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Business Education Teachers of

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Business Education Teachers of ...

    Business Education Teachers of:

    Albany High School

    Bethlehem Central High School

    Burnt Hills-Ballston Lake High School

    Guilderland High School

    Mohonasen High School

    VIII. ECONOMICS IN BUSINESS VIII. ECONOMICS IN BUSINESS

Course Description

    A. Grade 12 ? year, ? credit

     Economics explained: everything you need to know about how the economy works and where it is going will be covered in

    this half-year course. Economics doesn’t have to be complicated—it can be very interesting and very relevant to our everyday lives.

    You will learn a logical way of thinking about economic matters through graphic representations, computer simulations, on-line

    research and reporting, and a seminar about economics with students from other schools. At the end of this course you will be

    prepared to make rational economic choices as citizens of a state, nation, and the world. This course will meet the economics course requirement for graduation.

June 2000

    IX. ECONOMICS IN BUSINESS IX. ECONOMICS IN BUSINESS

    Learning Standards/Performance Indicators:

Students Will:

    Define and apply basic economic concepts such as:

    ? Scarcity

    ? Supply/demand

    ? Opportunity costs

    ? Production

    ? Resources

    ? Money and Banking

    ? Economic Growth

    ? Markets

    ? Costs

    ? Competition

    ? World Economic Systems

Compare and contrast the United States economic system with other national economic systems, focusing on the three fundamental

    economic questions:

    ? What goods and services shall be produced and in what quantities?

    ? How shall goods and services be produced?

    ? For whom shall goods and services be produced?

Explain how economic decision making has become global as a result of interdependent work economy.

    2 of 20 June 2000

    Understand the roles in the economic system of consumers, producers, workers, investors, and voters.

Apply a problem-solving model to:

    ? Identify economic problems or issues

    ? Generate hypotheses

    ? Test hypotheses

    ? Investigate and analyze selected data

    ? Consider alternative solutions or positions

    ? Make decisions about the best solution or position

Present economic information and conclusions in different formats including:

    ? Graphic representation

    ? Computer models

    ? Research reports

    ? Oral presentations

Source: NYSED School Executive Bulletin, October, 1999

    3 of 20 June 2000

REFERENCE MATERIALS USED FOR CURRICULUM DEVELOPMENT:

     ECONOMICS TODAY & TOMORROW (0-02-823596-7), R. L. Miller, Glencoe/McGraw-Hill, 1999

     ECONOMICS (0-538-43037-0 TE), Wilson & Clark, West Educational Publishing/Thomson Learning,

    2000

     ECONOMICS PRINCIPLES AND PRACTICES (0-02-823560-6), Gary E. Clayton, Glencoe/McGraw-Hill, 1999

     BUSINESS IN A GLOBAL ECONOMY (0-538-62290-3), Les R. Dlabay and James Calvert Scott, South Western Publishing Co., 1996

     ECONOMIC EDUCATION FOR CONSUMERS (0-538-68690-1), Roger LeRoy Miller and Alan D. Stafford, South Western Educational Publishing Co., 2000

     ENTREPRENEURSHIP AND SMALL BUSINESS MANAGEMENT (0-02-644068-7), Dr. Earl

    Meyer and Dr. Kathleen R. Allen, Glencoe/McGraw-Hill, 2000

     New York State Learning Standards

     National Council on Economic Education Standards

    4 of 20 June 2000

    Content/Concept New York State National Council on Other New York

    Standard Economic Education State Standards

    Social Studies Standard

    SS 4-1 NCEE 1 Career Development and II. Microeconomics

    A. Introduction to Economics The study of economics Productive resources are Occupational Studies 3A B. Choices requires an understanding limited. Therefore, people (CDOS) C. Opportunity Costs of major economic cannot have all the goods Universal Foundation D. Basic Economic Questions concepts and systems, the and services they want; as Skills: Students will E. Economic Systems principles of economic a result, they must choose demonstrate mastery of the F. Economic Decision-Making decision making, and the some things and give up foundation skills and Model interdependence of others. competencies essential for G. Private Sector vs. Public economies and economic NCEE 2 success in the workplace. Sector systems throughout the Effective decision making English Language Arts 1

     world. requires comparing the (ELA)

