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The National Economy

of the US
Economic Structures
Economics
Tadros

2016
Semester Two

Unit Overview: This unit will cover the economic structures and features of the American
economy. The unit will begin with a front loading of information for several class periods. The
majority of the unit after that will consist of two student projects involving, GDP, inflation and
Globalization.
What are the desired learning results of this unit?
Students will acquire an understanding of
The basics of how the US economy operates
Circular flow
What makes it unique
Financial institutions
Features of a mixed economy
The role of entrepreneurs
Involvement of government
Federal Reserve
Monetary and fiscal policy
Macro and Microeconomic goals
Develop analytical skills to assess economic indicators
GDP, GNP, real GDP
Inflation and deflation
Cost of living
Types of taxation
Unemployment
Income and expenditure
Identify the impact of the global economy on the US
Globalization
Trade
Management vs labor
What essential questions will anchor students to learning?
Is the American economy healthy?
How is the stock market and other forms of investment a means of expanding
personal wealth?
How do economists tell if an economy is healthy or not?

How does income get distributed throughout the economy?


Why are certain states and countries more economically powerful than others?
How does globalization impact the US economy?
Who does globalization benefit and for whom is it a detriment?
How and why does the government get involved in the economy?

Rationale of the unit:


The core of this unit is to help students to understand that everything is interconnected in the
economy. A slight change in demand in one part of the country could have a drastic impact on
another. By understanding and utilizing the tools of economists, students can participate in
economic analysis. These analyses can help them in their academic life by helping them hone
their critical thinking skills. Itll also help them in their personal life for when they decide to invest
money and when determining which place to move to that will fit their financial status.
Standards and Benchmarks for the Unit (HSCEs):

E2 THE NATIONAL ECONOMY OF THE UNITES STATES OF AMERICA


2.1 Understanding National Markets Describe inflation, unemployment, output, and growth, and
the factors that cause changes in those conditions, and describe the role of money and interest
rates in national markets.
2.1.1 Income Describe how individuals and businesses earn income by selling
productive resources.
2.1.2 Circular Flow and the National Economy Using the concept of circular
flow, analyze the roles of and the relationships between households, business firms,
financial institutions, and government and nongovernment agencies in the economy of
the United States.
2.1.3 Financial Institutions and Money Supply Analyze how decisions by the
Federal Reserve and actions by financial institutions (e.g., commercial banks, credit
unions) regarding deposits and loans, impact the expansion and contraction of the
money supply.
2.1.4 Money Supply, Inflation, and Recession Explain the relationships between
money supply, inflation, and recessions.
2.1.5 Gross Domestic Product (GDP) and Economic Growth Use GDP data to
measure the rate of economic growth in the United States and identify factors that have
contributed to this economic growth
2.1.6 Unemployment Analyze the character of different types of unemployment
including frictional, structural, and cyclical.
2.1.7 Economic Indicators Using a number of indicators, such as GDP, per
capita GDP, unemployment rates, and Consumer Price Index, analyze the
characteristics of business cycles, including the characteristics of peaks, recessions, and
expansions.
2.1.8 Relationship Between Expenditures and Revenue (Circular Flow) Using
the circular flow model, explain how spending on consumption, investment, government

and net exports determines national income; explain how a decrease in total
expenditures affects the value of a nations output of final goods and services.
2.1.9 American Economy in the World Analyze the changing relationship
between the American economy and the global economy including, but not limited to, the
increasing complexity of American economic activity (e.g., outsourcing, off-shoring, and
supply-chaining) generated by the expansion of the global economy. (National
Geography Standard 11, p. 206) 70 HIGH SCHOOL SOCIAL STUDIES CONTENT
EXPECTATIONS V 10/07 MICHIGAN DEPARTMENT OF EDUCATION ECONOMICS
2.2 Role of Government in the United States Economy Analyze the role of government in the
United States economy by identifying macroeconomic goals; comparing perspectives on
government roles; analyzing fiscal and monetary policy; and describing the role of government
as a producer and consumer of public goods and services. Analyze how governmental
decisions on taxation, spending, protections, and regulation impact macroeconomic goals.
2.2.1 Federal Government and Macroeconomic Goals Identify the three
macroeconomic goals of an economic system (stable prices, low unemployment, and
economic growth).
2.2.2. Macroeconomic Policy Alternatives Compare and contrast differing policy
recommendations for the role of the Federal government in achieving the
macroeconomic goals of stable prices, low unemployment, and economic growth.
2.2.3 Fiscal Policy and its Consequences Analyze the consequences
intended and unintended of using various tax and spending policies to achieve
macroeconomic goals of stable prices, low unemployment, and economic growth.
2.2.4 Federal Reserve and Monetary Policy Explain the roles and
responsibilities of the Federal Reserve System and compare and contrast the
consequences intended and unintended of different monetary policy actions of the
Federal Reserve Board as a means to achieve macroeconomic goals of stable prices,
low unemployment, and economic growth.
2.2.5 Government Revenue and Services Analyze the ways in which
governments generate revenue on consumption, income and wealth and use that
revenue for public services (e.g., parks and highways) and social welfare (e.g., social
security, Medicaid, Medicare).

