Durable goods
cycle. 6. Nominal GDP
7. Real GDP
• Students will distinguish between recessions and depressions. 8. Standard of living
2. Analyze how capital investments may impact productivity and economic growth. 9. (Aggregate) Price level
10. Aggregate supply
Learning Targets: 11. Aggregate demand
• Students will distinguish between investment in physical capital (factories, 12. Business cycle
13. Expansion
machinery, technology) and investment in human capital (people, training, 14. Peak
education). 15. Contraction/Recession
16. Trough/Depression
• Students will distinguish between capital investments and financial investments. 17. Stagflation
• Students will describe how regulation impacts capital investment decisions. 18. Economic indicators:
• Students will explain how capital investments affect technological progress and
leading, coincident,
productivity and contribute to economic growth. lagging
19. Real GDP per capita
• Students will examine factors influencing capital investments and economic growth, 20. Unemployment:
Frictional, seasonal,
such as population growth, tax policies, imports, etc. Examples may include, but are structural
not limited to, factories, machinery, technology, and people. 21. Cyclical unemployment
22. Unemployment rate
3. Identify the impact of inflation on society. 23. Full employment
Learning Targets: 24. Underemployment
• Students will examine the effects of inflation on purchasing power, income, and 25. Discouraged worker
26. Inflation
interest rates. 27. Purchasing power
28. CPI/price index
• Students will identify the measures, types, and causes of inflation. 29. Market basket
• Students will examine the impact of inflation on monetary and fiscal policies using 30. Inflation rate
31. Hyperinflation
aggregate demand and aggregate supply policies. 32. Quantity theory
33. Demand-pull theory
• Students will describe how changes in money supply, aggregate demand, and 34. Cost-push theory
35. Wage-price spiral
aggregate supply cause inflation. Students will identify costs of inflation on 36. Deflation
consumers, creditors (lenders), and debtors (borrowers).

• Examples may include, but are not limited to, consumer price index (CPI), economic

indicators, hyper-inflation, and stagflation.

4. Demonstrate the impact of inflation on world economies.

Page 26 12th Grade Economics


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Learning Targets: SS.912.FL.3.2
SS.912.FL.3.3
• Students will identify and explain the effect of inflation on world economies during
SS.912.FL.3.4
the Great Depression, World War II, and the 1973 oil crisis.

• Students will recognize that inflation caused by competition for resources makes it

difficult for countries, especially less developed countries (LDCs), to channel
resources to development and maintain economic growth.

• Examples may include, but are not limited to, oil prices, 1973 oil crisis, Great

Depression, and World War II.

5. Examine the real interest rate which takes inflation into account.
6. Analyze the differences between the real interest rate and nominal interest rate.
7. Money received (or paid) in the future can be compared to money held today by

discounting the future value based on the rate of interest.

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Resources Unit 5 - GDP, Inflation and Unemployment
Textbook
Safari Montage Understanding Economics (McGraw-Hill) - Chapters 12 & 13
Websites
Dow and Jones: Wizards of Wall Street, Ch. 6:
CPALMS Resources http://vsod.volusia.k12.fl.us/SAFARI/montage/play.php?keyindex=150955&location=local&filetypeid=11
Crash Course Economics #7: Inflation and Bubbles and Tulips: https://www.youtube.com/watch?v=T8-
Teacher Hints 85cZRI9o&index=7&list=PL8dPuuaLjXtPNZwz5_o_5uirJ8gQXnhEO
Assessment Crash Course Economics #13: Recession, Hyperinflation, and Stagflation:
https://www.youtube.com/watch?v=BHw4NStQsT8&list=PL8dPuuaLjXtPNZwz5_o_5uirJ8gQXnhEO&index=13
EconMovies: Back to the Future (Nominal vs. Real, Unemployment, Inflation):
https://www.youtube.com/watch?v=3GTgniuxA50&index=3&list=PL1oDmcs0xTD9Aig5cP8_R1gzq-mQHgcAH
EconMovies: Cars (GDP, Recession, Fiscal Policy):
https://www.youtube.com/watch?v=SYFYla1H7KE&index=4&list=PL1oDmcs0xTD9Aig5cP8_R1gzq-mQHgcAH
Inflation: https://www.youtube.com/watch?v=UMAELCrJxt0
Bureau of Labor Statistics: http://www.bls.gov/
Bureau of Economic Analysis: http://www.bea.gov/
Global Rates of Inflation: http://data.worldbank.org/indicator/FP.CPI.TOTL.ZG
Federal Reserve Economic Data (FRED): http://research.stlouisfed.org/fred2/
http://en.wikipedia.org/wiki/Economy_of_the_United_States
URL: http://www.cpalms.org/Public/search/Resource
Instructions:

17. Click the live link above (paste into address bar if live link is not available)
18. Input standard within search field
19. Click Search
20. Click resource attached to standard for further information

SS.912.E.1.4 – Lesson Plans
SS.912.E.1.12 – Lesson Plans
SS.912.E.2.5 – NA
SS.912.E.2.7 – Lesson Plans
SS.912.E.2.12 - NA
SS.912.E.3.1 – NA
SS.912.FL.3.2 – NA
SS.912.FL.3.3 – NA
SS.912.FL.3.4 – NA

• Look for the One Drive Shared Folder containing resources for each Unit.
• The three leading economic indicators, GDP, unemployment, and inflation are related to one another, and that relationship

should be emphasized to students.
• Term Project: Students create their own “shopping basket” of goods to track over course of semester. Determine change in

CPI and inflation rate.
• After researching, students will diagram the business cycle over the past 10 years noting GDP and unemployment trends.

Page 28 12th Grade Economics


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• (McGraw-Hill) Assessment System.

Florida Literacy Activities
Standards Use a newspaper article announcing the unemployment numbers for a given period. Have students analyze how those numbers
apply to the overall economy with reference to GDP (production).
Reading 1, 2
(LAFS.1112.RH.1.1) Students can use the information/data they gathered from the newspaper article to formulate a plan to decrease unemployment.
(LAFS.1112.RH.1.2)

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Organizing Principle 6: Understand the role of government in a market economy (Unit 6). Pacing 10 days

Measurement Topics Curriculum Standards Benchmarks Academic Language

Taxation, and Fiscal and 1. Identify and explain the seven broad goals of the U.S. economic system. SS.912.E.2.1 1. Tax
Monetary Policy (Freedom, Efficiency, Equity, Security, Growth, Price Stability, Full Employment) SS.912.E.1.10* 2. Revenue
Learning Targets: SS.912.E.1.11* 3. Tax base
• Students will identify different measures of economic performance. SS.912.E.2.8 4. Individual income tax
• Students will identify the components of GDP. 5. Sales tax
• Students will distinguish between nominal GDP and real GDP. 6. Property tax
• Students will explain the effect of changes in price level on GDP. 7. Corporate income tax
• Students will describe how the various economic systems have different economic 8. Proportional tax
9. Progressive tax
goals. 10. Regressive tax
11. Tax incidence
• Examples may include, but are not limited to, freedom, efficiency, equity, security, 12. Withholding
13. Tax return
growth, price stability, and full employment. 14. Taxable income
15. Exemption
2. Explain the use of fiscal policy (taxation, spending) to promote price stability, full 16. Deduction
employment, and economic growth. 17. Federal Insurance
Learning Targets:
• Students will identify different types of income taxes. Contributions Act (FICA) tax
• Students will compare the goals of expansionary and contractionary fiscal policy. 18. Social Security
• Students will use the aggregate demand and aggregate supply model to analyze the 19. Medicare/Medicaid
20. Tariffs
effect of a fiscal policy. 21. Tax incentive
22. Mandatory spending
• Students will describe the strengths and weaknesses of fiscal policy. 23. Discretionary spending
• Examples may include, but are not limited to, tax bases, tax structures, tax burden, 24. Entitlement programs
25. Fiscal policy
corporate income taxes, federal budget, price stability, full employment, and 26. Monetary policy
economic growth. 27. Automatic stabilizer
28. Multiplier effect
3. Explain how the Federal Reserve uses the tools of monetary policy (discount rate, 29. Balanced budget
reserve requirement, open market operations) to promote price stability, full 30. Budget surplus/deficit
employment, and economic growth. 31. National debt
Learning Targets:
• Students will recognize the roles of the Federal Reserve. Students will explain the

process of money creation.

• Students will describe the advantages and disadvantages of expanding the money

supply.

• Students will identify and compare the different monetary tools used by the Federal

Reserve.

• Students will identify the strengths and weaknesses of monetary policies.
• Students will use the aggregate demand and aggregate supply model to analyze the

effect of a monetary policy.

