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The Seminole County 12thGuide.Seminole County Board ofFla.90

204p.Guides - Classroom Use -Teacher) (052)

SO 030 429

Grade Economics Curriculum

Public Instruction, Sanford,

Teaching Guides (For

MF01/PC09 Plus Postage.*Course Content; Course Descriptions; CurriculumGuides; *Economics Education; *Grade 12; HighSchools; Social Sciences; Social Studies; StudentEducational Objectives

IDENTIFIERS Seminole County School District FL

ABSTRACTThis guide from the Seminole County School District

(Florida) outlines the advanced, general, and basic curriculum for a12th grade economics course. The course outline features 18 units,county and state student performance standards, the titles ofsuggested activities, and free enterprise and consumer educationminimum objectives. (DB)

test*********************************************************************Reproductions supplied by EDRS are the best that can be made

from the original document.***********************************************************************

The Margaret K. Reynolds Building

THE

SEMINOLE

COUNTY

12th GRADE

ECONOMICS

CURRICULUM

GUIDE

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9

SEMINOLE COUNTY

ECONOMICS

STATE ACCREDITATOR NUMBER 2102320

COURSE TITLE Advanced Economice,

INSTRUCTIONAL LEVEL Advanced

GRADE LEVEL 12

CREDIT

LENGTH OF COURSE

PREREQUISITES

None

TEXTBOOK(S)

1/2

Semester

Gordon, Sanford D. and George G. Dawson, Introductory Economics, (Lexington, Massachusetts:D.C. Heath and Company, 1980)

3 4

DMC

FCEE

KEY TO ABBREVIATIONS

UCF - AV

Seminole County Schools District Media Center

Florida Council on Economic Education -Outline and Activity Guide

Univers4ty of Central Florida Center forEconom,: EducationRoom 310, Phillips HallCollege of Business Administration275-2870

ECOIOMICS

UNIT I: ECONOMICS--WHAT IT IS AND WHAT IT TRIES TO DO

County Course Outline Title of Suggested ActivitySourcePage

1.0. Economics--What It Is and What It Tries toDo1.1 Define economics1.2 Define economic system1.3 Define economic model1.4 List factors of production1.5 Describe model of classic capitalism1.6 Differentiate between classic capitalism

and present American economic system

The Study of Econcmics

Defining EconomicsModelsFactor Markets"It's Everybody's Business""Mrs. Peabody's Beach""Economic Series" - filmstrip

County Performance Objectives

1.0. Economics--What It Is and What It Tries ToDo

Students should be able to:1.1 Provide a working definition of econo-

mics that includes the central economicproblem

1.2 Give a working definition of an economicsystem

1.3 Define an economic model1.4 List the four factors of production and

define each1.5 Discuss the main features of Adam

Smith's economic model of classiccapitalism

1.6 Explain at least one big differencebetween Smith's model of classiccapitalism and the present Americaneconomic system

Free Enterprise and ConsumerEducation Minimum Objectives

B -9 Name the three questionsall economic systems musttry to answer: what is tobe produced?, how is it tobe produced?, and to whomwill it be distributed?

()

FC1E-4-6

FCEE-7FCEE-33FCEE-59-60UCF - AVUCF - AVUCF - AV

=1.111

State Standards of Excellence D.O.E. Intended Outcomes

1055-Cite examples of capital goods After successfully completingthis course, the student willhe able to:1. understand the basic economic

problem and the three ques-tions that must be answeredby every society

PageECONOMICS'

UNIT T: ECONOMICS--WHAT IT IS AND WHAT IT TRIES TO DO

Free Enterprise and ConsumerEducation Minimum Objectives State Standards of Excellence D.O.E. Intended Outcomes

D-13 Define sb rvices as work donefor others which does notproduce goods

D-I4 Identify why scarcityrequires choices

D-20 Distinguish between aconsumer good and a capitalgood

E-24 Define capital goods astools, equipment, machineryand buildings that are usedin the production of othergoods and services

K-52 Identify how a consumerchoice involves the givingup of other alternatives

0-71 Identify factors to beconsidered when selezting aconsumer good or service

2. compare economic systemsbased on the concepts ofeconomic incentives volun-tary exchange, governmentalintervention, and regulation

9

Mom

EC0110MIC5

UNIT II: DEMAND AND SUPPLY--AN ANSWER TO RESOURCE ALLOCATION


2.0. Demand and Supply--An Answer to ResourceAllocation2.1 Define prit!e and its function in re-

source all,cation2.2 Define maret and market structure2.3 Define dem.ind2.4 Define supely2.5 Describe elasticity and the effects of

changes in demand and supplY2.6 Evaluate modifications in the laws of

supply and demand

County Performance Ob,ectives

2.0. Demand and Supply

Students should he able to:

2.1 Describe the function of price inresource allocation

2.2 Define the term market, and list anddefine the four types of markets

2.3 Define demand and discuss the relationof demand to the law of diminishingmarginal utility

2.4 Define supply and discuss the relationof supply to the law of diminishingreturns

2.5 Describe the effects on equilibriumprice of elasticity and of changes indemand and supply

2.6 Evaluate whether the laws of supplyand demand have been modified

Over the Ocean Blue

Overview: Markets and Prices

Factor MarketsFactors that Influence DemandSupplyIdentifying Shortages and SurplusRegulatory Commissions and their Function"Demand""Supnly""Market Clearing Price""Supply Side Economics" - filmstrip

FCEE-11

FCEE-45

FCEE-59FCEE-61FCEE-70FCEE-81FCEE-167

UCF - AVUCF - AVUCF - AVUCF -AV


G-38 Name some factors whichmay influence the demandfor a good or service

Aft


1009-Construct a simple data tablecontaining two variables, labelingcolumns, rows and accuratelyentering data

After succesfully completing thiscourse, the student will be ableto:3. understand resource allocation

and income distribution

Page.2 ECOpOMIC.S

UNIT II: DEMAND AND SUFPLY--AN ANSWER TO RESOURCE ALLOCATION


G-37 Define demand as the amountof goods and services thatbuyers are willing to buy aeach specific price in agiven market at a giventime

G-40 Define market as a situa-tion in which individualsand businesses interact tobuy, sell or exchange goodsand services

G-41 Define supply as the variousamounts of goods and servicethat sellers are willing tosell at each specific pricein a given market at agiven time

G-42 Define The Law of Supplyand Demand as follows: asthe price of a good or ser-vice increases, sellers willoffer more and buyers willdemand less; as price falls,sellers will offer less andbuyers will demand more

State Standards of Excellence

1012-Apply a decision-making modelto a problem, listing alter-native solutions and making achoice

1056-Give possible reasons for a riseor fall in prices

1063-Identify when a shortage existsand whets i surplus exists

1065-Propose alternatives, based oneconomic principles, for re-solving some current issues

1067-Contrast production decisionsunder other economic systemswi-h the United States's mixedmarket economy

1071-Describe the mechanism in a

market economy that generatesequilibrium prices

1080-Identify effects of price floorsand price ceilings on marketequilibrium

D.O.E. Intended Outcomes

Cont.through the interaction ofmarkets, market structure,market policies, and govern-ment distribution

3

ECOWOMIC

UNIT III: ECONOMIC SYSTEMS OTHER THAN CAPITALISM

County Course Outline

3.0. Economic Systems Other Than Canitalism3.1 Describe socialist, communist, and

market socialist economic models3.2 Evaluate capitalism from standpoint of

other systems3.3 Critique other systems from standpoint

of capitalism3.4 Discuss the political and economic spec-

trums3.5 Compare Seviet and Amcsrican economies


3.0. Economic Systems Other Than Capitalism

Students should be able to:

3.1 Explain and describe the socialist,communist, and market socialisteconomic models

3.2 Evaluate capitalism from the standpoin*of a socialist, a communist, and a

market socialist3.3 Present the capitalist critique of

socialism, communism, and marketsocialism

3.4 Discuss the political and the economicspectrums and categorize at leastthree countries with which You arefamiliar in terms of these twospectrums

3.5 Compare the progress of the Sovieteconomy over the oast 50 years with theprogress of the American economy

Title of Suggested Activity

Market and Government ControlledDivergent Philosophies for EconomicDecision MakingComparative Economic Systems

SourcePage

FCEE-380FCEE-389

FCEE-394


A-4 Identify elements of theAmerican economic system toinclude: freedom, opportu-nity, justice, efficiency,growth and security

14

State Standards of Excelle..ce D.O.E. Intended Outcomes

1006-Identify alternative solutionsto problems and consider theconsequences of each solution

After successfully completingthis course, the student will beable to:7. evaluate economic action

and policies, understanding

15

Page Z ECONOMICS.

UNIT III: ECONOMIC SYSTEMS OTHER THAN CAPITALISM

B-8 Identify the categories ofeconomic systems: traditioncommand and market

1 f;

1067-Contrast production decisionsunder other economic systemswith the United States's mixedmarket economy

1077-Identify reasons why a marketeconomy is likely to offer agreater variety of goods andservices than a commandeconomy

7. Cont.the complementary and compet-ing objectives of economicsystems and their members

7

ECOTIZOMIC$

UNIT IV: BUSINESS ENTERPRISE

County Course Outline Title of Suggested Activity

4.0. Business Enterprise Types af Business Organizations4.1 Differentiate among single proprietor-

ship, partnership, and corporation Advantages and Disadvantages of Business4.2 Discuss advantages and disadvantages of Organizations

these three forms of business organi- Competition, Oligopoly and Monopolyzation

4.3 Discuss the impact of changing techno-logy on business organization

4.4 Define fixed and variable costs4.5 Discuss the impact of high fixed costs

on competition4.6 Evaluate limits on competition4.7 Discuss the means whereby government

fosters competition

SourcePage


4.0. Business Enterprise

Students should be able to:4.1 Explain the organizational differences

among a single proprietorship, apartnership, and a corporation

4.2 Discuss the advantages and disad-vantages of these three forms ofbusiness _rganization

4.3 Discuss the impact of changing tech-nology on business structure

4.4 Define fixed costs and variable costs4.5 Discuss the impact of high fixed costs

on competition in the American economy4.6 Present and evaluate the case for

limiting competition4.7 Discuss the means whereby government

can seek to counter-balance big busi-ness, including the multinational firm,and foster more competition

FCEE-132

FCEE-139

FCEE-101

Fage.2 . ECONOMICS

UNIT IV: BUSINESS ENTERPRISE


A-7 Identify sole proprietorship,partnership, cooperatives,and corporation as four ty,resof business organizations(in the private sector)

After successfully completingthis course, the student willbe able to:3. understand resource allo-

cation and income distri-bution through the inter-action of markets, marketstructure, market policies,and government distribution

ECONOMICS,

UNIT V: COSTS, PRICES, AND OUTPUT IN COMPETITIVE MARKETS


5.0. Costs, Prices, and Output in CompetitiveMarkets5.1 Define profit5.2 Define bas:c cost concepts5.3 Distinguish among various cost situ-

uations5.4 Define pury competition5.5 Describe the most profitable point of

operation5.6 Distinguish between short and long-

run conditi


5.0. Costs, Prices, and Output in CompetitiveMarkets


5.1 Define profit and distinguish betweenthe economist's definition and theaccountant's

5.2 Define the following basic concepts:fixed costs, variable costs, marginalcosts, average total cost, the law ofdiminishing returns and economiesand diseconomies of scale

5.3 Distinguish among decreasing, increas-ing, and constant cost situations andgive an example of each

5.4 Define the conditions that producepure competition

5.5 Describe and define the demand curve,marginal revenue curve, and mostprofitable point of operation forperfectly competitive firms

5.6 Define and distinguish iletween theshort run and long run and describethe impact of time on price and supplyunder both of these conditions

Competition, Oligopoly and MonopolyOpportunity Cost and Economic ProfitProfitAdam Smith's Pin Factory"Cost""Profit...You Gotta Be Out of Your CottonPickin' Mind"

FCEE-101FCEE-124FCEE-129FCEE-408UCF - AVUCF - AV

23

Pages2 ECONOMICS

UNIT V: COSTS, PRICES, AND OUTPUT IN COMPETITIVE MARKETS


A-5 Define competition as theeffort of two or moreparties to secure thebusiness of a third party


After successfully completingthis course, the student willbe able to:3. understand resource allocation

and income distributionthrough the interaction ofmarkets, market structure,market policies, and govern-ment distribution

25

ECONOMIC*

UNIT VI: COSTS, PRICES AND OUTPUT IN IMPERFECTLY COMPETITIVE MARKETS


6.0. Costs, Prices and Output in ImperfectlyCompetitive Markets6.1 Define monopoly, oligopoly, and mon-

opolistic competition6.2 Discuss the demand curve for imperfect

competition6.3 Discuss marginal revenue curve for

imperfect competition6.4 Establish point of maximum profit or

minimal lois6.5 Explain the demand curve for oligopoly6.6 Compare monopoly, oligopoly, and

monopolistic competition with perfectcompetition


6.0. Costs, Prices, and Output in ImperfectlyCompetitive Markets

Stud2nts should be able to:6.1 Define monopoly, oligopoly, and

monopolistic competition6.2 Explain why the demand curve for

imperfectly competitive firms slopesdownward

6.3 Show how the marginal revenue curvefor the imperfectly competitive firmlies below the demand curve

6.4 Confirm that the imperfectly compet-itive firm can maximize profits orminimize losses by producing at thepoint where marginal cost equalsmarginal revenue

