Grade 12 Economics: Quarter 1, Unit 0



Economics Social Studies: Quarter 1 Curriculum Map Scope and SequenceUnitLengthUnit FocusStandards and PracticesUnit 0: Social Studies Skills1 WeekStudents will apply these skills to create and address questions that will guide inquiry and critical thinking. TN Social Studies Practices: SSP.01-SSP.06Unit 1: Scarcity and Economic Reasoning3 WeeksStudents will explore how limited resources restrict the goods and services that people may want and howconsumers must choose some things and give up others. Students will consider systems and means created to meet and manage the issues of scarcity.TN Social Studies Practices: SSP.01-SSP.06Week 1: E.01, E.02, E.03Week 2: E.04, E.05Week 3: E.06, E.07, E.08Unit 2: Supply and Demand3 WeeksStudents will understand the role that supply and demand, prices, and profits play in determining production and distribution in a free-market economy.TN Social Studies Practices: SSP.01-SSP.06Week 1: E.09, E.10, E.11 (Demand)Week 2: E.09, E.10, E.11 (Supply)Week 3: E.12, E.13, E.14, E.15 (Market Equilibrium and Supply and Demand)Unit 3: Market Structures Part I1.5 WeeksStudents will understand the organization and role of business firms and analyze the various types of marketstructures in a market economy.TN Social Studies Practices: SSP.01-SSP.06Week 1: E.16, E.21, E.22Week 2: E.23, E.24Economics Social Studies: Quarter 1 Map Instructional FrameworkCourse Description Copy standards course description for each grade level.Planning and PacingThe curriculum map outlines the content and pacing for each grade and subject and allows teachers to adequately cover all new material prior to testing. The map is meant to support effective planning and instruction; it is not meant to replace teacher planning or instructional practice. Teachers are considered on pace if they are within two weeks of the curriculum maps. Weekly GuidanceEach map begins with the recommended texts, protocols or activities that align to these texts or standards, and a weekly assessment in the form of a TN Ready aligned writing prompt. All curriculum materials, including the texts and instructions for protocols, can be found in Sharepoint. Texts are in the “9-12 Supporting Documents and Resources” folder and arranged by grade level, quarter, and unit. Vocabulary InstructionTBD once new appendix is made.Daily StrategiesTBD once new appendix is made.Unit AssessmentsUnit assessments have been provided in Sharepoint and can be used in conjunction with the maps. These assessments are housed in the “9-12 Assessments” folder of the High School section. They are arranged by quarter and include at least two TN Ready style assessment questions per a standard. Teachers may choose to use these as common formative assessments or break them apart to pull questions for bell work, exit tickets, or mini-quizzes. Unit Overview: Quarter 1 Unit 0UnitLengthUnit FocusStandards and PracticesNarrative OverviewQ1 Unit 0: Historical Thinking, Classroom Procedures, and Geography Skills 1 weekStudents will demonstrate mastery of geographical skills, historical contextualization, research methods of historians, and other tools for reading and thinking like a Historian. Students will also learn how to evaluate sources, and synthesize information from multiple sources.TN Social Studies Practices: SSP.01-SSP.06Day 1Day 2Day 3Day 4Day 5TextsCrash Course, #1 Intro to EconomicsBudget Tradeoffs HandoutsCrash Course,#14 Economic Schools of Thought“The Great Depression: An Overview”“The Great Depression: An Overview”StandardsSSP.01-SSP.06SSP.01-SSP.06SSP.01-SSP.06SSP.01-SSP.06SSP.01-SSP.06Bell RingerExamples: Identifications, Vocabulary, Map Skills (Suggest no more than 5 minutes.) Quickwrite: “What is your definition of an economy? What role do you play? How do you know?”Quickwrite: “Define budget and tradeoff in your own terms.”Quickwrite: “How does an economy get established?”Quickwrite:” From memory, create a timeline of the series of events leading to the Great Depression.”Quickwrite: Compare yesterday’s timeline to the actual events discussed in yesterday’s lesson. Update the timeline.HookDevelop student interest and connect learning to daily standards. This can include whiteboard protocol, daily agenda, teacher modeling of the standards.Introduction of course, review of day’s agenda; discussion of bell ringerReview of day’s