The Market Economy

Introduction to Economics
Economics
Tadros

2016
Semester Two

Unit Overview: This unit will introduce basic economic concepts to students in order to prepare
them for further investigations. The unit will begin with an overview of individual economics and
market structures. From there we delve deeper into the laws of supply and demand culminating
in an overview of the government's role in the economy. Students will be assessed through daily
checks, homework packet, a cumulative test, and finally a class discussion in the format of a
Socratic Circle.
What are the desired learning results of this unit:
Students will acquire a working understanding of
The value of opportunity cost to the study of economics and in their own lives
Comparative advantage
production possibilities curve
Laws of supply and demand
Prices
Elasticity
Entrepreneurship
How to analyze various economic graphs
Differences between supply side and demand side government policies
How the government intervenes in the economy
What essential questions will anchor students to learning?
How do markets establish stability?
How does supply and demand drive the economy and decisions on the individual
level?
How sustainable are various types of market conditions?
What qualities do successful entrepreneurs possess?
What role should the government play in the economy
Are supply-side or demand-side policies better for the economy?
Rationale of the Unit:
Understanding scarcity and how that impacts decision making on the micro and macro levels is
critical for students. The sustainability of our economic system has become increasingly
questioned in recent years, especially during this election cycle. Students who understand how
markets operate and can understand the rationale behind decisions are in a much better
position than their peers to be successful financially, analytically and socially. This unit serves as
the beginning of that understanding process.

Standards and Benchmarks for the Unit (HSCEs):

E1 THE MARKET ECONOMY

1.1 Individual, Business, and Government Choices
Explain and demonstrate how economic organizations confront scarcity and market
forces when organizing, producing, using, and allocating resources to supply the
marketplace.
Scarcity, Choice, Opportunity Costs, and Comparative Advantage Using
examples, explain how scarcity, choice, opportunity costs affect decisions that
households, businesses, and governments make in the marketplace and explain how
comparative advantage creates gains from trade.
Entrepreneurship Identify the risks, returns and other characteristics of
entrepreneurship that bear on its attractiveness as a career.

1.2 Competitive Markets

Analyze how the functions and constraints of business structures, the role of price in the
market, and relationships of investment to productivity and growth, impact competitive
markets.
1.2.1 Business Structures Compare and contrast the functions and
constraints facing economic institutions including small and large businesses, labor
unions, banks, and households.
Price in the Market Analyze how prices send signals and provide
incentives to buyers and sellers in a competitive market.
Investment, Productivity and Growth Analyze the role investments in
physical (e.g., technology) and human capital (e.g., education) play in
increasing productivity and how these influence the market.

1.3 Prices, Supply, and Demand

Compare how supply, demand, price, equilibrium, elasticity, and incentives affect the
workings of a market.
1.3.1 Law of Supply Explain the law of supply and analyze the likely change
in supply when there are changes in prices of the productive resources (e.g., labor,
land, capital including technology), or the profit opportunities available to producers
by selling other goods or services, or the number of sellers in a market.

 1.3.2 Law of Demand Explain the law of demand and analyze the likely
change in demand when there are changes in prices of the goods or services,
availability of alternative (substitute or complementary) goods or services, or changes
in the number of buyers in a market created by such things as change in income or
availability of credit.
1.3.3 Price, Equilibrium, Elasticity, and Incentives Analyze how prices
change through the interaction of buyers and sellers in a market including the role of
supply, demand, equilibrium, elasticity, and explain how incentives (monetary and
nonmonetary) affect choices of households and economic organizations.

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 nonmonetary incentives affect government officials and voters and
explain how government policies affect the behavior of various people including
consumers, savers, investors, workers, and producers.

Instructional Objectives of the Unit

Students will understand the basics of how market economies operate.
Students will have a working understanding of how supply and demand create
equilibrium in the market.

