Public Schools of Robeson County American History: The Founding Principals, Civics, and Economics
Unit 8: Macroeconomics
SOCIAL STUDIES
INSTRUCTIONAL ALIGNMENT
Essential Standard:CE.E.3: Analyze the role of government and economic institutions in developing and implementing economic stabilization policies in the US.
Clarifying Objective(s):
2.1 Explain the basic concepts of trade (e.g., including absolute and comparative advantage, exchange rates, balance of trade, gains from trade, etc.).
2.2 Summarize how nations specialize and become interdependent through trade (e.g., trade restrictions and government policy).
2.3 Explain the impact of government policies on international trade (e.g., tariffs, quotas, sanctions, subsidies, banking, embargos, etc.).
2.4 Analyze the role of NC and the US in the world economy (e.g., furniture industry, tourism, fishing, etc.).
3.1 Summarize basic macroeconomic indicators and how they vary over the course of a business cycle (e.g., gross domestic product, unemployment, consumer price index, etc.).
3.2 Explain how fiscal policy and the monetary policy influence overall levels of employment, interest rates, production, price level and economic growth (e.g., business cycle, standard of living, recession, depression, Consumer Price Index, etc.).
3.3 Analyze organizations in terms of their roles and functions in the United States economy (e.g., banks, labor unions, federal reserve, nonprofit organizations and cooperatives, Wall Street, etc.). / Essential Question(s):
2.2: What are the advantages and disadvantages of a globally competitive market for consumers and domestic companies?
2.2: How are the interests of free trade and protectionism resolved in the global economy?
2.4: Why do population shifts have a significant impact on the economy both in terms of resources and labor?
2.4: How has the United States been affected by the shift from a focus on manufacturing to service?
2.4: What effects do current immigration trends have on local economies?
2.4: How has outsourcing affected manufacturing in North Carolina?
3.1: How are economic indicators used to measure trends in the economy?
3.2: How does the Federal Reserve use monetary policy to ensure balance and stability in the US economy?
3.3: What role does organized labor play in protecting workers and how does it impact prices and consumers?
3.3: What measures are in place to ensure fair labor practices in the US economy?
3.3: How are international financial and economic organizations used to maintain stability in the global economy?
3.3: How does government regulation of the national economy impact local economies and the economic choices of individuals?
Pacing Guide:
Unit of Study
Macroeconomics / Major Concepts
Trade
Specialization
Interdependence
Trade Barriers
Globalization
Economic Indicators
Fiscal Policy
Monetary Policy
Banking
Labor Unions
Stock Market / Instructional Task
2.1:
1. Define trade.
2. Differentiate between exports and imports.
3. Explain comparative and absolute advantage.
4. Evaluate the importance of a favorable balance of trade.
2.2/2.3:
1. Define specialization.
2. Describe the benefits and drawbacks of interdependence.
3. Evaluate the effectiveness of trade barriers.
4. Define tariffs, quotas, sanctions, subsidies, banking, and embargoes.
5. Evaluate the benefits and drawbacks of trade sanctions.
6. Explain why governments might use trade sanctions or barriers.
7. Define the role of the World Bank, International Monetary Fund, and the United Nations in the American and world economy.
8. Explain the impact of NAFTA on the American economy.
2.4:
1. Define major industries in North Carolina.
2. Define major industries in the US.
3. Analyze the impact of change as the US has transitioned from a manufacturing to a service economy.
3.1:
1. Define gross domestic product (GDP).
2. Define unemployment.
3. Define the consumer price index.
4. Define the business cycle.
5. Analyze historical trends of the business cycle.
6. Use economic indicators to evaluate the health of the economy.
3.2:
1. Define fiscal policy.
2. Define monetary policy.
3. Compare and contrast fiscal and monetary policy and their roles in the American economy.
4. Analyze the role of the Federal Reserve in the US economy.
3.3:
1. Define labor unions.
2. Examine the impact of labor unions on the US economy.
3. Analyze banking processes and their relationship with the federal reserve.
4. Analyze the impact of banking on the US economy.
5. Define stock market.
6. Examine the impact of the stock market on the American economy. / Essential
Vocabulary
Pre:
Imports
Exports
Minimum Wage
Dictator
Current:
Monopoly
Antitrust Laws
Price Ceiling
Merger
Business Cycle
Fiscal Policy
Collective Bargaining
Stock
Mediation
Real GDP
Inflation
Labor Union
Free Enterprise System
Lockout
Arbitration
Strike
Exchange Rate
Anarchy
Totalitarian State
Market Economy
Comparative Advantage
Command Economy
Social Security
Tariffs
NAFTA
Free Trade
Authoritarian Government
Debt
Trade Surplus
Outsourcing
Trade Deficit
Mixed Economy
Excise Tax
Appropriations Bill
Medicare
Budget Surplus
Budget Deficit
Quota
Traditional Economy
Introductory:
NAFTA
Anti-Trust Laws / Instructional Resources
Text Resources:
Civics Today
Newspapers
Wall Street Journal
Smart Money Magazine
Money Magazine
Fortune Magazine
Digital Resources:
NC Civics Consortium
Curriculum Pathways Resources
(Available at:
Literary Connections:
Animal Farm / Sample Assessment Prompts
1. See lessons from the NC Civics Education Consortium:
- Barter & Money
- Federal Reserve and Monetary Policy
- International Trade and Exchange
- The Business Cycle and Important Economic Measures
3. Have students complete a research project on a country’s trade imports and exports. Have students share their research through Padlet and choose a country that they should trade with.
4. See lessons from SAS Curriculum Pathways:
- Trade Restrictions: Creating an Embargoed Countries Map
- European Union: Creating a Map and Timeline
- The Federal Reserve
- OPEC Oil Embargo
- The World Trade Organization
- Adam Smith and the Assembly Line
- 1929 Stock Market Simulation