2018_2019 HS Economics with Fin Lit and Honors

Volusia District Social Studies Office 2018-2019

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 2018-2019

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
Janine Koslow Matthew Lawrence

Page 2 12th Grade Economics

Volusia District Social Studies Office 2018-2019

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 2018-2019

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.

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Volusia District Social Studies Office 2018-2019

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

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
consumption can have positive and negative effects on others. down payment gives the borrower some equity or ownership right away and why
these loans may carry a lower interest rate.
• 2.3 Discuss that when buying a good, consumers may consider various aspects of • 4.5 Explain that lenders make credit decisions based in part on consumer payment
the product including the product’s features. Explain why for goods that last for a history. Credit bureaus record borrowers’ credit and payment histories and provide
longer period of time, the consumer should consider the product’s durability and
that information to lenders in credit reports.
maintenance costs.
• 4.6 Discuss that lenders can pay to receive a borrower’s credit score from a credit
• 2.4 Describe ways that consumers may be influenced by how the price of a good is bureau and that a credit score is a number based on information in a credit report and
expressed. assesses a person’s credit risk.

• 2.5 Discuss ways people incur costs and realize benefits when searching for • 4.7 Describe that, in addition to assessing a person’s credit risk, credit reports and
information related to their purchases of goods and services and describe how the scores may be requested and used by employers in hiring decisions, landlords in
amount of information people should gather depends on the benefits and costs of the
deciding whether to rent apartments, and insurance companies in charging
information.
premiums.
• 2.6 Explain that people may choose to donate money to charitable organizations and • 4.8 Examine the fact that failure to repay a loan has significant consequences for
other not-for-profits because they gain satisfaction from donating.
borrowers such as negative entries on their credit report, repossession of property
• 2.7 Examine governments establishing laws and institutions to provide consumers (collateral), garnishment of wages, and the inability to obtain loans in the future.
with information about goods or services being purchased and to protect consumers • 4.9 Explain that consumers who have difficulty repaying debt can seek assistance
from fraud.
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
benefits, filing for bankruptcy also entails considerable costs, including having notice
choose immediate spending over saving for the future. of the bankruptcy appear on a consumer’s credit report for up to 10 years.

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Volusia District Social Studies Office 2018-2019

• 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.
• 6.8 Discuss the fact that, in addition to privately purchased insurance, some
• 5.8 Discuss ways that the prices of financial assets are affected by interest rates and government benefit programs provide a social safety net to protect individuals from
explain that the prices of financial assets are also affected by changes in domestic economic hardship created by unexpected events.
and international economic conditions, monetary policy, and fiscal policy. • 6.9 Explain that loss of assets, wealth, and future opportunities can occur if an
individual’s personal information is obtained by others through identity theft and then
• 5.9 Examine why investors should be aware of tendencies that people have that may used fraudulently, and that by managing their personal information and choosing the
result in poor choices, which may include avoiding selling assets at a loss because
they weigh losses more than they weigh gains and investing in financial assets with

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.

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Volusia District Social Studies Office 2018-2019

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 (33 days)
Standard 1 Economics Decision Making and Economic Systems (10 days)
Standard 2 Demand, Supply, and Equilibrium (16 days)
Standard 3 Market Structures and Business Organizations (7 days)

25% Macroeconomics Emphasis- 5.5 weeks (25 days)
Standard 4 Money, Banking, and Finance (5 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)

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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 2018-2019
Literacy Standards for Economics with Financial Literacy

Literacy Standard Description

Key Ideas and Details Cite specific textual evidence to support analysis of primary and secondary sources, connecting insights gained from
specific details to an understanding of the text as a whole.
LAFS.1112.RH.1.1 Determine the central ideas or information of a primary or secondary source; provide an accurate summary that
LAFS.1112.RH.1.2 makes clear the relationships among the key details and ideas.
LAFS.1112.RH.1.3 Evaluate various explanations for actions or events and determine which explanation best accords with textual
evidence, acknowledging where the text leaves matters uncertain.
Craft and Structure
Determine the meaning of words and phrases as they are used in a text, including analyzing how an author uses and
LAFS.1112.RH.2.4 refines the meaning of a key term over the course of a text (e.g., how Madison defines faction in Federalist No. 10).

Text Types and Purposes Write arguments focused on discipline-specific content.
Introduce precise, knowledgeable claim(s), establish the significance of the claim(s), distinguish the claim(s) from
LAFS.1112.WHST.1.1 alternate or opposing claims, and create an organization that logically sequences the claim(s), counterclaims, reasons,
LAFS.1112.WHST.1.1A and evidence.
Develop claim(s) and counterclaims fairly and thoroughly, supplying the most relevant data and evidence for each
LAFS.1112.WHST.1.1B while pointing out the strengths and limitations of both claim(s) and counterclaims in a discipline-appropriate form
that anticipates the audience's knowledge level, concerns, values, and possible biases.
LAFS.1112.WHST.1.2 Write informative/explanatory texts, including the narration of historical events, scientific procedures/experiments,
LAFS.1112.WHST.1.2A or technical processes.
Introduce a topic and organize complex ideas, concepts, and information so that each new element builds on that
LAFS.1112.WHST.1.2B which precedes it to create a unified whole; include formatting (e.g., headings), graphics (e.g., figures, tables), and
LAFS.1112.WHST.1.2C multimedia when useful to aiding comprehension.
LAFS.1112.WHST.1.2D Develop the topic thoroughly by selecting the most significant and relevant facts, extended definitions, concrete
details, quotations, or other information and examples appropriate to the audience's knowledge of the topic.
Use varied transitions and sentence structures to link the major sections of the text, create cohesion, and clarify the
relationships among complex ideas and concepts.
Use precise language, domain-specific vocabulary and techniques such as metaphor, simile, and analogy to manage
the complexity of the topic; convey a knowledgeable stance in a style that responds to the discipline and context as
well as to the expertise of likely readers.

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LAFS.1112.WHST.1.2E Provide a concluding statement or section that follows from and supports the information or explanation provided
LAFS.1112.WHST.2.4 (e.g., articulating implications or the significance of the topic).
LAFS.1112.WHST.2.5 Produce clear and coherent writing in which the development, organization, and style are appropriate to task,
LAFS.1112.WHST.2.6 purpose, and audience.
Develop and strengthen writing as needed by planning, revising, editing, rewriting, or trying a new approach,
Speaking and Listening focusing on addressing what is most significant for a specific purpose and audience.
Use technology, including the Internet, to produce, publish, and update individual or shared writing products in
LAFS.1112.SL.1.1 response to ongoing feedback, including new arguments or information.

