Collierville SchoolsStandard EconomicsScope and Sequence

1st Quarter

Pacing TN Economics Standards Learning Targets Supporting Text(s) Assessment Description(s)

Week 1Scarcity and Economic Reasoning

Students will understand that productive resources are limited; therefore, people cannot have all the goods and services they want. As a result, they must choose some things and give up others.

E.1 Define each of the productive resources (natural, human, capital) and explain why they are necessary for the production of goods and services.

E.2 Explain how consumers and producers confront the condition of scarcity, by making choices that involve opportunity costs and tradeoffs

Identify land, labor, and capital as the three factors of production.Explain the role of entrepreneurs.Explain why each of the productive resources are necessary for the production of goods and services.

Explain why economists say all resources are scarce.Explain why scarcity and choice are basic problems of economics.Explain the relationship among scarcity, value, utility, and wealth.Understand the circular flow of economic activity.

Economics: Principles & Practices (2007) textbook Chapter 1

Articles from various periodicals, journals, newpapers, online new sources

Students will take the Economics Literacy Pre-test (Extra Credit for every question over 10)

Daily formative assessments on previous day’s learning targets.

Week 2 E.2 Explain how consumers and producers confront the condition of scarcity, by making choices that involve opportunity costs and tradeoffs.

E.8 Use a production possibilities curve to explain the concepts of choice, scarcity, opportunity cost, tradeoffs, unemployment, productivity, and growth.

Describe why every decision involves trade-offs.Explain the concept of opportunity cost.

Interpret a production possibilities curve.Demonstrate how production possibilities curves show efficiency, growth, and cost.Understand that a country’s production possibilities depend on its available resources and technology.

15 minute timed-write on the factors of production.

Chapter 1 quiz- 20 multiple choice questions

Week 3 E.6 Compare and contrast how the various economic systems (traditional, market, command, mixed) try to answer the questions: What to produce? How to produce it? For whom to produce?

Analyze the societal values that determine how a country answers the three basic questions.Explain the characteristics of command, mixed, and market economies and describe the societal values that influence them.Identify the advantages and disadvantages of command, mixed, and market economies.Explain the rise of mixed economic systems.Compare the mixed economies of various nations along a continuum between centrally planned and free

Economics: Principles & Practices (2007) textbook Chapter 2 & 17, Sec. 3

Daily formative assessments on previous day’s learning targets.

Chapter 2/17.3 quiz- 20 multiple choice questions

Week 3 E.9 Compare and contrast the theoretical principles of the economic systems of capitalism, socialism, and communism, and use historical examples to provide evidence of their effectiveness.

E.3 Identify and explain the broad goals of economic policy such as freedom, efficiency, equity, security, growth, price stability, and full employment.

E.5 Explain that voluntary exchange occurs when all participating parties expect to gain.

market systems.Compare the features of communism to other types of economic systems.Describe the differences among the doctrines of socialism, capitalism, and communism.Explain the rise of the Soviet economy under Lenin and Stalin.Analyze the major ideas of Karl Marx in relation to the proletariat and the bourgeoisie.Understand the forces that brought about the collapse of communism as an economic system.Recognize the major countries and regions that are making the transition to capitalism.Understand the role of free enterprise in the economy of the United States.

Evaluate the United States’ economic goals and understand how they modify the free enterprise system.

Explain the basic principles of the U.S. free enterprise system.

E.14 Explain that consumers ultimately determine what is produced in a market economy (consumer sovereignty).

E.7 Describe how clearly defined and enforced property rights are essential to a market economy.

Identify the role of the consumer in the U.S. free enterprise system.

Describe the role of the government in the U.S. free enterprise system.

Week 4Supply and Demand

Students will understand the role that supply and

demand, prices, and profits play in determining

production and distribution in a market economy.

E.11 Define supply and demand, and provide relevant examples.

E.17 Identify factors that cause changes in

Explain the laws of supply and demand.Describe and illustrate the concept of supply and demand.Explain how demand and utility are related.Explain what causes a change in quantity demanded and quantity supplied.Interpret a supply/demand graph using a supply/demand schedule.

Understand the factors that could cause a change in supply and demand.

Economics: Principles & Practices (2007) textbook Chapter 4 & 5, Sec. 1

Daily formative assessments on previous day’s learning targets.

Chapter 4/5.1 quiz- 20 multiple choice questions

Supply and demand graphing assessment.

Unit 1 test covering chapters 1, 2, 17.3, 4 and 5.1.

market supply and demand.

Week 5 E.17 Identify factors that cause changes in market supply and demand.