6.5 Explain the theory of the "kinked"demand curve for the oligopoly firm

6.6 Compare monopoly, oligopuly, andmonopolistic competition with perfectcompetition

Competition, Oligopoly and MonopolyFactors Tha, Influence Demand

SourcePage

FCEE-101FCEE-61

Page. 2 ECQNOMICS

UNIT VI: COSTS, PRICES AND OUTPUT IN IMPERFECTLY COMPETITIVE MARKETS


A-5 Define competition as theeffort of two or moreparties to secure the busi-ness of a third party

1012-Apply a decision-making modelto a problem, listing alter-native solutions and makinga choice

1065-Propose alternatives, based oneconomic principles, for re-solving some current issues


cation and income distri-bution through the inter-action of markets, marketstructure, marl .t policiesand government distribution

a ECONQMICS. a

UNIT VII: LABOR: ITS USES AND REWARDS


7.0. Labor: Its Uses and Rewards7.1 Define labor7.2 Describe the characteristics of the

American labor force7.3 Define productivity and its relation

to wage rates7.4 Describe the determination of wage rate

using the classical model7.5 Explain the impact of unions and

minimum wage laws7.6 Discuss factors that lead to unionism7.7 Discuss labor-management relations7.8 Identify innovations in the work place


7.0. Labor: Its Uses and Rewards


7.1 Define labor as a factor of production7.2 Describe the composition of the

American labor force and identifycurrent trends in participation ratesby such groups as women and youngpeople

7.3 Define productivity and discuss itsrelation to giages and standard ofliving

7.4 Describe how wage rates are determinedunder the classical model

7.5 Explain the impact of unions andminimum wage laws on wage rates

7.6 Suggest at least two factors thatprobably lead to unionism

7.7 Explain the causes of friction inlabor-management relations andlist the main weapons each side usesin dealing with the other

7.8 Identify some of the new approachesto work and Jiscuss their possibleimplications

3 ()


Labor, Supply and Labor MarketsFive in a Row"Jobs"

SourcePage

FCEE-105FCEE»109UCF - AV

:3 1

Page.2 ECOVOMICS

bNIT VII: LABOR: ITS USES AND REWARDS


C-10 Define labor force as peopleemployed or seeking employ-ment

C-ll Define labor union as anassociation of workers whoare organized to bargaincollectively with employers

Identify alternative solutions toproblems and consider the consequences of each solution

After successfully completingthis course, the student will beable to:3. understand resource allocation

and income distributionthrough the interaction ofmarkets, market structure,market policies, and govern-ment distribution

.11111ECOPMICF

UNIT VIII: NATURAL RESOURCES, CAPITAL, AND XANAGEMENT: THEIR USES AND REWARDS

County Course Outline Title of Suggested Act,vitySourcePage

8.0. Natural Resources, Capital, and Management:Their Uses and Rewards8.1 Define production function8.2 Discuss the theory of marginal product-

ivity8.3 Distinguish between economic rent and

land rent8.4 Discuss th p. function of interest8.5 Apply supply and demand analysis to

interest rates8.6 Distinguish among gross, net and

economic profits8.7 Describe the distribution of income

under capitalism


8.0. Natural Resources, Capital, and Management:Their Uses and Rewards

Students will be able to:

8.1 Give a working definition for pro-duction function

8.2 Discuss how the theory of marginalproductivity helps a business to selectthe most efficient combination ofproduction factors for a given levelof output

8.3 Define and distinguish between economicrent and land rent

8.4 Explain the relation between interestas a payment for loanable funds andpayment for capital

8.5 Apply supply and demand analysis tointerest rates

8.6 Define and distinguish among grossprofits, net profits, and economicprofits and present the case forprofits under capitalism

8.7 Discuss the distribution of incomeamong the factors of production undercapitalism

34

Factor MarketsProfitsInterest RateThe Cost of Money"Scarcity and Planning""Property Rights and Pollution"

PCEE-59PCEE-1.79FCEE-2/1FCEE-275UCF - AVUCF - AV

Page.2 ECOPIOMIgS

UNIT VIII: NATURAL RESOURCES, CAPITAL, AND MANAGEMENT: THEIR USES AND REWARDS

Free Enterprise and.ConsumerEducation Minimum Objectives State Standards of Excellence D.O.E. Intended Outcomes

E-25 Define profit as the rewardfor taking risk in business

E-26 Define net profit as req.mainder after all costs,expenses, and taxes aresatisfied

E-27 Identify some ways in whichfirms use profits

1004-Identify alternative solutionsto problems and consider theconsequences of each solution

1012-Apply a decision-making modelto a problem, listing alterna-tive solutions and making achoice

1059-Demonstrate how differences inthe distribution of resourcesaffect production decisions

1064-Describe a potential businessand explain how natural re-sources, labor, capital goodsand entreprene,Irial skills wouldbe involved in its operation

1065-Propose alternatives, based oneconomic principles, for re-solving some current icIsues

After successfully completingthis course, the student willbe able to:3.understand reslurce allo-cation and income distri-bution through the inter-action of markets, marketstructure, market policies,and government distribution

ECONOMICS

UNIT IX: GOVERNMENT AND ITS DEVELOPING ROLE IN THE ECONOMY


9.0. Government and Its Developing Role in theEconomy9.1 Describe the view of government in the

classical economic model9.2 Discuss principles used to decide the

extent of government involvement in theeconomy

9.3 Discuss th e. role of the legislative andexecutive branches of government inpreparing budget

9.4 Identify e::penditures by level ofgovernment

9.5 Define characteristics of a fair tax9.6 Evaluate the income, sales and property

taxes9.7 Suggest improvements in tax structure9.8 Evaluate government borrowing


9.0. Government and Its Developing Role in theEconomyStudents should be able to:9.1 Explain how the classical economic

model views government in terms of thefour conditions government is ex-pected to establish and maintain

9.2 Discuss four principles that can beused to decide on the extent ofdesirable government involvement inthe economy

9.3 Discuss how both the legislative andexecutive branches of governmentshould participate in preparing abudget

9.4 List at least two main types of ex-penditures for each level of governmentthat are peculiar to that level

9.5 Present a case for or against any taxbased on the characteristics of afair tax

9.6 Evaluate the income, sales, andproperty taxes

Government Social ResponsibilityTaxes As a Source of RevenueWhat Is A Good Tax?Criteria and Characteristics of a GoodTaxWhat's a Fair Tax?State and Local Government Tax RevenueJCEE Book-Analyzing Inflation-Where willyou cut the budget-Handouts 6-2 and 6-1,pages 52-53JGEE Book-Analyzing Tax Policy-TheRevolt of California Taxpayers-page 51"Taxes, Taxes""Tax .Revolt and Reform"MP2650-"Taxes"

FCEE-161FCEE-189FCEE-192FCEE-197

FCEE-199FCEE-217

UCF - AVUCF - AVDMC

Page. 211./04111=, ECONOMICS

UNIT IX: GOVERNMENT AND ITS DEVELOPING ROLE IN THE ECONOMY


9.7 Suggest how each level of governmentmight improve its tax structure

9.8 Determine when government borrowingmight be more appropriate thantaxing


A-7 Identify sole proprietorship,partnership, cooperatives,and corporation as four typesof business organizations(in the private sector)

T-82 Define taxes as money paidby individuals and busi-nesses to local, state ornational governments to payfor goods and services

1-83 Define government regula-tions as rules of conductfor consumers and pro-ducers

1-84 Identify kinds of taxesindividuals may be requiredto pay

1-86 Identify the sources ofgovernment finance toinclude: taxes, borrowing,increasing money supply,fees and other servicecharges

1-87 Name some different kindsof goods and services pro-vided by local, state andnational governments

4 0

State Standards of Excellence

1082-Evaluate the effectiveness ofwage and price controls


After successfully completingthis course, the student willbe able to:4. provide the factual and

behavioral background ofeconomic institutions neededto apply basic economicconcepts

4 I

EcormIcs,

UNIT X: THE CONSUMER'S ROLE IN THE AMERICAN ECONOMY


10.0. The Consumer's Role in the AmericanEconomy10.1 Define consumer sovereignty10.2 Describe Lorenz curve10.3 Discuss advertising10.4 Discuss common forms of credit10.5 Evaluate use of credit10.6 Discuss consumer Protection


10.0. The Consumer's Role in the AmericanEconomy


10.1 Define consumer sovereigntyaccording to Adam Smith's classicalmodel and discuss the factori thatlimit

10.2 Define and describe the Lorenzcurve

10.3 Make a case for and against adver-tising in our economy

10.4 Compare, contrast and evaluatecommon forms of credit

10.5 Discuss the advantages and dis-advantages of credit to the consumer

10.6 Decide whether the American consumeris in need of more Protection thanis now offered


AdvertisingCreditCost of MoneyTo Borrow or Not to BorrowConsumer CreditHow Does One Get CreditThe LawConsumer RightsConsumer Protection LawsFacts for ConsumersMP2649-"Credit"

SourcePage

FCEE-96-98FCEE-269FCEE-275FCEE-276FCEE-277FCEE-280FCEE-283FCEE-172FCEE-176FCEE-178DMC

Free Enterprise and ConsumerEducation Minimum Objectives State Standards of Excellence

M-60 Define savings as income 1 57-Explain bow credit cards arewhich is not spent for used; cite the advantages andconsumer goods or services disadvantages of their usebut is set aside for futureuse

M-61 Name reasons why people save

1072-Identify the risks associated Inalternative types of consumerpersonal investment



cation and income distribu-tion through the interactionof markets 'market structure,market policies, andment distribution

lt age 4. ExqNomps

UNIT X: THE CONSUMER'S ROLE IN THE AMERICAN ECONOMY

Free Enterprise and ConsumerEducation Minimum Objectives State Stdhdards of Excellence D.O.E. Intended Outcomes

M-62 Define personal investmentas the purchase of an asset(with some degree of risk)for the purpose of learningof future income

N-63 De:ine credit as a promiseto pay in the future forgoods, services or moneyreceived now

N-64 Compare saving with a finan-cial institution to savingat home

N-65 Define interest as money paic.for the use of money

N-66 List some advantages ofusing credit

N-67 List some advantages ofusing credit

N-68 Identify some credit plansand sources that may beused for consumer purchases

N-69 Identify the importance ofcredit ratings and theireffect on the consumer

1074-Expalin how credit affects afamily's financial growth andsecurity

ECONOMICS

UNIT XI: MEASURING THE NATION'S ECONOMY


11.0. Measuring the Nation's Economy11.1 Define GNP11.2 Define reasures of national welfare11.3 Define NMI', NI, PI, and DPI11.4 Discuss economic indicators11.5 Identif! four phases of business

cycle11.6 Discuss causes of business cycles


11.0. Measuring the Nation's Economy

Students should be able to:11.1 Define GNP and be conversant with

the three alternative methods forcalculating it

11.2 Discuss the usefulness of measuresof national economic welfare

11.3 Define NNP, NI, PI, and DPI11.4 Define and distinguish leading in-

dicators, lagging indicators, andcomposite indicators, and explainwhy a business person might beinterested in each

11.5 Identify the four phases of a

business cycle and describe each11.6 Discuss the possible causes of

business cycles


Disposable IncomeRetail SalesHousing StartsConsumer Price IndexGross National ProductEconomic Indicators"Cycles"

FCEE-299-300FCEE-301-302FCEE-303-304FCEE-305-306FCEE-307-308FCEE-311-313UCF - AV


E-28 Define economic growth asan increase in a nation'stotal output of goods andservices

After successfully completingthis course, the student will beable to:6. use economic measurement

concepts for measuringeconomic performance andexplaining economicphenomena

ECONOMICS. a

UNIT XII: NATIONAL INCOME ANALYSIS


12.0. National Income Analysis12.1 Discuss equilibrium and full

employment12.2 Identify the weakness of the classical

model12.3 Discuss aggregate income consumption

and savings12.4 Discuss Keynesian view of government12.5 Define the multiplier effect


12.0. National Income AnalysisStudents should be able to:12.1 List the conditions necessary to

produce equilibrium at the full-employment level without inflationin the classical model

12.2 Identify the weaknesses of theclassical model

12.3 Describe and discuss the relationamong aggregate income, consumption,and savings

12.4 Discuss the Keynesian view ofgovernment's role in maintainingfull-employment equilibrium

12.5 Define the multiplier effect anddiscuss its relation to govern-ment economic policy decisions

Characteristics of MoneyWhat Is .Money?Consumer Price IndexInflationwho Wins ard Who LosesJCEE Book-Analyzing Inflation andIts Control Whatzit Game-Handout 41pg. 44"The Inflation File""Understand Money and Inflation"

FCEE-230FCEE-234FCEE-305-306FCEE-318FCEE-331

UCF - AVUCF - AV


F-33 Identify how technologicalprogress might result inlower prices, increased pro-ductivity, and a betterquality product

M-62 Define personal investmentthe purchase of an asset

1068-Identify how changes in thelevel of capital investmentaffect productivity and employ-ment

1073-Describe the relationshipbetween saving, business in-vestment and employment

After successfully completingthis course, the student willbe able to:6. use economic measurement

concepts for measuringeconomic performance andexplaining economic phenomena

49

a ECOVOMICF

UNIT XII: NATIONAL INCOME ANALYSIS

Free Enterprise and ConsumerEducation Minimum Objectives State Standards of Excellence