Instructional objectives of the unit:


Students will be able to understand circular flow and how money and capital
moves within the US economy.
Students will be able to identify the features and explain the roles of various
aspects of the US economy including financial institutions, industries, the Federal
Reserve, and government programs.
Students will understand the importance of the role of government in the
economy.

Students will be able to critically analyze economic indicators in order to assess


the health of the US economy, individual state economies, and the economies of other
countries.
Students will be able to identify the concerns and aspirations of business, labor,
and other actors in the economy regarding the challenges of globalization.
Students will be able to research and form arguments about the health of
economies and the various perspectives of the actors in the economy
Unit Skills and Assessments
(What skills are needed to achieve the desired results?)
Creating, reading, and analyzing various types of graphs
Investigation of sources
Assessing the validity of sources
Effective public speaking
Formulating an argument using evidence
Analyzing current events
Predicting economic trends
Utilize economic indicators to assess economic health
What is acceptable evidence to show desired results?
Students will have the opportunity to display their understanding through daily
formative assessments and three summative assessments
Summative Assessments
Current Events
Shark Tank assignments
Stock Pick Packet
Formative Assessments
GDP/inflation project
Globalization project/discussion
Unit Sequence:
Date: 3/4/16
Stock Market Project Introduction
Length: 90 minutes
Context: Students will be taking part in a 10 week project in which they invest in a virtual stock
market. The students will have few restrictions on what they can buy and sell but in order to do
this they will need a background in the stock market to know where to begin. This lesson serves
as an introduction to the stock market as well as provide an explanation for the project.
Central Question: How can investing in the stock market impact financial security over a
lifetime?
Objective:

Students will understand the purpose of the stock market and how it is integrated
into the US economy
Students will understand some basic strategies on how to invest
Students will be able to put their strategies and economic analysis into action
through the virtual stock market game
Anticipated Student Challenges: Many of the students are familiar with what the stock market
is through their parents investments. However, they may not be familiar with how the market
actually works in order to complete the project effectively. This will be overcome through giving a
thorough explanation of the stock market with class discussions about it throughout the lesson.
Materials:

PowerPoint
Stock Market Project Directions
Stock List Sheets
Chromebooks
Promethean Whiteboard
Marketwatch Virtual Stock Market Game

Instructional Sequence:
Stock Market Lecture (45 minutes)
Pizza examples
Tell students that the instructor will buy a pizza for
the class but money is needed to get it.
Students will offer up sums of money and the pizza
will be divided according to the investment using features of the
Promethean Whiteboard
Toppings are picked based on who has the largest
share of the pizza
Connect to how people buy pizza is similar to how
stocks work
Discuss the point of investing
Explain how the stock market operates a whole
Go over how stock prices are set
Global issues
Various reports
Value of a company at a given time
Discuss strategies
Diversification
Using what students know
Research
Stock Market Project directions (45 minutes)
Students have $100000 to invest
Must buy at least 10 stocks by 3/11 (next Finance Friday)
At least $5000 in each of the ten first stocks
The remaining $50000 can be used however the
students would like as long as they invest all of it

Students must select 3 of the original ten to keep


for the duration of the game as long term stocks.
Students may use any strategy they wish but must sell on 5/25
Assessments
Initial purchase log due 3/11
Stock philosophy paper 3/31
Students explain their philosophy for
their stock purchases and sales and discuss their predictions
Final paper due 5/26
Students discuss their successes
and failures and analyze them
Stock Presentations 5/26- 6/10
Students present what they wrote for
their stock paper for the class
Standards (HSCEs)
E4 PERSONAL FINANCE1
4.1 Decision Making Describe and demonstrate how the economic forces of scarcity and
opportunity costs impact individual and household choices.
4.1.1 Scarcity and Opportunity Costs Apply concepts of scarcity and
opportunity costs to personal financial decision making.
4.1.2 Marginal Benefit and Cost Use examples and case studies to explain
and evaluate the impact of marginal benefit and marginal cost of an activity on
choices and decisions.
4.1.3 Personal Finance Strategy Develop a personal fi nance strategy for
earning, spending, saving and investing resources.
4.1.4 Key Components of Personal Finance Evaluate key components of
personal finance including, money management, saving and investment, spending
and credit, income, mortgages, retirement, investing (e.g., 401K, IRAs), and
insurance.
4.1.5 Personal Decisions Use a decision-making model (e.g., stating a
problem, listing alternatives, establishing criteria, weighing options, making the
decision, and evaluating the result) to evaluate the different aspects of personal
finance including careers, savings and investing tools, and different forms of
income generation. 4.1.6 Risk Management Plan Develop a risk management
plan that uses a combination of avoidance, reduction, retention, and transfer
(insurance).
How will you know students are getting it
Discussions during the stock lecture will help to gauge the level of student understanding. The
reflection which focuses on the most critical things to understand about the market will assess
student understanding on the individual level. The justifications the students give for the
purchases will also be used as an assessment to determine if students understand how many
different forces affect the market.
How does the essential question connect students to this days focus?