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4. Differentiate between direct and indirect taxes, and describe the progressivity of SS.912.E.2.9
taxes (progressive, proportional, regressive). SS.912.E.2.10
Learning Targets:
• Students will distinguish between direct (e.g., income taxes) and indirect (e.g., sales SS.912.E.2.2
SS.912.FL.5.8
taxes) taxes. SS.912.FL.1.6

• Students will identify and explain the progressive, proportional, and regressive taxes.
• Examples may include, but are not limited to, income, sales, and social security.
5. Analyze how changes in federal spending and taxation affect budget deficits and
surpluses and the national debt.
Learning Targets:
• Students will describe actions the government can take to balance the budget.
• Students will distinguish between mandatory and discretionary spending programs.
• Students will distinguish between national debt and budget deficit. Students will

identify problems of rising national debt.
6. Describe the organization and functions of the Federal Reserve System.

Learning Targets:
• Students will recognize the conditions that led to the Federal Reserve Act of 1913.
• Students will explain the structure of the Federal Reserve System.
• Students will identify the roles of the Federal Reserve to serve the government,

banks, and the banking system.

• Students will explain the strategies and tools employed by the Federal Reserve to

stimulate or contract economic growth.

• Examples may include, but are not limited to, easy money policy, tight money policy,

federal funds rate, open market operations, discount rate, required reserve ratio,
and macroeconomic stabilization.

7. Use a decision-making model to analyze a public policy issue affecting the
student's community that incorporates defining a problem, analyzing the potential
consequences, and considering the alternatives.
Learning Targets:
• Students will identify the steps in the decision-making model.
• Students will use the decision-making model to analyze a public policy issue affecting

the local community.

• Students will analyze alternative solutions to resolve a public policy issue.
• Students will compare private and public agencies’ abilities to solve local problems.
8. Prices of financial assets are affected by interest rates, domestic conditions,
international conditions, monetary policy, and fiscal policy.
9. Taxes are paid to federal, state, and local governments to fund government goods
and services. Major types of taxes are income taxes, payroll (Social Security)
taxes, property taxes, and sales taxes.

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*These standards fall under SS.912.E.1 and E.3 respectively. Because of their relevance to the
material in this Measurement Topic, it is suggested that these benchmarks are instructed
together.

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Resources Unit 6 - Taxation, and Fiscal and Monetary Policy
Textbook
Safari Montage Understanding Economics (McGraw-Hill) - Chapters 14, 15, & 16
Websites
Crash Course Economics #8: Fiscal Policy and Stimulus:
CPALMS Resources https://www.youtube.com/watch?v=otmgFQHbaDo&list=PL8dPuuaLjXtPNZwz5_o_5uirJ8gQXnhEO&index=8
Crash Course Economics #9: Deficits & Debts:
https://www.youtube.com/watch?v=3sUCSGVYzI0&index=9&list=PL8dPuuaLjXtPNZwz5_o_5uirJ8gQXnhEO
Crash Course Economics #10: What's all the Yellen About? Monetary POlic and the Federal Reserve:
https://www.youtube.com/watch?v=1dq7mMort9o&index=10&list=PL8dPuuaLjXtPNZwz5_o_5uirJ8gQXnhEO
Crash Course Economics #31: Taxes:
https://www.youtube.com/watch?v=7Qtr_vA3Prw&index=31&list=PL8dPuuaLjXtPNZwz5_o_5uirJ8gQXnhEO
EconMovies: Cars (GDP, Recession, Fiscal Policy):
https://www.youtube.com/watch?v=SYFYla1H7KE&index=4&list=PL1oDmcs0xTD9Aig5cP8_R1gzq-mQHgcAH
Friends FICA clip: https://www.youtube.com/watch?v=whf3S85q0bk
Internal Revenue Service: http://www.irs.gov/
Expansionary Fiscal Policy: https://www.youtube.com/watch?v=QHqoxNOYIOo
Federal Reserve Bank of Atlanta: http://www.frbatlanta.org/
Federal Reserve Structure: https://www.frbatlanta.org/about/publications/fed-structure-and-functions.aspx
Federal Reserve System Publications Catalog: https://www.federalreserveeducation.org/resources/publications/
Keynes-Hayek rap Fear The Boom and Bust http://econstories.tv/fear-the-boom-and-bust/
URL: http://www.cpalms.org/Public/search/Resource
Instructions:

21. Click the live link above (paste into address bar if live link is not available)
22. Input standard within search field
23. Click Search
24. Click resource attached to standard for further information

SS.912.E.1.4 – Lesson Plans
SS.912.E.1.10 – NA
SS.912.E.1.11 – NA
SS.912.E.2.1 – Lesson Plans
SS.912.E.2.2 – Lesson Plans
SS.912.E.2.8 - NA
SS.912.E.2.9 – NA
SS.912.E.2.10 – NA
SS.912.E.2.11 – NA
SS.912.E.3.4 - NA
SS.912.FL.1.6 - NA
SS.912.FL.5.12 – NA
SS.912.FL.2.2 – NA

