Standard 6: Social Studies
Mission: Social Studies education provides learners
with the knowledge, skills and attitudes they need to be active, informed
citizens and contributing members of local, state and world communities.
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Standard 6.5
Economics
All students will acquire an understanding of key economic
principles.
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Big Idea:
The study of economics fosters an understanding of the management of
resources in the global, public and private sectors and in
individual decision making. |
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6.5. A
Economic Literacy |
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Essential Questions |
Enduring Understandings |
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- How is price determined? |
- Supply and demand is a basic economic principle
in a capitalist society. |
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Cumulative Progress
Indicators |
Comments and Examples |
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By the end of Grade 12: |
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1.
Describe different types of
local, state, and federal taxes such as sales, income, and social security,
discuss how deductions, exemptions, and credits reduce taxable income, and
explain the difference between a progressive and regressive tax. |
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2.
Describe the purposes of
social security and Medicare. |
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3.
Explain and interpret basic economic indicators, including Gross
Domestic Product (GDP), Consumer Price Index (CPI) the rate of economic growth,
the poverty rate, the deficit and national debt, and the trade deficit. |
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4.
Identify entrepreneurs in the community and describe the risks and
rewards of starting a new business. |
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5.
Discuss how a market economy experiences periodic business cycles
of prosperity and recession and that the federal government can adjust taxes,
interest rates, spending, and other policies to help restore economic health. |
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6. Analyze federal
and state budgets, and discuss the proportional share of government spending to
major elements such as education, social programs, public safety, military,
foreign aid, and welfare. |
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7.
Analyze the impact of supply and demand on market adjustments and
prices (e.g., real estate and interest rates). |
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8.
Define basic terms
associated with international trade such as imports, exports, quotas, embargoes,
tariffs, and free trade. |
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9.
Compare and contrast forms of insurance that protect individuals
from loss or damage (e.g., life, property, health, disability, personal
liability, bank deposits). |
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10.
Explain how changes in exchange rates impact the purchasing power
of people in the United States and other countries. |
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6.5. B Economic and Society |
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Essential Questions |
Enduring Understandings |
- How much can business be regulated in a
democratic government?
- Why is the United States economically prosperous?
- Are there limits to government activity in the economy?
- How “free” should national and international trade be? |
- Regulation of business works better in a
democracy than a dictatorship.
- The rise of the standard of living in the United States is
determined by a variety of factors.
- Tax dollars are used by local, state, and national governments to
provide goods and services.
- Protecting homemade products can cause retaliation by other
countries.. |
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Cumulative Progress
Indicators |
Comments and Examples |
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By the end of Grade 12: |
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1.
Compare and contrast the roles of the United States government and
the private sector in the United States economy (e.g., Federal Reserve System,
United States Mint, Stock Exchange). |
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2.
Evaluate international trade principles and policies. |
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3.
Analyze labor and
environmental issues affecting American citizens raised by economic
globalization and free trade pacts. |
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4.
Discuss the value and role of free and fair competition versus the
social need for cooperation and how business, industry, and government try to
reconcile these goals. |
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5.
Analyze the importance of economic issues to politics and be able
to distinguish the economic views of different political parties. |
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6. Analyze the connections and potential effects of the widening gap
between the rich and the poor in the United States, the decline in labor union
membership since 1950, rapidly advancing technology, globalization, and problems
of public schools. |
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7.
Compare and contrast the causes and consequences of discrimination
in markets, employment, housing, business, and financial transactions.
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8.
Evaluate the activities and impact in various countries of major
international institutions including the World Bank, the International Monetary
Fund, and the World Trade Organization. |
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9.
Describe how clearly defined and enforced property rights (e.g.,
copyright laws, patents) are essential to a market economy. |
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Link to Standard 6.4 Grade 5-8
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