 Students will know how to create and read economic graphs including the
Production Possibilities Curve.
Students will understand various issues in the economy such as unions, taxation,
incentives, and wage laws.
Students will be able to effectively argue their evidence based opinions on
economic/political issues.
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
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
Economic Basics Packet
Socratic Circle
Cumulative Exam
Current events research
Stock Pick Packet
Formative Assessments
Daily bell-ringer reviews
Daily reflection in class
Unit Sequence:
Date: 2/4/16
Individuals, Business, Government, and Choice Lesson
Length: 90 minutes
Context: This class will serve as the first content oriented class. From discussions on the first
day of class students preconceptions on economics varies widely. Some students have
business backgrounds due to working in their parents shops while other have very little
knowledge at all. As a result the goal of this lesson will to help ease students into economic
thinking by helping them realize that they already do it everyday.
Central Question: What does it mean to think economically?
Objective:

Students will understand the 3 basic economic questions

Students will be able to apply economic thinking to their own lives
Students will understand scarcity and how scarcity leads to opportunity cost

Students will begin to think about the Production Possibility Curve

Anticipated Student Challenges: The students have a wide variety of experience when it
comes to economics so making sure every concept is clear and understandable to all is key. To
help make sure all the students feel that they are capable of understanding the content in the
course I will focus how they all make economic decisions all of the time without realize it.
Materials:

PowerPoint
Intro Cards

Instructional Sequence:
Bellringer (10 minutes)
Students write down their response to the prompt
How do you like to spend your free time?
Discussion on answers (5 minutes)
Shipwreck Game (15 minutes)
Students break up into 6 groups of 5 and are told that they are
stuck on an island with some basic resources
Students discuss
Who needs the resources?
How should the resources be
distributed?
What jobs should everyone have on
the island?
Students are confronted with Problem 1
Unknown ships are seen on the
horizon what should be done?
How many resources
should be diverted to defense?
How many people
should change their job to defense?
Students are confronted with Problem 2
Natural resources are being
overused. What should be done?
Should you focus on
the present or ration to prepare for the future?
After the game each group discusses its answers
and explains why they made the choices they made. (5-7 minutes)
Explain that these questions are the same that economists ask themselves
everyday about our own society (10 minutes)
Discuss scarcity and why scarcity exists
Explain the 4 factors of production (10 minutes)
Discussion on opportunity cost (15 minutes)
Connect back to students answers in their bellringer
Movie example and ask students if they can think of examples
Production Possibility Curve (5-8 minutes)

Explain how even though more resources and goods can be made
there will always be scarcity
Discuss why it is useful for business and governments
Conclude with reflection (10 minutes)
Students respond to prompts that review the material

Standards (HSCEs)
1.1 Individual, Business, and Government Choices
Explain and demonstrate how economic organizations confront scarcity and market
forces when organizing, producing, using, and allocating resources to supply the marketplace.
1.1.1 Scarcity, Choice, Opportunity Costs, and Comparative Advantage Using
examples, explain how scarcity, choice, opportunity costs affect decisions that
households, businesses, and governments make in the marketplace and explain how
comparative advantage creates gains from trade.
1.1.2 Entrepreneurship Identify the risks, returns and other characteristics of
entrepreneurship that bear on its attractiveness as a career.
How will you know that students are getting it?
The student responses in the reflection will serve as a formative assessment of student
understanding. Discussions during the lecture will also serve as a quick assessment
How does the essential question connect students to this days focus?
This lessons focus is on the basics of what drives economic decision making which will be the
basis of all investigations into the essential questions of the course.
Date: 2/8/16
Competitive Markets
Length: 90 minutes
Context: Students have just learned about how to think economically and how opportunity cost
drives all decision making. For this lesson students will begin to see these processes in action.
Students will look at the different types of businesses and how they operate.
Central Question: How do entrepreneurs choose which type of business model is right for
them?
Objectives:
Students will understand the different types of businesses and identify the
benefits and disadvantages of each
Students will be able to analyze how profits and reinvestment drive the success
or failures of businesses
Students will be able identify and understand some of the arguments made by
organized labor in their community

Anticipated Student Challenges: Students may understand what a business is but not
necessarily how there can be different types each with their own rewards and challenges. In
addition, most of the students seem to be unfamiliar with unions and collective bargaining.
These challenges can be overcome through focusing on these two concepts specifically and
eliciting student thinking on them through questions and mini-discussions during the lecture.
Materials:

PowerPoint

Instructional Sequence:
Bellringer (10 minutes)
Students address prompts that ask about content around
opportunity cost and the production possibility curve
Discuss answers with students (5 minutes)
Production Possibility Curve recap (5 minutes)
After going over the reflections from last class it appeared that a
number of the students had difficulty with the actual graph representation of the
production possibility curve. Taking some time to make sure the students
understood this is important before we continue with the rest of the lesson.
Explain the different types of businesses (20 minutes)
Small vs large
Sole proprietorships
Benefits and disadvantages
Partnerships
Benefits and disadvantages
Corporations
Benefits and disadvantages
Discuss unions and wage theories (20 minutes)
Closed shop vs open shop
Right to Work Legislation
Traditional wage theory
Negotiated wage theory
Signal wage theory
Sharing economy mini-discussion (15 minutes)
Watch news clip on Uber drivers winning the right to collectively
bargain in Seattle
Ask students what they think about the decision.
Are Uber drivers contractors or employees?
Conclude with reflection (10 minutes)
List an advantage and disadvantage for each of the three
business types
In which industries would a union help workers? In which
industries would a union be detrimental to consumers?
Many people argue that the minimum wage should be increased.
What are they saying about the wage rate equilibrium?
What is the importance of a business investing in physical capital?
In human capital?
Standards (HSCEs)

1.2 Competitive Markets

Analyze how the functions and constraints of business structures, the role of price in the market,
and relationships of investment to productivity and growth, impact competitive markets.
1.2.1 Business Structures Compare and contrast the functions and constraints
facing economic institutions including small and large businesses, labor unions, banks,
and households.
1.2.2 Price in the Market Analyze how prices send signals and provide
incentives to buyers and sellers in a competitive market.
1.2.3 Investment, Productivity and Growth Analyze the role investments in
physical (e.g., technology) and human capital (e.g., education) play in increasing
productivity and how these influence the market.
How will you know that students are getting it?
The bell ringer serves as an assessment of student understanding of the previous lesson. The
reflection will also be an assessment of student understanding as well as well as an assessment
of their ability to use economics in their critical thinking.
How does the essential question connect students to this days focus?
This lesson revolves around the question of how sustainable economic systems are.
Understanding the different types of business and how unions impact the economy helps
students to assess the sustainability of these businesses and relationship in the context of the
economy as a whole
Date: 2/10/16
Supply and Demand Part 1
Length: 90 minutes
Context: Students have been learning about the basics of economics but have yet to get into
some of the most important concepts such as supply and demand. These two concepts will be
covered in depth during this lesson as well as the following lesson in order to provide enough
time to make sure each student understands them thoroughly.
Central Question: How do supply and demand drive the free market?
Objective:
Students will be able to understand what supply is and the implications of
changes in the supply of goods.
Students will be able to understand what demand is and the implications of
changes in the demand for goods.
Students will be able to visually represent supply and demand changes on a
graph
Students will be able to use their understanding of the relationship between
supply and demand to gauge prices of goods

Anticipated Student Challenges: The terms supply and demand are used often in pop culture
so students will have preconceptions on them. However, the students may not understand what
those concepts actually mean and how they interact to impact the economy. This will be
overcome through placing a heavy focus on how the two interact not just the definitions.
Materials:

PowerPoint
Promethean WhiteBoard
Mid-unit Assessment

Instructional Sequence:
Bellringer (10 minutes)
Identify the characteristics and organization of the sole
proprietorship.
Discuss the advantages and disadvantages of the partnership.
Discuss the structure and features of the corporation.
Identify three reasons why firms merge.
Making Comparisons How does the category of semiskilled labor
differ from unskilled labor?
Making Generalizations If you were a semiskilled worker, what
could you do to move into a higher category of labor?
Discuss bellringer answers with students (5 minutes)
Explain the law of supply (25 minutes)
What supply means
What the supply curve representents
Upward sloping
Movements on the curve
Changes in supply
What can lead to a change
How are positive and negative changes
represented on a graph
Prices (10 minutes)
Elastic
Inelastic
Unit elastic
Substitution
Students discuss examples of all 4
Law of demand (25 minutes)
What demand means
What the demand curve representents
Downward sloping
How marginal utility impacts the
curve
Movements on the curve
Changes in demand
What can lead to a change
How are positive and negative changes
represented on a graph
Reflection (10 minutes)
Describe how the slope of the demand curve can be explained by

the principle of diminishing marginal utility.