agenda; discussion of bell ringer with definitions and examplesReview of day’s agenda; discussion of bell ringer.Review of day’s agenda; discussion of bell ringer.Discussion of people’s choices and their influence on the economy.InquiryTeacher guided inquiry into content-rich texts, images or other content including.Think/Pair/Share discussion of the economic example of student sales of chips, juice, and candy at school. How does this example represent an economy? Is this economy functional? What may be the downfalls and benefits of this particular example?Budget Tradeoffs Lesson explanation and material passoutWhole-group view of Crash Course, #14 Economic Schools of Thought.Teacher led reading of “The Great Depression: An Overview.”Teacher led discussion about reading charts and graphs.ApplicationTeacher facilitated small group or partner strategies to deepen student understanding and foster robust, collaborative discussion.Group discussion of the economic example. Whole-group view of Crash Course, #1 Intro to Economics.Budget tradeoffs LessonBIG Paper strategy to discuss competing types of economy. Ask students which economy do they prefer? Which economy is better for the average citizen? Which economy reflects democracy the best? (and etc.)What Do People Say? LessonWhat Do People Say? LessonClosureIndividual students synthesize and/or summarize learning for the day.Introduction of Closing Tweet Activity (electronic or paper): 280 characters summarizing what you learned or asking clarifying questions.Review of tradeoffs and limited income. How do we analyze the choices we make?Discuss variance in income and the possible inequity of the expectation of budgeting.3-2-1: on today’s activities.Assessment- Short Writing prompt:Using evidence from the week’s lesson and your knowledge of history, answer the following questions in 2-3 paragraphs1. How do our choices impact the economy? How do economists analyze our choices? How have historic choices impacted the economy?Grade 12 Economics: Quarter 1, Unit 0Historical and Geographical Awareness SkillsEssential Question(s)How does an economy get established?What are the varying roles in an economy?How do economists analyze our choices?How do our choices impact the economy?How have historic choices impacted the economy?Student OutcomesStudents can explain the definition of economy.Students can compare the different systems of economy.Students can cite historical examples of economic impacts.Students can demonstrate how to read a chart/graph.Students can describe the different roles in the economy.Students can explain the role of an economist.Students can cite examples of choice in an economy.TextsCrash Course, #1 “Intro to Economy” LINKCrash Course, #14 “Economic Schools of Thought” LINK“The Great Depression: An Overview (SCS Q1 Resources) Budget Trade Off Handouts Suggested Classroom Strategies BIG Paper Think/Pair/Share Closing Tweet Activity3-2-1 What Do People Say? (SCS Q1 Resources)Budget Trade Offs (SCSQ1 Resources)Assessment(s)Short Writing PromptUsing evidence from the week’s lesson and your knowledge of history, answer the following questions in 2-3 paragraphs1. How do our choices impact the economy? How do economists analyze our choices? How have historic choices impacted the economy?StandardsSSP.01-SSP.06Unit Overview: Quarter 1 Unit 1UnitLengthUnit FocusStandards and PracticesNarrative OverviewUnit 1: Scarcity and Economic Reasoning3 WeeksStudents will explore how limited resources restrict the goods and services that people may want and howconsumers must choose some things and give up others. Students will consider systems and means created to meet and manage the issues of scarcity.TN Social Studies Practices: SSP.01-SSP.06Week 1: E.01, E.02, E.03Week 2: E.04, E.05Week 3: E.06, E.07, E.08US History Social Studies: Quarter 1 Unit 1 VocabularyTier 2 VocabularyNeed, want, goods, services, entrepreneur, efficiency, standard of living, specialization, self-interest, incentive, competition, privatization, Tier 3 VocabularyEconomics, shortage, factors of production, land, labor, capital, physical capital, human capital, trade-off, “guns or butter,” opportunity cost, cost/benefit analysis, production possibilities, efficiency, underutilization, economic system, profit, safety net, class struggle, traditional economy, market, firm, invisible hand, consumer sovereignty, command