This lesson focuses on how the stock market can be used as a means to promote personal
wealth. In addition to understanding the principles of economics this class is designed to help
students with their personal finances as they get closer to adulthood. Understanding the stock
market will achieve both goals as the market greatly affects the health of the global economy
and can be a tool of personal investment.
Date: 3/7/16
Circular Flow and Income in the Economy
Length: 90 minutes
Context: This lesson will be the first of the second unit which is about the national economy. In
order to begin a larger discussion on that topic students need to understand how money flows in
the economy. This lesson will focus on how the economy operates on a day to day basis as well
as cover inflation.
Central Question: How does money move around in the community?
Objectives:
Students will understand the circular flow model and apply it to their community
Students will understand how currency in general works as well as how the fiat
currency system operates in the US
Students will be able to explain how inflation can be a positive or a detriment to
an economy.
Anticipated Student Challenges: The last unit focused on the basics of economic analysis
while this unit is much more focused on specific concepts. So students will face the added
challenge of understanding content on a deeper level than has been expected in the past. This
can be overcome through the use of hands-on projects which will help scaffold the process from
basic information to deeper analysis.
Materials:

PowerPoint
Fake money
Candy

Instructional Sequence:
Lecture

Circular Flow (20 minutes)


How it works
Why it works
What happens when there is a disruption
What is money (20 minutes)
Currency
Fiat vs commodity based currency
Value of money (20 minutes)

Inflation
Deflation
International examples of both
Inflation activity (30 minutes)
Each student gets a fake $5 bill
Instructor auctions off Candy for $10
Student can use any means to reach the $10
Share, borrow, pool, etc
Candy is sold off to the winners
Students are each given a second $5
Instructor auctions off candy for $30
Student can use any means to reach the $10
Share, borrow, pool, etc
Candy is sold off to the winners
Students are each given a third $5
Instructor auctions off candy for $50
Student can use any means to reach the $10
Share, borrow, pool, etc
After the final piece of candy is sold there is a short conclusion
discussion (10 minutes)
Focus questions:
Why did the price go up?
What strategies did you use to get
the money?
Was there a point you would have
not tried to buy the candy?
What if the candy was not an elastic
good?

Standards (HSCEs)
E2 THE NATIONAL ECONOMY OF THE UNITES STATES OF AMERICA
2.1 Understanding National Markets Describe inflation, unemployment, output, and
growth, and the factors that cause changes in those conditions, and describe the role of
money and interest rates in national markets.
2.1.1 Income Describe how individuals and businesses earn
income by selling productive resources.
2.1.2 Circular Flow and the National Economy Using the
concept of circular flow, analyze the roles of and the relationships between
households, business firms, financial institutions, and government and
nongovernment agencies in the economy of the United States.
2.1.3 Financial Institutions and Money Supply Analyze how
decisions by the Federal Reserve and actions by financial institutions (e.g.,
commercial banks, credit unions) regarding deposits and loans, impact the
expansion and contraction of the money supply.
2.1.4 Money Supply, Inflation, and Recession Explain the
relationships between money supply, inflation, and recessions.
How will you know that students are getting it?

Discussions during the lecture will help assess student understanding. The understanding of
inflation will be assessed through the discussion after the activity.
How does the essential question connect students to this days focus?
This lesson delves deeper into how the economy function which will help students assess how
healthy an economy is. It also serves to form the groundwork for future investigations into other
questions addressed later in the unit.
Date: 3/9/16
Economic Indicators
Length: 90 minutes
Context: Students have been learning about how the economy operates which leads into
understanding how to assess the health of an economy. In addition to this it is impossible to talk
about the US economy without discussing globalization. So this lesson will also include an
activity which will highlight how interconnected the global economy is.
Central Question: How do economist determine how well an economy is doing?
Objectives:
Students will understand economic indicators such as GDP, GNP, and GDP per
capita
Students will be able to utilize economic indicators to assess economies in the
US including their own community
Students will begin to understand how the global economy impacts their lives
Anticipated Student Challenges: Economic indicators can be a difficult concept especially
when getting into data. So students will have to be heavily scaffolded to use economic
indicators on their own. This will be done through explanations and discussions about different
maps and graphs representing this data.
Materials:

PowerPoint

Instructional Sequence:
Lecture

GDP&GNP (15 minutes)


Discuss definitions
GDP formula
Class practice problem
Why is GDP important discussion (15 minutes)
Present global GDP map
Ask students what they notice
Why are some countries larger than
others?

