Economics Overview 2020 - 2021

Department of Teaching & Learning _____________________________________________________________________________________________

Economics Overview

2020 - 2021 This document is designed provide parents/guardians/community an overview of the curriculum taught in the FBISD classroom. This document supports families in understanding the learning goals for the course, and how students will demonstrate what they know and are able to do. The overview offers suggestions or possibilities to reinforce learning at home. Included at the end of this document, you will find:

• A glossary of curriculum components • The content area instructional model • Parent resources for this content area

To advance to a particular grading period, click on a link below.

• Grading Period 1 • Grading Period 2 • Grading Period 3 • Grading Period 4

Process Standards The process standards describe ways in which students are expected to engage in the content. The process standards weave the other knowledge and skills together so that students may be successful problem solvers and use knowledge learned efficiently and effectively in daily life.

• ECO.21 The student applies critical-thinking skills to organize and use information acquired from a variety of valid sources, including technology.

• ECO.22 The student communicates in written, oral, and visual forms. • ECO.23 The student uses problem-solving and decision-making skills, working independently and with others. The student

is expected to use problem-solving and decision-making processes to identify a problem, gather information, list and consider options, consider advantages and disadvantages, choose and implement a solution, and evaluate the effectiveness of the solution.

Fall: Grading Period 1 Unit 1: Introduction to Economics

Estimated Date Range: August 17 – September 1 Estimated Time Frame: 12 Days

Unit Overview: In this three-concept unit, students will study the basic principles associated with economics, different economic systems, the concept of free enterprise, the role of consumers within the free market system in addition to the role of the government. The major focus of this unit is that students build an understanding of economic basics, different economic systems, and why the free enterprise was established and how free enterprise aligns to the founding principles of self-regulation, minimum governmental interference, and the freedom to choose through the process of supply and demand. At home connections: Discuss with students the big ideas and thought-provoking question related to each concept.


Big Ideas: • Concept 1: Societies organize the production and distribution of goods and services to meet their needs. • Concept 2: There are different economic systems. • Concept 3: The U.S. has a free enterprise system.

Thought Provoking Questions

• Concept 1: How do societies meet their needs? • Concept 2: Is one economic system more advantageous than another? • Concept 3: What sets the U.S. economy apart from others?

Concepts within Unit #1

Link to TEKS Success Criteria for this concept

Concept #1: Economics Basics TEKS: ECO.1A, ECO.1B, ECO.1C, ECO.1D, ECO.4C

• Explain how economic philosophers have impacted the U.S. free enterprise system.

• Explain economic problems every society faces, how factors of production impact societies, and how societies answer economic questions.

• Explain how a production possibilities curve illustrates opportunity costs and scarcity.

Concept #2: Economic Systems TEKS: ECO.4A, ECO.4B

• Explain the basic characteristics of economic systems. • Explain the differences between economic systems, both historic and current.

Concept #3: U.S. Free Enterprise TEKS: ECO.5A, ECO.5B, ECO.6A, ECO.13A

• Explain the basic characteristics of and changes in the U.S. free enterprise system.

• Describe the costs and benefits of the purchase, use, and disposal of personal and business property.

• Describe the role of the government in the U.S. free enterprise system, including changes over time.

Unit 2: Market Structures and Business Organizations Estimated Date Range: September 2 – September 22

Estimated Time Frame: 14 Days Unit Overview: In this two-concept unit, students will study the organization of various market structures with an emphasis on how the characteristics of various market structures affect competition among businesses in addition to how prices for goods are set. The major focus of this unit is that students build an understanding of how various factors such as the amount of buyer and sellers in a particular market, the degree of difficulty setting and facilitating agreed prices for goods, and the availability of products affect various market structures. At home connections: Discuss with students the big ideas and thought-provoking question related to each concept. Big Ideas:

• Concept 1: Supply and demand determine the value of resources and products. • Concept 2: Consumers and businesses have the power to change the marketplace.


• Concept 1: What impacts the price of things? • Concept 2: Who or what drives the economy?

