Social Studies Grade 12 Economics, the Enterprise System ...

Social Studies – Grade 12 Economics, the Enterprise System, and Finance

Social Studies Grade 12 Economics

Unit: 1: Individual Responsibility and the Economy

NYS Standards | Themes

“Economics, the Enterprise System, and Finance” examines the principles of the United States free market economy in a global context. Students will examine their

individual responsibility for managing their personal finances. Students will analyze the role of supply and demand in determining the prices individuals and

businesses face in the product and factor markets, and the global nature of these markets. Students will study changes to the workforce in the United States, and the

role of entrepreneurs in our economy, as well as the effects of globalization. Students will explore the challenges facing the United States free market economy in a

global environment and various policy-making opportunities available to government to address these challenges.

12.E1 INDIVIDUAL RESPONSIBILITY AND THE ECONOMY: Individuals should set personal financial goals, recognize their income needs and debt obligations, and know

how to utilize effective budgeting, borrowing, and investment strategies to maximize well-being.

CCLS: Prioritize standards based on which appear in your chosen formative assessment(s). Main Idea or Essential Questions:

● Who’s to Blame for the Great Recession?

Enduring Understandings

Students will understand:

● What role did the government play in causing the Great Recession? ● What role did consumers play in causing the Great Recession? ● What role did financial institutions play in causing the Great Recession?

Time

Frame

Skills, practices or

Expectations

NYS Grade 12 Social Studies

Framework

Resources Content

Vocabulary

Measurement of Student learning

4 Weeks

Skill | Practices |

Expectations:

● Timeline/Chart Reading

● Vocabulary Development

● Art/Visual Analysis ● Conduct surveys

12.E1a In making economic

decisions in any role,

individuals should consider the

set of opportunities that they

have, their resources (e.g.,

income and wealth), their

preferences, and their ethics.

12.E1b Sound personal

Videos: Crash Course: Intro to Economics #1

https://youtu.be/3ez10ADR_gM

Income Wealth Consumers Producers Resources

C3 Toolkit: Great Recession This inquiry leads students through an

investigation of the 2007–2008 subprime-

mortgage crisis that ultimately led to the

Great Recession, the worst economic

downturn in the United States since the Great

Depression of the 1920s. The US Financial

Crisis Inquiry Commission concluded that the

“crisis was avoidable” and that entire sectors





● Essay Writing: -Thesis Statement -Paragraph Development -Document Analysis (summation, outside info, citation, grouping of documents within the essay, point-of-view, incorporating scaffolding questions into the essay) -On-Demand Essay Writing (timed, self-organized essay writing)

financial (money management)

practices take into account

wealth and income, the present

and the future, and risk factors

when setting goals and

budgeting for anticipated

saving and spending. Cost-

benefit analysis is an

important tool for sound

decision making. All financial

investments carry with them

varying risks and rewards that

must be fully understood in

order to make informed

decisions. Greater rewards

generally come with higher

risks.

12.E1c Managing personal

finance effectively requires an

understanding of the forms

and purposes of financial

credit, the effects of personal

debt, the role and impact of

interest, and the distinction

between nominal and real

returns. Predatory lending

practices target and affect

those who are least informed

and can least afford such

practices. Interest rates reflect

perceived risk, so maintaining

a healthy credit rating lowers

Crash Course Debt & Deficit #9

https://youtu.be/3sUCSGVYzI0 Crash Course Money and Finance #11

https://youtu.be/Dugn51K_6WA Crash Course 2008 Financial Crisis #12

https://youtu.be/GPOv72Awo68 Crash Course Recession, Hyperinflation and Stagflation #13 https://youtu.be/BHw4NStQsT8

Scarcity Opportunity Costs Debt Deficit Interest Principal Inflation Recession Hyperinflation Stagflation

of the economy (e.g., financial institutions,

banking regulators, policy makers,

consumers) all contributed to “putting the

financial system on a collision course with

crisis.” By investigating the compelling

question of who is to blame for the Great

Recession, students untangle key aspects of

the financial crisis including, but not limited

to, the role of government in financial

oversight and the degree to which the Federal

Reserve and others were prepared for and

responded ably to the crisis; the role of

consumers and the extent to which they

escalated the debt crisis and contributed to

the housing bubble; and the role of financial

institutions in creating, bundling, and

insuring new investment products and the

extent to which these put the economy in

jeopardy. In investigating a range of

contemporary sources, students should

develop a complex interpretation of the

financial crisis and begin to evaluate the

extent to which downturns in the business

cycle can be pinned on any one economic

sector.