economy, socialism, communism, authoritarian, laissez faire, private property, capitalism, free enterprise Sample Lesson: Quarter 1 Unit 1SS TN Standard(s):E.07Student Outcomes: What will students know and be able to do as a result of this lesson?Students can compare and contrast Capitalism, Socialism, and Communism.Students can evaluate the effectiveness of different economic systems with historical examples.Students can infer main ideas and central themes of the writings of Smith and Marx.Key Academic Vocabulary:Need, want, competition, invisible hand, consumer sovereignty, capitalism, private property, laissez faire Resources / Materials:Wealth of Nations textWarm-Up / Bell Ringer: Examples: Identifications, Vocabulary, Map Skills (Suggest no more than 5 minutes.)Frayer Model—Competition and Self InterestEssential Question / Relevance: Develop student interest and connect learning to daily standards. What are the characteristics of a free market economy?High-Quality Text(s):Wealth of NationsText-Specific Inquiry: Teacher guided inquiry into content-rich texts, images or other content. Close-reading protocol—The Wealth of NationsText-Specific Application: Teacher facilitated small group or partner strategies to deepen student understanding and foster robust, collaborative discussion.Two Minute Interview—The Wealth of NationsClosure: Individual students synthesize and/or summarize learning for the day.Harvard Visible Thinking Routine—3-2-1 BridgeWeekly Assessment:Guidance is provided weekly in the map tosupport robust student writing every week that is strongly aligned to Social Studies contentstandards.Using Wealth of Nations and the Communist Manifesto, analyze the reasons that capitalism became the dominant economic pattern, and why Marxism developed as a response to capitalism’s problems during and after the Industrial Revolution.(See Q1, Unit 1, Week 3 for more info)Unit 1: Week 1Essential Question(s)What are resources? Why are resources necessary for the production of goods and services? How do consumers and producers confront the condition of scarcity? Why do consumers make choices that involve opportunity costs and tradeoffs? What are the reasons for voluntary exchange? Student OutcomesStudents can identify natural, human, and capital resources and categorize them appropriately.Students can explain why resources are necessary for the production of goods and services.Students can define scarcity and give examples from their own lives.Students can identify choices that are made because of scarcity. Students can explain the concept of opportunity costs and identify appropriate examples of opportunity costs of their individual choices.Students can explain positive and negative incentives and voluntary exchange.TextsTextbook: Pearson EconomicsSuggested Supplemental Texts (in SharePoint): Factors of Production Reading, Opportunity Cost Reading, Incentives, Kidney Dialysis Activity, Planning the Prom, Understanding Opportunity Cost (SCS Q1 Resources)Suggested Classroom Strategies and ProtocolsList, Label, Sort—ProductionAnticipation Guide--What do students know about the factors of production?Big Paper—Factors of Production Reading (SCS Q1 Resources)Cooperative Activity-- Prom Planning Handout (SCS Q1 Resources)Two Column Note Taking—Opportunity Cost Reading (SCS Q1 Resources)Four Corners—Kidney Dialysis Handout (SCS Q1 Resources)Barometer—Should the government take action against companies that move jobs over seas? (Textbook p. 16)SampleAssessmentNote: For this assessment students may use their own content knowledge to answer the prompt and will require access to the textbook and weekly texts to effectively cite evidence. Please ensure that students are provided with these documents to best complete this task.Extended Response Prompt:Based on your economic knowledge and this week’s texts, how do different economic systems answer the three basic economic questions?As you write, follow the directions below.Address all parts of the prompt.Include information and examples from your own knowledge of social studies.Use evidence from the sources to support your response.StandardsE.01 Explain how consumers and producers confront the condition of scarcity by making choices that involve opportunity costs and tradeoffs.E.02 Define land, labor, capital, and entrepreneurship, and explain why they are necessary for the production of goods