1. 2013-14 Course Outline

2. 1.
2.
3.
4.
Define and describe productive resources and
factors and production (natural, human, and
capital) for their ability to produce goods and
services
Explain how consumers and producers confront
and adjust to the condition of scarcity by making
choices which involve opportunity cost and
tradeoffs (Production Possibilities
Curve/Frontier)
Describe how people respond predictably to
positive and negative incentives (interest rates)
Identify and understand 4 common economic
systems (characteristics, structure, and function)

3. 
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Introduction (Expectations, Materials, etc…)
Unit 1 Intro to Economics
Scarcity (Needs/Wants) & Factors of
Production
Definition of Terms
Spending Money Activity (1 million – 10k)
Understanding the basic economic questions
facing the economic system of every country

4. 
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Introductory Economics Assessment (Skill &
Knowledge Based)
Multiple Intelligence Assessment
List of Preferred Learning Activities

5. 
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In your team, identify the factors of production
and the supporting terms. (pg 8-10)
Your goal is to brainstorm a production
list/plan using the factors of production and
other vocabulary terms. (Select a product to
produce and detailed factors in the process ex.
shirts or baseball bats) Be creative
Write your pitch down with details and
examples to present to class (informally)

6. 
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Select a simple product (shirt or baseball bat)
Find the factors of production in your book and
understand them
Identify examples for each factor to produce
your product
Be creative, but keep it simple
We are only producing

7. 
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Scarcity Review
Factors of Production categorized with relevant
examples
Trade-offs and Opportunity Cost
Production Possibilities Presentation
Buying/Saving & Time Activity

8. 
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Review
Reading Charts and Graphs (examples)
Economics in Real Life (Culture and Economic
Thought)

9. 
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Review (Factors of Production, Tradeoffs,
Production Possibilities)
Review of Terms and Graphs
Culminating Activity and Assessment
Page 28-29 (1-25) Due Monday 1st thing

10. 
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Economics Q&A
Case study (Males and car insurance pg 30)
Intro to Economic Systems
Structure and Function of Systems
Define Types of Systems (Examples)
Create a Venn Diagram comparing and
contrasting the three economic systems
(Option to outline or write description)

11. 
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Review Types of Economic System
Focus on Market/Mixed Systems
Flow of Income and Output (pg 39)
Activity/Project
Diagram and explain a Circular Flow Model of a market
economy, showing households and businesses as decision
makers, resource and money flows, and the three basic
markets – product, productive resources and financial
markets.
Create your own flow chart (inputs/outputs) Describe the
role of individuals, businesses, and governments

12. 
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Characteristics of the American Economy
Capitalism (Adam Smith, Wealth of Nations)
Enterprise, Choice, Incentive, Competition, and
Private Property
Limited Role of the Government

13. 
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Review American Economy
Free Enterprise explained
Economic equity vs. equality (fairness)
Responsibility (Producers & Consumers)
Activity/Project

14. 
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Socialism vs. Capitalism
Marx’s Communist Manifesto vs. Smith’s
Wealth of Nations
Difference between Communism and Socialism
Debate
Film Capitalism & Socialism

15. 
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Assessment (Test/Paper)
End Unit 1
Intro Unit 2 Practical Economics: How theory
works for you
Consumer Roles

16. 1.
2.
3.
4.
Explain the basic function of money, credit,
and debt
Understand the role and services of banks and
other financial institutions for borrowing,
saving, and investing
Ability to calculate and understand interest for
borrowing, saving, and investing
Formulate a consuming, saving, and investing
plan

17. 
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Consumption, Income, and Decision Making
(Chapter 3)
Types of Income
Opportunity Cost (Levels of Education)
Generic vs. Name Brand Activity
Consumer Spending Graph (page 68)
Lesson

18. 
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Buying Principles and Strategies
Where to research products (Internet Activity)
Advertising Tricks
Comparison Shopping
Definition of Terms (Warranty and types)
Activity/Project

19. 
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Review Consumer Strategies
Consumerism (Rights and Responsibilities)
Assessment
Project

20. 
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Global Economy Map (page 85) Compare and
Contrast Prices
Introduce Chapter 4: Going into Debt
Definition of Terms
Credit (How it works and Pros/Cons)
Mortgages (real property)
INTEREST

21. 
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Calculating Interest Film
Lesson

22. 
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Money Is Debt Film (Youtube)
Response Paper from notes