M-62 Cont.(with some degree of risk)for the purpose of earningfuture income

M-60 Define savings, as incomewhich is not soent forconsumer goods or servicesbut is set aside forfuture use


r

ECONOMICS

UNIT XIII: MONEY AND PRICES AND THEIR RELATION TO THE ECONOMY


13.0. Money and Prices and Their Relation to theEconomy13.1 List the functions and characteristic

of money13.2 Express Gresham's Law13.3 Identify components of money supply13.4 Define an index13.5 Explain the quantity theory of money13.6 Distinguish between demand-pull and

cost-push inflation13.7 Discuss proposals for dealing with

inflation


13.0. Money and Prices and Their Relation to theEconomy

Students should be able to:13.1 List the four functions of money and

at least three of the characteristicsmoney must have in order to performthese functions

13.2 State and explain Gresham's 1aw13.3 Identify the three main components

of our money supply13.4 Define an index and explain why econo

mists use indices using CPI13.5 Explain the quantity theory of money

including the relation among themoney supply, the velocity orturnover of money and the output ofgoods and services

13.6 Define and distinguish betweendemand-pull and cost-push inflation

13.7 Make the case for and against index-ation and other proposals fordealing with inflation

Consumer Price IndexInflationWho Wins and Who LosesCharacteristics of MoneyWhat is Money?JCEE Book-Analyzing Inflation and ItsControl-Whatzit Came-Handout 41-pg. 44"The Inflation File""Understand Money and Inflation"

SourcePage


UCF - AVUCF - AV

EcopomIgs

UNIT XIII: MONEY AND PRICES AND THEIR RELATION TO THE ECONOMY

Free Enterpriue and ConsumerEducation Minimum Objectives State Standards of Excellence D.O.E. Intended Outcomes

A-44 Define inflation as a de-crease in the purchasingpower of money

U-88 Identify how money serves asa medium of exchange


and behavioral backgroundof economic institutionsneeded to apply basiceconomic concepts

ECONOMIC&

UNIT XIV: BANKING AND THE CREATION OF MONEY


14.0. Banking and the Creation of Money14.1 Describe banking institutions14.2 Describe the creation of money14.3 Describe the Federal Reserve System

and its function14.4 Discuss method used by the Federal

Reserve to implement monetary policy14.5 Describe the "monetarist" theory14.6 Evaluate the effectiveness of

monetary policyCounty Performance Objectives

14.0. Banking and the Creation of MoneyStudents should be able to:14.1 List and explain the functions of the

varicus types of banking institutions14.2 Show how the commercial banking

system helps to create money14.3 Describe the Federal Reserve System

and explain its functions14.4 Discuss the advantages and dis-

advantages of the principal "controls'of the Federal Reserve

14.5 Briefly describe Milton Friedman'smonetarist" theory

14.6 Give arguments for and againstmonetary policy as an effectivemeans of achieving our economicgoals


Financial Institutions SurveyOrganization Chart of the FedFederal Reserve SystemCreation of MoneyMonetary and Fiscal PolicyJCEE Book-Analyzin,g Inflation and ItsControl-Are We Monetarists Now?-pg. 23MP2648-"Banking"24 Hours in the Life of a Check""The Money Movers""A World Without Money"

SourcePage


DMCUCF - AVUCF - AVUCF - AV


H-44 Define inflation as a de-crease in the purchasingpower of money

N-70 Classify financial insti-tutions such as banks,savings and loan, and other

56 credit institutions accordingto the services they provide



57

Page. 2 EcpomIcs

UNIT XIV: BANKING AND THE CREATION OF MONEY

Free Enterprise and ConsumerEducation Minilum Objectives State Standards of Excellence D.O.E. Intended Outcomes

5. understand the relationshipsbetween aggregate supply,aggregate demand, inflation,unemployment, monetarypolicy, money fiscal policy,savings and investment, andthe effects of these rela-tionships on economic stabil-ity and growth

5;)

ECOUMICS

UNIT XV: FORMULATING MODERN ECONOMIC POLICY


15.0. Formulating Modern Economic Policy15.1 Identify majnr economic goals15.2 Define stabilizers15.3 Evaluate fiscal and monetary tools15.4 Discuss the Keynesian approach to

economic policy15.5 Discuss alterna!-e economic policies


15.0. Formulating Modern Economic PolicyStudents should be able to:

15.1 Identify the major economic goals15.2 Define and distinguish between

discretionary and automatic stabil-izers

15.3 Evaluate fiscal and monetary tools15.4 Discuss the controversy over the

implementation of the Keynesianapproach

15.5 Understand the arguments for a newapproach to resolving our economicproblems

Monetary and riseal PolicyWhat Is Economic Growth?"Economic Stalility: The Quest and theQuestion"

SourcePage

FCEE-35,FCEE-375UCF - AV


E-28 Define economic growth as an 1058-Explain why unemployment andincrease in a nation's total job vacancies can exist simul-output of goods and services taneously



OaECOTIOMICF a

UNIT XVI: ENVIRONMENTALISTS VERSUS ECONOMISTS


.1..

16.0. Environmentalists Versus Economists16.1 Define "quality of life"16.2 Distinguish between external and in-

ternal cost16.3 Discuss types of pollution16.4 Discuss pollution control16.5 Discuss effect of pollution control

on resource allocation16.6 Discuss interaction between pollution

control16.7 Discuss the energy problem using

supply and demand16.8 Discuss the trade-offs in the pro-

blems of pollution and energysupply


16.0. Environmentalists Versus EconomistsStudents should be able to:16.1 Explain some of the problems in-

volved in measuring the "qualityof life"

16.2 Explain why a social or externalcost such as pollution is moredifficult to measure than an in-ternal cost

16.3 List and provide an example of eachof the chief types of pollutioncauses

16.4 Discuss the feasibility of inter-nalizing costs, negative incentives,taxes, and direct governmentcontrols as tools for controllingpollution

16.5 Provide an example of how effortsto control pollution can affectresource allocation

16.6 Discuss the apparent impact ofrecent government actions tocontrol pollution62


Environmental Protection"Property Rights and Pollution"

SourcePage

FCEE-174UCF - AV

63

Page .2alt EcolipmIc§

UNIT XVI: ENVIRONMENTALISTS VERSUS ECONOMISTS

County Performance Objectives Title of Suggested ActivitySourcePage

16.7 Use laws of supply and demand toexplain the energy problem

16.8 Show how and why trade-offs areinvolved in the problems of pol-lution and energy supply


After successfully completingthis course, the student willbe able to:R. utilize the appropriate

vocabulary, geographical,reference/study, criticalthinking, and decision-making skills

Ecogowo

UNIT XVII: THE UNFAIR WORLD


17.0. The Unfair World17.1 Define poverty17.2 Discuss urban problems17.3 Discuss rural problems17.4 Discuss problems of aging society


17.0. The Unfair World

Students should be able to:17.1 Provide a working definition of

poverty: explain why poverty isrelative; and list, discuss, andevaluate th proposed solutionsto the poverty problem

17.2 Explain what problems the citydweller faces, how those problemsdeveloped, what solutions havebeen tried or proposed and evaluatethose solutions

17.3 Understand what the farm problemis, the historical background andsolutions, and the trade-off be-tween groups

17.4 Identify problems associated withgrowing old, why an industrialsociety aggravates these problems,and what approaches have been orcan be tried to help our seniorcitizens


After successfully completingthis course, the student willbe able to:1. understand the basic economic

problem and the three ques-tions that must be answeredby every society

67

ECON2MICS,

UNIT XVII: THE UNFAIR WORLD


6s

4. provide the factual andbehavioral background ofeconomic institutionsneeded to apply basiceconomic concepts

69

ECONQMICI,

UNIT XVIII: INTERNATIONAL ECONOMiCS


18.0. International Economics18.1 Explain the laws of absolute and

comparative advantage18.2 Discuss trade restrictions18.3 Discuss United States tariff

policy18.4 Discuss international trade associa-

tions18.5 Define balance of payments18.6 Describe the functions of the World

Bank and the IMF


18.0. International Economics


18.1 Explain the laws of absolute andcomparative advantage and theirimportance to a theoretical casesupporting free trade

18.2 Present the mercantilist, nationaldefense, infant industries, andprotection of labor arguments onbehalf of trade restriction

Comparative AdvantageExchange RatesTrade AgreementsDimensions of International TradeProtectionism vs. Free Trade"Towards A Better World""International Economics"

FCEE-411FCEE-422FCEE-434FCEE-441FCEE-447UCF - AVUCF - AV


F-30 Define specialikation asindividuals or groups con-centrating on one job ratherthan attempting to do many

V-89 Identify ways in whicheconomic conditions in onecountry are influenced byeconomic conditions in othercountries

7


1061-Recognize how productiondecisions in our country areaffected by conditions in othercountries

1078-Discuss the effects of: a tradedeficit, a trade surplus,tariffs and embargoes on thedomestic economy

After successfully completingthis course, the student willbe able to:7. evaluate economic action

and policies, understandingthe complementary and com-peting obL;ectives of economicsysteme and their members

7 1

ECON9HICA

UNIT XVIII: INTERNATIONAL ECONOMICS


18.0. International Economics18.1 Explain the laws of absolute and

comparative advantage18.2 Discuss trade restrictions18.3 Discuss United States tariff

policy18.4 Discuss international trade associa-

tions18.5 Define balance of payments18.6 Describe the functions of the World

Bank and the IMF

County Pel ormance Objectives

18.0. International Economics

Students should be able to:18.1 Explain the laws of absolute and

comparative advantage and theirimportance to a theoretical casesupporting free trade

18.2 Present the mercantilist, nationaldefense, infant industries, andprotection of labor arguments onbehalf of trade restriction

Comparative AdvantageExchange RatesTrade AgreementsDimensions of International TradeProtectionism vs. Free Trade"Towards A Better World"'International Economics"

FCEE-411FCEE-422FCEE-434FCEE-441FCEE-447UCF - AVUCF - AV


F-30 Define specialization asindividuals or groups con-centrating on one job ratherthan attempting to do manyjobs

V-89 Identify ways in whicheconomic conditions in onecountry are influenced byeconomic conditions in othercountries

106I-Recognize how productiondecisions in our country areaffected by conditions in othercountries

1078-Discuss the effects of: a tradedeficit, a trade surplus,tariffs and embargoes on thedomestic economy

After successfully completingthis course, the student willbe able to:7. evaluate economic action

and policies, understandingthe complementary and com-peting objectives of economicsystems and their members

73

1110, iii,

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inson 11 Z MI; aa 14431.

Oil a11:1 +::

a

1111.

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do-ft.r1

I1 I

t utLo_; I 1

-44--,I

SEMINOLE COUNTY

ECONOMICS


INSTRUCTIONAL LEVFT .General

GRADE LEVEL 12

CREDIT 1/2

LENGTH OF COURSE Semester

PREREQUISITES

NONE

TEXTBOOK(S)

Hodgetts, Richard & Smart, Terry, Essentials of Economics and Free Enterprise. (Menlo Park, California:Addisnn-Wessley Publishing Comnany, 1982).Wolken, Laurence and Clocker, Janet, Invitation to Economics, 1st ed., (Columbus, Ohio: MerrillPublishing Co., 1982).

NOTES TO TEACHERS

D.O.E. INTENDED OUTCOME NUMBER EIGHT IS INFUSED INTO THE ENTIRE COURSE. D.O.E. INTENDED OUTCOME IS:After successfully completing this course, the student will be able to: 8. utilize theanprouriate vocabulary, geographical, reference/study, critical thinking, and decision-makingskills.

THE FOLLOWING STATE STANDARDS OF EXCELLENCE ARE INFUSED INTO THE ENTIRE COURSE:1001 - Apply information from indexes, glossaries, copyright dates, appendixes, map lists

and illustration lists to locate information.1002 - Interpret information from a Poll, table, graph or chart.1004 - Identify alternative solutions to problems and consider the consequences of each

solution.1009 - Construct a simple data table containing two variables, labeling columns, rows and

accruately entering data.1012 - Annly a decision-making model to a problem, listing alternative solutions and making

a choice.1065 - Propose alternatives, based on economic principles, for resolving some current issues.

7675

r. ..


DMC Seminole County Schools District Media Center

FCEE Florida Council on Economic Education - Outline and Activity

UCF - AV

Guide

University of Central Florida Center for EconomicEducation, Room 310, Phillips HallCollege of Business Administration275-2870

V.

ECONOMICS4

UNIT : INTRODUCTION TO ECONOMICS


1.0. Introduction to Economics1.1 Definition1.2 Importance1.3 Scarcity1.4 Fundamental Questions of Economics

Title of S ested ActivitSOURCEPAGE


1.0. Introduction to EconomicsStudents will:

1.1 define the term economics;1.2 explain the importance of studying

economics;1.3 recognize that scarcity and the

necessity for making economicchoices by individuals andsocieties are brought about by theproblem of limited resources versusunlimited wants;

1.4 describe the economizing problemand how it can be dealt with.

Free Enterlrise and ConsumerEducation Minimum Objectives

Standardsor Excellence

Defining EconomicsScarcity, Choices and YouWhat, How and for WhomIn Search of EnergyDecisions, Decisions"Speaking About Economics"(Demonstrates importance of economics)


8-9 Name the 3 questionsthat all economicsystems must try toanswer: what is toproduced? how is itto be produced? andto whom will it bedistributed?

D-14 Identify whyscarcity requireschoices.

79

Propose alter-natives, basedon economicprinciples, forresolving somecurrent issues.

After successfully completing thiscourse, the student will be able to

1. understand the basic economicproblem and the three questionsthat must be answered by everysociety.