LAFS.1112.SL.1.1A Initiate and participate effectively in a range of collaborative discussions (one-on-one, in groups, and teacher-led)
with diverse partners on grades 11–12 topics, texts, and issues, building on others’ ideas and expressing their own
LAFS.1112.SL.1.1B clearly and persuasively.
LAFS.1112.SL.1.1C Come to discussions prepared, having read and researched material under study; explicitly draw on that preparation
by referring to evidence from texts and other research on the topic or issue to stimulate a thoughtful, well-reasoned
LAFS.1112.SL.1.1D exchange of ideas.
Work with peers to promote civil, democratic discussions and decision-making, set clear goals and deadlines, and
LAFS.1112.SL.1.2 establish individual roles as needed.
Propel conversations by posing and responding to questions that probe reasoning and evidence; ensure a hearing for
LAFS.1112.SL.1.3 a full range of positions on a topic or issue; clarify, verify, or challenge ideas and conclusions; and promote divergent
LAFS.1112.SL.2.4 and creative perspectives.
Respond thoughtfully to diverse perspectives; synthesize comments, claims, and evidence made on all sides of an
issue; resolve contradictions when possible; and determine what additional information or research is required to
deepen the investigation or complete the task.
Integrate multiple sources of information presented in diverse formats and media (e.g., visually, quantitatively,
orally) in order to make informed decisions and solve problems, evaluating the credibility and accuracy of each
source and noting any discrepancies among the data.
Evaluate a speaker’s point of view, reasoning, and use of evidence and rhetoric, assessing the stance, premises, links
among ideas, word choice, points of emphasis, and tone used.
Present information, findings, and supporting evidence, conveying a clear and distinct perspective, such that
listeners can follow the line of reasoning, alternative or opposing perspectives are addressed, and the organization,
development, substance, and style are appropriate to purpose, audience, and a range of formal and informal tasks.

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Make sense of problems and persevere in solving them.

MAFS.K12.MP.1.1 Mathematically proficient students start by explaining to themselves the meaning of a problem and looking

for entry points to its solution. They analyze givens, constraints, relationships, and goals. They make

conjectures about the form and meaning of the solution and plan a solution pathway rather than simply

jumping into a solution attempt. They consider analogous problems and try special cases and simpler forms

of the original problem in order to gain insight into its solution. They monitor and evaluate their progress

and change course if necessary. Older students might, depending on the context of the problem, transform

algebraic expressions or change the viewing window on their graphing calculator to get the information they

need. Mathematically proficient students can explain correspondences between equations, verbal

descriptions, tables, and graphs or draw diagrams of important features and relationships, graph data, and

search for regularity or trends. Younger students might rely on using concrete objects or pictures to help

conceptualize and solve a problem. Mathematically proficient students check their answers to problems

using a different method, and they continually ask themselves, “Does this make sense?” They can

understand the approaches of others to solving complex problems and identify correspondences between

different approaches.

Construct viable arguments and critique the reasoning of others.

MAFS.K12.MP.3.1 Mathematically proficient students understand and use stated assumptions, definitions, and previously

established results in constructing arguments. They make conjectures and build a logical progression of

statements to explore the truth of their conjectures. They are able to analyze situations by breaking them into

cases, and can recognize and use counterexamples. They justify their conclusions, communicate them to

others, and respond to the arguments of others. They reason inductively about data, making plausible

arguments that take into account the context from which the data arose. Mathematically proficient students

are also able to compare the effectiveness of two plausible arguments, distinguish correct logic or reasoning

from that which is flawed, and—if there is a flaw in an argument—explain what it is. Elementary students

can construct arguments using concrete referents such as objects, drawings, diagrams, and actions. Such

arguments can make sense and be correct, even though they are not generalized or made formal until later

grades. Later, students learn to determine domains to which an argument applies. Students at all grades can

listen or read the arguments of others, decide whether they make sense, and ask useful questions to clarify or

improve the arguments.

Use appropriate tools strategically.

MAFS.K12.MP.5.1 Mathematically proficient students consider the available tools when solving a mathematical problem. These

tools might include pencil and paper, concrete models, a ruler, a protractor, a calculator, a spreadsheet, a

computer algebra system, a statistical package, or dynamic geometry software. Proficient students are

sufficiently familiar with tools appropriate for their grade or course to make sound decisions about when

each of these tools might be helpful, recognizing both the insight to be gained and their limitations. For

example, mathematically proficient high school students analyze graphs of functions and solutions generated

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using a graphing calculator. They detect possible errors by strategically using estimation and other

mathematical knowledge. When making mathematical models, they know that technology can enable them

to visualize the results of varying assumptions, explore consequences, and compare predictions with data.

Mathematically proficient students at various grade levels are able to identify relevant external mathematical

resources, such as digital content located on a website, and use them to pose or solve problems. They are

able to use technological tools to explore and deepen their understanding of concepts.

Attend to precision.

MAFS.K12.MP.6.1 Mathematically proficient students try to communicate precisely to others. They try to use clear definitions

in discussion with others and in their own reasoning. They state the meaning of the symbols they choose,

including using the equal sign consistently and appropriately. They are careful about specifying units of

measure, and labeling axes to clarify the correspondence with quantities in a problem. They calculate

accurately and efficiently, express numerical answers with a degree of precision appropriate for the problem

context. In the elementary grades, students give carefully formulated explanations to each other. By the time

they reach high school they have learned to examine claims and make explicit use of definitions.

English Language Learners

ELD.K12.ELL.SI.1 English language learners communicate for social and instructional purposes within the school setting.

ELD.K12.ELL.SS.1 English language learners communicate information, ideas and concepts necessary for academic success in

the content area of Social Studies.

HE.912.C.2.4 Evaluate how public health policies and government regulations can influence health promotion and disease

prevention.

Remarks/Examples:

Seat-belt enforcement, underage alcohol sales, reporting communicable diseases, child care, and AED

availability.