23. 
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Review of Debt, Credit, Interest and Terms
Why and How people use credit
Credit Cards (History and Current Info)
Debit Cards vs. Cash
Dave Ramsey Money Makeover Articles (pg
108)
Lesson

24. 
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Sources of Loans and Credit
Banks, Savings & Loan Associations, Savings
Banks, Credit Unions, and Finance Companies
Charge accounts and Credit Cards Review
Finance Charges/Annual %rates
How to compute finance charges (pg 97)
Lesson

25. 
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Applying for Credit (How to and Issues)
Credit Checks and Ratings
Collateral
Secured vs. Unsecured Loans
Credit Scores (pg 101)
Responsibility

26. 
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Bad Credit Help (pg 103)
Government Regulation (Helping Borrowers)
Law Discussion (pg 105)
Bankruptcy
Review

27. 
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Filling out a loan request
Review
Assessment
Project

28. 
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Intro Chapter 5 Buying the Necessities
Project for Consumerism
Comparison Shopping
Tradeoffs in stores (Club Warehouse, Retail,
and Convenience Stores) Examples and Issues
Name of the label (Utility and Value)

29. 
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Review Consumer Strategies
Coupons (Tricks and Issues)
Clothing (Style, Durability, Cost, and Value)
Activity/Project

30. 
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To Rent or To Buy
By the numbers (Cost of renting and buying)
Appreciation and Depreciation
Renters Insurance, Lease, and Deposits
Renter Tips (pg 126)
Homebuyer Tips (pg 128)
Closing Costs and other costs
Activity/Project
Lesson

31. 
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Auto Economics 101 (pg 130)
New or Used
Additional Costs (Registration, Insurance,
Warranty, and Maintenance)
How to find the best vehicle for you (Kelly
Bluebook & Internet)
Lesson

32. 
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Food Economics 101
Grocery Shopping Tips
Dining Out

33. 
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Review
Case Study (Economics & Culture)
Consumer ability to change society
Project/Activity

34. 
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Assessment
Introduce Chapter 6 Saving and Investing

35. 
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Types of Savings
Paying Yourself First
Savings Accounts, Money Market Accounts,
Time Deposits.
Calculating Interest Activity
Deposit Insurance
Lesson/Activity

36. 
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Investing
Definition of Terms
Stocks and Bonds (pg’s 148-149)
T-Bills, Notes, and Bonds (US Treasury)
Activity/Project
Lesson

37. 
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Stock Market and Bond Market
Film on Wall Street
Stock Exchanges (NYSE)
Markets (NASDAQ)
Indexes (Dow Jones, S&P 500)
What does it all mean (research)
Lesson (5 Stages of Investing)

38. 
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Mutual Funds and Money Market Funds
Bull and Bear Markets
Government Regulation
Boom & Bust (Bubbles and Stock Market
Issues)
Lesson on Investing

39. 
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Special Savings Plans and Goals (pg 155)
Pension Plans
Keogh Act of 1962 (Self-employed plans)
IRA’s (Traditional vs. Roth)
Real Estate
Savings Activity
Media

40. 
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Review Savings Strategies
How much to save (pg 158)
Risk and Return Graph (pg 161)
Review and Assessment

41. 
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Assessment
Project
Media
Completion of Unit 2

42. 1.
2.
3.
4.
Define and understand the law of supply and
demand in determining price and quantity of
goods and services using relevant examples
Identify factors that influence supply and
demand in relation to price and quantity
Identify and role of consumers and producers
in determining equilibrium price
Identify and understand the elasticity of
demand and supply

43. 
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Introduction to Unit 3 (Microeconomics & Ch’s
7-9)
Markets, Prices, and Business Competition
Supply and Demand
Media (Intro to Supply and Demand)

44. 
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Supply and Demand Presentation
Law of Demand
Real income effect
Substitution effect
Demand Shifters Lesson

45. 
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Review of Supply and Demand
Diminishing Marginal Utility (Cereal Talk)
Law of Diminishing Marginal Utility (pg 174)
Activity/Project

46. 
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Demand Curve and Elasticity of Demand
Review of Graphs (pg 178-182)
Complimentary Goods
Detriments of Demand (Good/Bad Effects)
Activity

47. 
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Review Demand
Price elasticity of demand
Elastic vs. Inelastic
Effects on Price
Film on Supply and Demand