Concepts within Unit #2 Link to TEKS

Success Criteria for this concept

Concept #1: Supply and Demand TEKS: ECO.2A, ECO.2B, ECO.2C

• Explain the purpose of a supply and demand graph and schedule. • Explain how changes in price affect quantity demanded and quantity supplied.

http://ritter.tea.state.tx.us/rules/tac/chapter113/ch113c.html#113.31



• Explain how non-price determinants impact supply, demand, and equilibrium price.

Concept #2: Market Structures TEKS: ECO.7A, ECO.8A, ECO.8B, ECO.15A, ECO.15B

• Explain the different types of market structures and regulations that are in place for each.

• Explain the purpose of the circular-flow model and provide real-world examples. • Compare the characteristics, advantages, and disadvantages of:

• Sole Proprietorships • Partnerships • Corporations


Grading Period 1 and 2 Unit 3: Financial Institutions, GDP, and Policy

Grading Period 1 Estimated Date Range: September 23 – October 9 Grading Period 2 Estimated Date Range: October 12 – October 19

Estimated Time Frame: 19 Days Unit Overview: In this three-concept unit, students will study financial institutions, GDP, and economic policy. The major focus of this unit is that students build an understanding of the purpose of financial institutions, interpret data regarding GDP, and analyze the costs and benefits of economic policy. At home connections: Discuss with students the big ideas and thought-provoking question related to each concept. Big Ideas:

• Concept 1: Individuals must understand the power of their financial resources and decisions. • Concept 2: Economies move through cycles of growth and decline. • Concept 3: Governmental policies (or the lack of policies) sometimes have unintended consequences.


• Concept 1: What role does money play in your life? • Concept 2: What makes an economy grow? What makes an economy decline? • Concept 3: How is society impacted by governmental policies (or the lack of policies)?



Concept #1: Money, Banking, and Financial Institutions TEKS: ECO.11A, ECO.11B, ECO.11C, ECO.16A, ECO.16B, ECO.16C

• Describe the functions and characteristics of money. • Compare and contrast the positive and negative aspects of barter, currency, and

debit cards. • Explain the role of financial markets/institutions when looking at saving,

borrowing, and capital formation. Concept #2: Measuring the Economy TEKS: ECO.9A, ECO.9B, ECO.10A, ECO.10B

• Interpret economic data in order to explain how the economy is measured. • Explain how productivity and technology impact economic growth.

Concept #3: Economic Policy TEKS: ECO.6B, ECO.7B, ECO.12A, ECO.12B, ECO.12C, ECO.12D, ECO.13B, ECO.14A, ECO.14B, ECO.14C

• Explain how the actions of the government affect the circular-flow model. • Determine the degree to which the government places restrictions on business

and individual property. • Explain the role of the Federal Reserve System in establishing monetary policy,

including its structure, tools, and actions. • Summarize the impact of fiscal policy decisions at the local, state, and national

levels. • Explain the costs and benefits of U.S. economic policies, rules, and regulations.



Grading Period 2 Unit 4: Trade

Estimated Date Range: October 20 – November 2 Estimated Time Frame: 9 Days

Unit Overview: In this unit, students will study free trade, trade barriers, and how trade relates to growth. The major focus of this unit is that students understand that trade has far reaching effects, the concepts of absolute and comparative advantage, and the costs and benefits of free-trade agreements. At home connections: Discuss with students the big ideas and thought-provoking question related to each concept. Big Ideas:

• Concept 1: Countries trade to meet the needs of their people.

Thought Provoking Questions • Concept 1: How are we impacted by trade?



Concept #1: Trade TEKS: ECO.3A, ECO.3B, ECO.3C, ECO.10C

• Explain how absolute and comparative advantage influence trade. • Compare the effects of free trade and trade barriers on economic activities. • Explain how changes in exchange rates impact imports and exports. • Explain the connection between trade and growth.



Unit 5: Personal Finance Estimated Date Range: November 3 – December 11

Estimated Time Frame: 24 Days Unit Overview: In this three-concept unit, students will study the principles of managing personal finance such as spending, saving, investing and budgeting. The major focus of this unit is that students build an understanding of how to set personal and financial goals and how to develop a financial plan. Students will learn about earned and unearned income, taxes, budgeting, and expenses and how each these factors in everyday financial decisions. At home connections: Discuss with students the big ideas and thought-provoking question related to each concept. Big Ideas:

• Concept 1: Saving and investing create wealth and build assets. • Concept 2: Individuals must understand the power of their financial resources and decisions. • Concept 3: There are costs and benefits associated with college, postsecondary education, and training.