and services.E.03 Explain reasons for voluntary exchange, including positive and negative incentives.Unit 1: Week 2Essential Question(s)What is money? What are the characteristics and functions of money? What is a medium of exchange? What are the 3 basic economic questions? What are the modern economic systems? How do they seek to answer the three basic economic questions? Student OutcomesStudents can define money and explain how it is used.Students can explain how money functions as a medium of exchange, a store of value, and a unit of account.Students can explain the three basic economic questions.Students can analyze how different economic systems answer the three basic economic questions.TextsTextbook: Pearson EconomicsSuggested Supplemental Texts (in SharePoint): Comparing Economic Systems, Chart with characteristics of different Economic Systems, When Economic Systems Backfire (SCS Q1 Resources)Suggested Classroom Strategies and ProtocolsDocument Analysis Templates: Comparing Economic Systems (SCS Q1 Resources)Analyzing Visual Images: Circular Flow Diagram (Textbook, Page 40)Café Conversations: Traditional Economy, Communists, Socialists, and CapitalistsLife Road Maps—Moving from Traditional Economies to Modern EconomiesTwo Minute Interviews—The Three Basic Economic Questions (What to Produce, How to Produce, For Whom to ProduceSampleAssessmentNote: For this assessment students may use their own content knowledge to answer the prompt and will require access to the textbook and weekly texts to effectively cite evidence. Please ensure that students are provided with these documents to best complete this task.Extended Response Prompt:Based on your economic knowledge and this week’s texts, how do different economic systems answer the three basic economic questions?As you write, follow the directions below.Address all parts of the prompt.Include information and examples from your own knowledge of social studies.Use evidence from the sources to support your response.StandardsE.04 Describe the basic characteristics and explain the functions of money, including its role as a medium of exchange, store of value, and unit of account.E.05 Compare and contrast how the various modern economic systems (i.e., market, command,mixed) attempt to answer the following questions: What to produce? How to produce it? Toproduce it for whom?Unit 1: Week 3Essential Question(s)What is a production possibilities curve? How can a production possibilities curve explain choice, scarcity, opportunity costs, tradeoffs, unemployment, productivity, and growth? How are capitalism, socialism, and communism similar? How are they different? How effective are capitalism, socialism, and communism? What are the major ideas of Adam Smith and Karl Marx?Student OutcomesStudents can explain production possibilities curves and their uses.Students can compare and contrast Capitalism, Socialism, and Communism.Students can evaluate the effectiveness of different economic systems with historical examples.Students can infer main ideas and central themes of the writings of Smith and MarxTextsTextbook: Pearson EconomicsSuggested Supplemental Texts (in SharePoint): Wealth of Nations, Communist Manifesto, Image of North Korea at Night, and Sample Production Possibilities Curve (SCS Q1 Resources)Suggested Classroom Strategies and ProtocolsClose Viewing Protocol—Production Possibilities CurveAnnotating and Paraphrasing—Wealth of Nations and Communist Manifesto (SCS Q1 Resources)Text to Text, Text to Self, Text to World—Wealth of Nations and Communist ManifestoFour Corners—Controversial statements about different economic systemsAnalyzing Visual Images—Image of North Korea at NightSPAR—Effectiveness of the different economic systemsThink, Pair, Share—Pros and cons of different economic systemsLesson Plan-- Broad Social Goals of an Economy—Focus Economics Lesson 2 (Link)SampleAssessmentNote: For this assessment students may use their own content knowledge to answer the prompt and will require access to the textbook and weekly texts to effectively cite evidence. Please ensure that students are provided with these documents to best complete this task.Extended Response Prompt:Prompt: Using Wealth of Nations and the Communist Manifesto, analyze the reasons that capitalism became the dominant economic pattern, and why Marxism developed as a response to capitalism’s problems during