Statistics & Probability: Making Inferences & Justifying Conclusions

MAFS.912.S-IC.2.3 Recognize the purposes of and differences among sample surveys, experiments, and observational studies;

explain how randomization relates to each.

MAFS.912.S-IC.2.4 Use data from a sample survey to estimate a population mean or proportion; develop a margin of error

through the use of simulation models for random sampling

MAFS.912.S-IC.2.5 Use data from a randomized experiment to compare two treatments, use simulations to decide if differences

between parameters are significant.

MAFS.912.S-IC.2.6 Evaluate reports based on data.

Page 12 12th Grade Economics

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Statistics & Probability: Interpreting Categorical and Quantitative Data

MAFS.912.S-ID.1.2 Use statistics appropriate to the shape of the data distribution to compare center (median, mean) and spread

(interquartile range, standard deviation) of two or more different data sets.

MAFS.912.S-ID.1.3 Interpret differences in shape, center, and spread in the context of the data sets, accounting for possible effects of

extreme data points (outliers).

MAFS.912.S-ID.1.4 Use the mean and standard deviation of a data set to fit it to a normal distribution and to estimate population

percentages. Recognize that there are data sets for which such a procedure is not appropriate. Use calculators,

spreadsheets, and tables to estimate areas under the normal curve.

Page 13 12th Grade Economics

Volusia District Social Studies Office 2018-2019

Important Events Observed by Volusia County Social Studies Courses

September American Founders Month
All public and private educational institutions are to recognize and observe this occasion through appropriate programs, meetings, services, or celebrations in which state,
county, and local governmental officials are invited to participate.
All public schools in the state are encouraged to coordinate, at all grade levels, instruction related to our nation's founding fathers.
(H.B. 7069, Section 683.1455)

Sept 17-23 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

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.

November 11th Veterans Day - celebrates the service of all U.S. military veterans

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)

Page 14 12th Grade Economics

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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
March 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
25th 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
May 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
Last 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.”
Monday
Medal of Honor Day - Public Law 101-564: Whereas the Medal of Honor is the highest distinction that can be awarded by the president, in the name of the congress, to members of
the armed forces who have distinguished themselves conspicuously by gallantry and intrepidity at the risk of their lives above and beyond the call of duty…

Memorial Day is a day of remembering the men and women who died while serving.

Page 15 12th Grade Economics

Volusia District Social Studies Office 2018-2019

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- 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. 2. Scarcity
Systems 3. Shortage
Some Examples of Success Criteria May Include: 4. Factors of production
5. Land
• Students will identify the factors of production such as land, labor, and capital, which 6. Labor
7. Capital
are combined by entrepreneurs to produce goods and services. 8. Physical capital
9. Human capital
• Students will distinguish between renewable and nonrenewable resources. 10. Entrepreneurship
11. Opportunity cost
• Students will explain why the factors of production are necessary for the production 12. Production possibilities

of goods and services. curve
13. Efficiency
Analyze production possibilities curves to explain choice, scarcity, and opportunity SS.912.E.1.2 14. Inefficiency
costs. 15. Underutilize
16. Law of Increasing
Some Examples of Success Criteria Success Criteria May Include:
• 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
25. Product market
Assess the economic impact of negative and positive externalities on the local, state, SS.912.E.2.11 26. Incentive
and national (natural) environment. 27. Competition
28. Self-interest
Some Examples of Success Criteria May Include: 29. Invisible Hand
30. Circular Flow Diagram
• Students will analyze the roles of costs and benefits in externalities. 31. Socialism
32. Communism
• Students will distinguish between negative externalities (pollution, global warming) 33. Ceteris paribus
34. Free Rider
and positive externalities (pure water, better air quality) and examine their economic 35. Positive/Negative
impact.
Externalities
• Students will recognize that the government aims at increasing positive externalities

and limiting negative externalities in the public and private sectors.

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

SS.912.E.1.3

Page 16 12th Grade Economics

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Compare how the various economic systems (traditional, market, command, mixed)
answer the questions: (1) What to produce?; (2) How to produce?; and (3) For whom
to produce?

Some Examples of Success Criteria May Include:

• 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 essential questions are answered in each

economic system, and how economic decisions are made.

• Students will explain reasons for government involvement in a mixed economy.

Construct a circular flow diagram for an open-market economy including elements of SS.912.E.2.12*
households, firms, government, financial institutions, product and factor markets, and SS.912.E.3.5*
international trade. SS.912.E.2.3

Some Examples of Success Criteria May Include:
• 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.

Compare the United States economy with other developed and developing nations.
Some Examples of Success Criteria May Include:

• 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.

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

Some Examples of Success Criteria May Include:
• 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.

Page 17 12th Grade Economics

Volusia District Social Studies Office 2018-2019

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
Resources on the following website http://councilforeconed.org/resources/econedlink/
Blog for resources and current content: http://economicsteachersblog.blogspot.com/
Collection of data sites for use throughout the course: http://www.reffonomics.com/Internetsites.htm

URL: http://www.cpalms.org/Public/search/Standard
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 – NA
SS.912.E.1.3 – NA
SS.912.E.2.3 – NA
SS.912.E.2.12 – NA
SS.912.E.3.5 – NA
• Introduce students the resource categories and how they are used to create economies.
• Emphasize the concepts of scarcity and opportunity cost.
• Introduce students to a variety of past and contemporary economic figures. Teachers 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.
• This is an opportunity to introduce interest groups under the American Free Enterprise section.
• Options to create formal/informal formative assessments: Kahoot, Nearpod, Quizlet, Quizizz, Jeopardy

Page 18 12th Grade Economics

Volusia District Social Studies Office 2018-2019

Assessment • Simulate, construct, and label a circular flow diagram for both a mixed economy and a market economy.
• Simulate, construct, and label a production possibilities curve for a simplified economy. Explain the relevant features.
Florida Literacy • Writing prompt comparing and contrasting different economic systems.
Standards • Research the biographies and contributions of past and contemporary entrepreneurs.
• Categories and analyze resources/factors of production.
Reading 2, 7
(LAFS.912.RH.1.2) • (McGraw Hill) Assessment System
(LAFS.912.RH.3.7)
Activities

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 19 12th Grade Economics

Volusia District Social Studies Office 2018-2019

Organizing Principle 2: Understand the underlying market forces that naturally guide a market economy (Unit Pacing 16 days
2).