Understanding Cause and Effect What happens to the price and
the quantity of goods and services sold when a store runs a sale? How do these
factors relate to the downward-sloping curve?
Understanding Cause and Effect A hamburger stand raised the
price of its hamburgers from $2.00 to $2.50. As a result, its sales of hamburgers
fell from 200 per day to 180 per day. Was the demand for its hamburgers elastic
or inelastic? How can you tell?
Explain Mid-Unit assessment
Students will be given a full week to complete a packet which
covers all of the information from this lesson as well as the last two. This is
designed to help students recap their understanding as well as for the instructor
to gauge at which level the students understand the content.
The course will be project based after this unit so making sure
students have the content understanding to complete the projects is crucial.
If there are gaps in understanding after the assessment the
instructor will take time to re-explain and assess with students.

Standards (HSCEs)
1.3 Prices, Supply, and Demand Compare
how supply, demand, price, equilibrium, elasticity, and incentives affect the workings of a
market.
1.3.1 Law of Supply Explain the law of supply and analyze the likely
change in supply when there are changes in prices of the productive resources
(e.g., labor, land, capital including technology), or the profit opportunities
available to producers by selling other goods or services, or the number of sellers
in a market.
1.3.2 Law of Demand Explain the law of demand and analyze the likely
change in demand when there are changes in prices of the goods or services,
availability of alternative (substitute or complementary) goods or services, or
changes in the number of buyers in a market created by such things as change in
income or availability of credit.
1.3.3 Price, Equilibrium, Elasticity, and Incentives Analyze how prices
change through the interaction of buyers and sellers in a market including the role
of supply, demand, equilibrium, elasticity, and explain how incentives (monetary
and non-monetary) affect choices of households and economic organizations
How will you know that students are getting it?
Students are assessed three times during this lesson. The first is the bell ringer which assesses
their understanding of the last lesson. The second is the reflection which assesses their
understanding of this lesson. the mid-unit assessment is a larger homework packet. The
purpose of it is to make sure students understand the basics of economics before we delve
deeper into the discipline. Without this understanding, students will not be able to effectively
learn later in the course.
How does the essential question connect students to this days focus?
This lesson focuses on the question of how supply and demand drive the economy and
individual decisions. Students will begin to understand and practice assessing various scenarios
of supply and demand imbalances. It also addresses the question of how sustainable economic
systems are through understanding equilibrium.
Date: 2/12/16
Finance Friday
Length: 90 minutes

Context: Every Friday is Finance Friday for the economics class. The students will watch an
episode of Shark Tank and analyze it. It is analyzed through their worksheet as well as class
discussions which are facilitated by the instructor throughout the episode. Students are
expected to utilize materials that were covered in class to complete their analysis.
Central Question: How do entrepreneurs bring together the factors of production in order to
make a profit?
Sub-questions: What factors do entrepreneurs consider when
deciding who to invest their capital with?
Objectives:
Students will be able to utilize what they learn in class to determine the
sustainability of various business models
Students will be able understand how entrepreneurs invest their time and money
into creating a business.
Students will be able to apply their analysis of entrepreneurship and investment
to their own future business ambitions.
Anticipated Student Challenges: This will be the first Finance Friday of the semester so
students will only be beginning to performing economic analysis. So students may not be used
to making the connections between economic concepts and the actions of the entrepreneurs
and investors in the show. The goal is to scaffold the students into being able to perform and
discusses their analysis on their own after a few Finance Friday classes.
Materials and Resources:
Reflection Questions
Shark Tank Analysis Sheet
Shark Tank Episode
Instructional Sequence:
Shark Tank Analysis (50 minutes)
While watching the instructor will pause the episode and ask the
class at the appropriate points
What value do the entrepreneurs give their
businesses?
What factors of productions are the businesses
focusing on?
Are the business plans sustainable? Why or why
not?
What would be the market for the products?
Are the Sharks offers fair? Why or why not?
Would you have made a different deal? Why or why
not?
Are the productions elastic, inelastic, or
substitutes?
Impromptu questions based on student responses