48. 
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Law of Supply and the Supply Curve
Supply Graphs and Charts (pg 188-192)
Detriments of Supply (Input Price, #Firms,
Taxes, and Technology)
Activity

49. 
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Review of Supply
Law of Diminishing Returns
Diminishing Returns Graph (pg 193)
Putting Supply and Demand Together
Equilibrium Price Introduction
Activity/Project

50. 
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Equilibrium Price
Graph and Chart (195-196)
Price Signals
Price Controls
Video on Price Floors/Ceilings

51. 
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
Review Equilibrium Price, Signals, and
Controls
Price Floors and Ceilings
Review and Assessment (Examples and
Explanation)

52. 
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Supply and Demand Assessment
Activity/Project

53. 
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Economics of Professional Sports
Case Study (pg 204)
Activity/Project

54. 1.
2.
3.
4.
Identify, compare, and contrast the different
forms of business organizations (sole
proprietorships, partnerships, and corporations)
Identify the characteristics of the four market
structures (monopoly, oligopoly, monopolistic
competition, and pure/perfect competition
Explain how firms/businesses finance their
operations (earnings, stock, borrowing)
Identify and understand the size and scope of
markets from local to global and effects to
individuals and communities

55. 
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Introduction to Business Organizations
Definition of Terms (pg 207)
Project Introduction
Webquest
Getting Started (Entrepreneurship)

56. 
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Review of Types of Businesses
Help from the Government
Help from the Internet
E-Commerce Video

57. 
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Elements of Business Operation (Expenses,
Advertising, Record Keeping, and Risk)
Breakdown with examples
Project/Activity

58. 
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Sole Proprietorships and Partnerships (pg 213)
Definition of Terms (Liability and Assets)
Limited Liability Companies
Joint Ventures
Review of Business Organizations
Venn Diagram/Pros & Cons Activity
Matching example companies

59. 
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Corporate World and Franchises
Definition of Terms (Stock and Dividends)
Different Types of Stock
Corporation vs. Franchise

60. 
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Review of Corporate World
How to register
Selling stock (IPO’s) Facebook Example
Bylaws
Franchise Advantages and Disadvantages
Panera Bread/Jimmy Johns Example (pg 224)

61. 
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Review
Project/Activity

62. 
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Assessment
Global Economy (Supply and Demand of Oil)

63. 
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Competition and Monopolies
Perfect Competition Media
Market Structures (pg 232)
Agriculture as an Example (pg 234)
Benefits to Society from Competition

64. 
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Monopolies
Characteristics of Monopolies
Definition of Terms (Patents and Copyrights)
Playing the game of Monopoly (Competition)

65. 
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Monopoly Tourney
One Day Event (Deals Can Be Made)

66. 
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Review of Monopolies
Intro Oligopolies
Characteristics of an Oligopoly
Cartels
Monopolistic Competition (pg 242)
Activity/Project

67. 1.
2.
3.
4.
Understand and explain the role of
government in a market economy
Identify and describe the taxation and
spending categories of governments at the
local, state, and national level
Define and describe taxation that is
proportional, progressive, and regressive
Describe and identify examples of government
regulations and spillovers (subsidies) for the
benefit of government, groups, or individuals

68. 
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Government Policies Toward Competition
Antitrust Legislation and Mergers
History (TR/Taft and Trust-busting)
Definition of Terms (pg 245)
Types of Mergers (pg 247)
Activity

69. 
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Government Regulation
Agencies (pg 248)
Regulation vs. Deregulation
Effects & Pros/Cons
Review

70. 
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Assessment
Microsoft’s Battle

71. 
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Microeconomics Review (Q & A)
Complete Unit 3
Introduce Unit 4 (Microeconomics in Action
Ch’s 10-12)
Project/Activity

72. 
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Financing and Producing Goods
Definition of Terms (Financing, Revenue,
Profits)
Cost-Benefit Analysis (pg 261)
Activity/Project

73. 
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Review of Financing and Cost-Benefit Analysis
Pursuing Investment Financing
Methods of Financing (Review of Ch. 6)
Intro Types of Financing (pg 265)

74. 
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Types of Financing (pg 265)
Short Term, Intermediate, and Long Term
Graphs (265-267)
Factors to consider in choosing financing (pg
268)

75. 
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The Production Process
Definition of Terms (pg 271)
Terms with examples
Activity
Media