and after the Industrial Revolution.Why did Adam Smith’s economic ideas spread around the western world? What was appealing about the philosophy?What problems did Capitalism cause or aggravate during the Industrial Revolution?How did Marxism develop to respond to these problems? Why did it appeal to many in the working class? What flaws did it have?As you write, follow the directions below.Address all parts of the prompt.Include information and examples from your own knowledge of social studies.Use evidence from the sources to support your response.StandardsE.06 Use a production possibilities curve to explain the concepts of:? Choice ? Growth? Opportunity cost? Productivity? Scarcity? Tradeoffs? UnemploymentE.07 Compare and contrast the theoretical principles of capitalism, socialism, and communism, asexpressed through theorists such as Adam Smith and Karl Marx.E.08 Identify and explain the following broad goals of economic policy:? Efficiency E? Equity? Freedom? Full employment? Growth? Price stability? SecurityUnit Overview: Quarter 1 Unit 2UnitLengthUnit FocusStandards and PracticesNarrative OverviewUnit 2: Supply and Demand3 WeeksStudents will understand the role that supply and demand, prices, and profits play in determining production and distribution in a free-market economy.TN Social Studies Practices: SSP.01-SSP.06Week 1: E.09, E.10, E.11 (Demand)Week 2: E.09, E.10, E.11 (Supply)Week 3: E.12, E.13, E.14, E.15 (Market Equilibrium and Supply and Demand)US History Social Studies: Quarter 1 Unit 2 VocabularyTier 2 Vocabularycomplements, substitutes, demographics, inelastic, elastic, variable, operating cost, subsidy, excise tax, regulation, quota, minimum wage, inventory, fad, rationing, black marketTier 3 VocabularyDemand, law of demand, substitution effect, income effect, demand schedule, market demand schedule, demand curve, ceteris paribus, normal good, inferior good, elasticity of demand, unitary elastic, total revenue, supply, law of supply, quantity supplied, supply schedule, market supply schedule, elasticity of supply, marginal product of labor, increasing marginal returns, diminishing marginal returns, fixed cost, variable cost, total cost, marginal cost, marginal revenue, average cost, equilibrium, disequilibrium, shortage, surplus, price ceiling, rent control, price floor, search costs, supply shock, Sample Lesson: Quarter 1 Unit 2SS TN Standard(s):E.10Student Outcomes: What will students know and be able to do as a result of this lesson?Students can explain changes in market supply.Key Academic Vocabulary:Supply, law of supply, supply schedule, quantity supplied, elasticity of supplyResources / Materials:Army worm supply shift articleWarm-Up / Bell Ringer: Examples: Identifications, Vocabulary, Map Skills (Suggest no more than 5 minutes.)Semantic Webbing—Changes in SupplyEssential Question / Relevance: Develop student interest and connect learning to daily standards. What factors can contribute to a shift in supply for a product?High-Quality Text(s):Army Worm Supply ShiftText-Specific Inquiry: Teacher guided inquiry into content-rich texts, images or other content. Iceberg Diagram—Causes of a shift in supplyText-Specific Application: Teacher facilitated small group or partner strategies to deepen student understanding and foster robust, collaborative discussion.Save the Last Word for Me—Army Worm Supply Shift ArticleClosure: Individual students synthesize and/or summarize learning for the day.Harvard Visible Thinking Routine—I used to think…But now I think…Weekly Assessment:Guidance is provided weekly in the map tosupport robust student writing every week that is strongly aligned to Social Studies contentstandards.See Q1 Unit 2 Week 2 for Extended response PromptUnit 2: Week 1 DemandEssential Question(s)What is demand? What are examples of real world demand? What is the role of buyers in determining price? How do consumers determine what is produced? What is a demand curve? What can cause a shift in a demand curve? How can artificial demand be created? What is demand elasticity? Student OutcomesStudents can define demand and give real world examples of demand.Students can illustrate the law of demand.Students can explain the role of buyers in the market place.Students can draw and interpret demand curves.Students can explain ways in which governments can interfere with market demand.Students can explain the