What trends do you see?


Impromptu questions based on

student comments
Present US GDP growth map
Ask students what they notice
Why are some states and counties
doing better than others?
What trends do you see?
Impromptu questions based on
student comments
What unemployment means in economics (10 minutes)
Consumer Price Index (10 minutes)
Detroit CPI trend chart discussion
How does our CPI compare to the
US?
Why do you think that
is?
Why has the CPI
grown in recent years?
Globalization (10 minutes)
Briefly discuss how trade and peace have allowed
for economies to become more closely linked
Ask students for examples
Globalization Presentation directions (10 minutes)
Students will get into 6 groups of 5 and be given a global
economic event to research
China opening its doors to US investment
OPEC oil embargo
Boycott of South African Apartheid
NAFTA
Start of the Great Recession
Conflict over intellectual; property rights
Students will research and create a 5 minute presentation
highlighting
Cause of each event
Consequence of each event on the people living in
the affected areas
How the event/action impacted the US and other
countries
Presentation will take place next class
Rest of the class period is for student research (20 minutes)

Standards (HSCEs)
2.1.5 Gross Domestic Product (GDP) and Economic Growth Use GDP data
to measure the rate of economic growth in the United States and identify factors
that have contributed to this economic growth
2.1.6 Unemployment Analyze the character of different types of
unemployment including frictional, structural, and cyclical.

2.1.7 Economic Indicators Using a number of indicators, such as GDP, per


capita GDP, unemployment rates, and Consumer Price Index, analyze the
characteristics of business cycles, including the characteristics of peaks,
recessions, and expansions.
2.1.8 Relationship Between Expenditures and Revenue (Circular Flow)
Using the circular flow model, explain how spending on consumption, investment,
government and net exports determines national income; explain how a decrease
in total expenditures affects the value of a nations output of final goods and
services.
2.1.9 American Economy in the World Analyze the changing relationship
between the American economy and the global economy including, but not limited
to, the increasing complexity of American economic activity (e.g., outsourcing,
off-shoring, and supply-chaining) generated by the expansion of the global
economy. (National Geography Standard 11, p. 206)

How will you know that students are getting it?


Students will be assessed through the quality of their presentations. Students that can
accurately answer the activity questions and explain their answers using economic analysis will
demonstrate an understanding of the lesson.
How does the essential question connect students to this days focus?
This lesson and activity allows students to begin to think about economics in global terms. The
previous unit as well as the last lesson were focused on local and national economics. This
lesson is an introduction to the globalization activity later in the unit.
Date: 3/11/16
Stock Purchase Day
Length: 90 minutes
Context: The past week students have been investigating what stocks to purchase for the stock
market simulation. Students will be purchasing their initial 10 stocks by the end of class and turn
in their stock spreadsheet. Students will also begin class by presenting their Globalization
research.
Central Question: How can the stock market be used as a sustainable financial tool?
Objectives:
Students will understand the purpose of the stock market and how it is integrated
into the US economy
Students will understand some basic strategies on how to invest
Students will be able to put their strategies and economic analysis into action
through the virtual stock market game

Anticipated Student Challenges: Many of the students are familiar with what the stock market
is through their parents investments. However, they may not be familiar with how the market
actually works in order to complete the project effectively. This will be overcome through
students practicing what theyve been learning in class about stocks and economic analysis.
Materials:

Promethean Whiteboard
Chromebooks

Instructional Sequence
Presentations (40 minutes)
Each group presents their research
Class and the instructor asks the presenting group questions
Initial stock purchases (50 minutes)
Students log into the virtual stock market game
Instructor gives students key
Walk through buying and selling stocks in the program
Progress at the same time with students
Students have until the end of the hour to purchase all stocks
Stock spreadsheet is turned in at the end of the hour
Standards (HSCEs)
E4 PERSONAL FINANCE1
4.1 Decision Making Describe and demonstrate how the economic forces of scarcity and
opportunity costs impact individual and household choices.
4.1.1 Scarcity and Opportunity Costs Apply concepts of scarcity and
opportunity costs to personal financial decision making.
4.1.2 Marginal Benefit and Cost Use examples and case studies to explain
and evaluate the impact of marginal benefit and marginal cost of an activity on
choices and decisions.
4.1.3 Personal Finance Strategy Develop a personal fi nance strategy for
earning, spending, saving and investing resources.
4.1.4 Key Components of Personal Finance Evaluate key components of
personal finance including, money management, saving and investment, spending
and credit, income, mortgages, retirement, investing (e.g., 401K, IRAs), and
insurance.
4.1.5 Personal Decisions Use a decision-making model (e.g., stating a
problem, listing alternatives, establishing criteria, weighing options, making the
decision, and evaluating the result) to evaluate the different aspects of personal
finance including careers, savings and investing tools, and different forms of
income generation.
4.1.6 Risk Management Plan Develop a risk management plan that uses a
combination of avoidance, reduction, retention, and transfer (insurance).
How will you know that students are getting it?