    SS 4-2 additional costs of Language for Information

    Economics requires the alternatives with the and Understanding:

    development and additional benefits. Most Students will listen, speak,

    application of the skills choices involve doing a read, and write for

    needed to make informed little more or a little less of information and

    and well-reasoned something: few choices understanding. As

    economic decisions in are ―all or nothing‖ listeners and readers,

    daily and national life. decisions. students will collect data,

     NCEE 3 facts, and ideas; discover

    Different methods can be relationships, concepts, and

    used to allocate goods and generalizations; and use

    services. People acting knowledge generated from

    individually or collectively oral, written, and

    through government, must electronically produced

    choose which methods to texts. As speakers and

    use to allocate different writers, they will use oral

    kinds of goods and and written language that

    services. follows the accepted

     conventions of the English

    5 of 20 June 2000

    Content/Concept New York State National Council on Other New York

    Standard Economic Education State Standards

    Social Studies Standard

    NCEE 7 language to acquire, Markets exist when buyers interpret, apply, and and sellers interact. This transmit information.

    interaction determines English Language Arts 3 market prices and thereby (ELA) allocates scarce goods and Language for Critical services. Analysis and Evaluation:

     Students will listen, speak,

    read, and write for critical

    analysis and evaluation.

    As listeners and readers,

    students will analyze

    experiences, ideas,

    information, and issues

    presented by others using a

    variety of established

    criteria. As speakers and

    writers, they will use oral

    and written language to

    present, from a variety of

    perspectives, their opinions

    and judgments on

    experiences, ideas,

    information and issues.

    Math, Science, and

    Technology 1 (MST)

    Analysis, Inquiry, and

    Design: Students will use

    mathematical analysis,

    scientific inquiry, and

    6 of 20 June 2000

    Content/Concept New York State National Council on Other New York

    Standard Economic Education State Standards Social Studies Standard

    engineering design, as

    appropriate, to pose

    questions, seek answers,

    and develop solutions.

    Math, Science, and

    Technology 2 (MST)

    Information Systems:

    Students will access,

    generate, process, and

    transfer information using

    appropriate technologies.

    7 of 20 June 2000

    Content/Concept New York State National Council on Other New York

    Standard Economic Education State Standards

    Social Studies Standard

    SS 4-1 NCEE 1 CDOS 3A III. Making Economic Decisions

    A. Supply and Demand SS 4-2 NCEE 2 ELA 1 and 3

    B. Pricing NCEE 4 MST 1 and 2

    C. Types of Businesses People respond predictably

    D. Market Characteristics to positive and negative

    E. Competition incentives.

    F. Market Economy NCEE 7

    G. Labor NCEE 8

    H. Personal Income Prices send signals and

     provide incentives to

     buyers and sellers. When

     supply or demand changes,

     market prices adjust

     affecting incentives.

     NCEE 9

     Competition among sellers

     lowers costs and prices,

     and encourages producers

     to produce more of what

     consumers are willing and

     able to buy. Competition

     among buyers increases

     prices and allocates goods

     and services to those

     people who are willing and

     able to pay the most for

     them.

     NCEE 17

     Costs of government

     policies sometimes exceed

    8 of 20 June 2000

    Content/Concept New York State National Council on Other New York

    Standard Economic Education State Standards

    Social Studies Standard

     benefits. This may occur

     because of incentives

     facing voters, government

     officials, and government

     employees, because of

     actions by special interest

    groups that can impose

    costs on the general public,

    or because social goals

    other than economic

    efficiency are being

    pursued.

    9 of 20 June 2000

    Content/Concept New York State National Council on Other New York

    Standard Economic Education State Standards

    Social Studies Standard

    SS 4-1 NCEE 6 CDOS 3A IV. Macroeconomics

    A. Measuring Economic Activity SS 4-2 When individuals, regions, ELA 1 and 3

    B. Distribution of Income and nations specialize in MST 1 and 2

    C. Unemployment what they can produce at D. Inflation the lowest cost and then

    E. Money, Banking, Federal trade with others, both

    Reserve production and F. Monetary Policy consumption increase. G. Taxes NCEE 10 H. Fiscal Policy Institutions evolve in

    I. Economic Growth market economics to help

    individuals and groups

    accomplish their goals.

    Banks, labor unions,

    corporations, legal

    systems, and not-for-profit

    organizations are examples

    of important institutions.

    A different kind of

    institution, clearly defined

    and enforced property

    rights, is essential to a

    market economy.

    NCEE 11

    Money makes it easier to

    trade, borrow, save, invest,

    and compare the value of

    goods and services.

    NCEE 12

    Interest rates, adjusted for

    10 of 20 June 2000

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