Economics Across the Curriculum:

Infusion of Economics into High School Courses

American Institute for Economic Research in collaboration with Massachusetts College of Liberal Arts

MCLA Credits =

Summer 2016
3 Graduate In-service Credits (Course #INSV 690-01) or
45 PDPs (Course #CECS 300-01)
Syllabus

Days: Monday, June 27 to Thursday, June 30, 2016

Hours: 9:00 AM 4:30 PM
Location: Federal Reserve Bank of Boston, 600 Atlantic Ave, Boston, MA 02210
Instructor: Dr. Natalia Smirnova
Phone: 413-528-1216 X 3109
Email: Natalia.Smirnova@aier.org
Course Description
This course provides high school teachers with an introduction to economic concepts in order to
prepare them to incorporate these concepts into their instructional curriculum. We focus on three
broad areas of economics: Money and Inflation, Business Cycles, and Government and the
Economy. In addition, we demonstrate contemporary pedagogical tools and assessment
methods. At the completion of the course, participants produce and present a lesson plan idea to
teach one economic concept using pedagogy and assessment methods learned during the
course.
Teachers within the areas of Social Studies, History, Mathematics, and English Language Arts will
benefit from this course.
Relationships are drawn between economic concepts and national and state standards such as:
Common Core State Standards (CCSS)
Understanding by Design (UbD) (Wiggins and McTighe 2005)
Framework for Teaching (Danielson 2007)
College, Career and Civic Life (C3) Framework: Exploring Inquiry-Based Instruction in
Social Studies (Swan, Lee, et all 2014)
Voluntary National Content Standards in Economics (CEE) (see Appendix A)
Each of the lesson plans incorporated within the course is aligned with the Common Core State
Standards.
Alignment of Course Requirements with Voluntary National Content Standards in Economics:
Topic
Money and Inflation
Business Cycles
Government and the Economy

Standards (See Appendix A)

1, 3, 7, 8, 11, 12, 13, 19, 20
2, 4, 5, 7, 8, 15, 18, 19
5, 6, 9, 10, 12, 14, 16, 17, 20
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Learning Objectives:
Upon completion of this course, it is expected that participants will be able to:
1. Describe how the amount of money in an economy affects prices.
2. Identify sources of inflation.
3. Recognize factors which impact inflation.
4. Understand various measures of inflation.
5. Develop an understanding of business cycles.
6. Identify key economic indicators of business cycles.
7. Describe the Gross Domestic Product (GDP) and identify factors which impact it.
8. Understand the concept of unemployment rate and how it is calculated;
9. Understand the role of government in the economy;
10. Understand fiscal policy and its tools;
11. Utilize a variety of teaching methods to provide appropriate instruction to diverse learners;
12. Demonstrate application of a variety of engagement and assessment options to promote higherlevel thinking and integration of economic concepts within the subject area.
13. Demonstrate broadened technological awareness for lesson preparation, delivery and response
options for students.

Teaching Philosophy:
The learning styles of 21st century students require the implementation of innovative approaches
to teaching. This is particularly true when teaching Economics, which is perceived by many
students as a very technical, boring, and unfriendly subject. The originality of our approach is in its
aim to expand three areas of teaching in an integrated, holistic manner. These areas include: (1)
presentation of the information; (2) interaction with the concept; and (3) assessment of students
understanding.
Presentation of the information in any Economics topic is vital in the initiation of instruction. By
utilizing the best practices in economic education, we are able to create instructional goals,
methods, and materials that are flexible, and can be customized and adjusted for individualized
classroom needs. The presentation of familiar economic concepts is facilitated by the
incorporation of interactive graphics, videos, and experientially-based examples and assignments,
which make the presentation of a concept more effective.
The current generation of learners also requires a variety of methods of interaction with the
concepts. This course promotes the use of techniques to engage various learning styles by
creating flexible and engaging hands-on activities. These activities include using the internet to
find data (that is easily downloadable and interactive); creating cooperative learning exercises that
explore the richness of information available within the experiences and interests of the students;
and seeding and leading a discussion about various economic indicators, trends, and results
discovered during the exercises.

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The most important part of the advancement of economic education is the assessment of
students understanding. As educators we need to evaluate whether our instruction has resulted
in improved learning for students. We need to accurately assess whether the information is
retained, can be transferred and applied to different scenarios and topics, and be integrated with
previously learned knowledge. Ultimately, we need to know if we make a difference in our
students understanding. In this course we will discuss the variety of assessment techniques that
are on the cutting edge of the field of education.