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SS.912.FL.5.8 – NA

Teacher Hints • Look for the One Drive Shared Folder containing resources for each Unit.
• The Federal Reserve has enormous amounts of publications regarding monetary policy, macroeconomics, personal finance and more. The
Assessment
Jacksonville Branch of the Federal Reserve Bank of Atlanta is extremely active in outreach to schools. For information on tours or
Florida Literacy publications, you can contact Leslie Mann at (904) 632-1000.
Standards • Small Group Assessment: Given a particular economic climate, (recession/inflation…high/low unemployment…slow/fast rising GDP)
students will present appropriate fiscal or monetary policy using charts, diagrams, and graphs to demonstrate desired results.
Reading 1,4 • After reading sections on progressive, proportional, and regressive taxes and using given IRS statistics on the U.S. federal income tax, students
(LAFS.1112.RH.1.1) will debate the fairness of our current system.
(LAFS.1112.RH.2.4)
Writing 4, 6 • (McGraw-Hill) Assessment System.
(LAFS.1112.WH.2.4)
(LAFS.1112.WH.2.6) Activities

Students should read the different schedules concerning taxes and summarize key points.

Have students complete a 1040 with a mock W2 form. Students should offer a written explanation to support the decisions they make.
Forms are available at http://www.irs.gov.

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Organizing Principle 7: Understand the fundamental concepts and interrelationships of the United States Pacing 4 days
economy in the international marketplace (Unit 7).

Measurement Topics Curriculum Standards Benchmarks Academic Language

Global Economy and 1. Examine absolute and comparative advantage, and explain why most trade occurs SS.912.E.3.2 1. Absolute advantage
Economic Thought because of comparative advantage. SS.912.E.3.3 2. Comparative advantage
Learning Targets: 3. Law of Comparative
• Students will define and distinguish between absolute and comparative advantage. SS.912.E.3.4
• Students will analyze the impact of unequal distribution of resources on SS.912.E.3.6 Advantage
4. Export
specialization and trade. 5. Import
6. Trade barrier
• Students will examine how specialization and trade benefit nations. 7. Embargo
2. Discuss the effect of barriers to trade and why nations sometimes erect barriers to 8. Import quota
9. Customs duty
trade or establish free trade zones. 10. Trade war
Learning Targets: 11. Protectionism
12. Infant industry
• Students will identify types of trade barriers (tariffs, quotas, and embargoes) and the 13. World Trade Organization

purposes of imposing them. (WTO)
14. European Union (EU)
• Students will distinguish between the effects of different types of trade barriers. 15. MERCOSUR
• Students will assess the effect of trade barriers on domestic consumers and 16. NAFTA

producers.

• Students will examine arguments for and against protectionism.
• Students will analyze arguments for and against international trade agreements and

free trade zones.

• Examples may include, but are not limited to, NAFTA, CAFTA, quotas, and tariffs.
3. Assess the economic impact of negative and positive externalities on the

international (natural) environment.
Learning Targets:

• Students will identify the effects of positive externalities and negative externalities

on the international environment.

• Students will analyze the costs of negative externalities.
• Students will recognize the roles of international organizations and agreements (e.g.,

Kyoto Protocol) in limiting negative externalities in the international environment.

• Examples of negative externalities may include, but are not limited to, pollution and

global warming.

• Examples of positive externalities may include, but are not limited to, pure water and

better air quality.

4. Differentiate and draw conclusions about historical economic thought theorized by
economists.
Learning Targets:
• Students will identify and compare historical economic thought theorized by

economists.

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• Students will examine the merits of different approaches to economic fundamentals.

• Examples may include, but are not limited to, Adam Smith, Malthus, Ricardo, Keynes, SS.912.E.3.1*

Friedman, Say, and Gilder. SS.912.E.3.5*

*If SS.912.E.3.1, 3.4 and/or 3.5 have not been covered in previous sections, this would
be the appropriate place to cover them. However, given their relevance to the previous
topics, it is suggested that the teacher instruct those benchmarks with those topics.