Student discussion will help students practice assessing economic decisions of others. The
complexity of this discussion will serve as a formative assessment of where student thinking on
economics is at. At this point the students should be utilizing more terms and concepts from
previous lessons With each Finance Friday the level of complexity should increase as
understanding grows with new information from future lessons. For the stock market game
students will buy stocks and play as if they are true investors. This will give them hands on
experience to utilize what we learn throughout the course in the real world. Their success in this
project and the rationale for the stocks they picked will highlight what they understood.
How does the essential question connect students to this days focus?
The main question that is addressed is what qualities do successful entrepreneurs have. This is
an ongoing question throughout the course. By analyzing qualities of the entrepreneurs, their
arguments, and the investor's understanding of economics this lesson helps students learn
about economics from a real-life perspective. The skill of predicting and analyzing economic
trends is utilized during the stock market simulation.
Date: 3/15/16
Government Involvement
Length: 90 minutes
Context: In the last unit students learned the basic son how the government is involved in the
economy. This lesson is designed to be a continuation and to take a further look into the topic.
The main focus will be on how government involvements impacts the students future finances
on a personal level.
Central Question: How do government policies impact people on the microeconomic level?
Objectives:
Students will be able to understand how different taxation levels impact their
familys finances
Students will understand how government programs benefit many people in the
economy and serve as a detriment to others
Students will be able to assess their own finances now and in the future to adjust
their spending habits
Anticipated Student Challenges: Students will have preconceptions on taxes and government
involvement from their families, friends, and what they see in the news especially with the
election. Some of the preconceptions may be incorrect and will have to be addressed during the
lesson. This will be done through discussions and student involvement in the lesson. When a
new piece of content is introduced there will be time for students to discuss it with each other
and the instructor.
Materials:

PowerPoint

Instructional Sequence:
Ask students why they think the government gets involved in the economy (5
minutes)
Ask how they think it gets involved
This also serves as a recap of supply and demand
side policies
Discuss the ways the government is involved (5 minutes)
Explain tax brackets (15 minutes)
Discussion on tax bracket chart
Is this a fair system?
Why do you think it was set up like this?
Does anything surprise you? Why or why not?
Discuss property taxes (10 minutes)
Show different communities in the area and how their property tax
levels are different
Cover entitlements and government spending (15 minutes)
Show chart and discuss
Does anything surprise you on the chart?
Is this a sustainable model? Why or why not?
What would make it sustainable?
Discuss interest rates (30 minutes)
Explain how adjusting rates encourages or discourages
spending/saving
Discuss how the Federal Reserve sets interest rates
Current situation
Government regulatory programs (15 minutes)
Labor rights
Banking regulations
Controversy of regulations
Standards (HSCEs)
1.4 Role of Government in the Market
Describe the varied ways government can impact the market through policy decisions,
protection of consumers, and as a producer and consumer of goods and services, and
explain how economic incentives affect government decisions.
1.4.1 Public Policy and the Market Analyze the impact of a change in
public policy (such as an increase in the minimum wage, a new tax policy, or a
change in interest rates) on consumers, producers, workers, savers, and
investors.
1.4.2 Government and Consumers Analyze the role of government in
protecting consumers and enforcing contracts, (including property rights), and
explain how this role influences the incentives (or disincentives) for people to
produce and exchange goods and services.
1.4.3 Government Revenue and Services Analyze the ways in which local
and state governments generate revenue (e.g., income, sales, and property taxes)
and use that revenue for public services (e.g., parks and highways).

1.4.4 Functions of Government Explain the various functions of


government in a market economy including the provision of public goods and
services, the creation of currency, the establishment of property rights, the
enforcement of contracts, correcting for externalities and market failures, the
redistribution of income and wealth, regulation of labor (e.g., minimum wage, child
labor, working conditions), and the promotion of economic growth and security.
1.4.5 Economic Incentives and Government Identify and explain how
monetary and non-monetary incentives affect government officials and voters and
explain how government policies affect the behavior of various people including
consumers, savers, investors, workers, and producers
How will you know that students are getting it?
This class will be mainly lecture based due to the amount of material that needs to be covered.
The formative assessment will be conducted next class. However discussion during the lecture
will help serve as quick assessments
How does the essential question connect students to this days focus?
This lesson helps students to start thinking about how to help promote a healthy economy. It
also connects students to developing the skills to assess what government policies are best for
the economy.
Date: 3/21/16
Economic Indicators Project
Length: 90 minutes
Context: Earlier in the unit students learned about different assessments of the economy. This
project gives students the opportunity to put them to practice. This two day project will consist of
students researching different economies at the state and international level to make a
judgment call of which economies are the healthiest.
Central Question: What US states have the healthiest economies?
Objectives:
Students will be able to utilize economic indicators to determine which
economies are the healthiest
Students will practice making arguments utilizing evidence to support their claims
Students will practice internet research skills and assess sources for validity and
relevance
Anticipated Student Challenges: Even though students have a solid knowledge base of
economic indicators, researching them may be a challenge. Students use the internet everyday
but in some cases they have not been taught proper research techniques and how to vet
information from an academic standpoint. This can be overcome through the instructor
discussing with each student ways to research and to provide scaffolded assistance throughout
this project and later research projects in the unit.