FCEE - 7

FCEE - 14FCEE - 21FCEE - 24FCEE - 29UCF - AV

So

S.tCON(*M1CS

UNIT II: OVERVIEW OF THE AMERICAN ECONOMIC SYSTEM


2.0. Overview of the American Econcomic System2.1 Free Enterprise2.2 Production - Factors

2.2.1 Land2.2.2 Labor2.2.3 Capital2.2.4 Management

2.3 Capitalism2.3.1 Freedom of Choice2.3.2 Private Property2.3.3 Competition2.3.4 Profit Motive

2.4 Factors affecting availability and cost of goodsand services


2.0. Overview of the American Economic System.

Students will:2.1 define a free enternrise economy2.2 define and describe Production and the four maior

factors of production2.2.1 land;2.2.2 labor;2.2.3 capital; and2.2.4 management.

2.3 identify basic features of capitalism2.3.1 freedom of economic choice2.3.2 nrivate property2.3.3 competition, and2.3.4 the profit motive

2.4 identify factors affecting the cost and avail-ability of goods and services

Aloals of Society

Producer vs, Consumer GoalsAdvertisingCompetition, Oligopoly andMonopolyDiscussion and ActivityGuide (Labor Supply andLabor Markets)American Enterprise FilmSeries: "Organization""People"

FCEE 25-28FCEE 47-58FCEE 96-100FCEE 101-104

FCEE 107-108

UCF - AVSem. MC

Fags 4#.ECONOMICS

UNIT II: OVERVIEW CF THE AMERICAN ECONOMIC SYSTEM

Free Enterorise and ConsumerEducation Minimum Objectives Standards of Excellence D.O.E. Intended Outcomes

A-4 Identify elements of theAmerican economic systemto include: freedom,opportunity, justice,efficiency, growth andsecurity

D-21 Identify the factors ofProduction as naturalresources, labor, capitaland management.

E-25 Define profit as the rewardfor taking risk in business.

E-26 Define net nrofit as re-mainder after all costs,exnenses, and taxes aresatisfied.

E-27 Identify some ways in whichfirms use profits,

K-52 Identify how a consumerchoice involves the givingup of other alternatives.

After successfully completingthis course, the student willbe able to:2. classify economic systems

based on how a societyanswers the basic economicquestion.

4 I.ECONOMICS

UNIT III: MARKET ECONOMY


3.0. Market Economy3.1 Definition3.2 Types oF Markets and how Prices are

Determined3.2.1 Pure Monopoly3.2.2 Monopolistic3.2.3 Oligopoly3.2.4 Pure Competition

3.3 Nature of Demand3.3.1 Law of Demand3.3.2 Elasticity

3.4 Sunply of Goods & Services3.4.1 Supply Schedule3.4.2 Costs (Advertising)3.4.3 Law of Variable Proportions


3.0 Market Economy

Students will:3.1 Define the U.S. market economy;3.2 Identify the degree of competition that

exists under:3.2.1 pure competition3.2.2 monopolistic comoetition;3.2.3 oligppoly; and3.2.4 monopoly

3.3 Natural Demand3.3.1 explain what is meant by demand and

describe the role of demand ineconomic activities;

3.3.2 recognize how elasticity affectsthe price and demand for an item;

3.4 Explain what is meant by supply;3.4.1 recognize a supply schedule3.4.2 explain costs and variable costs3.4.3 explain law of variable propor-

tions

£5


Factors That Influence Demand

Reading a GraphMarket Clearing PriceAdvertising"Chickenomics""It's Everybody's Business"

Give and Take Series"Market Prices/Supply and Demand""The Changing Market/Supply andDemand""Why Competition/Market Structure"

SourcePage

FCEE- 61-66

FCEE- 67-69FCEE- 75-80FCEE- 98-100UCF - AVUCF - AV

UCF - AVUCF - AVUCF - AV

UCF - AV

86

'iCONogICS

UNIT III: MARKET ECONOMY

Free Enterprise and ConsumerEducation Minimum ObjectivesA-5 Define competition as the

Standatds of Excellence

effort of two or moreparties to secure the busi-ness of a third party.

A-6 Describe some ways in whichcompetition benefits theconsumer.

8-8 Identify the categories ofeconomic systems: tradi-tion, command, and market.

0-37 Name some factors which mayinfluence the demand for agood or service.

0-38 Name some factors which mayinfluence the demand for agood or service.

0-39 Define demand as the amountof goods and services thatbuyers are willing to buyat each specific price ina given market at a giventime.

G-40 Define market as a situa-tion in which individualsand businesses interact tobuy, sell, or exchangegoods and services.

G-41 Define supply as thevarious amount of goods andservices that sellers arewilling to sell as eachspecific price in a givenmarket at a given time.

0-42 Define The Law of Suyolyand Demand as follows:as the price of a good orservice increases, sellerswill offer more and buyerswill demand less; as pricefalls, sellers will offerless and buyers will demand m

0-43 Define price as the money0.1.ralue set for a good or0 (service.

1063: Identify when a shortage existsand when a surplus exists.

1067: Contrast production decisionsunder other economic systems withthe United State's mixed marketeconomy.

1069: Explain the difference betweenelastic and inelastic demand andstate an example of each.

1071: Describe the mechanism in amarket economy that generatesequilibrium prices.

1080: Identify effects of pricefloors and price ceilings onmarket equilibrium.

re.

D.O.E. Intended OutcomesAfter successfully completingthis course, the student willbe able to:2. Classify economic systems


85

ECONOMICS

UNIT IV: MEASURING ECONOMIC PERFORMANCE

IM111.1,.1.M.

County Course Outline Title of Susgested Activity

4.0. Measuring Economic Performance4.1 Gross National Product (GNP)4.2 Determining GNP4.3 Business Cycle4.4 Inflation & Deflation

4.4.1 Measurement (CPI)4.4.2 Effscts


4.0. Measuring Economic PerformanceStudents will:

4.1 define the term gross national product (GNP).4.2 exnlain how GNP is determined4.3 describe the nature and causes of business cycles4.4 define inflation and deflation

4.4.1 describe how inflation and deflation aremeasured;

4.4.2 identify the effects of inflation anddeflation on the economy.

Free Enterprise and Con-sumer Education Minimum

ObjectivesStandards of Excellence

E-28 Define economic growthas an increase in anation's total outputof goods and services.

11-44 Define inflation as adecrease In thePurchasing power ofmoney.

1064: Describe a potentialbusiness explain how naturalresources, labor, capital goodsand entrepreneurial skillswould be involved in itsoperation.

SourcePage

Economic Measurements

Economic IndicatorsInflation"The Inflation File"


After successfully completingthis course, the student willbe able to;6. understand measurement con-

cepts essential for meas-uring economic performanceand explaining economicphenomena.

FCEE-298-310FCEE-311-313FCEE-318-321UCF AV

90

* .

ECONOMICS

UNIT V: FORMS OF BUSINESS ORGAtIZATIONS

County Course Outline Title of Suggested ActivitySourcePaee

5.0. Forms of Business Organizations5.1 Types of Business Organization

5.1.1 Sole Proprietorship5.1.2 Partnership5.1.3 Corperation5.1.4 CooPt.rative

5.1 Advantages and Disadvantages


5.0. Forms of Business OrganizationStudents will:5.1 Define the types of business organization:

5.1.1 sole proprietorship5.1.2 partnership5.1.3 corporation5.1.4 cooperative

5.2 Compare the advantages and disadvantages ofbusiness organization

Types of Business Organization FCEE-132-136Business Organization, A FCEE-137-138History Advantages and Dis-advantages of Business Organ- FCEE-139-140izationsFergi Builds A Business Series UCF AV"If the Fergi Fits" SEM - AV"Fergi Goes Inc.""Fergi Diversifies""Fergi Meets the Challenge"

Free EnterPrise and Con-Sumer Education Minimum

ObjectivesStandards of Excellence D.O.E. Intended Outcomes

A-7 Identify sole Proprie-torship, partnership,cooperatives, and cor-poration as four typesof business organiza-tions (in the privatesector).

F-30 Define Specializationas individuals orgroups concentrating onone job rather thanattempting to do manyjobs.

19 .A.

1067: Contrast productiondecisions under other economicsystems with the United Statesmixed market economy.

After successfully completingthis course, the student will,be able to:3. Understand resource

allocation and incomedistribution through thethe price mechanism andgovernment redistri-bution.

UNIT VI: SOURCES OF CAPITAL


6.0. Sources of Capital6.1 Methods of Raising Short-Term Capital6.2 Bonds in Long-Term Capital6.3 Characteristics of Stocks (Preferred and Common)6.4 Methods of Raising Long-Term Capital


6.0. Sources of Capital

Students will:

6.1 describe some nonular methods for raising short-term capital.

6.2 exnlain the importance of bonds in long-term

6.3 describe basic characteristics of preferred andcommon stock.

6.4 identify ways In which financial Institutionssuch as Investment Banks, Mutual Funds, Pension,Insurance Comnanies, raise long-term (-apital.

Free Enterprise and Con-sumer Education Minimum

Objectives

71-60 Define savings as in-come which is notsnent for consumergoods or services butis set aside forfuture use.

N-63 Define credit as aPromise to pay in thefuture for goods,services or moneyreceived now.

Standards of Excellence

93

Financing Business

:lources of Business FundsStock Market Activity"Kingdom of Mocha"



cation and income distri-bution through the pricemechanism and governmentredistribution.

FCEE-141FCEE-142-144FCEE-145-149UCF - AVSEM - AV

94

ECONOMICS

UNIT VII:


SAVINGS AND INVESTMENTS

7.0. Savings and investments7.1 Forms of Saving

7.1.1 Time Deposit7.1.2 Insurance

a. rynes of Life Insuranceb. aovernment Insurance

7.1.3 Real Estate7.1.4 Bonds

7.2 Investment on a Capital7.3 Reasons Why People invest in Stocks7.4 How Stocks are Bought and Sold7.5 Major Laws Used to Regulate the Sale of Securities

County Performance Oolectives

7.0. Savings and Investments

Students will:

7.1 Examine various forms of saving and investing7.1.1 time deposits as a form of savings and

investments7.1.2 different types of insurance as forms of

savings, investment and personal protection7.1.3 real estate as a form of savings and

investment7.1.4 bonds as a form of savings and investment7.1.5 commodities as forms of savings and

Investment7.1.6 collectibles as forms of savings and

investment7.2 examine changes In the level of capital Invest-

ment and how they effect productivity andemnloyment

7.3 Identify the reasons why people invest in stocks7.4 describe how storks are bought w.d sold7.5 list and identif7 malur laws used to regulate

the sale of securities (including the SecuritiesAct of 1933 and the Security Exchange Act of 1934)

Title Gf Suggested ActivitySourcePage

Financial Institutions SurveyFederal Reserve SystemFunctions of the Fed

Point of View

"Market in Motion""The Onel,lan Band That Went

to Wall Street""Returns"

FCEE-254-255FCEE-258-261FCEE-256-257

FCEE-292-295

UCF - AVUCF - AV

UCF - AV

ECONOMICS


4-60 Define savints as incomewhich is not spent for consumergoods or services but is setaside for future use.

1-61 Name reasons why neoplesave.

M-62 Define personal investment

as the purchase of an asset(with slme risk) for the purnose

of earning future income.

M-64 Compare saving with afinancial institution to saving

at home.

N-70 Classify financialinstitutions, such as banks,savings and loan, and othercredit institutions, accordingto the services they provide.

T-85 Define regulatory agenciesas anpointed or elected groupsof individuals who are re-sPonsible for preparing andadministering governmentregulations.

UNIT VII: SAVINGS AND INVESTMENTS


1068-Identify how changes in the

level of capital investment affectproductivity and employment.

1072-Identify the risksassociated in alternative types

of consumer personal investment.


After successfully completingthis course, the student willbe able to:

4. understand the factual andbehavioral background ofeconrmic institutionsnecessary to apply the basiceconomic concepts.

. understand the relationshipsamong unemployment, inflation,monetary and fiscal policy,and the importance of theserelationships on economicstability and growth.

98

ECONOMICS

UNIT VIII: LABOR


8.0. Labor8.1 Labor Force8.2 Supply8.3 Demand8.4 Wages8.5 Definition and History of Labor Unions8.6 Organization of Unions

8.6.1 Local8.6.2 National53.6.3 Federation

8.7 Collective BargainingR.8 Labor Legislation

8.8.1 Railway Labor Act of 19268.8.2 Norris-LaOuardia Act of 19328.8.3 National Labor Relations Act of 19358.8.4 Labor-Management Relations Act of 19478.3.5 Labor-Management and Disclosure Act of

19598.9 Employers Tactics8.10 Employee's Tactics8.11 Disputes


Q.O. Labor and Labor MarketsStudents will:8.1 define labor force8.2 identify the role of sunnlv in the labor market8.3 identify the role of demand in the labor market8.4 identify how wages are determined in the labor

market8.5 define and trace the rise of labor unions in this

country8.6 describe the three levels of union organization

by:8.6.1 identifying local unions8.6.2 national unions and8.6.3 identi'vine the federation of laaor unions

8.7 exPliin collective barraining

Labor Supply and Labor Mar-ketsLabor Supply and MarketsThe People on Market Street(Series)"Wages and Production"Give and Take (Series)"Where Do Jobs Come From/Derived Demand?""Key to Productivity/HumanCapital

1

FCEE -105

FCEE-106-108UCF - AV

UCF - AV

00

Pave.. 2ECONOMICS

UNIT VIII: LABOR

County Performance Objectives (Continued)

8.8 identify labor legislation (including the RailwayLabor Act of 1926, the Norris-LaGuardia Act of1932. the National Labor Relations Act of 1935,and the Labor-Management Reporting and DisclosureAct of 1959)

8.9 identify methods used by employers to resolvedisagreements, including lockouts and injunctions

8.10 identify methods used by employees to resolvedisagreements, including strike, boycott, andpicketing

8.11 identify ways of settling Labor disputes,including conciliation, mediation, and arbi-tration

Title of Suggested ActivitySourcePage

Free Enterprise and ConsumerEducation Minimum Objectives Standards of Excellence

C-10 Define labor force as peopleemployed or seeking employment.

