ESSENTIAL LESSON VOCABULARY - Weebly

Unit 2: Supply, Demand, & Competition: The U.S. Financial System

Welcome to your UNIT 2 MAP! These instructions (in white text) will help you understand how to read and use this guide.

LESSON # & TITLE: Each lesson has a number. Unit 1, Lesson 1 is called "1.1" Unit 6, lesson 4 = 6.4. All notes, assignments, and grade book notations for this lesson will use this format

ESSENTIAL QUESTION: Every lesson has an EQ. EACH EQ must be answered within your "Unit 1 EQs" assignment, posted in google classroom.

Readings / Handouts: simply lists materials we will use for the lesson Vocabulary: lists key terms & concepts you are expected to learn and apply.

You should be able to connect many of these in answering the essential question, for example PERFORMANCE TASK: They main activity / assignment we will use to help you learn this lesson.

Always use the rubric to understand clearly what I'm looking for when I grade performance tasks.

Lesson 1: Microeconomics 101: Scarcity & Decision-making

Lesson Essential Questions ? Answer each and submit along with performance task.

How does scarcity influence microeconomic decision-making? Readings, handouts, activities. Download what you're missing from mrggcivics. Reading on Scarcity; Opportunity Cost practice sheet

ESSENTIAL LESSON VOCABULARY:

Microeconomics Scarcity Resources

Wants Needs

Trade off Cost-benefit analysis

Opportunity cost

Performance Task Description:

Draw a two-panel cartoon that demonstrates the problem of scarcity. The first panel should clearly

demonstrate an understanding of what scarcity is and why things are scarce. The second should

demonstrate how scarcity influences the decision-making of individual consumers. Cartoons should

include both images and captions.

Rubric for Performance Task

1

2

3

4

Understandi ng of

Scarcity Impact of scarcity on economic

choices

Cartoon does not address or explain scarcity. Cartoon doesn't

not address economic

choice

Cartoon references "scarcity" but does not show clear understanding.

Cartoon shows an economic choice but does not address

factors that influence it.

Cartoon integrates text and graphics, showing basic understanding.

Discusses trade off choices or opportunity cost but does not link decision-making to scarcity.

Cartoon integrates text and graphics to clearly explain the

problem of scarcity. Cartoon clearly highlights the relationship between scarcity

and economic choices.

Lesson 2: Competition, Supply, & Demand in a Market Economy

Lesson Essential Questions ? Answer each and submit along with performance task.

How do the principles of supply, demand, and competition guide economic choices?

Readings, handouts, activities. Download what you're missing from mrggcivics.

Milk, Eggs, Pickles activity with arrows; Supply & Demand Graphing activities

ESSENTIAL LESSON VOCABULARY:

Adam Smith

Supply

Substitute goods

Free market/ free enterprise

Demand Supply schedule Complimentary goods

system

Demand schedule

Tastes

Invisible hand

Equilibrium price

Unions

Profit motive Competition

Surplus Shortage

o Right to work laws o Closed shop; Open shop

Performance Task:

Students practice graphing supply and demand, shifts in supply and demand, and will identify factors that influence price.

Unit 2: Supply, Demand, & Competition: The U.S. Financial System

Lesson 3: Factors of Economic Production

Lesson Essential Questions ? Answer each and submit along with performance task.

What decisions must societies make about the distribution of economic resources?

Readings, handouts, activities. Download what you're missing from mrggcivics.

Factors of Production Graphic Organizer

ESSENTIAL LESSON VOCABULARY:

Circular Flow Model Consumers Producers

Factors of Production o Capital o Entrepreneurship o Land o Labor

Basic Economic questions o what to produce o how to produce

o how to distribute wealth/work

product

Performance Task Description:

1. In groups of three, students create a production plan for making a product (a Big Mac, a car, a chair, a book). Students demonstrate their plan by creating one of the following: a. A diagram or cartoon strip showing the production of their product with each factor of production clearly labeled; b. Or a poem or rap (written or recorded) that describes clearly the production process

2. Individually research and describe the difference between a manufacturing based and service / information based economy.

Rubric for Performance Task

1

2

3

4

Understandi ng Factors of Production

Product does not clearly address factors of production.

Product shows clear understanding of some factors of production but

omits others

Product references each of the four factors of production,

showing basic understanding.

Product integrates text and graphics to clearly explain the

four factors of production

Application of concept to

product

identifies one factor of prod.

for product.

Product accurately identifies two factors of production for

the specific product.

Product accurately identifies three factors of production for

the specific product.

Product accurately identifies each factor of production for

the specific product.

Lesson 4: Measuring the Health of Our Economy

Lesson Essential Questions ? Answer each and submit along with performance task.

How do we evaluate the strength of the economy? Readings, handouts, activities. Download what you're missing from mrggcivics. Economic Indicator Analysis Sheet

ESSENTIAL LESSON VOCABULARY:

Economic Indicators Gross Domestic Product (GDP) Inflation Consumer Price Index (CPI)

Unemployment Rate Poverty Rate Consumer confidence Consumer spending

Exchange Rate

The business cycle o Economic expansion / growth o Economic contraction o Recession

Performance Task:

Students will interpret a series of charts and graphs to draw conclusions about the strength of the economy.

1

2

3

4

Identifying student accurately

student accurately

student accurately

Response shows that student

Economic identifies one of four

identifies two of four identifies three of four

accurately identifies what all four

Indicators economic indicators

economic indicators economic indicators

economic indicators measure.

Analyzing Student draws accurate Student draws accurate Student draws accurate Student draws accurate

Economic conclusions about the

conclusions about the

conclusions about the

conclusions about the

Indicators significance and impact of significance and impact significance and impact of significance and impact of each

1 economic indicator.

of 2 economic indicators. 3 economic indicators.

economic indicator.

Unit 2: Supply, Demand, & Competition: The U.S. Financial System

Lesson 5: The Government's role in keeping the Economy on Track

Lesson Essential Questions ? Answer each and submit along with performance task.

What role should government play in the economy?

Readings, handouts, activities. Download what you're missing from mrggcivics.

Federal Reserve Reading

ESSENTIAL LESSON VOCABULARY:

Federal Reserve Bank Money supply Inflation

Monetary Policy o Loose o tight

Economic Stimulus Discount rate Reserve requirement

Performance Task: Students make monetary policy recommendations to the Federal Reserve.

Lesson 6: Economic Systems

Lesson Essential Questions ? Answer each and submit along with performance task.

What are the core differences between traditional, command, market, and mixed economies?

Readings, handouts, activities. Download what you're missing from mrggcivics.

Economic Systems Handout & skits

Economic Systems Essay materials; rubric provided separately

ESSENTIAL LESSON VOCABULARY:

Traditional economy Command economy

socialism communism

Market economy Laissez faire

Mixed economy

PERFORMANCE TASK:

Students work in teams to create and perform skits demonstrating the features of each major economic system.

1

2

3

4

Skit

Skit concept does not Students make some effort Students use time well Students use time

Planning

clearly demonstrate

in planning skit; skit concept and most contribute to effectively & develop

economic system.

is partly accurate but

skit development.

skit collaboratively.

somewhat unclear.

Concept fits skit.

Concept fits system.

Skit

Skit is unprofessional; One student anchors the

Most students

Each student clearly

Performance OR students cannot

skit and directs the others understand their

understands their

articulate how their skit who show a lack of

assigned economic

assigned economic

demonstrates their

understanding of the skit or system & how their skit system & how their skit

assigned system.

economic system. Some

demonstrates it. All

demonstrates it. All

students perform

students perform

students perform

professionally.

professionally

professionally.

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