 Conclude with students finishing up their worksheets and turning them in before
they leave class (10 minutes)
Assessment: This activity is a formative assessment. Student analysis is assessed through the
concepts from class that they discuss. As students understanding of the content grows their
analysis should grow more complex. The worksheets also serve as a formative assessment for
students to write down their analysis and allows the instructor to assess the students who may
not speak up as much in the discussions.
Standards (HSCEs)
Economics
The Market Economy
1.1 Individual, Business, and Government Choices Explain and demonstrate how
economic organizations confront scarcity and market forces when organizing,
producing, using, and allocating resources to supply the marketplace.
1.1.1 Scarcity, Choice, Opportunity Costs, and Comparative Advantage
Using examples, explain how scarcity, choice, opportunity costs affect decisions
that households, businesses, and governments make in the marketplace and
explain how comparative advantage creates gains from trade.
1.1.2 Entrepreneurship Identify the risks, returns and other
characteristics of entrepreneurship that bear on its attractiveness as a career
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. With each Finance Friday the level of complexity should increase as
understanding grows with new information from future lessons.
How does the essential question connect students to this days focus?
The main question that is addressed is what qualities do successful entrepreneurs have. 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.
Date: 2/17/16
Supply and Demand Part 2
Length: 90 minutes
Context: Students have been learning about the basics of supply and demand and how they
interact with each other to make the economy run. Students have also been working on a
review packet covering material from the past several lessons. This lesson is focused on going
into detail on how supply and demand impact prices as well as how to achieve equilibrium.
Central Question: How do supply and demand drive the free market?

Objective:
Students will be able to understand what supply is and the implications of
changes in the supply of goods.
Students will be able to understand what demand is and the implications of
changes in the demand for goods.
Students will be able to visually represent supply and demand changes on a
graph
Students will be able to use their understanding of the relationship between
supply and demand to gauge prices of goods
Anticipated Student Challenges: Students still may have questions and misconception about
supply and demand from the last lesson which could make todays lesson not as clear as it can
be. To address this the instructor will demonstrate connections between the content from last
class to this class and make that explicit through examples and visual representations.
Materials:

PowerPoint
Promethean Whiteboard

Instructional Sequence:
Students turn in the Mid-unit Packet on their way into class
Bellringer (10 minutes)
Describe the difference between a change in quantity demanded
and a change in demand due to price.
Explain how a change in price affects the demand for a products
substitute(s).
List the factors that can cause a change in supply.
Explain how marginal product changes in each of the three stages
of production.
Go over bellringer answers and questions from the class (5 minutes)
Discuss prices and costs (25 minutes)
Prices as an economic indicator
Types of costs
Fixed, variable, total, marginal
Explain surplus and shortage (15 minutes)
Explain using graphs of both
Discuss equilibrium and how elasticity can shift the supply and demand graph
(25 minutes)
Explain the difference between shift and a movement on a graph
Reflection (10 minutes)
Explain what marginal cost is and explain why it is important for
business owners to use it.
Describe the difference between elastic demand and inelastic
demand.
Demand How do you think the market demand curve for pizza
would be affected by (1) an increase in everyones pay, (2) a successful pizza
advertising campaign, (3) a decrease in the price of hamburgers, and (4) new
people moving into the community? Explain your answers.
Demand Elasticity: How would you, as a business owner, use
your knowledge of demand elasticity to determine the price of your product?
Standards (HSCEs)
1.3 Prices, Supply, and Demand Compare