C-Il Define labor union as anassociation of workers who areorganized to bargain collectivelywith employers.

101

1066-Explain how economicconditions might affect the roleof government in labor-management


After successfully completingthis course, the student will beto:2. classify economic systems


. Understand resource allo-cation and income distri-bution through the pricemechanism and governmentredistribution.

1o2

ECONOMICS

UNIT IX: DISTRIBUTION OF GOODS & SERVICES


9.0. Distributioa of Goods and Services9.1 Definitions of Distribution Channels

9.1.1 Manufacturer9.1.2 Wholesaler9.1.3 Retailer9.1.4 Consumer

9.2 4ajor Kinds of Transportation9.3 Promotion9.4 Advertising

9.4.1 Product9.4.2 Institutional9.4.3 Media


9.0. Distribution of Goods and ServicesFtudents will:

9.1 define the term channels of distribution9.1.1 identify the role of the manufacturer in the

distribution of goods and services9.1.2 identify the role of the wholesaler in the

distribution ,)f goods and services9.1.3 identify the role of the retailer in the

distribution of goods and services9.1.4 identify the role of the consumer in the

distribution of goods and services9.2 describe the five major kinds of transportation

available for moving goods (including railroads,motor vehicles, waterways, pipelines, andairnlanes

9.3 explain the role of promotion in the marketingof goods a.'d the groups to whom business sells

9.4 describe some of the major types of advertisingand the reasons each is used

i.;

AdvertisingAdvertising"The Making of a Commercial""Consumer Advertising"

FCEE-96FCEE-98UCF AVUCF - AV

A1

Paire..2ECONOMICS

UNIT IX: DISTRIBUTION OF GOODS & SERVICES

Free Enternrise and ConsumerEducation Minimum objectives Standards of Excellence D.O.E. Intended Outcomes

D-12 Define Consumer goods asitems that are capable of satis-fying a human want.

D-13 Define services as work donefor others which does not producegoods.

D-16 Define producer as a makerof goods or a Performer ofservices.

D-17 Define production as thecreation of goods or services.

D-20 Distinguish betweea aconsumer good and a capitalgood.

D-21 Identify the factors ofproduction as natural resources,labor, capital, and management.

E-24 Define capital goods astools, eouinment, machinery andbuildings that are used in theProduction of other goods andservices.

1-45 Define advertisinA as a meansto inform neople about a firm'sproducts or services, or topersuade neople to purchase afirm's goods or services ratherthan those produced by a compet-itor.

1-46 Recognize misleading and non-misleading advertising.0-71 Identify factors to be con-sidered when selecting a consumergood or service. 105

1055-Cite examples of capital goods.

1059-Demonstrate how differences inthe distribution of resourcesaffect production decisions.


cation and income distri-bution through the pricemechanism and governmentredistribution.

,ECONOMICS

UNIT X: MONEY, BANKING AND MONETARY POLIC1


10.0. Money, Banking and Monetary Policy10.1 Money

10.1.1 Demand10.1.2 Forms10.1.3 Supply10.1.4 Value10.1.5 Prices

10.2 Federal Reserve System10.3 Monetary Policy10.4 Financial Institutions10.5 FDIC


10.0. Money, Banking and Monetary PolicyStudents will:10.1 demonstrate knowledge of money by:

10.1.1 listing two reasons why money is demanded10.1.2 recognize the different forms of money10.1.3 recognize the term money supply10.1.4 identify the value of money10.1.5 recognize the role of price In determin-

ing the power of money10.2 list the ways the Federal Reserve System can

contract and expand the money supply andcredit

10.3 recognize the term monetary nolicv, the need forand overall effectiveness of the policy

10.4 classify financial institutions surh as banks,savings and loans and othec credit institutionsaccording to the services they provide.

10.5 recognize the need for the FDIC

107

Title of Suggested Aettvity

What Is Money?

Financial InstitutionsFinancial institutions SurveyFunctions of the FedInterest RateTo Borrow or not to BorrowTo Finance or not to FinanceHow Does One Get CreditBudgeting"24 Hours in the Life of aCheck""A World Without Money"

IOS

SourcePage

FCEE-234-249

FCEE-253FCEE-254-255FCEE-256-257FCEE-271-274FCEE-276-277FCEE-278-279FCEE-280-282FCEE-284-285UCF - AV

UCF - AV

Page,2 ,

UNIT X: MONEY, BANKING Y:D mONETARY POLICY


H-43 Define Bsice as the moneyvalue set for a good or service.

L-55 Identify some sources ofincome.

N-70 Classify financialinstitutions, such as banks,savings and loan, and othercredit institutions accordingto the services they provide.

U-88 Identify how money serves asa medium of exchange.


1056-Five possible reasons for arise or fall In prices.

1071-0escribe the mechAnisw in amarket economy that g?neratesequilibrium pricer.

1081-Identify market forces whichdetermine interest rates.


After successfully completingthin course, the student willbe oble to:5. understand the relation-

ships among unemployment,inflation, monetary andfiscal policy, and theimportance of these rela-tionships on economicstability and growth.

a.ECONOMICS

UNIT XI: TAXES, NATIONAL DEBT, AND FISCAL POLICY


11.0. Taxes, National Debt, and Fiscal Policy11.1 Types of Taxes

11.1.1 Progressive11.1.2 Regressive11.1.3 Proportional

11.2 Purpose11.3 Source and Uses11.4 Public Debt11.5 Fiscal Policy

11.5.1 Changing Tax Rates11.5.2 Changing Government Spending11.5.3 Handling Deficits and Surpluses11.5.4 Tax Forms


11.0. Taxes, National Debt and Fiscal PolicyStudents will:11.1 recognize hypothetical examples of (1) progres-

sive, (2) regressive, and (3) P roportionaltaxes

11.2 identify the purpose of taxes11.3 identify major sources of revenue for the three

levels of government when given a graph showingthem

11.4 recognize the term federal debt and be able todescribe the real burden of carrying this debt

11.5 demonstrate knowledge of fiscal policy by:11.5.1 listing the ways the federal government

can decrease and expand total spendingIn the economy through taxes and ex-penditures

11.5.2 compare the effectiveness of fiscalpolicies in controlling inflation andrecession

11.5.3 recognize that a federal budget surplusalms to reduce inflation by decreasingtotal spending In the economy and thata federal budget deficit aims to endrecession by increasing total spendingIn the economy

1! 1

Public Goods and ServicesProvided through TaxationTaxes as a Source of RevenueWhat Is A Good Tax?Tax StructureTaxesTax Whys (Series)"Taxes Raise Revenue""Taxes Influence Behavior""Taxes Involve ConflictingCoals""Taxes Affect DifferentIncome Groups""Taxes...Can They Be Shifted?'"Taxes...What Is Fair?"

SourcePage

FCEE-IF4 -185

FCEE-186-191FCEE-192-196FCEE-207-209FCEE-210-214UCF - AV

ECONOMICS

UNIT XI: TAXES, NATIONAL DEBT, AND FISCAL POLICY

County Performance Objectives ITitle of Suggested ActivitySourcePage

11.5.4 identify who must file taxes, what Isthe difference between total and takehome Pay; and complete a simple taxreturn.

Free Enterprise and ConsumerEducation Minimum Objectives Standards of Excellence D.O.E. Intended Outcomes

B-44 Define inflation as adecrease in the purchasingPower of money.

T-82 Define taxes as money naidby individuals and businessesto local, state or nationalgovernments to nay for goodsand services.

T-84 Identify kinds of taxesindividuals may be requiredto nay.

T-86 Identify the sources ofgovernment finance to include:taxes, borrowing, increasingmoney supply, fees and otherservice charges.

1!3

1058-Explain why unemployment andjob vacancies can exist simul-taneously.

After successfully completingthis course, the student willbe able to:4. understand the factual and

behavioral background ofeconomic institutionsnecessary to apply thebasic economic concepts.

114

ECONOMICS

UNIT XII: THE CHALLENGE OF ECONOMIC STABILIZATION


12.0. The Challenge of Economic Stabilization12.1 Historical Growth12.2 Inflation

12.2.1 Demand-Pull12.2.2 Stagflation

12.3 Stabilization Policies12.3.1 Market Policies12.3.2 Wage-Price Policies

12.4 Supnly-Side Economics12.4.1 Definition12.4.2 Criticisms


12.0. The Challenge of Economic Stabilization

Students will:11.1 recognize the growth record of the U.S.

economy over the last 40 years12.2 write examples of the "cost-push" and "demand-

pull" modeIG of inflation and recognize thatneither moriel can provide a full explanationtur inflation Lnd will recognize elements ofnrematurc Inflation

12.3 list some of the common economic stabilizationu,Ilicies now being used and being proposed for

12.4 list the factors involved in and criticismsof sanply side economics and recognize theeffect -,,,ch has on the eLonomy

1!5

What Is Economic Growth?

*Note: See Activity forTonic 4 Measuring EconomicPerformance

116

an.....FCEE-375-377

Pake,2 , !tcoNdmIcs

UNIT XII: THE CHALLENGE OF ECONOMIC STABILIZATION

Free Enternrise and ConsumerEducation Minimum OblectiNes Standards of Excellence DIO E, Intended Outcomes

E-28 Define economic growth asan increase in a nation's totaloutput of goods and services.

H-44 Define inflation as adecrease in the purchasing power.Nf money.

1058-Explain why unemployment andjob vacancies can exist simul-taneously.

1060-Cite examples of how technol-ogy and technological change haveaffected production decisions.

After successfully completingthis course, the student willbe able to:4. understand the factual and

behavioral background ofeconomic institutionsnecessary to apply thebasic economic concepts.

S. ,. ?* ECONOMI CS

UNIT XIII: GOVERNMENT REGULATION AND ECONOMIC ACTIVITY


13.0. novernment Regulation of Economic Activity13.1 Historical Change

13.1.1 Laissez-faire vs. Regulation13.1.2 ownership

13.2 Advantages and Disadvantages of GovernmentOwnershin

13.3 Subsidiz4tion13.4 Federal Legislation


13.0. Government Regulation of Economic Activity

Students will:

13.1 understand reasons for historic change ingovernment's role in regulating the economyby:13.1.1 defining laissez-faire13.1.2 giving examples of government ownership

IL? recognize the advantages and disadvantages ofgovernment ownersh1n

13.3 explain subsidization and describe the fivekinds of subsidies

13.4 identify four federal regulatory laws oragencies and describe their purpose

Market and Government Con-trolled EconomicsRegulation of Business andMarketsConsumer Protection Laws

FCEE-380-381

FCEE-164-166

FCEE-176-180

Free Enternrise and ConsumerEducation Minimum Objectives

T-83 Define government regula-tions an rules of conduct forconsumers and Producers.

Standards of Excellence D.O.E. Intended Outcomes

1066-Explain how economic conditionsmight affect the role of governmentin labor-management relations.

1080-Identify effects of pricefloors and price ceilings on marketequilibrium.

After successfully completingthis course, the student willbe5.

able to:understand the relationshipsamong unemployment, inflation,monetary and fiscal policy,and the importance of theserelationships on economicstability and growth.

: ECO14bMT CS

UNIT XIV: WORLD TRADE


14.0. World Trade14.1 Reasons for Trade

14.1.1 Resources14.1.2 Economic14.1.3 "olitical

14.2 Absolute and Comparative Advantages14.3 Problems14.4 United States in World Trade

14.4.1 Multinational Corporations14.4.2 International14.4.3 Investment14.4.4 Government Assistance14.4.5 Unions14.4.6 Interdependence

14.5 Balance of Trade


14.0. World TradeStndents will:

14.1 identify the three major reasons for inter-national trade (including resource, economic,and political reasons)

14,2 will explain the difference between absoluteadvantage and comparative advantages

14.3 describe some of the problems faced by firmsdoing business in foreign countries (such ascultural, language, customs and manners,monetary conversion and trade barrier;)

14.4 exnlain the role the United States hasplayed in world trade through:14.4.1 multinational corporations14.4.2 international business14.4.3 investment bus1ness14.4.4 ge,vernment assistance14.4.5 economic unions14.4.6 economic interdependence

121

Trade AgreementsCimparative AdvantageCurrency UnitCurrency ConversionBalance of TradeProtectionism vs. Free Trade"Trade"

SourcePage

FCEE-438-440FCEE-407-410FCEE-418-420FCEE-421-423FCEE-430-433FCEE-447-451UCF - AV

. 'icoNdifIcs

UNIT XIV: WORLD TRADE

Free Enternrise and ConsumerEducation Minimum Objectives Standards of Excellence D.O.E. Intended Outcomes

F-32 Define technologl as the useof tools and/or knowledge toproduce goods and services.

r-33 Identify how technologicalprogress might result In lowerPrices, increased productivity,and a better quqlity product.

V.-89 Identify ways in whicheconomic conditions in onecountry are influenced byeconomic conditions in othercountries.

123

1061-Recognize how productiondecisions in our country areaffected by conditions in othercountries.