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Resources Unit 7 - Global Economy and Economic Thought
Textbook Understanding Economics (McGraw-Hill) – Chapter 17 & 18
Safari Montage
Websites The Global Economy:
http://vsod.volusia.k12.fl.us/SAFARI/montage/play.php?keyindex=30929&location=local&filetypeid=2
CPALMS Resources Path to Infamy, World War II Embargo with Japan: http://vsod.volusia.k12.fl.us/?a=246063&d=32694AA
News the World Economy Part 3: Global Interdependence: http://vsod.volusia.k12.fl.us/?a=49131&d=02177AA
Teacher Hints
Crash Course Economics #2: Specialization and Trade:
https://www.youtube.com/watch?v=NI9TLDIPVcs&index=2&list=PL8dPuuaLjXtPNZwz5_o_5uirJ8gQXnhEO

Crash Course Economics #16: Globalization and Trade and Poverty:
https://www.youtube.com/watch?v=9MpVjxxpExM&index=16&list=PL8dPuuaLjXtPNZwz5_o_5uirJ8gQXnhEO
60 Second Adventures in Economics: https://www.youtube.com/watch?v=LCRNI04tnN8
Absolute and Comparative Advantage: https://www.youtube.com/watch?v=Vvfzaq72wd0
European Union: http://europa.eu/index_en.htm
World Trade Organization: http://www.wto.org/
NAFTA—Office of the United States Trade Representative: http://www.ustr.gov/trade-agreements/free-trade-agreements/north-
american-free-trade-agreement-nafta

Welker’s Wikinomics-advanced level video lessons on a variety of topics: http://www.econclassroom.com/?cat=98

URL: http://www.cpalms.org/Public/search/Resource
Instructions:

25. Click the live link above (paste into address bar if live link is not available)
26. Input standard within search field
27. Click Search
28. Click resource attached to standard for further information

SS.912.E.3.1 – NA
SS.912.E.3.2 – NA
SS.912.E.3.3 – NA
SS.912.E.3.4 – NA
SS.912.E.3.5 – NA
SS.912.E.3.6 - NA

• Look for the One Drive Shared Folder containing resources for each Unit.
• Return to concept of opportunity costs to help students understand the Theory of Comparative Advantage.
• Use U.S. Census bureau for articles and statistics on U.S./Foreign trade.

http://www.census.gov/foreign-trade/index.html
• Listenwise.com
• FreakonomicsRadio.com
• TEDTalks.com

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Assessment • Analyzing two country’s production of two different products, determine which has an absolute and comparative
advantage for each.

• Students will research and report on the current U.S trade policy with Cuba.
• (McGraw-Hill) Assessment System.

Florida Literacy Activities
Standards
David Ricardo: The Theory of Comparative Advantage. Students will read article in text and understand how Ricardo’s theories of
Reading 1,2,8 why nations should trade differed from the prevailing views of that time.
(LAFS.1112.RH.1.1)
(LAFS.1112.RH.1.2)
(LAFS.1112.RH.3.8)

Writing 1,7,9 After researching U.S./Cuba trade relations, students should write on the post embargo economic consequences for both countries.
(LAFS.1112.WH.1.1)
(LAFS.1112.WH.3.7)
(LAFS.1112.WH.3.9)

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Organizing Principle 8: Financial Literacy and Consumer Economics Pacing 3 days

Measurement Topic Curriculum Standards Benchmarks Academic Language
Earning Income
1. Non-Income factors can influence which jobs/careers people choose. SS.912.FL.1.1 1. Salary
2. The possible benefits of education/training must be weighed against the immediate SS.912.FL.1.2 2. Wages
costs. 3. Benefits
3. People make more informed education, job, or career decisions when they evaluate SS.912.FL.1.3 4. Labor Market
the costs and benefits of different choices. 5. Employment
4. Changes in economic conditions or the labor market can cause changes in a SS.912.FL.1.5 6. Social Security
worker’s income or cause unemployment. 7. Property taxes
5. Different sources and amounts of income- as well as different types and amounts of SS.912.FL.1.7 8. Sales Taxes
spending- affect the types and amounts of taxes paid.

Resources: The Budget Project (Chris Dowdell), Junior Achievement, Foundations
in Personal Finances (Dave Ramsey), EverFi and FoolProofMe

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Resources Earning Income
CPALMS Resources
URL: http://www.cpalms.org/Public/search/Resource
Instructions:

1. Click the live link above (paste into address bar if live link is not available)
2. Input standard within search field
3. Click Search
4. Click resource attached to standard for further information

SS.912.FL.1.1 – NA
SS.912.FL.1.2 – Lesson Plan
SS.912.FL.1.3 – NA
SS.912.FL.1.4 – Lesson Plan
SS.912.FL.1.5 – NA
SS.912.FL.1.6 – NA

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Financial Literacy and Consumer Economics Pacing 2 days

