Content Standard(s):
Social Studies 8 ) Appraise the relationship between the consumer and the marketplace in the economy of the United States regarding scarcity, opportunity cost, trade-off decision making, and the stock market.
• Describing effects of government policies on the free market
• Identifying laws protecting rights of consumers and avenues of recourse when those rights are violated
• Comparing economic systems, including market, command, and traditional
Unpacked Content
Strand: Economics, History, Civics and Government
Course Title: Civics
Evidence Of Student Attainment:
Students:
Draw conclusions about the relationship between the consumer and the marketplace in U.S. economy. Teacher Vocabulary:
supply and demand
free enterprise
market economy
command economy
traditional economy
mixed economy
good
service
scarcity
opportunity cost
trade-off decision making
stock market
policy
regulations Knowledge:
Students know:
The following economies answers the three basic questions:
Traditional Economy
Goods are produced for the community based on traditional needs.
Individuals produce goods based on custom.
They produce for themselves and the community. Market Economy
Goods are produced based on consumer demand.
Individuals and businesses are free to choose how items are produced.
Goods are produced for the customer in hopes of gaining a profit. Command Economy
The government decides what goods will be produced.
The government decides how goods will be produced.
Goods are produced for the purposes of the government. The U.S. economy is based on principles of free market. Due to the effect of government policies and regulations, the U.S. economy resembles a Mixed Economy. U.S. laws that protect employees include minimum wage, safe work conditions, and child labor laws. Some U.S. laws that protect the consumers are food labeling requirements and safety features on cars. Consumers who have problems with products can register complaints with the government or seek recourse under the judicial system.
The U.S. stock market is a gauge of U.S. economic health. When the stock market is strong, it influences businesses to invest and expand (increase in profit leads to employment, rise in consumer confidence ) When the stock market is weak, businesses are less likely to take risks which can affect the overall economic health of our country (loss of revenue, rise in unemployment rate, fewer new businesses created). Consumer behavior influences the fluctuation in the stock market.
The consumer is influenced by the following:
Scarcity- is a shortage or limited amount of resources like time, money, land, labor, capital et al.
Trade-off decisions- the alternative you face if you decide to do one thing rather than another. (Example: A farmer can grow corn or cotton. A student can attend University of South Alabama or University of North Alabama)
Opportunity cost — the cost of the next best use of resources when choosing to do one thing or another. (Example: Because the farmer grows corn, he cannot grow cotton. Because the student choose to go University of South Alabama, he does not cannot go to University of North Alabama). Skills:
Students are able to:
Define Traditional Economy, Market Economy, Command Economy, and Mixed Economy.
Understand how each Economy answers the three basic economic questions.
Identify the U.S. economic system.
Explain how the stock market impacts the Marketplace.
Relate the ideas of scarcity, opportunity cost and trade-off decisions to the consumer's role in the Marketplace. Understanding:
Students understand that:
Scarcity, opportunity costs, and trade-off decisions influence the consumer's behavior causing changes in the marketplace and the U.S. stock market.
Alabama Alternate Achievement Standards
AAS Standard:
Social Studies 9 ) Apply principles of money management to the preparation of a personal budget that addresses housing, transportation, food, clothing, medical expenses, insurance, checking and savings accounts, loans, investments, credit, and comparison shopping.
Unpacked Content
Strand: Economics, Civics and Government
Course Title: Civics
Evidence Of Student Attainment:
Students:
Demonstrate the ability to manage money effectively through a personal budget. Teacher Vocabulary:
calculate
estimate
principles of money management
budget
savings
checking account
income
expenses
insurance
taxes
comparison
shopping
credit
debt
investments Knowledge:
Students know:
Effective money management means that a citizen has to take into account that the money they make should be enough to cover expenses like housing, transportation, food, clothing, medical expenses, and insurance and this can be accomplished by making and following a budget. Skills:
Students are able to:
Estimate and calculate income and expenses in order to create a budget. Understanding:
Students understand that:
Effective money management includes making a budget based on income and expenses.
Alabama Alternate Achievement Standards
AAS Standard:
Digital Literacy and Computer Science R6) Produce, review, and revise authentic artifacts that include multimedia using appropriate digital tools.
Unpacked Content
Evidence Of Student Attainment:
Students will:
produce a multimedia artifact.
review artifacts created by others.
revise an artifact based on peer or teacher feedback. Knowledge:
Students know:
feedback is important in a design process. Skills:
Students are able to:
create a multimedia artifact.
critique the work of others.
revise their work based on feedback received. Understanding:
Students understand that:
much like the writing process, design of a multimedia artifact nets the best results when creators have the opportunity to be given feedback and revise as needed.