1083-Explain the concepts ofcomparative advantage and absoluteadvantage.

1084-Explain how comparativeadvantage promotes internationaltrade and raises the standard ofliving in the countries involved.

1078-DIscLss the effects of: atrade balance, a trade deficit, atrade surplus, tariffs and embargoeson the domestic economy.

After successfully completingthis course, the student willbe able to:7. understand the complementary

and competing objectives ofeconomic systems and theirmembers.

124

dr 0.

ECONOMICS

UNIT XV: COMPARATIVE ECONOMIC SYSTEMS


15.0. Comparative Economic Systems15.1 Definition

15.1.1 Market15.1.2 Command15.1.3 Traditional

15.2 Characteristics of Socialism15.3 Karl Marx15.4 Characteristics of Communism


15.0. Comparative Economic SystemsStudents will:15.1 identify the categories of economic systems

as tradition, command, and market15.2 identify the characteristics of socialism15.3 recognize the basic theories of Karl Marx15.4 identify the characteristics of communism

as related to (1) public ownership, (2) centralplanning, (3) turnover tax, (4) incentives,(5) price system, (6) lack of freedom, and(7) unions

Comparative Economic Systems

Divergent Philosophies ForEconomic Decision MakingFlight #321 Is Missing"The Russian Consumer"

FCEE-382-384

FCEE-389-393

FCEE-399-402SEM - AV

Free Enterprise and ConsumerEducation Minimum Objectives Standards of Excellence D.O.E. Intended Outcomes

R-8 Identify the categories ofeconomic n..-stems: tradition,command, and market.

V-e9 Identify ways in whicheconomic conditions in onecountry are influenced byeconomic conditions in othercountries.

1'

1067-Contrast production decisionsunder economic systems with theUnited States's Mixed market economy

1077-Identify reasons why a marketeconomy is likely to offer agreater variety of goods andservices than a command economy.

After successfully completingthis course, the student will

, be able to:7. Understand the complementary

and competing objectives ofeconomic systems and theirmembers.

126

II j fr. icoNdkcs ea

UNIT XVI: CONSUMER ECONOMICS

County Course Outline Title of Sugge,!ted ActivitySourcePage

16.0. Consumer Economics16.1 Define Budget16.2 Credit Plans16.3 Credit Rating16.4 Purchasing16.5 Consumeri;m: Definition16.6 Legal Protection


16.0. Consumer EconomicsStudents will:

16.1 define budget and plan an actual budget16.2 identify credit plans and sources that may be

used for consumer purchases16.3 exnlain the importance of credit ratings and

their effect on the consumer16.4 distinguish between a national brand, a private

brand, and a no-name generic brand and theirrelationship to quality

16.5 define the term consumerism16.6 describe the legal protections and Personal

stens available to consumers who feel theyhave been wronged

Consumer RightsConsumer Protection LawsBudgetingHow Does One Get CreditTo Finant.e Or Not To FinanceTo Borrow Or Not To BorrowGive and Take Series"Credit Wise/Opportunity Cost

FCEE-172-173FCEE-176-180FCEE-284-285FCEE-280-282FCEE-278-279FCEE-276-277UCF AV

Free Enternrise and ConsumerEducation Minimum Objectives Standards of Excellence D.O.E. Intended Outcomes

N-63 Define credit as a Promiseto nav in thWTUTUre for goods,services or money received now.

1 :2 7

1057-Explain how credit cards areused; cite the advantages and dis-advantages of their use.1074-Explain how credit affects afamily's financial growth andsecurity.

1075-Use examples to compare andcontrast common forms of credit.

128

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SEMINOLE COUNTY

INTRODUCTION TO ECONOMICS


INSTRUCTIONAL LEVELBasic

GvADE LEVEL12

CREDIT1/2

LENCTN Or COURSESemester

FEEREWJTSITES

None

TEXTBOoK(S)

Brown, Kenneth W. and Allen R. Warner, Economics of Our Free Enterprise System (Atlanta:Gregg Division/McGraw-Hill Book Company, 1982)

NnTEs TO TEACHERS

D.n.E. INTENDED OUTC04E NUMBER EICHT IS INFUSED INTO THE ENTIRE COURSE. D.O.E. INTENDEDOUTCoME IS: After successfully completing this course, the student will be able td ;R. utilize the anpronriate vocabulary, geographical, reference/study, criticalthinking, and decislon-making skills.

131130

11


D4CSeminole County Schools District Media Center

FCEEFlorida Council on Economic Education - Outline

and Activity Guide

UCF - AVUniversity of Central Florida Center for Economic

Education Room 310, Phillips Ballt.:ollege of Business Administration

275-2870

133

ECONOM7CS

UNIT I: INTRODUCTION TO ECONOMICS AND ECONOMIC SYSTEMS


1.0. Introduction to Economics and EconomicSystems1.1 Definition1.2 Significalce1.3 Basic fun.-tions of an economic system

County Per(.1rmance Objectives

1.0. Introduction to Economics and EconomicSystems

Students will:1.1 define the terms economics and economic

systems1.2 explain the significance of inter-

denendence in an economic system1.3 exnlain the three basic functions of

an economic system

Economics Is

The Study of EconomicsDefining EconomicsWhat, How and For Whom


FCEE-2

FCEE-5-6FCEE-7FCEE-20-23

D.O.E. Intended 'utcomesB-9 Name the three questions that all economic systems must

try to answer: what is to be produced?, how is it to beproduced?, and to whom will it be distributed?

After successfully completing thiscourse, the student will be able to:1. understand the basic economic

problem and the three questionsthat must be answered by everysociety.

EcoNnwits

UNIT II: TYPES OF ECONOMIC SYSTEMS


2.0. Tynes of Economic Systems2.1 Three basic kinds of economic systems

1.1.1 Traditional2.1.2 Command2.1.3 Free Enterprise

2.1 Advantages and disadvantages2.1 Classify canitalism, fascism, socialism

and communism2.4 Canitalism as a preserver of individual

freedom

County Performance Obiectives

2.0. Types of Economic Systems

Students will:2.1 Identify three basic kinds of economic

systems2.2 identify the advantages and disadvan-

tages of each economic system2.3 classify capitalism, fascism, socialism

and communism as ideologies associatedwith Particular economic systems

2.4 exolain how thg modern canitalistsystem preserves individual freedom


Over The Ocean BlueScarcity, Choices And YourW-Int, Want, Want!What, Now and For Whom

SourcePage

FCEE-11-13FCEE-14-15FCEE-17FCEE-2D-23

Free Enterprise and ConsuMerEducation Minimum Oblectives D.O.E. Intended Outcomes

B-8 Identify the categories of economic systems: tradition,command, and market.

B-9 Name the three questions that all economic systems musttry to answer: what is to be produced?, how is it to benroduced?, and to whom will it be distributed?

136

After successfully completing thiscourse, the student will be able to:2. understand the nature and types of

economic systems.

137

ECONOMIOS gel

UNIT III: SCARCITY


3.0. Scarcity3.1 Definition3.2 Human Wants3.3 Causes of scarcity3.4 Price3.5 Competition3.6 Human resources


3.0. ScarcityStudents will:

3.1 define scarcity in its economic sense3.2 give examples of primary, secondary, and

intangible wants3.3 explain the various causes of scarcity3.4 describe

pricethe effects of scarcity on

3.5 explainscarcity

competition as it relates to

3.6 explain how an economic system dealswith the scarcity of human labor


What, How, and For WhomThree Basic QuestionsIn Search of EnergyGoals of Society"Consumer Choice"

SourcePage

FCEE-21FCEE-23FCEE-24FCEE-25-27UCF - AV

Free Enterprise and ConsumerEducation Minimum Objectives D.C.E. Intended Outcomes

D-14 Identify why scarcity requires choices

13S


problem and the three questionsthat must be answered by everysociety

139

ECONOMLCS

UNIT IV: ECONOMIC CHOICES


4.n. Economic Choices4.1 Macroeconomics and Microeconomics

4.1,1 Definition4.2 Utility, Tynes of

4.2.1 Form4.2.2 Place4.2.1 Time4.2.4 Possession


4.0. Economic Choices

Students will:

4.1 distinRuish between microeconomic andmacroeconomic decisions

4.2 describe the four types of utility

Using the P.A.C.E.D. ModelModelsTrade-Offs: "Malcolm Decides"

FCEE-30-32FCEE-33-34UCF - AV

Free Enterorise and ConsumerEducation Minimum Objectives D.O.E. Intended Outcomes

D-14

K-52

Identify why scarcity requires

Identify how a consumer choiceother alternatives

choices

invol,ves the giving un of

After successfully completing thiscourse, the student will be able to:2. understand the nature and types

of economic systems

141,14()

EC9NOMIpS

UNIT V: BASIC ELEMENTS OF AN ECONOMIC SYSTEM

County Course Outline Suggested Title of Activity

5.0. Basic Elements of an Economic System5.1 Participants in and products of an

economic system5.1.1 Services5.1.2 Coods5.1.3 Capital

5.2 Definition of Market


5.0. Basic Elements of an Economic SystemStudents will:

5.1 identify the participants in and theproducts of an economic system (services,goods, capital)

5.2 distinguish between product market andfactor market

5.3 show how the interaction of producers andconsumers creates a circular flow ofmoney

Value of the U.S. Dollar

Producer vs. Consumer GoodsCircular FlowGive and Take Series"Private or Public?/Public Coodsand Services"

SourcePage

FCEE-41-44

FCEE-47FCEE-50-56UCF - AV

Free Enterprise and ConsumerEducation Minimum Objectives D.O.E. Intended Outcomes

B-9 Name the three questions that all economic systems must tryto answer: what is to be produced?, how is it to be pro-duced?, and to whom will it be distributed?

D-12 Define consumer_goods as items that are capable ofsatisfying a human want

D-13 Define services as work done for others which does not pro-duce goods

D-20 Distinguish between a consumer good and a capital good

D-24 Define capital goods as tools, equipment, machinery andbuildings that are used in the production of other goodsand services



ECONOMTCS

UNIT VI: MEASURING ECONOMIC SYSTEMS


6.0. easuring Economic Systems6.1 Business cycle

6.1.1 Growth6.1.2 Prosnerity6.1.3 Recession6.1.4 Depression

6.2 Inflation6.3 Economic indicators

6.3.1 GNP6.3.2 *INF6.3.7 CPT


6.0. MeasurinR Economic SystemsStudents will:6.1 identify the four major phases of the

business cycle and explain how each leadsto the next (growth, prosperity, recessiondeoression)

6.? describe inflation6.3 identify the economic indicators (GNP,

NNP, CPI)

Suggested Title of Activity

Circular Flow

Free Enterprise and ConsumerEducation Minimum Oblectives

SourcePage

FCEE -50 -58

D.O.E. Intended OutcomesE-28 Define economic growth as an increase in a nation's total

output of goods and services.

E-44 Define inflation as a decrease in the purchasing power ofmoney.

After successfully completing thiscourse, the student will be able to:4. recognize the relationships

between government policies andeconomic conditions

. understand the basic measurementconcepts utilized by economists

145

EChNOMIGS

UNIT VII: OPERATIONS OF THE FREE ENTERPRISE SYSTEM


7.n. Onerations of the Free Enterprise System7.1 Historical Aspect7.2 Four main features of a free enterprise

system7.2.1 PrivIte property7.2.2 Free comnetition7.2.3 Freelom of choice7.2.4 No government interference

7.3 Foundations of the free enterprise system7.3.1 Law of supply and demand7.3.7. Profit motive7.3.3 Free competition



7.0. Onerations of the Free Enterprise SystemStudents will:

7.1 identify Adam Smith, author of The Wealthof Nations, as the founder of piii-Urneconomics

7.2 name the four main features of a free enter-',rise system: private nronerty, free compe-tition, freedom of choice, and no govern-ment intervention

7.3 exnlain the basic laws of the free enterprisesystem: sunnlv and demand, the profitmotive, and unrestricted competition

Factors That Influence Demand

Reading a Graph"Free Enterprise Series"

SourcePage

FCEE-61-66

FCEE-67-69UCF - AV

Free Enterprise and ConsumerEducation Minimum Objectives D.O.E. Intended Putcomes

A-4 Identify elements of the American economic system to include: After successfully completing thisfreedom, opportunity, justice, efficiency, growth and security course, the student will be able to:

3. understand how resources areallocated and income isdistributed through the operationof supply and demand and govern-mental policies

. recognize the relationshipsbetween government policies andeconomic conditions

I 4G

1417

moNnmns

UNIT VIII: SUPPLY AND DEMAND


SqPnlv and Demand8.1 Definition8.2 Supply and demand determine Price8.3 Row demand works8.4 Plasticity of demand8.5 Restrictions on supply and demand


8.0. Supply and DemandStudents will:

8.1 exnlain how the law of supnly anddemand functions in the marketplace

8.2 use supply and demand curves to de-termine an equilibrium price

8.3 identify the factors that influenceincreases and decreases in demand: thenew buyer effect, the Income effect,and the substitution effect

8.4 Identify factors that determineelasticity of demand

8.5 identify forces that restrict supplyand demand

Free Enterprise and ConsumerFducation Minimum Objectives

Changes in Demand

Market Clearing PriceGive and Take Series"Where Do Jobs Come From?/DerivedDemand"

FCEE-65-67

FCEE-75-80UCF - AV

D.O.E. intended Outcomes

C-37 Name some factors which may Influence the supply of a goodor service

G-38 Name some factors which may influence the demand for a gaodor service

0-39 Defiae demand as the amount of goods and services thatbuyers are willing to buy at each specific price in a givenmarket at a given time.

