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 2008 by Mahomet-Seymour Schools.
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Mahomet-Seymour Schools

Curriculum

Social Studies - Economics

 

Economics Introduction and Overview

 

The learner will be able to explain the meaning of scarcity.

 

  

 

The learner will be able to understand the relationship between scarcity and issues of allocation of resources.

 

  

 

The learner will be able to define economics.

 

  

 

The learner will be able to understand the concepts of opportunity cost and opportunity benefit.

 

  

 

The learner will be able to differentiate between the study of microeconomics and macroeconomics.

 

  

 

The learner will be able to list and compare the four basic types of economic systems.

 

  

 

The learner will be able to comprehend the characteristics of the market economy.

 

  

 

The learner will be able to understand the relationship between individual choices and economic incentives.

 

  

 

The learner will be able to analyze the relationship between the price system and private property in the economy of the United States.

 

  

 

The learner will be able to utilize the five step decision-making process.

 

  

 

The learner will be able to comprehend the meaning of utility and util.

 

  

 

The learner will be able to analyze the functions inherent in a command economy.

 

  

 

The learner will be able to evaluate production decisions in a command economy.

 

  

 

The learner will be able to understand the concept of economies of scale and the public goods rationale.

 

  

 

The learner will be able to analyze the issue of social benefits and social costs.

 

  

 

The learner will be able to evaluate cost and benefit decisions in the private sector.

 

  

 

The learner will be able to understand the relationship between producers and consumers in the market.

 

  

 

The learner will be able to be aware of market system pitfalls.

 

  

 

The learner will be able to demonstrate knowledge of the workings of public institutions, including the makeup of the governmental sector of the economy.

 

  

 

The learner will be able to list and explain the five major functions of the public sector.

 

  

 

The learner will be able to analyze problems related to the public sector.

 

  

 

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Supply and Demand

 

The learner will be able to demonstrate an understanding of the elements of demand and supply.

 

  

 

The learner will be able to understand the relationship between demand and supply schedules and demand and supply curves.

 

  

 

The learner will be able to understand price-quantity relationships and the laws of demand and supply.

 

  

 

The learner will be able to explain and list the determinants of demand and supply.

 

  

 

The learner will be able to understand and explain the concept of price electricity as it relates to both supply and demand.

 

  

 

The learner will be able to explain the functions of the four factors of production.

 

  

 

The learner will be able to understand both explicit and opportunity costs.

 

  

 

The learner will be able to explain the concept of marginal product and diminishing marginal utility.

 

  

 

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.

 

  

 

The learner will be able to demonstrate graphically the concepts of shortage and surplus.

 

  

 

The learner will be able to understand the government's interaction with the market system.

 

  

 

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

 

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.

 

  

 

The learner will be able to analyze the different types and sizes of corporations.

 

  

 

The learner will be able to understand the process of financing business growth and expansion.

 

  

 

The learner will be able to chart the four types of market organizations properly identifying the five characteristics of each type.

 

  

 

The learner will be able to explain the characteristics of perfectly competitive markets.

 

  

 

The learner will be able to explain the characteristics of monopolistic markets.

 

  

 

The learner will be able to compare and contrast monopolistic and perfectly competitive markets.

 

  

 

The learner will be able to understand the principle of product differentiation.

 

  

 

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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Aggregate Economics

 

The learner will be able to analyze and explain the circular flow of income and product in the economy.

 

  

 

The learner will be able to explain the use and meaning of GDP as a measurement of economic activity.

 

  

 

The learner will be able to employ the earnings approach formula to calculate GDP, GNP, NNP, NI, PI, and DI.

 

  

 

The learner will be able to understand the goods and services approach to the calculation of GDP.

 

  

 

The learner will be able to understand the concepts of the functional and the personal distribution of income.

 

  

 

The learner will be able to explain and demonstrate the use and purpose of the Lorenz curve to demonstrate income inequality.

 

  

 

The learner will be able to define and list the factors which contribute to poverty in the United States.

 

  

 

The learner will be able to list and analyze the relative effectiveness of a variety of government programs which deal with poverty.

 

  

 

The learner will be able to understand the factors involved in the calculation of the unemployment rate.

 

  

 

The learner will be able to analyze the social, personal, and economics costs of unemployment.

 

  

 

The learner will be able to explain the structural, cyclical, frictional, and seasonal types of unemployment.

 

  

 

The learner will be able to understand and explain the impact of inflation on an economy.

 

  

 

The learner will be able to understand the consumer price index and be able to calculate a price index.

 

  

 

The learner will be able to explain the causes of inflation.

 

  

 

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Federal Reserve System

 

The learner will be able to define money and list its functions.

 

  

 

The learner will be able to understand the functions and operations of commercial banks and other types of financial institutions in the U.S.

 

  

 

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.

 

  

 

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.

 

  

 

The learner will be able to understand and explain the ability to pay and the benefit theories of taxation.

 

  

 

The learner will be able to explain and list examples of the differences between progressive, regressive, proportional, and degressive taxes.

 

  

 

The learner will be able to understand the concept of direct and indirect taxation.

 

  

 

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.

 

  

 

The learner will be able to understand the uses and consequences of wage and price controls.

 

  

 

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

 

The learner will be able to explain how the forces of supply and demand affect the labor market in the United States.

 

  

 

The learner will be able to explain the impact of monopsony, and minimum wage laws upon the labor market.

 

  

 

 

 

The learner will be able to recount and explain the history of the labor union movement in the United States.

 

  

 

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.

 

  

 

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

 

The learner will be able to demonstrate knowledge of the major imports and exports of the United States.

 

  

 

The learner will be able to understand the meaning of comparative and absolute advantage in international trade.

 

  

 

The learner will be able to compare free trade and protectionism as governmental policies.

 

  

 

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.

 

  

 

The learner will be able to understand the economic problems associated with both a trade surplus and a trade deficit.

 

  

 

The learner will be able to explain the importance of balance of trade and balance of international payments.

 

  

 

The learner will be able to define "less-developed country".

 

  

 

The learner will be able to demonstrate knowledge of five barriers to economic development in the world today.

 

  

 

The learner will be able to explain the uses and purposes of foreign aid.

 

  

 

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