http://www.c3teachers.org/inquiries/great-recession/ Summative Performance Task:

ARGUMENT Who’s to blame for the Great Recession? Construct an argument (e.g., detailed outline, poster, essay) that addresses the compelling question using specific claims

https://youtu.be/3sUCSGVYzI0

https://youtu.be/3sUCSGVYzI0

https://youtu.be/Dugn51K_6WA

https://youtu.be/Dugn51K_6WA

https://youtu.be/GPOv72Awo68

https://youtu.be/GPOv72Awo68

https://youtu.be/BHw4NStQsT8

https://youtu.be/BHw4NStQsT8

http://www.c3teachers.org/inquiries/great-recession/

http://www.c3teachers.org/inquiries/great-recession/



the cost of borrowing.

12.E1d To be an informed

participant in the global

economy, one must be aware

of inflation and have an

understanding of how

international currencies

fluctuate in value relative to

the United States dollar.

Crash Course Economics page: https://www.youtube.com/playlist?list=PL8dPuuaLjXtPNZwz5_o_5uirJ8gQXnhEO

and relevant evidence from historical sources while acknowledging competing views.

EXTENSION Put the sectors of the economy (i.e., government, consumers, financial institutions) on trial and determine who should be held responsible for the Great Recession. If any sector is found guilty, decide a just punishment.

Taking Informed Action:

UNDERSTAND Research the Dodd-Frank Wall Street Reform and Consumer Protection Act (July 21, 2010 ).

ASSESS Determine the extent of the bill’s effectiveness at avoiding another recession.

ACT Write a letter to a legislator regarding the Dodd-Frank bill, discussing whether the legislation should be revised, repealed, or left as it is.

Federal Reserve Education: https://www.federalreserveeducation.org CEE Econ EdLink: https://www.econedlink.org/lessons/1

ELL

Enhancements

Listening Build Background Knowledge Audio

Speaking Sentence Frames Academic conversation starters

Reading Supplementary Texts Visual Aids

Writing Sentence Frames Graphic Organizers

Modifications

● Extended time ● Directions read 3x ● Oral interpretation ● Translated version of text

(may have English and other)

https://www.youtube.com/playlist?list=PL8dPuuaLjXtPNZwz5_o_5uirJ8gQXnhEO





https://www.federalreserveeducation.org/

https://www.econedlink.org/lessons/1



Video Standards-based questions

Standards-based Sentence Stems

● Responses in home language.



Unit II: Individuals and Business in the Product and Factor Markets


12. E2 INDIVIDUALS AND BUSINESSES IN THE PRODUCT AND FACTOR MARKETS: Free enterprise is a pillar of the United States economy and is based on the principle

that individuals and businesses are free to make their own economic choices as they participate in these markets. Individuals buy the goods and services that they

desire from businesses in the product markets, and they contribute to producing these goods and services by supplying the resources that they own to businesses in

the factor markets.


Does It matter What I Want to Be When I Grow Up?


Students will be able to:

● What economic trends have influenced labor market demand? ● How are producers affected by labor market supply? ● How do market forces interact to create price equilibrium?

Time

Frame


Expectations


Framework

Resources Content

Vocabulary


4 Weeks

Skill | Practices |

Expectations:



● Art/Visual Analysis ● Essay Writing: ● Thesis Statement ● Paragraph

Development ● Document Analysis

12.E2a Given that the

resources of individuals (and

societies) are limited, decisions

as to what goods and services

will be produced and to whom

to sell one’s resources are

driven by numerous factors,

including a desire to derive the

maximum benefit from and

thus the most efficient

Videos: Crash Course Specialization and Trade #2

https://youtu.be/NI9TLDIPVcs Crash Course Economic Systems #3

Goods Services Demand Supply Market Price Equilibrium

C3 Toolkit: Labor Markets This inquiry explores some of the dynamic

changes occurring in the US labor markets

through the investigation of the compelling

question “Does it matter what I want to be

when I grow up?” The importance of

understanding labor markets in this inquiry

is twofold:

(1) students should be able to understand

some of the changes that exist and persist

https://youtu.be/NI9TLDIPVcs

https://youtu.be/NI9TLDIPVcs



(summation, outside info, citation, grouping of documents within the essay, point-of-view, incorporating scaffolding questions into the essay)

● On-Demand Essay Writing

● (timed, self-organized essay writing)

allocation of those resources.