G-41 Define supnly as the various amounts of goods and servicesthat sellers are willing to sell at each specific price ina given market at a given time

C-42 Define The Law of Sunply and Demand as follows: as thePrice of a good or service increases, sellers will offermore and buyers will demand less; as price falls, sellerswill offer less and buyers will dimand more.

148

After successfully completing thiscourse, the student will be able to:3. understand how resources are

allocated and income is distri-buted through the operation ofsupply and demandand govern-mental policies

149

ECONOMICS 111.

UNIT TX: PROFIT


9.0. Profit9.1 Definition9.2 ImPortance and use9.1 Entrepreneur

9.1.1 Definition9.3.2 Risks

9.4 Insurance9.5 Gross and net incomes


9.0. ProfitStudents will:9.1 define profit and explain its central

imnortance to the free enterprisesystem

9.2 describe incentives that motivateneonle to become entrepreneurs

9.3 identify risks that business ownersmust take

9.4 explain the value of insurance tobusiness owners

9.5 distinguish between gross income andnet income

Guitar Wars

MarketsRole and Importance of Profit

SourcePage

FCEE-84-88

FCEE-89-95FCEE-130


F.-9!5 Define profit as the reward for taking risk in business

E-76 Define net profit as remainder after all costs, expenses,and taxes are satisfied

E-27 Identify some ways in which firms use profits

15')

After successfully completing thiscourse, the student will be able to:3, understand how resources a!

allocated and income is distri-buted through the operation ofsupply and demand and governmentalpolicies

151

aECOPOMS

UNIT X: COMPTETITION IN THE MARKETPLACE


10.0. Competition in the Marketplace10.1 Types

10.1.1 Perfect competition10.1.2 Imperfect competitiod :

differentiated oligopolistic10.2 Monopoly

10.2.1 Definition10.2.2 Advantages and disadvantages


10.0. Comnetition In the MarketplaceStudents will:10.1 distinguish between the different

types of comnetition In the market-place: Perfect and imperfect, suchas differentiated and oligopolistic

10.2 evaluate the advantages and disadvan-tages of monopolies in a free marketsystem

Advertising

AdvertisingComnetition, Oligopoly and MonopolyGive and Take Series"Market Prices/Supply and Demand"


FCEE -96 -97

FCEE-97-100FCEE-101-103UCP - AV


A-5 Define competition as the effort of two or more parties tosecure the business of a third party.

A-6 Describe some ways in which competition benefits the consumer

mr)I


allocated and income is distri-buted through the operationof supply and demand and govern-mental policies

153

4ECONOMICS

UNIT YT: CHARACTERISTICS OF ANLRICAN FREE ENTERPRISE


11.0. Characteristics of American FreeEnternrise11.1 Historical influences

11.1.1 Adam Smith11.1.2 Articles of Confederation -

Constitution11.1.3 Industrialization11.1.4 Depression

11.2 Government Regulations

IFive in A Row



11.0. Characteristics of American FreeEnterprise

Students will:11.1 describe the differences between

Adam Smith's free market economyand the mixed free enterprise system;how the failure of the Articles ofConfederation led to the Constitu-tion and its stronger form of cen-tralized government, how the growthof business and industrial expansionled to monopolies and ensuinglegislation to control them; how theeconomic practices of the 1920'sbrought on the Great Depression andled to a changed role for government

11,2 explain how demands of environmental,consumer, and other citizen controlgrouns have increased the amount ofgovernment regulation

Twentieth Century ArtifactsLet Your Fingers Do the WalkingAmerican Enterorise Film Series


'MEE - 109-11

FCEE-116FCEE-117-118UCF AV


NONE

154

NONE

.155

4I4

ECONOMIESVP

UNIT XII: ROLE OF BUSINESS


12.0. Role of Businesses12.1 Categories of Business Activity

12.1.1 Extractors12.1.2 Manufacturers12.1.3 Marketers12.1.4 Service

12.2 Conglomerate12.2.1 Definition12.2.2 Characteristics

12.3 Functions of Management12.3.1 Planning12.3.2 Organizing12.3.3 Directing12.3.4 Controlling


12.0. Role of BusinessStudents will:

12.1 name the four categories of businessactivities-extraction, manufacture,marketing, and services - and giveexamples of each

12.2 identify the conglomerate and itscharacteristics

12.3 explain the functions of management(planning, organizing, directing,controlling)

Oystering in FloridaOpportunity Cost and Economic ProfitTypes of Business OrganizationFergi Builds A Business SeriesMPRS-The Business of AmericaMP2050-Business: What It's About

FCEE-122-123FCEE-124-126FCEE-132-135UCF AVDMDM


A-7 Identify sole proprietorship, partnership, cooperatives,and corporation aS four types of business organizations(in the private sector)

156



157

,11.1ECONOMiCS

......w.11111MimplumwIN=11m........UNIT XIII: ROLE OF MONEY AND BANKING

County Course Outline Title of suggested ActivitySourcePage

13.0. Role of Money and Banking13.1 Characteristics of money13.2 Functions of banks13.3 Regulation of money supnly13.4 Credit cards


13.0. Role of Money and Banking

Students will:

13.1 Identify the characteristics ofmoney

13.2 explain the basic functions of money13.3 describe the Federal Reserve's basic

tools for controlling the moneysupply

13.4 explain the significance of creditcards

Financial InstitutionsFinancial Institutions SurveyTrade-Off Series"Why Money""A World Without Money"

"The Money Movers""24 Hours in the Life of a Check""An American Account: The Story ofBanking"

FCEE-253FCEE-254-255UCF - AVUCF - AVUCF - AVUCF - AVUCF - AVUCF - AV


N-70 Classify financial institutions, such as banks, savings andloan, and other credit institutions, according to theservices they provide

After successfully completing thiscourse, the student will be able to:5. understand relationships among

unemployment, inflation, monetaryand fiscal policy, and theimportance of the relationshipson economic stability and growth

EemmtcsUNIT XIV: ROLE OF THE CONSUMER


14.0. Role of the Consumer14.1 Changing roles of the consumer today14.2 Advertisement and the consumer14.3 Government and the consumer14.4 The consumer movement

14.4.1 Food And Drug Administration14.4.2 Consumers Union14.4.3 Consumer Product Safety Com-

mission14.4.4 Environment Protection Agency14.4.5 Better Business Bureau


14.0. Role of the Consumer

Students will:14.1 explain how advancements in technolog

have changed the role of the consumerin the free enterprise system

14.2 describe the selling strategies usedin advertising and their effects onthe consumer

14.3 explain how government spending in-fluences supply and demand

14.4 identify the key causes of the con-sumer movement and the various privat...and public forms of consumer pro-tection (i.e. FDA, Consumer Union,EPA, BBB)

AdvertisingThe Eight LawsMP2580-"Buying for Immediate Use"MP2581-"Buying for the Long Term Use"MP2582-"Buying Service"MP2583-"Buying on Credit"MP1539-"The Buy Line"

FCEE-96FCEE-179-180DMDMDMDMDM


1-45 Define advertising as a means to Inform people about a

firm's products or services, or to persuade people to pur-chase a firm's goods or services rather than those prcducedby a competitor

1-46 Recognize misleading and nonmisleading advertisingK-52 Identify how a consumer choice involves the giving up of

other alternatives

1.60

D.O.E. Intended OutcomesAfter successfully completing thiscourse, the studeist will be able to:3. understand how resources are


1_61

Pau 2 ECONOMICS a.

UNIT XIV: ROLE OF THE CONSUMER


0-71 Identify factors to be considered when selecting a consumergood or service

163

alsECONOMItS

UNIT XV: ROLE OF THE WORK FORCE


15.0. Role of the Work Force15.1 Definition15.2 Types of work15.3 Types of unemployment

15.3.1 Frictional15.3.2 Seasonal15.3.3 Technological15.3.4 Cyclical

15.4 Work laws that protect labor

15.5 Determiners of income


15.0. Role of the Work Force

Students will:15.1 define the term work force

15.2 explain how johs can be categorized by

type of work, field of work and edu-

cational level required

15.3 describe the four types of unemploy-

ment (frictional, seasonal, technolog-

ical, cyclical)15.4 identify laws that protect the work

force15.5 explain the methods by which workers'

incomes are determined



Labor Supply and MarketsPublic Goods vs. Private GoodsGovernmental Social ResponsibilityRegulation of Business and Markets

Give and Take Series"Where Do Jobs Come From"MP1543-"There Is a Law Against It"

SourcePage

FCEE-106-107FCEE-158-159FCEE-161-163FCEE-164-166UCF - AV

DMC


None

161

After successfully completing thiscourse, the student will be able to:

5. understand relationships amongunemployment, inflation, monetary

and fiscal policy, and theimportance of the relationshipson economic stability apd growth

165

ECOWOMICS

UNIT XVI; ROLE OF GOVERNMENT


16.0. Role of Government16.1 Change and growth16.2 Government as r,roducer, consumer,

employer and regulator16.3 Levels of taxation

16.3.1 Federal16.3.2 State16.3.3 Local

16.4 Fiscal Policy16.4.1 Definition16.4.2 DPficit budget

16.5 National Debt16.5.1 Definition

16.6 Influence of interest groups ongovernment


16.0. Role of Government

Students will:

16.1 describe the forces that have causedgovernment to change and grow

16.2 explain how and why the governmentacts as a producer, consumer, employeand regulator

16.3 explain the types of taxes as re-lated to the federal, state, andlocal governments

16.4 explain how the federal fiscal policyinfluences the economy including theexplanation of a definition of fiscalpolicy and a differentiation betweendeficit and surplus budget

16.5 define national debt and explain whyit occurs

16.6 explain the effects that interestgroups have on government policies

166

Regulation of Business and MarketsConsumer RightsEnvironmental ProtectionPurpose of TaxesPublic Goods and Services ProvidedThrough TaxationTaxes As a Source of Revenue"Tax Whys""American Enterprise Series-Government"

167

FCEE-164-165FCEE-172-173FCEE-174-175FCEE-183FCEE-184-185

FCEE-185-187UCF AVUCF - AV

E6NOMISCS

UNIT XVI: ROLE OF GOVERNMENT


D-13 Define services as work done for others which does notproduce goods

1-83 Define government regulations as rules of conduct forconsumers and producers

1-86 Identify the sources of government finance to include:taxes, borrowing, increasing money supply, fees and otherservice charges

1-87 Name some different kinds of goods and services providedby local, state and national governments


After successfully completing thiscourse, the student will be able to:4. recognize the relationships between

government policies and economicconditions

Understand the relationships un-employment, inflation, monetaryand fiscal policy, and theimportance of the relationshipson economic stability and growth

169

a ECONOMICS

UNIT XVII: BUSINESS ORGANIZATIONAL STRUCTURE


17.0. Business Organizational Structure17.1 Types of business organization17.2 Advantage': and Disadvantages17.3 Functions of business

County Perfo-mance Objectives

17.0. Business Organizational StructureStudents will:

17.1 explain the differences between asole proprietorship, a partnershipand a corporation

17.2 identify advantages and disadvantagesof each of these forms of business

17.3 define the basic functions of busines(production, marketing, financing,and labor relations)


Types of Businclss OrganizationsAdvantages and Disadvantages ofBusiness OrganizationsCharacteristics of Business Organi-zations

SourcePage

FCEE-132-135FCEE-139

FCEE -140


A-7 Identify sole proprietorship, partnership, cooperatives, andcorporation as four types of business organizations (in theprivate sector)



allocated mid income is distri-buted through the operation ofsupply and demand and governmentalpolicies

Ecosomm

UNIT XVIII: ROLE OF PRODUCTION


18.0. Role of Production18.1 Factors of production

18.1.1 Capital resources18.1.2 Technology18.1.3 Human Energy18.1.4 Management18.1.5 Incentive

18.2 Techniques18.3 Functions18.4 Law of diminishing returns


18.0. Role of Production

Students will:

18.1 identify the factors necessary forproduction (capital resources,technology, human energy, management,and incentive)

18.2 list the techniques of production18.3 identify the functions of production18.4 explain the law of diminishing

returns


.11...111111

SourcePage

FCEE-59FCEE-205-206


D-16 Define producer as a maker of goods or a performer of ser-vices

D-17 Define production as the creation of goods or servicesD-20 Distinguish between a consumer good and a capital goodD-21 Identify the factors of production as natural resources,

labor, capital, and managementE-24 Define capital goods as tools, equipment, machinery and

buildings that are used in the production of other goodsand services.