Measurement Topic Curriculum Standards Benchmarks Academic Language

Buying Goods and 1. Before purchasing a good, consumers should consider its features, durability and SS.912.FL.2.3 1. Durable Goods
Services maintenance costs. SS.912.FL.2.4 2. Nondurable
2. Consumers can be influenced by a good or services pricing. SS.912.FL.2.5 3. Cost-Benefit Analysis
3. Consumers should thoroughly research goods and services before making 4. Charity
purchases. Some research might incur a cost, which should be weighed against its SS.912.FL.2.6 5. Not-for-profit
possible benefits. SS.912.FL.2.7 6. Fraud
4. People may gain satisfaction from donating money to charitable or not-for-profit SS.912.FL.2.1 7. Credit
organizations. SS.912.E.1.16 8. Debit
5. Governments establish laws and institutions to provide consumers with 9. Budget
information about goods or services and to protect consumers from fraud.
6. Consumer decisions are influenced by prices, prices of alternatives/substitutes,
income and other preferences.
7. Construct a one-year budget plan for a specific career path including expenses and
construction of a credit plan for purchasing a major item.

Learning Targets:

• Students will choose a career path (e.g., farmer, plumber, teacher, physician), project expected
income and expenses (e.g., housing expenses, furnishings, utilities, food costs, transportation,
etc.), and develop an annual budget.

• Students will examine the factors that affect access to and cost of credit for purchasing a major
item (income, interest rates, credit scores, payment plan, etc.).

• Students will explain how interest rates and credit scores affect a credit plan.
• Students will demonstrate how to construct a credit plan for purchasing a major item.
• Examples of a career path may include, but are not limited to, university student, trade school

student, food service employee, retail employee, laborer, and armed forces enlisted personnel.
• Examples of a budget plan may include, but are not limited to, housing expenses, furnishings,

utilities, food costs, transportation, and personal expenses—medical, clothing, grooming,
entertainment and recreation, and gifts and contributions.

• Examples of a credit plan may include, but are not limited to, interest rates, credit scores, and

payment plan.

Resources: The Budget Project SL 1: Budget Basics, The Budget Project Quiz 1:
Budget Basics, The Budget Project Interactive Experience, Junior Achievement,
Foundations in Personal Finance and EverFi

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Resources Buying Goods and Services
CPALMS Resources
URL: http://www.cpalms.org/Public/search/Resource
Instructions:

1. Click the live link above (paste into address bar if live link is not available)
2. Input standard within search field
3. Click Search
4. Click resource attached to standard for further information

SS.912.E.1.16 – Lesson Plans
SS.912.FL.2.1 – Lesson Plan
SS.912.FL.2.2 – Lesson Plan
SS.912.FL.2.3 – NA
SS.912.FL.2.4 – NA
SS.912.FL.2.5 – NA
SS.912.FL.2.6 – NA
SS.912.FL.2.7 – Lesson Plan

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Financial Literacy and Consumer Economics Pacing 2 days

Measurement Topic Curriculum Standards Benchmarks Academic Language
Saving SS.912.FL.3.1
1. People must weigh the costs and benefits of spending in the short-term versus SS.912.FL.3.6 1. Savings
saving for the long-term. SS.912.FL.3.7 2. Interest rate
2. Government policies create incentives and disincentives that can influence how 3. 401K
much people save. 4. 403B
3. Employer benefit programs can influence how much people save. 5. Annuity
6. Mutual Fund
Resources: The Budget Project SL 4: Savings, The Budget Project Quiz 4: Savings, 7. Traditional IRA
The Budget Project Interactive Experience, Junior Achievement, Foundations in 8. Roth IRA
Personal Finances and EverFi 9. Education savings

account

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Resources Savings
CPALMS Resources
URL: http://www.cpalms.org/Public/search/Resource
Instructions:

1. Click the live link above (paste into address bar if live link is not available)
2. Input standard within search field
3. Click Search
4. Click resource attached to standard for further information

SS.912.FL.3.1 – NA
SS.912.FL.3.6 – NA
SS.912.FL.3.7 – NA

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Financial Literacy and Consumer Economics Pacing 4 days