Measurement Topics Curriculum Standards Benchmarks Academic Language

Demand, Supply and 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 3. Law of Demand
interaction of supply and demand in the market place. 4. Substitution effect
5. Income effect
Some Examples of Success Criteria May Include: 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
Graph and explain how firms determine price and output through marginal cost SS.912.E.1.7 22. Elasticity of supply
analysis. 23. Diminishing marginal returns

Some Examples of Success Criteria May Include: (DMR)
24. Fixed cost
• Students will describe the effect of specialization on cost and production. 25. Variable cost
• Students will explain and illustrate graphically how firms make production decisions 26. Total cost
27. Marginal cost
to maximize profits. 28. Marginal revenue
• Students will explain and illustrate graphically how price changes affect production 29. Profit-maximizing Output
30. Subsidy
decisions. 31. Excise tax
• Students will analyze the effect of changing factors of production on the firm’s 32. Regulation
33. Equilibrium
opportunity cost and decision making. 34. Shortage
• Students will determine how elasticity of demand influences the firm’s pricing 35. Surplus
36. Price ceiling
decision. 37. Price floor

Diagram and explain the problems that occur when government institutes wage and SS.912.E.2.4*
price controls and explain the rationale for these controls.

Some Examples of Success Criteria May Include:

• Students will identify different types of price controls, such as minimum wage rate,

agricultural commodity support, and rent control.

Page 20 12th Grade Economics

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• Students will examine the rationale for implementing wage and price controls. SS.912.E.1.9
• Students will analyze the impact of minimum wage and price controls on market
SS.912.FL.1.3
equilibrium and market efficiency. SS.912.FL.1.4

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

supply and demand framework for the labor market.

Describe how the earnings of workers are determined.
Some Examples of Success Criteria May Include

• 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.

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

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

*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 21 12th Grade Economics

Volusia District Social Studies Office 2018-2019

Resources Unit 2 - Demand, Supply and Equilibrium
Textbook Understanding Economics (McGraw-Hill) - Chapters 4, 5, 6, & 9
Safari Montage
Websites Rent Control and Deadweight Loss
http://vsod.volusia.k12.fl.us/SAFARI/montage/play.php?keyindex=193519&location=local&filetypeid=38
CPALMS Resources Crash Course Economics #4: Supply and Demand:
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
For more information, go to https://www.boundless.com/economics/firms-in-competitive-markets/maximized-profit-and-
supply/example-firm-s-decision-on-maximizing-profit/
URL: http://www.cpalms.org/Public/search/Standard
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.1.4 – 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 – NA

Page 22 12th Grade Economics

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Teacher Hints • Students will identify with demand rather easily, but sometimes struggle with supply.
• Distinguish between demand and quantity demand, supply and quantity supplied, and what determines the demand and supply curve shifts.
Assessment • 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

Florida Literacy understanding price determination.
Standards • Diminishing marginal utility refers to consumer behavior; diminishing marginal returns refers to producer behavior.
• Students may have difficulty understand where a price floor and/or price ceiling is set – above or below equilibrium.
Reading 1,7 • 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
(LAFS.1112.RH.1.1)
(LAFS.1112.RH.3.7) through examples and tables from fixed, variable, and total costs.
Writing 1,3 • On marginal analysis, emphasize the profit-maximization rule, that is, profit is maximized where marginal revenue equals marginal cost.
(LAFS.1112.WH.1.1) • Categories of labor, labor force, overview of organized labor
(LAFS.1112.WH.1.3)
• Options to create formal/informal formative assessments: Kahoot, Nearpod, Quizlet, Quizizz, Jeopardy

• Construct and analyze a demand/supply schedule and graph, demonstrating the laws of demand and supply.
• 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.
• Minimum wage research and writing prompt.

• (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.

Page 23 12th Grade Economics

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Organizing Principle 3: Understand business structures, organizations, competition (Unit 3). Pacing 7 days

Measurement Topics Curriculum Standards Benchmarks Academic Language

Market Structures and Compare the basic characteristics of the four market structures (monopoly, oligopoly, SS.912.E.1.6 1. Perfect competition
Business Organizations monopolistic competition, perfect competition). 2. Commodity
3. Barriers to entry
Some Examples of Success Criteria May Include: 4. Monopoly
• Students will identify and compare the four types of market structures and give examples 5. Economies of scale
6. Natural monopoly
of firms in each market structure. 7. Patent
8. Copyright
• Students will explain how prices and output are determined in each market structure. 9. Trademark
• Students will describe the government’s role in promoting competition. 10. Franchise
11. Subsidiary
Explain ways firms engage in price and non-price competition. SS.912.E.1.8 12. Price discrimination
Some Examples of Success Criteria May Include: 13. Non-price competition
• Students will identify roles that prices play in allocating resources efficiently. 14. Market power
• Students will recognize the relationship between price competition and profits. 15. Monopolistic competition
• Students will recognize the relationship between nonprice competition and profits. 16. Product Differentiation
• Students will describe competitive strategies using nonprice factors. 17. Oligopoly
18. Collusion
Examine the benefits of natural monopolies and the purposes of government SS.912.E.2.6* 19. Cartel
regulation of these monopolies. 20. Predatory pricing
21. Antitrust laws
Some Examples of Success Criteria May Include: 22. Trust
• Students will analyze arguments for and against natural monopolies. 23. Merger
• Students will examine the advantages of a natural monopoly. 24. Regulation/
• Students will identify different examples of natural monopolies.
Deregulation
• Students will discuss the government’s role in authorizing and regulating natural 25. Business organization
26. Sole proprietorship
monopolies. 27. Partnership
28. General partnership
Compare different forms of business organizations. SS.912.E.1.5 29. Limited partnership
Some Examples of Success Criteria May Include: 30. Limited liability
31. Corporation
• Students will identify the characteristics and structure of the different forms of business 32. Closed shop
33. Collective bargaining
organization: sole proprietorships, partnerships, corporations, and franchises. 34. Labor Union
35. Arbitration
• Students will compare the advantages and disadvantages of different forms of business 36. Mediation
37. Strike
organization. 38. Right to work
39. Labor force
40. Labor pool
41. Productivity
42. Outsourcing
43. Boycott
44. Lockout
45. Injunction

An economic role for government exists if individuals do not have complete SS.912.FL.5.11