Expectations:
Participation in and completion of all online components is required.
Attendance for all four days is required.
Active participation is encouraged in the discussions and activities.
Daily assignments are expected to be completed prior to the class presentation for each
topic.
Familiarity with using email, web-based searches and navigation is expected.
Participants will complete a pre-course questionnaire to identify teaching subject area,
availability for follow-up support, and the use of state and district standards, frameworks
and instructional strategies.
At the completion of the course, participants will produce and present a lesson plan idea
to teach one economic concept using pedagogy and assessment methods learned during
the course. This lesson will be scheduled to be field tested in the home classroom in the
fall. A feedback form will be completed by participants and their students following the
field test and submitted to AIER.
Academic Honesty: Honesty on the part of every student has and always shall be an
integral part of the plan of higher education at Massachusetts College of Liberal Arts. Acts
of dishonesty conflict with the work and purpose of the entire College and are not merely a
private matter between student and instructor. The MCLA Academic Honesty policy can
be found at:
http://www.mcla.edu/Academics/registrar/academicpolicies/index#1A

Texts and Resources:

All texts, readings and supplies will be provided to the participants during the course. These
materials will focus on economic concepts, as well as on the pedagogical and assessment tools.
They will include (but not limited to):
Readings to describe economic concepts.
Web-based resources to demonstrate and utilize in teaching the concepts.
PowerPoint presentations to illustrate the material presented for each topic.

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Grading:
All components of this course will be graded.
Pre-workshop Online portion = 20%;
Face-to-Face portion:
Attendance and participation = 20%;
Homework assignments completion= 20%;
Course Project: presentation of the lesson idea = 40%.
Points Letter Grade conversion:
A = 94-100
B+ = 87-89
A- = 90-93
B = 84-86
B- = 80-83

C+ = 77-79
C = 74-76
C- = 70-73

D+ = 67-69
D = 60-66
F = below 60

If PDP option is selected -- Pass/Fail will be assigned as your grade. Pass = above 60.
If in-service credit option is selected a letter grade will be assigned.

MCLA grading policies, including conversion to 4.000 quality points for GPA calculation, can be
found at http://www.mcla.edu/Academics/registrar/gradingpolicies/index .

Course Project
Lesson idea development and presentation This is the primary graded assignment for this
course. A unique lesson plan idea will be developed to provide instruction for ONE of the
economic concepts presented during this program. Participants will use one of the lesson plans
demonstrated during this course as the basis for their idea. Participants will incorporate unique
features to reflect their subject area, student populations, and state/district standards and
expectations. Each plan idea will include:
identification of specific goals;
a variety of techniques to describe and display the concept;
an array of ways to encourage student interest;
a range of interactive activities for selection by students;
additional ideas to expand upon the lesson to encourage higher-level thinking.
This lesson plan idea project will be presented by each participant on the final day of this course
and will be evaluated by a panel of judges using the Scoring Rubric (see Appendix B).

Course Schedule
Online portion this is a 13-hour self-pace segment to be completed prior to the workshop.
Money and Inflation = 3 hours;
GDP, Business Cycles, and Unemployment = 6.4 hours;
Government and the Economy = 2.2 hours;
Supply and Demand = 1.5 hours.

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Summer 2016 -- Syllabus
Face-to-Face portion at the Federal Reserve Bank = 30.5 hours
Day
Schedule of Activities
Learning Objectives
Day 1
Money and Inflation
AM - Introduction/Demonstration of concept
1, 2, 3, 4
PM - Application of concept to HS lessons, pedagogy
and assessment exploration
11, 12, 13
Homework = 2 hours
Day 1 Instructional Hours= 8.25
Day 2 -GDP, Business Cycles, and Unemployment
AM - Introduction/Demonstration of concepts
5, 6, 7, 8
PM - Application of concept to HS lessons, pedagogy
and assessment exploration
11, 12, 13
Homework = 2 hours
Day 2 Instructional Hours= 8.25
Day 3
Government and the Economy: Government Budget and Fiscal Policy
AM - Introduction/Demonstration of concept
9, 10
PM - Application of concept to HS lessons, pedagogy
and assessment exploration
11, 12, 13
Homework = 2 hours
Day 3 Instructional Hours= 8.25
Day 4
Key note speaker and participants presentations:
AM - Economic Education within HS subjects
11, 12, 13
PM - Project presentations
11, 12, 13
Day 4 Instructional Hours= 5.75