Measurement Topic Curriculum Standards Benchmarks Academic Language
Using Credit
1. Consumers should compare the cost of credit by considering annual percentage rate (APR), SS.912.FL.4.1 1. APR
initial fees, late payment fees, annual fees and missed payment charges. SS.912.FL.4.2 2. Late Fees
2. Financial institutions sometimes compete by offering low introductory credit rates that SS.912.FL.4.3 3. Collateral
increases at a set later date or after a late/missed payment. SS.912.FL.4.4 4. Down Payment
3. Loans can be either secured or unsecured with collateral. 5. Equity
4. Down payments on a loan give borrowers an equity stake in the transaction which reduces SS.912.FL.4.5 6. Equity Stake
not only the principal being borrowed but also the risk to the lender which can result in a lower SS.912.FL.4.6 7. Principal
interest rate. SS.912.FL.4.7 8. Credit Score
5. Lenders determine eligibility and interest rates largely based upon the payment history of SS.912.FL.4.8 9. Bankruptcy
loan applicants which can be obtained via credit reports. 10. Mortgages
6. Credit Bureaus are businesses that calculate/compile ratings of loan applicants- called a SS.912.FL.4.9 11. Amortization Schedule
credit score- and provide them to lenders. SS.912.FL.4.10 12. Credit Report
7. An applicant’s credit score can also be used by prospective employers, landlords, insurance 13. Secured Loan
companies and even utility companies. SS.912.FL.4.11 14. Unsecured Loan
8. Failure to repay a loan has significant consequences for borrowers such as negative entries 15. Credit Card
on their credit report, repossession of property (collateral), garnishment of wages, and the 16. Interest
inability to obtain future loans. 17. Simple interest
9. Consumers who have difficulty repaying debt can seek assistance through credit counseling 18. Compound interest
services and/or by negotiating directly with their lenders.
10. In extreme cases, bankruptcy may be an option for borrowers who are unable to repay their
loans. While bankruptcy has benefits, it also has significant long-term costs.
11. Mortgages are a popular type of loan for people buying homes or other types of real estate.
12. There are laws in place to protect consumers who use credit.
13. Consumers are entitled to an annual free copy of their credit report.

Resources: The Budget Project SL 2: Consumer Credit, The Budget Project Quiz 2: SS.912.FL.4.12
Consumer Credit, The Budget Project SL 5: Mortgages, The Budget Project Quiz 5: SS.912.FL.4.13
Mortgages, The Budget Project Interactive Experience, Junior Achievement,
Foundations in Personal Finances and EverFi

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Resources Using Credit
CPALMS Resources
URL: http://www.cpalms.org/Public/search/Resource

Instructions:

1. Click the live link above (paste into address bar if live link is not available)

2. Input standard within search field

3. Click Search

4. Click resource attached to standard for further information

SS.912.FL.4.1 – NA
SS.912.FL.4.2 – NA
SS.912.FL.4.3 – NA
SS.912.FL.4.4 – NA
SS.912.FL.4.5 – NA
SS.912.FL.4.6 – NA
SS.912.FL.4.7 – NA
SS.912.FL.4.8 – NA
SS.912.FL.4.9 – NA
SS.912.FL.4.10 – NA
SS.912.FL.4.11 – NA
SS.912.FL.4.12 – NA
SS.912.FL.4.13 – NA

Page 46 12th Grade Economics


Volusia District Social Studies Office 2017-2018

Financial Literacy and Consumer Economics Pacing 5 days

Measurement Topics Curriculum Standards Benchmarks Academic Language
Financial Investing
1. Analyze the impact of tax rates on different types of investment products SS.912.FL.5.1 1. Investment
2. Calculating the rate of return for investment products SS.912.FL.5.2 2. Tax rates
3. The influence of investor trading within the financial markets SS.912.FL.5.3 3. Inflation rates
4. Comparison of risk vs rate of return for investment products. SS.912.FL.5.4 4. Stocks
5. Calculate the short, intermediate and long term rate of return for investment SS.912.FL.5.5 5. Bonds
products. SS.912.FL.5.6 6. Dividends
6. Analyze diversification vs risk factors of investment products. SS.912.FL.5.7 7. Mutual Fund
7. Research the impact of financial news to changes in price of financial assets. SS.912.FL.5.9 8. Blue Chip
8. Evaluate investor rationale in the purchasing and selling of investment products. SS.912.FL.5.10 9. Portfolio
9. Analyze investment decision making, risk and return on investment based on age. SS.912.E.1.14 10. Asset
10. Compare credit, savings, and investment services available to the consumer from
SS.912.E.1.15
financial institutions.
Learning Targets:

• Students will identify the benefits and risks of saving and investing.
• Students compare the functions of various financial intermediaries such as banks,

savings and loan associations, credit unions, finance companies, mutual funds, hedge
funds, insurance companies, pension funds, and brokerage firms.

• Students describe the relationship between financial intermediaries, savers, and

borrowers.