12.E2b The choices of buyers

and sellers in the marketplace

determine supply and demand,

market prices, allocation of

scarce resources, and the

goods and services that are

produced. In a perfect world,

consumers influence product

availability and price through

their purchasing power in the

product market. Product

market supply and demand

determine product availability

and pricing.

12.E2c Businesses choose what

to supply in the product

market, based on product

market prices, available

technology, and prices of

factors of production. The

prices of those factors are

determined based on supply

and demand in the factor

market. The supply and

demand of each factor market

is directly related to

employment. Debates

surround various ways to

minimize unemployment

(frictional, structural, cyclical).

https://youtu.be/B43YEW2FvDs Crash Course Supply and Demand #4

https://youtu.be/g9aDizJpd_s Crash Course Macroeconomics #5 https://youtu.be/d8uTB5XorBw

Crash Course Inflation and Bubbles and Tulips #7 https://youtu.be/T8-85cZRI9o Crash Course Economics page:

Buyers Sellers Producers Consumers Resources Product Market Factor Market Factors of Production Land Labor Capital Entrepreneur Unemployment Under-employment

in today’s labor markets, especially labor

demand (or derived demand), and

(2) students will benefit from

understanding fluctuations in supply and

demand and how they affect wages. While

progressing through the inquiry, students

should analyze the structural changes

occurring in the labor markets and affirm

or perhaps refocus their own career goals

and pathways. In doing so, students can

cement their theoretical understandings of

supply and demand and the impact of

market forces on their own career choices.

http://www.c3teachers.org/inquiries/labor-market/ Summative Performance Task:

ARGUMENT Construct an argument (e.g., detailed outline, poster, essay) that addresses the compelling question using specific claims and relevant evidence from contemporary sources while acknowledging competing views.

EXTENSION Debate the growing concerns about the rising cost of higher education and the extent to which college is worth the time, effort, and financial cost to students.


https://youtu.be/B43YEW2FvDs

https://youtu.be/B43YEW2FvDs

https://youtu.be/g9aDizJpd_s

https://youtu.be/g9aDizJpd_s

https://youtu.be/d8uTB5XorBw

https://youtu.be/d8uTB5XorBw

https://youtu.be/T8-85cZRI9o

https://youtu.be/T8-85cZRI9o

http://www.c3teachers.org/inquiries/labor-market/

http://www.c3teachers.org/inquiries/labor-market/




UNDERSTAND Research labor markets that students may wish to enter in the future.

ASSESS Look at the wages paid in the profession identified in the previous step and assess why the wage is what it is and why it may have fluctuated due to changes in the supply of, and demand for, labor.

ACT Invite a career or guidance counselor, business teacher, or professional from the community to speak to the class about local labor market conditions.


ELL

Enhancements



Reading Supplementary Texts Visual Aids Video Standards-based questions

Writing Sentence Frames Graphic Organizers Standards-based Sentence Stems

Modifications


(may have English and other) ● Responses in home language.










Unit III: The Impact of American Capitalism in a Global Economy


12.E3 THE IMPACT OF AMERICAN CAPITALISM IN A GLOBAL ECONOMY: There are various economic systems in the world. The United States operates within a mixed,

free market economy that is characterized by competition and a limited role of government in economic affairs. Economic policy makers face considerable challenges

within a capitalist system, including unemployment, inflation, poverty, and environmental consequences. Globalization increases the complexity of these challenges

significantly, and has exerted strong and transformative effects on workers and entrepreneurs in the United States economy.

CCLS: Prioritize standards based on which appear in your chosen formative assessment(s).

Main Idea or Essential Questions:

How Could Americans Be Happier? (EH)

Or

What should be done about the Gender Wage Gap?

Or

Should Corporations Have a Conscience?