Materials:

PowerPoint
Economic Indicators Spreadsheet (States)
Chromebooks

Instructional Sequence:
Introduce Economic Indicators (States) project (20 minutes)
Go over internet resources for students to use
Students break up into 6 groups of 5
Compare the economic health of Michigan to 4 other states based
on the following indicators
GDP/GDP per capita
Unemployment
Cost of living
Diversification
Wealth distribution
Taxation
Students will fill out an individual comparison chart
After filling out the chart they will individually write a one page
paper explaining which state has the healthiest economy based on their analysis
Explain why their state is the healthiest
Explain why the others are not nearly as healthy
Give solutions on how the other states can improve
their economies
Student work time (70 minutes)
Students have the rest of the class to work on their projects
Instructor will assist students with research as needed
Standards (HSCEs)
2.1 Understanding National Markets Describe inflation, unemployment, output, and
growth, and the factors that cause changes in those conditions, and describe the role of
money and interest rates in national markets.
2.1.1 Income Describe how individuals and businesses earn income by
selling productive resources.
2.1.2 Circular Flow and the National Economy Using the concept of
circular flow, analyze the roles of and the relationships between households,
business firms, financial institutions, and government and nongovernment
agencies in the economy of the United States.
2.1.3 Financial Institutions and Money Supply Analyze how decisions by
the Federal Reserve and actions by financial institutions (e.g., commercial banks,
credit unions) regarding deposits and loans, impact the expansion and
contraction of the money supply.
2.1.4 Money Supply, Inflation, and Recession Explain the relationships
between money supply, inflation, and recessions.

2.1.5 Gross Domestic Product (GDP) and Economic Growth Use GDP
data to measure the rate of economic growth in the United States and identify
factors that have contributed to this economic growth
2.1.6 Unemployment Analyze the character of different types of
unemployment including frictional, structural, and cyclical.
2.1.7 Economic Indicators Using a number of indicators, such as GDP, per
capita GDP, unemployment rates, and Consumer Price Index, analyze the
characteristics of business cycles, including the characteristics of peaks,
recessions, and expansions
How will you know that students are getting it?
Students will demonstrate their understanding of economic indicators and economic analysis
through the depth of their research and arguments in their charts and in their papers. Students
that utilize economic concepts appropriately to make an argument will demonstrate a high level
of understanding.
How does the essential question connect students to this days focus?
The questions of how economist evaluate economies and what makes the economy of various
states are directly addressed in this activity. Students will be playing the role of economist
through not only analysis but utilizing their understanding to formulate solutions. In this way
students practice their economic skills not just their understanding of them.
Date: 3/23/16
Economic Indicators Project Part 2
Length: 90 minutes
Context: This project is the second part of the Economic Indicators Project. Students
investigated US states during the previous class, now they will do the same for the US and
other countries. This shows students that economies can be assessed at the local and
international levels.
Central Question: Which countries have the healthiest economies?
Objectives:
Students will be able to utilize economic indicators to determine which
economies are the healthiest
Students will practice making arguments utilizing evidence to support their claims
Students will practice internet research skills and assess sources for validity and
relevance
Anticipated Student Challenges: Even though students have a solid knowledge base of
economic indicators, researching them may be a challenge. Students use the internet everyday
but in some cases they have not been taught proper research techniques and how to vet
information from an academic standpoint. This can be overcome through the instructor

discussing with each student ways to research and to provide scaffolded assistance throughout
this project and later research projects in the unit. Since this is the second part of the project
students will be expected to research more indicators.
Materials:

Economic Indicators Spreadsheet (countries)


Chromebooks

Instructional Sequence:
Introduce Economic Indicators (countries) project (20 minutes)
Go over internet resources for students to use
Students break up into 6 groups of 5
Compare the economic health of the US to 4 other countries
based on the following indicators
GDP/GDP per capita
Unemployment
Cost of living
Industry Diversification
Inequality
Debt
Inflation Rate
Students will fill out an individual comparison chart
After filling out the chart they will individually write a one page
paper explaining which country has the healthiest economy based on their
analysis
Explain why their country is the healthiest
Explain why the others are not nearly as healthy
Give solutions on how the other countries can
improve their economies
Student work time (70 minutes)
Students have the rest of the class to work on their projects
Instructor will assist students with research as needed
Standards (HSCEs)
2.1 Understanding National Markets Describe inflation, unemployment, output, and
growth, and the factors that cause changes in those conditions, and describe the role of
money and interest rates in national markets.
2.1.1 Income Describe how individuals and businesses earn income by
selling productive resources.
2.1.2 Circular Flow and the National Economy Using the concept of
circular flow, analyze the roles of and the relationships between households,
business firms, financial institutions, and government and nongovernment
agencies in the economy of the United States.
2.1.3 Financial Institutions and Money Supply Analyze how decisions by
the Federal Reserve and actions by financial institutions (e.g., commercial banks,

