HS+Economics+Common+Core+Resources

To navigate this page, any available resources will appear as links below the Content Expectation. Please contact david.johnson@wmisd.org if you have a public domain resource which could be linked to one of these standards.

Vocabulary: The attached vocabulary list came from the Michigan Citizenship Collaborative Curriculum and should be covered throughout the course of the year if you're following the MC3 units. "I Can" Statements The attached "I Can" statements were developed during the Wexford-Missaukee Intermediate School District curriculum review for Social Studies.

Common Core Writing Examples from Mason Lake Oceana ISD's Social Studies Network. 11th and 12th grade Common Core (College and Career Readiness Standards) brochure

There are Northern Michigan Learning Consortium Assessments available for some of these units. Please click here to learn more about how to access them.

[[image:nmlcss/folder.jpg width="99" height="82"]]**MC3 Unit 1 - Fundamentals of Economics**

 * //E1.1.1: //__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 market place and explain how comparative advantage creates gains from trade. **
 * [[image:nmlcss/resource.jpg]]RESOURCE: Comparative Advantage **
 * [[image:nmlcss/resource.jpg]]RESOURCE: Natural Resources (For Scarcity)**
 * [[image:nmlcss/resource.jpg]]RESOURCE: Getting the Most Out of Life - The Concept of Opportunity Cost**

//A close and careful reading of any of these articles where students are asked to cite evidence to support their analysis hits CCRS Reading Standard 1, determine central ideas or information providing a summary that makes the relationships amongst those details clear hits CCRS Reading Standard 2//. //Using one of these articles and another student selected one, students can write about the main ideas by gathering information from multiple print and digital sources citing information in a standard format (CCRS Writing 8)//

//If students are asked to write an informative text where they introduce a topic and organize ideas, concepts and information around it, develop the topic thoroughly by selecting the most significant and relevant facts, using varied transitions, precise language, and concluding section, they will hit CCRS Writing Standard 2//
 * //E1.1.2: // __Entrepreneurship__ – Identify the risks, returns and other characteristics of entrepreneurship that bear on its attractiveness as a career. **
 * [[image:nmlcss/resource.jpg]]RESOURCE: Entrepreneurship - The Concise Encyclopedia of Economics**


 * //E1.2.1: // __Business Structures__ – Compare and contrast the functions and constraints facing economic institutions including small and large businesses, labor unions, banks, and households. **
 * [[image:nmlcss/resource.jpg]]RESOURCE: Incentives, Incentives, Incentives **
 * [[image:resource.jpg]]RESOURCE: Business Structure Basics**

//A close and careful reading of any of these articles where students are asked to cite evidence to support their analysis hits CCRS Reading Standard 1, determine central ideas or information providing a summary that makes the relationships amongst those details clear hits CCRS Reading Standard 2//. //Using one of these articles and another student selected one, students can write about the main ideas by gathering information from multiple print and digital sources citing information in a standard format (CCRS Writing 8)//

//Students writing on this topic who produce clear and coherent writing in which the development, organization, and style are appropriate to the task they are given, the purpose, and audience, will hit CCRS Writing Standard 4.//
 * //E1.2.2: // __Price in the Market__ – Analyze how prices send signals and provide incentives to buyers and sellers in a competitive market. **
 * [[image:resource.jpg]]RESOURCE: Shedding Light on Market Power**

//E1.2.3: // __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.

//E1.4.1: //__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.

E3.1.1: __Major Economic Systems__ – Give examples of and analyze the strengths and weaknesses of major economic systems (command, market and mixed), including their philosophical and historical foundations (e.g., Marx and the Communist Manifesto, Adam Smith and the Wealth of Nations).

//<span style="font-family: 'Arial','sans-serif';">E3.1.5: //<span style="font-family: 'arial','sans-serif';"> __Comparing Economic Systems__ – Using the three basic economic questions (e.g., what to produce, how to produce, and for whom to produce), compare and contrast a socialist (command) economy (such as North Korea or Cuba) with the Capitalist as a mixed, free market system of the United States.

//<span style="font-family: 'Arial','sans-serif';">E4.1.1: // __<span style="font-family: 'Arial','sans-serif';">Scarcity and Opportunity Costs __<span style="font-family: 'Arial','sans-serif';"> – Apply concepts of scarcity an opportunity costs to personal financial decision making.