11. Describe the risk and return profiles of various investment vehicles and the
importance of diversification.
Learning Targets:
• Students will define investment instruments such as money market funds, stocks,

bonds, and real estate.

• Students will compare and assess the risk and return profiles of various investment

vehicles.

• Students will examine factors that affect an investor’s risk tolerance based on

investment objectives (e.g., retirement, college savings, protecting against market
fluctuations).

• Students will analyze the importance of diversification of investment plans in the

marketplace.

• Examples may include, but are not limited to, savings accounts, certificates of

deposit, stocks, bonds, mutual funds, and Individual Retirement Accounts.
Resources: The Budget Project SL 6: Bonds, The Budget Project Quiz 6: Bonds, The Budget
Project SL 7: Stocks, The Budget Project Quiz 7: Stocks, The Budget Project Interactive
Experience, Junior Achievement, Foundations in Personal Finances and EverFi

Page 47 12th Grade Economics


Volusia District Social Studies Office 2017-2018

Resources Financial Investing
CPALMS Resources
URL: http://www.cpalms.org/Public/search/Resource

Instructions:

1. Click the live link above (paste into address bar if live link is not available)

2. Input standard within search field

3. Click Search

4. Click resource attached to standard for further information

SS.912.E.1.14 – Lesson Plans
SS.912.E.1.15 – NA
SS.912.FL.5.1 – NA
SS.912.FL.5.2 – NA
SS.912.FL.5.3 – NA
SS.912.FL.5.4 – NA
SS.912.FL.5.5 – NA
SS.912.FL.5.6 – NA
SS.912.FL.5.7 – NA
SS.912.FL.5.9 – NA
SS.912.FL.5.10 – NA

Page 48 12th Grade Economics


Volusia District Social Studies Office 2017-2018

Financial Literacy and Consumer Economics Pacing 3 days

Measurement Topics Curriculum Standards Benchmarks Academic Language
Protecting and Insuring
1. Cost-benefit analysis of insurance payments versus accepting risk. SS.912.FL.6.1 1.Insurance Premium
2. Analyze the probability of risky and infrequent insurance events. SS.912.FL.6.2. 2. Warranty
3. Choosing insurance coverage based on criteria/variables. SS.912.FL.6.3 3. Deductibles
4. People may be required by governments or by certain types of contracts (e.g., SS.912.FL.6.4 4. Copayments
SS.912.FL.6.5 5. Social Security
home mortgages) to purchase some types of insurance. 6. Medicare
5. An insurance contract can increase the probability or size of a potential loss SS.912.FL.6.6 7. Medicaid
SS.912.FL.6.7 8. Unemployment Insurance
due to risks however deductibles and copayments are cost-sharing options to SS.912.FL.6.8 9.Health Insurance
explore. 10.Disablity Insurance
6. People can lower insurance premiums by behaving in ways that show they pose SS.912.FL.6.9 11.Property and Casualty
a lower risk. Insurance
7. Health insurance, disability insurance, property and casualty insurance and life SS.912.FL.6.10 12. Life Insurance
insurance provide financial assistance in a time of need. 13. Financial Assistance
8. In addition to privately purchased insurance, some government benefit 14. Private Mortgage
programs provide a social safety net to protect individuals from economic Insurance
hardship created by unexpected events. 17. Identity Theft
9. Managing the safety and environment in which personal information is 18. Fraud
revealed can limit the risk of identity theft, loss of assets, wealth, and future 19. Scams
opportunities.
10. Federal and state regulations provide some remedies and assistance for
victims of identity theft.

Resources: The Budget Project SL 3: Insurance, The Budget Project Quiz 3:
Insurance, The Budget Interactive Experience, Junior Achievement, Foundations in
Personal Finances and EverFi

Page 49 12th Grade Economics


Volusia District Social Studies Office 2017-2018

Resources Protecting and Insuring
CPALMS Resources
URL: http://www.cpalms.org/Public/search/Resource

Instructions:

1. Click the live link above (paste into address bar if live link is not available)

2. Input standard within search field

3. Click Search

4. Click resource attached to standard for further information

SS.912.FL.6.1 – NA
SS.912.FL.6.2 – NA
SS.912.FL.6.3 – NA
SS.912.FL.6.4 –2 Perspective Videos
SS.912.FL.6.5 –2 Perspective Videos
SS.912.FL.6.6 – NA
SS.912.FL.6.7 –Perspective Video
SS.912.FL.6.8 – NA
SS.912.FL.6.9 – NA
SS.912.FL.6.10 – NA

Page 50 12th Grade Economics


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