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© 2008 by Mahomet-Seymour Schools.
All Rights Reserved.
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Mahomet-Seymour Schools
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Curriculum
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Social Studies - Economics
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Economics Introduction and Overview
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The learner will be able to explain the meaning of
scarcity.
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The learner will be able to understand the
relationship between scarcity and issues of allocation of resources.
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The learner will be able to define economics.
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The learner will be able to understand the concepts
of opportunity cost and opportunity benefit.
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The learner will be able to differentiate between the
study of microeconomics and macroeconomics.
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The learner will be able to list and compare the four
basic types of economic systems.
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The learner will be able to comprehend the
characteristics of the market economy.
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The learner will be able to understand the
relationship between individual choices and economic incentives.
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The learner will be able to analyze the relationship
between the price system and private property in the economy of the United
States.
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The learner will be able to utilize the five step
decision-making process.
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The learner will be able to comprehend the meaning of
utility and util.
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The learner will be able to analyze the functions
inherent in a command economy.
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The learner will be able to evaluate production
decisions in a command economy.
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The learner will be able to understand the concept of
economies of scale and the public goods rationale.
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The learner will be able to analyze the issue of
social benefits and social costs.
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The learner will be able to evaluate cost and benefit
decisions in the private sector.
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The learner will be able to understand the
relationship between producers and consumers in the market.
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The learner will be able to be aware of market system
pitfalls.
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The learner will be able to demonstrate knowledge of
the workings of public institutions, including the makeup of the
governmental sector of the economy.
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The learner will be able to list and explain the five
major functions of the public sector.
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The learner will be able to analyze problems related
to the public sector.
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The learner will be able to demonstrate an
understanding of the elements of demand and supply.
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The learner will be able to understand the
relationship between demand and supply schedules and demand and supply
curves.
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The learner will be able to understand price-quantity
relationships and the laws of demand and supply.
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The learner will be able to explain and list the
determinants of demand and supply.
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The learner will be able to understand and explain
the concept of price electricity as it relates to both supply and demand.
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The learner will be able to explain the functions of
the four factors of production.
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The learner will be able to understand both explicit
and opportunity costs.
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The learner will be able to explain the concept of marginal
product and diminishing marginal utility.
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The learner will be able to demonstrate graphically
the interaction of demand and supply to establish equilibrium price, and to
demonstrate response to various changing economic factors.
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The learner will be able to demonstrate graphically
the concepts of shortage and surplus.
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The learner will be able to understand the
government's interaction with the market system.
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The learner will be able to define and know the uses
of price floors and price ceilings.
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Business Types and Competition
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The learner will be able to understand and compare
the advantages and disadvantages of the four major different types of
businesses in the US
economy.
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The learner will be able to analyze the different
types and sizes of corporations.
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The learner will be able to understand the process of
financing business growth and expansion.
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The learner will be able to chart the four types of
market organizations properly identifying the five characteristics of each
type.
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The learner will be able to explain the
characteristics of perfectly competitive markets.
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The learner will be able to explain the
characteristics of monopolistic markets.
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The learner will be able to compare and contrast monopolistic
and perfectly competitive markets.
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The learner will be able to understand the principle
of product differentiation.
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The learner will be able to explain the elements and
operation of an oligopoly and monopoly.
The learner will be able to demonstrate and apply
theories of microeconomics involved in running a successful business
venture.
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The learner will be able to analyze and explain the
circular flow of income and product in the economy.
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The learner will be able to explain the use and
meaning of GDP as a measurement of economic activity.
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The learner will be able to employ the earnings
approach formula to calculate GDP, GNP, NNP, NI, PI, and DI.
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The learner will be able to understand the goods and
services approach to the calculation of GDP.
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The learner will be able to understand the concepts
of the functional and the personal distribution of income.
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The learner will be able to explain and demonstrate
the use and purpose of the Lorenz curve to demonstrate income inequality.
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The learner will be able to define and list the
factors which contribute to poverty in the United
States.
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The learner will be able to list and analyze the
relative effectiveness of a variety of government programs which deal with poverty.
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The learner will be able to understand the factors
involved in the calculation of the unemployment rate.
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The learner will be able to analyze the social,
personal, and economics costs of unemployment.
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The learner will be able to explain the structural,
cyclical, frictional, and seasonal types of unemployment.
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The learner will be able to understand and explain
the impact of inflation on an economy.
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The learner will be able to understand the consumer
price index and be able to calculate a price index.
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The learner will be able to explain the causes of
inflation.
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The learner will be able to define money and list its
functions.
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The learner will be able to understand the functions and
operations of commercial banks and other types of financial institutions in
the U.S.
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The learner will be able to understand the four tools
of monetary policy, their impact upon the economy, and utilize them to solve
model problems of inflation and recession.
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The learner will be able to understand the tools of
taxation and levels of government spending as the two major components of fiscal
policy and utilize them to solve model problems of inflation and recession.
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The learner will be able to understand and explain
the ability to pay and the benefit theories of taxation.
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The learner will be able to explain and list examples
of the differences between progressive, regressive, proportional, and
degressive taxes.
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The learner will be able to understand the concept of
direct and indirect taxation.
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The learner will be able to explain the multiplier
and the accelerator effects as they impact the use of monetary and fiscal
policy in the U.S.
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The learner will be able to understand the uses and
consequences of wage and price controls.
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The learner will be able to understand the functions
and operations of the Federal Reserve System.
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Labor Unions and Collective Bargaining
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The learner will be able to explain how the forces of
supply and demand affect the labor market in the United
States.
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The learner will be able to explain the impact of
monopsony, and minimum wage laws upon the labor market.
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The learner will be able to recount and explain the
history of the labor union movement in the United
States.
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The learner will be able to list and demonstrate a
working knowledge of the major issues negotiated in a typical
labor-management collective bargaining agreement.
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The learner will be able to understand and explain
the main components of the major U.S.
labor laws.
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International Economics Issues
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The learner will be able to demonstrate knowledge of
the major imports and exports of the United
States.
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The learner will be able to understand the meaning of
comparative and absolute advantage in international trade.
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The learner will be able to compare free trade and
protectionism as governmental policies.
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The learner will be able to understand the purpose of
the establishment of exchange rates through the use of the gold standard,
fixed exchange rates, and flexible exchange rates.
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The learner will be able to understand the economic problems
associated with both a trade surplus and a trade deficit.
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The learner will be able to explain the importance of
balance of trade and balance of international payments.
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The learner will be able to define "less-developed
country".
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The learner will be able to demonstrate knowledge of
five barriers to economic development in the world today.
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The learner will be able to explain the uses and
purposes of foreign aid.
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