E4.1.5: __Personal Decisions__ – Use a decision-making model (e.g., stating a problem, listing alternatives, establishing criteria, weighing options, making the decision, and evaluating the result) to evaluate the different aspects of personal finance including careers, savings and investing tools, and different forms of income generation.

[[image:nmlcss/folder.jpg width="99" height="82"]]**MC3 Unit 2 - Microeconomic Challenges**
//<span style="color: #231f20; font-family: 'Arial','sans-serif';">E1.2.2: //<span style="color: #231f20; font-family: 'arial','sans-serif';"> __Price in the Market__– Analyze how prices send signals and provide incentives to buyers and sellers in a competitive market.

//<span style="color: #231f20; font-family: 'Arial','sans-serif';">E1.3.1: //<span style="color: #231f20; font-family: 'arial','sans-serif';"> __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.

//<span style="color: #231f20; font-family: 'Arial','sans-serif';">E1.3.2: //__<span style="color: #231f20; font-family: 'Arial','sans-serif';">Law of Demand __<span style="color: #231f20; font-family: 'Arial','sans-serif';">– 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.

//<span style="color: #231f20; font-family: 'Arial','sans-serif';">E1.3.3: //<span style="color: #231f20; font-family: 'arial','sans-serif';"> __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.

//<span style="color: #231f20; font-family: 'Arial','sans-serif';">E1.4.1: //<span style="color: #231f20; font-family: 'arial','sans-serif';"> __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.

//<span style="color: #231f20; font-family: 'Arial','sans-serif';">E1.4.2: //<span style="color: #231f20; font-family: 'arial','sans-serif';"> __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.

[[image:nmlcss/folder.jpg width="99" height="82"]]**MC3 Unit 3 - Macroeconomic Challenges**
//<span style="color: #1a1718; font-family: 'Arial','sans-serif';">E1.2.3: //__<span style="color: #1a1718; font-family: 'Arial','sans-serif';">Investment, Productivity, and Growth __<span style="color: #1a1718; font-family: 'Arial','sans-serif';"> – 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.

//<span style="color: #231f20; font-family: 'Arial','sans-serif';">E2.1.2: //<span style="color: #231f20; font-family: 'arial','sans-serif';"> __Circular Flow and the National Economy__– Using the concept of circular flow, analyze the roles of and the relationships between households, business firms, financial institutions, and government and nongovernment agencies in the economy of the United States.

//<span style="font-family: 'Arial','sans-serif';">E2.1.3 //__<span style="font-family: 'Arial','sans-serif';">Financial Institutions and Money Supply __<span style="font-family: 'Arial','sans-serif';"> – Analyze how decisions by the Federal Reserve and actions by financial institutions (e.g., commercial banks, credit unions) regarding deposits and loans, impact the expansion and contraction of the money supply. //<span style="font-family: 'Arial','sans-serif';">E2.1.4: //__<span style="font-family: 'Arial','sans-serif';">Money Supply, Inflation, and Recession __<span style="font-family: 'Arial','sans-serif';"> - Explain the relationships between money supply, inflation, and recessions.

//<span style="font-family: 'Arial','sans-serif';">E2.1.5: //__<span style="font-family: 'Arial','sans-serif';">Gross Domestic Product (GDP) and Economic Growth __<span style="font-family: 'Arial','sans-serif';"> - Use GDP data to measure the rate of economic growth in the United States and identify factors that have contributed to this economic growth.

//<span style="font-family: 'Arial','sans-serif';">E2.1.6: //__<span style="font-family: 'Arial','sans-serif';">Unemployment __<span style="font-family: 'Arial','sans-serif';"> - Analyze the character of different types of unemployment including frictional, structural, and cyclical.

//<span style="font-family: 'Arial','sans-serif';">E2.1.7: //<span style="font-family: 'arial','sans-serif';"> __Economic Indicators__ - Using a number of indicators, such as GDP, per capita GDP, unemployment rates, and Consumer Price Index, analyze the characteristics of business cycles, including the characteristics of peaks, recessions, and expansions.

//<span style="color: #231f20; font-family: 'Arial','sans-serif';">E.2.2.1: //<span style="color: #231f20; font-family: 'arial','sans-serif';"> __Federal Government and Macroeconomic Goals__ – Identify the three macroeconomic goals of an economic system (stable prices, low unemployment, and economic growth).