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 24 12th Grade Economics

Volusia District Social Studies Office 2018-2019

Resources Unit 3 - Market Structures and Business Organizations
Textbook Understanding Economics (McGraw-Hill) - Chapters 7 & 8
Safari Montage
Websites Crash Course Economics #25: Monopolies and Anti-Competitive Markets: https://www.youtube.com/watch?v=Sb_-
wfmJnHA&list=PL8dPuuaLjXtPNZwz5_o_5uirJ8gQXnhEO&index=25
CPALMS Resources Crash Course Economics #26: Game Theory and Oligopoly: https://www.youtube.com/watch?v=PCcVODWm-
oY&index=26&list=PL8dPuuaLjXtPNZwz5_o_5uirJ8gQXnhEO
Teacher Hints EconMovies: The Dark Knight (Oligopolies and Game Theory):
https://www.youtube.com/watch?v=JMq059SAQXM&index=1&list=PL1oDmcs0xTD9Aig5cP8_R1gzq-mQHgcAH
Assessment 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
Parking lot trusts: https://www.youtube.com/watch?v=Lx-nuqANVbk

URL: http://www.cpalms.org/Public/search/Standard
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.1.5 – 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

• Make sure students understand that there are regulated/legal monopolies: natural, geographic, government, technological.
• Explain to students barriers to entry, including economies of scale.
• Use a graphic organizer to compare advantages and disadvantages of different types of business organizations.
• When discussing corporations, differentiate between vertical and horizontal mergers; how they expand through subsidiaries and

franchise.
• When teaching about business organizations, show students how to file a business.
• Options to create formal/informal formative assessments: Kahoot, Nearpod, Quizlet, Quizizz, Jeopardy
• 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 25 12th Grade Economics

Volusia District Social Studies Office 2018-2019

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 26 12th Grade Economics

Volusia District Social Studies Office 2018-2019

Organizing Principle 4: Understand the role of money, the money supply, and the price system in a market Pacing 5 days

economy (Unit 4).

Measurement Curriculum Standards Benchmarks Academic Language
Topics SS.912.E.1.13
1. Money
Money, Explain the basic functions and characteristics of money and describe the composition of the SS.912.E.2.10 2. Medium of exchange
SS.912.FL.3.5 3. Unit of account
Banking and money supply in the United States. SS.912.FL.5.12 4. Store of value
5. Currency
Finance Some Examples of Success Criteria May Include: 6. Commodity money
7. Representative money
• Students will describe the functions and characteristics of money. 8. Fiat money
9. Central bank
• Students will distinguish between commodity money and fiat money. 10. Member bank
11. Federal Reserve System
• Students will identify the composition of the money supply. 12. Federal Deposit Insurance

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

Page 27 12th Grade Economics

Volusia District Social Studies Office 2018-2019

Resources Unit 4 - Money, Banking and Finance
Textbook Understanding Economics (McGraw-Hill) - Chapters 10 & 11
Safari Montage
Websites Dow and Jones: Wizards of Wall Street:
http://safari3.volusia.k12.fl.us/SAFARI/montage/play.php?keyindex=150955&location=local&filetypeid=11
CPALMS Resources Crash Course Economics #11: Money and Finance:
https://www.youtube.com/watch?v=Dugn51K_6WA&list=PL8dPuuaLjXtPNZwz5_o_5uirJ8gQXnhEO&index=11
Teacher Hints 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
Red Paper Clip: https://www.youtube.com/watch?v=BE8b02EdZvw
Stock Market Simulation: www.marketwatch.com
URL: http://www.cpalms.org/Public/search/Standard
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.1.13 – NA
SS.912.FL.2.10 – NA
SS.912.FL.3.5 – NA
SS.912.FL.5.12 – NA

• Most of this unit’s material is covered through Financial Literacy (check your Fin Lit resources)
• Trace the history of trade from bartering to paper currency/credit/crypto-currency
• Explain liquidity
• Differentiate between different types of financial institutions
• Explain how the FDIC coverage works
• If you are going to discuss the stock market, this would be an ideal time.
• Options to create formal/informal formative assessments: Kahoot, Nearpod, Quizlet, Quizizz, Jeopardy

Page 28 12th Grade Economics

Volusia District Social Studies Office 2018-2019

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.
• Have students participate in a stock market simulation
• Have students participate in a bartering simulation
• (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)

Page 29 12th Grade Economics

Volusia District Social Studies Office 2018-2019

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 Examine the four phases of the business cycle (peak, contraction - unemployment, 1. Gross domestic product
Unemployment trough, expansion - inflation). SS.912.E.2.5 (GDP)

Some Examples of Success Criteria May Include: SS.912.E.2.7 2. Net exports
• Students will identify measures of economic performance. 3. Gross investment
• Students will identify the components of Gross Domestic Product (GDP). SS.912.E.3.1* 4. Intermediate goods
• Students will identify the defining characteristics of the four phases of the business SS.912.FL.3.2 5. Durable goods
6. Nominal GDP
cycle. 7. Real GDP
8. Standard of living
Analyze how capital investments may impact productivity and economic growth. 9. (Aggregate) Price level
Some Examples of Success Criteria May Include: 10. Aggregate supply
• Students will distinguish between investment in physical capital (factories, 11. Aggregate demand
12. Business cycle
machinery, technology) and investment in human capital (people, training, 13. Expansion
education). 14. Peak
15. Contraction/Recession
• Students will distinguish between capital investments and financial investments. 16. Trough/Depression
• Students will describe how regulation impacts capital investment decisions. 17. Stagflation
• Students will explain how capital investments affect technological progress and 18. Economic indicators:

productivity and contribute to economic growth. leading, coincident,
lagging
Identify the impact of inflation on society. 19. Real GDP per capita
Some Examples of Success Criteria May Include: 20. Unemployment:
• Students will examine the effects of inflation on purchasing power and real income. Frictional, seasonal,
• Students will identify the measures, types, and causes of inflation. structural
• Students will describe how changes in money supply, aggregate demand, and 21. Cyclical unemployment
22. Unemployment rate
aggregate supply cause inflation. 23. Full employment
24. Underemployment
• Students will identify the impact of inflation on consumers, lenders, and borrowers. 25. Discouraged worker
26. Inflation
Demonstrate the impact of inflation on world economies. 27. Purchasing power
Some Examples of Success Criteria May Include: 28. CPI/price index
• Students will identify and explain the effect of inflation on world economies after 29. Market basket
30. Inflation rate
World War I. 31. Hyperinflation
32. Quantity theory
• Students will recognize that inflation caused by competition for resources makes it 33. Demand-pull theory
34. Cost-push theory
difficult for countries, especially less developed countries, to develop and maintain 35. Wage-price spiral
economic growth. 36. Deflation

Examine the real interest rate which takes inflation into account.