Please Note: Select one of the NYS Toolkit Documents related to this standard



● Why do some consider Denmark the happiest country in the world? (EH) ● How does the United States rank in happiness? (EH) ● What economic policies could make Americans happier? (EH) ● What are the challenges in accurately calculating the gender wage gap? (GWG) ● Why has the gender wage gaps changed over time? (GWG) ● Where is the gender wage gap the most pronounced? (GWG) ● What is corporate social responsibility? (CSR) ● What are some of the benefits of corporate social responsibility? (CSR) ● What are concerns about corporate social responsibility? (CSR) ● Is social responsibility in the best interest of society? (CSR)



Time

Frame


Expectations


Framework

Resources Content

Vocabulary


4 Weeks

Skill | Practices |

Expectations:



● Art/Visual Analysis ● Essay Writing:

-Thesis Statement -Paragraph Development -Document Analysis (summation, outside info, citation, grouping of documents within the essay, point-of-view, incorporating scaffolding questions into the essay) -On-Demand Essay Writing (timed, self-organized essay writing)

12.E3a As the United States has

evolved from an agrarian to an

industrial to an information

economy, the workplace

requires a more highly skilled

and educated workforce.

12.E3b The government’s

evolving role in protecting

property rights, regulating

working conditions, protecting

the right to bargain

collectively, and reducing

discrimination in the

workplace has attempted to

balance the power between

workers and employers. This

role shifts in response to

government’s need to

stimulate the economy

balanced against the need to

curb abusive business

practices.

12.E3c The freedom of the

United States economy

encourages

entrepreneurialism. This is an

important factor behind

economic growth that can lead

to intended consequences (e.g.,

Videos: Crash Course Economics of Happiness #35

https://youtu.be/O-t8-Vq0HO0

Crash Course Productivity and Growth #6 https://youtu.be/UHiUYj5EA0w

Crash Course Economic Schools of Thought #14 https://youtu.be/tZvjh1dxz08

Crash Course Monopolies and Anti-Competitive Markets #25 https://youtu.be/Sb_-wfmJnHA

Agrarian

Industry Property Rights Collective Bargaining Discrimination Standard of Living Trade Competition Perfect Competition Monopoly Oligopoly Externalities Positive Externality Negative Externality Productivity Class Mobility

C3 Toolkit: Economic Happiness This inquiry leads students through an

investigation of recent studies that try to

quantify a country’s happiness through

different economic measures. By

investigating the compelling question about

whether Americans could be happier,

students consider the ways in which

economic values (e.g., freedom, security,

sustainability) impact our perspectives on

happiness and the extent to which we could

be happier as a country. By investigating

three studies of global happiness and the

platforms of three American political

parties, students develop a deep

understanding of the relationship between

values, economic policy, and how we view

economic happiness and could improve

upon it.

http://www.c3teachers.org/inquiries/economic-happiness/ Summative Performance Task:

ARGUMENT How could Americans be happier? Construct an argument (e.g., detailed outline, poster, or essay) that addresses the compelling question using specific claims and relevant evidence from



https://youtu.be/UHiUYj5EA0w

https://youtu.be/UHiUYj5EA0w

https://youtu.be/tZvjh1dxz08

https://youtu.be/tZvjh1dxz08

https://youtu.be/Sb_-wfmJnHA

https://youtu.be/Sb_-wfmJnHA

http://www.c3teachers.org/inquiries/economic-happiness/

http://www.c3teachers.org/inquiries/economic-happiness/



growth, competition,

innovation, improved standard

of living, productivity,

specialization, trade,

outsourcing, class mobility,

positive externalities) and

unintended consequences (e.g.,

recession, depression, trade,

unemployment, outsourcing,

generational poverty, income

inequality, the challenges of

class mobility, negative

externalities.).

12.E3d A degree of regulation,

oversight, or government

control is necessary in some

markets to ensure free and fair

competition and to limit

unintended consequences of

American capitalism.

Government attempts to

protect the worker, ensure

property rights, and to regulate

the marketplace, as well as to

promote income equality and

social mobility, have had

varied results.