76. 
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Review
Assessment
Project/Activity
Global Economy Advertising (pg 280)

77. 
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Marketing and Distribution
How to Market
Market Research
Testing the Market
Activity/Project

78. 
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Review Marketing
Four P’s of Marketing (Product, Price, Place,
and Promotion)
Product Life Cycle
10 Commandment of Emotional Branding (pg
295)
Activity/Project

79. 
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Distribution
Wholesalers, Retailers, Storage, and
Transportation
Media
Activity

80. 
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Review
Assessment

81. 
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The Labor Force
Employment Status Graph (pg 308)
The Many Types of Workers
Supply and Demand of Labor
Activity
Media (Unemployment)

82. 
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Review of Labor
Wages Discussion (Stossel Video)
Organized Labor (Labor Unions)
Definition of Terms
Labor Laws
Wages Lesson

83. 
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Union Organization (Local, Nat’l, and
Federation)
History and Current Issues
Definition of Terms
Activity
Media

84. 
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Collective Bargaining
Negotiations
Mediation vs. Arbitration
Strikes, Lockouts, and Injunctions
Decline of Unions (Reasons & Results)
Media

85. 
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Review
Assessment
Project/Activity

86. 
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Completion of Unit 4 Microeconomics
Introduction to Unit 5 Macroeconomics
Media

87. 1.
2.
3.
4.
Identify and describe how national economic
performance is measured (GDP, employment,
inflation)
Understand the phases of the business cycle
(contraction, trough, expansion, and peak)
Analyze the historical, recent, and current
impact of events on the business cycle and
national economy
Identify, understand, and explain the causes of
inflation and effects on individuals and society

88. 
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Measuring the Nation’s Economy
Gross Domestic Product (Defined and
Described)
Gross vs. Net
Types of Income (pg 339)

89. 
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Inflation Lesson
Media
Examples
GDP Spotlight (pg 346)
Activity

90. 
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Model of the Business Cycle
Graphic Data (pg 352)
Definition of Terms
Expansion and Contraction
Recession vs. Depression
Economic Indicators

91. 
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Review Business Cycle and Economic
Indicators (Leading, Consequential, and
Lagging) Assess Economy & Predict Course
Media
Activity/Project

92. 
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Money and Banking (Chapter 14)
Characteristics of Money (pg 370)
Money Is Debt II Film

93. 
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History of Banking (pg 374-375)
Electronic Banking (Automatic Deposits and
Withdraws) Pros and Cons
Checking Accounts (How to Balance a
Checkbook)

94. 
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How to protect your identity (pg 389)
Activity
Media
Intro Federal Reserve

95. 1.
2.
3.
Define, compare, and contrast monetary and
fiscal policy
Describe the essential functions of the Federal
Reserve to control money supply (rates, bonds,
and reserves)
Understanding the effects of debt at the
individual, business, and government level
(cause & effect)

96. 
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Federal Reserve
Structure and Function
Board of Governors, Fed Advisory Committee,
Open Market Committee, and the Banks
Fed Reserve Maps (pg 394)
Functions of the Fed Graph (pg 396)

97. 
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Monetary Policy
Tight and Loose Money Strategies
Reserve requirements (pg 403)
Discount Rate (pg 405)
How it affects you
Affects on inflation
Two Great Graphs (pg 409)

98. 
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Government Involvement
Government Programs (Graph)
Social Programs (pg 420)
Taxes (pg 432)
Proportional, Progressive, and Regressive
Taxes

99. 
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Review of Monetary Policy
Intro to Fiscal Policy
Monetary vs. Fiscal Policies
Debate on Taxing Junk Food

100. 
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Unemployment
Types of and Measurements (pg 443)
Supply-Side Economics (pg 450)
Lowering tax rates to increase economic
growth and collect more in taxes

101. 1.
2.
3.
4.
Compare and contrast absolute and
comparative advantage (specialization)
Understand the difference between imports
and exports and the effects of tariffs (taxes)
Understand the reason and difference of
currencies and exchange rates between nations
Identify skills that individuals need to be
successful in the global economy

102. 
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World Trade (Tariffs & Quotas)-film
Imports vs. Exports
Where goods come from
Free Trade Debate
Exchange Rates Graph (pg 472)
Exchange Rate Pros & Cons-Domestic inflation
with demand and supply effects

103. 

Review
End of Course Assessment