Page 30 12th Grade Economics

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Analyze the differences between the real interest rate and nominal interest rate. SS.912.FL.3.3
SS.912.FL.3.4
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.

Resources Unit 5 - GDP, Inflation and Unemployment
Textbook Understanding Economics (McGraw-Hill) - Chapters 12 & 13
Safari Montage
Websites Dow and Jones: Wizards of Wall Street:
http://vsod.volusia.k12.fl.us/SAFARI/montage/play.php?keyindex=150955&location=local&filetypeid=11
CPALMS Resources Crash Course Economics #7: Inflation and Bubbles and Tulips: https://www.youtube.com/watch?v=T8-
85cZRI9o&index=7&list=PL8dPuuaLjXtPNZwz5_o_5uirJ8gQXnhEO
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
List of countries by GDP: https://www.cia.gov/library/publications/the-world-factbook/rankorder/2001rank.html
Movie inflation rates: www.boxofficemojo.com
URL: http://www.cpalms.org/Public/search/Standard
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.1.4 – 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

Page 31 12th Grade Economics

Volusia District Social Studies Office 2018-2019

Teacher Hints SS.912.FL.3.3 – NA
SS.912.FL.3.4 – NA
Assessment
• The leading economic indicators are GDP, the business cycle, unemployment, and inflation. GDP and the business cycle are
Florida Literacy economic measurements; inflation and unemployment are economic challenges.
Standards
• Introduce students to different types of unemployment – frictional, seasonal, structural, cyclical; including discouraged workers
Reading 1, 2 and underemployment.
(LAFS.1112.RH.1.1)
(LAFS.1112.RH.1.2) • Explain to students how the CPI is determined through the “market basket”
• Students may struggle with demand-pull and cost-push inflation
• Explain to students what is a tolerable unemployment rate and inflation rate in relation to real income.
• Options to create formal/informal formative assessments: Kahoot, Nearpod, Quizlet, Quizizz, Jeopardy
• Students create their own “shopping basket” of goods to track over a given period of time. Determine change in CPI and inflation

rate. OR research past market baskets over a given period or time.
• After researching, students will diagram the business cycle over the past 10 years noting GDP and unemployment trends.
• Have students participate in an unemployment simulation.
• (McGraw-Hill) Assessment System.

Activities

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).

Students can use the information/data they gathered from the newspaper article to formulate a plan to decrease unemployment.

Page 32 12th Grade Economics

Volusia District Social Studies Office 2018-2019

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

Measurement Topics Curriculum Standards Benchmarks Academic Language
SS.912.E.2.1
Taxation, and Fiscal and Identify and explain the seven broad goals of the U.S. economic system. (Freedom, 1. Tax
Monetary Policy Efficiency, Equity, Security, Growth, Price Stability, Full Employment) 2. Revenue
3. Tax base
Some Examples of Success Criteria May Include: 4. Individual income tax
• Students will identify different measures of economic performance. 5. Sales tax
• Students will identify the components of GDP. 6. Property tax
• Students will distinguish between nominal GDP and real GDP. 7. Corporate income tax
• Students will explain the effect of changes in price level on GDP. 8. Proportional tax
• Students will describe how the various economic systems have different economic 9. Progressive tax
10. Regressive tax
goals. 11. Tax incidence
12. Withholding
Explain the use of fiscal policy (taxation, spending) to promote price stability, full SS.912.E.1.10* 13. Tax return
employment, and economic growth. 14. Taxable income
15. Exemption
Some Examples of Success Criteria May Include: 16. Deduction
• Students will identify different types of income tax structures. 17. Federal Insurance
• Students will compare the goals of expansionary and contractionary fiscal policy.
• Students will use the aggregate demand and aggregate supply model to identify the Contributions Act (FICA) tax
18. Social Security
effect of a fiscal policy. 19. Medicare/Medicaid
20. Tariffs
• Students will describe the strengths and weaknesses of fiscal policy. 21. Tax incentive
22. Mandatory spending
Explain how the Federal Reserve uses the tools of monetary policy (discount rate, SS.912.E.1.11* 23. Discretionary spending
reserve requirement, open market operations) to promote price stability, full 24. Entitlement programs
employment, and economic growth. 25. Fiscal policy
26. Monetary policy
Some Examples of Success Criteria May Include: 27. Automatic stabilizer
• Students will recognize the roles of the Federal Reserve. 28. Multiplier effect
29. Balanced budget
• Students will explain the process of the money multiplier. 30. Budget surplus/deficit
31. National debt
• 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 and their strengths and weaknesses.

• Students will use the aggregate demand and aggregate supply model to identify the

effect of a monetary policy.

Page 33 12th Grade Economics

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Differentiate between direct and indirect taxes, and describe the progressivity of SS.912.E.2.8
taxes (progressive, proportional, regressive).

Some Examples of Success Criteria May Include:
• Students will distinguish between direct and indirect taxes.
• Students will identify and explain the progressive, proportional, and regressive taxes.

Analyze how changes in federal spending and taxation affect budget deficits and SS.912.E.2.9
surpluses and the national debt.

Some Examples of Success Criteria May Include:
• 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 results of rising national debt.

Describe the organization and functions of the Federal Reserve System. SS.912.E.2.10
Some Examples of Success Criteria May Include: SS.912.E.2.2
• Students will recognize the conditions that led to the Federal Reserve Act of 1913.
• Students will explain the structure of the Federal Reserve System. SS.912.FL.5.8
• Students will identify the roles of the Federal Reserve to serve the government, SS.912.FL.1.6

banks, and the banking system.

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.

Some Examples of Success Criteria May Include:
• Students will analyze public policy strategies affecting their local communities.
• Students will compare private and public sectors’ abilities to solve local problems.

Prices of financial assets are affected by interest rates, domestic conditions,
international conditions, monetary policy, and fiscal policy.