12.E3e The degree to which

economic inequality reflects

social, political, or economic

injustices versus individual

choices is hotly debated. The

Crash Course Game Theory and Oligopoly #26 https://youtu.be/PCcVODWm-oY Crash Course Labor Markets and Minimum Wage #28

https://youtu.be/mWwXmH-n5Bo

Crash Course Economics page: https://www.youtube.com/playlist?list=PL8dPuuaLjXtPNZwz5_o_5uirJ8gQXnhEO

Depression Regulation Poverty Absolute Poverty Generational Poverty

historical sources while acknowledging competing views.

EXTENSION Evaluate Bhutan’s attempts to improve gross national happiness and the extent to which this is a viable economic approach.


UNDERSTAND Research current economic initiatives to help the middle class.

ASSESS Discuss the degree to which each political party’s platforms may help the middle class.

ACT Invite a group of teachers and staff to a classroom forum and discuss/debate the class perspectives on recent efforts to help the middle class.

C3 Toolkit: Gender Wage Gap This twelfth grade annotated inquiry leads

students through an investigation of a hotly

debated issue in the United States: the

gender wage gap. The compelling question

“What should we do about the gender wage

gap?” asks students to grapple not only

with how to quantify and interpret the gap

but also to consider ways of addressing the

problem. Throughout the inquiry, students

consider the degree to which economic

inequality reflects social, political, or

economic injustices or whether it simply

reflects individual choices and the role the

https://youtu.be/PCcVODWm-oY

https://youtu.be/PCcVODWm-oY











role that the government

should play in decreasing this

gap, including the variety of

government programs

designed to combat poverty, is

debated as well.

government should play in decreasing

income inequality. Although this inquiry is

rooted in a question about economics, no

social issue is fully understood without

examining a range of economic, historical,

geographic, and political concepts in order

to craft a full-bodied, evidence-based

argument. This inquiry looks at the

complexity of the gender wage gap issue

through all four social studies disciplines.

Students examine the structural factors

that influence women’s choices as well as

historical (e.g., Equal Pay Act of 1963) and

pending (e.g., Paycheck Fairness Act)

legislative efforts. Ultimately, students

must find a way to measure the gender

wage gap, determine if it is an issue worth

addressing, and, if so, how to best address

it, including private and public sector

solutions.

http://www.c3teachers.org/inquiries/gender-wage-gap/ Summative Performance Task:

ARGUMENT What should be done about the gender wage gap? Construct an argument (e.g., detailed outline, poster, essay) that addresses the compelling question using specific claims and relevant evidence and information from contemporary sources.

EXTENSION/ACT Write an op-ed for a local or national newspaper stating an argument for

http://www.c3teachers.org/inquiries/gender-wage-gap/

http://www.c3teachers.org/inquiries/gender-wage-gap/



what should be done about the gender wage gap and address economic, historical, geographic, and political factors that have informed the argument.

C3 Toolkit: Corporate Social Responsibility There has been much debate about the role

of corporations and how they function in

today’s global society. Arguments abound

as to whether or not these entities pay their

fair share of taxes to the governments of

the countries in which they operate and

whether or not they have a social

responsibility to act according to basic

principles of human rights. Although

corporations are said to provide jobs and

direct investment in the economy, some

argue that corporations should expand

their missions to solve local and global

problems. After considering the costs,

benefits, and realities of corporate social

responsibility (CSR), students should be

able to make claims supported by evidence

as to whether corporations should develop

a conscience beyond their bottom line. This

inquiry embeds the Taking Informed Action

sequence throughout.

http://www.c3teachers.org/inquiries/corporate-social-responsibility/

Federal Reserve Education: https://www.federalreserveeducation.org CEE Econ EdLink:







ELL

Enhancements





Modifications






Unit IV: The Tools of Economic Policy in a Global Economy


12.E4 THE TOOLS OF ECONOMIC POLICY IN A GLOBAL ECONOMY: Globalization and increased economic interdependence affect the United States economy

significantly. The tools that the policy makers have available to address these issues are fiscal policy, monetary policy, and trade policy.


Is Free Trade Worth the Price?



● What are the arguments for free trade? ● What are the arguments against free trade? ● Why did the United States sign on to the North American Free Trade Agreements? ● Has NAFTA achieved its goals?