how supply, demand, price, equilibrium, elasticity, and incentives affect the workings of a
market.
1.3.1 Law of Supply Explain the law of supply and analyze the likely
change in supply when there are changes in prices of the productive resources
(e.g., labor, land, capital including technology), or the profit opportunities
available to producers by selling other goods or services, or the number of sellers
in a market.
1.3.2 Law of Demand Explain the law of demand and analyze the likely
change in demand when there are changes in prices of the goods or services,
availability of alternative (substitute or complementary) goods or services, or
changes in the number of buyers in a market created by such things as change in
income or availability of credit.
1.3.3 Price, Equilibrium, Elasticity, and Incentives Analyze how prices
change through the interaction of buyers and sellers in a market including the role
of supply, demand, equilibrium, elasticity, and explain how incentives (monetary
and non-monetary) affect choices of households and economic organizations
How will you know that students are getting it?
The formative assessments of the bell ringer and the reflection are used to assess
understanding. The mid-unit assessment will also graded and evaluated over the next several
days with feedback given on Moodle.
How does the essential question connect students to this days focus?
This lesson focuses on the question of how supply and demand drive the economy and
individual decisions. Students will begin to understand and practice assessing various scenarios
of supply and demand imbalances. It also addresses the question of how sustainable economic
systems are through understanding equilibrium.
Date: 2/19/16
Finance Friday
Length: 90 minutes
Context: Every Friday is Finance Friday for the economics class. The students will watch an
episode of Shark Tank and analyze it. It is analyzed through their worksheet as well as class
discussions which are facilitated by the instructor throughout the episode. This is the second
Finance Friday so students will be expected to take a little more of a role in the discussion.
Students are expected to utilize materials that were covered in class to complete their analysis.
Central Question: How do entrepreneurs bring together the factors of production in order to
make a profit?
Sub-questions: What factors do entrepreneurs consider when
deciding who to invest their capital with?
Objectives:
Students will be able to utilize what they learn in class to determine the
sustainability of various business models
Students will be able understand how entrepreneurs invest their time and money
into creating a business.
Students will be able to apply their analysis of entrepreneurship and investment
to their own future business ambitions.

Anticipated Student Challenges: This will be the second Finance Friday so students will have
had some experience in making connections between the content covered in class and the
actions of the entrepreneurs and investors. However the students will still need guidance during
the discussion to help make connections to some of the newer content. The goal is to continue
to scaffold the students into being able to perform and discusses their analysis on their own
after a few Finance Friday classes.
Materials and Resources:
Reflection Questions
Shark Tank Analysis Sheet
Shark Tank Episode
Instructional Sequence:
Shark Tank Analysis (50 minutes)
While watching the instructor will pause the episode and ask the
class at the appropriate points
What value do the entrepreneurs give their
businesses?
What factors of productions are the businesses
focusing on?
Are the business plans sustainable? Why or why
not?
What would be the market for the products?
Are the Sharks offers fair? Why or why not?
Would you have made a different deal? Why or why
not?
Are the productions elastic, inelastic, or
substitutes?
Impromptu questions based on student responses
Conclude with students finishing up their worksheets and turning them in before
they leave class (10 minutes)
Assessment: This activity is a formative assessment. Student analysis is assessed through the
concepts from class that they discuss. As students understanding of the content grows their
analysis should grow more complex. The worksheets also serve as a formative assessment for
students to write down their analysis and allows the instructor to assess the students who may
not speak up as much in the discussions.
Standards (HSCEs)
Economics
The Market Economy
1.1 Individual, Business, and Government Choices Explain and demonstrate how
economic organizations confront scarcity and market forces when organizing,
producing, using, and allocating resources to supply the marketplace.
1.1.1 Scarcity, Choice, Opportunity Costs, and Comparative Advantage
Using examples, explain how scarcity, choice, opportunity costs affect decisions

that households, businesses, and governments make in the marketplace and

explain how comparative advantage creates gains from trade.
1.1.2 Entrepreneurship Identify the risks, returns and other
characteristics of entrepreneurship that bear on its attractiveness as a career
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.
How does the essential question connect students to this days focus?
The main question that is addressed is what qualities do successful entrepreneurs have. 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.
Date: 2/22/16
Government Involvement in the economy
Length: 90 minutes
Context: Students have studies the market aspects of the economy for the past few weeks.
However, in order to fully understand the economy students will need to look into how the
government plays a role in it.
Central Question: What type of role should the government have in the economy?
Objectives:
Students will understand the level to which the government is involved in the
economy
Students will understand why the government is involved
Students will be able to analyze government policies to determine if they are a
positive force in the economy or not
Students will be able to make arguments using evidence to support their claims
Anticipated Student Challenges: Given that this is an election year, government;s
involvement in the economy is a theme that most students are aware of. However, deciphering
what these arguments actually mean may be something the students have little experience with.
This challenge can be overcome through breaking down complex policy positions down into the
two categories of supply and demand side economics. Once students understand those two
concepts the conversation on policy can become more complex.
Materials:

PowerPoint

Instructional Sequence
Bellringer (10 minutes)
Describe the concept of diminishing marginal utility.
Explain why an item that has many close substitutes tends to have
an elastic demand.
Explain what is meant by a change in quantity supplied.
Identify the factors that cause a change in supply.
Describe how prices are determined in a competitive market.
Go over bellringer (5 minutes)
Overview of Supply side (15 minutes)
Laffer curve
Arguments for and origins
Tax break examples
Overview of Demand side (15 minutes)
Keynesian economics
Multiplier effects
Great Depression examples
Monetary Policy (5 minutes)
Price Floors and Price ceilings (10 minutes)
Market distortions (15 minutes)
Monopoly
Oligopoly
Perfect market
Introduce Socratic Circle discussion (5 minutes)
Which type of policies do you support, supply or
demand side? Why or why not?
2 page paper explaining position
Socratic circle two class periods from now
Reflection (10 minutes)
What market structure does the US most resemble
No right or wrong answer just back
up your argument using what weve learned
Why would a government implement price
controls?
Give two examples as well
What are the differences between supply side
policies and demand side policies?
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?
Utilizing the mid-unit assessment the instructor will address misconceptions and overall issues
that are common in the class. Discussions during the lecture will also serve as an assessment.
How does the essential question connect students to this days focus?
The questions of what role should the government play in the economy and are supply-side or
demand-side policies better for the economy are addressed in the lesson. Students will also be
practicing their critical thinking skills by beginning to assess the sustainability of government
policies in the economy.
Date: 2/25/16
Role of Government in the Economy Part 2
Length: 90 minutes
Context: Students have been introduced to how the government gets involved in the economy.
The students have also been tasked with investigating their own position on how much
government involvement there should be. This lesson serves as a deeper look into the topic.
Central Question: What type of role should the government have in the economy?
Objectives:
Students will understand the level to which the government is involved in the
economy
Students will understand why the government is involved
Students will be able to analyze government policies to determine if they are a
positive force in the economy or not
Students will be able to make arguments using evidence to support their claims
Anticipated Student Challenges: Given that this is an election year, government;s
involvement in the economy is a theme that most students are aware of. However, deciphering
what these arguments actually mean may be something the students have little experience with.
This challenge can be overcome through breaking down complex policy positions down into the
two categories of supply and demand side economics. Once students understand those two
concepts the conversation on policy can become more complex.

Materials:

PowerPoint

Instructional Sequence:
Bellringer (10 minutes)
List the five characteristics of perfect competition.
Describe monopolistic competition.
Explain why the actions of one oligopolist affect others in the same
industry.
Go over Bellringer (5 minutes)
Discuss Market failure (20 minutes)
4 causes of market failure and how they occur
`Taxation (40 minutes)
Types of taxes
Proportional
Regressive
Progressive
Tax brackets
Examples of different types of taxes
Taxes as incentives
Sin taxes
Gas taxes
Differences between state and federal taxes
Mini-discussion on how revenue sources changed
in recent decades
Reflection (15 minutes)
Explain why there is a need for limited government regulation
within the economy.
Describe the differences between the three types of taxation
Explain the reasons for why markets fail.
Explain how would an increased tax on alcohol affect market
equilibrium.
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?
The reflection and bell ringer serve as formative assessments. The concept guide is designed to
help students study for the upcoming test. It will be part of the review during the next class
session. Student understanding will be assessed based on how well they answered the
questions.
How does the essential question connect students to this days focus?
The questions of what role should the government play in the economy and are supply-side or
demand-side policies better for the economy are addressed in the lesson. Students will also be
practicing their critical thinking skills by beginning to assess the sustainability of government
policies in the economy.
Date: 2/29
Test Review and Discussion
Length: 90 minutes
Context: Students have just finished learning about government economic policies and are
preparing for a test on that topic as well as that of other topics. Students wrote a paper on if they
prefer supply side or demand side economic policies. Todays lesson will serve as part review
for their test next week and a discussion about economic policy.
Central Question: Are supply side or demand side policies better for growing the economy?
Objective:
Students will be able to understand the philosophies and economic arguments
behind each policy type
Students will be able to create an argument and provide evidence for their
claims.
Students will be able to bring economic analysis to their everyday lives through
investigating the economic policies of their government
Anticipated Student Challenges: This class has never had difficulty with participation but
conversations during lectures have sidetracked the lesson in the past so focusing the discussion
on the topic will possibly be a challenge at times. This can be overcome through having
students focus on the driving questions of the discussion as well as utilizing student responses
to quickly transition to impromptu questions for other students.