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.

Page 34 12th Grade Economics

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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.

Page 35 12th Grade Economics

Volusia District Social Studies Office 2018-2019

Resources Unit 6 - Taxation, and Fiscal and Monetary Policy
Textbook Understanding Economics (McGraw-Hill) - Chapters 14, 15, & 16
Safari Montage
Websites Crash Course Economics #8: Fiscal Policy and Stimulus:
https://www.youtube.com/watch?v=otmgFQHbaDo&list=PL8dPuuaLjXtPNZwz5_o_5uirJ8gQXnhEO&index=8
CPALMS Resources 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 Policy 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=DP89Uefobcs
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/series/keynes-vs-hayek
H&R Block Dollars and Sense (student resource): www.hrblockdollarsandsense.com
Chair the Fed game: https://sffed-education.org/chairthefed/
Fiscal Policy table (pgs 6 & 7): https://www.learner.org/workshops/economics/support/econclass_wk7.pdf
URL: http://www.cpalms.org/Public/search/Standard
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.1.4 – 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

Page 36 12th Grade Economics

Volusia District Social Studies Office 2018-2019

Teacher Hints SS.912.FL.1.6 - NA
SS.912.FL.5.12 – NA
Assessment SS.912.FL.2.2 – NA
SS.912.FL.5.8 – NA
Florida Literacy
Standards • Use the “Chair the Fed” link above as an interactive introduction to monetary policy.
• The Federal Reserve has enormous amounts of publications regarding monetary policy, macroeconomics, personal finance and more.
Reading 1,4 • Some teachers may have already discussed the Federal Reserve through Fin Lit
(LAFS.1112.RH.1.1) • Students may struggle through monetary policy
(LAFS.1112.RH.2.4) • If you have time, you may want to review with students how to fill out a 1040 form, including information included on a W-2.
Writing 4, 6 • Talk to students about the money multiplier
(LAFS.1112.WH.2.4) • Lookup released College Board Macroeconomics FRQs and modify for your students
(LAFS.1112.WH.2.6) • Options to create formal/informal formative assessments: Kahoot, Nearpod, Quizlet, Quizizz, Jeopardy
• Have students analyze the differences in fiscal and monetary policies and how the effect economic growth.
• Compare federal administration policies to determine expansionary or contractionary fiscal policy or monetary policy.
• After reading sections on progressive, proportional, and regressive taxes and using given IRS statistics on the U.S. federal income tax, students

will discuss the fairness of our current system.

• (McGraw-Hill) Assessment System.

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.

Page 37 12th Grade Economics

Volusia District Social Studies Office 2018-2019

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 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. 2. Comparative advantage
3. Law of Comparative
Some Examples of Success Criteria May Include:
• Students will define and distinguish between absolute and comparative advantage. Advantage
• Students will analyze the impact of unequal distribution of resources on 4. Export
5. Import
specialization and trade. 6. Trade barrier
7. Embargo
• Students will examine how specialization and trade benefit nations. 8. Import quota
9. Customs duty
Discuss the effect of barriers to trade and why nations sometimes erect barriers to SS.912.E.3.3 10. Trade war
trade or establish free trade zones. SS.912.E.3.4 11. Protectionism
12. Infant industry
Some Examples of Success Criteria May Include: 13. World Trade Organization
• Students will identify types of trade barriers (tariffs, quotas, and embargoes) and the
(WTO)
purposes and effects of imposing them, domestically and globally. 14. European Union (EU)
15. MERCOSUR
Assess the economic impact of negative and positive externalities on the international 16. NAFTA
(natural) environment.

Some Examples of Success Criteria May Include:
• Students will identify the effects of positive externalities and negative externalities

on the international environment.

Differentiate and draw conclusions about historical economic thought theorized by SS.912.E.3.6
economists.

Some Examples of Success Criteria May Include:

• Students will identify and compare historical economic thought theorized by various

economists.

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

Page 38 12th Grade Economics

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Resources Unit 7 - Global Economy and Economic Thought
Textbook Understanding Economics (McGraw-Hill) – Chapter 17 & 18
Safari Montage
The Global Economy:
Websites http://vsod.volusia.k12.fl.us/SAFARI/montage/play.php?keyindex=104137&location=local&filetypeid=65
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

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

Use U.S. Census bureau for articles and statistics on U.S./Foreign trade: http://www.census.gov/foreign-trade/index.html

CPALMS Resources URL: http://www.cpalms.org/Public/search/Standard
Teacher Hints 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.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

• Return to concept of opportunity costs to help students understand the Theory of Comparative Advantage.
• Students may struggle with the concept/math of comparative advantage.
• Much of this material can be incorporated within previous units/organizing principles.
• When discussing balance of trade (trade surplus/deficit), distinguish between services, manufacturing, and farming.
• Options to create formal/informal formative assessments: Kahoot, Nearpod, Quizlet, Quizizz, Jeopardy

Page 39 12th Grade Economics

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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.
• Students can research the economic systems and economic data of other countries.
• Students create a rubric determining what constitutes a healthy economy and quality of life, applying it to different countries.
• (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
why nations should trade differed from the prevailing views of that time.
Reading 1,2,8
(LAFS.1112.RH.1.1) After researching U.S./Cuba trade relations, students should write on the post embargo economic consequences for both countries.
(LAFS.1112.RH.1.2)
(LAFS.1112.RH.3.8)

Writing 1,7,9
(LAFS.1112.WH.1.1)
(LAFS.1112.WH.3.7)
(LAFS.1112.WH.3.9)

Page 40 12th Grade Economics

Volusia District Social Studies Office 2018-2019

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

Measurement Topic Curriculum Standards Benchmarks Academic Language
Earning Income Non-Income factors can influence which jobs/careers people choose. SS.912.FL.1.1
SS.912.FL.1.2 1. Salary
The possible benefits of education/training must be weighed against the immediate 2. Wages
costs. SS.912.FL.1.3 3. Benefits
4. Labor Market
People make more informed education, job, or career decisions when they evaluate 5. Employment
the costs and benefits of different choices. 6. Social Security
7. Property taxes
8. Sales Taxes

Changes in economic conditions or the labor market can cause changes in a worker’s SS.912.FL.1.5
income or cause unemployment.