• Concept 1: How do decisions you make now affect you later? • Concept 2: How do decisions you make now affect you later? • Concept 3: What is the cost of an education?



Concept #1: Investments and Savings TEKS: ECO.16D, ECO.17A, ECO.17B, ECO.17C, ECO.17D, ECO.17E, ECO.17F

• Summarize the risks, costs, and benefits of different types of accounts.

• Demonstrate how to maintain a checking account. • Develop strategies that highlight the responsibilities and

obligations of borrowing money. • Summarize the types of loans available to consumers.

Determine the types of risks associated with investing and the stock market and summarize ways to be a wise investor.

Concept #2: Financial Decisions and Budgeting TEKS: ECO.18A, ECO.18B, ECO.18C, ECO.18D, ECO.19A, ECO.19B

• Examine ways to avoid and eliminate credit card debt. • Evaluate the costs and benefits of declaring personal

bankruptcy. • Evaluate the costs and benefits of buying insurance. • Evaluate the costs and benefits of charitable giving. • Evaluate the costs and benefits of renting a home versus

buying a home. • Determine what steps need to be taken to move from

renting to home ownership. Concept #3: Postsecondary, College, and Training TEKS: ECO.20A, ECO.20B, ECO.20C, ECO.20D, ECO.20E

• Understand how to complete the Free Application for Federal Student Aid (FAFSA) provided by the United States Department of Education.

• Research and evaluate various scholarship opportunities. • Analyze and compare student grant options. • Analyze and compare student loan options. • Research and evaluate various work-study program

opportunities.



Spring: Grading Period 3 Unit 1: Introduction to Economics Estimated Date Range: January 6 – January 25

Estimated Time Frame: 13 Days

Unit Overview: In this three-concept unit, students will study the basic principles associated with economics, different economic systems, the concept of free enterprise, the role of consumers within the free market system in addition to the role of the government. The major focus of this unit is that students build an understanding of economic basics, different economic systems, and why the free enterprise was established and how free enterprise aligns to the founding principles of self-regulation, minimum governmental interference, and the freedom to choose through the process of supply and demand. At home connections: Discuss with students the big ideas and thought-provoking question related to each concept. Big Ideas:

• Concept 1: Societies organize the production and distribution of goods and services to meet their needs. • Concept 2: There are different economic systems. • Concept 3: The U.S. has a free enterprise system.


• Concept 1: How do societies meet their needs? • Concept 2: Is one economic system more advantageous than another? • Concept 3: What sets the U.S. economy apart from others?



Concept #1: Economics Basics TEKS: ECO.1A, ECO.1B, ECO.1C, ECO.1D, ECO.4C

• Explain how economic philosophers have impacted the U.S. free enterprise system.

• Explain economic problems every society faces, how factors of production impact societies, and how societies answer economic questions.

• Explain how a production possibilities curve illustrates opportunity costs and scarcity.

Concept #2: Economic Systems TEKS: ECO.4A, ECO.4B

• Explain the basic characteristics of economic systems. • Explain the differences between economic systems, both historic and current.

Concept #3: U.S. Free Enterprise TEKS: ECO.5A, ECO.5B, ECO.6A, ECO.13A

• Explain the basic characteristics of and changes in the U.S. free enterprise system.

• Describe the costs and benefits of the purchase, use, and disposal of personal and business property.

• Describe the role of the government in the U.S. free enterprise system, including changes over time.

Unit 2: Market Structures and Business Organizations Estimated Date Range: January 26 – February 16

Estimated Time Frame: 14 Days Unit Overview: In this two-concept unit, students will study the organization of various market structures with an emphasis on how the characteristics of various market structures affect competition among businesses in addition to how prices for goods are set. The major focus of this unit is that students build an understanding of how various factors such as the amount of buyer and sellers in a particular market, the degree of difficulty setting and facilitating agreed prices for goods, and the availability of products affect various market structures.



