Standard 2 : Understand the fundamental concepts relevant to the institutions, structure, and functions of a national economy.



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General Information

Number: SS.912.E.2
Title: Understand the fundamental concepts relevant to the institutions, structure, and functions of a national economy.
Type: Standard
Subject: Social Studies
Grade: 912
Strand: Economics

Related Benchmarks

This cluster includes the following benchmarks
Code Description
SS.912.E.2.1: Identify and explain broad economic goals.
SS.912.E.2.2: Use a decision-making model to analyze a public policy issue affecting the student's community that incorporates defining a problem, analyzing the potential consequences, and considering the alternatives.
SS.912.E.2.3: Research contributions of entrepreneurs, inventors, and other key individuals from various gender, social, and ethnic backgrounds in the development of the United States.
SS.912.E.2.4: Diagram and explain the problems that occur when government institutes wage and price controls, and explain the rationale for these controls.
SS.912.E.2.5: Analyze how capital investments may impact productivity and economic growth.
SS.912.E.2.6: Examine the benefits of natural monopolies and the purposes of government regulation of these monopolies.
SS.912.E.2.7: Identify the impact of inflation on society.
SS.912.E.2.8: Differentiate between direct and indirect taxes, and describe the progressivity of taxes (progressive, proportional, regressive).
SS.912.E.2.9: Analyze how changes in federal spending and taxation affect budget deficits and surpluses and the national debt.
SS.912.E.2.10: Describe the organization and functions of the Federal Reserve System.
SS.912.E.2.11: Assess the economic impact of negative and positive externalities on the local, state, and national environment.
SS.912.E.2.12: Construct a circular flow diagram for an open-market economy including elements of households, firms, government, financial institutions, product and factor markets, and international trade.


Related Access Points

This cluster includes the following access points.

Access Points

Access Point Number Access Point Title
SS.912.E.2.AP.1: Identify broad economic goals.
SS.912.E.2.AP.2: Identify a public policy issue that affects the student’s community and potential consequences, such as rezoning for housing and businesses or building new roads.
SS.912.E.2.AP.3: Identify contributions of entrepreneurs, inventors, and other key individuals from various gender, social, and ethnic backgrounds in the development of the United States.
SS.912.E.2.AP.4: Identify examples of government wage and price controls, such as minimum wage and rent control.
SS.912.E.2.AP.5: Identify how capital investments may impact economic growth.
SS.912.E.2.AP.6: Identify the benefits of natural monopolies and reasons for the government to regulate monopolies.
SS.912.E.2.AP.7: Identify a common impact of inflation on society.
SS.912.E.2.AP.8: Identify different types of taxes.
SS.912.E.2.AP.9: Recognize the relationship between federal government spending and taxation on the economy.
SS.912.E.2.AP.10: Identify a function of the Federal Reserve System.
SS.912.E.2.AP.11: Describe economic impacts of negative and positive side effects on the environment.
SS.912.E.2.AP.12: Identify the flow of money in a local economy, and how it affects the individual, household, businesses, banks, government, and international trade.


Related Resources

Vetted resources educators can use to teach the concepts and skills in this topic.

Original Student Tutorial

Name Description
Understanding Impact of Different Taxes on Taxpayers:

Learn about differences between direct and indirect taxes, as well as taxes that are progressive, proportional, and regressive. In this interactive tutorial, you will explore how characteristics of taxes can vary by level of government and how different taxes can affect taxpayers differently.

Lesson Plans

Name Description
Federalism :

A look at examples of federalism in action including the federal and state minimum wages. Students will identify examples of federal powers, state powers and shared (concurrent) powers. 

Price Controls:

An introduction and look at government price controls.  Students will analyze a supply and demand schedule to answer questions relating to a price ceiling. 

Externalities: Individual Needs v. Public Good:

In this lesson, students will review and identify externalities and their impact, either positive or negative on society, while looking at public goods and determining/discussing the same.

Budgets in the Government and at Home:

In this lesson, students will identify how income and changes in spending and taxes affect budgets and spending in the government and in individual households and identify and describe the enumerated powers delegates to Congress to create a federal budget. Students will also identify an amendment related to the federal budget and create a personal one-year budget plan for a specific career path.

 

Franklin Roosevelt Fireside Chat - Banking Crisis :

In this lesson, students will become familiar with Franklin D. Roosevelt and his use of the radio to calm and reassure citizens during the Great Depression. Students will focus on the first chat addressing the banking crisis. 

Design an After School Program:

Students will work in small groups and utilize prior research to design and present their proposal for an after school program to benefit their community in a cost-efficient way.  The entire class will vote on whether or not they would approve each proposal.

Comparing Forms of Government:

In this lesson, students will review different forms of government and engage in a discussion and reflection of the advantages offered by the United States' constitutional republic. A slideshow, graphic organizer, pretest, and class activity allow students to apply their knowledge.  

 

Poverty in America:

Using NY Times articles and interactive features, students learn about the historical basis for the "War on Poverty", modern vs. historical factors that determine poverty, and compare approaches for combating poverty. Students will practice noting bias when examining sources to draw their own conclusions.



Student Resources

Vetted resources students can use to learn the concepts and skills in this topic.

Original Student Tutorial

Title Description
Understanding Impact of Different Taxes on Taxpayers:

Learn about differences between direct and indirect taxes, as well as taxes that are progressive, proportional, and regressive. In this interactive tutorial, you will explore how characteristics of taxes can vary by level of government and how different taxes can affect taxpayers differently.