Total instructional hours for the whole program = 44 hours

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Selected Bibliography
Alexander, P. 2006. Psychology in Learning and Instruction. Columbus, Ohio: Pearson Education, Inc.
Ambrose, Susan A., Michael W. Bridges, Michele DiPietro, Marsha Lovett, and Marie K. Norman. 2010.
How Learning Works: Seven Research-Based Principles for Smart Teaching. San Francisco:
Jossey-Bass.
Anderson, Curt L., Brett Burkey, Bonnie Meszaros, Mike Raymer, Martha Sevetson Rush, and Phillip J.
VanFossen. 2014. High School Economics. 3rd ed. New York, NY: Council for Economic
Education.
Anderson, D. and J. Chasey. 2014. Favorite Ways to Explore Economics. New York, NY: Worth
Publishers.
Anderson, David A. 2007. Economics by Example. New York, NY: Worth Publishers.
Becker, William, Michael Watts, and Suzanne Becker, eds. 2006. Teaching Economics: More Alternatives
to Chalk and Talk. Northampton, MA: Edward Elgar Publishing.
Danielson, Charlotte. 2007. Enhancing Professional Practice: A Framework for Teaching. 2nd ed.
Alexandria, VA: Association for Supervision and Curriculum Development (ASCD).
Day, H. 2011. Playful Economics: Using Modeling Clay to Teach Basic Economics. New York, NY: Council
for Economic Education.
Hamermesh, Daniel S. 2014. Economics is Everywhere. 5th ed. New York, NY: Worth Publishers.
Krueger, A. & D. Anderson. 2013. Explorations in Economics. New York, NY: BFW/Worth Publishers.
Lopus, J. S., A. M. Willis, and National Council on Economic Education. 2003. Economics in Action: 14
Greatest Hits for Teaching High School Economics. New York, N.Y: National Council on Economic
Education and Junior Achievement Japan.
Marzano, R., D. Pickering, and J. Pollock. 2005. Classroom Instruction that Works. Columbus, Ohio:
Pearson Education Inc.
Meier, D. 2000. The Accelerated Learning Handbook: A Creative Guide to Designing and Delivering Faster,
More Effective Training Programs. New York: McGraw-Hill.
Smirnova, N.V. Forthcoming. Economics Across the Curriculum: Integration of economic concepts into
various disciplines. Perspectives on Economic Education Research 10(1).
Smirnova, N.V. 2015. Economics Across the Curriculum: Effective Delivery of Economics Instruction to
High School Students. (Working Paper #005). American Institute for Economic Research.
https://www.aier.org/working-papers

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Swan, K., Lee, J., Mueller, R., and Day, S. 2014. Teaching the College, Career, and Civic Life (C3)
Framework: Exploring Inquiry-Based Instruction in Social Studies. Maryland: National Council for
the Social Studies.
Trilling, B. and C. Fadel. 2009. 21st Century Skills: Learning for Life in Our Times. San Francisco: John
Wiley & Sons, Inc.
Universal Design for Learning (UDL) Guidelines Version 2.0 (2011) Retrieved November 22, 2013 from
http://www.udlcenter.org/aboutudl/udlguidelines

Voluntary National Content Standards in Economics, 2nd ed. 2010. New York, NY: Council for Economic
Education.
Watts, Michael. 2003. The Literary Book of Economics. Wilmington, DE: Intercollegiate Studies Institute.
Watts, Michael, S. McCorkle, B. Meszaros, and M. Schug. 2008. Focus: High School Economics. New
York, NY: National Council on Economic Education.
Weaver, F. 2011. Economic Literacy: Basic Economics with an Attitude. Landham, MD: The Rowman &
Littlefield Publishing Group, Inc.
Wiggins, G. and J. McTighe. 2005. Understanding by Design. Expanded 2nd ed. Alexandria, VA:
Association for Supervision and Curriculum Development.

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Appendix A: Voluntary National Content Standards in Economics1:

Content Standards

Students will be able to understand that:

1. SCARCITY

Productive resources are limited. Therefore, people cannot have all the goods and
services they want; as a result, they must choose some things and give up others.
Effective decision making requires comparing the additional costs of alternatives with
the additional benefits. Many choices involve doing a little more or a little less of
something: few choices are all or nothing decisions.
Different methods can be used to allocate goods and services. People acting
individually or collectively must choose which methods to use to allocate different
kinds of goods and services.
People usually respond predictably to positive and negative incentives.
Voluntary exchange occurs only when all participating parties expect to gain. This is
true for trade among individuals or organizations within a nation, and among
individuals or organizations in different nations.
When individuals, regions, and nations specialize in what they can produce at the
lowest cost and then trade with others, both production and consumption increase.
A market exists when buyers and sellers interact. This interaction determines market
prices and thereby allocates scarce goods and services.
Prices send signals and provide incentives to buyers and sellers. When supply or
demand changes, market prices adjust, affecting incentives.
Competition among sellers usually lowers costs and prices, and encourages
producers to produce what consumers are willing and able to buy. Competition
among buyers increases prices and allocates goods and services to those people
who are willing and able to pay the most for them.
Institutions evolve and are created to help individuals and groups accomplish their
goals. Banks, labor unions, markets, corporations, legal systems, and not-for-profit
organizations are examples of important institutions. A different kind of institution,
clearly defined and enforced property rights, is essential to a market economy.
Money makes it easier to trade, borrow, save, invest, and compare the value of
goods and services. The amount of money in the economy affects the overall price
level. Inflation is an increase in the overall price level that reduces the value of
money.
Interest rates, adjusted for Inflation, rise and fall to balance the amount saved with
the amount borrowed, which affects the allocation of scarce resources between
present and future uses.
Income for most people is determined by the market value of the productive
resources they sell. What workers earn primarily depends on the market value of
what they produce.
Entrepreneurs take on the calculated risk of starting new businesses, either by
embarking on new ventures similar to existing ones or by introducing new
innovations. Entrepreneurial innovation is an important source of economic growth.
Investment in factories, machinery, new technology, and in the health, education,
and training of people stimulates economic growth and can raise future standards of
living.