credit unions) regarding deposits and loans, impact the expansion and
contraction of the money supply.
2.1.4 Money Supply, Inflation, and Recession Explain the relationships
between money supply, inflation, and recessions.
2.1.5 Gross Domestic Product (GDP) and Economic Growth Use GDP
data to measure the rate of economic growth in the United States and identify
factors that have contributed to this economic growth
2.1.6 Unemployment Analyze the character of different types of
unemployment including frictional, structural, and cyclical.
2.1.7 Economic Indicators Using a number of indicators, such as GDP, per
capita GDP, unemployment rates, and Consumer Price Index, analyze the
characteristics of business cycles, including the characteristics of peaks,
recessions, and expansions
3.1.4 GDP and Standard of Living Using current and historical data on
real per capita GDP for the United States, and at least three other countries (e.g.,
Japan, Somalia, and South Korea) construct a relationship between real GDP and
standard of living. (National Geography Standard 11, p. 206)
How will you know that students are getting it?
Students will demonstrate their understanding of economic indicators and economic analysis
through the depth of their research and arguments in their charts and in their papers. Students
that utilize economic concepts appropriately to make an argument will demonstrate a high level
of understanding.
How does the essential question connect students to this days focus?
The questions of how economist evaluate economies and what makes the economy of various
countries are directly addressed in this activity. Students will be playing the role of economist
through not only analysis but utilizing their understanding to formulate solutions. In this way
students practice their economic skills not just their understanding of them.
Date: 3/28/16
Globalization project Part 1
Length: 90 minutes
Context: Students have briefly gone over the effects of globalization on the US economy earlier
in the unit. This project will provide a hands-on opportunity for students to research and discuss
more deeply. Students will be given a role of someone in the global economy and will research
that role. The second part of the project will be a discussion in which students act as their role
where they explain how the new economy affects them.
Central Question: How does globalization affect the lives of everyday people around the
world?
Objectives:

Students will be able to practice internet research techniques


Students will be able to begin to understand the lives of those outside of their
communities
Students will explore the successes and struggles of those in economic
circumstances different from their own
Students will be able to utilize economic analysis to explore connections between
people and industries around the world
Anticipated Student Challenges:
Students may be challenged by the task of investigating a role. Students have
investigates states and countries but investigating a person will require a new set of
research skills. Students will have to apply economic analysis and make connections to
another humans hopes and fears. This can be overcome through placing a focus on
exploring how people in their specific situations would think and make economic
decisions not just focus on the statistics. This instructor will also help guide research but
to maintain the scaffolding initiated in the previous project, that role will be more
minimized.
Materials:

PowerPoint
Role Cards
Chromebooks

Instructional Sequence
Globalization Project directions (20 minutes)
Each student will be given a role card
US Auto-Worker
Telecommunications operator in India
A consumer in Germany
A farmer in Ghana
A Chinese textile executive
Environmentalist in Ecuador
Pakistani immigrant in Qatar
Students will research their role focusing on
How their role fits into the global economy
Who do they work for/employ
How their economic activity impacts
their county
How their economic activity impacts
other countries
Their desires from the new global economy
Their fears of the new global economy
Support or oppose free trade policies
How their role impacts the other roles
Students will write a 1-2 page paper on their research in
preparation for a class discussion next class period

Announce to students that their Stock Philosophy paper and


Current Events are due Friday
Standards (HSCEs)
CG3 Patterns of Global Interactions Define the process of globalization and evaluate the
merit of this concept to describe the contemporary world by analyzing
economic interdependence of the worlds countries and world trade patterns
the exchanges of scientific, technological, and medical innovations
cultural diffusion and the different ways cultures/societies respond to new cultural
ideas and patterns
comparative economic advantages and disadvantages of regions, regarding cost of
labor, natural resources, location, and tradition
distribution of wealth and resources and efforts to narrow the inequitable distribution of
resources (National Geography Standards 6 and 11, pp. 195 and 206)
How will you know that students are getting it?
The depth of student research and the economic concepts that they bring into the analysis of
their role and how it fits into the global economy will highlight their understanding of the global
economy. The discussion next class will also serve as an assessment of student understanding.
How does the essential question connect students to this days focus?
The questions of how globalization impacts the US economy and who it benefits and harms are
addressed in this lesson and in the discussion for next class. Each role is one that is directly
impacted by globalization to varying degrees. Students will practice investigative skills and
utilizing economic analysis techniques to determine how each role is impacted.
Date: 3/30/16
Globalization Discussion Lesson
Length: 90 minutes
Context: Students have been working on a variety of mini-projects for the unit on globalization.
This discussion serves as their final project for the unit. In the previous class students were
given a role card for someone who was part of the global economy (German consumer, Chinese
textile executive, Ghanaian farmer, US auto worker, Indian telecommunications operator, or
Pakistani immigrant to Qatar.) Students then researched how globalization affected their role.
Todays class will be a discussion about what the students discovered.
Central Question: How are people across the world impacted by globalization and the policies
of countries adapting to the new environment?
Objective:
Students will be able to understand how globalization impacts nearly everyone in
the world