E.21 Use concepts of price elasticity of demand and supply to explain and predict changes in quantity as prices fluctuate.

Analyze the effects of other factors that affect supply.Identify how determinants such as input costs create changes in supply.Identify ways that the government can influence the supply of a good.

Analyze the elasticity of supply and demand for a product.Explain why elasticity is a measure of responsiveness.Explain the relationship between elasticity of supply and time.

Economics: Principles & Practices (2007) textbook Chapter 4 & 5, Sec. 1

Daily formative assessments on previous day’s learning targets.

Chapter 4/5.1 quiz- 20 multiple choice questions

Supply and demand graphing assessment.

Unit 1 test covering chapters 1, 2, 17.3, 4 and 5.1.

Week 6

E.13 Describe how prices of products as well as interest rate and wage rates send signals to buyers and sellers of products, loanable funds, and labor.

E.12 Describe the role of buyers and sellers in determining the equilibrium price.

E.16 Demonstrate how supply and demand determine equilibrium price and quantity in the product, resource, and financial markets, including drawing and reading supply and demand curves.

E.19 Demonstrate how government wage and price controls, such as rent controls and

Understand how the price is a signaling system for buyers and sellers in the marketplace.Analyze the role of prices in a free market.Explain how a price-based system leads to a wider choice of goods and efficient allocation of resources.

Explain how supply and demand create balance in the marketplace.Understand the self-regulating nature of the marketplace.

Identify the determinants that create changes in price.Explain and demontrate how a market reacts to shifts in demand by moving to a new equilibrium.Explain and demonstrate how a market reacts to a fall in supply by moving to a new equilibrium.

Identify how the government sometimes intervenes in markets to control prices.

Economics: Principles & Practices (2007) textbook Chapter 6.

Daily formative assessments on previous day’s learning targets.

Chapter 6 quiz- 20 multiple choice questions.

minimum wage laws, create shortages and surpluses.

Analyze the effects of price ceilings and price floors.

Week 7Market Structures

Students will understand the organization and

role of business firms and analyze the various

types of market structures in the United States

economy.

E.23 Compare and contrast the following forms of business organization: sole proprietorship, partnership, and corporation.

E.24 Analyze the various ways and reasons that firms grow either through reinvestment of financial capital obtained through retained earnings, stock issues and borrowing, or through horizontal, vertical, and conglomerate mergers.

E.25 Analyze key details and central ideas from diverse forms of informational text to summarize the role and historical impact of economic

Explain the characteristics of sole proprietorships.Compare and contrast the different types of partnerships.Explain the characteristics of corporations.Analyze the advantages and disadvantages of sole proprietorship, partnerships and corporations.

Compare and contrast corporate combinations.Describe the role of multinationals.

Identify the different types of cooperative organizations.Understand how a business franchise works.Understand the purpose of nonprofit organizations, including professional and business organizations.

Economics: Principles & Practices (2007) textbook Chapter 3.

Daily formative assessments on previous day’s learning targets.

Chapter 3 quiz- 20 multiple choice questions.

institutions, such as labor unions, multinationals, and nonprofit organizations, in market economies.

Week 8 E.26 Identify the basic characteristics of monopoly, oligopoly, monopolistic competition, and pure competition.

E.29 Explain ways that firms engage in price and non-price competition.

E.27 Explain how competition among many sellers lowers costs and prices and encourages producers to produce more.

E.33 Explain how government responds to perceived social needs by providing public goods and services.

Describe prices and output in a perfectly competitive market.Describe the necessary conditions that are in place in a perfectly competitive market.Describe the characteristics and give examples of monopolistic competition, oligopolies, and monopolies.Identify the different types of monopolies

Understand the concepts of collusion and price-fixing.Explain how firms compete without lowering prices through nonprice competition.

Discuss the problems caused by inadequate competition.

Identify examples of public goods.Analyze market failures.

Economics: Principles & Practices (2007) textbook Chapter 7.

Daily formative assessments on previous day’s learning targets.

Chapter 7 quiz- 20 multiple choice questions.

Unit 2 test covering chapters 1, 2, 17.3, 4, 5.1, 6, 3, and 7.

Evaluate how the government allocates some resources by managing externalities.

Week 9

E.33 Explain how government responds to perceived social needs by providing public goods and services.

E.35 Identify laws and regulations adopted in the United States to promote competition among firms.

E.36 Describe the characteristics of natural monopolies and the purposes of government regulation of these monopolies, such as utilities.

Understand how public goods are one form of market failure.Explain the nature of positive and negative externalities.

List market practices that the government regulates or bans to protect competition.