[[image:nmlcss/folder.jpg width="99" height="82"]]**MC3 Unit 4 - The Role of Government**
//<span style="color: #231f20; font-family: 'Arial','sans-serif';">E1.4.1: //<span style="color: #231f20; font-family: 'arial','sans-serif';"> __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.

//<span style="color: #231f20; font-family: 'Arial','sans-serif';">E1.4.2: //<span style="color: #231f20; font-family: 'arial','sans-serif';"> __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.

//<span style="color: #231f20; font-family: 'Arial','sans-serif';">E1.4.3: //<span style="color: #231f20; font-family: 'arial','sans-serif';"> __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).

//<span style="color: #231f20; font-family: 'Arial','sans-serif';">E1.4.4: //<span style="color: #231f20; font-family: 'arial','sans-serif';"> __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.

//<span style="color: #231f20; font-family: 'Arial','sans-serif';">E1.4.5: //<span style="color: #231f20; font-family: 'arial','sans-serif';"> __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.

//<span style="color: #231f20; font-family: 'Arial','sans-serif';">E2.1.2: //<span style="color: #231f20; font-family: 'arial','sans-serif';"> __Circular Flow and the National Economy__– Using the concept of circular flow, analyze the roles of and the relationships between households, business firms, financial institutions, and government and nongovernment agencies in the economy of the United States.

//<span style="color: #231f20; font-family: 'Arial','sans-serif';">E2.1.3: //<span style="color: #231f20; font-family: 'arial','sans-serif';"> __Financial Institutions and Money Supply__– Analyze how decisions by the Federal Reserve and actions by financial institutions (e.g., commercial banks, credit unions) regarding deposits and loans, impact the expansion and contraction of the money supply.

//<span style="color: #231f20; font-family: 'Arial','sans-serif';">E2.1.8: //<span style="color: #231f20; font-family: 'arial','sans-serif';"> __Relationship Between Expenditures and Revenue (Circular Flow)__ – Using the circular flow model, explain how spending on consumption, investment, government and net exports determines national income; explain how a decrease in total expenditures affects the value of a nation’s output of final goods and services.

//<span style="color: #231f20; font-family: 'Arial','sans-serif';">E2.2.1: //<span style="color: #231f20; font-family: 'arial','sans-serif';"> __Federal Government and Macroeconomic Goals__ – Identify the three macroeconomic goals of an economic system (stable prices, low unemployment, and economic growth).

//<span style="color: #231f20; font-family: 'Arial','sans-serif';">E2.2.2: //<span style="color: #231f20; font-family: 'arial','sans-serif';"> __Macroeconomic Policy Alternatives__– Compare and contrast differing policy recommendations for the role of the Federal government in achieving the macroeconomic goals of stable prices, low unemployment, and economic growth.

//<span style="color: #231f20; font-family: 'Arial','sans-serif';">E2.2.3: //<span style="color: #231f20; font-family: 'arial','sans-serif';"> __Fiscal Policy and its Consequences__– Analyze the consequences – intended and unintended –of using various tax and spending policies to achieve macroeconomic goals of stable prices, low unemployment, and economic growth.

//<span style="color: #231f20; font-family: 'Arial','sans-serif';">E2.2.4: //<span style="color: #231f20; font-family: 'arial','sans-serif';"> __Federal Reserve and Monetary Policy__ – Explain the roles and responsibilities of the Federal Reserve System and compare and contrast the consequences – intended and unintended – of different monetary policy actions of the Federal Reserve Board as a means to achieve macroeconomic goals of stable prices, low unemployment, and economic growth.

//<span style="color: #231f20; font-family: 'Arial','sans-serif';">E2.2.5: //<span style="color: #231f20; font-family: 'arial','sans-serif';"> __Government Revenue and Services__ – Analyze the ways in which governments generate revenue on consumption, income and wealth and use that revenue for public services (e.g., parks and highways) and social welfare (e.g., social security, Medicaid, Medicare).

//<span style="color: #231f20; font-family: 'Arial','sans-serif';">C1.1.3: //<span style="color: #231f20; font-family: 'arial','sans-serif';"> Identify and explain competing arguments about the necessity and purposes of government (such as to protect inalienable rights, promote the general welfare, resolve conflicts, promote equality, and establish justice for all).

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