F-30 Define specialization as individuals or groups concentratingon one job rather than attempting to do many lobs

F-32 Define technology as the use of tools and/or knowledge toproduce goods and services

1 7'

After successfully completing thiscourse, the student will be able to:2. understand the nature and types

or economic systems7. understand the nature and activi-

ties of the world's competingeconomic systems

173

. ECONOMICS

UNIT XVIII: ROLE OF PRODUCTION


F-33 Identify how technological progress might result in lowerprices, increased productivity, and a better quality product

174 175

Eqmorlls

UNIT XIX: ROLE OF MARKETING

County Course Outline D.O.E. Intended OutcomesSourcePage

19.0. Role of Marketing19.1 Types of markets19.2 Elements of marketing

19.2.1 Product19.2.2 Price19.2.3 Promotion19.2.4 Placement

19.3 Channels of distribution19.4 Functions of marketing19.5 Costs of marketing


14.0. Role of Marketing

Students will:

19.1 list the different types of markets19.2 identify the four elements of a

marketing program (product, price,promotion, and placement)

19.3 identify the channels of distributionwith special explanation on the roleof the middleman

19.4 list the functions of marketing19.5 explain the effects of marketing

on the prices of products

Circular Flow"People on Market Street"Give and Take Series"Market Prices""The Changing Market"Trade-Offs Series"At What Pe.ce"

FCEE-50-58UCF - AV

UCF - AVUCF - AV

UCF - AV


G-40 Define market as a situation in which individuals andbusinesses interact to buy, sell or exchange goods andservices

1 G

lAfLer successfully completing thiscourse, the student will be able to:3. understand how resources are

allocated and income is distri-buted through the operation ofsupply and demand and governmentalpolicieg

177

ECONOMICS

UNIT XX: ROLE OF CREDIT AND FINANCE


20.0. Role of Credit and Finance20.1 Definition20.2 Types of financing businesses

20.2.1 Revenue20.2.2 Debt20.2.3 Equity

20.3 Establishing credit liability20.4 Types of debt financing

20.4.1 Short-term20.4.2 Long-term

20.5 Equity financing20.5.1 Preferred stock20.5.2 Common stock


20.0. Role of Credit and FinanceStudents will:

20.1 define financec20.2 identify the three types of financing

used by businesses (revenue, debt,and equity)

20.3 explain how credit ratings are de-termined and used

20.4 list the various types of debtfinancing (short-term and long-term)

20.5 distinguish between perferred stockand common stock

Financing BusinessSources of Business FundsStock Market ActivityAttitudes About MoneyCharacteristics of MoneyCocoa BeansWhat Is Money?Give and Take Series"Creditwise""Market in Action"

FCEE-141FCEE-142-143FCEE-145-149FCEE-228-229FCEE-230-231FCEE-232-233FCEE-234-235UCF - AV


D.O.E Intended OutcomesL-55 Identify some sources of incomeN-63 Define credit as a promise to pay in the future for goods,services or money received nowN-66 List some advantages of using creditN-67 List some disadvantages of using creditN-68 Identify some credit plans and sources that may be used for

consumer purchases

I 7S



1 79

ECONOMITS

UNIT XX: ROLE OF CREDIT AND FINANCE


N-69 Identify the importance of credit ratings and their effecton the consumerN-70 Classify financial institutions, such as banks, savings

and loan, and other credit institutions, according to theservices they provide

181

EGONOMICS

UNIT XXI: ROLE OF ORGANIZED LABOR


MMISMSO


21.0. Role of Organized Labor21.1 Definition - Labor Union21.2 Definition - Collective Bargaining21.3 Union tactics21.4 Management tactics21.5 Development of Organized Labor In the

United States21.6 Future of Organized Labor

MP1568-Labor Comes of Age


21.0. Role of Organized LaborStudents will:21.1 define labor union21.2 define collective bargaining21.3 list the techniques used by unions

to encourage settlements in theirfavor

21.4 list the techniques used by manage-ment to encourage settlements inthetr favor

21.5 outline the history of the labormovement in the United States

21.6 explain the key issues facing laborand management in the future

DMC



D-21 Identify the factors of production as natural resources,labor, capital, and management

182



183

a ECONOMICS

UNIT XXII: ENTREPRENEURSHIP


22.0. Entrepreneurship22.1 Qualities of the entrepreneur22.2 Types of entrepreneurship

County Perftrmance Objectives

22.0 Entrepreneurship

Sudents will:

22.1 describe the qualities of successfulentrepreneurs

22.2 identify common types of entrepre-neurial enterprises

Free Enterprise and Ce-3umerEducation Minimum Objectives

American Enterprise Film SeriesFergi Film Series"Chickenomics""Hrs. Peabody's Beach"

UCF - AV


A-4 Identify elements of the American economic system to include: After successfully completing thisfreedom, opportunity, justice, efficiency, growth, and course, the student will be able to:security 3. understand how resources are

allocated and income is distri-A-7 Identify sole proprietorship, partnership, cooperatives, and buted through the operation of

corporation as four types of business organizations (in the supply and demand and governmentalprivate sector) policies

a ECOVOMICS

UNIT XXIII: THE WORKER

County Course Outline...M..11.M.,111M11

23.0.


The Worker23.1 Types of incomes23.2 Types of fringe benefits23.3 Types GI transfer payments

23.3.1 Social Security23.3.2 Unemployment Compensation23.3.3 Worker's Compensation23.3.4 Other transfer benefits


23.0. The Worker

Students will:

23.1 list and explain the different typesof income

23.2 describe the variety of fringebenefits available to many workers

23.3 list and explain the type of transferpayments for which workers areeligible (Social Security, Unemploy-ment Compensation, Worker's Compen-sation, etc.)


A-4 tdentify elements of the American economic system to in-clude: freedom, opportunity, iustice, efficiency, growthand security

D-21 idnetify the factors of production as natural resources,labor, capital, and management

L-55 identify some sources of income

1S



4. recognize the relationships betweengovernment policies and economicconditions

187

ECQNOMICS

UNIT XXIV: THE INVESTOR


24.0. The Investor24.1 Reasons for saving24.2 Ways of saving24.3 Types of institutions24.4 Mutual fonds24.5 Securities

24.5.1 Bonds2'4.5.1.1 Public2'4.5.1.2 Corporate

24.5.2 Cf,rporate stock24.5.3 Mtitual funds

24.6 Real estate



Investments and SavingsGive and Take Series"Let's Save"

24.0. The Investor

Students will:

24.1 explain why people need to save24.2 explain how the ways people save

differ according to personal needs24.3 identify the four major types of

savings institutions24.4 describe the opportunities offered

by mutual funds24.5 list and explain the types of secur-

ities available for investors (bonds,stocks, and mutual funds)

24.6 explain how real estate Is used as along-term investment

SourcePage

FCEE-286-288UCF - AV


M-60 Define savings as income which is not spent for consumergoods or services but is set aside for future use

M-61 Name reasons why people saveM-62 Define personal investment as the purchase of an asset (with

some degree of risk) for the purpose of earning futureincome

N-64 Compare saving with a financial institution 1.- saving athome

183



189

Pa e 2 EGONOMZCS

UNIT XXIV: THE INVESTOR


N-70 Classify financial institutions, such as banks, savingsand loan, and other credit institutions, according to theservices they provide

191

1 90

ECONOMICS

...1M1.1.11,11.

=111111.

UNIT XXV: THE CONSUMER


25.0 The Consumer25.1 Budget

25.1.1 Definition25.2 Comparison shopping25.3 Warranties25.4 Deciding how to pay

25.4.1 Cash25.4.2 Credit

25.5 Complaint agencies25.6 Consumer responsibilities


25.0 The Consumer

Students will:

25.1 plan a budget and define what is meantby budget

25.2 use research and comparison shoppingto aid in making product choices

25.3 explain the purposes of a warranty25.4 list the advantages of cash and credit-

card purchases25.5 list the consumer complaint agencies25.6 identify consumer's responsibilities

to producers


BudgetingPoint of ViewGive and Take Series"You Choose""We Choose"Trade-Offs Series"To Buy or Not To B"We Decide"

SourcePage


FCEE-284-285FCEE-292-295UCF - AV


M-60 Define savings as income which is not spent for consumergoods or services but Is set aside ft,r fnture useN-66 List some advantages of using creditN-67 List some disadvantages of using credit

After successfully completing thiscourse, the students will be able tot1. understand the basic economic

problem and the three questions thatmust be answered by every society

. recognize the relationships betweengovernment policies and economicconditions

1 93

EQPNOMLCS

UNIT XXVI: THE TAXPAYER


26.0. The Taxpayer26.1 Uses of taxes26.2 Types of taxes

26.2.1 Income26.2.' Property26.2.3 Sales26.2.4 Other

26.3 Classification of taxes26.3.1 Progressive26.3.2 Proportional26.3.3 Regressive

qpunty Performance Objectives

26.0. The Taxpayer

Students will:

26.1 list some of the local, state, andfederal government services paid forby taxes

26.2 list the major types of taxes (income,property, sales, etc.)

26.3 classify each malor type of tax asprogressive, proportional, orregressive

Purpose of TaxesTaxes You Might PayWhat is a Good Tax"Tax Whys""Taxes. Taxes"Give and Take Series"Changing Taxes"

FCEE-183FCEE-189-191PCEE-192-196UCF AV


1-82 Define taxes as money paid hy Individuals and businessesto local, state or national governments to pay for goodsand services

1-84 Identify kinds of taxes Individuals may be required to payT-86 Identify the sources of government finance to include:

taxes, borrowing, increasing money supply, fees and otherservice charges

1-87 Name some different kinds of goods and services providee'by local, state and national governments

1 9 4

After successfully completing thiscourse, the student will be able4. recognize the relationships between


1 9 5.

ECNIOMItS

UNIT XXVII: WORLD FINANCE AND FOREIGN EXCHANGE


27.0. World Finance and Foreign Exchange27.1 Causes and effects of international

interdepYndence27.2 Four main types of international fin-

ancial Interdependence27.3 Exchange rates27.4 Balance f Payments27.5 A mixed system

27.5.1 Tbe World Bank27.5.2 International Monetary Fund27.5.3 General agreement on tariffs

and trade


27.0. World Finance and Foreign ExchangeStudents will:

27.1 describe the various causes andeffects of international inter-dependence

27.2 list the main types of internationalfinancial transaction

27.3 explain how foreign exchange ratesare determined

27.4 explain the balance of payments27.5 explain how the world economy is

influenced by the World Bank, theInternational. Monetary Fund, andthe General Agreement on Tariffand Trade

Comparative AdvantageCurrency UnitsBalance of TradeBalance of Payments

FCEE-411-417FCEE-418-420FCEE-430-433FCEE-427-428


B-9 Name the three questions that all economic systems must tryto answer: what is to be produced? how is it to be pro-duced? and to whom will it be distributed?

G-37 Name some factors which may influence the supply of a goodor service

1

After successfully completing this!ourse, the student will he able to7. understand the nature and activities

of the world's competing economicsystems.

197

Is r ECONOMPCS 3

UNIT XXVII: WORLD FINANCE AND FOREIGN EXCHANGE

6-38 Name some factors which may influence the demand of a goodor service

H-43 Define price as the money value set for a good or service

0-71 Identify factors to be considered when selecting a consumergood or service

ECONOMICS

UNIT XXVIII: WORLD TRADE


28.0. World Trade28.1 Definition28.2 Reasons for international trade28.3 Costs of trading

28.3.1 Tariffs28.3.2 Quotas28.3.3 Enhargoes

28.4 Trade Bairters28.4.1 H stories' Influences

County Perfprmance Objectives

28.0. World TradeStudents will:

28.1 define balance lf trade28.2 explain how differences in natural

resources, human resources, andcapital resources encourage worldtrade

28.3 list the factors that affect the costof trade (tariffs, quotas, andembargoes)

28.4 discuss the history of trade barriersin the United States

Free Enterprise and ConsumerEducation Minimum Objectives D.O.E Intended Outcomes

D-I2 Define consumer_ goods as items that are capable of satisfy- After successfully completing thising a human want course, the student will be able to

D-I4 Identify why scarcity requires choices 7. understand the nature and activitiefD-16 Define producer as a maker of goods or a performer of of the world's competing economic

services systemsD-17 Define production as the creation of goods or services

109

ECONOM,ICS71...UNIT XXIX: FLOURISHING IN A COMPETITIVE WORLD


.,.;11111.1=1Title of Suggested Activity

SourcePage

29.0. Flourishing in a Competitive World29.1 Definition29.2 Pros and cons29.3 Multi-national corporation

29.3.1 Definitin29.3.2 Role


29.0. Flourishing in a Competitive WorldStudents will:

29.1 define concept of free trade29.2 assess the advantages and disadvant-

ages of free trade29.3 define the role played by multi-

national corporations in world trade

Balance of PaymentI FCEE-427-428


A-6 Describe some ways in which competition benefits theconsumer

G-39 Define demand as the amount of goods and services thatbuyers are willing to buy at each specific price in a givenmarket at a given time

G-40 Define market as a situation in which individuals andbusinesses interact to buy, sell or exchange goods andservices

G-41 Define supply as the various amounts of goods and servicesthat sellers are willing to sc11 at each specific pricein a given market at a given time

After successfully completing thiscourse, the student will be able to:7. understand the nature and act-vitie:

of the world's competing economicsystems

Ecppancs

LNIT XXX: ISSUES IN TODAY'S ECONOMY


30.0. Issues in Today's Economy30.1 Role of the Free Enterprise System

with aid to the poor, health care,transportation, and the ero,ironment

30.2 Economic problems30.2.1 Stagflation (definition)30.2.2 Savings investment

30.3 Modern economists

40 b 0


30.0. Issues in Today's EconomyStudents will:

30.1 identify '.he role of the free enter-prise system and its ability to aidthe poor and sick, provide adequatetransportation, and preserve theenvironment

30 2 identify the economic problems facingAmerica today

30,3 summarize the ideas of the demand-side economists and the supply-sideeconomists


"National Economy Quiz""Living With Energy"People On Market Street Series"Property Righta and Pollution"


SourcePage

UCP -AVUCF - AV

UCF - AV


None

263

After successfully completing thiscourse, the student will be able to:I. understand the basic economic


S. understand relationships amongunemployment, inflation, monetaryand fiscal policy, and theimportance of the relationshipson economic stability and growth

204

test*********************************************************************county performance...

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