At home connections: Discuss with students the big ideas and thought-provoking question related to each concept. Big Ideas:

• Concept 1: Supply and demand determine the value of resources and products. • Concept 2: Consumers and businesses have the power to change the marketplace.


• Concept 1: What impacts the price of things? • Concept 2: Who or what drives the economy?



Concept #1: Supply and Demand TEKS: ECO.2A, ECO.2B, ECO.2C

• Explain the purpose of a supply and demand graph and schedule. • Explain how changes in price affect quantity demanded and quantity supplied. • Explain how non-price determinants impact supply, demand, and equilibrium

price. Concept #2: Market Structures TEKS: ECO.7A, ECO.8A, ECO.8B, ECO.15A, ECO.15B

• Explain the different types of market structures and regulations that are in place for each.

• Explain the purpose of the circular-flow model and provide real-world examples. • Compare the characteristics, advantages, and disadvantages of:

• Sole Proprietorships • Partnerships • Corporations



Unit 3: Financial Institutions, GDP, and Policy Estimated Date Range: February 17 – March 12

Estimated Time Frame: 18 Days Unit Overview: In this three-concept unit, students will study financial institutions, GDP, and economic policy. The major focus of this unit is that students build an understanding of the purpose of financial institutions, interpret data regarding GDP, and analyze the costs and benefits of economic policy. At home connections: Discuss with students the big ideas and thought-provoking question related to each concept. Big Ideas:

• Concept 1: Individuals must understand the power of their financial resources and decisions. • Concept 2: Economies move through cycles of growth and decline. • Concept 3: Governmental policies (or the lack of policies) sometimes have unintended consequences.


• Concept 1: What role does money play in your life? • Concept 2: What makes an economy grow? What makes an economy decline? • Concept 3: How is society impacted by governmental policies (or the lack of policies)?



Concept #1: Money, Banking, and Financial Institutions TEKS: ECO.11A, ECO.11B, ECO.11C, ECO.16A, ECO.16B, ECO.16C

• Describe the functions and characteristics of money. • Compare and contrast the positive and negative aspects of barter, currency, and

debit cards. • Explain the role of financial markets/institutions when looking at saving,

borrowing, and capital formation. Concept #2: Measuring the Economy TEKS: ECO.9A, ECO.9B, ECO.10A, ECO.10B

• Interpret economic data in order to explain how the economy is measured. • Explain how productivity and technology impact economic growth.

Concept #3: Economic Policy TEKS: ECO.6B, ECO.7B, ECO.12A, ECO.12B, ECO.12C, ECO.12D, ECO.13B, ECO.14A, ECO.14B, ECO.14C

• Explain how the actions of the government affect the circular-flow model. • Determine the degree to which the government places restrictions on business

and individual property. • Explain the role of the Federal Reserve System in establishing monetary policy,

including its structure, tools, and actions. • Summarize the impact of fiscal policy decisions at the local, state, and national

levels. • Explain the costs and benefits of U.S. economic policies, rules, and regulations.



Grading Period 4 Unit 4: Trade

Estimated Date Range: March 22 – April 1 Estimated Time Frame: 9 Days

Unit Overview: In this unit, students will study free trade, trade barriers, and how trade relates to growth. The major focus of this unit is that students understand that trade has far reaching effects, the concepts of absolute and comparative advantage, and the costs and benefits of free-trade agreements. At home connections: Discuss with students the big ideas and thought-provoking question related to each concept. Big Ideas:

• Concept 1: Countries trade to meet the needs of their people.

Thought Provoking Questions • Concept 1: How are we impacted by trade?



Concept #1: Trade TEKS: ECO.3A, ECO.3B, ECO.3C, ECO.10C

• Explain how absolute and comparative advantage influence trade. • Compare the effects of free trade and trade barriers on economic activities. • Explain how changes in exchange rates impact imports and exports. • Explain the connection between trade and growth.