Different sources and amounts of income- as well as different types and amounts of SS.912.FL.1.7
spending- affect the types and amounts of taxes paid.

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

Page 41 12th Grade Economics

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Resources Earning Income
CPALMS Resources URL: http://www.cpalms.org/Public/search/Standard
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 – NA
SS.912.FL.1.3 – NA
SS.912.FL.1.4 – NA
SS.912.FL.1.5 – NA
SS.912.FL.1.6 – NA

Page 42 12th Grade Economics

Volusia District Social Studies Office 2018-2019

Financial Literacy and Consumer Economics Pacing 2 days

Measurement Topic Curriculum Standards Benchmarks Academic Language

Buying Goods and Before purchasing a good, consumers should consider its features, durability and SS.912.FL.2.3 1. Durable Goods
Services maintenance costs. 2. Nondurable
3. Cost-Benefit Analysis
Consumers can be influenced by a good or services pricing. SS.912.FL.2.4 4. Charity
5. Not-for-profit
Consumers should thoroughly research goods and services before making purchases. SS.912.FL.2.5 6. Fraud
Some research might incur a cost, which should be weighed against its possible 7. Credit
benefits. 8. Debit
9. Budget

People may gain satisfaction from donating money to charitable or not-for-profit SS.912.FL.2.6
organizations.

Governments establish laws and institutions to provide consumers with information SS.912.FL.2.7
about goods or services and to protect consumers from fraud. SS.912.FL.2.1

Consumer decisions are influenced by prices, prices of alternatives/substitutes, SS.912.E.1.16
income and other preferences.

Construct a one-year budget plan for a specific career path including expenses and
construction of a credit plan for purchasing a major item.

Some Examples of Success Criteria May Include:

• Students will choose a career path, project expected income and expenses, and develop an
annual budget which includes a credit plan.

• Students will examine the factors that affect access to and cost of credit for purchasing a major
item.

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

Page 43 12th Grade Economics

Volusia District Social Studies Office 2018-2019

Resources Buying Goods and Services
Textbook Understanding Economics (McGraw-Hill) – Chapter 19
CPALMS Resources URL: http://www.cpalms.org/Public/search/Standard
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

Page 44 12th Grade Economics

Volusia District Social Studies Office 2018-2019

Financial Literacy and Consumer Economics Pacing 2 days

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

account

Resources: The Budget Project SL 4: Savings, The Budget Project Quiz 4: Savings,
The Budget Project Interactive Experience, Junior Achievement, Foundations in
Personal Finances, EverFi, and FoolProofMe.

Page 45 12th Grade Economics

Volusia District Social Studies Office 2018-2019

Resources Savings
Textbook Understanding Economics (McGraw-Hill) – Chapter 19
CPALMS Resources URL: http://www.cpalms.org/Public/search/Standard
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

Page 46 12th Grade Economics

Volusia District Social Studies Office 2018-2019

Financial Literacy and Consumer Economics Pacing 4 days

Measurement Topic Curriculum Standards Benchmarks Academic Language
Using Credit
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. 2. Late Fees
3. Collateral
Financial institutions sometimes compete by offering low introductory credit rates that SS.912.FL.4.2 4. Down Payment
increases at a set later date or after a late/missed payment. 5. Equity
6. Equity Stake
Loans can be either secured or unsecured with collateral. SS.912.FL.4.3 7. Principal
8. Credit Score
Down payments on a loan give borrowers an equity stake in the transaction which reduces not SS.912.FL.4.4 9. Bankruptcy
only the principal being borrowed but also the risk to the lender which can result in a lower SS.912.FL.4.5 10. Mortgages
interest rate. SS.912.FL.4.6 11. Amortization Schedule
SS.912.FL.4.7 12. Credit Report
Lenders determine eligibility and interest rates largely based upon the payment history of loan SS.912.FL.4.8 13. Secured Loan
applicants which can be obtained via credit reports. 14. Unsecured Loan
SS.912.FL.4.9 15. Credit Card
Credit Bureaus are businesses that calculate/compile ratings of loan applicants- called a credit SS.912.FL.4.10 16. Interest
score- and provide them to lenders. SS.912.FL.4.11 17. Simple interest
18. Compound interest
An applicant’s credit score can also be used by prospective employers, landlords, insurance
Resources: The Budget companies and even utility companies.
Project SL 2: Consumer
Credit, The Budget Project Failure to repay a loan has significant consequences for borrowers such as negative entries on
Quiz 2: Consumer Credit, their credit report, repossession of property (collateral), garnishment of wages, and the
The Budget Project SL 5: inability to obtain future loans.
Mortgages, The Budget
Project Quiz 5: Mortgages, Consumers who have difficulty repaying debt can seek assistance through credit counseling
The Budget Project services and/or by negotiating directly with their lenders.
Interactive Experience,
Foundations in Personal In extreme cases, bankruptcy may be an option for borrowers who are unable to repay their
Finances, EverFi, and loans. While bankruptcy has benefits, it also has significant long-term costs.
FoolProofMe
Mortgages are a popular type of loan for people buying homes or other types of real estate. SS.912.FL.4.12

There are laws in place to protect consumers who use credit. SS.912.FL.4.13

Consumers are entitled to an annual free copy of their credit report.

Page 47 12th Grade Economics

Volusia District Social Studies Office 2018-2019

Resources Using Credit
Textbook Understanding Economics (McGraw-Hill) – Chapter 19
CPALMS Resources URL: http://www.cpalms.org/Public/search/Standard
Instructions:
Page 48
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

12th Grade Economics

Volusia District Social Studies Office 2018-2019

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 49 12th Grade Economics

Volusia District Social Studies Office 2018-2019

Financial Literacy and Consumer Economics Pacing 5 days

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

Compare credit, savings, and investment services available to the consumer from SS.912.E.1.14
financial institutions.

Some Examples of Success Criteria May Include:
• Students will identify the benefits and risks of saving and investing options.
• Students compare the functions of various financial institutions.
• Students describe the relationship between financial institutions, savers, borrowers,

and investors.

Describe the risk and return profiles of various investment vehicles and the importance SS.912.E.1.15
of diversification.

Some Examples of Success Criteria May Include:
• Students will define investment options.
• Students will compare and assess the risk and return of various investment options.
• Students will comprehend the importance of diversification of investment plans in

the marketplace.

Page 50 12th Grade Economics