Materials

Review PowerPoint
Classroom design: (tables in a circle around the room)

Instructional Sequence
Reflection (10 minutes)
Go over reflection from last class with students
Test Review (50 minutes)
Go over format of the test
Review using questions similar to those on the test
Students answer questions presented to them
Go over questions students have about the test or
from their homework
Class discussion
Students get into a circle around the room
Go over the rules of discussion
No talking when someone else is
Must be respectful to all opinions
Raise your hand to be called on to talk
If these rules are broken it will be reflected in your
participation grade
Presented with the original questions of are supply side or
demand side policies better for growing the economy?
Go around the circle with different responses from
students
Ask additional questions including:
Why do you believe supply or
demand side policies are better?
What are some examples you can
think of when supply or demand side worked? Failed?
What specific policies should the
government adopt to improve economic growth?
Would supply and demand side
policies work better or worse at the state and local level?
Which groups of people are affected
by the policies and why?
Focus on impromptu questions
based on student responses
Conclude the discussion by explaining that these
discussions weve had are the same ones politicians and economist have
everyday, and that by participating in the same exercises we are learning
more about how our world works.
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. HIGH SCHOOL SOCIAL STUDIES CONTENT EXPECTATIONS V 10/07
MICHIGAN DEPARTMENT OF EDUCATION 69 ECONOMICS
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?

Students understanding of the concepts will be assessed through the review of the concept
guide. Student misconceptions can be addressed from their responses. The Socratic Circle is
used as an assessment of students critical thinking and communication skills. Students can
display their ability to make connections between concepts to make their argument which will
serve to assess at what level of understanding the they have of the unit.
How does the essential question connect students to this days focus?
Every essential question will be addressed either in the review or part of the Socratic Circle. The
laws of supply and demand, sustainability, the role of government intervention will all be part of
student arguments during the review and class discussion.
Date: 3/2/16
Focus of the day: Unit Test (Summative Assessment)
Class Overview:
Answer final questions and concerns
Administer test
Current Events Assignment due

How will you know that students are getting it?

This test serves as the final assessment of students understanding and ability to use economic
tools of this unit. Once the test is graded it will be reviewed with students in order to help
students understand portions that they missed.
How does the essential question connect students to this days focus?
All essential questions are used to form the basis of the assessment and are addressed by the
students. The Current Events assignment also addresses the same questions because much of
the student's research will revolve around how the world addresses these issues.

III. Unit Evaluation: (To Be Completed After the Unit)

Assessment, Reflection, and Revision of the Unit:
Assessment of student learning:
Student understanding of the content is substantial as evident through student work in the form
of current event analysis, essays, and the final test. The class had a 81.4% average on the test
which reveals that students understood the content and many of the learning objectives were
achieved. This unit was designed to frontload students with content primarily through lectures to
prepare them from the rest of the course which will be project based. These projects will
continue to serve as assessments of student learning from this unit.
Reflective thoughts about the unit:
This unit went very well overall. The start of the class was a bit challenging due to the new
semester and getting used to everyone in the class. But this was overcome in a matter of a
couple weeks. Students were diligent in taking notes and engaging in the lectures and
discussion. The Finance Fridays helped to keep students interested and making connections
from the class to the real world.
Suggestions for revision:
The biggest revision to make for this unit is to provide more guidance during the Socratic Circle
discussion. Student did a wonderful job investigating their positions and formulating arguments.
However, the actual discussion itself presented some challenges. The conversation was
dominated by a group of students which discouraged other students from joining in. The can be
overcome the next time this unit is utilized by discussing more the Socratic format before the
discussion begins. As a moderator, a special focus can be placed on including more people in
the discussion.