Unit 5: Personal Finance Estimated Date Range: April 5 – May 14

Estimated Time Frame: 29 Days Unit Overview: In this three-concept unit, students will study the principles of managing personal finance such as spending, saving, investing and budgeting. The major focus of this unit is that students build an understanding of how to set personal and financial goals and how to develop a financial plan. Students will learn about earned and unearned income, taxes, budgeting, and expenses and how each these factors in everyday financial decisions. At home connections: Discuss with students the big ideas and thought-provoking question related to each concept. Big Ideas:

• Concept 1: Saving and investing create wealth and build assets. • Concept 2: Individuals must understand the power of their financial resources and decisions. • Concept 3: There are costs and benefits associated with college, postsecondary education, and training.


• Concept 1: How do decisions you make now affect you later? • Concept 2: How do decisions you make now affect you later? • Concept 3: What is the cost of an education?



Concept #1: Investments and Savings TEKS: ECO.16D, ECO.17A, ECO.17B, ECO.17C, ECO.17D, ECO.17E, ECO.17F

• Summarize the risks, costs, and benefits of different types of accounts.

• Demonstrate how to maintain a checking account. • Develop strategies that highlight the responsibilities and

obligations of borrowing money. • Summarize the types of loans available to consumers.

Determine the types of risks associated with investing and the stock market and summarize ways to be a wise investor.

Concept #2: Financial Decisions and Budgeting TEKS: ECO.18A, ECO.18B, ECO.18C, ECO.18D, ECO.19A, ECO.19B

• Examine ways to avoid and eliminate credit card debt. • Evaluate the costs and benefits of declaring personal

bankruptcy. • Evaluate the costs and benefits of buying insurance. • Evaluate the costs and benefits of charitable giving. • Evaluate the costs and benefits of renting a home versus

buying a home. • Determine what steps need to be taken to move from

renting to home ownership. Concept #3: Postsecondary, College, and Training TEKS: ECO.20A, ECO.20B, ECO.20C, ECO.20D, ECO.20E

• Understand how to complete the Free Application for Federal Student Aid (FAFSA) provided by the United States Department of Education.

• Research and evaluate various scholarship opportunities. • Analyze and compare student grant options. • Analyze and compare student loan options. • Research and evaluate various work-study program

opportunities.


Department of Teaching & Learning _____________________________________________________________________________________________ Glossary of Curriculum Components

Overview– The content in this document provides an overview of the pacing and concepts covered in a subject for the year. TEKS – Texas Essential Knowledge and Skills (TEKS) are the state standards for what students should know and be able to do. Unit Overview – The unit overview provides a brief description of the concepts covered in each unit. Concept – A subtopic of the main topic of the unit. Success Criteria—a description of what it looks like to be successful in this concept. Parent Resources The following resources provide parents with ideas to support students’ understanding. For sites that are password protected, your child will receive log-in information through their campus.

Resource How it supports parent and students

McGraw Hill Economics This is the district adopted textbook for high school Economics. Click on the link for directions on accessing the textbook.

Discovery Education

Access through FBISD 1Link

This resource provides supplemental resources such as maps, videos, and readings to support students in learning and understanding social studies.

Britannica School or

World Book


These resources provide encyclopedia articles and primary sources that can be modified to a student’s grade level reading ability, as well as games to support students in learning and understanding social studies.

Ebsco Host


This resource provides parents and students with access to databases, e-books, journals, and magazines.

Maps 101


This resource provides maps, animations, video games, and activities that support students in learning and understanding social studies.

NewsELA


This resource provides students with current events articles aligned to social standards.

All resources above can be accessed through 1Link.

https://www.fortbendisd.com/Page/92908

http://1link.fortbendisd.com/


Instructional Model The structures, guidelines or model in which students engage in a content area that ensures understanding of that content.

This model is an inquiry-based approach to learning Social Studies with a focus on critical thinking skills.   Students start with a thought-provoking question, which frames the concept and flows throughout.   After students make predictions based on the question, students will gather and interpret information to build his/her understanding of the standard(s) addressed by the question.  Next, students will communicate the knowledge gained and demonstrate understanding by engaging in communication and application skills. Finally, students will reflect and assess their understanding. 

Economics Overview 2020 - 2021

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