2. DECISION MAKING

3. ALLOCATION

4. INCENTIVES
5. TRADE

6. SPECIALIZATION
7. MARKETS AND PRICES
8. ROLE OF PRICES
9. COMPETITION AND MARKET
STRUCTURE

10. INSTITUTIONS

11. MONEY AND INFLATION

12. INTEREST RATES

13. INCOME

14. ENTREPRENEURSHIP

15. ECONOMIC GROWTH

Voluntary National Content Standards in Economics, 2nd ed. 2010. New York, NY: Council for Economic Education.
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16. THE ROLE OF GOVERNMENT IN
ECONOMICS AND MARKET
FAILURE

17. GOVERNMENT FAILURE

18. ECONOMIC FLUCTUATIONS

19. UNEMPLOYMENT AND INFLATION

20. FISCAL AND MONETARY POLICY

There is an economic role for government in a market economy whenever the

benefits of a government policy outweigh its costs. Governments often provide for
national defense, address environmental concerns, define and protect property
rights, and attempt to make markets more competitive. Most government policies
also have direct or indirect effects on peoples incomes.
Costs of government policies sometimes exceed benefits. This may occur because
of incentives facing voters, government officials, and government employees,
because of actions by special interest groups that can impose costs on the general
public, or because social goals other than economic efficiency are being pursued.
Fluctuations in a nations overall levels of income, employment, and prices are
determined by the interaction of spending and production decisions made by all
households, firms, government agencies, and others in the economy. Recessions
occur when overall levels of income and employment decline.
Unemployment imposes costs on individuals and the overall economy. Inflation, both
expected and unexpected, also imposes costs on individuals and the overall
economy. Unemployment increases during recessions and decreases during
recoveries.
Federal government budgetary policy and the Federal Reserve Systems monetary
policy influence the overall levels of employment, output, and prices.

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Organization

Audience cannot
understand
presentation
because there is
no sequence of
information.

Audience had great

difficulty following
presentation
because there is a
limited sequence of
information.

Audience has
difficulty following
presentation because
there is an
inconsistent
sequence of
information.

Audience can follow

the presentation
because there is a
logical sequence of
information.

Audience can follow

presentation
because there is a
logical, interesting
sequence of
information.

Integrates concept
with discipline

Participant
provides a lesson
plan that is not
specific to their
subject area.

Participant provides
limited integration
of the lesson plan to
their subject area.

Participant provides
a general integration
of the lesson plan to
their subject area.

Participant provides
clear integration of the
lesson plan to their
subject area.

Participant provides
clear and consistent
integration of the
lesson plan to their
subject area.

Participant does
not identify a
procedure to
encourage
interest in, OR
student
interaction with
the economic
concept.

Participant
identifies a single
procedure to
encourage interest
in, OR student
interaction with the
economic concept.

Participant identifies at
least two procedures to
encourage interest in
AND interaction with
the economic concept.

Participant
identifies
procedures to
encourage interest
in AND interaction
with the economic
concept which are
varied, integrated
and appropriate.

Participant identifies at
least one method of
assessment which
demonstrates students
deep understanding.

Participant
identifies methods
to assess student
understanding
which are varied
and clearly
demonstrate the
students deep
understanding.

Participant identifies at
least one method to
expand upon the lesson
which demonstrates
higher-level thinking.

Participant
identifies methods
to expand upon the
lesson which are
varied and
demonstrate
higher-level
thinking.

Lesson Expansion

Expression of
Understanding

Encourages student
interest & interaction

Appendix B: Presentation Rubric for Lesson Plan Project

Participant does
not identify a
method to assess
student
understanding.

Participant does
not identify a
method to
expand upon the
lesson.

Participant
identifies a single
method to assess
student
understanding.

Participant
identifies a single
method to expand
upon the lesson.

Participant identifies
two procedures to
encourage interest
in, OR student
interaction with the
economic concept.

Participant identifies
two methods to
assess student
understanding.

Participant identifies
two methods to
expand upon the
lesson.

Total Points:

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SCORE