Students will be able to recognize how the economic activity of others impacts
them as well as how their own economic activity affects other people
Students will gain more of an international perspective on how the economy
impacts people different from themselves
Anticipated Student Challenges:
The main challenge will be to properly moderate the discussion. The last class discussion was
productive in that very interesting points and back and forth dialogues were had. However there
are a number of students who will dominate the discussion. So making sure that everyones
voice is heard will be a major goal of this discussion. This will be remedied through the new
nature of the discussion itself. The last discussion was about supply vs demand side economics
and which is better for the economy. Each student was allowed to make a choice and it turned
out that all but three students chose the same side. Since this discussion is not adversarial this
should not be as much of an issue. Making sure that students stick to the rules of raising their
hand to speak and calling on students forst who have not been heard in the discussion will
encourage more students to participate.
Materials:

Role cards
Rearrange the room to better facilitate discussion

Instructional Sequence:
Review the rules of a Socratic Circle with students (10 minutes)
Raise hand to be called on
Rules of respect
Emphasize participation points

Small group discussion (10-15 minutes)


Break students up into groups based on the role they were given
Students discuss what they found during their research
How does the global economy affect their role?
What are their roles hopes and fears for the new
economy?
What are the working conditions like for that role?
Would your role support globalization policies?
Class Socratic Circle (60 minutes)
Have students come back to the large discussion
Have a representative for each role discuss what
they talked about in the small group discussion
Is globalization a positive or negative force for your
roles?
Would your role hold any resentment towards the
other roles or other members in the economy?
Explain what government or international policies
your roles would prefer
Impromptu questions based on student responses
Conclusion (5 minutes)
Recap with the class the main points brought up during the

discussion

Discussion reflection

Standards (HSCEs)
CG3 Patterns of Global Interactions Define the process of globalization and evaluate the
merit of this concept to describe the contemporary world by analyzing
economic interdependence of the worlds countries and world trade patterns
the exchanges of scientific, technological, and medical innovations
cultural diffusion and the different ways cultures/societies respond to new cultural
ideas and patterns
comparative economic advantages and disadvantages of regions, regarding cost of
labor, natural resources, location, and tradition
distribution of wealth and resources and efforts to narrow the inequitable distribution of
resources (National Geography Standards 6 and 11, pp. 195 and 206)
How will you know that students are getting it?
Student responses to the questions will highlight their understanding of the hopes and concerns
of real people in their roles as well as how the global economy operates. Their ability to
communicate their research and answers to the questions will help students practice that skill as
well as that of economic analysis.
How does the essential question connect students to this days focus?
The questions of how globalization impacts the US economy and who it benefits and harms are
addressed in this lesson and in the discussion for next class. Each role is one that is directly
impacted by globalization to varying degrees. Students will not only analyze the roles during the
discussion but will also learn to empathize with people in their roles and understand their
concerns about globalization.
III. Unit Evaluation: (To Be Completed After the Unit)
Assessment, Reflection, and Revision of the Unit:
Assessment of student learning:
Student learning for this unit was substantial. They completed the projects at a level that
exceeded expectations. Students brought in depth analysis to every project and assignment
including the stock market project and current event analysis. They showed a willingness to
understand those outside of their situation during the Globalization discussion. Students will be
able to take what they learned in this unit into the next unit and beyond.
Reflective thoughts about the unit:
Overall the unit went well. The students really enjoyed and got a lot out of the switch from
lecture based lessons to project based ones. These allowed them to put what theyve learned in
class to use to create a product. The stock market game has also sparked the students interest
in economics. Ive overheard talks in the halls over stock market strategy and students bragging
or in despair over their portfolios. This unit has revealed to me that projects are an effective
teaching strategy for economics.

Suggestions for revision:


The biggest aspect that needs revision is incorporating time in the unit for unforeseen events.
The third week of the unit had a snowday which threw off the whole schedule. As a result when
this unit was actually carried out, a number of the lecture days had to be cut. These days were
designed to give the students ample information to work with for when they completed their
projects. Despite this the projects went very well, but they could have been better had there
been a way to include these days.