ESTABLISHED GOALS Transfer Students will be able to independently use their learning to Define the concepts of supply and Explain why goods have specific values in different types of economies. demand (3.1.a) Interpret basic market forces and how they affect the life of the average consumer. Identify factors that shift supply and Analyze why culture and economics are deeply interconnected because of scarcity and tastes. demand (3.1.b) Meaning UNDERSTANDINGS ESSENTIAL QUESTIONS Define and identify things that affect Students will understand that How do I determine what I need price (3.1.c) Economic principles are a product of versus want and how does this peoples tastes. influence the price of goods in a Identify how consumers determine Supply and demand are universal market economy? what is produced in a market concepts used in western societies to What happens when the resources economy (3.1.d) address peoples wants and needs. are spread inequitably around earth? Economics is the study of scarce How did market economies emerge Explain profit and how it works in a resources. during the middle ages? What is money and how has this market economy (3.1.e) concept evolved over time? How does understanding supply and Demonstrate how supply and demand allow me to better interpret demand result in an equilibrium price the world around me? and quantity (3.1.f) Acquisition Students will know Students will be skilled at Recognize how resources and The definition for supply and Manipulating supply and demand manufacturing are connected via demand. curves to identify the equilibrium relevant examples (3.2.a) Reasons for shifts in these curves. price and quantity for a good. Why global trade is important and Calculating profit using basic Identify how trade patterns are a how people address the issue of mathematical equations. result of the distribution of resources scarce resources. Identifying evidence in support of (3.2.b) How sellers respond to consumers why equilibrium prices and demand in market economies to quantities change. Analyze supply and demand to set the appropriate price for a Describing the connection explain how scarce resources and good. between resources, trade, and goods are allocated by price (3.2.d) The difference between a prices. traditional economy and a market applying economic vocabulary to economy. the world around them. Stage 2 - Evidence Evaluative Criteria Assessment Evidence correct calculations PERFORMANCE TASK(S): Accurate evidence Students will demonstrate understanding of the basic concepts of Developed definitions economics. Relevant connections Strong analysis Student will take a written assessment at the end of the unit which will ask them to define important vocabulary and concepts consistent with the standards. This will also be accompanied by a case study where students identify: the economic system, what is the original equilibrium for the good, why demand will change, why supply will change, what the new equilibrium price and quantity, and the profit at the end of this shift. Students will be able to opt out of the written assignment and use speech to text software to complete a similar assessment if they have this accommodation listed in their IEP or 504. The vocabulary/concept assessment may consist of mix and match definitions, or a fill in the blank section complete with a word bank. The case study may be formatted to include multiple choice and short answer questions. Skill development growth OTHER EVIDENCE: Mini case study on a traditional economy completed in small groups Station activity on supply and demand Supply and demand game to be completed as a large group with discussion Profit worksheet to acclimate students to the math involved in economics Stage 3 Learning Plan Summary of Key Learning Events and Instruction This is a six lesson unit plus assessment. The breakdown of these lessons is as follows: Supply and Demand 1: o This lesson will cover the basics definitions of supply and demand. Class will begin with a textbook reading accompanied by journal questions. We will cover how supply and demand shifts and then play an online game that asks students to apply these concepts. We will spend time addressing correct and incorrect answers as a group. Supply and Demand 2: o The second lesson will refresh the concepts of supply and demand. Students will work on station activities where they read real world news articles and analyze the story to see how supply and demand would change and why based on the information contained within. Money, Profit, Revenue 1: o This lesson will start with a vocabulary lesson where students become familiar with these economic concepts by writing personalized definitions. They will listen to a podcast with an accompanying graphic organizer to catch their notes. We will discuss this podcast in small groups before having a large group discussion. Money, Profit, Revenue 2: o The beginning of this lesson will be a mini-lesson on math in economics. Several I DO, WE DO examples will be done as a class to familiarize students with the process before they are released to work through a worksheet about calculating profits. Markets 1: o Students will work complete a reading with discussion questions they will jot down answers to in their journal. We will have a class discussion about the content and students will work to construct models of a traditional and a market economy as a group. The second half of this lesson will consist of a podcast activity where students listen to a lecture on what it means to have a market economy. Markets 2: o A brief refresher of the two types of economies will be done at the beginning of class where students will help the teacher to better understand what each economy is like. As a class, we will read over the case study students will be examining and then go over the expectations. By the end of class the group should have all the parts completed with a brief explanation of how they came up with their answers. Assessment: o Vocab Quiz plus Case Study