difference between products with elastic demand and those with inelastic demand.TextsTextbook: Pearson EconomicsSuggested Supplemental Texts (in SharePoint): Food Prices and Demand, Demand, Analyzing Demand Elasticity (SCS Q1 Resources)Suggested Classroom Strategies and ProtocolsAnticipation Guides—What do students know about Demand?Frayer Model--DemandDocument Analysis Template—Food Prices and Demand (SCS Q1 Resources)Close Read Protocol—Who Needs to Eat (Textbook, Page 93)Using Charts and Graphs—Demand (SCS Q1 Resources)Analyzing Shifts—Demand (SCS Q1 Resources)Gallery Walk—Analyzing Demand Elasticity (SCS Q1 Resources)Graffiti Boards--Sample Demand Curves with Demand ShiftsSampleAssessmentNote: For this assessment students may use their own content knowledge to answer the prompt and will require access to the textbook and weekly texts to effectively cite evidence. Please ensure that students are provided with these documents to best complete this task.Extended Response Prompt:Pick a product from a list generated from your instructor. Analyze the demand for the following item at specific prices.Your analysis should include:A sample graph of a demand curve for the productAn example increase in demand graphed, and a paragraph of analysis of factors that might cause such a shiftAn example decrease in demand graphed, and a paragraph of analysis of factors that might cause such a shiftIs the product elastic or inelastic? Evidence of the elasticity or inelasticity of the product should be included.As you write, follow the directions below.Address all parts of the prompt.Include information and examples from your own knowledge of social studies.Use evidence from the sources to support your response.StandardsE.09 Define supply and demand, provide relevant examples, and consider ceteris paribus (i.e., allthings being equal).E.10 Identify factors that cause changes in market supply and demand.E.11 Use concepts of price elasticity of demand and supply to explain and predict changes in quantityas prices fluctuate.Unit 2: Week 2 Supply Essential Question(s)What is supply? What are examples of real world supply? What is the law of supply? What is the role of sellers in determining price? How do sellers determine what is produced? What is a supply curve? What can cause a shift in a supply curve? What is supply elasticity? Student OutcomesStudents can define supply and give real world examples of supply.Students can illustrate the law of supply.Students can explain the role of sellers in the market place.Students can draw and interpret supply curves.Students can explain the difference between products with elastic supply and those with inelastic supply.TextsTextbook: Pearson EconomicsSuggested Supplemental Texts (in SharePoint): Coffee Beans, Army Worm Supply Shift Article (SCS Q1 Resources)Suggested Classroom Strategies and ProtocolsAlphabet Brainstorm--SupplyClose-read Protocol—Coffee Beans (SCS Q1 Resources)Big Paper—Army Worm Supply Shift Article (SCS Q1 Resources)Iceberg Diagram—Shifts in SupplyDocument Analysis Template—Sample Supply GraphsTwo-Minute Interview—Elasticity of Supply SampleAssessmentNote: For this assessment students may use their own content knowledge to answer the prompt and will require access to the textbook and weekly texts to effectively cite evidence. Please ensure that students are provided with these documents to best complete this task.Extended Response Prompt:Pick a product from a list generated from your instructor. Analyze the supply for the following item at specific prices.Your analysis should include:A sample graph of a supply curve for the productAn example increase in supply graphed, and a paragraph of analysis of factors that might cause such a shiftAn example decrease in supply graphed, and a paragraph of analysis of factors that might cause such a shiftIs the product elastic or inelastic supply? Evidence of the elasticity or inelasticity of the product should be included.As you write, follow the directions below.Address all parts of the prompt.Include information and examples from your own knowledge of social studies.Use evidence from the sources to support your response.StandardsE.09 Define supply and demand, provide relevant examples, and consider ceteris paribus (i.e., allthings being equal).E.10 Identify factors that cause changes in market supply and demand.E.11 Use concepts of price elasticity