Time

Frame


Expectations


Framework

Resources Content

Vocabulary


4 Weeks

Skill | Practices |

Expectations:



● Art/Visual Analysis ● Essay Writing:

-Thesis Statement -Paragraph Development -Document Analysis (summation, outside info, citation, grouping of documents within

12.E4a Policy makers establish

economic goals related to

economic indicators, including

the Gross National Product

(GNP), Gross Domestic Product

(GDP), Consumer Price Index

(CPI), employment and

interest rates, and aggregate

supply and demand.

12.E4b The president and

Congress determine fiscal

policy by establishing the level

of spending and taxing in the

annual budget. Some tax

Videos: Crash Course Fiscal Policy and Stimulus #8

https://youtu.be/otmgFQHbaDo

Gross National Product (GNP) Gross Domestic Product (GDP) Consumer Price Index (CPI) Interest Rates Aggregate Supply Aggregate Demand

C3 Toolkit: Free Trade Nobel Prize–winning economist Milton Friedman once said, “There is a standard cliché which I am sure you have all heard, that if you have two economists in one room, you are bound to have at least three opinions.” Drawing on disciplinary experts who disagree on a fundamental free-market economic tenet, this inquiry asks students to investigate the dispute over free trade. By considering the arguments of professional economists who may use the same data but come to very different conclusions, students examine the “price” of free trade as it relates to the North American Free Trade Agreement (NAFTA). In understanding the arguments for and






the essay, point-of-view, incorporating scaffolding questions into the essay) -On-Demand Essay Writing (timed, self-organized essay writing)

programs are designed to

provide incentives to

individuals and businesses that

influence private sector

spending, saving, and

investment.

12.E4c The Federal Reserve is

the government institution

responsible for managing the

nation’s monetary policy,

including regulating the

amount of money in circulation

and interest rates.

12.E4d Trade policies and

agreements (tariffs, quotas,

embargoes) set the rules for

trade between the United

States and other nations.

Agreeing on such rules is very

difficult because each nation

has different interests, and

each nation has special interest

groups trying to influence the

negotiations.

Crash Course Monetary Policy and Federal Reserve #10

https://youtu.be/1dq7mMort9o Crash Course Globalization and Trade #16

https://youtu.be/9MpVjxxpExM Crash Course Income and Wealth Inequality #17

https://youtu.be/0xMCWr0O3Hs Crash Course Price Controls and the Risks of Good Intentions #20

https://youtu.be/01lKDkYSFDg

Fiscal Policy Tariffs Quotas Embargo Monetary Policy Private Sector Public Sector Spending Saving Investment Incentives Subsidies

against free-trade policy in general and applying such concepts to existing policy more specifically, students can gain clarity about this age-old debate and become participants in a contemporary discussion involving international trade

http://www.c3teachers.org/inquiries/free-trade/ Summative Performance Task:

ARGUMENT Is free trade worth the price? Construct an argument (e.g., detailed outline, poster, essay) that addresses the compelling question using specific claims and relevant evidence with information from contemporary sources.

EXTENSION Students could adapt the argument by holding a “fishbowl” debate in which students discuss the question “Should the United States continue the NAFTA?”


UNDERSTAND Research the fair-trade movement and the principles underlying this recent economic initiative. ASSESS Identify businesses or organizations in the community that engage in or promote fair trade and evaluate their foothold in the community.

ACT Organize a classroom forum that invites business and/or community leaders to

https://youtu.be/1dq7mMort9o



https://youtu.be/9MpVjxxpExM

https://youtu.be/9MpVjxxpExM

https://youtu.be/0xMCWr0O3Hs





http://www.c3teachers.org/inquiries/free-trade/

http://www.c3teachers.org/inquiries/free-trade/



Crash Course Market Failures, Taxes, and Subsidies #21

https://youtu.be/13JOGWzY8kE Crash Course Taxes #31 https://youtu.be/7Qtr_vA3Prw Crash Course Foreign Aid and Remittance #34 https://youtu.be/tAvA_cOeeOI

discuss whether the country should engage in free trade, fair trade, or both.


ELL

Enhancements





Modifications



https://youtu.be/13JOGWzY8kE

https://youtu.be/13JOGWzY8kE

https://youtu.be/7Qtr_vA3Prw

https://youtu.be/7Qtr_vA3Prw

https://youtu.be/tAvA_cOeeOI

https://youtu.be/tAvA_cOeeOI



Social Studies Grade 12 Economics, the Enterprise System ...

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