of demand and supply to explain and predict changes in quantityas prices fluctuate.Unit 2: Week 3 Market EquilibriumEssential Question(s)What is market equilibrium? What causes a shortage of a product? What causes a surplus of a product? How do supply and demand interact with one another to determine price? How can supply and demand graphs help predict the equilibrium price?Student OutcomesStudents can define market equilibrium.Students can explain how markets shift towards equilibrium.Students can define shortages and surpluses, and explain how charging non-equilibrium prices can cause these economic problems.Students can explain how supply and demand can be used to predict equilibrium price.TextsTextbook: Pearson EconomicsSuggested Supplemental Texts (in SharePoint): Veggie Price Shock, Indiana Jones Supply and Demand (Q1 Resources), A Market in Wheat (FOCUS Economics Packet)Suggested Classroom Strategies and ProtocolsFocus Economics—A Market in Wheat (SCS Resources Focus Economics)Town-Hall Circle—Veggie Price Shock (SCS Q1 Resources)Text-to-Text, Text-to-Self, Text to World—Out of the Woodwork (Textbook, Page 150)Close Viewing Protocol—Indiana Jones Supply and Demand ClipCircle of Viewpoints—How does a market react to a shortage? (Textbook, Page 144)SampleAssessmentNote: For this assessment students may use their own content knowledge to answer the prompt and will require access to the textbook and weekly texts to effectively cite evidence. Please ensure that students are provided with these documents to best complete this task.Extended Response Prompt:Pick a product from a list generated from your instructor. Analyze the supply, demand, and market equlibrium for the following item at specific prices.Your analysis should include:A sample graph of a demand curve and a supply curve for the productAn example increase in demand and supply graphed, and a paragraph of analysis of factors that might cause such a shiftAn example decrease in demand and supply graphed, and a paragraph of analysis of factors that might cause such a shiftHow does each shift cause a new equilibrium price? What are those new prices?As you write, follow the directions below.Address all parts of the prompt.Include information and examples from your own knowledge of social studies.Use evidence from the sources to support your response.StandardsE.12 Define market equilibrium, and explain how supply and demand guide prices towards equilibriumto avoid surpluses or shortages.E.13 Describe how supply and demand determine equilibrium price, and graph examples on a curve.E.14 Describe causes of shortages and surpluses.E.15 Analyze effects of shortages and surpluses on supply and demand.Unit Overview: Quarter 1 Unit 3UnitLengthUnit FocusStandards and PracticesNarrative OverviewUnit 3: Market Structures Part I1.5 WeeksStudents will understand the organization and role of business firms and analyze the various types of marketstructures in a market economy.TN Social Studies Practices: SSP.01-SSP.06Week 1: E.16, E.21, E.22Week 2: E.23, E.24US History Social Studies: Quarter 1 Unit 3 VocabularyTier 2 VocabularyDifferentiation, collusion, cartel, merger, deregulationTier 3 VocabularyPerfect competition, commodity, barrier to entry, imperfect competition, start-up costs, monopoly, economies of scale, natural monopoly, government monopoly, patent, franchise, license, price discrimination, market power, monopolistic competition, non-price competition, oligopoly, price war, price fixing, predatory pricing, antitrust laws, trust, Sample Lesson: Quarter 1 Unit 3SS TN Standard(s):E.21Student Outcomes: What will students know and be able to do as a result of this lesson?Students can identify the basic characteristics of monopolies, oligopolies, monopolistic competition, and perfect competition.Key Academic Vocabulary:Perfect competition, barrier to entry, imperfect competition, start-up costs, non-price competitionResources / Materials:Four Basic Market StructuresWarm-Up / Bell Ringer: Examples: Identifications, Vocabulary, Map Skills (Suggest no more than 5 minutes.)List, Sort, Label—Economic Competition or Business CompetitionEssential Question / Relevance: Develop student interest and connect learning to daily standards. What are the defining characteristics of the four basic market structures?High-Quality Text(s):Chapter 7 in Economics TextbookText-Specific Inquiry: Teacher guided inquiry into content-rich texts, images or other content. Jigsaw-Four Basic Market StructuresText-Specific Application: Teacher facilitated small group or partner strategies to deepen student understanding and foster robust, collaborative discussion.Two Minute Interview—Levels of Competition in each market structureClosure: Individual students synthesize and/or summarize learning for the day.Harvard Visible Thinking Routine—Generate, Sort, Connect, Elaborate—Market StructuresWeekly Assessment:Guidance is provided weekly in the map tosupport robust student writing every week that is strongly aligned to Social Studies contentstandards.See Unit 3 Week 1 for PromptUnit 3: Week 1Essential Question(s)What are markets? What are the defining characteristics of different market structures? What are the different types of business organizations? How does competition among many sellers lower costs and prices and encourage producers to produce more? How do firms engage in price and non-price competition? What is the role of entrepreneurs in a free-enterprise system?Student OutcomesStudents can identify natural, human, and capital resources and categorize them appropriately.Students can explain why resources are necessary for the production of goods and services.Students can define scarcity and give examples from their own lives.Students can identify choices that are made because of scarcity. Students can explain the concept of opportunity costs and identify appropriate examples of opportunity costs of their individual choices.Students can explain positive and negative incentives and voluntary exchange.TextsTextbook: Pearson EconomicsSuggested Supplemental Texts (in SharePoint): Entrepreneurs and Bankers, Political Cartoons about Monopolies, Market Structures Video Review, The Oligopoly Problem (SCS Q1 Resources)Suggested Classroom Strategies and ProtocolsAlphabet Brainstorm--MarketsAnalyzing Visual Images--Political Cartoons (SCS Q1 Resources)Chunking—Entrepreneurs and Bankers (SCS Q1 Resources)Annotating and Paraphrasing—The Oligopoly Problem (SCS Q1 Resources)Close Viewing Protocol—Market Structures Video ReviewJigsaw—Market StructuresInteractive Notebook Pages—Market Structures (SCS Q1 Resources)SampleAssessmentNote: For this assessment students may use their own content knowledge to answer the prompt and will require access to the textbook and weekly texts to effectively cite evidence. Please ensure that students are provided with these documents to best complete this task.Extended Response Prompt:Choose a sample business. To which market structure would your business most likely belong? How does it meet the characteristics of that market structure? What are the advantages for your business in that market structure? What are the disadvantages? What kind of non-price competition would your business use? As you write, follow the directions below.Address all parts of the prompt.Include information and examples from your own knowledge of social studies.Use evidence from the sources to support your response.StandardsE.16 Compare and contrast the following forms of business organization: sole proprietorship,partnership, and corporation.E.21 Identify the basic characteristics of monopoly, oligopoly, monopolistic competition, and perfectcompetition.E.22 Explain how competition impacts pricing and production in market structures.Unit 3: Week 2Essential Question(s)What is non-price competition? How do businesses engage in non-price competition? What laws exist to prevent monopolies and encourage competition? Why are these laws necessary?Student OutcomesStudents can explain how and why firms engage in non-price competition.Students can identify laws and regulations that promote competition in the United States.TextsTextbook: Pearson EconomicsSuggested Supplemental Texts (in SharePoint): Focus Economics Suggested Classroom Strategies and ProtocolsFocus Economics—Lesson 15 When There Isn’t Pure Competition (SCS Resources Focus Economics)Econ EdLink—The Choice is Us (Link)SampleAssessment9 Weeks TestStandardsE.23 Identify laws and regulations adopted in the U.S. to promote competition among firms.E.24 Explain ways that firms engage in price and non-price competition.Note: This week is intended as a half week of instruction to allow time for review and assessment. ................
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